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<p>In the months before President Donald Trump announced his decision to end DACA, Deferred Action for Childhood Arrivals, Julio Ramos had been getting ready to move ahead in life.</p> <p>Ramos, 24, is undocumented and a DACA recipient. And with that status, he began his training to become a physician at the Icahn School of Medicine at Mount Sinai in New York City. He is among almost 800,000 people&amp;#160;brought to the US illegally as children, who have been granted two-year work permits and reprieves from deportation as part of the Obama-era program.</p> <p>US Attorney General Jeff Sessions announced Tuesday that the program would be shut down. In a press release, the Department of Homeland Security, which would oversee the &#8220;wind down&#8221; of DACA, said it would stop renewing the status for current beneficiaries in about six months.</p> <p>&#8220;With the measures the Department is putting in place today, no current beneficiaries will be impacted before March 5, 2018, nearly six months from now, so Congress can have time to deliver on appropriate legislative solutions,&#8221; DHS acting director Elaine Duke said in the statement. &#8220;However, I want to be clear that no new initial requests or associated applications filed after today will be acted on.&#8221;</p> <p>DHS said that anyone whose status expires before March 5 can apply for a two-year renewal by Oct. 5. Applications that have already been received will be reviewed as before, on a case-by-case basis.</p> <p>Sessions said Americans have rejected an &#8220;open-door [immigration] policy&#8221; and said that enforcing laws does not mean the country is disrespecting immigrants. The DACA program, he said, was an executive overreach by President Barack Obama and shows &#8220;disrespect for the legislative process.&#8221;</p> <p>Sessions took no questions after his statement.</p> <p><a href="https://twitter.com/leedsgarcia/status/902174085840601088" type="external">Immigrants and their advocates are concerned</a> that, if the status of DACA recipients is allowed to expire, they will become a priority to be removed from the US. <a href="https://www.whitehouse.gov/the-press-office/2017/09/05/statement-president-donald-j-trump" type="external">In a statement</a>, Trump said he will continue the policy of prioritizing pursuing criminals for immigration enforcement.</p> <p>&#8220;Our enforcement priorities remain unchanged, he said. &#8220;We are focused on criminals, security threats, recent border-crossers, visa overstays, and repeat violators. I have advised the Department of Homeland Security that DACA recipients are not enforcement priorities unless they are criminals, are involved in criminal activity, or are members of a gang.&#8221;</p> <p>But arrests of immigrants with no criminal records almost doubled in the first weeks of the Trump administration. Several <a href="" type="internal">DACA recipients have already been taken into custody</a> and <a href="" type="internal">at least one has been deported since Trump took office</a>. About 2.3 million people check in regularly with immigration agents; around&amp;#160; <a href="" type="internal">2 million of them have no criminal records</a>. Undocumented immigrants with criminal records were ineligible for DACA to begin with.</p> <p>DHS issued <a href="https://www.dhs.gov//news/2017/09/05/frequently-asked-questions-rescission-deferred-action-childhood-arrivals-daca" type="external">a fact sheet for DACA recipients</a>, which said the information they provide to the government will not be proactively used for immigration enforcement unless there is a risk to national security, public safety or if the person has been summoned to appear before a judge. But they also caution that this policy could change &#8220;without notice.&#8221;</p> <p>Meanwhile, many immigration lawyers are advising clients whose permits expire before March 5, the six-month mark, to renew by Oct. 5. Work permits and DACA protections would run for the normal two-year period. Those whose DACA status expires March 6 or later would again fall into unauthorized status.</p> <p>&#8220;In a worst-case scenario, if Congress doesn&#8217;t pass anything, March 6 would be a possible start to enforcement actions,&#8221; said immigration attorney Lily Axelrod in Memphis. &#8220;That would be the beginning of efforts to find and detain people.&#8221;</p> <p>&#8220;Now is the time to get politically involved and to lobby members of Congress and the Senate to pass the Dream Act,&#8221; said Charles Kuck, an Atlanta-based immigration attorney. &#8220;That&#8217;s the only way forward.&#8221;</p> <p>Until then, <a href="" type="internal">lawyers are continuing to tell DACA recipients</a> not to open their doors to immigration officers unless they have a warrant signed by a judge that they can slip under the door. They are also advising them to obtain any form of official identification available to them today, such as driver&#8217;s licenses or municipal ID cards, as well as Social Security numbers, which can be used for housing, banking and educational purposes, even if DACA work permits expire.</p> <p>&#8220;Talk to an immigration attorney now about what to do if you were detained and put in immigration court for removal,&#8221; Axelrod said. Some DACA recipients could also qualify for other forms of legal relief, such as marriage- or work-based petitions to stay in the US.</p> <p>Several government agencies, including Immigration and Customs Enforcement, the Department of Homeland Security and US Citizenship and Immigration Services, declined to answer questions last week and did not reply to inquiries this morning after Sessions&#8217; statement, pointing PRI instead to the documents they had put online.</p> <p>The possibility of DACA ending had been on Ramos&#8217;s mind frequently in the days leading up to today&#8217;s announcement, but he didn&#8217;t have much time to think about it as medical school classes began.</p> <p>&#8220;It&#8217;s a lot to process. I was sort of just bracing for impact because it seemed that it was going to be rescinded, so I started preparing before it even happened,&#8221; he says. &#8220;It just brings a lot of emotions that I thought were already suppressed back in the day when we were up and coming with the whole movement of trying to create advancements in this program.&#8221;</p> <p>&#8220;I&#8217;m sure as we continue forward, the anxiety and the concern for all of this is going to build,&#8221; says Ramos. &#8220;I&#8217;m basically going to have to address it &#8212; whether it&#8217;s something negative&amp;#160;or positive &#8212; it&#8217;s going to come into my life, and it&#8217;s going to be a big part of my life.&#8221;</p> <p>Ramos himself might be in a financial bind after Trump&#8217;s decision to end the program. The Icahn School has given him institutional loans, scholarships and grants, but if he loses his work permit, it&#8217;s unclear if Ramos will be able to pay back the loans. If no legislative solution to keep DACA in place occurs, he will no longer have work authorization by the time medical school ends &#8212; and it&#8217;s unclear whether he would be allowed to join a residency program to complete his training.</p> <p>There are congressional efforts underway to curb the effects of Trump&#8217;s elimination of the DACA program. Republican Sen. Lindsey Graham from South Carolina drafted <a href="https://www.congress.gov/bill/115th-congress/senate-bill/1615/text" type="external">bipartisan legislation</a> that would help keep deportation relief for people like Ramos in place. It would also provide a path to permanent legal status, under certain conditions. Sen. Jeff Flake, a Republican from Arizona, <a href="https://www.congress.gov/bill/115th-congress/senate-bill/127" type="external">proposed legislation</a> that both provides relief for people brought to the US as children and implements tougher penalties&amp;#160;on undocumented people who have committed serious crimes.</p> <p>House Speaker Paul Ryan said in a statement after Tuesday&#8217;s announcement that he wants Congress to act.</p> <p>&#8220;At the heart of this issue are young people who came to this country through no fault of their own, and for many of them, it&#8217;s the only country they know. Their status is one of many immigration issues, such as border security and interior enforcement, which Congress has failed to adequately address over the years,&#8221; <a href="https://www.speaker.gov/press-release/statement-daca-program" type="external">he said</a>.</p> <p><a href="" type="internal" /></p> <p>We're following the stories of individuals as they navigate the policy and ideological shifts happening during the Trump administration. From an undocumented immigrant to a Nobel Prize winner, here's how immigration affects people. <a href="" type="internal">Navigate through their stories here</a>.</p> <p /> <p>For now, though, Ramos will keep studying.</p> <p>&#8220;It&#8217;s hard to wrap my head around being in New York City and being in a medical school. This goal that I&#8217;ve had since I was 12 is now coming in to fruition,&#8221; says Ramos. &#8220;I had wanted this for so long, so the day was finally here that I was one step closer to actually beginning medical school.&#8221;</p> <p>Almost 2 million people were eligible for DACA and the government had received almost 887,000 applications as of March 2017, according to government data ( <a href="https://www.uscis.gov/sites/default/files/USCIS/Resources/Reports%20and%20Studies/Immigration%20Forms%20Data/All%20Form%20Types/DACA/daca_performancedata_fy2017_qtr2.pdf" type="external">PDF</a>).</p> <p>About two-thirds of those who were eligible for DACA applied&amp;#160;and three-quarters of these applicants are now in the labor force. One in 4 juggles both work and school, <a href="http://www.migrationpolicy.org/research/education-and-work-profiles-daca-population" type="external">according to a report earlier this month from the Migration Policy Institute</a>.</p> <p>&#8220;DACA really emphasized education,&#8221; says Julia Gelatt, senior policy analyst at the Migration Policy Institute. &#8220;Because youth with DACA had work authorization and could get better jobs, it was easier to save up, to afford to go to college.&#8221;</p> <p>The program also provided motivation for those eligible to seek higher education in pursuit of better jobs, especially for women. While only 45 percent of the DACA-eligible population are women, 54 percent of those with college degrees are women.</p> <p>&#8220;If you know that when you get out of college, you have that work authorization to get a professional job, that&#8217;s an incentive to go to school,&#8221; Gelatt says. &#8220;It&#8217;ll be harder to go to college, and there&#8217;ll be less of an incentive to do so if DACA ends.&#8221;</p> <p>Compared to other undocumented workers, DACA recipients are more likely to hold white-collar office jobs with higher pay. One in 5 undocumented workers is in construction, for example. Fifteen percent of the DACA-eligible population work in sales and 12 percent in office and administrative support.</p> <p><a href="https://www.americanprogress.org/issues/immigration/news/2017/08/28/437956/daca-recipients-economic-educational-gains-continue-grow/" type="external">A study jointly by University of California, San Diego, political scientist Tom Wong</a>,&amp;#160;the Center for American Progress, a liberal think tank,&amp;#160;and a couple of immigrant advocacy groups, estimates that ending DACA would lead to a $460.3 billion loss in the gross domestic product over the next decade. Texas, which led the effort to repeal DACA, stands to lose $6.3 billion annually, second only to California, which has a $11.6 billion projected annual loss.</p> <p>&#8220;Without that work authorization, the best guess is that young people will have to move into the underground economy and figure out what jobs they can find that pay under the table,&#8221; Gelatt says. &#8220;It&#8217;s less likely that those with higher education will be able to work in the professional jobs that recognize their education and skills.&#8221;</p> <p>Mark Krikorian, director of the Center for Immigration Studies, which seeks to decrease overall immigration to the US, calls DACA &#8220;lawless amnesty.&#8221;</p> <p>&#8220;Discontinuing this rogue program would not only be the fulfillment of a campaign promise but is the necessary starting point for any negotiation of lawful amnesty for this sympathetic group of illegal aliens,&#8221; <a href="http://www.nationalreview.com/corner/450874/daca-deal-must-include-enforcement-and-raise-act-cuts" type="external">he wrote in the National Review</a>. He supports legislation for DACA recipients that includes stricter immigration enforcement, such as the expansion of E-Verify for employers to check the immigration status of prospective employees and a reduction in family-based visas.</p> <p>Laura L&#243;pez, a 29-year-old mother of two US-born children in Provo, Utah, says receiving DACA status has given her the confidence to register her business cleaning homes and offices in her own name. Previously, it was all in her husband&#8217;s name.</p> <p>She&#8217;s not surprised by the Trump administration&#8217;s announcement, but she is disappointed. <a href="" type="internal">Being in immigration limbo is difficult</a>, and this just increases the uncertainty. She&#8217;s worried that she will have to return to Mexico, where she hasn&#8217;t been since she was 13. The administration&#8217;s message this morning did not present DACA recipients honestly, she says.</p> <p>In his statement, Trump connected the DACA program to violent crime. He said it spurred migration from Central America, including some who joined gangs, but did not offer evidence of this connection. He also generally connected undocumented immigrants to low wages and unemployment for American workers, repeating some of his <a href="" type="internal">arguments for a points-based immigration system</a>.</p> <p>L&#243;pez says it&#8217;s unfair to connect DACA recipients to crime.</p> <p>&#8220;We didn't do anything wrong &#8212; neither did our parents make a mistake bringing us here. The rhetoric spewed this morning was one of xenophobia and danger brought by undocumented immigrants. That is false in the case of DACA recipients,&#8221; she says. &#8220;We went through screening, fingerprinting, we were scrutinized and yet Jeff Sessions deemed this &#8216;insecure&#8217; for the nation.&#8221;</p> <p>L&#243;pez is due to renew her DACA status in January, but she&#8217;s not sure whether or not she&#8217;s going to go through with the process. She&#8217;s not sure about how the Trump administration will use any information she provides. She says she will likely contact her lawyer before she decides.</p> <p>&#8220;I can&#8217;t go; I have my kids and my husband,&#8221; she says. &#8220;I&#8217;m afraid of leaving the country. What if I&#8217;m not let back in?&#8221;</p> <p>L&#243;pez has tried to change her immigration status before. Her father had applied for US citizenship in 2001, which might have given her a path to legal status without leaving the country to apply. But by then she was married to a US citizen, which complicated matters. To get legal status as the spouse of a citizen, she would have to return to Mexico. And if her application is delayed or denied, she would not be allowed back into the US.</p> <p>"When we tried to go to other lawyers, here in Provo, I was turned away,&#8221; she says. &#8220;There was nothing to be done."</p> <p>Recently, though, she tried again and is working with a lawyer in Salt Lake City who is helping her apply through her father&#8217;s status. If that doesn&#8217;t work, she will try to get a waiver to gain status through her husband&#8217;s citizenship without leaving the country.</p> <p>The attorney fees are brutal, she says, but she sees it as an investment. They have decided to use their savings to do it. Some legal clinics and pro bono or almost pro bono legal services exist, but otherwise, it&#8217;s expensive.</p> <p>"Not everybody has the means to do it. If it's cheap, they're probably notaries who really don't know,&#8221; she cautions. &#8220;And that can get people in trouble."</p> <p>More about Laura L&#243;pez: <a href="" type="internal">&#8216;It's harder than people think, to pack up your bags and leave.&#8217;</a></p> <p>Trump&#8217;s decision to end DACA came after pressure from a group of lawmakers, with Texas Attorney General Ken Paxton at the helm. Ten state attorneys general, as well as the governor of Idaho, signed a letter to US Attorney General Jeff Sessions in June saying they would file a legal challenge to DACA if Trump did not end the program by Sept. 5 ( <a href="https://www.texasattorneygeneral.gov/files/epress/DACA_letter_6_29_2017.pdf?cachebuster:5" type="external">PDF</a>). The group previously challenged the Obama-era DAPA program, Deferred Action for Parents of Americans, in a case that went all the way to the Supreme Court. <a href="" type="internal">The court let stand</a> a lower court decision ending the program when justices deadlocked, 4-4. Trump officially ended DAPA when he took office in January.</p> <p>For Idaho Attorney General Lawrence Wasden, who signed the letter to Sessions, the request was not about immigration, but rather about procedure.</p> <p>&#8220;My signature on this letter is not about targeting immigrant families. Rather, it is consistent with my objection to legislative executive orders as well as encouragement to Congress to fulfill its constitutional responsibility and address these pressing issues,&#8221; Wasden said in a statement.</p> <p>&#8220;This announcement from the administration paves the way for our federal lawmakers to finally step up and deal with this very important issue once and for all.&#8221;</p> <p>Tennessee Attorney General Herbert Slatery said in a letter to Tennessee's senators on Friday that he will no longer seek to sue the Trump administration; instead, he'll throw&amp;#160;his weight behind the legislation protecting undocumented immigrants brought to the US as children, which was introduced by Graham and Sen. Richard Durbin, an Illinois Democrat.</p> <p>&#8220;Many of the DACA recipients, some of whose records I reviewed, have outstanding accomplishments and laudable ambitions, which if achieved, will be of great benefit and service to our country,&#8221; he wrote. &#8220;They have an appreciation for the opportunities afforded them by our country.&#8221; ( <a href="http://static1.1.sqspcdn.com/static/f/373699/27673058/1504293882007/DACA+letter+9-1-2017.pdf?token=stUlwSIo3qeVjBe7%2BUHbTCIuvts%3D" type="external">PDF</a>)</p> <p>New York and Washington state attorneys general said on Monday that they would sue the Trump administration if he ends DACA, to protect those who have benefited from the program.</p> <p>But for Ramos, even as the political machine churns, life must continue. His first day of medical school was on Aug. 14. It included five lectures&amp;#160;specifically about anatomy, the spinal column and the embryo.</p> <p>&#8220;You kind of have to find a balance between worrying about it so much and crippling your life&amp;#160;and kind of living your life,&#8221; says Ramos. &#8220;If you let it overwhelm you, then it starts interfering with your life.&#8221;</p> <p /> <p>Julio Ramos, 24, is pictured in Times Square, New York City, in August 2017. He moved from Texas to pursue his dream of becoming a physician. But his DACA status complicates things.</p> <p>Reynaldo Leanos Jr./PRI</p> <p>Follow: <a href="" type="internal">We're keeping up with Julio Ramos as he navigates his life in the Trump administration.</a></p> <p>When Trump made his announcement, Ramos was in the process of working with immigration organizations in the Rio Grande Valley and the Mexican consulate to figure out a way to get his undocumented parents from South Texas to attend Mount Sinai's White Coat Ceremony in New York City in a few weeks. But after conversations with his parents, they decided against the trip.</p> <p>&#8220;My mom has let me know that risk is not worth it, just to be there a couple of days to see me wear that white coat,&#8221; says Ramos.</p> <p>Despite the Trump administration&#8217;s decision to end DACA, Ramos plans to continue his advocacy for the program and hopes Congress will take action. He stays hopeful because his medical school has been supportive and he feels the political climate is different now than it was when DACA first began in 2012.</p> <p>&#8220;The nation and a few congressmen know undocumented students fairly well now, and they know we&#8217;re here to make the country better for everyone and not just ourselves,&#8221; says Ramos. &#8220;They know our stories &#8212; one of our greatest platforms was sharing our stories so that people become aware of who we are, how we grew up and what we anticipate to do later in the future.&#8221;</p> <p>With additional reporting by Monica Campbell, Lydia Emmanouilidou, Chris Woolf and Joyce Hackel.</p>

DACA recipients won’t go back into the shadows quietly

https://pri.org/stories/2017-08-30/daca-recipients-won-t-go-back-shadows-quietly

2017-09-05

3left-center

In the months before President Donald Trump announced his decision to end DACA Deferred Action for Childhood Arrivals Julio Ramos had been getting ready to move ahead in life Ramos 24 is undocumented and a DACA recipient And with that status he began his training to become a physician at the Icahn School of Medicine at Mount Sinai in New York City He is among almost 800000 peopleamp160brought to the US illegally as children who have been granted twoyear work permits and reprieves from deportation as part of the Obamaera program US Attorney General Jeff Sessions announced Tuesday that the program would be shut down In a press release the Department of Homeland Security which would oversee the 8220wind down8221 of DACA said it would stop renewing the status for current beneficiaries in about six months 8220With the measures the Department is putting in place today no current beneficiaries will be impacted before March 5 2018 nearly six months from now so Congress can have time to deliver on appropriate legislative solutions8221 DHS acting director Elaine Duke said in the statement 8220However I want to be clear that no new initial requests or associated applications filed after today will be acted on8221 DHS said that anyone whose status expires before March 5 can apply for a twoyear renewal by Oct 5 Applications that have already been received will be reviewed as before on a casebycase basis Sessions said Americans have rejected an 8220opendoor immigration policy8221 and said that enforcing laws does not mean the country is disrespecting immigrants The DACA program he said was an executive overreach by President Barack Obama and shows 8220disrespect for the legislative process8221 Sessions took no questions after his statement Immigrants and their advocates are concerned that if the status of DACA recipients is allowed to expire they will become a priority to be removed from the US In a statement Trump said he will continue the policy of prioritizing pursuing criminals for immigration enforcement 8220Our enforcement priorities remain unchanged he said 8220We are focused on criminals security threats recent bordercrossers visa overstays and repeat violators I have advised the Department of Homeland Security that DACA recipients are not enforcement priorities unless they are criminals are involved in criminal activity or are members of a gang8221 But arrests of immigrants with no criminal records almost doubled in the first weeks of the Trump administration Several DACA recipients have already been taken into custody and at least one has been deported since Trump took office About 23 million people check in regularly with immigration agents aroundamp160 2 million of them have no criminal records Undocumented immigrants with criminal records were ineligible for DACA to begin with DHS issued a fact sheet for DACA recipients which said the information they provide to the government will not be proactively used for immigration enforcement unless there is a risk to national security public safety or if the person has been summoned to appear before a judge But they also caution that this policy could change 8220without notice8221 Meanwhile many immigration lawyers are advising clients whose permits expire before March 5 the sixmonth mark to renew by Oct 5 Work permits and DACA protections would run for the normal twoyear period Those whose DACA status expires March 6 or later would again fall into unauthorized status 8220In a worstcase scenario if Congress doesn8217t pass anything March 6 would be a possible start to enforcement actions8221 said immigration attorney Lily Axelrod in Memphis 8220That would be the beginning of efforts to find and detain people8221 8220Now is the time to get politically involved and to lobby members of Congress and the Senate to pass the Dream Act8221 said Charles Kuck an Atlantabased immigration attorney 8220That8217s the only way forward8221 Until then lawyers are continuing to tell DACA recipients not to open their doors to immigration officers unless they have a warrant signed by a judge that they can slip under the door They are also advising them to obtain any form of official identification available to them today such as driver8217s licenses or municipal ID cards as well as Social Security numbers which can be used for housing banking and educational purposes even if DACA work permits expire 8220Talk to an immigration attorney now about what to do if you were detained and put in immigration court for removal8221 Axelrod said Some DACA recipients could also qualify for other forms of legal relief such as marriage or workbased petitions to stay in the US Several government agencies including Immigration and Customs Enforcement the Department of Homeland Security and US Citizenship and Immigration Services declined to answer questions last week and did not reply to inquiries this morning after Sessions8217 statement pointing PRI instead to the documents they had put online The possibility of DACA ending had been on Ramos8217s mind frequently in the days leading up to today8217s announcement but he didn8217t have much time to think about it as medical school classes began 8220It8217s a lot to process I was sort of just bracing for impact because it seemed that it was going to be rescinded so I started preparing before it even happened8221 he says 8220It just brings a lot of emotions that I thought were already suppressed back in the day when we were up and coming with the whole movement of trying to create advancements in this program8221 8220I8217m sure as we continue forward the anxiety and the concern for all of this is going to build8221 says Ramos 8220I8217m basically going to have to address it 8212 whether it8217s something negativeamp160or positive 8212 it8217s going to come into my life and it8217s going to be a big part of my life8221 Ramos himself might be in a financial bind after Trump8217s decision to end the program The Icahn School has given him institutional loans scholarships and grants but if he loses his work permit it8217s unclear if Ramos will be able to pay back the loans If no legislative solution to keep DACA in place occurs he will no longer have work authorization by the time medical school ends 8212 and it8217s unclear whether he would be allowed to join a residency program to complete his training There are congressional efforts underway to curb the effects of Trump8217s elimination of the DACA program Republican Sen Lindsey Graham from South Carolina drafted bipartisan legislation that would help keep deportation relief for people like Ramos in place It would also provide a path to permanent legal status under certain conditions Sen Jeff Flake a Republican from Arizona proposed legislation that both provides relief for people brought to the US as children and implements tougher penaltiesamp160on undocumented people who have committed serious crimes House Speaker Paul Ryan said in a statement after Tuesday8217s announcement that he wants Congress to act 8220At the heart of this issue are young people who came to this country through no fault of their own and for many of them it8217s the only country they know Their status is one of many immigration issues such as border security and interior enforcement which Congress has failed to adequately address over the years8221 he said Were following the stories of individuals as they navigate the policy and ideological shifts happening during the Trump administration From an undocumented immigrant to a Nobel Prize winner heres how immigration affects people Navigate through their stories here For now though Ramos will keep studying 8220It8217s hard to wrap my head around being in New York City and being in a medical school This goal that I8217ve had since I was 12 is now coming in to fruition8221 says Ramos 8220I had wanted this for so long so the day was finally here that I was one step closer to actually beginning medical school8221 Almost 2 million people were eligible for DACA and the government had received almost 887000 applications as of March 2017 according to government data PDF About twothirds of those who were eligible for DACA appliedamp160and threequarters of these applicants are now in the labor force One in 4 juggles both work and school according to a report earlier this month from the Migration Policy Institute 8220DACA really emphasized education8221 says Julia Gelatt senior policy analyst at the Migration Policy Institute 8220Because youth with DACA had work authorization and could get better jobs it was easier to save up to afford to go to college8221 The program also provided motivation for those eligible to seek higher education in pursuit of better jobs especially for women While only 45 percent of the DACAeligible population are women 54 percent of those with college degrees are women 8220If you know that when you get out of college you have that work authorization to get a professional job that8217s an incentive to go to school8221 Gelatt says 8220It8217ll be harder to go to college and there8217ll be less of an incentive to do so if DACA ends8221 Compared to other undocumented workers DACA recipients are more likely to hold whitecollar office jobs with higher pay One in 5 undocumented workers is in construction for example Fifteen percent of the DACAeligible population work in sales and 12 percent in office and administrative support A study jointly by University of California San Diego political scientist Tom Wongamp160the Center for American Progress a liberal think tankamp160and a couple of immigrant advocacy groups estimates that ending DACA would lead to a 4603 billion loss in the gross domestic product over the next decade Texas which led the effort to repeal DACA stands to lose 63 billion annually second only to California which has a 116 billion projected annual loss 8220Without that work authorization the best guess is that young people will have to move into the underground economy and figure out what jobs they can find that pay under the table8221 Gelatt says 8220It8217s less likely that those with higher education will be able to work in the professional jobs that recognize their education and skills8221 Mark Krikorian director of the Center for Immigration Studies which seeks to decrease overall immigration to the US calls DACA 8220lawless amnesty8221 8220Discontinuing this rogue program would not only be the fulfillment of a campaign promise but is the necessary starting point for any negotiation of lawful amnesty for this sympathetic group of illegal aliens8221 he wrote in the National Review He supports legislation for DACA recipients that includes stricter immigration enforcement such as the expansion of EVerify for employers to check the immigration status of prospective employees and a reduction in familybased visas Laura L243pez a 29yearold mother of two USborn children in Provo Utah says receiving DACA status has given her the confidence to register her business cleaning homes and offices in her own name Previously it was all in her husband8217s name She8217s not surprised by the Trump administration8217s announcement but she is disappointed Being in immigration limbo is difficult and this just increases the uncertainty She8217s worried that she will have to return to Mexico where she hasn8217t been since she was 13 The administration8217s message this morning did not present DACA recipients honestly she says In his statement Trump connected the DACA program to violent crime He said it spurred migration from Central America including some who joined gangs but did not offer evidence of this connection He also generally connected undocumented immigrants to low wages and unemployment for American workers repeating some of his arguments for a pointsbased immigration system L243pez says it8217s unfair to connect DACA recipients to crime 8220We didnt do anything wrong 8212 neither did our parents make a mistake bringing us here The rhetoric spewed this morning was one of xenophobia and danger brought by undocumented immigrants That is false in the case of DACA recipients8221 she says 8220We went through screening fingerprinting we were scrutinized and yet Jeff Sessions deemed this 8216insecure8217 for the nation8221 L243pez is due to renew her DACA status in January but she8217s not sure whether or not she8217s going to go through with the process She8217s not sure about how the Trump administration will use any information she provides She says she will likely contact her lawyer before she decides 8220I can8217t go I have my kids and my husband8221 she says 8220I8217m afraid of leaving the country What if I8217m not let back in8221 L243pez has tried to change her immigration status before Her father had applied for US citizenship in 2001 which might have given her a path to legal status without leaving the country to apply But by then she was married to a US citizen which complicated matters To get legal status as the spouse of a citizen she would have to return to Mexico And if her application is delayed or denied she would not be allowed back into the US When we tried to go to other lawyers here in Provo I was turned away8221 she says 8220There was nothing to be done Recently though she tried again and is working with a lawyer in Salt Lake City who is helping her apply through her father8217s status If that doesn8217t work she will try to get a waiver to gain status through her husband8217s citizenship without leaving the country The attorney fees are brutal she says but she sees it as an investment They have decided to use their savings to do it Some legal clinics and pro bono or almost pro bono legal services exist but otherwise it8217s expensive Not everybody has the means to do it If its cheap theyre probably notaries who really dont know8221 she cautions 8220And that can get people in trouble More about Laura L243pez 8216Its harder than people think to pack up your bags and leave8217 Trump8217s decision to end DACA came after pressure from a group of lawmakers with Texas Attorney General Ken Paxton at the helm Ten state attorneys general as well as the governor of Idaho signed a letter to US Attorney General Jeff Sessions in June saying they would file a legal challenge to DACA if Trump did not end the program by Sept 5 PDF The group previously challenged the Obamaera DAPA program Deferred Action for Parents of Americans in a case that went all the way to the Supreme Court The court let stand a lower court decision ending the program when justices deadlocked 44 Trump officially ended DAPA when he took office in January For Idaho Attorney General Lawrence Wasden who signed the letter to Sessions the request was not about immigration but rather about procedure 8220My signature on this letter is not about targeting immigrant families Rather it is consistent with my objection to legislative executive orders as well as encouragement to Congress to fulfill its constitutional responsibility and address these pressing issues8221 Wasden said in a statement 8220This announcement from the administration paves the way for our federal lawmakers to finally step up and deal with this very important issue once and for all8221 Tennessee Attorney General Herbert Slatery said in a letter to Tennessees senators on Friday that he will no longer seek to sue the Trump administration instead hell throwamp160his weight behind the legislation protecting undocumented immigrants brought to the US as children which was introduced by Graham and Sen Richard Durbin an Illinois Democrat 8220Many of the DACA recipients some of whose records I reviewed have outstanding accomplishments and laudable ambitions which if achieved will be of great benefit and service to our country8221 he wrote 8220They have an appreciation for the opportunities afforded them by our country8221 PDF New York and Washington state attorneys general said on Monday that they would sue the Trump administration if he ends DACA to protect those who have benefited from the program But for Ramos even as the political machine churns life must continue His first day of medical school was on Aug 14 It included five lecturesamp160specifically about anatomy the spinal column and the embryo 8220You kind of have to find a balance between worrying about it so much and crippling your lifeamp160and kind of living your life8221 says Ramos 8220If you let it overwhelm you then it starts interfering with your life8221 Julio Ramos 24 is pictured in Times Square New York City in August 2017 He moved from Texas to pursue his dream of becoming a physician But his DACA status complicates things Reynaldo Leanos JrPRI Follow Were keeping up with Julio Ramos as he navigates his life in the Trump administration When Trump made his announcement Ramos was in the process of working with immigration organizations in the Rio Grande Valley and the Mexican consulate to figure out a way to get his undocumented parents from South Texas to attend Mount Sinais White Coat Ceremony in New York City in a few weeks But after conversations with his parents they decided against the trip 8220My mom has let me know that risk is not worth it just to be there a couple of days to see me wear that white coat8221 says Ramos Despite the Trump administration8217s decision to end DACA Ramos plans to continue his advocacy for the program and hopes Congress will take action He stays hopeful because his medical school has been supportive and he feels the political climate is different now than it was when DACA first began in 2012 8220The nation and a few congressmen know undocumented students fairly well now and they know we8217re here to make the country better for everyone and not just ourselves8221 says Ramos 8220They know our stories 8212 one of our greatest platforms was sharing our stories so that people become aware of who we are how we grew up and what we anticipate to do later in the future8221 With additional reporting by Monica Campbell Lydia Emmanouilidou Chris Woolf and Joyce Hackel

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8220disrespect/PROPN for/ADP the/DET legislative/ADJ process8221/PROPN Sessions/PROPN took/VERB no/DET questions/NOUN after/SCONJ his/PRON statement/NOUN Immigrants/PROPN and/CCONJ their/PRON advocates/NOUN are/AUX concerned/ADJ that/SCONJ if/SCONJ the/DET status/NOUN of/ADP DACA/PROPN recipients/NOUN is/AUX allowed/VERB to/PART expire/VERB they/PRON will/AUX become/VERB a/DET priority/NOUN to/PART be/AUX removed/VERB from/ADP the/DET US/PROPN In/ADP a/DET statement/NOUN Trump/PROPN said/VERB he/PRON will/AUX continue/VERB the/DET policy/NOUN of/ADP prioritizing/VERB pursuing/VERB criminals/NOUN for/ADP immigration/NOUN enforcement/NOUN 8220Our/NUM enforcement/NOUN priorities/NOUN remain/VERB unchanged/ADJ he/PRON said/VERB 8220We/NUM are/AUX focused/VERB on/ADP criminals/NOUN security/NOUN threats/NOUN recent/ADJ bordercrossers/NOUN visa/NOUN overstays/VERB and/CCONJ repeat/VERB violators/NOUN I/PRON have/AUX advised/VERB the/DET Department/PROPN of/ADP Homeland/PROPN Security/PROPN 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immigration/NOUN court/NOUN for/ADP removal8221/PROPN Axelrod/PROPN said/VERB Some/DET DACA/PROPN recipients/NOUN could/AUX also/ADV qualify/VERB for/ADP other/ADJ forms/NOUN of/ADP legal/ADJ relief/NOUN such/ADJ as/ADP marriage/NOUN or/CCONJ workbased/ADJ petitions/NOUN to/PART stay/VERB in/ADP the/DET US/PROPN Several/ADJ government/NOUN agencies/NOUN including/VERB Immigration/PROPN and/CCONJ Customs/PROPN Enforcement/PROPN the/DET Department/PROPN of/ADP Homeland/PROPN Security/PROPN and/CCONJ US/PROPN Citizenship/PROPN and/CCONJ Immigration/PROPN Services/PROPN declined/VERB to/PART answer/VERB questions/NOUN last/ADJ week/NOUN and/CCONJ did/AUX not/PART reply/VERB to/ADP inquiries/NOUN this/DET morning/NOUN after/ADP Sessions8217/NOUN statement/NOUN pointing/VERB PRI/PROPN instead/ADV to/ADP the/DET documents/NOUN they/PRON had/AUX put/VERB online/ADV The/DET possibility/NOUN of/ADP DACA/NOUN ending/VERB had/AUX been/AUX on/ADP Ramos8217s/PROPN mind/NOUN frequently/ADV in/ADP the/DET days/NOUN leading/VERB up/ADP to/ADP today8217s/PROPN announcement/NOUN but/CCONJ he/PRON didn8217/PROPN t/PROPN have/VERB much/ADJ time/NOUN to/PART think/VERB about/ADP it/PRON as/SCONJ medical/ADJ school/NOUN classes/NOUN began/VERB 8220It8217s/PROPN a/DET lot/NOUN to/ADP process/NOUN I/PRON was/AUX sort/ADV of/ADV just/ADV bracing/VERB for/ADP impact/NOUN because/SCONJ it/PRON seemed/VERB that/SCONJ it/PRON was/AUX going/VERB to/PART be/AUX rescinded/VERB so/ADV I/PRON started/VERB preparing/VERB before/ADP it/PRON even/ADV happened8221/PROPN he/PRON says/VERB 8220It/NUM just/ADV brings/VERB a/DET lot/NOUN of/ADP emotions/NOUN that/PRON I/PRON thought/VERB were/AUX already/ADV suppressed/VERB back/ADV in/ADP the/DET day/NOUN when/SCONJ we/PRON were/AUX up/ADV and/CCONJ coming/VERB with/ADP the/DET whole/ADJ movement/NOUN of/ADP trying/VERB to/PART create/VERB advancements/NOUN in/ADP this/DET program8221/NOUN 8220I8217/NOUN m/VERB sure/ADJ as/SCONJ we/PRON continue/VERB 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conditions/NOUN Sen/PROPN Jeff/PROPN Flake/PROPN a/DET Republican/PROPN from/ADP Arizona/PROPN proposed/VERB legislation/NOUN that/PRON both/PRON provides/VERB relief/NOUN for/ADP people/NOUN brought/VERB to/ADP the/DET US/PROPN as/ADP children/NOUN and/CCONJ implements/VERB tougher/ADJ penaltiesamp160on/ADP undocumented/ADJ people/NOUN who/PRON have/AUX committed/VERB serious/ADJ crimes/NOUN House/PROPN Speaker/PROPN Paul/PROPN Ryan/PROPN said/VERB in/ADP a/DET statement/NOUN after/ADP Tuesday8217s/PROPN announcement/NOUN that/SCONJ he/PRON wants/VERB Congress/PROPN to/PART act/VERB 8220At/NUM the/DET heart/NOUN of/ADP this/DET issue/NOUN are/AUX young/ADJ people/NOUN who/PRON came/VERB to/ADP this/DET country/NOUN through/ADP no/DET fault/NOUN of/ADP their/PRON own/ADJ and/CCONJ for/SCONJ many/ADJ of/ADP them/PRON it8217s/VERB the/DET only/ADJ country/NOUN they/PRON know/VERB Their/PRON status/NOUN is/AUX one/NUM of/ADP many/ADJ immigration/NOUN issues/NOUN such/ADJ as/ADP 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<p>Photo Credit: AFP</p> <p>Copyright,&amp;#160; <a href="//truth-out.org/news/item/11498-more-than-46-million-americans-still-in-poverty" type="external">Truthout.org</a>. Reprinted with permission</p> <p>Back in June 2011, with an eye toward his re-election campaign, President Obama&amp;#160; <a href="//www.whitehouse.gov/the-press-office/2011/06/22/remarks-president-way-forward-afghanistan" type="external">announced&amp;#160;</a>a drawdown of US forces in Afghanistan, saying "our troops will continue coming home at a steady pace as Afghan security forces move into the lead. Our mission will change from combat to support." While he never actually used the word "withdrawal" in his speech, he made it clear that, "By 2014, this process of transition will be complete, and the Afghan people will be responsible for their own security."</p> <p>At that time, the only hint of what Obama meant by making Afghans "responsible for their own security," could be found in his statement of US objectives: "to refocus on al-Qaeda, to reverse the Taliban&#8217;s momentum and train Afghan security forces to defend their own country."</p> <p>Today, the United States has ensconced such language in a security agreement, which Washington is keen for Afghanistan to sign by the end of 2013. It is not clear, however, that the Afghan government will play along.</p> <p>Karzai Throws a Wrench Into the Works</p> <p>Despite being snubbed by Iraq's government two years ago over a "Status of Forces" Agreement, the United States has had high hopes for signing a similar agreement with Afghanistan. Unfortunately for Secretary of State John Kerry, Afghanistan's lame-duck President Hamid Karzai has unexpectedly balked at the last minute at signing the agreement. Karzai had led the United States to believe he would sign the pact and even organized a "Loya Jirga&#8221; - a traditional assembly of 2,500 tribal elders, officials, and others - to debate the details of the deal. Despite the Loya Jirga's attendees approving it, Karzai has now resorted to delaying tactics, announcing to everyone's surprise that his successor in next April's presidential elections might be the one to sign the deal.</p> <p>It appears that for once in this ongoing diplomatic game, Karzai has the upper hand. The United States just announced that the December 31deadline to sign the deal was not in fact set in stone. This comes after weeks of insisting that a deal had to be signed by year's end for the Defense Department to plan properly for 2014 troop levels.</p> <p>And NATO, whose soldiers serve alongside US forces in Afghanistan, is also desperate for a deal. Bizarrely, one NATO&amp;#160; <a href="//bigstory.ap.org/article/nato-chief-not-just-karzai-can-sign-afghan-pact" type="external">official announced</a>&amp;#160;that it would acceptany&amp;#160;Afghan official's signature on the agreement, indicating that the&amp;#160;existence&amp;#160;of the deal is more important for Western governments than whether it is legally binding. Presumably, it would aid in selling the unpopular war at home if governments can point to a document agreed on by "Afghans&#8221; that continues the war, but limits its scope.</p> <p>"Occupation-Lite": The Devil Is in the Details</p> <p>The Security and Defense Cooperation&amp;#160; <a href="//mfa.gov.af/Content/files/2013-11-18%20BSA%20TEXT.pdf" type="external">Agreement</a>, as it is officially called, specifies the scope of foreign troops' activity in Afghanistan for the next decade and follows from an earlier pact signed in 2012 called the&amp;#160; <a href="//photos.state.gov/libraries/afghanistan/231771/PDFs/2012-05-01-scan-of-spa-english.pdf" type="external">Enduring Strategic Partnership</a>Agreement, which laid out the joint political interests of both governments.</p> <p>In essence, this new deal would cement a continuing role for thousands of US troops in Afghanistan (the document covers the next 10 years) while pronouncing the 12-year-long occupation officially over. If that sounds like a game of semantics to justify a reduced version of the status quo, "occupation-lite," it is exactly that.</p> <p>If Karzai signs the Bilateral Security Agreement (BSA), as it is more commonly referred to, the United States will reduce the current number of 47,000 US and 24,000 NATO troops down to about 8,000 to 12,000 troops, two-thirds of which would consist of US military. It should be noted that the agreement does not actually specify the number of troops and whether they would remain through 2024 - it simply outlines the scope of actions by any US and NATO troops over the 10-year period that the agreement is in effect. But actual troop numbers can be gleaned from <a href="//www.nytimes.com/2013/11/21/world/asia/afghan-pact-kerry-apology-.html?pagewanted=2&amp;amp;_r=0%22%3Ethis%20one%3C/a%3E" type="external">news reports</a>.</p> <p>These remaining forces would operate from current US military bases, ostensibly to help train the Afghan National Army, while a smaller elite group of Special Operations Forces would continue to conduct controversial raids to track, capture and kill militants the US deems affiliated with al-Qaeda or simply dangerous to US interests.</p> <p>The legal immunity that US forces can enjoy while deployed to Afghanistan has been a public sticking point over signing the deal. Article 13 of the BSA requires that "the United States shall have the exclusive right to exercise jurisdiction over [United States forces] in respect of any criminal or civil offenses committed in the territory of Afghanistan."</p> <p>This is a sensitive issue given the cruel and even&amp;#160; <a href="//www.bbc.co.uk/news/world-us-canada-19394154" type="external">criminal behavior&amp;#160;</a>of some US troops during the 12-year-long occupation. In just the last few years, US troops have burned Korans, inciting riots that killed dozens, and urinated on the corpse of a dead Taliban soldier. Most recently, Staff Sargent&amp;#160; <a href="//www.reuters.com/article/2013/08/23/us-usa-afghanistan-trial-idUSBRE97L0YV20130823" type="external">Robert Bales</a>&amp;#160;was convicted of a fatal shooting spree that left 16 unarmed civilians dead.&amp;#160;</p> <p>But Secretary Kerry insists that&amp;#160; <a href="//www.npr.org/blogs/thetwo-way/2013/10/17/235664114/kerry-hopes-syrias-chemical-weapons-are-shipped-out-of-the-region" type="external">legal immunity</a>&amp;#160;for US troops is non-negotiable. In an interview with NPR, he laid out the US' terms, saying, "Needless to say, we are adamant [that the jurisdiction for US troops] has to be the United States of America. That's the way it is everywhere else in the world." He went further, threatening to exercise the so-called "zero option" of pulling out all troops, saying, "And they [the Afghans] have a choice: Either that's the way it is or there won't be any forces there of any kind."</p> <p>Another major part of the US's global "War on Terror," has been the freedom that Special Operations Forces have enjoyed in conducting raids on Afghan homes in the middle of the night and detaining Afghan civilians. The night raids are incredibly controversial,&amp;#160; <a href="file://localhost/ttp/::www.opensocietyfoundations.org:publications:cost-killcapture-impact-night-raid-surge-afghan-civilians" type="external">provoking the ire</a>&amp;#160;of Afghan civilians and politicians alike. A report by Open Society Foundations concluded that the raids, "continue to provoke popular and political blowback that risks seriously undermining relations with the Afghan government." Just this November, in the midst of negotiations with the US,&amp;#160; <a href="//www.nytimes.com/2013/11/24/world/asia/us-upset-by-karzais-claim-about-civilian-deaths.html?_r=0" type="external">Karzai accused Americans</a>&amp;#160;of killing civilians during one such night raid.</p> <p>An&amp;#160; <a href="//msnbcmedia.msn.com/i/MSNBC/Sections/NEWS/BSAdocument.pdf" type="external">earlier version</a>&amp;#160;of the BSA included a brief but crucial section on the detention of Afghans by the United States, with the US making "their commitments to placing Afghan detainees under the sovereignty and control of Afghanistan." The Karzai government, however, insisted on strengthening the language further to state that, "No detention or arrest shall be carried out by the United States forces. The United States forces shall not search any homes or other real estate properties." As of this writing, it appears as though the United States and Afghanistan have not been able to come to agreement over the US' ability to conduct night raids.</p> <p>The Games Karzai Plays</p> <p>Karzai has already&amp;#160; <a href="//www.reuters.com/article/2013/12/14/us-afghanistan-usa-idUSBRE9BD03L20131214" type="external">called the United States' bluff</a>&amp;#160;on the December 31deadline to sign the deal, daring Kerry to pull all troops out, saying, "I don't think America is thinking of the zero option; it&#8217;s brinkmanship they play with us, and even if they did [pull out], then come what may."</p> <p>The war of words between Karzai and Kerry is obscuring the power dynamics between both nations. While Karzai may appear to be standing up to US imperial interests, the reality is far more complicated. After all, Karzai owes his power and position to the United States more so than to any other entity. Given the resurgence of the Taliban, the poor state of the Afghan National Army, the fractious nature of his Parliament, and the extreme poverty, corruption and violence plaguing his nation, he relies on outside help to maintain his power.</p> <p>What then is the meaning of his reluctance to sign an agreement with the United States? One reason is that Karzai appears to be using his leverage over the United States to curry favor with regional powers in the last few months of his tenure, perhaps in search of new benefactors. The Afghan President&amp;#160; <a href="//www.nytimes.com/2013/12/09/world/middleeast/afghan-leader-agrees-to-talks-on-closer-iran-ties.html?_r=0" type="external">met with Iran's newly elected leader</a>, Hassan Rouhani, to discuss a "pact of friendship and cooperation." Iran, whose historically icy relations with the United States may be warming only slightly, has long been concerned about the presence of US troops so close to its border.</p> <p>Karzai has also&amp;#160; <a href="//www.thenational.ae/world/central-asia/afghanistan-presses-india-for-artillery-before-nato-withdrawal" type="external">met with the Indian government</a>&amp;#160;to finalize a deal to purchase military equipment (including weapons), in direct defiance of the United States. India has long backed the central Afghan government with billions of dollars in training and aid to balance its rival Pakistan's influence over the Taliban. Karzai is hoping that India's support now translates into military aid.</p> <p>But Karzai is&amp;#160; <a href="//www.bbc.co.uk/news/world-asia-25163071" type="external">playing both sides</a>&amp;#160;of the subcontinent's proxy war, having met with Pakistan's Prime Minister Nawaz Sharif to make headway on peace talks with the Taliban. One of the obstacles that Karzai has publicly raised over signing the BSA deal is his stated desire to see the United States and Pakistan lead public negotiations with the Taliban, rather than conduct&amp;#160; <a href="//www.reuters.com/article/2013/12/14/us-afghanistan-usa-idUSBRE9BD03L20131214" type="external">secret talks, which have dragged on</a>&amp;#160;for years and produced no results.&amp;#160; Karzai told the press, "Secret talks won't help. United States and Pakistan have enough influence over the Taliban to relaunch the peace process." Pakistan's military and intelligence apparatus has long been associated with the Taliban. When the Taliban first entered Afghanistan, the majority of their troops emerged from within Afghan refugee camps inside Pakistan and were known to be trained by Pakistan's intelligence service.</p> <p>Ordinary Afghans Want an End to US Occupation</p> <p>In addition to the diplomatic chess he is playing, the other reason why Karzai has appeared increasingly hostile to his American benefactors is the extreme unpopularity of the US occupation among the general Afghan public. On December 10, International Human Rights Day, hundreds of Afghans held a rally to commemorate civilian victims of war. In a country where organizing public demonstrations is extremely risky, protesters criticized both Afghan perpetrators, and United States and NATO forces.&amp;#160; <a href="//www.pajhwok.com/en/2013/12/11/kabul-rally-seeks-war-crimes-justice" type="external">Waida Ahmad</a>, a spokesperson for the Social Association of Afghan Justice Seekers, which organized the rally, told a local newspaper, "American forces have bombed the homes of Afghans, and they have killed civilians during the 12-years-old war in Afghanistan."</p> <p>Earlier this year, on&amp;#160;October 7&amp;#160;- the 12thanniversary of the US war in Afghanistan - the Revolutionary Association of the&amp;#160; <a href="//www.rawa.org/rawa/2013/10/06/rawa-statement-on-us-invasion-oct-2013-english.html%22" type="external">Women of Afghanistan</a>&amp;#160;(RAWA), with whom I have worked closely for over a decade, issued a statement entitled "Independence, the first condition for the prosperity of our homeland and people." The statement is accompanied by a gruesome image of dead Afghan children killed in a US strike, sporting the slogan, "Down with the US Occupation." RAWA, the oldest women's political organization in Afghanistan, doesn't hold back, saying:</p> <p>The US government and its allies promised our people democracy, but imposed upon them the most undemocratic, corrupt, and mafia government of our history; they spoke of 'war on terror' but brought the murderers and terrorists of the Northern Alliance, gun-lords and drug kingpins to power, and have now extended their hands in friendship to the Taliban; the US used human rights and women&#8217;s rights as an excuse, but Afghanistan still faces the worse kinds of human rights violations and horrifying catastrophes against its women; they promised our people liberation and freedom, but practically turned our country into a narco-state and the center of their longest-running criminal war.</p> <p>Members of RAWA support poor Afghans struggling to survive between the pressures of the US occupation and the corrupt Afghan government. In an email interview, I asked RAWA how ordinary Afghans feel about the presence of US troops. A spokesperson replied that there is "a very wide and systematic propaganda campaign by the US and its puppets to make people afraid of the US withdrawal and working to brainwash them to accept long-term occupation of Afghanistan." But even so, says RAWA, "ordinary Afghans, especially those in countryside, are against permanent bases of the US in the country. They see it as a threat to independence and national sovereignty of the country. They say 12 years of US/NATO existence in Afghanistan was full of treason against common people, and they pushed our country towards many new crisis and problems."</p> <p>RAWA had opposed the US invasion right from the start in 2001, despite their groundbreaking work to document and expose the crimes of the Taliban. They saw the US as being driven by its own interests rather than the interests of ordinary Afghans. Today, that sentiment remains stronger than ever. RAWA told me, "We are for complete withdrawal of the US/NATO forces from Afghanistan. Their permanent presence will lead Afghanistan towards demise and tragedies. Their over one decade of presence show that they push our country to nowhere in order to fulfill their strategic, military and economic plans in their new game in Asia."</p> <p>Former Afghan Parliamentarian and author of "A Woman Among Warlords," <a href="//uprisingradio.org/home/2013/10/18/malalai-joya-the-extraordinary-story-of-an-afghan-who-dared-to-raise-her-voice/" type="external">Malalai Joya</a>, concurs. She told me in an interview during her recent US tour, "I speak on behalf of the suffering and oppressed people of the nation of Afghanistan that these troops should leave Afghanistan as soon as possible because their presence is making much harder our struggle for justice and peace."</p> <p>The Misogynist Legacy of Occupation</p> <p>During her speech to American audiences in October 2013, Joya routinely displayed Time Magazine's August 9, 2010 controversial&amp;#160; <a href="//content.time.com/time/covers/asia/0,16641,20100809,00.html" type="external">cover image of Bibi Aisha</a>, the young woman whose nose was brutally cut off by the Taliban husband she was forcibly married off to, as a punishment for attempting to run away. Joya asserted that rather than the headline Time chose, "What Happens if We Leave Afghanistan," it would have been more accurate to say, "What Happens While We are In Afghanistan."</p> <p>When the Taliban was accused in July 2012 of executing a woman for adultery, and in 2010, of stoning to death a couple accused of adultery, there was&amp;#160; <a href="//worldnews.nbcnews.com/_news/2012/07/09/12639235-unspeakable-cruelty-outrage-grows-after-afghan-womans-execution-caught-on-video" type="external">international outrage</a>. But there has been little outrage in response to the news that Afghanistan's US-backed Parliament is now considering amending the nation's penal code to <a href="//www.theguardian.com/world/2013/nov/25/afghanistan-reintroduction-public-stoning-adulterers" type="external">return to the repulsive practice</a>&amp;#160;of publicly stoning those who commit adultery.</p> <p>Under the US occupation, Afghan women's rights have declined very predictably given the political and military power wielded by misogynist warlords who were rewarded by Washington in exchange for helping to defeat the Taliban. Many of those warlords acquired seats in Afghanistan's parliament and have overseen numerous laws eroding women's and human rights.</p> <p>Even the moderate Hamid Karzai, upon winning his presidency, appointed a judiciary so fundamentalist that it put the Taliban to shame. Under Afghanistan's current legal framework, constructed while under US occupation, the number of <a href="//www.hrw.org/news/2013/05/21/afghanistan-surge-women-jailed-moral-crimes" type="external">Afghan women in prison&amp;#160;</a>has soared - most of them incarcerated for so-called "moral crimes," including the "crime" of being raped or running away from home.</p> <p>That this turn of events has not generated alarming headlines in the West reveals the indifference American and European elites have always had toward women's rights. When it is convenient to paint the Taliban as monsters, Western leaders invoke the systematic violation of women's rights as a reason to occupy Afghanistan. But when the Western-backed central government has done the same, there is relative silence. And today, ordinary Afghans are paying a heavy price.</p> <p>The Narcotic Legacy of Occupation</p> <p>Another little-reported legacy of the US-NATO occupation of Afghanistan has been the sharp rise in drug production over the past 12 years. In the years before the October 2001 US invasion, the Taliban successfully suppressed poppy production in response to international sanctions. Now, Afghanistan has become an international center for drug production. The United Nations Office on Drugs and Crime&amp;#160; <a href="//www.unodc.org/documents/crop-monitoring/Afghanistan/Afghan_report_Summary_Findings_2013.pdf" type="external">released a report</a>&amp;#160;this year detailing the "sobering record-high" opium poppy production in Afghanistan and how provinces previously poppy-free were no longer so.</p> <p>According to RAWA, the US occupation has resulted in the creation of a "drug mafia" that "threatens our existence as a nation." Not only do illicit opium sales provide independent funding for the Taliban and the private militias of druglords, they also hurt ordinary Afghans, about&amp;#160; <a href="//www.nytimes.com/2013/11/03/world/asia/that-other-big-afghan-crisis-the-growing-army-of-addicts.html" type="external">1.3 million of whom are addicts</a>.</p> <p>What Happens If the US Withdraws All Troops?</p> <p>If a deal between the United States and Afghanistan does not materialize, it is possible that the US will indeed pull out all troops completely. The Obama Administration hinted that such a scenario was a distinct possibility as early as this past July, and there are indications that some parts of the administration feel that this would be&amp;#160; <a href="//www.nytimes.com/2013/07/09/world/asia/frustrated-obama-considers-full-troop-withdrawal-from-afghanistan.html" type="external">popular with the US public</a>. If all US troops do leave Afghanistan, the antiwar community in the United States will rightly celebrate the end of the longest war in US history.</p> <p>But for ordinary Afghans, although a complete withdrawal will mean one less source of violence, it will certainly not mean the end of violence. The United States unleashed a series of disastrous policies in Afghanistan over 12 long years on a nation that was already terminally wasting away from 25 years of prior war and violence. In their statement on the 12th anniversary of the war, RAWA said, "It is clear that the situation will get worse after 2014, but not because of the withdrawal of the troops of the criminal US and NATO, but because the Taliban and Gulbuddini [warlords in Parliament] murderers will join the circle of other criminals who have been backed by the US and Karzai for many years now."</p> <p>American taxpayers must accept the moral responsibility that we have funded the suffering of ordinary Afghan women, men and children and ensured through our government's policies during the failed occupation that they will continue to suffer long after the troops leave. Our only hope of redemption lies in supporting the grassroots and underground efforts of Afghan activists who risk their lives every day to wrest their nation back from armed elements and pursue true democracy, peace and justice.</p> <p><a href="mailto:Sonali@afghanwomensmission.org" type="external">Sonali Kolhatkar</a> is co-director of the <a href="http://afghanwomensmission.org/index.php" type="external">Afghan Women's Mission</a>. She is also the host and producer of <a href="http://uprisingradio.org/" type="external">Uprising Radio</a>, a daily morning radio program at KPFK, Pacifica in Los Angeles.</p>

War Without End? Obama Pursues "Occupation-Lite" in Afghanistan

http://alternet.org/world/obama-pursues-occupation-lite-afghanistan

2013-12-20

4left

Photo Credit AFP Copyrightamp160 Truthoutorg Reprinted with permission Back in June 2011 with an eye toward his reelection campaign President Obamaamp160 announcedamp160a drawdown of US forces in Afghanistan saying our troops will continue coming home at a steady pace as Afghan security forces move into the lead Our mission will change from combat to support While he never actually used the word withdrawal in his speech he made it clear that By 2014 this process of transition will be complete and the Afghan people will be responsible for their own security At that time the only hint of what Obama meant by making Afghans responsible for their own security could be found in his statement of US objectives to refocus on alQaeda to reverse the Taliban8217s momentum and train Afghan security forces to defend their own country Today the United States has ensconced such language in a security agreement which Washington is keen for Afghanistan to sign by the end of 2013 It is not clear however that the Afghan government will play along Karzai Throws a Wrench Into the Works Despite being snubbed by Iraqs government two years ago over a Status of Forces Agreement the United States has had high hopes for signing a similar agreement with Afghanistan Unfortunately for Secretary of State John Kerry Afghanistans lameduck President Hamid Karzai has unexpectedly balked at the last minute at signing the agreement Karzai had led the United States to believe he would sign the pact and even organized a Loya Jirga8221 a traditional assembly of 2500 tribal elders officials and others to debate the details of the deal Despite the Loya Jirgas attendees approving it Karzai has now resorted to delaying tactics announcing to everyones surprise that his successor in next Aprils presidential elections might be the one to sign the deal It appears that for once in this ongoing diplomatic game Karzai has the upper hand The United States just announced that the December 31deadline to sign the deal was not in fact set in stone This comes after weeks of insisting that a deal had to be signed by years end for the Defense Department to plan properly for 2014 troop levels And NATO whose soldiers serve alongside US forces in Afghanistan is also desperate for a deal Bizarrely one NATOamp160 official announcedamp160that it would acceptanyamp160Afghan officials signature on the agreement indicating that theamp160existenceamp160of the deal is more important for Western governments than whether it is legally binding Presumably it would aid in selling the unpopular war at home if governments can point to a document agreed on by Afghans8221 that continues the war but limits its scope OccupationLite The Devil Is in the Details The Security and Defense Cooperationamp160 Agreement as it is officially called specifies the scope of foreign troops activity in Afghanistan for the next decade and follows from an earlier pact signed in 2012 called theamp160 Enduring Strategic PartnershipAgreement which laid out the joint political interests of both governments In essence this new deal would cement a continuing role for thousands of US troops in Afghanistan the document covers the next 10 years while pronouncing the 12yearlong occupation officially over If that sounds like a game of semantics to justify a reduced version of the status quo occupationlite it is exactly that If Karzai signs the Bilateral Security Agreement BSA as it is more commonly referred to the United States will reduce the current number of 47000 US and 24000 NATO troops down to about 8000 to 12000 troops twothirds of which would consist of US military It should be noted that the agreement does not actually specify the number of troops and whether they would remain through 2024 it simply outlines the scope of actions by any US and NATO troops over the 10year period that the agreement is in effect But actual troop numbers can be gleaned from news reports These remaining forces would operate from current US military bases ostensibly to help train the Afghan National Army while a smaller elite group of Special Operations Forces would continue to conduct controversial raids to track capture and kill militants the US deems affiliated with alQaeda or simply dangerous to US interests The legal immunity that US forces can enjoy while deployed to Afghanistan has been a public sticking point over signing the deal Article 13 of the BSA requires that the United States shall have the exclusive right to exercise jurisdiction over United States forces in respect of any criminal or civil offenses committed in the territory of Afghanistan This is a sensitive issue given the cruel and evenamp160 criminal behavioramp160of some US troops during the 12yearlong occupation In just the last few years US troops have burned Korans inciting riots that killed dozens and urinated on the corpse of a dead Taliban soldier Most recently Staff Sargentamp160 Robert Balesamp160was convicted of a fatal shooting spree that left 16 unarmed civilians deadamp160 But Secretary Kerry insists thatamp160 legal immunityamp160for US troops is nonnegotiable In an interview with NPR he laid out the US terms saying Needless to say we are adamant that the jurisdiction for US troops has to be the United States of America Thats the way it is everywhere else in the world He went further threatening to exercise the socalled zero option of pulling out all troops saying And they the Afghans have a choice Either thats the way it is or there wont be any forces there of any kind Another major part of the USs global War on Terror has been the freedom that Special Operations Forces have enjoyed in conducting raids on Afghan homes in the middle of the night and detaining Afghan civilians The night raids are incredibly controversialamp160 provoking the ireamp160of Afghan civilians and politicians alike A report by Open Society Foundations concluded that the raids continue to provoke popular and political blowback that risks seriously undermining relations with the Afghan government Just this November in the midst of negotiations with the USamp160 Karzai accused Americansamp160of killing civilians during one such night raid Anamp160 earlier versionamp160of the BSA included a brief but crucial section on the detention of Afghans by the United States with the US making their commitments to placing Afghan detainees under the sovereignty and control of Afghanistan The Karzai government however insisted on strengthening the language further to state that No detention or arrest shall be carried out by the United States forces The United States forces shall not search any homes or other real estate properties As of this writing it appears as though the United States and Afghanistan have not been able to come to agreement over the US ability to conduct night raids The Games Karzai Plays Karzai has alreadyamp160 called the United States bluffamp160on the December 31deadline to sign the deal daring Kerry to pull all troops out saying I dont think America is thinking of the zero option it8217s brinkmanship they play with us and even if they did pull out then come what may The war of words between Karzai and Kerry is obscuring the power dynamics between both nations While Karzai may appear to be standing up to US imperial interests the reality is far more complicated After all Karzai owes his power and position to the United States more so than to any other entity Given the resurgence of the Taliban the poor state of the Afghan National Army the fractious nature of his Parliament and the extreme poverty corruption and violence plaguing his nation he relies on outside help to maintain his power What then is the meaning of his reluctance to sign an agreement with the United States One reason is that Karzai appears to be using his leverage over the United States to curry favor with regional powers in the last few months of his tenure perhaps in search of new benefactors The Afghan Presidentamp160 met with Irans newly elected leader Hassan Rouhani to discuss a pact of friendship and cooperation Iran whose historically icy relations with the United States may be warming only slightly has long been concerned about the presence of US troops so close to its border Karzai has alsoamp160 met with the Indian governmentamp160to finalize a deal to purchase military equipment including weapons in direct defiance of the United States India has long backed the central Afghan government with billions of dollars in training and aid to balance its rival Pakistans influence over the Taliban Karzai is hoping that Indias support now translates into military aid But Karzai isamp160 playing both sidesamp160of the subcontinents proxy war having met with Pakistans Prime Minister Nawaz Sharif to make headway on peace talks with the Taliban One of the obstacles that Karzai has publicly raised over signing the BSA deal is his stated desire to see the United States and Pakistan lead public negotiations with the Taliban rather than conductamp160 secret talks which have dragged onamp160for years and produced no resultsamp160 Karzai told the press Secret talks wont help United States and Pakistan have enough influence over the Taliban to relaunch the peace process Pakistans military and intelligence apparatus has long been associated with the Taliban When the Taliban first entered Afghanistan the majority of their troops emerged from within Afghan refugee camps inside Pakistan and were known to be trained by Pakistans intelligence service Ordinary Afghans Want an End to US Occupation In addition to the diplomatic chess he is playing the other reason why Karzai has appeared increasingly hostile to his American benefactors is the extreme unpopularity of the US occupation among the general Afghan public On December 10 International Human Rights Day hundreds of Afghans held a rally to commemorate civilian victims of war In a country where organizing public demonstrations is extremely risky protesters criticized both Afghan perpetrators and United States and NATO forcesamp160 Waida Ahmad a spokesperson for the Social Association of Afghan Justice Seekers which organized the rally told a local newspaper American forces have bombed the homes of Afghans and they have killed civilians during the 12yearsold war in Afghanistan Earlier this year onamp160October 7amp160 the 12thanniversary of the US war in Afghanistan the Revolutionary Association of theamp160 Women of Afghanistanamp160RAWA with whom I have worked closely for over a decade issued a statement entitled Independence the first condition for the prosperity of our homeland and people The statement is accompanied by a gruesome image of dead Afghan children killed in a US strike sporting the slogan Down with the US Occupation RAWA the oldest womens political organization in Afghanistan doesnt hold back saying The US government and its allies promised our people democracy but imposed upon them the most undemocratic corrupt and mafia government of our history they spoke of war on terror but brought the murderers and terrorists of the Northern Alliance gunlords and drug kingpins to power and have now extended their hands in friendship to the Taliban the US used human rights and women8217s rights as an excuse but Afghanistan still faces the worse kinds of human rights violations and horrifying catastrophes against its women they promised our people liberation and freedom but practically turned our country into a narcostate and the center of their longestrunning criminal war Members of RAWA support poor Afghans struggling to survive between the pressures of the US occupation and the corrupt Afghan government In an email interview I asked RAWA how ordinary Afghans feel about the presence of US troops A spokesperson replied that there is a very wide and systematic propaganda campaign by the US and its puppets to make people afraid of the US withdrawal and working to brainwash them to accept longterm occupation of Afghanistan But even so says RAWA ordinary Afghans especially those in countryside are against permanent bases of the US in the country They see it as a threat to independence and national sovereignty of the country They say 12 years of USNATO existence in Afghanistan was full of treason against common people and they pushed our country towards many new crisis and problems RAWA had opposed the US invasion right from the start in 2001 despite their groundbreaking work to document and expose the crimes of the Taliban They saw the US as being driven by its own interests rather than the interests of ordinary Afghans Today that sentiment remains stronger than ever RAWA told me We are for complete withdrawal of the USNATO forces from Afghanistan Their permanent presence will lead Afghanistan towards demise and tragedies Their over one decade of presence show that they push our country to nowhere in order to fulfill their strategic military and economic plans in their new game in Asia Former Afghan Parliamentarian and author of A Woman Among Warlords Malalai Joya concurs She told me in an interview during her recent US tour I speak on behalf of the suffering and oppressed people of the nation of Afghanistan that these troops should leave Afghanistan as soon as possible because their presence is making much harder our struggle for justice and peace The Misogynist Legacy of Occupation During her speech to American audiences in October 2013 Joya routinely displayed Time Magazines August 9 2010 controversialamp160 cover image of Bibi Aisha the young woman whose nose was brutally cut off by the Taliban husband she was forcibly married off to as a punishment for attempting to run away Joya asserted that rather than the headline Time chose What Happens if We Leave Afghanistan it would have been more accurate to say What Happens While We are In Afghanistan When the Taliban was accused in July 2012 of executing a woman for adultery and in 2010 of stoning to death a couple accused of adultery there wasamp160 international outrage But there has been little outrage in response to the news that Afghanistans USbacked Parliament is now considering amending the nations penal code to return to the repulsive practiceamp160of publicly stoning those who commit adultery Under the US occupation Afghan womens rights have declined very predictably given the political and military power wielded by misogynist warlords who were rewarded by Washington in exchange for helping to defeat the Taliban Many of those warlords acquired seats in Afghanistans parliament and have overseen numerous laws eroding womens and human rights Even the moderate Hamid Karzai upon winning his presidency appointed a judiciary so fundamentalist that it put the Taliban to shame Under Afghanistans current legal framework constructed while under US occupation the number of Afghan women in prisonamp160has soared most of them incarcerated for socalled moral crimes including the crime of being raped or running away from home That this turn of events has not generated alarming headlines in the West reveals the indifference American and European elites have always had toward womens rights When it is convenient to paint the Taliban as monsters Western leaders invoke the systematic violation of womens rights as a reason to occupy Afghanistan But when the Westernbacked central government has done the same there is relative silence And today ordinary Afghans are paying a heavy price The Narcotic Legacy of Occupation Another littlereported legacy of the USNATO occupation of Afghanistan has been the sharp rise in drug production over the past 12 years In the years before the October 2001 US invasion the Taliban successfully suppressed poppy production in response to international sanctions Now Afghanistan has become an international center for drug production The United Nations Office on Drugs and Crimeamp160 released a reportamp160this year detailing the sobering recordhigh opium poppy production in Afghanistan and how provinces previously poppyfree were no longer so According to RAWA the US occupation has resulted in the creation of a drug mafia that threatens our existence as a nation Not only do illicit opium sales provide independent funding for the Taliban and the private militias of druglords they also hurt ordinary Afghans aboutamp160 13 million of whom are addicts What Happens If the US Withdraws All Troops If a deal between the United States and Afghanistan does not materialize it is possible that the US will indeed pull out all troops completely The Obama Administration hinted that such a scenario was a distinct possibility as early as this past July and there are indications that some parts of the administration feel that this would beamp160 popular with the US public If all US troops do leave Afghanistan the antiwar community in the United States will rightly celebrate the end of the longest war in US history But for ordinary Afghans although a complete withdrawal will mean one less source of violence it will certainly not mean the end of violence The United States unleashed a series of disastrous policies in Afghanistan over 12 long years on a nation that was already terminally wasting away from 25 years of prior war and violence In their statement on the 12th anniversary of the war RAWA said It is clear that the situation will get worse after 2014 but not because of the withdrawal of the troops of the criminal US and NATO but because the Taliban and Gulbuddini warlords in Parliament murderers will join the circle of other criminals who have been backed by the US and Karzai for many years now American taxpayers must accept the moral responsibility that we have funded the suffering of ordinary Afghan women men and children and ensured through our governments policies during the failed occupation that they will continue to suffer long after the troops leave Our only hope of redemption lies in supporting the grassroots and underground efforts of Afghan activists who risk their lives every day to wrest their nation back from armed elements and pursue true democracy peace and justice Sonali Kolhatkar is codirector of the Afghan Womens Mission She is also the host and producer of Uprising Radio a daily morning radio program at KPFK Pacifica in Los Angeles

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<p>(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)</p> <p>* FTSE 100 down 0.3 pct</p> <p>* Interserve sink then recoup most losses</p> <p>* Informa surges on UBM bid</p> <p>* Melrose sweetens GKN offer</p> <p>By Julien Ponthus</p> <p>LONDON, Jan 17 (Reuters) - UK shares edged down on Wednesday with a flurry of corporate news triggering sharp moves, such as for Interserve after the Financial Times reported the UK government was monitoring the contractor in light of the collapse of competitor Carillion.</p> <p>The blue chip FTSE 100 index was down 0.25 percent at 7,736.82 points by 0815 GMT, broadly in line with the broader European market.</p> <p>Within small market capitalisations, Interserve saw its shares fall about 10 percent at the open then gradually recoup most of their losses with a more modest 2 percent retreat.</p> <p>"Comparisons with Carillon are all too easy to make of course", Neil Wilson, a senior market analyst at ETX capital said, noting however that "in the case of Interserve, the arithmetic doesn't look anything like as bad as Carillion".</p> <p>Informa's 3.8 billion pounds offer for events organiser UBM also triggered dramatic moves with the latter surging 12.5 percent and the bidder sinking 9.1 percent at the same time.</p> <p>Shares in luxury brand Burberry posted the second worst performance, losing 6.8 percent after reporting a 2 percent drop in retail revenue for the Christmas quarter.</p> <p>"Following better than expected sales for the December quarter from Richemont and Hugo Boss, Burberry's retail performance in Q3 may be seen as a bit disappointing," said RBC Europe analyst Rogerio Fujimori, who has an "underperform" rating on the stock.</p> <p>Pearson also sustained heavy losses, down 6.5 percent after saying it planned to cut staff and sell assets in a bid to eke out underlying growth in 2018 while its North American business continued to weigh on performance.</p> <p>Provident Financial shares seemed set for another session of losses after Tuesday's 13 percent fall, down over 15 percent.</p> <p>Broker Liberum cut its price target on the stock and said the risks are still too great to consider owning the stock.</p> <p>On a more positive note, British engineering group GKN added 0.6 percent after turnaround specialists Melrose MRON.L raised its takeover offer to 7.4 billion pounds after meeting the company's shareholders.</p> <p>The bidder, however, lost 1.5 percent.</p> <p>Financials were one of the only sectors to add points to the FTSE 100, with Prudential and Standard Chartered up 0.6 percent and 0.9 percent respectively. (Reporting by Julien Ponthus Editing by Jeremy Gaunt)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Unilever ( <a href="/finance/stocks/overview?symbol=ULVR.L" type="external">ULVR.L</a>) ( <a href="/finance/stocks/overview?symbol=UNc.AS" type="external">UNc.AS</a>), the Anglo-Dutch consumer goods giant, reported first-quarter sales figures that met expectations, helped mainly by increases in the volume of products sold, and maintained its full-year outlook.</p> FILE PHOTO: Traffic and people pass by the front of the Unilever building in central London, Britain, March 15, 2018. REUTERS/Hannah McKay/File Photo <p>The maker of Dove soap and Ben &amp;amp; Jerry's ice cream also expressed confidence that shareholders will support its decision to change its corporate structure and have its main headquarters in the Netherlands.</p> <p>Chief Financial Officer Graeme Pitkethly told Reuters that even though a small proportion of UK shareholders might be affected if Unilever shares were no longer in the blue-chip FTSE 100 index <a href="/finance/markets/index?symbol=.FTSE" type="external">.FTSE</a>, most shareholders understand the reasoning for the decision and are supportive.</p> Related Coverage <a href="/article/us-unilever-nv-results-structure/unilever-confident-shareholders-will-agree-to-go-dutch-idUSKBN1HQ15V" type="external">Unilever confident shareholders will agree to go Dutch</a> <p>Shareholders will vote on the move later this year.</p> <p>Unilever's London-listed shares traded 0.6 percent lower at 0710 GMT.</p> <p>Unilever undertook a deep review of its business and structure last year after fending off an unwanted $143 billion takeover offer from Kraft-Heinz ( <a href="/finance/stocks/overview?symbol=KHC.O" type="external">KHC.O</a>). The decision to sell its struggling spreads business also came from that review.</p> <p>In light of the proceeds from the sale of spreads to private equity firm KKR, Unilever on Thursday announced a new share buyback program, for up to 6 billion euros ($7.4 billion) worth of stock, to start next month.</p> <p>It also reported underlying sales growth of 3.4 percent, meeting an analysts' consensus supplied by the company.</p> <p>Excluding the spreads business, underlying sales rose 3.7 percent. On that basis, analysts were expecting 3.6 percent.</p> <p>Almost all of Unilever's sales growth came from selling more products, with only a 0.1 percent boost from higher pricing. This may concern the market, as a recent rise in oil prices and costs for transportation could eat into margins if not passed on to customers.</p> <a href="/finance/stocks/overview?symbol=ULVR.L" type="external">Unilever PLC</a> 3867.5 ULVR.L London Stock Exchange -79.00 (-2.00%) ULVR.L UNc.AS .FTSE KHC.O NESN.S <p>The chief financial officer said the balance of price and volume will improve in the second half of year.</p> <p>A sharp slowdown in pricing growth in last year's fourth quarter weighed on Unilever's shares despite overall sales performance that was its best in six quarters.</p> <p>Consumer packaged goods companies are all under pressure to boost performance, as sales have slowed due to changing consumer tastes and shopping habits and a slew of upstart rivals.</p> <p>Reported turnover fell 5.2 percent to 12.6 billion euros, hurt by currency exchange rates. Analysts were expecting 12.84 billion euros.</p> <p>The company stood by its forecast for 2018 sales growth of 3 to 5 percent.</p> <p>Swiss food group Nestle ( <a href="/finance/stocks/overview?symbol=NESN.S" type="external">NESN.S</a>) confirmed its full-year guidance after organic sales growth accelerated to 2.8 percent in the first quarter of 2018, helped by improving volumes.</p> <p>Reporting by Martinne Geller; Editing by Keith Weir</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Procter &amp;amp; Gamble Co (P&amp;amp;G) has agreed to acquire Merck KGaA's consumer health unit for 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.</p> FILE PHOTO: A display of Pampers diapers are seen on sale in Denver, Colorado February 16, 2017. REUTERS/Rick Wilking/File Photo <p>The maker of Pampers diapers and Gillette razors said the deal would help it expand its portfolio of consumer healthcare products which includes Vicks cold relief.</p> <p>The Merck unit includes vitamin brands Femibion and Neurobion.</p> <p>The deal follows GlaxoSmithKline agreeing to buy Novartis out of their consumer healthcare joint venture for $13 billion after dropping its pursuit of Pfizer's consumer unit.</p> <p>Pfizer has struggled to divest the business for as much as $20 billion, after Reckitt Benckiser dropped out last month and Johnson &amp;amp; Johnson stepped away in January.</p> <p>Prescription-free remedies offer stable sales due to customers' brand loyalty, albeit at lower margins than pharmaceuticals.</p> <p>But intense price competition online, mainly from Amazon, as well as cheaper store-brand products have weighed on profits in the U.S. and other Western markets.</p> <p>U.S.-based P&amp;amp;G derived 12 percent of group sales, or $7.5 billion, from health care products last year, including Oral-B toothbrushes and toothpastes.</p> <p>The purchase price for Merck's business suggests that the German company climbed down from price demands of as much as 4 billion euros, which sources told Reuters had deterred initial suitors such as Nestle, Perrigo and Stada owners Bain and Cinven.</p> <p>Morgan Stanley analyst Vincent Meunier said the price still implied a valuation of 4.7 times sales and around 19 times operating profit (EBITDA) for the business, at the high end of recent deals in the sector.</p> <p>"This will help (Merck) focus on its pharma unit and refurbish its pipeline," he said.</p> <p>Merck shares were up 0.5 percent higher at 0833 GMT, among top gainers in the German blue-chip DAX index, having risen 1.2 percent earlier.</p> <p>Merck said that it fetched a multiple of about 19.5, above recent industry transactions and based on an adjusted "economically transferred" EBITDA of 173 million euros in 2017.</p> <p>The proceeds would allow it to reduce debt faster, giving its businesses, which include chemicals, pharmaceuticals and lab equipment, more flexibility, although it ruled out acquisitions worth more than 500 million euros this year.P&amp;amp;G also announced it will split up its consumer care joint venture with Teva, PGT Healthcare, on July 1, saying strategies were no longer aligned.</p> <p>PGT accounts for nearly all of P&amp;amp;G's personal health care sales outside of the United States.</p> <p>Teva said the terms of the agreement to terminate the JV with P&amp;amp;G would not be disclosed and that the dissolution was amicable.</p> FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Procter &amp;amp; Gamble (PG) is seen on a tube of toothpaste in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson <p>Merck said the divestment of its consumer health business did not change its goal of keeping net sales of its established prescription drugs, such as Erbitux against cancer and multiple sclerosis treatment Rebif, organically stable until 2022.</p> <p>It will issue guidance for 2018 to reflect the sale of the consumer healthcare business with it publishes first-quarter financial results on May 15, it said.</p> INDIA BUSINESS <p>About 3,300 Merck employees could move to P&amp;amp;G upon completion of the transaction, which is expected by the fourth quarter.</p> <p>As part of the deal, P&amp;amp;G will buy a majority stake in the German company's Indian consumer health business, Merck Ltd, and subsequently make a mandatory tender offer to minority shareholders.</p> <p>A final agreement with P&amp;amp;G on Merck's French consumer health business has yet to be worked out with labor representatives but that will not change the overall price agreed with P&amp;amp;G.</p> <p>JP Morgan acted as financial adviser to Merck on the transaction, and Freshfields Bruckhaus Deringer was legal adviser.</p> <p>Additional reporting by Shalini Nagarajan in Bengaluru; Maria Sheahan in Frankfurt; Tova Cohen in Tel Aviv; editing by Susan Fenton and Jason Neely</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again ignited a fierce rally in commodities and resource stocks on Thursday, though the potential boost to inflation globally put some pressure on fixed-income assets.</p> The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer <p>It was set to be the strongest day for the commodity complex in eight months as Brent crude futures climbed past $74 a barrel after a near 3 percent jump overnight. [O/R]</p> <p>The surge came on a Reuters report that OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is now within sight.</p> <p>"The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold - and costly - reform program," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.</p> <p>The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector. Nickel jumped the most in 6-1/2 years on talk Nornickel - the world's second-biggest producer of the metal - could be targeted.</p> <p>Aluminum prices reached their highest since 2011, its raw material alumina touched an all-time peak, while iron ore leapt 5 percent. Such increases, if sustained, could fuel inflationary pressures and investors hedged by selling sovereign bonds.</p> <p>Yields on U.S. two-year Treasuries stood at levels last visited in 2008 at 2.43 percent and 10-year German yields went above 0.55 percent for the first time in almost a month.</p> <p>"If oil prices were to move toward $80 a barrel and euro weakened a bit, there could be some inflation pressure," said Rabobank's head of macro strategy Elwin de Groot.</p> <p>"That usually has a negative impact on spending and could do here, especially if it comes on the back of these trade and geopolitical tensions."</p> EXTRA ENERGY <p>Resource stocks were the big winners, driving Chinese blue chips up 1.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.9 percent, with energy up over 2.6 percent.</p> <p>Japan's Nikkei faded late in the day to end up 0.15 percent, but basic materials and utilities both climbed more than 2 percent.</p> <p>Industrial and commodities-focused stocks also led the pack in London, Paris, Frankfurt and Milan though the pan-regionally STOXX 600 was showing some signs of fatigue after a two-day rally had taken it to a six-week high.</p> <p>The bullish sentiment in markets comes amid wider optimism about economic growth. The global economy is expected to expand this year at its fastest pace since 2010, the latest Reuters polls of over 500 economists worldwide suggest, but trade protectionism could quickly slow it down.</p> <p>Investors were also relieved that no new U.S. demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump.</p> <p>E-Mini futures for the S&amp;amp;P 500 were pointing to a steady start in New York later.</p> <p>Wall Street had also seen hefty gains in the energy and industrial indexes, though that was offset by softness in sectors such as consumer staples and financials.</p> <p>IBM's 7.5 percent drop was the biggest drag on the S&amp;amp;P after the technology company's quarterly profit margins missed Wall Street targets.</p> <p>The Dow ended down 0.16 percent, while the S&amp;amp;P 500 gained 0.08 percent and the Nasdaq 0.19 percent.</p> <p>In currency markets, the U.S. dollar remained rangebound with its index a fraction firmer at 89.669. It gained a touch on the yen to 107.46 yen, but stayed short of recent peaks at 107.78.</p> <p>The euro hovered at $1.2383, within striking distance of the week's top of $1.2413, while Turkey's lira fell back 0.6 percent having had its best day in more than a year on Wednesday after President Tayyip Erdogan declared early elections.</p> <p>"The conventional wisdom is that (political) stability, even if it is not the form that you might choose - allows investment flows to continue." said Tom Clarke, a cross-asset co-portfolio manager at William Blair Funds.</p> <p>The strength in commodity prices helped the Australian dollar easily weather unexpectedly soft jobs data, with employment rising by a meager 4,900 in March.</p> <p>Figures out from New Zealand also showed annual inflation there had slowed to just 1.1 percent in the first quarter, underlining expectations that interest rates would remain at record lows for many more months to come.</p> <p>Additional reporting by Wayne Cole in Sydney; Editing by Hugh Lawson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - The S&amp;amp;P 500 eked out a small gain while the Dow declined after a volatile trading session on Wednesday, with weakness in sectors such as consumer staples and financials offsetting strong gains in the energy and industrial indexes.</p> <p>Higher oil prices boosted energy stocks while transport stocks such as CSX Corp helped the industrial sector. But IBM's ( <a href="/finance/stocks/overview?symbol=IBM.N" type="external">IBM.N</a>) 7.5 percent drop was the biggest drag on the S&amp;amp;P after the technology company's quarterly profit margins missed Wall Street targets.</p> <p>"There's a lot of headlines pulling the market in different directions. The most notable is energy prices pulling that sector higher," said David Joy, chief market strategist at Ameriprise in Boston.</p> <p>Joy attributed a drop in financial stocks to a flattening yield curve in U.S. treasuries.</p> <p>"Earnings and the yield curve are the two biggest influences," said Joy, adding that "transports are very strong today which is a very good sign for the economy."</p> <p>No. 3 U.S. railroad operator CSX ( <a href="/finance/stocks/overview?symbol=CSX.O" type="external">CSX.O</a>) jumped 7.8 percent after topping profit estimates. Its news lifted other railroads, and helped to push the Dow Jones Transport index .DJT up 1.7 percent.</p> <p>Also United Continental ( <a href="/finance/stocks/overview?symbol=UAL.N" type="external">UAL.N</a>) gained 4.8 percent and lifted other airline stocks after reporting a better-than-expected quarterly profit.</p> <p>Trading was choppy, with the Dow swinging between positive and negative territory while the S&amp;amp;P 500 gave up most of its gains in the last few minutes of trading.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> fell 38.56 points, or 0.16 percent, to 24,748.07, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 2.25 points, or 0.08 percent, to 2,708.64 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 14.14 points, or 0.19 percent, to 7,295.24.</p> <p>In late afternoon trade the S&amp;amp;P briefly lost ground after a Federal Reserve report said robust business borrowing, rising consumer spending, and tight labor markets indicated the U.S. economy is on track for continued growth, with trade war risks being the one big outlier.</p> <p>However, Mark Heppenstall, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania, said investors were hopeful for a positive outcome with China.</p> <p>"China trade tensions seem to have moved to the back burner," he said. "Earnings are part of the equation as well. The bar was high. There was a risk expectations would outpace what comes through but generally earnings have been favorable."</p> <p>Wall Street expects S&amp;amp;P 500 first-quarter earnings to grow 19.4 percent, according to Thomson Reuters data.</p> FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 29, 2018. REUTERS/Brendan McDermid <p>Oil futures CLc1 settled up 2.9 percent due to a decline in U.S. crude inventories and after sources signaled top exporter Saudi Arabia wants to see crude prices closer to $100 a barrel. The S&amp;amp;P energy sector .SPNY was up 1.6 percent. [O/R]</p> <p>The CBOE Volatility index .VIX ended up 0.35 point at 15.60, its first daily increase after six days of declines.</p> <p>Lam Research ( <a href="/finance/stocks/overview?symbol=LRCX.O" type="external">LRCX.O</a>) fell 4 percent on analyst concerns about a slowdown in demand for its chip equipment.</p> <p>The Philadelphia SE Semiconductor index .SOX finished down 1 percent.</p> <p>Advancing issues outnumbered declining ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers.</p> <a href="/finance/stocks/overview?symbol=IBM.N" type="external">International Business Machines Corp</a> 148.79 IBM.N New York Stock Exchange -- (--%) IBM.N CSX.O UAL.N .DJI .SPX <p>The S&amp;amp;P 500 posted 39 new 52-week highs and two new lows; the Nasdaq Composite recorded 131 new highs and 36 new lows.</p> <p>On U.S. exchanges 6.46 billion shares changed hands, compared to the almost 7 billion average for the last 20 days.</p> <p>Additional reporting by Sruthi Shankar in Bengaluru; Editing by Bernadette Baum and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Britain's FTSE edges down, Interserve in post-Carillion scare Unilever stands by outlook after first-quarter meets expectations P&G to buy German Merck's consumer health unit for $4.2 billion Commodities rocket on $100 oil talk, metals stress Energy, transport stocks lift Wall Street, IBM drags

https://reuters.com/article/britain-stocks/britains-ftse-edges-down-interserve-in-post-carillion-scare-idUSL8N1PC23U

2018-01-17

2least

ADVISORY Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon see cpurlappscpcmspageIdlivemarkets FTSE 100 down 03 pct Interserve sink then recoup most losses Informa surges on UBM bid Melrose sweetens GKN offer By Julien Ponthus LONDON Jan 17 Reuters UK shares edged down on Wednesday with a flurry of corporate news triggering sharp moves such as for Interserve after the Financial Times reported the UK government was monitoring the contractor in light of the collapse of competitor Carillion The blue chip FTSE 100 index was down 025 percent at 773682 points by 0815 GMT broadly in line with the broader European market Within small market capitalisations Interserve saw its shares fall about 10 percent at the open then gradually recoup most of their losses with a more modest 2 percent retreat Comparisons with Carillon are all too easy to make of course Neil Wilson a senior market analyst at ETX capital said noting however that in the case of Interserve the arithmetic doesnt look anything like as bad as Carillion Informas 38 billion pounds offer for events organiser UBM also triggered dramatic moves with the latter surging 125 percent and the bidder sinking 91 percent at the same time Shares in luxury brand Burberry posted the second worst performance losing 68 percent after reporting a 2 percent drop in retail revenue for the Christmas quarter Following better than expected sales for the December quarter from Richemont and Hugo Boss Burberrys retail performance in Q3 may be seen as a bit disappointing said RBC Europe analyst Rogerio Fujimori who has an underperform rating on the stock Pearson also sustained heavy losses down 65 percent after saying it planned to cut staff and sell assets in a bid to eke out underlying growth in 2018 while its North American business continued to weigh on performance Provident Financial shares seemed set for another session of losses after Tuesdays 13 percent fall down over 15 percent Broker Liberum cut its price target on the stock and said the risks are still too great to consider owning the stock On a more positive note British engineering group GKN added 06 percent after turnaround specialists Melrose MRONL raised its takeover offer to 74 billion pounds after meeting the companys shareholders The bidder however lost 15 percent Financials were one of the only sectors to add points to the FTSE 100 with Prudential and Standard Chartered up 06 percent and 09 percent respectively Reporting by Julien Ponthus Editing by Jeremy Gaunt Our Standards The Thomson Reuters Trust Principles LONDON Reuters Unilever ULVRL UNcAS the AngloDutch consumer goods giant reported firstquarter sales figures that met expectations helped mainly by increases in the volume of products sold and maintained its fullyear outlook FILE PHOTO Traffic and people pass by the front of the Unilever building in central London Britain March 15 2018 REUTERSHannah McKayFile Photo The maker of Dove soap and Ben ampamp Jerrys ice cream also expressed confidence that shareholders will support its decision to change its corporate structure and have its main headquarters in the Netherlands Chief Financial Officer Graeme Pitkethly told Reuters that even though a small proportion of UK shareholders might be affected if Unilever shares were no longer in the bluechip FTSE 100 index FTSE most shareholders understand the reasoning for the decision and are supportive Related Coverage Unilever confident shareholders will agree to go Dutch Shareholders will vote on the move later this year Unilevers Londonlisted shares traded 06 percent lower at 0710 GMT Unilever undertook a deep review of its business and structure last year after fending off an unwanted 143 billion takeover offer from KraftHeinz KHCO The decision to sell its struggling spreads business also came from that review In light of the proceeds from the sale of spreads to private equity firm KKR Unilever on Thursday announced a new share buyback program for up to 6 billion euros 74 billion worth of stock to start next month It also reported underlying sales growth of 34 percent meeting an analysts consensus supplied by the company Excluding the spreads business underlying sales rose 37 percent On that basis analysts were expecting 36 percent Almost all of Unilevers sales growth came from selling more products with only a 01 percent boost from higher pricing This may concern the market as a recent rise in oil prices and costs for transportation could eat into margins if not passed on to customers Unilever PLC 38675 ULVRL London Stock Exchange 7900 200 ULVRL UNcAS FTSE KHCO NESNS The chief financial officer said the balance of price and volume will improve in the second half of year A sharp slowdown in pricing growth in last years fourth quarter weighed on Unilevers shares despite overall sales performance that was its best in six quarters Consumer packaged goods companies are all under pressure to boost performance as sales have slowed due to changing consumer tastes and shopping habits and a slew of upstart rivals Reported turnover fell 52 percent to 126 billion euros hurt by currency exchange rates Analysts were expecting 1284 billion euros The company stood by its forecast for 2018 sales growth of 3 to 5 percent Swiss food group Nestle NESNS confirmed its fullyear guidance after organic sales growth accelerated to 28 percent in the first quarter of 2018 helped by improving volumes Reporting by Martinne Geller Editing by Keith Weir Our Standards The Thomson Reuters Trust Principles Reuters Procter ampamp Gamble Co PampampG has agreed to acquire Merck KGaAs consumer health unit for 34 billion euros 42 billion giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets FILE PHOTO A display of Pampers diapers are seen on sale in Denver Colorado February 16 2017 REUTERSRick WilkingFile Photo The maker of Pampers diapers and Gillette razors said the deal would help it expand its portfolio of consumer healthcare products which includes Vicks cold relief The Merck unit includes vitamin brands Femibion and Neurobion The deal follows GlaxoSmithKline agreeing to buy Novartis out of their consumer healthcare joint venture for 13 billion after dropping its pursuit of Pfizers consumer unit Pfizer has struggled to divest the business for as much as 20 billion after Reckitt Benckiser dropped out last month and Johnson ampamp Johnson stepped away in January Prescriptionfree remedies offer stable sales due to customers brand loyalty albeit at lower margins than pharmaceuticals But intense price competition online mainly from Amazon as well as cheaper storebrand products have weighed on profits in the US and other Western markets USbased PampampG derived 12 percent of group sales or 75 billion from health care products last year including OralB toothbrushes and toothpastes The purchase price for Mercks business suggests that the German company climbed down from price demands of as much as 4 billion euros which sources told Reuters had deterred initial suitors such as Nestle Perrigo and Stada owners Bain and Cinven Morgan Stanley analyst Vincent Meunier said the price still implied a valuation of 47 times sales and around 19 times operating profit EBITDA for the business at the high end of recent deals in the sector This will help Merck focus on its pharma unit and refurbish its pipeline he said Merck shares were up 05 percent higher at 0833 GMT among top gainers in the German bluechip DAX index having risen 12 percent earlier Merck said that it fetched a multiple of about 195 above recent industry transactions and based on an adjusted economically transferred EBITDA of 173 million euros in 2017 The proceeds would allow it to reduce debt faster giving its businesses which include chemicals pharmaceuticals and lab equipment more flexibility although it ruled out acquisitions worth more than 500 million euros this yearPampampG also announced it will split up its consumer care joint venture with Teva PGT Healthcare on July 1 saying strategies were no longer aligned PGT accounts for nearly all of PampampGs personal health care sales outside of the United States Teva said the terms of the agreement to terminate the JV with PampampG would not be disclosed and that the dissolution was amicable FILE PHOTO The logo of Dow Jones Industrial Average stock market index listed company Procter ampamp Gamble PG is seen on a tube of toothpaste in Los Angeles California United States April 25 2016 REUTERSLucy Nicholson Merck said the divestment of its consumer health business did not change its goal of keeping net sales of its established prescription drugs such as Erbitux against cancer and multiple sclerosis treatment Rebif organically stable until 2022 It will issue guidance for 2018 to reflect the sale of the consumer healthcare business with it publishes firstquarter financial results on May 15 it said INDIA BUSINESS About 3300 Merck employees could move to PampampG upon completion of the transaction which is expected by the fourth quarter As part of the deal PampampG will buy a majority stake in the German companys Indian consumer health business Merck Ltd and subsequently make a mandatory tender offer to minority shareholders A final agreement with PampampG on Mercks French consumer health business has yet to be worked out with labor representatives but that will not change the overall price agreed with PampampG JP Morgan acted as financial adviser to Merck on the transaction and Freshfields Bruckhaus Deringer was legal adviser Additional reporting by Shalini Nagarajan in Bengaluru Maria Sheahan in Frankfurt Tova Cohen in Tel Aviv editing by Susan Fenton and Jason Neely Our Standards The Thomson Reuters Trust Principles LONDON Reuters Talk that Saudi Arabia has its sights on 80100 a barrel oil again ignited a fierce rally in commodities and resource stocks on Thursday though the potential boost to inflation globally put some pressure on fixedincome assets The German share price index DAX board is seen at the stock exchange in Frankfurt Germany March 21 2018 REUTERSTilman Blasshofer It was set to be the strongest day for the commodity complex in eight months as Brent crude futures climbed past 74 a barrel after a near 3 percent jump overnight OR The surge came on a Reuters report that OPECs new price hawk Saudi Arabia would be happy for crude to rise to 80 or even 100 a sign Riyadh will seek no changes to a supplycutting deal even though the agreements original target is now within sight The Saudis and their colleagues in OPEC need higher oil for their fiscal positions and the Kingdom is on a bold and costly reform program said Greg McKenna chief market strategist at CFD and FX provider AxiTrader The leap in oil combined with fears that sanctions on Russia could hit supplies of other commodities to light a fire under the entire sector Nickel jumped the most in 612 years on talk Nornickel the worlds secondbiggest producer of the metal could be targeted Aluminum prices reached their highest since 2011 its raw material alumina touched an alltime peak while iron ore leapt 5 percent Such increases if sustained could fuel inflationary pressures and investors hedged by selling sovereign bonds Yields on US twoyear Treasuries stood at levels last visited in 2008 at 243 percent and 10year German yields went above 055 percent for the first time in almost a month If oil prices were to move toward 80 a barrel and euro weakened a bit there could be some inflation pressure said Rabobanks head of macro strategy Elwin de Groot That usually has a negative impact on spending and could do here especially if it comes on the back of these trade and geopolitical tensions EXTRA ENERGY Resource stocks were the big winners driving Chinese blue chips up 11 percent MSCIs broadest index of AsiaPacific shares outside Japan added 09 percent with energy up over 26 percent Japans Nikkei faded late in the day to end up 015 percent but basic materials and utilities both climbed more than 2 percent Industrial and commoditiesfocused stocks also led the pack in London Paris Frankfurt and Milan though the panregionally STOXX 600 was showing some signs of fatigue after a twoday rally had taken it to a sixweek high The bullish sentiment in markets comes amid wider optimism about economic growth The global economy is expected to expand this year at its fastest pace since 2010 the latest Reuters polls of over 500 economists worldwide suggest but trade protectionism could quickly slow it down Investors were also relieved that no new US demands on trade came out of a summit between Japanese Prime Minister Shinzo Abe and US President Donald Trump EMini futures for the SampampP 500 were pointing to a steady start in New York later Wall Street had also seen hefty gains in the energy and industrial indexes though that was offset by softness in sectors such as consumer staples and financials IBMs 75 percent drop was the biggest drag on the SampampP after the technology companys quarterly profit margins missed Wall Street targets The Dow ended down 016 percent while the SampampP 500 gained 008 percent and the Nasdaq 019 percent In currency markets the US dollar remained rangebound with its index a fraction firmer at 89669 It gained a touch on the yen to 10746 yen but stayed short of recent peaks at 10778 The euro hovered at 12383 within striking distance of the weeks top of 12413 while Turkeys lira fell back 06 percent having had its best day in more than a year on Wednesday after President Tayyip Erdogan declared early elections The conventional wisdom is that political stability even if it is not the form that you might choose allows investment flows to continue said Tom Clarke a crossasset coportfolio manager at William Blair Funds The strength in commodity prices helped the Australian dollar easily weather unexpectedly soft jobs data with employment rising by a meager 4900 in March Figures out from New Zealand also showed annual inflation there had slowed to just 11 percent in the first quarter underlining expectations that interest rates would remain at record lows for many more months to come Additional reporting by Wayne Cole in Sydney Editing by Hugh Lawson Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters The SampampP 500 eked out a small gain while the Dow declined after a volatile trading session on Wednesday with weakness in sectors such as consumer staples and financials offsetting strong gains in the energy and industrial indexes Higher oil prices boosted energy stocks while transport stocks such as CSX Corp helped the industrial sector But IBMs IBMN 75 percent drop was the biggest drag on the SampampP after the technology companys quarterly profit margins missed Wall Street targets Theres a lot of headlines pulling the market in different directions The most notable is energy prices pulling that sector higher said David Joy chief market strategist at Ameriprise in Boston Joy attributed a drop in financial stocks to a flattening yield curve in US treasuries Earnings and the yield curve are the two biggest influences said Joy adding that transports are very strong today which is a very good sign for the economy No 3 US railroad operator CSX CSXO jumped 78 percent after topping profit estimates Its news lifted other railroads and helped to push the Dow Jones Transport index DJT up 17 percent Also United Continental UALN gained 48 percent and lifted other airline stocks after reporting a betterthanexpected quarterly profit Trading was choppy with the Dow swinging between positive and negative territory while the SampampP 500 gave up most of its gains in the last few minutes of trading The Dow Jones Industrial Average DJI fell 3856 points or 016 percent to 2474807 the SampampP 500 SPX gained 225 points or 008 percent to 270864 and the Nasdaq Composite IXIC added 1414 points or 019 percent to 729524 In late afternoon trade the SampampP briefly lost ground after a Federal Reserve report said robust business borrowing rising consumer spending and tight labor markets indicated the US economy is on track for continued growth with trade war risks being the one big outlier However Mark Heppenstall chief investment officer at Penn Mutual Asset Management in Horsham Pennsylvania said investors were hopeful for a positive outcome with China China trade tensions seem to have moved to the back burner he said Earnings are part of the equation as well The bar was high There was a risk expectations would outpace what comes through but generally earnings have been favorable Wall Street expects SampampP 500 firstquarter earnings to grow 194 percent according to Thomson Reuters data FILE PHOTO Traders work on the floor of the New York Stock Exchange NYSE in New York US March 29 2018 REUTERSBrendan McDermid Oil futures CLc1 settled up 29 percent due to a decline in US crude inventories and after sources signaled top exporter Saudi Arabia wants to see crude prices closer to 100 a barrel The SampampP energy sector SPNY was up 16 percent OR The CBOE Volatility index VIX ended up 035 point at 1560 its first daily increase after six days of declines Lam Research LRCXO fell 4 percent on analyst concerns about a slowdown in demand for its chip equipment The Philadelphia SE Semiconductor index SOX finished down 1 percent Advancing issues outnumbered declining ones on the NYSE by a 126to1 ratio on Nasdaq a 109to1 ratio favored advancers International Business Machines Corp 14879 IBMN New York Stock Exchange IBMN CSXO UALN DJI SPX The SampampP 500 posted 39 new 52week highs and two new lows the Nasdaq Composite recorded 131 new highs and 36 new lows On US exchanges 646 billion shares changed hands compared to the almost 7 billion average for the last 20 days Additional reporting by Sruthi Shankar in Bengaluru Editing by Bernadette Baum and James Dalgleish Our Standards The Thomson Reuters Trust Principles

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<p>Brian Knappenberger is an award-winning filmmaker whose last film, The Internet&#65533;s Own Boy: The Story of Aaron Swartz, premiered at Sundance and won the Writers Guild Award for Outstanding Documentary Screenplay. His previous work includes We Are Legion: The Story of the Hacktivists, about the online hacktivist non-group Anonymous, the award winning documentary series Truth And Power and numerous other investigative documentaries for PBS, Pivot, Bloomberg Television, National Geographic, and The Discovery Channel.</p> <p /> <p /> <p /> <p /> Aaron Mat&#233;: It's the real news. I'm Aaron Mate. In a country with a free press, but also unrestrained finance, can big money scare media outlets into silence? That's the question explored in the new Netflix documentary, Nobody Speak: Trials of the Free Press. <p />Film Narrator: Journalism, real journalism, the kind of journalism that exposes things that powerful people don't want known, is a very fragile thing. <p />Speaker: Sir, I want to talk- <p />Film Narrator: It's a very rare thing. It doesn't happen most of the time. It can disappear very easily. <p />Speaker: I have never heard or seen such outrageous, vicious, distorted reporting. <p />Speaker: The world's most dishonest people are back there. Look at all the cameras go. I would never kill them. I would never do that. Let's see. <p />Film Narrator: There was political traction to be won by essentially conducting culture war against big media. That's become a standard way of doing politics. <p />Speaker: Can you turn the microphone off, please? <p />Aaron Mat&#233;: That's a clip from Nobody Speak: Trials of the Free Press, which is airing now on Netflix. Brian Knappenberger is the film's writer and director, and he joins me now. Brian, welcome. <p />Brian Knappenberger: Thank you. Thanks for having me. <p />Aaron Mat&#233;: Tell us about this film. <p />Brian Knappenberger: Well, this film started because I just found the Hulk Hogan Gawker case really, really compelling. I just thought this case was really, really interesting for all sorts of reasons, the first time a sex tape case like this had ever gone to trial, but beyond the tabloid veneer, you can tell that there was some big picture, First Amendment versus privacy issues at stake, and my work has involved both in the past, so I just thought it was really interesting. But it became very different to me when it was revealed that, well first of all, the verdict, which was $140 million. When that came down, that verdict was so staggering, and when it was paired with a requirement for Gawker to put up $50 million right away, that was the death sentence to Gawker, so whatever you thought was going on in the trial, the ending was dramatic and ended with Gawker essentially going bankrupt. Then the revelation that Peter Thiel, the Silicon Valley billionaire, first outside investor of Facebook, co-founder of PayPal, was actually funding, bankrolling, Hulk Hogan's case in secret. Then it became a very different story for me. This became a story about a grudge that Peter Thiel had against Gawker, and so I started really thinking, and that's essentially when the documentary started. <p /> When we started really looking at how big money can be leveraged behind the scenes to silence news organizations, so the question you started with, can big money silence a free press? I think the answer is yes, we're starting to see that in new ways right now, and that's essentially what we look at. <p />Aaron Mat&#233;: Yeah, Brian, and just to explain for anyone who's not familiar with the Gawker case, that's when the wrestler known as Hulk Hogan sued Gawker after they published a sex tape of his, and it emerged later on that the billionaire, as you mentioned, Peter Thiel, was funding Hogan's suit in a bid to put Gawker out of business, which it successfully did. <p />Brian Knappenberger: Mm-hmm. Yeah, that's right. It was already a strange trial in the courtroom with twists and turns, but that staggering verdict followed by this bizarre revelation that Peter Thiel was actually the one who was sort of pulling strings behind the scenes. That made this a very, very, it was not only a strange story turn, it brought up some really, I think, critical and troubling sorts of dynamics. <p />Aaron Mat&#233;: Well, let's talk about those dynamics. What troubled you most about it? <p />Brian Knappenberger: The secrecy. I mean, the short answer to that is the secrecy. Also, by the way, I'm sure we'll get to this Sheldon Adelson aspect. We cover the Sheldon Adelson secretive purchase of the Las Vegas Review-Journal, but in both cases, and in the case of Peter Thiel, it's the secrecy that bothered me. People have pointed out that other organizations have engaged in this project, this tactic of litigation financing, the ACLU does this, Greenpeace does this, Sierra Club does this. They pick a case, and they come down on one side of the case, and they do that to make a political point. Presumably that's what Mr. Thiel is doing, but what he did was he did this in secret. This is something that actually used to be illegal in this country, up until the '50s, all the way back to common law. That is, the secretive funding of a lawsuit for your own ends. And so that secretive part was disturbing. Apparently these laws were called champerty laws and they were overturned in the late '50s because the NAACP was filing lawsuits in order to end segregation, so the opponents to the NAACP wanted to get the NAACP to reveal their donors list, but that's very different than want Peter Thiel did. You understood it was the NAACP, just as you understand the ACLU and the Sierra Club now, you get it. There's transparency there. Not so, here. <p />Aaron Mat&#233;: Okay. You mentioned Sheldon Adelson and the Las Vegas Review-Journal, and I want to get to that in a second, but just staying on the Hulk Hogan, Peter Thiel Gawker case. My problem with this case is that i do think Gawker had something to be held accountable for. They published a sex tape of Hogan, which is his private life, and also, they had outed Peter Thiel as being gay against his wishes, as they did later on with other people, who had even way less of a public profile. So in looking at this case, did you see any grounds for either Hogan or Thiel or anybody else having a valid complaint against Gawker? <p />Brian Knappenberger: Yes. 100%, and that's actually one of the things that got me interested in the case in the beginning. This isn't an easy case. I didn't pick this, or wasn't initially compelled by this case, because it was easy, I did it because it was complex. And by the way, I had done previous work that was very much advocating for privacy, especially around laws in terms of mass surveillance and mass suspicionless surveillance, that sort of thing. So this wasn't an easy case, but I think the most important cases aren't necessarily easy when it comes to free speech or civil liberties. They don't always exist in that kind of center area where there's crystal clear difference between heroes and villains. They're on the fringes, and I do think this was on the fringes. But the idea that they may have done something wrong, or even that Hogan deserved the payout, does not compute for me with the idea that they should be silenced completely, totally taken offline, given the death penalty, especially in a country that privileges free expression. <p /> One of the things that Peter Thiel said about Gawker is that they were a singularly sociopathic bully. That's his phrase, and I think that's absurd, if you look at our media environment. If you look at the kinds of things just that we've seen in the past year. We have Alex Jones or somebody like that actually calling the Sandy Hook murders a false flag operation. You have things happening on Facebook where there's a live murder and stuff. The notion that Gawker should be taken offline completely for this, Alex Jones, by the way, is getting, I guess, press credentials to the White House. The initial thing we've taken offline completely for this is what's troubling. And the idea and the way that it was done. There's nothing about this case that makes it unique to Gawker. It could be used by anybody with a lot of money to silence any news organization. <p />Aaron Mat&#233;: Yeah, and just to explain to people, Gawker was taken offline because the jury in this case awarded Hogan more than $140 million, which is a staggering sum, and Gawker essentially was forced to shut down and disband, and then sell itself off to a bigger company which runs it now, but without the website Gawker. And as someone who follows media, especially Gawker, Gawker's absence is very glaring, even though I thought some of its material was pretty vile. So yeah, in terms of what kind of precedent this case and the damages awarded sets, I'm wondering if you can talk a bit more about the implications of that. <p />Brian Knappenberger: Well, to me, I think this has emboldened people to sue news organizations. I think if you look at, it's kind of wild what we're seeing now, even in the last couple of months, you have a coal magnate suing John Oliver for satire, trying to take them offline, trying to get John Oliver to stop, apparently, to stop airing his show while it's being worked out. Very, very aggressive. You have someone like Sarah Palin who's also using some of the same Hogan lawyers that he used to sue the New York Times. You have this environment where it's becoming obvious that you can kind of use the criminal justice system and wield it in this way, and even if your case has no merit, like the coal magnate's case does not have merit against John Oliver. Satire's protected in this country, as it should be. It doesn't really matter. It can wear down a news organization to the point where it can be taken offline. One of the cases that was settled against Gawker at the same time as the Hogan case was a case brought by this guy, Shiva Ayyadurai, who claims to have invented email, and Gawker and others have cast suspicion on that, have said that there's evidence to suggest that he hadn't, and so he sued Gawker. Apparently couldn't find a lawyer, had trouble finding a lawyer, until he found the same lawyer that was used in Hulk Hogan's case. <p /> That guy, Shiva, is still suing Tech Dirt, which is a great Silicon Valley site that questions Silicon Valley power, and Tech Dirt, as great as they are, they're small, and they're being sued for $15 million, and they're in a fight for their existence. I think that we're looking at a period of time in which people are emboldened by that kind of decision. <p />Aaron Mat&#233;: Okay, so speaking of emboldened, let's get to Sheldon Adelson, who you mentioned earlier, the billionaire casino magnate Republican donor, and how he came to purchase the Las Vegas Review-Journal. <p />Brian Knappenberger: Yeah, so we tell that story in the film. We recognize that there were some similarities there. Essentially what happened is the reporters of the Las Vegas Review-Journal were all called into a big meeting, and they were told that their paper had been purchased by somebody, that they had a new boss, which of course is intriguing to anybody in any company. And the first thing they asked was, "What's our new boss? And what are their expectations?" And they were told, "You know what, don't worry about it. They want you to keep doing your job, they don't necessarily need you to know who bought the paper." And of course the reporters, they didn't consider abiding by that. I think on the walk back to their offices they decided they were gonna figure it out. It's important to know who owns, especially a newspaper. So we tell the story of how they went about finding that out, which had some real stakes for them, because this was their boss that they were trying to uncover. <p />Aaron Mat&#233;: One of the consequences of that is you have people resigning, including a columnist, John Smith, who was told after Adelson bought the paper, that he could no longer write about Adelson. <p />Brian Knappenberger: That's right. And he, I think rightly and courageously, said, "I think it's time to part ways." We've heard all sorts of stories of their influence on that paper. That's sad, because the Las Vegas Review-Journal's a critical and really, really important paper in the West, not just in Nevada. I think that's what's at stake. There's stories of their influencing news stories, especially that involve Adelson, again, what really I found the most troubling was the secretive element of it. What was going on in secret in the beginning. It's not that wealthy individuals haven't owned newspapers before. Obviously, they have. But usually that's a point of civic pride. You know who it is. Even someone like Bezos, who bought the Washington Post, and by the way, he's had what is by all accounts a kind of traditional stewardship of that paper. You have to watch that. You have to see how the Washington Post covers, for instance, the Amazon purchase of Whole Foods. <p />Aaron Mat&#233;: Right, to explain, just to explain that, Bezos owns Amazon. <p />Brian Knappenberger: Yeah, Bezos owns Amazon, they just acquired Whole Foods, so yeah. I think that's a deal that requires a critical look, or at least a skeptical look, by savvy reporters, so I think you have to watch how they cover that, but you can't do that if you don't know who bought the paper at all, who owns the paper, and who's pulling the strings. That's where this starts to get more dangerous for the public opinion. <p />Aaron Mat&#233;: Brian, can we talk a bit more about this Las Vegas Review-Journal columnist, John Smith, because his personal story with Adelson is fascinating. It involves essentially being bribed, including over his daughter's medical bills for cancer, right? <p />Brian Knappenberger: Yeah. This isn't something that he wrote in the Las Vegas Review-Journal, he wrote a book called Sharks in the Desert, that covered the origins of Nevada- it's actually a really good book. It's looking at the early days of Las Vegas, all the way up to the corporate era, and he had, as you would have to, included a section on Adelson, and Adelson took exception to one of the things that he said, and then basically sued him, and John L. Smith happened to be in the hospital with his daughter, who had brain cancer, when he got the call that he was being sued over a line in the book, for $10 million. That was a very, very difficult time for him. He recounts it in the movie. It's very moving, actually, and there are all sorts of, as he says in the film, there are all sorts of behind the scenes deals, one in particular, in which Adelson, through an intermediary, allegedly tries to give him money for his daughter's medical expenses if she says that he libeled him. Just gives you a sense of how vicious this can be. <p />Aaron Mat&#233;: Speaking of vicious, Brian, let's end with Donald Trump. You tie the movie, tie the dynamic you explore in the movie, to this age that we're in of the Trump era. He's been openly confrontational, to say the least, towards the media. Can you talk about what you think Trump signifies for the dynamic that you explore inside your film about the influence of big money over media? <p />Brian Knappenberger: Yeah, well, a lot. He was woven into our film even before he won. It was pretty clear, when you were watching this trial in Florida, that in some ways the media was on trial, that there was a real hatred of the media that emerged from that trial, and of course, that was at the beginning of Donald Trump's rise through the Republican Party and then eventually to the White House. That was fueled by a hatred or attacks on the media, at least in part. So you saw this kind of dynamic showing itself, but look, we always knew that there was an echo happening here on a national scale. Trump, obviously a very thin-skinned billionaire himself, who is not afraid to enact lawsuits. USA Today did some great reporting actually during the campaign where they looked at the 3500 lawsuits that Donald Trump was involved with in one way or another, so he fit the bill. <p /> <p /> And of course, the day after the election, even though we cut a bunch of sections with Trump, we realized we had a very different film. Now that this guy, who had talked about opening up libel laws, who had spent so much of the campaign pointing at the press, the row of cameras, calling them scum, calling them terrible people, blacklisting them from various rallies and speeches, for getting press credentials to his rallies and speeches. Now he was in charge of the executive branch, and trying to get our head around what that could mean. And of course, we've seen a very, very hostile relationship between him and the press, and that's been based mostly on lies, a kind of wall of deception coming out of the White House. <p />Aaron Mat&#233;: The film is Nobody Speak: Trials of the Free Press. Brian Knappenberger is the film's writer and director. Brian, thanks a lot. <p />Brian Knappenberger: Thanks for having me. <p />Aaron Mat&#233;: And thank you for joining us on the Real News.

Can Big Money Silence a Free Press?

http://therealnews.com/t2/story%3A19856%3ACan-Big-Money-Silence-a-Free-Press%253F

2017-08-25

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Brian Knappenberger is an awardwinning filmmaker whose last film The Internet65533s Own Boy The Story of Aaron Swartz premiered at Sundance and won the Writers Guild Award for Outstanding Documentary Screenplay His previous work includes We Are Legion The Story of the Hacktivists about the online hacktivist nongroup Anonymous the award winning documentary series Truth And Power and numerous other investigative documentaries for PBS Pivot Bloomberg Television National Geographic and The Discovery Channel Aaron Mat233 Its the real news Im Aaron Mate In a country with a free press but also unrestrained finance can big money scare media outlets into silence Thats the question explored in the new Netflix documentary Nobody Speak Trials of the Free Press Film Narrator Journalism real journalism the kind of journalism that exposes things that powerful people dont want known is a very fragile thing Speaker Sir I want to talk Film Narrator Its a very rare thing It doesnt happen most of the time It can disappear very easily Speaker I have never heard or seen such outrageous vicious distorted reporting Speaker The worlds most dishonest people are back there Look at all the cameras go I would never kill them I would never do that Lets see Film Narrator There was political traction to be won by essentially conducting culture war against big media Thats become a standard way of doing politics Speaker Can you turn the microphone off please Aaron Mat233 Thats a clip from Nobody Speak Trials of the Free Press which is airing now on Netflix Brian Knappenberger is the films writer and director and he joins me now Brian welcome Brian Knappenberger Thank you Thanks for having me Aaron Mat233 Tell us about this film Brian Knappenberger Well this film started because I just found the Hulk Hogan Gawker case really really compelling I just thought this case was really really interesting for all sorts of reasons the first time a sex tape case like this had ever gone to trial but beyond the tabloid veneer you can tell that there was some big picture First Amendment versus privacy issues at stake and my work has involved both in the past so I just thought it was really interesting But it became very different to me when it was revealed that well first of all the verdict which was 140 million When that came down that verdict was so staggering and when it was paired with a requirement for Gawker to put up 50 million right away that was the death sentence to Gawker so whatever you thought was going on in the trial the ending was dramatic and ended with Gawker essentially going bankrupt Then the revelation that Peter Thiel the Silicon Valley billionaire first outside investor of Facebook cofounder of PayPal was actually funding bankrolling Hulk Hogans case in secret Then it became a very different story for me This became a story about a grudge that Peter Thiel had against Gawker and so I started really thinking and thats essentially when the documentary started When we started really looking at how big money can be leveraged behind the scenes to silence news organizations so the question you started with can big money silence a free press I think the answer is yes were starting to see that in new ways right now and thats essentially what we look at Aaron Mat233 Yeah Brian and just to explain for anyone whos not familiar with the Gawker case thats when the wrestler known as Hulk Hogan sued Gawker after they published a sex tape of his and it emerged later on that the billionaire as you mentioned Peter Thiel was funding Hogans suit in a bid to put Gawker out of business which it successfully did Brian Knappenberger Mmhmm Yeah thats right It was already a strange trial in the courtroom with twists and turns but that staggering verdict followed by this bizarre revelation that Peter Thiel was actually the one who was sort of pulling strings behind the scenes That made this a very very it was not only a strange story turn it brought up some really I think critical and troubling sorts of dynamics Aaron Mat233 Well lets talk about those dynamics What troubled you most about it Brian Knappenberger The secrecy I mean the short answer to that is the secrecy Also by the way Im sure well get to this Sheldon Adelson aspect We cover the Sheldon Adelson secretive purchase of the Las Vegas ReviewJournal but in both cases and in the case of Peter Thiel its the secrecy that bothered me People have pointed out that other organizations have engaged in this project this tactic of litigation financing the ACLU does this Greenpeace does this Sierra Club does this They pick a case and they come down on one side of the case and they do that to make a political point Presumably thats what Mr Thiel is doing but what he did was he did this in secret This is something that actually used to be illegal in this country up until the 50s all the way back to common law That is the secretive funding of a lawsuit for your own ends And so that secretive part was disturbing Apparently these laws were called champerty laws and they were overturned in the late 50s because the NAACP was filing lawsuits in order to end segregation so the opponents to the NAACP wanted to get the NAACP to reveal their donors list but thats very different than want Peter Thiel did You understood it was the NAACP just as you understand the ACLU and the Sierra Club now you get it Theres transparency there Not so here Aaron Mat233 Okay You mentioned Sheldon Adelson and the Las Vegas ReviewJournal and I want to get to that in a second but just staying on the Hulk Hogan Peter Thiel Gawker case My problem with this case is that i do think Gawker had something to be held accountable for They published a sex tape of Hogan which is his private life and also they had outed Peter Thiel as being gay against his wishes as they did later on with other people who had even way less of a public profile So in looking at this case did you see any grounds for either Hogan or Thiel or anybody else having a valid complaint against Gawker Brian Knappenberger Yes 100 and thats actually one of the things that got me interested in the case in the beginning This isnt an easy case I didnt pick this or wasnt initially compelled by this case because it was easy I did it because it was complex And by the way I had done previous work that was very much advocating for privacy especially around laws in terms of mass surveillance and mass suspicionless surveillance that sort of thing So this wasnt an easy case but I think the most important cases arent necessarily easy when it comes to free speech or civil liberties They dont always exist in that kind of center area where theres crystal clear difference between heroes and villains Theyre on the fringes and I do think this was on the fringes But the idea that they may have done something wrong or even that Hogan deserved the payout does not compute for me with the idea that they should be silenced completely totally taken offline given the death penalty especially in a country that privileges free expression One of the things that Peter Thiel said about Gawker is that they were a singularly sociopathic bully Thats his phrase and I think thats absurd if you look at our media environment If you look at the kinds of things just that weve seen in the past year We have Alex Jones or somebody like that actually calling the Sandy Hook murders a false flag operation You have things happening on Facebook where theres a live murder and stuff The notion that Gawker should be taken offline completely for this Alex Jones by the way is getting I guess press credentials to the White House The initial thing weve taken offline completely for this is whats troubling And the idea and the way that it was done Theres nothing about this case that makes it unique to Gawker It could be used by anybody with a lot of money to silence any news organization Aaron Mat233 Yeah and just to explain to people Gawker was taken offline because the jury in this case awarded Hogan more than 140 million which is a staggering sum and Gawker essentially was forced to shut down and disband and then sell itself off to a bigger company which runs it now but without the website Gawker And as someone who follows media especially Gawker Gawkers absence is very glaring even though I thought some of its material was pretty vile So yeah in terms of what kind of precedent this case and the damages awarded sets Im wondering if you can talk a bit more about the implications of that Brian Knappenberger Well to me I think this has emboldened people to sue news organizations I think if you look at its kind of wild what were seeing now even in the last couple of months you have a coal magnate suing John Oliver for satire trying to take them offline trying to get John Oliver to stop apparently to stop airing his show while its being worked out Very very aggressive You have someone like Sarah Palin whos also using some of the same Hogan lawyers that he used to sue the New York Times You have this environment where its becoming obvious that you can kind of use the criminal justice system and wield it in this way and even if your case has no merit like the coal magnates case does not have merit against John Oliver Satires protected in this country as it should be It doesnt really matter It can wear down a news organization to the point where it can be taken offline One of the cases that was settled against Gawker at the same time as the Hogan case was a case brought by this guy Shiva Ayyadurai who claims to have invented email and Gawker and others have cast suspicion on that have said that theres evidence to suggest that he hadnt and so he sued Gawker Apparently couldnt find a lawyer had trouble finding a lawyer until he found the same lawyer that was used in Hulk Hogans case That guy Shiva is still suing Tech Dirt which is a great Silicon Valley site that questions Silicon Valley power and Tech Dirt as great as they are theyre small and theyre being sued for 15 million and theyre in a fight for their existence I think that were looking at a period of time in which people are emboldened by that kind of decision Aaron Mat233 Okay so speaking of emboldened lets get to Sheldon Adelson who you mentioned earlier the billionaire casino magnate Republican donor and how he came to purchase the Las Vegas ReviewJournal Brian Knappenberger Yeah so we tell that story in the film We recognize that there were some similarities there Essentially what happened is the reporters of the Las Vegas ReviewJournal were all called into a big meeting and they were told that their paper had been purchased by somebody that they had a new boss which of course is intriguing to anybody in any company And the first thing they asked was Whats our new boss And what are their expectations And they were told You know what dont worry about it They want you to keep doing your job they dont necessarily need you to know who bought the paper And of course the reporters they didnt consider abiding by that I think on the walk back to their offices they decided they were gonna figure it out Its important to know who owns especially a newspaper So we tell the story of how they went about finding that out which had some real stakes for them because this was their boss that they were trying to uncover Aaron Mat233 One of the consequences of that is you have people resigning including a columnist John Smith who was told after Adelson bought the paper that he could no longer write about Adelson Brian Knappenberger Thats right And he I think rightly and courageously said I think its time to part ways Weve heard all sorts of stories of their influence on that paper Thats sad because the Las Vegas ReviewJournals a critical and really really important paper in the West not just in Nevada I think thats whats at stake Theres stories of their influencing news stories especially that involve Adelson again what really I found the most troubling was the secretive element of it What was going on in secret in the beginning Its not that wealthy individuals havent owned newspapers before Obviously they have But usually thats a point of civic pride You know who it is Even someone like Bezos who bought the Washington Post and by the way hes had what is by all accounts a kind of traditional stewardship of that paper You have to watch that You have to see how the Washington Post covers for instance the Amazon purchase of Whole Foods Aaron Mat233 Right to explain just to explain that Bezos owns Amazon Brian Knappenberger Yeah Bezos owns Amazon they just acquired Whole Foods so yeah I think thats a deal that requires a critical look or at least a skeptical look by savvy reporters so I think you have to watch how they cover that but you cant do that if you dont know who bought the paper at all who owns the paper and whos pulling the strings Thats where this starts to get more dangerous for the public opinion Aaron Mat233 Brian can we talk a bit more about this Las Vegas ReviewJournal columnist John Smith because his personal story with Adelson is fascinating It involves essentially being bribed including over his daughters medical bills for cancer right Brian Knappenberger Yeah This isnt something that he wrote in the Las Vegas ReviewJournal he wrote a book called Sharks in the Desert that covered the origins of Nevada its actually a really good book Its looking at the early days of Las Vegas all the way up to the corporate era and he had as you would have to included a section on Adelson and Adelson took exception to one of the things that he said and then basically sued him and John L Smith happened to be in the hospital with his daughter who had brain cancer when he got the call that he was being sued over a line in the book for 10 million That was a very very difficult time for him He recounts it in the movie Its very moving actually and there are all sorts of as he says in the film there are all sorts of behind the scenes deals one in particular in which Adelson through an intermediary allegedly tries to give him money for his daughters medical expenses if she says that he libeled him Just gives you a sense of how vicious this can be Aaron Mat233 Speaking of vicious Brian lets end with Donald Trump You tie the movie tie the dynamic you explore in the movie to this age that were in of the Trump era Hes been openly confrontational to say the least towards the media Can you talk about what you think Trump signifies for the dynamic that you explore inside your film about the influence of big money over media Brian Knappenberger Yeah well a lot He was woven into our film even before he won It was pretty clear when you were watching this trial in Florida that in some ways the media was on trial that there was a real hatred of the media that emerged from that trial and of course that was at the beginning of Donald Trumps rise through the Republican Party and then eventually to the White House That was fueled by a hatred or attacks on the media at least in part So you saw this kind of dynamic showing itself but look we always knew that there was an echo happening here on a national scale Trump obviously a very thinskinned billionaire himself who is not afraid to enact lawsuits USA Today did some great reporting actually during the campaign where they looked at the 3500 lawsuits that Donald Trump was involved with in one way or another so he fit the bill And of course the day after the election even though we cut a bunch of sections with Trump we realized we had a very different film Now that this guy who had talked about opening up libel laws who had spent so much of the campaign pointing at the press the row of cameras calling them scum calling them terrible people blacklisting them from various rallies and speeches for getting press credentials to his rallies and speeches Now he was in charge of the executive branch and trying to get our head around what that could mean And of course weve seen a very very hostile relationship between him and the press and thats been based mostly on lies a kind of wall of deception coming out of the White House Aaron Mat233 The film is Nobody Speak Trials of the Free Press Brian Knappenberger is the films writer and director Brian thanks a lot Brian Knappenberger Thanks for having me Aaron Mat233 And thank you for joining us on the Real News

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<p /> <p>By Tom Engelhardt</p> <p>&#8230;or was it Colonel Mustard in the drawing room with the rope? On Friday the Republican-controlled Senate Intelligence Committee issued its 511 page report &#8212; <a href="http://www.nytimes.com/2004/07/10/politics/10REDA.html?ex=1090565647&amp;amp;ei=1&amp;amp;en=e1dca014c77785ee" type="external">an estimated 20%</a> already censored out by the CIA (so assume this was the best news available) &#8212; and as all press reports in this country indicate, it savaged the Agency. Its essential implied conclusion was that the CIA more or less single-handedly led a misinformed Congress and a misadvised administration into war. (&#8220;The committee did not find any evidence that administration officials attempted to coerce, influence or pressure [CIA] analysts to change their judgments related to Iraq&#8217;s weapons of mass destruction capabilities.&#8221;) The committee Democrats signed off on this and then held edgy press conferences or like House minority leader Nancy Pelosi released <a href="http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&amp;amp;STORY=/www/story/07-09-2004/0002207571&amp;amp;EDATE=" type="external">statements indicating</a> that it probably wasn&#8217;t this way at all.</p> <p>So, gee, like they used to say when I was a kid about those drawings that had five-legged cows floating through the clouds, what&#8217;s wrong with this picture? To make sense of all this, it helps to compare the shameful CIA intelligence record on Saddam&#8217;s Iraq to the various pretzled legal memos the Defense Department, the CIA, and others solicited from working groups of administration legal brains on the issue of torture and the president&#8217;s power to create an offshore torture system. Like the CIA&#8217;s October 2002 National Intelligence Estimate (NIE) on Iraq, with its even more doctored, unclassified public version ( <a href="http://story.news.yahoo.com/news?tmpl=story&amp;amp;cid=2026&amp;amp;ncid=2026&amp;amp;e=3&amp;amp;u=/latimests/20040710/ts_latimes/keyrevisionsweremadetociadocument" type="external">a White House construct</a> which took much heat in the Committee report), these were essentially after-the-fact efforts to bolster decisions already taken or in the process of being taken by top administration officials who had, until then, largely consulted each other.</p> <p>Remember, long before that NIE was produced, top administration figures were already out on the national and international hustings selling their wares and their prospective war with their own &#8220;intelligence&#8221; right at the tips of their tongues. <a href="http://billmon.org/archives/000172.html" type="external">As Dick Cheney, for instance, said</a> in August 2002 speech to the VFW, &#8220;Simply stated, there is no doubt that Saddam Hussein now has weapons of mass destruction&#8221;; while the President addressed the UN General Assembly thusly in September of that year, &#8220;Right now, Iraq is expanding and improving facilities that were used for the production of biological weapons,&#8221; and so on, ad nauseam. And keep in mind, they already had their own outfit, Undersecretary of Defense for Policy Douglas Feith&#8217;s Office of Special Plans (OSP), set up in the Pentagon in the wake of the 9/11 attacks, to create a perfect storm of intelligence exactly to the administration&#8217;s liking.</p> <p>In the case of our offshore mini-gulag of injustice, we know that essential decisions were taken quickly in late 2001 and early 2002 &#8212; including the creation of a new category of prisoners, &#8220;unlawful&#8221; or &#8220;illegal combatants&#8221; &#8212; by top Bush administration officials, including the President, without resort to any corps of lawyers. In the case of intelligence on Saddam&#8217;s Iraq, we know from various kiss-and-tell memoirs that, within nanoseconds of the 9/11 attacks, the administration was readying itself for a long-desired invasion of Iraq. Though its urge to go to war had nothing to do with Saddam&#8217;s actual danger to us, excuses were needed &#8212; wmd threatening the world, ties to al-Qaeda, and so on &#8212; and when that&#8217;s what they wanted, as the legal memos on torture indicate, that&#8217;s what they got. In fact, what they got was <a href="http://www.washingtonpost.com/ac2/wp-dyn/A38459-2004Jul9?language=printer" type="external">the Agency&#8217;s already infamous &#8220;unfounded &#8216;group think&#8217; assumptions.&#8221;</a> Whether the CIA&#8217;s top officials leapt on board or were shoved on board by the neocons and the vice president, whether those vice presidential visits to Langley, Virginia did or did not push CIA analysts over the brink (&#8220;The committee found no evidence that the vice president&#8217;s visits to the Central Intelligence Agency were attempts to pressure analysts&#8230;&#8221;) &#8212; these aren&#8217;t small points, but they&#8217;re not the largest points either.</p> <p>Really, if you think about it, our President made this clear in his response to the Senate report: He indicated that, report or not, he had <a href="http://www.nytimes.com/2004/07/10/politics/10REAX.html?ex=1090567743&amp;amp;ei=1&amp;amp;en=39253f5252d8787a" type="external">no regrets about his war with Iraq</a>: &#8220;Although we have not found stockpiles of weapons, I believe we were right to go into Iraq. America is safer today because we did. We removed a declared enemy of America, who had the capability of producing weapons of mass destruction, and could have passed that capability to terrorists bent on acquiring them. In the world after September 11th, that was a risk we could not afford to take.&#8221; With or without weapons. With or without those ties.</p> <p>It was a point made no less strongly just after the war by Paul Wolfowitz <a href="http://www.defenselink.mil/transcripts/2003/tr20030528-depsecdef0222.html" type="external">in a Vanity Fair magazine interview</a>, &#8220;For bureaucratic reasons, we settled on one issue, weapons of mass destruction [as justification for invading Iraq] because it was the one reason everyone could agree on.&#8221; He meant, of course, the main reason everyone in the administration could agree on that would sell the war to Congress and the American public.</p> <p>If you take a longer view, it&#8217;s clear that the most essential aspects of the CIA&#8217;s terrible intelligence, which supposedly bedazzled this administration and misled us into war, had long been in the hands of the Bush warriors. A quick peek, for instance, at <a href="http://www.newamericancentury.org/iraqmiddleeast.htm" type="external">the website</a> of the neocon Project for a New American Century (PNAC) makes clear that Wolfowitz&#8217;s &#8220;bureaucratic reason&#8221; was already well established when, in their out-of-power years, seventeen of them, most with remarkably familiar names (Donald Rumsfeld, Paul Wolfowitz, Richard Perle, Elliot Abrams, Zalmay Khalilzad, John Bolton, R. James Woolsey), wrote <a href="http://www.newamericancentury.org/iraqletter1998.htm" type="external">Republican congressional leaders</a> Newt Gingrich and Trent Lott an open letter in May 1998 forcefully suggesting what would come to be called &#8220;regime change&#8221; in Iraq: &#8220;We recommended,&#8221; they said, referring to an earlier letter the group had sent President Clinton, &#8220;a substantial change in the direction of U.S. policy: Instead of further, futile efforts to &#8216;contain&#8217; Saddam, we argued that the only way to protect the United States and its allies from the threat of weapons of mass destruction was to put in place policies that would lead to the removal of Saddam and his regime from power&#8230;&#8221; And they warned that, failing to do so, &#8220;The administration will have unnecessarily put at risk U.S. troops in the Persian Gulf, who will be vulnerable to attack by biological, chemical, and nuclear weapons under Saddam Hussein&#8217;s control.&#8221;</p> <p>Once in office, of course, they cranked it all up several notches, tossing in that useful post-9/11 canard about Saddam&#8217;s al-Qaeda ties, and with it the endlessly reiterated implication that Saddam had had a hand in the September attacks. (This tale from the crypt, we now know <a href="http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2004/07/11/wsept11.xml&amp;amp;sSheet=/news/2004/07/11/ixnewstop.html" type="external">from an &#8220;annex&#8221; to the Committee report</a> written by three Democratic senators, was first concocted by the Pentagon&#8217;s Feith, who set up an unofficial &#8220;Iraqi intelligence cell,&#8221; as an adjunct to his Office of Special Plans, to counter CIA dismissals of those Saddam/al-Qaeda ties and, it seems, to offer counter-CIA briefings at the White House.) Having concluded soon after 9/11 that they could successfully take the country to war against Iraq (once the Taliban in Afghanistan were polished off), they went for it and the CIA, as the Senate Intelligence Committee&#8217;s report makes dismally clear, offered plenty of help in the process; but the basics were all in place well before the CIA did its painful worst and the decisions &#8212; even though you won&#8217;t find a single smoking-gun order on Iraq &#8212; as well.</p> <p><a href="http://www.thenation.com/doc.mhtml?i=20040719&amp;amp;s=cornweb2" type="external">David Corn of the Nation magazine</a>, who has been a bulldog on this issue, writes of the Senate report, &#8220;The United States went to war on the basis of false claims.&#8221; <a href="http://www.latimes.com/news/nationworld/iraq/la-na-intel10jul10,1,6881594.story?coll=la-home-headlines" type="external">The Los Angeles Times lead piece</a> on the report the morning after it was released begins in the same vein: &#8220;The United States went to war with Iraq on the basis of flawed intelligence assessments that &#8216;either overstated or were not supported by&#8217; the underlying evidence on Baghdad&#8217;s weapons programs, according to a scathing report released by the Senate Intelligence Committee on Friday.&#8221;</p> <p>This is strictly true. The United States &#8212; we the people &#8212; went to war on the basis of false claims. The Bush administration, however, went to war on another basis entirely. As Corn reports, Senator Jay Rockefeller, the Committee&#8217;s vice chairman, said that this was one of the &#8220;most devastating&#8230;intelligence failures in the history of the nation.&#8221; Perhaps in the history of the nation. But it was not an intelligence failure for the Bush administration. It was an intelligence success. As the Los Angeles Times piece put it in a wonderful cart-before-the-horse line, &#8220;The report amounted to such an indictment of prewar intelligence that lawmakers from both parties questioned whether the invasion would have occurred if information on Iraq&#8217;s weapons programs had been accurate.&#8221; Exactly. For the Bush administration, that would have been an &#8220;intelligence failure.&#8221;</p> <p>As Ray McGovern, former CIA analyst and co-founder of Veteran Intelligence Professionals for Sanity (VIPS) wrote recently in an e-letter to friends and acquaintances,</p> <p /> <p>&#8220;The CIA analysis on WMD, however unconscionably warped and wrong, was really not the main issue &#8212; that the [October] National Intelligence Estimate came only when it was seen as necessary to deceive Congress into ceding to the Executive Congress&#8217;s exclusive Constitutional prerogative to declare war; that indeed, the [official] decision to make war on Iraq preceded the estimate by at least several months and probably came in early spring of 2002 at the latest&#8230; and was made for reasons other than WMD or alleged Iraqi ties with al-Qaeda. (Reasons were/are primarily oil and Israel in my view.) WMD was just a cover story needed to get the people and Congress frightened enough to approve the war&#8230;and it worked.&#8221;</p> <p>It&#8217;s hard now even to recall the foolishness that a majority of the American public and most of our representatives in Congress accepted as reality. To take but one outrageous example, the administration not only claimed that the Iraqis were developing a fleet of unmanned aerial vehicles (UAVs), capable of delivering biowarfare agents deep inland from our coasts, but that they were a threat to do exactly that. The President said this on national television &#8212; such planes could, he claimed, potentially penetrate hundreds of miles inland with their deadly cargoes &#8212; but not before his administration offered this &#8220;intelligence&#8221; in briefings to Congress as it was trying to stampede our representatives into a war resolution. Here, for instance, is part of <a href="http://www.fas.org/irp/congress/2004_cr/s012804b.html" type="external">a sad statement</a> (worth quoting at length and reading in full) Senator Bill Nelson of Florida made on the subject this January:</p> <p /> <p>&#8220;I, along with nearly every Senator in this Chamber, in that secure room of this Capitol complex, was not only told there were weapons of mass destruction&#8211;specifically chemical and biological&#8211;but I was looked at straight in the face and told that Saddam Hussein had the means of delivering those biological and chemical weapons of mass destruction by unmanned drones, called UAVs, unmanned aerial vehicles. Further, I was looked at straight in the face and told that UAVs could be launched from ships off the Atlantic coast to attack eastern seaboard cities of the United States.</p> <p>&#8220;Is it any wonder that I concluded there was an imminent peril to the United States? The first public disclosure of that information occurred perhaps a couple of weeks later, when the information was told to us. It was prior to the vote on the resolution and it was in a highly classified setting in a secure room. But the first public disclosure of that information was when the President addressed the Nation on TV. He said that Saddam Hussein possessed UAVs.</p> <p>&#8220;Later, the Secretary of State, Colin Powell, in his presentation to the United Nations, in a very dramatic and effective presentation, expanded that and suggested the possibility that UAVs could be launched against the homeland, having been transported out of Iraq. The information was made public, but it was made public after we had already voted on the resolution, and at the time there was nothing to contradict that.</p> <p>&#8220;We now know, after the fact and on the basis of Dr. Kay&#8217;s testimony today in the Senate Armed Services Committee, that the information was false; and not only that there were not weapons of mass destruction&#8211; chemical and biological&#8211;but there was no fleet of UAVs, unmanned aerial vehicles, nor was there any capability of putting UAVs on ships and transporting them to the Atlantic coast and launching them at U.S. cities on the eastern seaboard.&#8221;</p> <p>&#8220;At the time there was nothing to contradict that&#8221; &#8212; but common sense, of course. We now know that there was no fleet of Iraqi UAVs (in a New York Times chart of &#8220;The Senate Committee&#8217;s Conclusions,&#8221; this falls under the category not of &#8220;incorrect&#8221; or &#8220;unsupported,&#8221; but hilariously enough of &#8220;overreaching&#8221; &#8212; <a href="http://www.nytimes.com/2004/07/10/politics/10INTE.html?ex=1090560437&amp;amp;ei=1&amp;amp;en=c745fd24a2988bc3" type="external">click here</a> and then on &#8220;Graphic: Individual Assessments&#8221; below at screen right). Had there, however, been such a fleet, the means of launching them far inland from somewhere off America&#8217;s coasts to spray deadly toxins (hardly a sure thing, by the way) were obviously missing &#8212; or will a previously undiscovered Iraqi navy be produced one day for our edification? Did no Senator ask how these planes would be delivered to our coasts and launched to deliver their rain of terror? Nothing tells us more about the bizarre state of public consciousness at that prewar moment than that this literally inconceivable possibility could have been raised by the nation&#8217;s top officials and then gone unchallenged &#8212; or even really discussed &#8212; in our press.</p> <p>The Senate report on prewar intelligence focused particularly on that October 2002 NIE, a report requested not by the administration itself, which tellingly had felt no need for such a document, but by senators being pressured to vote on a war resolution as that administration, <a href="http://www.latimes.com/news/politics/la-na-nie10jul10,1,114987.story?coll=la-home-headlines" type="external">to quote the Los Angeles Times</a>, &#8220;ratcheted up its case for war.&#8221; This led to a quickie, distinctly shameful, doctored intelligence document, produced in only a few weeks &#8212; and then, as the Committee report makes clear, its public version, under skilled White House penmanship, lost even the modest caveats and qualifications the CIA had put in.</p> <p>Now, like so much smoke blown away by the wind, gone are all those public justifications for war in Iraq: the threatening aluminum tubes, the mobile weapons labs, the vast stores of off-the-shelf, ready-to-roll weapons of mass destruction, the fleets of UAVs, Saddam&#8217;s ties to al-Qaeda, <a href="http://www.nytimes.com/2004/07/11/international/middleeast/11MILI.html?ex=1090570591&amp;amp;ei=1&amp;amp;en=70bc7b82492213ab" type="external">Iraq&#8217;s military as a regional danger</a> &#8212; all, that is, of Secretary of State Powell&#8217;s UN speech, hailed at the time by our media as a magnificent performance, as this administration&#8217;s &#8220;Stevenson moment&#8221; (a reference to Adlai Stevenson, our UN representative at the time of the Cuban missile crisis).</p> <p>Here&#8217;s how Dana Milbank and Walter Pincus, fine reporters for <a href="http://www.washingtonpost.com/ac2/wp-dyn/A39833-2004Jul9?language=printer" type="external">the Washington Post</a> began their piece on the Senate Committee&#8217;s report Saturday: &#8220;Yesterday&#8217;s report by the Senate intelligence committee left in shreds two of the Bush administration&#8217;s main rationales for the war in Iraq: that Iraq had illicit weapons and that it cooperated with al Qaeda.&#8221; Okay, I&#8217;ve been on another planet, admittedly. But weren&#8217;t they already in &#8220;shreds&#8221;? No, it seems, as they say in paragraph two, that they were previously only &#8220;in tatters.&#8221; There must be a subtle hierarchy of tearing and rending here. My only question, since this process is clearly going to go on and on and on, with ever more &#8220;revelations&#8221; of what we all should have known or assumed long ago: What comes after &#8220;shreds&#8221;? As subsequent reports arrive, we might have to turn to other methods (and imagery) to produce, say, ashes or cinders?</p> <p>While commenting that the &#8220;undermining of the administration&#8217;s case for war is potentially a grave threat to Bush, whose reelection prospects are closely tied to Americans&#8217; view of the merits of the Iraq war and whether it advances the fight against terrorism,&#8221; Milbank and Pincus describe the Senate report thusly:</p> <p /> <p>&#8220;On the question of Iraq&#8217;s weapons of mass destruction, the bipartisan committee report absolved administration officials of pressuring CIA analysts to inflate the case against Saddam Hussein. And while making no judgment on whether the administration distorted the intelligence it was given, the committee made plain that the CIA&#8217;s case against Iraq was plenty exaggerated on its own. Without &#8216;any evidence&#8217; of administration coercion, the committee found, the intelligence community&#8217;s judgments on Iraq&#8217;s weapons were &#8216;either overstated, or were not supported by, the underlying intelligence reporting.'&#8221;</p> <p>Ho-hum. This is the nature of media debate in the United States today, even after &#8212; with its Iraq policies in tatters (or is it shreds?) and angry military, State Department, and intelligence agency leakers stirring up a storm &#8212; the media floodgates have finally opened partway. But to this day what you still can&#8217;t find is an article in one of our major papers leading off with the sort of straightforward assessment of the Senate report <a href="http://www.guardian.co.uk/international/story/0,3604,1258040,00.html" type="external">Julian Borger of the British Guardian offered</a>:</p> <p /> <p>&#8220;Yesterday&#8217;s Senate report on the intelligence failures that helped speed the march to war in Iraq was in many ways a political coup for the Republican party, that defused a potentially dangerous landmine between President Bush and re-election in November. The Democratic members of the Senate intelligence committee were persuaded to sign a report containing a central finding they disagreed with &#8212; that senior administration officials did not pressure CIA analysts to produce assessments that would support a war.&#8221;</p> <p>But perhaps it hardly matters. A desperate administration may feel that it&#8217;s ducked responsibility for the war it wanted and led us into &#8212; the CIA did it! &#8212; but such fine points of dispute are unlikely to carry much weight with an American public increasingly dismayed and disillusioned with our rush to battle. Tom</p> <p /> <p>Additional commentaries by Tom Engelhardt can be read throughout the week at <a href="http://www.tomdispatch.com" type="external">TomDispatch.com</a>.</p> <p />

The CIA Did It!

https://motherjones.com/politics/2004/07/cia-did-it/

2004-07-12

4left

By Tom Engelhardt 8230or was it Colonel Mustard in the drawing room with the rope On Friday the Republicancontrolled Senate Intelligence Committee issued its 511 page report 8212 an estimated 20 already censored out by the CIA so assume this was the best news available 8212 and as all press reports in this country indicate it savaged the Agency Its essential implied conclusion was that the CIA more or less singlehandedly led a misinformed Congress and a misadvised administration into war 8220The committee did not find any evidence that administration officials attempted to coerce influence or pressure CIA analysts to change their judgments related to Iraq8217s weapons of mass destruction capabilities8221 The committee Democrats signed off on this and then held edgy press conferences or like House minority leader Nancy Pelosi released statements indicating that it probably wasn8217t this way at all So gee like they used to say when I was a kid about those drawings that had fivelegged cows floating through the clouds what8217s wrong with this picture To make sense of all this it helps to compare the shameful CIA intelligence record on Saddam8217s Iraq to the various pretzled legal memos the Defense Department the CIA and others solicited from working groups of administration legal brains on the issue of torture and the president8217s power to create an offshore torture system Like the CIA8217s October 2002 National Intelligence Estimate NIE on Iraq with its even more doctored unclassified public version a White House construct which took much heat in the Committee report these were essentially afterthefact efforts to bolster decisions already taken or in the process of being taken by top administration officials who had until then largely consulted each other Remember long before that NIE was produced top administration figures were already out on the national and international hustings selling their wares and their prospective war with their own 8220intelligence8221 right at the tips of their tongues As Dick Cheney for instance said in August 2002 speech to the VFW 8220Simply stated there is no doubt that Saddam Hussein now has weapons of mass destruction8221 while the President addressed the UN General Assembly thusly in September of that year 8220Right now Iraq is expanding and improving facilities that were used for the production of biological weapons8221 and so on ad nauseam And keep in mind they already had their own outfit Undersecretary of Defense for Policy Douglas Feith8217s Office of Special Plans OSP set up in the Pentagon in the wake of the 911 attacks to create a perfect storm of intelligence exactly to the administration8217s liking In the case of our offshore minigulag of injustice we know that essential decisions were taken quickly in late 2001 and early 2002 8212 including the creation of a new category of prisoners 8220unlawful8221 or 8220illegal combatants8221 8212 by top Bush administration officials including the President without resort to any corps of lawyers In the case of intelligence on Saddam8217s Iraq we know from various kissandtell memoirs that within nanoseconds of the 911 attacks the administration was readying itself for a longdesired invasion of Iraq Though its urge to go to war had nothing to do with Saddam8217s actual danger to us excuses were needed 8212 wmd threatening the world ties to alQaeda and so on 8212 and when that8217s what they wanted as the legal memos on torture indicate that8217s what they got In fact what they got was the Agency8217s already infamous 8220unfounded 8216group think8217 assumptions8221 Whether the CIA8217s top officials leapt on board or were shoved on board by the neocons and the vice president whether those vice presidential visits to Langley Virginia did or did not push CIA analysts over the brink 8220The committee found no evidence that the vice president8217s visits to the Central Intelligence Agency were attempts to pressure analysts82308221 8212 these aren8217t small points but they8217re not the largest points either Really if you think about it our President made this clear in his response to the Senate report He indicated that report or not he had no regrets about his war with Iraq 8220Although we have not found stockpiles of weapons I believe we were right to go into Iraq America is safer today because we did We removed a declared enemy of America who had the capability of producing weapons of mass destruction and could have passed that capability to terrorists bent on acquiring them In the world after September 11th that was a risk we could not afford to take8221 With or without weapons With or without those ties It was a point made no less strongly just after the war by Paul Wolfowitz in a Vanity Fair magazine interview 8220For bureaucratic reasons we settled on one issue weapons of mass destruction as justification for invading Iraq because it was the one reason everyone could agree on8221 He meant of course the main reason everyone in the administration could agree on that would sell the war to Congress and the American public If you take a longer view it8217s clear that the most essential aspects of the CIA8217s terrible intelligence which supposedly bedazzled this administration and misled us into war had long been in the hands of the Bush warriors A quick peek for instance at the website of the neocon Project for a New American Century PNAC makes clear that Wolfowitz8217s 8220bureaucratic reason8221 was already well established when in their outofpower years seventeen of them most with remarkably familiar names Donald Rumsfeld Paul Wolfowitz Richard Perle Elliot Abrams Zalmay Khalilzad John Bolton R James Woolsey wrote Republican congressional leaders Newt Gingrich and Trent Lott an open letter in May 1998 forcefully suggesting what would come to be called 8220regime change8221 in Iraq 8220We recommended8221 they said referring to an earlier letter the group had sent President Clinton 8220a substantial change in the direction of US policy Instead of further futile efforts to 8216contain8217 Saddam we argued that the only way to protect the United States and its allies from the threat of weapons of mass destruction was to put in place policies that would lead to the removal of Saddam and his regime from power82308221 And they warned that failing to do so 8220The administration will have unnecessarily put at risk US troops in the Persian Gulf who will be vulnerable to attack by biological chemical and nuclear weapons under Saddam Hussein8217s control8221 Once in office of course they cranked it all up several notches tossing in that useful post911 canard about Saddam8217s alQaeda ties and with it the endlessly reiterated implication that Saddam had had a hand in the September attacks This tale from the crypt we now know from an 8220annex8221 to the Committee report written by three Democratic senators was first concocted by the Pentagon8217s Feith who set up an unofficial 8220Iraqi intelligence cell8221 as an adjunct to his Office of Special Plans to counter CIA dismissals of those SaddamalQaeda ties and it seems to offer counterCIA briefings at the White House Having concluded soon after 911 that they could successfully take the country to war against Iraq once the Taliban in Afghanistan were polished off they went for it and the CIA as the Senate Intelligence Committee8217s report makes dismally clear offered plenty of help in the process but the basics were all in place well before the CIA did its painful worst and the decisions 8212 even though you won8217t find a single smokinggun order on Iraq 8212 as well David Corn of the Nation magazine who has been a bulldog on this issue writes of the Senate report 8220The United States went to war on the basis of false claims8221 The Los Angeles Times lead piece on the report the morning after it was released begins in the same vein 8220The United States went to war with Iraq on the basis of flawed intelligence assessments that 8216either overstated or were not supported by8217 the underlying evidence on Baghdad8217s weapons programs according to a scathing report released by the Senate Intelligence Committee on Friday8221 This is strictly true The United States 8212 we the people 8212 went to war on the basis of false claims The Bush administration however went to war on another basis entirely As Corn reports Senator Jay Rockefeller the Committee8217s vice chairman said that this was one of the 8220most devastating8230intelligence failures in the history of the nation8221 Perhaps in the history of the nation But it was not an intelligence failure for the Bush administration It was an intelligence success As the Los Angeles Times piece put it in a wonderful cartbeforethehorse line 8220The report amounted to such an indictment of prewar intelligence that lawmakers from both parties questioned whether the invasion would have occurred if information on Iraq8217s weapons programs had been accurate8221 Exactly For the Bush administration that would have been an 8220intelligence failure8221 As Ray McGovern former CIA analyst and cofounder of Veteran Intelligence Professionals for Sanity VIPS wrote recently in an eletter to friends and acquaintances 8220The CIA analysis on WMD however unconscionably warped and wrong was really not the main issue 8212 that the October National Intelligence Estimate came only when it was seen as necessary to deceive Congress into ceding to the Executive Congress8217s exclusive Constitutional prerogative to declare war that indeed the official decision to make war on Iraq preceded the estimate by at least several months and probably came in early spring of 2002 at the latest8230 and was made for reasons other than WMD or alleged Iraqi ties with alQaeda Reasons wereare primarily oil and Israel in my view WMD was just a cover story needed to get the people and Congress frightened enough to approve the war8230and it worked8221 It8217s hard now even to recall the foolishness that a majority of the American public and most of our representatives in Congress accepted as reality To take but one outrageous example the administration not only claimed that the Iraqis were developing a fleet of unmanned aerial vehicles UAVs capable of delivering biowarfare agents deep inland from our coasts but that they were a threat to do exactly that The President said this on national television 8212 such planes could he claimed potentially penetrate hundreds of miles inland with their deadly cargoes 8212 but not before his administration offered this 8220intelligence8221 in briefings to Congress as it was trying to stampede our representatives into a war resolution Here for instance is part of a sad statement worth quoting at length and reading in full Senator Bill Nelson of Florida made on the subject this January 8220I along with nearly every Senator in this Chamber in that secure room of this Capitol complex was not only told there were weapons of mass destruction8211specifically chemical and biological8211but I was looked at straight in the face and told that Saddam Hussein had the means of delivering those biological and chemical weapons of mass destruction by unmanned drones called UAVs unmanned aerial vehicles Further I was looked at straight in the face and told that UAVs could be launched from ships off the Atlantic coast to attack eastern seaboard cities of the United States 8220Is it any wonder that I concluded there was an imminent peril to the United States The first public disclosure of that information occurred perhaps a couple of weeks later when the information was told to us It was prior to the vote on the resolution and it was in a highly classified setting in a secure room But the first public disclosure of that information was when the President addressed the Nation on TV He said that Saddam Hussein possessed UAVs 8220Later the Secretary of State Colin Powell in his presentation to the United Nations in a very dramatic and effective presentation expanded that and suggested the possibility that UAVs could be launched against the homeland having been transported out of Iraq The information was made public but it was made public after we had already voted on the resolution and at the time there was nothing to contradict that 8220We now know after the fact and on the basis of Dr Kay8217s testimony today in the Senate Armed Services Committee that the information was false and not only that there were not weapons of mass destruction8211 chemical and biological8211but there was no fleet of UAVs unmanned aerial vehicles nor was there any capability of putting UAVs on ships and transporting them to the Atlantic coast and launching them at US cities on the eastern seaboard8221 8220At the time there was nothing to contradict that8221 8212 but common sense of course We now know that there was no fleet of Iraqi UAVs in a New York Times chart of 8220The Senate Committee8217s Conclusions8221 this falls under the category not of 8220incorrect8221 or 8220unsupported8221 but hilariously enough of 8220overreaching8221 8212 click here and then on 8220Graphic Individual Assessments8221 below at screen right Had there however been such a fleet the means of launching them far inland from somewhere off America8217s coasts to spray deadly toxins hardly a sure thing by the way were obviously missing 8212 or will a previously undiscovered Iraqi navy be produced one day for our edification Did no Senator ask how these planes would be delivered to our coasts and launched to deliver their rain of terror Nothing tells us more about the bizarre state of public consciousness at that prewar moment than that this literally inconceivable possibility could have been raised by the nation8217s top officials and then gone unchallenged 8212 or even really discussed 8212 in our press The Senate report on prewar intelligence focused particularly on that October 2002 NIE a report requested not by the administration itself which tellingly had felt no need for such a document but by senators being pressured to vote on a war resolution as that administration to quote the Los Angeles Times 8220ratcheted up its case for war8221 This led to a quickie distinctly shameful doctored intelligence document produced in only a few weeks 8212 and then as the Committee report makes clear its public version under skilled White House penmanship lost even the modest caveats and qualifications the CIA had put in Now like so much smoke blown away by the wind gone are all those public justifications for war in Iraq the threatening aluminum tubes the mobile weapons labs the vast stores of offtheshelf readytoroll weapons of mass destruction the fleets of UAVs Saddam8217s ties to alQaeda Iraq8217s military as a regional danger 8212 all that is of Secretary of State Powell8217s UN speech hailed at the time by our media as a magnificent performance as this administration8217s 8220Stevenson moment8221 a reference to Adlai Stevenson our UN representative at the time of the Cuban missile crisis Here8217s how Dana Milbank and Walter Pincus fine reporters for the Washington Post began their piece on the Senate Committee8217s report Saturday 8220Yesterday8217s report by the Senate intelligence committee left in shreds two of the Bush administration8217s main rationales for the war in Iraq that Iraq had illicit weapons and that it cooperated with al Qaeda8221 Okay I8217ve been on another planet admittedly But weren8217t they already in 8220shreds8221 No it seems as they say in paragraph two that they were previously only 8220in tatters8221 There must be a subtle hierarchy of tearing and rending here My only question since this process is clearly going to go on and on and on with ever more 8220revelations8221 of what we all should have known or assumed long ago What comes after 8220shreds8221 As subsequent reports arrive we might have to turn to other methods and imagery to produce say ashes or cinders While commenting that the 8220undermining of the administration8217s case for war is potentially a grave threat to Bush whose reelection prospects are closely tied to Americans8217 view of the merits of the Iraq war and whether it advances the fight against terrorism8221 Milbank and Pincus describe the Senate report thusly 8220On the question of Iraq8217s weapons of mass destruction the bipartisan committee report absolved administration officials of pressuring CIA analysts to inflate the case against Saddam Hussein And while making no judgment on whether the administration distorted the intelligence it was given the committee made plain that the CIA8217s case against Iraq was plenty exaggerated on its own Without 8216any evidence8217 of administration coercion the committee found the intelligence community8217s judgments on Iraq8217s weapons were 8216either overstated or were not supported by the underlying intelligence reporting8221 Hohum This is the nature of media debate in the United States today even after 8212 with its Iraq policies in tatters or is it shreds and angry military State Department and intelligence agency leakers stirring up a storm 8212 the media floodgates have finally opened partway But to this day what you still can8217t find is an article in one of our major papers leading off with the sort of straightforward assessment of the Senate report Julian Borger of the British Guardian offered 8220Yesterday8217s Senate report on the intelligence failures that helped speed the march to war in Iraq was in many ways a political coup for the Republican party that defused a potentially dangerous landmine between President Bush and reelection in November The Democratic members of the Senate intelligence committee were persuaded to sign a report containing a central finding they disagreed with 8212 that senior administration officials did not pressure CIA analysts to produce assessments that would support a war8221 But perhaps it hardly matters A desperate administration may feel that it8217s ducked responsibility for the war it wanted and led us into 8212 the CIA did it 8212 but such fine points of dispute are unlikely to carry much weight with an American public increasingly dismayed and disillusioned with our rush to battle Tom Additional commentaries by Tom Engelhardt can be read throughout the week at TomDispatchcom

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<p>(Reuters) - Netflix Inc ( <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">NFLX.O</a>) snagged 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.</p> <p>The results drove Netflix to a market capitalization of more than $100 billion for the first time. Shares jumped 9 percent to over $248 in after-hours trading on Monday after rallying throughout the month and rising 53 percent last year. ( <a href="http://tmsnrt.rs/1Ry82wG" type="external">tmsnrt.rs/1Ry82wG</a>)</p> <p>The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.</p> <p>Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows &#8220;Stranger Things&#8221; and &#8220;The Crown&#8221; as well as Will Smith action movie &#8220;Bright.&#8221; That topped Wall Street expectations of 5.1 million, according to FactSet.</p> Related Coverage <a href="/article/us-netflix-results-spacey/netflix-takes-39-million-charge-after-kevin-spacey-scandal-idUSKBN1FC072" type="external">Netflix takes $39 million charge after Kevin Spacey scandal</a> <p>Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.</p> <p>&#8220;Netflix is pouring more and more money into making content, and it is directly translating into more subscribers,&#8221; BTIG analyst Richard Greenfield said. &#8220;They see a huge opportunity and they are moving as fast as they can to attack it.&#8221;</p> <p>The company also said it took a $39 million non-cash charge for &#8220;unreleased content we&#8217;ve decided not to move forward with.&#8221; A source familiar with the matter said the charge was related to content starring Kevin Spacey, with whom Netflix cut ties after he was accused of sexual misconduct.</p> <p>Netflix temporarily halted production of &#8220;House of Cards&#8221; to write out Spacey&#8217;s character and decided not to release the film &#8220;Gore,&#8221; which starred Spacey as Gore Vidal.</p> <p>Spacey has apologized to one of his accusers, and according to his representatives is seeking unspecified treatment. Reuters was unable to independently confirm the accusations.</p> <p>The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment.</p> <p>Netflix turned a DVD-by-mail business into an online competitor of movie channel HBO. As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals.</p> <p>In fact, Walt Disney Co ( <a href="/finance/stocks/overview?symbol=DIS.N" type="external">DIS.N</a>) is making a major push into online streaming and will pull its first-run shows and movies from Netflix in 2019 as Hollywood fights for audiences.</p> <p>Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>), studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million &#8220;Bright.&#8221;</p> <p>In 2017, Netflix recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability overseas this year.</p> FILE PHOTO: The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., on January 18, 2017. REUTERS/Mike Blake/File Photo <p>&#8220;We believe our big investments in content are paying off,&#8221; Netflix said in a quarterly letter to shareholders.</p> <p>Netflix is raising its marketing budget faster than revenue is growing and will spend about $2 billion this year. The company expects negative cash flow in 2018 of $3 billion to $4 billion, up from $2 billion in 2017.</p> <p>Last October, Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment. The earnings report showed customers took it in stride.</p> <p>&#8220;Consumers are tolerant as long as something&#8217;s improving,&#8221; Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.</p> <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">Netflix Inc</a> 320.35 NFLX.O Nasdaq +0.00 (+0.00%) NFLX.O DIS.N AMZN.O <p>For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, even with the expectations of analysts polled by Thomson Reuters I/B/E/S.</p> <p>Revenue for the three months totaled $3.286 billion, in line with forecasts.</p> <p>Looking ahead, Netflix forecast streaming customer additions of 6.35 million for the first quarter, above analysts&#8217; expectation of 5.01 million, according to FactSet.</p> <p>Investors appear confident in Netflix&#8217;s ability to grow. Netflix recently traded at 91 times expected earnings for the next 12 months, versus Amazon at 152 times earnings and Disney at 17 times earnings, according to Thomson Reuters data.</p> <p>Netflix also said Monday that Rodolphe Belmer, CEO of global satellite company Eutelsat, had joined the company&#8217;s board.</p> <p>Reporting by Lisa Richwine in Los Angeles and Aishwarya Venugopal in Bengaluru; Editing by Peter Henderson and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TOKYO (Reuters) - Asian shares fell on Wednesday after Wall Street was knocked hard by concerns about tighter controls on the tech industry, denting a brief global equities recovery driven by hopes that the risk of a U.S.-China trade war was easing.</p> FILE PHOTO: A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, February 9, 2018. REUTERS/Toru Hanai <p>They extended losses further after China&#8217;s state-run Global Times reported China will soon announce a list of retaliatory tariffs on United States exports to China.</p> <p>MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.5 percent, turning red for the week, led by information technology shares .MIAPJIT00PUS, such as Tencent ( <a href="/finance/stocks/overview?symbol=0700.HK" type="external">0700.HK</a>). Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> fell 1.3 percent.</p> <p>U.S S&amp;amp;P500 mini futures ESc1 fell 0.4 percent in Asia, a day after the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> lost 1.73 percent and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> dropped 2.93 percent, making the benchmark indexes' fourth decline in five sessions.[.N]</p> <p>The info tech sector .SPLRCT was the worst hit with a fall of 3.5 percent, as investors expect tighter control on the industry following a furor over use of Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) data by political consultants.</p> <p>Facebook fell 4.9 percent on Tuesday, taking its losses to almost 18 percent since March 16, when the firm first acknowledged the problem. Twitter ( <a href="/finance/stocks/overview?symbol=TWTR.N" type="external">TWTR.N</a>) fell 12 percent while Google parent Alphabet ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>) fell 4.5 percent.</p> <p>Another weak spot was Nvidia ( <a href="/finance/stocks/overview?symbol=NVDA.O" type="external">NVDA.O</a>), which fell 7.8 percent after the chipmaker temporarily suspended self-driving tests across the globe after an Uber Technologies Inc UBER.UL autonomous vehicle killed a woman.</p> <p>Investors rotated out of the tech sector, which had long outperformed the market on hopes of new technologies such as artificial intelligence (AI) and internet of things (IoT).</p> <p>&#8220;There is a sense that there will be more regulations on Facebook or FANG and that the cost of compliance will increase,&#8221; said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.</p> <p>The so-called FANG quartet of tech stocks, which includes Facebook, Amazon.com ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>), Netflix ( <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">NFLX.O</a>) and Alphabet, has been a darling of many investors.</p> <p>European stock futures point to lower openings for European stocks, with futures for Germany's Dax FDXc1 <a href="/finance/markets/index?symbol=.GDAXI" type="external">.GDAXI</a> and France's Cac FCEc1 <a href="/finance/markets/index?symbol=.FCHI" type="external">.FCHI</a> down 0.9 percent and those for Britain's FTSE FFIc1 <a href="/finance/markets/index?symbol=.FTSE" type="external">.FTSE</a> falling 0.7 percent.</p> <p>The report that Beijing plans to announce retaliatory tariffs against the U.S. President Donald Trump&#8217;s plans for tariffs on up to $60 billion of Chinese goods rekindled worries about a Sino-U.S. trade war.</p> <p>While the market remains highly vulnerable to news headline like this, recent reports of behind-the-scenes talks between Washington and Beijing spurred some optimism.</p> <p>&#8220;It would be in China&#8217;s interest to pursue trade rather than taking retaliatory actions. So eventually, they are likely to avert a trade war and strike a deal that will please (U.S. President Donald) Trump and increase trade,&#8221; said Hiroshi Watanabe, economist at Sony Financial Holdings.</p> <p>&#8220;The market is still nervous, and there&#8217;s a feeling you never know what Trump will do. But excessive wariness is likely to gradually wane,&#8221; he added.</p> <p>In the currency market, the dollar changed hands at 105.51 yen <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, not far from Monday's 16-1/2-month low of 104.56, as the Japanese currency was supported by the risk-averse mood.</p> <a href="/finance/stocks/overview?symbol=0700.HK" type="external">Tencent Holdings Ltd</a> 415.4 0700.HK Hong Kong Stock -16.80 (-3.89%) 0700.HK .SPX .IXIC FB.O TWTR.N <p>The euro lost steam after soft euro zone economic data and comments from European Central Bank policymakers flagging low underlying inflation.</p> <p>Economic sentiment in the 19-countries sharing the euro slipped for the third month in a row in March while bank lending slowed.</p> <p>Erkki Liikanen, an ECB Governing Council member, said that underlying inflation in the euro zone may remain lower than expected even if growth is robust, so the central bank needs to remain patient in removing stimulus.</p> <p>Another member, Jozef Makuch from Slovakia, also struck a similarly cautious tone.</p> <p>The euro <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> traded at $1.2415, having lost steam after it rose to $1.24765 the previous day.</p> <p>Germany&#8217;s 10-year Bund yield DE10YT=TWEB also hit a two-month low below 0.500 percent, having taken a downward shift since hitting a 1-1/2-year high of 0.795 percent in Feb. 15.</p> <p>The 10-year U.S. Treasuries yield US10YT=RR dropped to 2.770 percent, its lowest level in seven weeks. The two-year yield US2YT=RR stood at 2.270 percent.</p> <p>&#8220;In short, markets had priced in policy normalization by the world&#8217;s central banks too much,&#8221; said Tohru Yamamoto, chief fixed income strategist at Daiwa Securities.</p> <p>Oil prices stepped back as a report of increasing U.S. crude inventories from industry group American Petroleum Institute (API) surprised many traders.</p> <p>U.S. WTI crude futures CLc1 dropped 0.8 percent to $64.72 while Brent crude futures LCOc1 traded 0.7 percent lower at $69.62 per barrel, off Monday&#8217;s high of $71.05, which was its highest since late January.</p> <p>Editing by Kim Coghill and Sam Holmes</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>AMSTERDAM (Reuters) - Akzo Nobel will sell its chemicals business in a 10.1 billion euro ($12.6 billion) deal to buyers led by Carlyle Group, the maker of Dulux paints said on Tuesday, making good on a promise made as it fought off a takeover last year.</p> <p>The sale of the Specialty Chemicals operation to Carlyle and Singapore&#8217;s GIC sovereign wealth fund for a slightly better than expected price will allow Akzo to focus on its main paints and coatings business.</p> <p>It delivers one of the biggest commitments made by Akzo Nobel in its defense against a 26 billion euro ($32 billion) takeover offer from U.S. rival PPG Industries last year.</p> <p>It may also help to repair strained relationships with shareholders unhappy with the rejection of the bid.</p> <p>Akzo Nobel CEO Thierry Vanlancker, who took charge last July after the bid battle, expects 7.5 billion euros in net proceeds from the sale. The 10.1 billion euro valuation includes debt.</p> <p>The division being sold produces an array of chemicals used in plastic packaging, tissue paper, cleaning materials, pharmaceuticals, food products, salts and adhesives.</p> <p>The 7.5 billion euro total will be returned to shareholders, Vanlancker told Reuters, with the company deciding on the distribution through dividends or share buybacks in the coming months.</p> <p>The deal leaves Akzo as &#8220;one of the top 3 largest paints and coatings companies in the world,&#8221; Vanlancker said.</p> <p>He said Akzo must now deliver on a goal to achieve a 15 percent margin on sales by 2020, after that measure fell to 9.4 percent last year.</p> <p>That goal will mainly be delivered through cost savings and efficiency measures, Vanlancker said, as overall sales growth in the paints and coatings market is expected to remain modest.</p> <p>&#8220;We will be looking at size (acquisition) opportunities as they come along&#8221;, Vanlancker said. &#8220;But size is really not top of mind, it&#8217;s performance of the business.&#8221;</p> <p>The remaining Akzo business will have 35,700 employees, while Speciality Chemicals employs around 10,000.</p> DEFENSE PLAN <p>Akzo will try to strengthen its position in promising markets such as powder coatings, which showed 10 percent global growth last year, the CEO said. Akzo also expects its sales of decorative paints in China and Europe to increase.</p> <p>Shares rose 2.7 percent to 77.70 euros. That is well short of the figure of around 95 euros in the cash and share offer from PPG last year.</p> <p>Analyst Wim Hoste of KBC said the sale price for Specialty Chemicals represented a multiple of 9.8 times core earnings, &#8220;which is a bit higher ... than we were banking on.&#8221;</p> <p>Bankers advising potential buyers had said they expected the business to fetch an enterprise value of 8-9 times the unit&#8217;s expected earnings before interest, tax, depreciation and amortization (EBITDA).</p> <p>Carlyle had been vying for the asset with U.S. private equity firm Apollo and its consortium partner, Dutch fund PGGM, as well as Dutch investor Hal Investments, and Advent International partnered with Bain Capital Private Equity, people familiar with the matter had told Reuters.</p> <p>Akzo first announced plans to sell the business last April, when PPG was in full pursuit. Many shareholders were dismayed as Akzo&#8217;s boards appeared uninterested in talks with PPG and when they ultimately rejected the U.S. company&#8217;s best offer.</p> <p>With support from Dutch politicians, Akzo argued a takeover was not in the interest of other stakeholders, including employees.</p> <p>Shareholders sued unsuccessfully to have chairman Antony Burgmans removed. Akzo&#8217;s CEO and chief financial officer both resigned last year on health grounds. Burgmans is due to retire after next month&#8217;s annual meeting, with former Maersk CEO Nils Andersen nominated to take his place.</p> <p>Vanlancker said Akzo had extracted promises from Carlyle to keep the chemicals company&#8217;s head offices in the Netherlands, though it made no commitment to retain all of the business&#8217;s 2,500 employees in the Netherlands.</p> FILE PHOTO - AkzoNobel's logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo <p>The deal is subject to regulatory approvals and is expected to be concluded before the end of the year, Akzo said.</p> <p>Lazard, JPMorgan Chase and HSBC advised Akzo Nobel on the sale.</p> <p>($1 = 0.8023 euros)</p> <p>Reporting by Toby Sterling and Bart Meijer; Editing by Jason Neely and Keith Weir</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. consumer confidence fell from more than a 17-year high in March amid stock market volatility, but households remained upbeat about labor market conditions, which could help to support consumer spending.</p> FILE PHOTO - Holiday shoppers look at store windows at Henri Bendel store on 5th Avenue in New York November 23, 2012. REUTERS/Brendan McDermid/File Photo <p>The Conference Board said on Tuesday its consumer confidence index dropped 2.3 points to a reading of 127.7 this month from a slightly downwardly revised 130.0 in February, which was the highest level since November 2000. The index was previously reported at 130.8 in February.</p> <p>&#8220;The stock market has been volatile and consumers don&#8217;t like market volatility. The pullback in confidence is not a concern for the economic outlook this year,&#8221; said Chris Rupkey, chief economist at MUFG in New York. &#8220;Still, we wonder if the decline in confidence means that the economy may have seen its best days already for this cycle.&#8221;</p> <p>U.S. stocks have been under pressure over the past two months as worries about inflation led some investors to speculate that the Federal Reserve could raise interest rates more aggressively than currently anticipated.</p> <p>Wall Street has also been roiled by the threat of a global trade war after the Trump administration imposed tariffs on steel and aluminum imports. President Donald Trump last week signed a memorandum targeting up to $60 billion in Chinese goods with tariffs over what his administration says is misappropriation of U.S. intellectual property.</p> <p>The S&amp;amp;P 500 index has dropped about 2 percent so far in March, coming on the heels of a decline of nearly 4 percent in February and putting stocks on pace for their worst two-month performance since the December 2015-January 2016 period.</p> <p>Stocks were trading higher on Tuesday as fears of a trade war between the United States and China eased.</p> <p>The dollar rose against a basket of currencies. Prices of U.S. Treasuries climbed as fund managers bought bonds to rebalance their portfolios for the end of the quarter in advance of more government debt supply.</p> LABOR MARKET STRENGTH <p>The Conference Board survey&#8217;s so-called labor market differential, derived from data on respondents&#8217; views on whether jobs are plentiful or hard to get, increased to 25.0 in March, the strongest reading since May 2001, from 24.0 in February.</p> FILE PHOTO: Clusters of newly built multi-unit town homes and apartments are shown in San Marcos, California January 19, 2016. REUTERS/Mike Blake/File Photo <p>That measure, which closely correlates to the unemployment rate in the Labor Department&#8217;s employment report, suggests that labor market slack continues to shrink.</p> <p>&#8220;This report combined with the March jobless claims data points to another 200,000-plus reading on payrolls in March, which we judge would push the unemployment rate down to 4.0 percent from 4.1 percent,&#8221; said John Ryding, chief economist at RDQ Economics in New York.</p> <p>The economy added 313,000 jobs in February. Labor market tightness has left economists optimistic that wage growth will soon pick up. That, together with lower income taxes, are expected to spur consumer spending in the coming quarters.</p> <p>Retail sales have declined for three straight months, leading economists to expect a slowdown in consumer spending in the first quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a robust 3.8 percent annualized rate in the fourth quarter.</p> <p>Rising house prices could also boost consumer spending. A separate report on Tuesday showed the S&amp;amp;P CoreLogic Case-Shiller composite index of home prices in 20 metropolitan areas increased 6.4 percent in the 12 months to January after rising 6.3 percent in December.</p> <p>Higher house prices are bolstering household wealth. But the house price inflation is being driven by an acute shortage of homes available for sale, which is hurting the housing market.</p> <p>&#8220;If we continue to see a steady stream of buyers and owners remain largely uninterested in selling, we can expect prices to continue to rise,&#8221; said Danielle Hale, chief economist at realtor.com.</p> <p>Reporting by Lucia Mutikani; Additional reporting by Chuck Mikolajczak in New York; Editing by Paul Simao</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Netflix crosses $100 billion market capitalization as subscribers surge Shares skid on specter of tighter tech regulation, U.S.-China trade spat Akzo Nobel reshapes business with 10 billion euro sale U.S. consumer confidence ebbs, house prices surge

https://reuters.com/article/us-netflix-results/netflix-crosses-100-billion-market-capitalization-as-subscribers-surge-idUSKBN1FB2WM

2018-01-22

2least

Reuters Netflix Inc NFLXO snagged 2 million more subscribers than Wall Street expected in the final three months of 2017 tripling profits at the online video service that is burning money on new programming to dominate internet television around the world The results drove Netflix to a market capitalization of more than 100 billion for the first time Shares jumped 9 percent to over 248 in afterhours trading on Monday after rallying throughout the month and rising 53 percent last year tmsnrtrs1Ry82wG The company has signed up more than half of all US broadband households and is building its customer base in 190 countries by spending billions on programming Netflix picked up 636 million subscribers in international markets from October through December when it released new seasons of critically acclaimed shows 8220Stranger Things8221 and 8220The Crown8221 as well as Will Smith action movie 8220Bright8221 That topped Wall Street expectations of 51 million according to FactSet Related Coverage Netflix takes 39 million charge after Kevin Spacey scandal Along with 198 million customer additions in the United States the company ended the year with 11758 million streaming subscribers around the globe despite a price hike in October 8220Netflix is pouring more and more money into making content and it is directly translating into more subscribers8221 BTIG analyst Richard Greenfield said 8220They see a huge opportunity and they are moving as fast as they can to attack it8221 The company also said it took a 39 million noncash charge for 8220unreleased content we8217ve decided not to move forward with8221 A source familiar with the matter said the charge was related to content starring Kevin Spacey with whom Netflix cut ties after he was accused of sexual misconduct Netflix temporarily halted production of 8220House of Cards8221 to write out Spacey8217s character and decided not to release the film 8220Gore8221 which starred Spacey as Gore Vidal Spacey has apologized to one of his accusers and according to his representatives is seeking unspecified treatment Reuters was unable to independently confirm the accusations The charge is one of the first signs of costs faced by companies in the wake of a widespread campaign against sexual harassment Netflix turned a DVDbymail business into an online competitor of movie channel HBO As it grew it began licensing its own original shows to ensure a stream of new offerings if studio suppliers ended deals In fact Walt Disney Co DISN is making a major push into online streaming and will pull its firstrun shows and movies from Netflix in 2019 as Hollywood fights for audiences Netflix plans to spend up to 8 billion this year on TV shows and movies to fend off Disney Amazoncom Inc AMZNO studiosowned Hulu and local competitors that are jumping into online video and it is turning more and more to highbudget projects such as the roughly 90 million 8220Bright8221 In 2017 Netflix recorded its first fullyear profit in international markets The company has said it is aiming for steady improvements in profitability overseas this year FILE PHOTO The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas California US on January 18 2017 REUTERSMike BlakeFile Photo 8220We believe our big investments in content are paying off8221 Netflix said in a quarterly letter to shareholders Netflix is raising its marketing budget faster than revenue is growing and will spend about 2 billion this year The company expects negative cash flow in 2018 of 3 billion to 4 billion up from 2 billion in 2017 Last October Netflix raised prices for two of its three main subscription plans to help fund the substantial content investment The earnings report showed customers took it in stride 8220Consumers are tolerant as long as something8217s improving8221 Netflix CEO Reed Hastings on a postearnings webcast said of the price increase Netflix Inc 32035 NFLXO Nasdaq 000 000 NFLXO DISN AMZNO For the December quarter Netflix reported diluted earningspershare of 41 cents even with the expectations of analysts polled by Thomson Reuters IBES Revenue for the three months totaled 3286 billion in line with forecasts Looking ahead Netflix forecast streaming customer additions of 635 million for the first quarter above analysts8217 expectation of 501 million according to FactSet Investors appear confident in Netflix8217s ability to grow Netflix recently traded at 91 times expected earnings for the next 12 months versus Amazon at 152 times earnings and Disney at 17 times earnings according to Thomson Reuters data Netflix also said Monday that Rodolphe Belmer CEO of global satellite company Eutelsat had joined the company8217s board Reporting by Lisa Richwine in Los Angeles and Aishwarya Venugopal in Bengaluru Editing by Peter Henderson and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles TOKYO Reuters Asian shares fell on Wednesday after Wall Street was knocked hard by concerns about tighter controls on the tech industry denting a brief global equities recovery driven by hopes that the risk of a USChina trade war was easing FILE PHOTO A man walks past an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai They extended losses further after China8217s staterun Global Times reported China will soon announce a list of retaliatory tariffs on United States exports to China MSCIs broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS fell 15 percent turning red for the week led by information technology shares MIAPJIT00PUS such as Tencent 0700HK Japans Nikkei N225 fell 13 percent US SampampP500 mini futures ESc1 fell 04 percent in Asia a day after the SampampP 500 SPX lost 173 percent and the Nasdaq Composite IXIC dropped 293 percent making the benchmark indexes fourth decline in five sessionsN The info tech sector SPLRCT was the worst hit with a fall of 35 percent as investors expect tighter control on the industry following a furor over use of Facebook FBO data by political consultants Facebook fell 49 percent on Tuesday taking its losses to almost 18 percent since March 16 when the firm first acknowledged the problem Twitter TWTRN fell 12 percent while Google parent Alphabet GOOGLO fell 45 percent Another weak spot was Nvidia NVDAO which fell 78 percent after the chipmaker temporarily suspended selfdriving tests across the globe after an Uber Technologies Inc UBERUL autonomous vehicle killed a woman Investors rotated out of the tech sector which had long outperformed the market on hopes of new technologies such as artificial intelligence AI and internet of things IoT 8220There is a sense that there will be more regulations on Facebook or FANG and that the cost of compliance will increase8221 said Nobuhiko Kuramochi chief strategist at Mizuho Securities The socalled FANG quartet of tech stocks which includes Facebook Amazoncom AMZNO Netflix NFLXO and Alphabet has been a darling of many investors European stock futures point to lower openings for European stocks with futures for Germanys Dax FDXc1 GDAXI and Frances Cac FCEc1 FCHI down 09 percent and those for Britains FTSE FFIc1 FTSE falling 07 percent The report that Beijing plans to announce retaliatory tariffs against the US President Donald Trump8217s plans for tariffs on up to 60 billion of Chinese goods rekindled worries about a SinoUS trade war While the market remains highly vulnerable to news headline like this recent reports of behindthescenes talks between Washington and Beijing spurred some optimism 8220It would be in China8217s interest to pursue trade rather than taking retaliatory actions So eventually they are likely to avert a trade war and strike a deal that will please US President Donald Trump and increase trade8221 said Hiroshi Watanabe economist at Sony Financial Holdings 8220The market is still nervous and there8217s a feeling you never know what Trump will do But excessive wariness is likely to gradually wane8221 he added In the currency market the dollar changed hands at 10551 yen JPY not far from Mondays 1612month low of 10456 as the Japanese currency was supported by the riskaverse mood Tencent Holdings Ltd 4154 0700HK Hong Kong Stock 1680 389 0700HK SPX IXIC FBO TWTRN The euro lost steam after soft euro zone economic data and comments from European Central Bank policymakers flagging low underlying inflation Economic sentiment in the 19countries sharing the euro slipped for the third month in a row in March while bank lending slowed Erkki Liikanen an ECB Governing Council member said that underlying inflation in the euro zone may remain lower than expected even if growth is robust so the central bank needs to remain patient in removing stimulus Another member Jozef Makuch from Slovakia also struck a similarly cautious tone The euro EUR traded at 12415 having lost steam after it rose to 124765 the previous day Germany8217s 10year Bund yield DE10YTTWEB also hit a twomonth low below 0500 percent having taken a downward shift since hitting a 112year high of 0795 percent in Feb 15 The 10year US Treasuries yield US10YTRR dropped to 2770 percent its lowest level in seven weeks The twoyear yield US2YTRR stood at 2270 percent 8220In short markets had priced in policy normalization by the world8217s central banks too much8221 said Tohru Yamamoto chief fixed income strategist at Daiwa Securities Oil prices stepped back as a report of increasing US crude inventories from industry group American Petroleum Institute API surprised many traders US WTI crude futures CLc1 dropped 08 percent to 6472 while Brent crude futures LCOc1 traded 07 percent lower at 6962 per barrel off Monday8217s high of 7105 which was its highest since late January Editing by Kim Coghill and Sam Holmes Our Standards The Thomson Reuters Trust Principles AMSTERDAM Reuters Akzo Nobel will sell its chemicals business in a 101 billion euro 126 billion deal to buyers led by Carlyle Group the maker of Dulux paints said on Tuesday making good on a promise made as it fought off a takeover last year The sale of the Specialty Chemicals operation to Carlyle and Singapore8217s GIC sovereign wealth fund for a slightly better than expected price will allow Akzo to focus on its main paints and coatings business It delivers one of the biggest commitments made by Akzo Nobel in its defense against a 26 billion euro 32 billion takeover offer from US rival PPG Industries last year It may also help to repair strained relationships with shareholders unhappy with the rejection of the bid Akzo Nobel CEO Thierry Vanlancker who took charge last July after the bid battle expects 75 billion euros in net proceeds from the sale The 101 billion euro valuation includes debt The division being sold produces an array of chemicals used in plastic packaging tissue paper cleaning materials pharmaceuticals food products salts and adhesives The 75 billion euro total will be returned to shareholders Vanlancker told Reuters with the company deciding on the distribution through dividends or share buybacks in the coming months The deal leaves Akzo as 8220one of the top 3 largest paints and coatings companies in the world8221 Vanlancker said He said Akzo must now deliver on a goal to achieve a 15 percent margin on sales by 2020 after that measure fell to 94 percent last year That goal will mainly be delivered through cost savings and efficiency measures Vanlancker said as overall sales growth in the paints and coatings market is expected to remain modest 8220We will be looking at size acquisition opportunities as they come along8221 Vanlancker said 8220But size is really not top of mind it8217s performance of the business8221 The remaining Akzo business will have 35700 employees while Speciality Chemicals employs around 10000 DEFENSE PLAN Akzo will try to strengthen its position in promising markets such as powder coatings which showed 10 percent global growth last year the CEO said Akzo also expects its sales of decorative paints in China and Europe to increase Shares rose 27 percent to 7770 euros That is well short of the figure of around 95 euros in the cash and share offer from PPG last year Analyst Wim Hoste of KBC said the sale price for Specialty Chemicals represented a multiple of 98 times core earnings 8220which is a bit higher than we were banking on8221 Bankers advising potential buyers had said they expected the business to fetch an enterprise value of 89 times the unit8217s expected earnings before interest tax depreciation and amortization EBITDA Carlyle had been vying for the asset with US private equity firm Apollo and its consortium partner Dutch fund PGGM as well as Dutch investor Hal Investments and Advent International partnered with Bain Capital Private Equity people familiar with the matter had told Reuters Akzo first announced plans to sell the business last April when PPG was in full pursuit Many shareholders were dismayed as Akzo8217s boards appeared uninterested in talks with PPG and when they ultimately rejected the US company8217s best offer With support from Dutch politicians Akzo argued a takeover was not in the interest of other stakeholders including employees Shareholders sued unsuccessfully to have chairman Antony Burgmans removed Akzo8217s CEO and chief financial officer both resigned last year on health grounds Burgmans is due to retire after next month8217s annual meeting with former Maersk CEO Nils Andersen nominated to take his place Vanlancker said Akzo had extracted promises from Carlyle to keep the chemicals company8217s head offices in the Netherlands though it made no commitment to retain all of the business8217s 2500 employees in the Netherlands FILE PHOTO AkzoNobels logo is seen in Amsterdam Netherlands February 16 2012 REUTERSRobin van LonkhuijsenUnited PhotosFile Photo The deal is subject to regulatory approvals and is expected to be concluded before the end of the year Akzo said Lazard JPMorgan Chase and HSBC advised Akzo Nobel on the sale 1 08023 euros Reporting by Toby Sterling and Bart Meijer Editing by Jason Neely and Keith Weir Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US consumer confidence fell from more than a 17year high in March amid stock market volatility but households remained upbeat about labor market conditions which could help to support consumer spending FILE PHOTO Holiday shoppers look at store windows at Henri Bendel store on 5th Avenue in New York November 23 2012 REUTERSBrendan McDermidFile Photo The Conference Board said on Tuesday its consumer confidence index dropped 23 points to a reading of 1277 this month from a slightly downwardly revised 1300 in February which was the highest level since November 2000 The index was previously reported at 1308 in February 8220The stock market has been volatile and consumers don8217t like market volatility The pullback in confidence is not a concern for the economic outlook this year8221 said Chris Rupkey chief economist at MUFG in New York 8220Still we wonder if the decline in confidence means that the economy may have seen its best days already for this cycle8221 US stocks have been under pressure over the past two months as worries about inflation led some investors to speculate that the Federal Reserve could raise interest rates more aggressively than currently anticipated Wall Street has also been roiled by the threat of a global trade war after the Trump administration imposed tariffs on steel and aluminum imports President Donald Trump last week signed a memorandum targeting up to 60 billion in Chinese goods with tariffs over what his administration says is misappropriation of US intellectual property The SampampP 500 index has dropped about 2 percent so far in March coming on the heels of a decline of nearly 4 percent in February and putting stocks on pace for their worst twomonth performance since the December 2015January 2016 period Stocks were trading higher on Tuesday as fears of a trade war between the United States and China eased The dollar rose against a basket of currencies Prices of US Treasuries climbed as fund managers bought bonds to rebalance their portfolios for the end of the quarter in advance of more government debt supply LABOR MARKET STRENGTH The Conference Board survey8217s socalled labor market differential derived from data on respondents8217 views on whether jobs are plentiful or hard to get increased to 250 in March the strongest reading since May 2001 from 240 in February FILE PHOTO Clusters of newly built multiunit town homes and apartments are shown in San Marcos California January 19 2016 REUTERSMike BlakeFile Photo That measure which closely correlates to the unemployment rate in the Labor Department8217s employment report suggests that labor market slack continues to shrink 8220This report combined with the March jobless claims data points to another 200000plus reading on payrolls in March which we judge would push the unemployment rate down to 40 percent from 41 percent8221 said John Ryding chief economist at RDQ Economics in New York The economy added 313000 jobs in February Labor market tightness has left economists optimistic that wage growth will soon pick up That together with lower income taxes are expected to spur consumer spending in the coming quarters Retail sales have declined for three straight months leading economists to expect a slowdown in consumer spending in the first quarter Consumer spending which accounts for more than twothirds of US economic activity grew at a robust 38 percent annualized rate in the fourth quarter Rising house prices could also boost consumer spending A separate report on Tuesday showed the SampampP CoreLogic CaseShiller composite index of home prices in 20 metropolitan areas increased 64 percent in the 12 months to January after rising 63 percent in December Higher house prices are bolstering household wealth But the house price inflation is being driven by an acute shortage of homes available for sale which is hurting the housing market 8220If we continue to see a steady stream of buyers and owners remain largely uninterested in selling we can expect prices to continue to rise8221 said Danielle Hale chief economist at realtorcom Reporting by Lucia Mutikani Additional reporting by Chuck Mikolajczak in New York Editing by Paul Simao Our Standards The Thomson Reuters Trust Principles

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<p /> <p /> <p /> <p /> AARON MAT&#201;: It's The Real News. I'm Aaron Mat&#233;. You've been listening to senators Richard Burr and Mark Warner give a briefing on the progress of their probe into alleged Russian meddling in the U.S. election. They said that they interviewed more than 100 people. They've pored over more than 100,000 documents. They said that they're not ready to share their conclusions yet because this probe is ongoing, but they did say that the probe has expanded. They're now looking at the development that has dominated headlines for the last few weeks, which is the alleged Russian use of social media. <p /> They said that, in regards to the Steele memo, which is this infamous dossier prepared by former British intelligence agent Christopher Steele, they said that they've hit a dead end with that. The Steele memo made a lot of salacious claims about Donald Trump. It said that the Russians have compromising information on him, including lewd sexual behavior inside Russia that they could use possibly to blackmail Donald Trump. The Stele memo's been taken very seriously in the U.S. The senators said that they've hit a wall when it comes to the Steele memo, unable to confirm its claims. <p /> They talked about pressuring social media companies, especially Twitter and Facebook, saying that they were initially disappointed with the results that they turned up when it comes to alleged Russian social media influence, but they said that they hope the companies will continue to cooperate with them. Recently representatives of Twitter, Facebook, and Google have all come before Congress. Facebook has faced the most heat. In a moment we're going to be joined by Baynard Woods, who was at the briefing, and Max Blumenthal, and what's interesting about the Facebook story is that initially when Facebook was asked to investigate allegations of Russian social media accounts, they couldn't find anything. It only was after prodding from Senator Mark Warner, who we just heard from there, that Facebook came back and said that they have identified these 3000 social media accounts that ... Or no, sorry, they've identified 3000 ads from Russian-linked social media accounts that were used to influence the election. Also, though, they just said this week that most of the ads aired after the election, which would be a strange way to influence its outcome. <p /> In terms of alleged hacking of state electoral systems, they said that there's no proof that any votes were changed as a result of alleged hacking. They also didn't outline any proof that there even was Russian hacking of state systems, but what they suggested was, on that angle, that the hackers, whoever they were, were trying to at least test the vulnerabilities of electoral systems. But that, like almost every single other issue or claim in Russiagate, has not been accompanied with any evidence yet. There have been reports that Russian hackers tried to penetrate state election systems, but already in fact, in the last week, at least three states have said that that's not true. That's part of a pattern in Russiagate, as we've been covering here extensively on The Real News, of claims being made about Russia and then the stories slowly and quietly being retracted. <p /> We're going to be joined soon, again, by Max Blumenthal and Baynard Woods, who was at the briefing. I've got Baynard on with us right now, joining us from the briefing. <p />BAYNARD WOODS: All right. <p />AARON MAT&#201;: Thanks for joining us. <p />BAYNARD WOODS: Oh yeah. <p />AARON MAT&#201;: Your quick takeaways from the briefing we just heard. <p />BAYNARD WOODS: I mean, there wasn't a lot except for talking about how thorough the investigation has been. Sorry, if you can still hear, it's getting loud in here as everyone is packing up. They didn't reveal really any new information that we didn't know at all, although I think that it was interesting when Senator Warner was talking about efforts to ... Working to try to work on Americans' ability to deal with this information better. Sorry, people keep walking past me and I keep having to move my arm here. You there, Aaron? <p />AARON MAT&#201;: Yeah. <p />BAYNARD WOODS: All right. <p />AARON MAT&#201;: It's true. It was interesting to hear them say that they're not ready to reach any conclusions yet. I was struck by them mentioning Germany and France as evidence, or as potential evidence, of Russian meddling elsewhere, because actually in both Germany and France there was widespread news reports about alleged Russian hacking and disinformation there. But then nothing happened. In Germany, nothing happened. Here, that was taken as a mystery as being why nothing happened in Germany with Russian meddling. Maybe it's true that nothing actually happened. With France, there was some hacking of Macron's campaign, but afterwards the head of French cybersecurity said that, actually, it could have been anybody, that there's no proof it was Russians. Baynard- <p />BAYNARD WOODS: Over here, I mean, the amount of dark money involved in our elections I think also has made it much harder for them to be able to tell where this ... I mean, we are being manipulated all of the time to think one way or another, or vote one way or another, more than in many other places because of the way our election laws work in the first place. <p />AARON MAT&#201;: Right. Baynard, stand by. I think we have Max Blumenthal on the line. Max, can you hear me? <p />MAX BLUMENTHAL: Yeah, I'm on the line. <p />AARON MAT&#201;: Okay. Max, thank you for joining us. We've just gotten this long-awaited update from the ranking members of the Senate Intelligence Committee, senators Richard Burr and Mark Warner. They talked about conducting more than 100 interviews from people all over the world, they said, accessing over 100,000 documents. They talked about the probe expanding now to look at social media and the alleged Russian use of Facebook especially. They used the word chaos a lot. I took down some notes. Senator Burr talked about the Russian goal being to create chaos at every level, and also saying that you can't walk away from this and not believe that Russia is not trying to create chaos. Your thoughts, Max? <p />MAX BLUMENTHAL: Well, the reason they're using the language of chaos ... We've got a ton of background noise there. It's pretty distracting. <p />AARON MAT&#201;: Yeah, I'm going to ask the control room just to fade down the background noise from the briefing. There we go, good, so we can hear Max. All right, Max, go ahead. <p />MAX BLUMENTHAL: Sounds like we're in like a Hot Shoppes cafeteria. Anyway, yeah, the chaos narrative is one of the shabbiest narratives, and it's designed to ascribe intentionality to these supposed Russian Facebook ads, which actually have no clear ideological line, and some of them actually do relate to puppies. There were puppy ads. The puppy is a clear agent of Putin's chaos machine. <p />AARON MAT&#201;: Wait, Max, explain that. You're saying that one of the Russian ads contained a puppy? <p />MAX BLUMENTHAL: It was photographs of puppies. There was another ad that we were told, and I know this will disturb a lot of Real News people who are afraid of black women, I guess we're supposed to be afraid of black women if we think that this ad is troubling, but it shows a black woman dry firing a rifle. We haven't seen that ad, but according to the Senate and House Intelligence Committee, through their lackeys in the media, this ad was deployed to spread racial division and chaos in America. I personally am not afraid of black women, and I don't think images of them with guns is divisive, any more than images of white people with guns is divisive, but apparently Russian didn't sufficiently cater to the fears of white people. <p /> We have been told that ads supposedly promoting Black Lives Matter events, or not even ads but fake Facebook accounts, like the one so-called Russian Facebook account Blacktivist, promoting events in Ferguson and Baltimore that were protesting police violence were, according to CNN's Dylan Byers, who's one of the channels for the House and Senate Intelligence Committee, that this was an attempt to undermine democracy, which means that if you protested what happened to Freddie Gray you're undermining democracy. Then there's the issue of when the ads were deployed and where they were deployed. According to Facebook, 50% of all of these supposedly Russian ads, 56%, appeared after the election, so they had no effect on the election, hence the kind of chaos narrative, like, "Russia's just deploying these ads all over the place to spread chaos, and we just don't know what to do in America." They don't have any ideological line, so we're confused, and it's getting chaotic here because otherwise, as Morgan Freeman said, we've been a shining democracy for 241 years. <p />AARON MAT&#201;: Just to explain that, Max is quoting there from a video from the newly-formed Committee to Investigate Russia that brings together Hollywood liberals like Rob Reiner and Morgan Freeman with neocons, and Morgan Freeman starred in the advertisement, and Max, to quote Max, Max called it, "Morgan Freeman's worst role since Driving Miss Daisy." <p />MAX BLUMENTHAL: Yeah, and you know, the chaos narrative operates on the premise that American news audiences don't, or social media consumers don't have agency, so they're easily duped. That anything racially related spreads racial division, especially if it promotes black civil rights. It operates on the premise that whatever is left of American democracy is too weak to resist something like 3000 supposedly Russian Facebook ads. It operates on the premise that these ads were actually taken out by Russian operatives from the Kremlin, from the Federal Security Bureau or GRU, the military intelligence network. There's no proof of that. <p /> Before I get to the question of evidence, it's important to go back to the statistics I was citing that Facebook released. According to Facebook, again, 56% of the ads appeared after the election, and 25% of these 3000 ads they provided to the Intelligence Committee were never seen by anyone. At best, we have about 1000 ads that appeared before the election that were supposedly seen by someone. Now, let's stack that up. Oh, and then most of the ads appeared or were directed at social media consumers in non-swing states, so you could take the swing state ads and stack that up against billions of dollars in advertising from both presidential candidates, and the fact that Hillary Clinton didn't even campaign in Wisconsin in the critical days. <p /> CNN just dropped another piece. Dylan Byers was on the byline. It was obviously filtered out by the House or Senate Intelligence Committee, and it said that Russia ran Facebook ads specifically targeting Wisconsin and Michigan. Didn't say when, didn't say what the ads were, and I don't think they could even establish that they were before the election, but by doing that, and it was clearly done by the Democratic side on the Intelligence Committee, they were trying to explain away Hillary Clinton's defeat, and this is the shabbiest, most pathetic attempt. Russian Facebook ads was trending on Twitter last night because the Hillary bots were all latching onto this idea that Facebook ads had swung the election for Trump, and not the fact that Hillary Clinton didn't campaign in these two critical states and ran the worst campaign in history. You actually saw her spokesman Brian Fallon, who is the flak for this historic failure, blaming the Las Vegas massacre, on Twitter, on Russia, because there was a meeting between an NRA official and a Russian official in 2015. <p />AARON MAT&#201;: Max, I'll read that tweet. This is Brian Fallon. He was the national spokesperson for the 2016 Clinton campaign, and he tweets out a link to an article about that meeting that Max just mentioned, and he says, "The NRA spent $30 million to elect Trump, standing by him after other GOP groups left him. Why? The answer may be in Moscow." He's suggesting that, as other Republicans were abandoning Trump during the campaign, the NRA stood by him, and that is due possibly to the Kremlin's influence. Again, this is the national spokesperson for Hillary Clinton. Max, we'll come back you, but I want to go back to Baynard, who's at that Senate briefing. Baynard, you were there with a lot of journalists. What's your impression of their level of credulity when it comes to this, as Max has just been pointing out, a story with a lot of holes in it. What was your impression of how seriously they're taking this issue? <p />BAYNARD WOODS: A wide range of people from the sort of mainstream press that I think generally have a great deal of credulity in most of this narrative and many others. Then, you know, people like Corn with Mother Jones, who's definitely very seriously committed to the issue but takes it in a much different direction of really wanting to nail down the Trump administration with its attempts to collude with Russia, and Russia's attempts to interfere in the election. I think it's a strange room, and in general at these, you know that they're going to call on the front rows with CBS and whatever, and so you're going to get the CBS view in the kinds of questions that are going to be asked. <p />AARON MAT&#201;: Baynard, in terms of what we heard today, what, to you, was new? Something that you hadn't heard before when it comes to the progress of this probe. <p />BAYNARD WOODS: There really was nothing new at all, except for the strange 80 copies of War and Peace on their chart, which I assume is what they're equating the 100,000 documents to, or that Tolstoy was involved- <p />AARON MAT&#201;: Wait, explain that, explain that. Wait, wait, Baynard, explain that. There was copies of War and Peace? <p />MAX BLUMENTHAL: Tolstoy was Russian. Tolstoy was Russian. <p />BAYNARD WOODS: On their chart, there's a line that says, "80-plus copies of War and Peace," which is presumably what the 100,000 documents are. But it's a weird thing to just put on your chart, and yeah, it makes it seem like it's saying that there's some kind of relation between Tolstoy and the current, you know, and Putin. <p />AARON MAT&#201;: Oh, I see, so they have enough material to fill 80 copies of War and Peace. <p />BAYNARD WOODS: Presumably, though it just says 80-plus copies of War and Peace on the poster, so that's presumably what they're trying to say. But yeah, it's a sort of odd choice to make there. Could have been Ulysses. <p />AARON MAT&#201;: Max Blumenthal? <p />MAX BLUMENTHAL: Well, I just know that Tolstoy was of Russian genetic origin, and anything that's Russian is suspect, genetically speaking. Any media that derives from Russia is immediately propaganda. No, but I didn't see the War on Peace motif, so I can't actually comment, but listening to the questions, I mean, you just heard what I've always called the kind of bootlicking beltway media that trusts their intelligence services, even as this story falls apart. I mean, we saw the story about Russian scanning of election machines just fall apart, state after state, and the Huffington Post and a host of other outlets have not corrected their stories yet. They reported that 21 states had their voting machines scanned by Russia. In Texas- <p />AARON MAT&#201;: Max, listen. Do you know who else reported that just now? Senator Mark Warner of the Intelligence Committee, he also made a reference to that same story as if it was true. <p />MAX BLUMENTHAL: Yeah, I mean, we keep seeing these discredited stories be repeated after they're corrected. There's also the story you mentioned earlier about Emmanuel Macron and MacronLeaks, the French cyber intelligence service. Basically, the French intelligence service has said that Russia had nothing to do with that. It could have been anyone, which actually undermines the entire hacking narrative around the DNC because it was said to be the same APT that hacked Macron's emails. But you see pundits from Peter Beinart to the New York Times repeat that story again and again, that Emmanuel Macron was hacked by Russian intelligence operatives, and then we never heard, as far as I can tell, and maybe Baynard can correct me, no reporter asked Warner or Burr how they knew that Russian operatives were behind these Facebook ads. That's a question that I don't think they're going to be able to answer. There's almost no means of attributing it. <p /> What it appears to be is there may have been a Russian troll farm that was paid by a private client to attract visitors by creating, paying for basically three-dollar ads on Facebook that revolve around, sometimes around political issues but also puppy photos that cater to niche audiences and just generate clicks, and they had nothing to do with any chaos agent deployed by the Kremlin and the FSB. But this can never be established by the Intelligence Committee, and the press just simply doesn't ask. <p />AARON MAT&#201;: If that's true, then basically we're going to have had this year-long scandal, this talk of our society being thrown into chaos, because of a Russian click farm. Click farms are very common, it's not just coming from Russia- <p />MAX BLUMENTHAL: I would put my money on that. <p />AARON MAT&#201;: Yeah, yeah. I think you're onto something, Max. Well, we're going to leave it there. I want to thank both my guests, The Real News correspondent Baynard Woods, who was at the Senate briefing, and journalist Max Blumenthal of AlterNet's Grayzone Project. He co-hosts the excellent podcast Moderate Rebels, and you should go check that out. Thank you to you both, and thank you for joining us on The Real News.

Did the Russians 'Meddle' Just for Clicks?

http://therealnews.com/t2/story%3A20147%3ADid-the-Russians-%2522Meddle%2522-Just-for-Clicks%253F

2017-10-04

4left

AARON MAT201 Its The Real News Im Aaron Mat233 Youve been listening to senators Richard Burr and Mark Warner give a briefing on the progress of their probe into alleged Russian meddling in the US election They said that they interviewed more than 100 people Theyve pored over more than 100000 documents They said that theyre not ready to share their conclusions yet because this probe is ongoing but they did say that the probe has expanded Theyre now looking at the development that has dominated headlines for the last few weeks which is the alleged Russian use of social media They said that in regards to the Steele memo which is this infamous dossier prepared by former British intelligence agent Christopher Steele they said that theyve hit a dead end with that The Steele memo made a lot of salacious claims about Donald Trump It said that the Russians have compromising information on him including lewd sexual behavior inside Russia that they could use possibly to blackmail Donald Trump The Stele memos been taken very seriously in the US The senators said that theyve hit a wall when it comes to the Steele memo unable to confirm its claims They talked about pressuring social media companies especially Twitter and Facebook saying that they were initially disappointed with the results that they turned up when it comes to alleged Russian social media influence but they said that they hope the companies will continue to cooperate with them Recently representatives of Twitter Facebook and Google have all come before Congress Facebook has faced the most heat In a moment were going to be joined by Baynard Woods who was at the briefing and Max Blumenthal and whats interesting about the Facebook story is that initially when Facebook was asked to investigate allegations of Russian social media accounts they couldnt find anything It only was after prodding from Senator Mark Warner who we just heard from there that Facebook came back and said that they have identified these 3000 social media accounts that Or no sorry theyve identified 3000 ads from Russianlinked social media accounts that were used to influence the election Also though they just said this week that most of the ads aired after the election which would be a strange way to influence its outcome In terms of alleged hacking of state electoral systems they said that theres no proof that any votes were changed as a result of alleged hacking They also didnt outline any proof that there even was Russian hacking of state systems but what they suggested was on that angle that the hackers whoever they were were trying to at least test the vulnerabilities of electoral systems But that like almost every single other issue or claim in Russiagate has not been accompanied with any evidence yet There have been reports that Russian hackers tried to penetrate state election systems but already in fact in the last week at least three states have said that thats not true Thats part of a pattern in Russiagate as weve been covering here extensively on The Real News of claims being made about Russia and then the stories slowly and quietly being retracted Were going to be joined soon again by Max Blumenthal and Baynard Woods who was at the briefing Ive got Baynard on with us right now joining us from the briefing BAYNARD WOODS All right AARON MAT201 Thanks for joining us BAYNARD WOODS Oh yeah AARON MAT201 Your quick takeaways from the briefing we just heard BAYNARD WOODS I mean there wasnt a lot except for talking about how thorough the investigation has been Sorry if you can still hear its getting loud in here as everyone is packing up They didnt reveal really any new information that we didnt know at all although I think that it was interesting when Senator Warner was talking about efforts to Working to try to work on Americans ability to deal with this information better Sorry people keep walking past me and I keep having to move my arm here You there Aaron AARON MAT201 Yeah BAYNARD WOODS All right AARON MAT201 Its true It was interesting to hear them say that theyre not ready to reach any conclusions yet I was struck by them mentioning Germany and France as evidence or as potential evidence of Russian meddling elsewhere because actually in both Germany and France there was widespread news reports about alleged Russian hacking and disinformation there But then nothing happened In Germany nothing happened Here that was taken as a mystery as being why nothing happened in Germany with Russian meddling Maybe its true that nothing actually happened With France there was some hacking of Macrons campaign but afterwards the head of French cybersecurity said that actually it could have been anybody that theres no proof it was Russians Baynard BAYNARD WOODS Over here I mean the amount of dark money involved in our elections I think also has made it much harder for them to be able to tell where this I mean we are being manipulated all of the time to think one way or another or vote one way or another more than in many other places because of the way our election laws work in the first place AARON MAT201 Right Baynard stand by I think we have Max Blumenthal on the line Max can you hear me MAX BLUMENTHAL Yeah Im on the line AARON MAT201 Okay Max thank you for joining us Weve just gotten this longawaited update from the ranking members of the Senate Intelligence Committee senators Richard Burr and Mark Warner They talked about conducting more than 100 interviews from people all over the world they said accessing over 100000 documents They talked about the probe expanding now to look at social media and the alleged Russian use of Facebook especially They used the word chaos a lot I took down some notes Senator Burr talked about the Russian goal being to create chaos at every level and also saying that you cant walk away from this and not believe that Russia is not trying to create chaos Your thoughts Max MAX BLUMENTHAL Well the reason theyre using the language of chaos Weve got a ton of background noise there Its pretty distracting AARON MAT201 Yeah Im going to ask the control room just to fade down the background noise from the briefing There we go good so we can hear Max All right Max go ahead MAX BLUMENTHAL Sounds like were in like a Hot Shoppes cafeteria Anyway yeah the chaos narrative is one of the shabbiest narratives and its designed to ascribe intentionality to these supposed Russian Facebook ads which actually have no clear ideological line and some of them actually do relate to puppies There were puppy ads The puppy is a clear agent of Putins chaos machine AARON MAT201 Wait Max explain that Youre saying that one of the Russian ads contained a puppy MAX BLUMENTHAL It was photographs of puppies There was another ad that we were told and I know this will disturb a lot of Real News people who are afraid of black women I guess were supposed to be afraid of black women if we think that this ad is troubling but it shows a black woman dry firing a rifle We havent seen that ad but according to the Senate and House Intelligence Committee through their lackeys in the media this ad was deployed to spread racial division and chaos in America I personally am not afraid of black women and I dont think images of them with guns is divisive any more than images of white people with guns is divisive but apparently Russian didnt sufficiently cater to the fears of white people We have been told that ads supposedly promoting Black Lives Matter events or not even ads but fake Facebook accounts like the one socalled Russian Facebook account Blacktivist promoting events in Ferguson and Baltimore that were protesting police violence were according to CNNs Dylan Byers whos one of the channels for the House and Senate Intelligence Committee that this was an attempt to undermine democracy which means that if you protested what happened to Freddie Gray youre undermining democracy Then theres the issue of when the ads were deployed and where they were deployed According to Facebook 50 of all of these supposedly Russian ads 56 appeared after the election so they had no effect on the election hence the kind of chaos narrative like Russias just deploying these ads all over the place to spread chaos and we just dont know what to do in America They dont have any ideological line so were confused and its getting chaotic here because otherwise as Morgan Freeman said weve been a shining democracy for 241 years AARON MAT201 Just to explain that Max is quoting there from a video from the newlyformed Committee to Investigate Russia that brings together Hollywood liberals like Rob Reiner and Morgan Freeman with neocons and Morgan Freeman starred in the advertisement and Max to quote Max Max called it Morgan Freemans worst role since Driving Miss Daisy MAX BLUMENTHAL Yeah and you know the chaos narrative operates on the premise that American news audiences dont or social media consumers dont have agency so theyre easily duped That anything racially related spreads racial division especially if it promotes black civil rights It operates on the premise that whatever is left of American democracy is too weak to resist something like 3000 supposedly Russian Facebook ads It operates on the premise that these ads were actually taken out by Russian operatives from the Kremlin from the Federal Security Bureau or GRU the military intelligence network Theres no proof of that Before I get to the question of evidence its important to go back to the statistics I was citing that Facebook released According to Facebook again 56 of the ads appeared after the election and 25 of these 3000 ads they provided to the Intelligence Committee were never seen by anyone At best we have about 1000 ads that appeared before the election that were supposedly seen by someone Now lets stack that up Oh and then most of the ads appeared or were directed at social media consumers in nonswing states so you could take the swing state ads and stack that up against billions of dollars in advertising from both presidential candidates and the fact that Hillary Clinton didnt even campaign in Wisconsin in the critical days CNN just dropped another piece Dylan Byers was on the byline It was obviously filtered out by the House or Senate Intelligence Committee and it said that Russia ran Facebook ads specifically targeting Wisconsin and Michigan Didnt say when didnt say what the ads were and I dont think they could even establish that they were before the election but by doing that and it was clearly done by the Democratic side on the Intelligence Committee they were trying to explain away Hillary Clintons defeat and this is the shabbiest most pathetic attempt Russian Facebook ads was trending on Twitter last night because the Hillary bots were all latching onto this idea that Facebook ads had swung the election for Trump and not the fact that Hillary Clinton didnt campaign in these two critical states and ran the worst campaign in history You actually saw her spokesman Brian Fallon who is the flak for this historic failure blaming the Las Vegas massacre on Twitter on Russia because there was a meeting between an NRA official and a Russian official in 2015 AARON MAT201 Max Ill read that tweet This is Brian Fallon He was the national spokesperson for the 2016 Clinton campaign and he tweets out a link to an article about that meeting that Max just mentioned and he says The NRA spent 30 million to elect Trump standing by him after other GOP groups left him Why The answer may be in Moscow Hes suggesting that as other Republicans were abandoning Trump during the campaign the NRA stood by him and that is due possibly to the Kremlins influence Again this is the national spokesperson for Hillary Clinton Max well come back you but I want to go back to Baynard whos at that Senate briefing Baynard you were there with a lot of journalists Whats your impression of their level of credulity when it comes to this as Max has just been pointing out a story with a lot of holes in it What was your impression of how seriously theyre taking this issue BAYNARD WOODS A wide range of people from the sort of mainstream press that I think generally have a great deal of credulity in most of this narrative and many others Then you know people like Corn with Mother Jones whos definitely very seriously committed to the issue but takes it in a much different direction of really wanting to nail down the Trump administration with its attempts to collude with Russia and Russias attempts to interfere in the election I think its a strange room and in general at these you know that theyre going to call on the front rows with CBS and whatever and so youre going to get the CBS view in the kinds of questions that are going to be asked AARON MAT201 Baynard in terms of what we heard today what to you was new Something that you hadnt heard before when it comes to the progress of this probe BAYNARD WOODS There really was nothing new at all except for the strange 80 copies of War and Peace on their chart which I assume is what theyre equating the 100000 documents to or that Tolstoy was involved AARON MAT201 Wait explain that explain that Wait wait Baynard explain that There was copies of War and Peace MAX BLUMENTHAL Tolstoy was Russian Tolstoy was Russian BAYNARD WOODS On their chart theres a line that says 80plus copies of War and Peace which is presumably what the 100000 documents are But its a weird thing to just put on your chart and yeah it makes it seem like its saying that theres some kind of relation between Tolstoy and the current you know and Putin AARON MAT201 Oh I see so they have enough material to fill 80 copies of War and Peace BAYNARD WOODS Presumably though it just says 80plus copies of War and Peace on the poster so thats presumably what theyre trying to say But yeah its a sort of odd choice to make there Could have been Ulysses AARON MAT201 Max Blumenthal MAX BLUMENTHAL Well I just know that Tolstoy was of Russian genetic origin and anything thats Russian is suspect genetically speaking Any media that derives from Russia is immediately propaganda No but I didnt see the War on Peace motif so I cant actually comment but listening to the questions I mean you just heard what Ive always called the kind of bootlicking beltway media that trusts their intelligence services even as this story falls apart I mean we saw the story about Russian scanning of election machines just fall apart state after state and the Huffington Post and a host of other outlets have not corrected their stories yet They reported that 21 states had their voting machines scanned by Russia In Texas AARON MAT201 Max listen Do you know who else reported that just now Senator Mark Warner of the Intelligence Committee he also made a reference to that same story as if it was true MAX BLUMENTHAL Yeah I mean we keep seeing these discredited stories be repeated after theyre corrected Theres also the story you mentioned earlier about Emmanuel Macron and MacronLeaks the French cyber intelligence service Basically the French intelligence service has said that Russia had nothing to do with that It could have been anyone which actually undermines the entire hacking narrative around the DNC because it was said to be the same APT that hacked Macrons emails But you see pundits from Peter Beinart to the New York Times repeat that story again and again that Emmanuel Macron was hacked by Russian intelligence operatives and then we never heard as far as I can tell and maybe Baynard can correct me no reporter asked Warner or Burr how they knew that Russian operatives were behind these Facebook ads Thats a question that I dont think theyre going to be able to answer Theres almost no means of attributing it What it appears to be is there may have been a Russian troll farm that was paid by a private client to attract visitors by creating paying for basically threedollar ads on Facebook that revolve around sometimes around political issues but also puppy photos that cater to niche audiences and just generate clicks and they had nothing to do with any chaos agent deployed by the Kremlin and the FSB But this can never be established by the Intelligence Committee and the press just simply doesnt ask AARON MAT201 If thats true then basically were going to have had this yearlong scandal this talk of our society being thrown into chaos because of a Russian click farm Click farms are very common its not just coming from Russia MAX BLUMENTHAL I would put my money on that AARON MAT201 Yeah yeah I think youre onto something Max Well were going to leave it there I want to thank both my guests The Real News correspondent Baynard Woods who was at the Senate briefing and journalist Max Blumenthal of AlterNets Grayzone Project He cohosts the excellent podcast Moderate Rebels and you should go check that out Thank you to you both and thank you for joining us on The Real News

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<p>No. 22 Tennessee nearly blew a 20-point, second-half lead, but hung on to knock off visiting Vanderbilt, 67-62, at Thompson-Boling Arena in Knoxville on Tuesday night.</p> <p>Guard Jordan Bowden had 19, while forward Grant Williams chipped in 18 for the Vols (14-5, 5-3 SEC). Williams was 12-of-14 from the foul line, with many coming in the second half as the Vols struggled to get field goals.</p> <p>A pair of seniors, guard Riley LaChance (25) and Jeff Roberson (21), led Vandy (7-13, 2-6) in scoring. All of LaChance&#8217;s points came in the second half.</p> <p>Vanderbilt had cut UT&#8217;s lead to 60-58, but Vol guard Lamonte Turner buried an open 3 from the left side with 1:03 left. After LaChance missed a 3, Bowden hit a lay-up with 33 seconds left to provide insurance.</p> <p>The Vols led by 20 on three different occasions in the second half in the midst of a stretch where VU missed 17 3-pointers in a row. Tennessee was up 41-21 with 14:28 left after Turner hit a jumper from the right side.</p> <p>But the Vols suddenly had trouble scoring from the field as LaChance hit four 3s in a row. Vandy pulled within four when guard Larry Austin Jr. assisted on a couple of transition lay-ups, the second a pass to Roberson with 7:06 left.</p> <p>But Tennessee was able to close, and with that, sweep the regular-season series.</p> <p>Vanderbilt&#8217;s Payton Willis hit a 3 on the game&#8217;s first possession, aiding the Commodores to a 7-4 lead to start. It took a terrible turn for the Commodores, who trailed 32-15 at half, from there.</p> <p>Tennessee&#8217;s tight man-to-man defense made it difficult for the Commodores to find an offensive rhythm. Even when Vanderbilt got open shots, it couldn&#8217;t hit them.</p> <p>The Vols&#8217; Bowden had no such troubles, hitting 3 of 4 of his first-half 3-pointers, leading all scorers at half.</p> <p>Tennessee also hit 8 of 12 first-half free throws, while Vanderbilt missed its only attempt.</p> <p>Vanderbilt announced before the game that guard Matthew Fisher-Davis&#8217;s collegiate career is over. The senior, Vanderbilt&#8217;s second-leading scorer (11.9) was a preseason first-team All-SEC pick and hadn&#8217;t played since Vanderbilt&#8217;s loss to Kentucky on Jan. 13. That leaves VU with 10 eligible scholarship players.</p> <p>&#8212;Field Level Media</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - The launch of China&#8217;s yuan-denominated oil futures will mark the culmination of a decade-long push by the Shanghai Futures Exchange (ShFE) aimed at giving the world&#8217;s largest energy consumer more power in pricing crude sold to Asia.</p> Pumpjacks are seen at an oil field in Huaian, Jiangsu province, China November 11, 2017. REUTERS/Stringer WHAT ARE THE CONCERNS AMONG FOREIGN INVESTORS? <p>* Worries include how to freely exchange the yuan because of a Chinese clampdown on capital outflows, while some concerns remain about Beijing&#8217;s heavy handed intervention in its commodity markets in recent years, traders and analysts said.</p> <p>The obligation to trade Shanghai crudes in yuan will also add a currency risk to the market, which some traders are reluctant to take.</p> <p>* The Shanghai International Energy Exchange (INE), the unit of ShFE running the contract, has strict daily limits on the number of canceled orders allowed per account, aimed at curbing spoofing. This involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.</p> <p>For a larger client placing orders of more than 300 lots, equivalent to 30,000 barrels of oil, the limit is 50 a day. Users with smaller orders are allowed 500 cancellations.</p> <p>That&#8217;s different to international exchanges, like the CME ( <a href="/finance/stocks/overview?symbol=CME.O" type="external">CME.O</a>), which uses a ratio based on an investor&#8217;s traded volume.</p> <p>On days when price volatility and volumes are high, overseas investors new to Chinese markets could get penalized if they exceed those restrictions as they try to adjust their positions, traders say.</p> <p>* Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.</p> <p>Take iron ore &amp;lt;0#DCIO:&amp;gt;, one of China&#8217;s most-active futures markets: most of the more than 2.3 million lots of open interest are in May and September contracts, with delivery months in between ranging from tens of thousands of lots to in some cases less than 10.</p> <p>In contrast, liquidity across the first five months of the Brent and WTI contracts &amp;lt;0#LCO:&amp;gt; &amp;lt;0#CL:&amp;gt; are relatively evenly spread out, reflecting their popularity among hedge funds and other financial players, who like to trade month by month.</p> <p>* There will be a 1.5-hour gap between the settlement and a price published by price reporting agency S&amp;amp;P Global Platts ( <a href="/finance/stocks/overview?symbol=SPGI.N" type="external">SPGI.N</a>), which provides a price assessment for the region at 4:30 p.m. Singapore time in what it calls the Market On Close (MOC) process, which is closely watched by the industry.</p> WHAT WILL HAPPEN DURING CHINA&#8217;S NATIONAL HOLIDAYS? <p>Trading will stop for China&#8217;s week-long national holidays - Spring Festival and Golden Week - leaving the Shanghai market out of synch with the western exchanges.</p> FILE PHOTO: A crude oil terminal under construction is pictured off Ningbo Zhoushan port in Zhejiang province, China January 6, 2018. REUTERS/Stringer/File Photo <p>Shorter trading hours - with three slots each day - compared with almost 24 hours on western exchanges means the market may sometimes play catch-up with the rest of the world.</p> WHO WILL USE IT IN THE DOMESTIC INDUSTRY? <p>China has opened more than 6,000 trading accounts, including the country&#8217;s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including JPMorgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.</p> <p>It will likely attract mainly &#8216;mon-and-pop&#8217; speculative investors, who dominate the country&#8217;s other often volatile commodity futures markets from dates to iron ore, although transaction fees for crude are relatively high.</p> <a href="/finance/stocks/overview?symbol=CME.O" type="external">CME Group Inc</a> 160.16 CME.O Nasdaq -4.34 (-2.64%) CME.O SPGI.N <p>China&#8217;s independent refineries are more likely to process heavy crude instead of the medium-sour crude traded in futures, a Shandong-based crude trader said.</p> <p>At least three independent refineries who are looking to use the contract for hedging also said they are unsure about delivery. Under the rules, buyers cannot choose a specific grade that will be delivered or the location of the warehouse for delivery.</p> HOW DO FOREIGN USERS OPEN A TRADING ACCOUNT? <p>Foreign investors will need to open a non-residential bank account with one of the eight banks that handles margin deposit for yuan crude futures, according to INE.</p> <p>The banks are Agricultural Bank of China, CITIC Bank, China Construction Bank and Industrial and Commerical Bank of China, Bank of China, Bank of Communications, China Merchant Bank and the Development Bank of Singapore.</p> <p>Investors will need to transfer money from that bank account to an account opened with either a domestic broker or foreign broker or agencies registered with the INE. The broker will open two accounts with INE: one for margin deposit and one for settlement for foreign currencies.</p> WHAT ARE DOMESTIC BROKERS DOING TO ATTRACT CLIENTS? <p>Many big and small brokers such as COFCO and Zhaojin Futures have waived their transaction fees to crude oil clients and will provide free consulting services as well as free training in a bid to win more customers, sources at brokers told Reuters.</p> <p>COFCO and Zhaojin declined to comment.</p> <p>Medium-sized broker Huatai Futures is offering over-the-counter crude oil options, Zhang Huiyao, deputy manager of the firm&#8217;s crude department told Reuters. In January, the broker added six staff to its China-based crude oil team, which was set up last October, so it can reach more potential clients, she said.</p> <p>Reporting by Meng Meng, Josephine Mason and Tom Daly; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China&#8217;s crude oil futures, to be launched on Monday, will be a major step in Beijing&#8217;s years-long push to win greater sway over oil pricing, but for western traders it will likely bring frustration as well as opportunity.</p> Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province, China January 18, 2018. REUTERS/Stringer <p>Shanghai Crude aims to rival the world&#8217;s two crude benchmarks, luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian, U.S. and European markets.</p> <p>However, the contract will also come with quirks that traders used to London&#8217;s Brent or U.S. West Texas Intermediate (WTI) may find less appealing, including shorter business hours, unique Chinese trading habits and extended holiday breaks.</p> <p>Yuan-denominated trading and a blend of new rules and regulatory burdens will also likely hamper initial take-up on the Shanghai International Energy Exchange (INE), executives at a dozen banks and brokers and experts involved in the launch told Reuters.</p> <p>&#8220;The rules around trading methodology will be unfamiliar for western houses,&#8221; said John Browning, chief operating officer of Hong Kong-based futures broker Bands Financial Ltd, which is an approved overseas intermediary for the INE.</p> Related Coverage <a href="/article/us-china-oil-futures-explainer/china-aims-to-challenge-brent-wti-oil-with-crude-futures-launch-idUSKBN1GY0S9" type="external">China aims to challenge Brent, WTI oil with crude futures launch</a> <p>&#8220;They&#8217;ll have to get to grips with a different set of trading parameters, including initial margin calculation, rolling between months, order cancellations ratios, etc. It&#8217;s all very different.&#8221;</p> <p>So far, China has opened more than 6,000 trading accounts, including the country&#8217;s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including J.P.Morgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.</p> <p>Last-minute changes are still being made to entice overseas users. On Tuesday, the government said it would waive income taxes for foreign investors for the first three years.</p> CHINESE CHARACTERISTICS <p>Specific issues for traders include Shanghai&#8217;s shorter trading hours, split into three slots, with the afternoon session ending at 3:00 p.m. local time (0700 GMT), just before London ramps up.</p> <p>Although the exchange will have an overnight trading session to match late European and early U.S. trading, it will close for more than six hours before trade resumes in Beijing.</p> Slideshow (4 Images) <p>This could mean the contract risks having to play catch-up each morning to the moods and swings of Europe and America, rather than setting its own price, several senior futures traders said.</p> <p>Chinese trading habits may also be a shock to foreign users, they said.</p> <p>Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal, due to a different cost structure. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.</p> <a href="/finance/stocks/overview?symbol=ICE.N" type="external">Intercontinental Exchange Inc</a> 71.73 ICE.N New York Stock Exchange -2.29 (-3.09%) ICE.N CME.O 601857.SS 600028.SS <p>These and other factors mean the contract may have a &#8220;hard time&#8221; building correlations with Brent and WTI that would make arbitrage possible, said Albert Helmig, chief executive of financial consultancy Grey House and a former vice chairman of NYMEX.</p> <p>&#8220;It&#8217;s a China market, with Chinese characteristics,&#8221; said Helmig.</p> FUTURE PLANS <p>Still, China offers the potential for a deep, liquid market, buoyed by an explosion of interest from mom-and-pop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai, Zhengzhou and Dalian.</p> <p>In 2017, the total traded value of ShFE&#8217;s steel derivatives contracts was $4.4 trillion from domestic investors. This compares with global turnover of more than $10 trillion in international oil futures, the world&#8217;s biggest commodity market.</p> <p>Previous attempts at an Asia benchmark have foundered. Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI, traded on the Intercontinental Exchange ( <a href="/finance/stocks/overview?symbol=ICE.N" type="external">ICE.N</a>) and the New York Mercantile Exchange (NYMEX) owned by CME Group ( <a href="/finance/stocks/overview?symbol=CME.O" type="external">CME.O</a>).</p> <p>China hopes it can do better: with state-controlled oil majors like PetroChina ( <a href="/finance/stocks/overview?symbol=601857.SS" type="external">601857.SS</a>) and Sinopec ( <a href="/finance/stocks/overview?symbol=600028.SS" type="external">600028.SS</a>) expected to provide liquidity, analysts said the contract has a chance of succeeding even if it faces short-term caution.</p> <p>&#8220;Launching a new exchange is enormously complex, so if the initial uptake for the contract isn&#8217;t that strong, it isn&#8217;t necessarily a bad thing,&#8221; said Bands&#8217; Browning.</p> <p>Reporting by Josephine Mason, Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, is selling all his remaining 8 million shares in the firm in a dramatic exit of the casino and hotel company he founded over 16 years ago.</p> Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake <p>Macau casino operator Galaxy Entertainment has agreed to buy 5.3 million shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau.</p> <p>Galaxy is one of six licensed operators in the world&#8217;s largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts.</p> <p>The casino mogul&#8217;s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.</p> <p>Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.</p> <p>In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to &#8220;acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.&#8221;</p> <p>A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.</p> <p>Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core &#8220;operating philosophies and values.&#8221;</p> <p>The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.</p> An exterior view Wynn hotel-casino in Las Vegas, Nevada, U.S., February 7, 2018. REUTERS/Steve Marcus WYNN IMPACT <p>Wynn, who started in Las Vegas casinos in the 1960s, created some of Las Vegas&#8217; most iconic landmarks &#8211; the Mirage, Bellagio and Treasure Island.</p> <p>He was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002.</p> <p>The 76 year old businessman, whose signature denotes the company&#8217;s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos.</p> <p>Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong, said the implications of the Galaxy&#8217;s investment goes beyond what looks like a passive move at this stage.</p> <p>&#8220;Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia, with Japan being the critical development initiative.&#8221;</p> <p>Galaxy&#8217;s octogenarian founder Lui Che Woo, one of Asia&#8217;s wealthiest billionaires, has a net wealth of $22 billion according to Forbes. Lui who started his career in construction has grown his casino company into one of Macau&#8217;s biggest operators over the past decade.</p> <p>&#8220;There are other large gaming companies who do not have a presence in Macau, but who desperately want to be in Macau, and we would not be surprised to see them angling for a seat at the acquisition table too,&#8221; said Grant Goverstsen, analyst at Union Gaming in Macau.</p> <p>Shares in Wynn Macau and Galaxy dropped 3.9 percent and 2.9 percent respectively on Friday against the benchmark Hang Seng Index which was down 3.1 percent.</p> <p>Reporting by Farah Master in Hong Kong and Philip George in Bengaluru; Editing by Shri Navaratnam</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Friday that he would closely watch the United States&#8217; move to impose tariffs on up to $60 billion of Chinese goods.</p> FILE PHOTO - Japan's Finance Minister Taro Aso answers a question during an upper house parliamentary session in Tokyo, Japan March 19, 2018. REUTERS/Issei Kato <p>Aso made the comment just hours after U.S. President Donald Trump signed a presidential memorandum that will target Chinese imports, though only after a 30-day consultation period that gives China space to respond.</p> <p>The threatened tariffs and possible investment restrictions on China stem from a U.S. investigation of alleged theft of U.S. intellectual property by Chinese companies.</p> <p>&#8220;Japan, as well as the United States, understands the importance of strengthening and effectively enforcing protection of intellectual property,&#8221; Aso told reporters after a cabinet meeting.</p> <p>Aso added that he needed to examine the U.S. memorandum in detail.</p> <p>The yen hit a 16-month high against the dollar on Friday as traders sought safety in the Japanese currency after the U.S. announcement caused worry over global trade tensions, triggering a selloff on Wall Street and stock markets in Asia.</p> <p>The dollar fell to as low as 104.635 yen, its lowest since November 2016, in early Asian trade as the safe haven Japanese currency pushed higher.</p> <p>Chief Cabinet Secretary Yoshihide Suga warned against yen&#8217;s gains on Friday, saying that he would closely monitor market movements &#8220;with a sense of urgency&#8221;.</p> <p>The top government spokesman also said it would be extremely regrettable if U.S. tariffs on steel and aluminum apply to Japan, and that he would continue to urge the United States to exempt his country.</p> <p>Trump&#8217;s steel and aluminum tariffs, which are tied to Section 232 of the 1962 Trade Expansion Act, go into effect on Friday. Canada and Mexico have been given initial exemptions from the 25 percent steel and 10 percent aluminum tariffs.</p> <p>U.S. Trade Representative Robert Lighthizer told U.S. lawmakers on Thursday that the European Union, Argentina, Australia, Brazil and South Korea, would also be exempted.</p> <p>Reporting by Tetsushi Kajimoto; Additional reporting by Kaori Kaneko; Editing by Chang-Ran Kim and Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

No. 22 Tennessee hangs on against Vanderbilt China aims to challenge Brent, WTI oil with crude futures launch China's oil futures: frazzle or dazzle for foreign traders? Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in Japan's Aso says closely watching U.S. tariff moves against China

https://reuters.com/article/basketball-ncaa-ten-van-recap/no-22-tennessee-hangs-on-against-vanderbilt-idUSMTZEE1O1GBQ2L

2018-01-24

2least

No 22 Tennessee nearly blew a 20point secondhalf lead but hung on to knock off visiting Vanderbilt 6762 at ThompsonBoling Arena in Knoxville on Tuesday night Guard Jordan Bowden had 19 while forward Grant Williams chipped in 18 for the Vols 145 53 SEC Williams was 12of14 from the foul line with many coming in the second half as the Vols struggled to get field goals A pair of seniors guard Riley LaChance 25 and Jeff Roberson 21 led Vandy 713 26 in scoring All of LaChance8217s points came in the second half Vanderbilt had cut UT8217s lead to 6058 but Vol guard Lamonte Turner buried an open 3 from the left side with 103 left After LaChance missed a 3 Bowden hit a layup with 33 seconds left to provide insurance The Vols led by 20 on three different occasions in the second half in the midst of a stretch where VU missed 17 3pointers in a row Tennessee was up 4121 with 1428 left after Turner hit a jumper from the right side But the Vols suddenly had trouble scoring from the field as LaChance hit four 3s in a row Vandy pulled within four when guard Larry Austin Jr assisted on a couple of transition layups the second a pass to Roberson with 706 left But Tennessee was able to close and with that sweep the regularseason series Vanderbilt8217s Payton Willis hit a 3 on the game8217s first possession aiding the Commodores to a 74 lead to start It took a terrible turn for the Commodores who trailed 3215 at half from there Tennessee8217s tight mantoman defense made it difficult for the Commodores to find an offensive rhythm Even when Vanderbilt got open shots it couldn8217t hit them The Vols8217 Bowden had no such troubles hitting 3 of 4 of his firsthalf 3pointers leading all scorers at half Tennessee also hit 8 of 12 firsthalf free throws while Vanderbilt missed its only attempt Vanderbilt announced before the game that guard Matthew FisherDavis8217s collegiate career is over The senior Vanderbilt8217s secondleading scorer 119 was a preseason firstteam AllSEC pick and hadn8217t played since Vanderbilt8217s loss to Kentucky on Jan 13 That leaves VU with 10 eligible scholarship players 8212Field Level Media Our Standards The Thomson Reuters Trust Principles BEIJING Reuters The launch of China8217s yuandenominated oil futures will mark the culmination of a decadelong push by the Shanghai Futures Exchange ShFE aimed at giving the world8217s largest energy consumer more power in pricing crude sold to Asia Pumpjacks are seen at an oil field in Huaian Jiangsu province China November 11 2017 REUTERSStringer WHAT ARE THE CONCERNS AMONG FOREIGN INVESTORS Worries include how to freely exchange the yuan because of a Chinese clampdown on capital outflows while some concerns remain about Beijing8217s heavy handed intervention in its commodity markets in recent years traders and analysts said The obligation to trade Shanghai crudes in yuan will also add a currency risk to the market which some traders are reluctant to take The Shanghai International Energy Exchange INE the unit of ShFE running the contract has strict daily limits on the number of canceled orders allowed per account aimed at curbing spoofing This involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution By creating an illusion of demand spoofers can influence prices to benefit their market positions For a larger client placing orders of more than 300 lots equivalent to 30000 barrels of oil the limit is 50 a day Users with smaller orders are allowed 500 cancellations That8217s different to international exchanges like the CME CMEO which uses a ratio based on an investor8217s traded volume On days when price volatility and volumes are high overseas investors new to Chinese markets could get penalized if they exceed those restrictions as they try to adjust their positions traders say Chinese commodity futures investors do not typically trade steadily over the months but instead pick specific months in which they deal That could complicate efforts to trade spreads between Brent WTI and Shanghai Take iron ore amplt0DCIOampgt one of China8217s mostactive futures markets most of the more than 23 million lots of open interest are in May and September contracts with delivery months in between ranging from tens of thousands of lots to in some cases less than 10 In contrast liquidity across the first five months of the Brent and WTI contracts amplt0LCOampgt amplt0CLampgt are relatively evenly spread out reflecting their popularity among hedge funds and other financial players who like to trade month by month There will be a 15hour gap between the settlement and a price published by price reporting agency SampampP Global Platts SPGIN which provides a price assessment for the region at 430 pm Singapore time in what it calls the Market On Close MOC process which is closely watched by the industry WHAT WILL HAPPEN DURING CHINA8217S NATIONAL HOLIDAYS Trading will stop for China8217s weeklong national holidays Spring Festival and Golden Week leaving the Shanghai market out of synch with the western exchanges FILE PHOTO A crude oil terminal under construction is pictured off Ningbo Zhoushan port in Zhejiang province China January 6 2018 REUTERSStringerFile Photo Shorter trading hours with three slots each day compared with almost 24 hours on western exchanges means the market may sometimes play catchup with the rest of the world WHO WILL USE IT IN THE DOMESTIC INDUSTRY China has opened more than 6000 trading accounts including the country8217s oil majors and about 150 brokerages Ten foreign intermediaries have registered including JPMorgan Bands Financial Straits Financial Services and other Hong Kong based affiliates of domestic brokerages It will likely attract mainly 8216monandpop8217 speculative investors who dominate the country8217s other often volatile commodity futures markets from dates to iron ore although transaction fees for crude are relatively high CME Group Inc 16016 CMEO Nasdaq 434 264 CMEO SPGIN China8217s independent refineries are more likely to process heavy crude instead of the mediumsour crude traded in futures a Shandongbased crude trader said At least three independent refineries who are looking to use the contract for hedging also said they are unsure about delivery Under the rules buyers cannot choose a specific grade that will be delivered or the location of the warehouse for delivery HOW DO FOREIGN USERS OPEN A TRADING ACCOUNT Foreign investors will need to open a nonresidential bank account with one of the eight banks that handles margin deposit for yuan crude futures according to INE The banks are Agricultural Bank of China CITIC Bank China Construction Bank and Industrial and Commerical Bank of China Bank of China Bank of Communications China Merchant Bank and the Development Bank of Singapore Investors will need to transfer money from that bank account to an account opened with either a domestic broker or foreign broker or agencies registered with the INE The broker will open two accounts with INE one for margin deposit and one for settlement for foreign currencies WHAT ARE DOMESTIC BROKERS DOING TO ATTRACT CLIENTS Many big and small brokers such as COFCO and Zhaojin Futures have waived their transaction fees to crude oil clients and will provide free consulting services as well as free training in a bid to win more customers sources at brokers told Reuters COFCO and Zhaojin declined to comment Mediumsized broker Huatai Futures is offering overthecounter crude oil options Zhang Huiyao deputy manager of the firm8217s crude department told Reuters In January the broker added six staff to its Chinabased crude oil team which was set up last October so it can reach more potential clients she said Reporting by Meng Meng Josephine Mason and Tom Daly editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China8217s crude oil futures to be launched on Monday will be a major step in Beijing8217s yearslong push to win greater sway over oil pricing but for western traders it will likely bring frustration as well as opportunity Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province China January 18 2018 REUTERSStringer Shanghai Crude aims to rival the world8217s two crude benchmarks luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian US and European markets However the contract will also come with quirks that traders used to London8217s Brent or US West Texas Intermediate WTI may find less appealing including shorter business hours unique Chinese trading habits and extended holiday breaks Yuandenominated trading and a blend of new rules and regulatory burdens will also likely hamper initial takeup on the Shanghai International Energy Exchange INE executives at a dozen banks and brokers and experts involved in the launch told Reuters 8220The rules around trading methodology will be unfamiliar for western houses8221 said John Browning chief operating officer of Hong Kongbased futures broker Bands Financial Ltd which is an approved overseas intermediary for the INE Related Coverage China aims to challenge Brent WTI oil with crude futures launch 8220They8217ll have to get to grips with a different set of trading parameters including initial margin calculation rolling between months order cancellations ratios etc It8217s all very different8221 So far China has opened more than 6000 trading accounts including the country8217s oil majors and about 150 brokerages Ten foreign intermediaries have registered including JPMorgan Bands Financial Straits Financial Services and other Hong Kong based affiliates of domestic brokerages Lastminute changes are still being made to entice overseas users On Tuesday the government said it would waive income taxes for foreign investors for the first three years CHINESE CHARACTERISTICS Specific issues for traders include Shanghai8217s shorter trading hours split into three slots with the afternoon session ending at 300 pm local time 0700 GMT just before London ramps up Although the exchange will have an overnight trading session to match late European and early US trading it will close for more than six hours before trade resumes in Beijing Slideshow 4 Images This could mean the contract risks having to play catchup each morning to the moods and swings of Europe and America rather than setting its own price several senior futures traders said Chinese trading habits may also be a shock to foreign users they said Chinese commodity futures investors do not typically trade steadily over the months but instead pick specific months in which they deal due to a different cost structure That could complicate efforts to trade spreads between Brent WTI and Shanghai Intercontinental Exchange Inc 7173 ICEN New York Stock Exchange 229 309 ICEN CMEO 601857SS 600028SS These and other factors mean the contract may have a 8220hard time8221 building correlations with Brent and WTI that would make arbitrage possible said Albert Helmig chief executive of financial consultancy Grey House and a former vice chairman of NYMEX 8220It8217s a China market with Chinese characteristics8221 said Helmig FUTURE PLANS Still China offers the potential for a deep liquid market buoyed by an explosion of interest from momandpop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai Zhengzhou and Dalian In 2017 the total traded value of ShFE8217s steel derivatives contracts was 44 trillion from domestic investors This compares with global turnover of more than 10 trillion in international oil futures the world8217s biggest commodity market Previous attempts at an Asia benchmark have foundered Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI traded on the Intercontinental Exchange ICEN and the New York Mercantile Exchange NYMEX owned by CME Group CMEO China hopes it can do better with statecontrolled oil majors like PetroChina 601857SS and Sinopec 600028SS expected to provide liquidity analysts said the contract has a chance of succeeding even if it faces shortterm caution 8220Launching a new exchange is enormously complex so if the initial uptake for the contract isn8217t that strong it isn8217t necessarily a bad thing8221 said Bands8217 Browning Reporting by Josephine Mason Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles Reuters Steve Wynn the former chief executive of Wynn Resorts Ltd is selling all his remaining 8 million shares in the firm in a dramatic exit of the casino and hotel company he founded over 16 years ago Steve Wynn Chairman and CEO of Wynn Resorts speaks during the Milken Institute Global Conference in Beverly Hills California US May 3 2017 REUTERSMike Blake Macau casino operator Galaxy Entertainment has agreed to buy 53 million shares of Wynn Resorts at 175 per share giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau Galaxy is one of six licensed operators in the world8217s largest gambling hub of Macau and competes with Wynn along with Sands China MGM China and Melco Resorts The casino mogul8217s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn who has a 926 percent stake had scrapped a shareholder agreement that prevented them from selling their stakes Steve Wynn resigned as CEO of the Las Vegasbased company last month following claims he subjected women who worked for him to unwanted advances He has denied the accusations In a joint statement by Galaxy and Wynn on Wednesday Galaxy Vice Chairman Francis Lui said it was a unique opportunity to 8220acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline8221 A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core 8220operating philosophies and values8221 The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation An exterior view Wynn hotelcasino in Las Vegas Nevada US February 7 2018 REUTERSSteve Marcus WYNN IMPACT Wynn who started in Las Vegas casinos in the 1960s created some of Las Vegas8217 most iconic landmarks 8211 the Mirage Bellagio and Treasure Island He was forced to sell his multibillion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000 Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his exwife in 2002 The 76 year old businessman whose signature denotes the company8217s logo had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos Vitaly Umansky analyst at Sanford C Bernstein in Hong Kong said the implications of the Galaxy8217s investment goes beyond what looks like a passive move at this stage 8220Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia with Japan being the critical development initiative8221 Galaxy8217s octogenarian founder Lui Che Woo one of Asia8217s wealthiest billionaires has a net wealth of 22 billion according to Forbes Lui who started his career in construction has grown his casino company into one of Macau8217s biggest operators over the past decade 8220There are other large gaming companies who do not have a presence in Macau but who desperately want to be in Macau and we would not be surprised to see them angling for a seat at the acquisition table too8221 said Grant Goverstsen analyst at Union Gaming in Macau Shares in Wynn Macau and Galaxy dropped 39 percent and 29 percent respectively on Friday against the benchmark Hang Seng Index which was down 31 percent Reporting by Farah Master in Hong Kong and Philip George in Bengaluru Editing by Shri Navaratnam Our Standards The Thomson Reuters Trust Principles TOKYO Reuters Japanese Finance Minister Taro Aso said on Friday that he would closely watch the United States8217 move to impose tariffs on up to 60 billion of Chinese goods FILE PHOTO Japans Finance Minister Taro Aso answers a question during an upper house parliamentary session in Tokyo Japan March 19 2018 REUTERSIssei Kato Aso made the comment just hours after US President Donald Trump signed a presidential memorandum that will target Chinese imports though only after a 30day consultation period that gives China space to respond The threatened tariffs and possible investment restrictions on China stem from a US investigation of alleged theft of US intellectual property by Chinese companies 8220Japan as well as the United States understands the importance of strengthening and effectively enforcing protection of intellectual property8221 Aso told reporters after a cabinet meeting Aso added that he needed to examine the US memorandum in detail The yen hit a 16month high against the dollar on Friday as traders sought safety in the Japanese currency after the US announcement caused worry over global trade tensions triggering a selloff on Wall Street and stock markets in Asia The dollar fell to as low as 104635 yen its lowest since November 2016 in early Asian trade as the safe haven Japanese currency pushed higher Chief Cabinet Secretary Yoshihide Suga warned against yen8217s gains on Friday saying that he would closely monitor market movements 8220with a sense of urgency8221 The top government spokesman also said it would be extremely regrettable if US tariffs on steel and aluminum apply to Japan and that he would continue to urge the United States to exempt his country Trump8217s steel and aluminum tariffs which are tied to Section 232 of the 1962 Trade Expansion Act go into effect on Friday Canada and Mexico have been given initial exemptions from the 25 percent steel and 10 percent aluminum tariffs US Trade Representative Robert Lighthizer told US lawmakers on Thursday that the European Union Argentina Australia Brazil and South Korea would also be exempted Reporting by Tetsushi Kajimoto Additional reporting by Kaori Kaneko Editing by ChangRan Kim and Eric Meijer Our Standards The Thomson Reuters Trust Principles

No/DET 22/PROPN Tennessee/PROPN nearly/ADV blew/VERB a/DET 20point/NUM secondhalf/NOUN lead/NOUN but/CCONJ hung/VERB on/ADP to/PART knock/VERB off/ADP visiting/VERB Vanderbilt/PROPN 6762/NUM at/ADP ThompsonBoling/PROPN Arena/PROPN in/ADP Knoxville/PROPN on/ADP Tuesday/PROPN night/NOUN Guard/PROPN Jordan/PROPN Bowden/PROPN had/VERB 19/NUM while/SCONJ forward/PROPN Grant/PROPN Williams/PROPN chipped/VERB in/ADP 18/NUM for/ADP the/DET Vols/PROPN 145/NUM 53/NUM SEC/PROPN Williams/PROPN was/AUX 12of14/NUM from/ADP the/DET foul/ADJ line/NOUN with/ADP many/ADJ coming/VERB in/ADP the/DET second/ADJ half/NOUN as/SCONJ the/DET Vols/PROPN struggled/VERB to/PART get/VERB field/NOUN goals/NOUN A/DET pair/NOUN of/ADP seniors/NOUN guard/VERB Riley/PROPN LaChance/PROPN 25/NUM and/CCONJ Jeff/PROPN Roberson/PROPN 21/NUM led/VERB Vandy/PROPN 713/NUM 26/NUM in/ADP scoring/VERB All/PRON of/ADP LaChance8217s/PROPN points/NOUN came/VERB in/ADP the/DET second/ADJ half/NOUN Vanderbilt/PROPN had/AUX cut/VERB 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<p>(Reuters) - Texas Instruments Inc ( <a href="/finance/stocks/overview?symbol=TXN.O" type="external">TXN.O</a>) on Tuesday posted the slowest revenue growth in four quarters on softer demand for its chips used in communications equipment, disappointing investors who expected sales for automotive chips to drive strong results.</p> FILE PHOTO: An employee enters the research building of Texas Instruments France firm in Villeneuve-Loubet near Nice December 18, 2012. REUTERS/Eric Gaillard/File Photo <p>Shares of the Dallas-based company fell about 7 percent in after-hours trading on Tuesday after earnings also failed to exceed Wall Street expectations for the first time in at least two years.</p> <p>Investors also reacted to a tepid forecast for current-quarter revenue.</p> <p>TI&#8217;s revenue rose nearly 10 percent in the fourth quarter, but growth is expected to slow down to about 7 percent in the quarter ending March, based on the mid-point of the company&#8217;s forecast.</p> <p>That compares with growth of 12 percent to 13 percent each in the first three quarters of 2017.</p> <p>Though TI saw strong demand for chips used in automobiles and by industries, Chief Executive Officer Richard Templeton said the business that makes chips used in communications equipment faced soft demand.</p> <p>&#8220;That&#8217;s a market that traditionally is choppy,&#8221; he said.</p> <p>Communications equipment made up 13 percent of Texas Instruments&#8217; revenue in 2016.</p> <p>TI has benefited in recent years as many automakers pivot toward self-driving vehicle technology. The automotive market contributed 18 percent of the company&#8217;s revenue in 2016.</p> <a href="/finance/stocks/overview?symbol=TXN.O" type="external">Texas Instruments Inc</a> 103.9 TXN.O Nasdaq -4.74 (-4.36%) TXN.O <p>The company reported a 67 percent slump in profit to $344 million in the fourth quarter ended Dec. 31, mainly due to tax-related expenses from new U.S. tax laws.</p> <p>Excluding the tax expense, Texas Instruments earned $1.09 per share, matching analysts&#8217; average estimate, according to Thomson Reuters I/B/E/S.</p> <p>&#8220;It&#8217;s not a blow-out result, but it is perfectly fine,&#8221; said Stacy Rasgon, an analyst at Bernstein.</p> <p>TI forecast current-quarter earnings of $1.01 to $1.17 per share. Analysts were expecting $1.06.</p> <p>The chipmaker&#8217;s shares have climbed nearly 15 percent this year after a 43 percent rise in 2017.</p> <p>Reporting by Munsif Vengattil in Bengaluru; editing by Sai Sachin Ravikumar</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Consulting services firm Accenture Plc ( <a href="/finance/stocks/overview?symbol=ACN.N" type="external">ACN.N</a>) trimmed its yearly forecast for profit margins, driving its stock down 6 percent on Thursday and overshadowing quarterly results that comfortably topped Wall Street targets.</p> FILE PHOTO - Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013. REUTERS/Albert Gea/File Photo <p>Accenture now expects fiscal 2018 operating margin &#8212; profit as a proportion of revenue &#8212; of 14.8 percent, a level consistent with results in fiscal 2017, but lower than the 10- to 30-basis-point expansion originally expected by the company.</p> <p>Dublin-based Accenture flagged lower profits from services for healthcare and public service clients as well as higher spending as reasons for the revised forecast.</p> <p>The company also said it expects operating margin to expand in the second half of the year.</p> <p>&#8220;Operating margin was light of (Wall Street) expectations ... operating profit in the Health &amp;amp; Public Service sector has declined significantly,&#8221; Atlantic Equities analyst Chris Hickey said.</p> <p>Accenture has spent more than $3 billion over the last three years &#8212; nearly half of it in fiscal 2017 &#8212; on some 70 acquisitions, to boost its digital and cloud services in order to compete better with Cognizant ( <a href="/finance/stocks/overview?symbol=CTSH.O" type="external">CTSH.O</a>) and IBM ( <a href="/finance/stocks/overview?symbol=IBM.N" type="external">IBM.N</a>).</p> <p>Those services helped Accenture grow net revenue by 15.2 percent to $9.59 billion in the second quarter ended Feb. 28, the biggest increase in at least five years.</p> <p>Net revenue also soared past analysts&#8217; average expectation of $9.31 billion, according to Thomson Reuters I/B/E/S.</p> <p>The digital and cloud services, which Accenture calls &#8220;the New,&#8221; also made up more than 55 percent of revenue, reaching a record level.</p> <p>&#8220;&#8216;The New&#8217; is really impacting across the board,&#8221; Chief Executive Pierre Nanterme said on a call with analysts.</p> <a href="/finance/stocks/overview?symbol=ACN.N" type="external">Accenture PLC</a> 150.23 ACN.N New York Stock Exchange -11.80 (-7.28%) ACN.N CTSH.O IBM.N <p>Accenture began investing in businesses such as digital marketing and cybersecurity about five years ago, compared with its peers that began a similar effort only one or two years back, said Wedbush Securities analyst Moshe Khatri.</p> <p>The company forecast current-quarter revenue between $9.90 billion and $10.15 billion, well ahead of analysts&#8217; average estimate of $9.68 billion.</p> <p>Net income attributable to the company rose to $863.7 million in the second quarter, from $838.8 million a year earlier. Accenture reported earnings of $1.37 per share in the latest quarter.</p> <p>Results included a $137 million charge related to the new U.S. tax code.</p> <p>Excluding one-time items, the company earned $1.58 per share, topping market estimates of $1.49 per share.</p> <p>Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>HONG KONG (Reuters) - China&#8217;s SZ DJI Technology Co Ltd, the world&#8217;s largest maker of non-military drones, is in talks with investors for at least $500 million in funding ahead of a planned stock market debut, people with knowledge of the matter said.</p> FILE PHOTO: A drone is displayed at DJI's flagship store in Hong Kong, China September 22, 2016. REUTERS/Bobby Yip/File Photo <p>With the funding, set to be obtained via a combination of new equity and debt, the firm would be valued at about $15 billion, nearly double its valuation in 2015, they said.</p> <p>The move seeks to capitalize on robust investor enthusiasm for Chinese tech stocks which have pushed valuations to heady levels for many firms, as well as on rapid growth in demand for commercial-use drones.</p> <p>Shenzhen-based DJI plans to expand into drones for sectors such as agriculture, energy, construction as well as drones for use in infrastructure inspection, two of the three people said, declining to be identified as the information was private.</p> <p>Proceeds from the fundraising could be between $500 million and $800 million, one person said.</p> <p>DJI, which commands 70 percent of the global commercial and consumer drone market, wants to finalize the deal in the coming months while a stock market listing either in Hong Kong or mainland China would likely take place next year, they added.</p> <p>But there are also risks to its business, with U.S. President Donald Trump set to announce tariffs on Chinese imports on Thursday.</p> <p>Drone technology tends to spark extra scrutiny due to concern the unmanned aircraft may be used to capture sensitive information.</p> FILE PHOTO: A Phantom drone by DJI company, equipped with a camera, flies during the 4th Intergalactic Meeting of Phantom's Pilots (MIPP) in an open secure area in the Bois de Boulogne, western Paris, March 16, 2014. REUTERS/Charles Platiau/File Photo <p>DJI made headlines in 2015 when its one of its top-selling consumer drones, the Phantom, crashed into the White House lawn and last August, the U.S. Army ordered its members to stop using DJI drones because of &#8220;cyber vulnerabilities&#8221;. DJI has since tightened data security on its drones.</p> <p>A spokeswoman for DJI said in an emailed statement the company had no announcement to make on fundraising and that it was not planning an initial public offering at the moment. She did not elaborate.</p> FILE PHOTO: DJI's first flagship store is pictured in Shenzhen, Guangdong province, China December 20, 2015. REUTERS/Tyrone Siu/File Photo <p>DJI was valued at about $8 billion in 2015 when it raised $75 million from Silicon Valley venture capital firm Accel Partners. Its valuation increased to $10 billion last year, said one person.</p> <p>Founded by Chief Executive Frank Wang in 2006, DJI is also backed by Sequoia Capital China. It is the world&#8217;s top consumer drone maker by revenue and in January its president, Roger Luo, was quoted by media as saying that 2017 sales were likely to have exceeded 18 billion yuan ($2.9 billion).</p> <p>DJI booked about 5 billion yuan in profit last year, said one of the people with knowledge of the fundraising.</p> <p>Its competitors include China&#8217;s Yuneec, which is backed by Intel, France&#8217;s Parrot and units of Boeing and Lockheed Martin.</p> <p>Global spending on drones is likely to reach $9 billion this year and is expected to grow at a compound annual growth rate of 30 percent in the next five years, according to research firm IDC, which estimates more than half of that spending will be on drones for commercial use.</p> <p>Online technology publication The Information first reported some details of DJI&#8217;s latest fundraising plans on Tuesday.</p> <p>Reporting by Fiona Lau of IFR and Julie Zhu in HONG KONG; Additional reporting by Sijia Jiang; Editing by Sumeet Chatterjee and Edwina Gibbs</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets, such as bitcoin and other cryptocurrencies, as part of new plans to help fintech companies find more customers.</p> A bitcoin logo is seen at a facility of the Youth and Sports Ministry in Caracas, Venezuela February 23, 2018. REUTERS/Marco Bello <p>British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas.</p> <p>&#8220;As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology,&#8221; Hammond told a fintech conference hosted by the finance ministry.</p> <p>Investors have flocked to cryptocurrencies like bitcoin despite wild price swings.</p> <p>Regulators have warned that investors could lose all their money, but see promise in the blockchain technology that underpins cryptoassets.</p> <p>Britain&#8217;s announcement comes after finance ministers from the Group of 20 richest economies (G20) were unable this week to find enough consensus for global regulation of cryptocurrencies.</p> Related Coverage <a href="/article/us-britain-fintech-boe/bank-of-england-seeking-digital-boost-sets-up-its-own-fintech-hub-idUSKBN1GY2GW" type="external">Bank of England, seeking digital boost, sets up its own fintech hub</a> <p>Britain&#8217;s financial services minister John Glen said he expected an interim report on cryptoassets soon, though initial guidance is that the scale of activity does not pose any significant risks.</p> <p>&#8220;Regulation could be an enabler of a stable, flourishing cryptocurrency sector,&#8221; Glen told reporters.</p> <p>Bank of England Deputy Governor Dave Ramsden said the central bank has set up a new fintech hub to consider both how the Bank understands and how it applies fintech, relevant to its mission.</p> <p>Ramsden said the hub would be a central point of contact for the fintech sector and would play a role in the new taskforce announced by Hammond.</p> BREXIT DISTRACTION <p>Britain has become a major center for fintech and wants to reassure the sector of its support ahead of the country&#8217;s departure from the European Union next March.</p> Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street to deliver his half-yearly update on the public finances, in London, March 13, 2018. REUTERS/Toby Melville <p>The EU has also stepped up efforts to make itself more attractive as a location for fintech firms.</p> <p>France plans to create a legal framework for raising funds via cryptocurrencies and aims to become a leading center for offerings in bitcoin-style digital currencies, its finance minister, Bruno Le Maire, wrote on a news website.</p> <p>Glen said despite French President Emmanuel Macron rolling out the red carpet to fintech firms, he saw no significant evidence of a serious appetite among firms in London to move to new jurisdictions.</p> <p>While Brexit could be a distraction, there was also no evidence it was impeding investment in UK fintech, Glen said.</p> <a href="/finance/stocks/overview?symbol=HSBA.L" type="external">HSBC Holdings PLC</a> 677.9 HSBA.L London Stock Exchange -- (--%) HSBA.L <p>&#8220;We are still seeing great buoyancy and I expect that to continue. In fintech we see global opportunities,&#8221; Glen added.</p> <p>But HSBC ( <a href="/finance/stocks/overview?symbol=HSBA.L" type="external">HSBA.L</a>) Chairman Mark Tucker told the conference that Britain also faces considerable challenges from other financial centers, highlighting China&#8217;s leadership in the mobile and digital economies.</p> <p>&#8220;Even with London&#8217;s pre-eminent position, commercial advantage must be constantly worked for and renewed,&#8221; Tucker said.</p> <p>Hammond said the fintech strategy would include schemes to pilot &#8220;robo regulation&#8221;, or the use of software by fintech firms to comply with regulation to save time and money.</p> <p>New industry standards will enable fintech firms to team up with banks more easily to offer complex services and reach more customers, he said.</p> <p>Industry and government will create &#8220;shared platforms&#8221; to remove barriers faced by fintech firms setting up new systems, Hammond said.</p> <p>Hammond and Australian Treasurer Scott Morrison signed a &#8220;fintech bridge&#8221; agreement to help UK-based fintech firms sell products and services in Australia and promote regulatory cooperation.</p> <p>Ramsden said the rise of fintech could help Britain improve its long-standing problem of weak productivity growth as well as help the BoE improve its internal infrastructure.</p> <p>Additional reporting by William Schomberg; Editing by Catherine Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>STRATFORD, Ontario (Reuters) - A Canadian town known for its annual theater festival is emerging as a hub of &#8220;snowtonomous&#8221; research, as automakers face demands to produce self-driving cars that can perform in snow and sleet.</p> <p>But testing driverless cars in cold climates brings added challenges to an industry grappling with the first fatality involving an autonomous vehicle.</p> <p>On Sunday, an Uber Technologies Inc self-driving sport utility vehicle hit and killed a woman crossing the street in Arizona.</p> <p>Blackberry ( <a href="/finance/stocks/overview?symbol=BB.TO" type="external">BB.TO</a>) said on Wednesday it will continue testing its self-driving concept car on the road in Ottawa.The Canadian province of Ontario, which allows autonomous vehicles on roads only if there is a human driver behind the wheel, has said it would follow the Arizona investigation and take &#8220;action if warranted.&#8221;</p> <p>Canada&#8217;s largest city, Toronto, is one of three places where Uber tests driverless technology - the other cities are Phoenix, Arizona, and Pittsburgh, Pennsylvania.</p> <p>Automakers, ride services companies and others are investing in self-driving technology said to reduce accidents, and the costs of a driver, with robo-taxis expected to hit the road as early as this year.</p> <p>A wider rollout, however, is expected to take years, if not decades, as companies work to prove autonomous vehicles can run not just in balmy U.S. states, where they are mostly tested, but in colder areas like Ontario and Michigan where snow and sleet can render cameras and sensors ineffective.</p> <p>Ross McKenzie, managing director of the Waterloo Centre of Automotive Research, recalled how a vehicle&#8217;s lidar, which uses laser light to help autonomous cars &#8220;see&#8221; nearby objects, once mistook an ice patch for a pothole.</p> <p>McKenzie&#8217;s research team at the University of Waterloo responded by tweaking the sedan&#8217;s software so it would factor in the time of year and weather when driving in the snow and ice, conditions that autonomous vehicles will have to navigate to be commercially viable.</p> <p>The car needs to consider &#8220;we have winter driving conditions because I&#8217;m in Canada, it&#8217;s November and it&#8217;s 15 below,&#8221; McKenzie said by phone.</p> <p>Ontario, which has lost automaking jobs to lower-cost Mexico in recent years, is counting on the lure of its snowy winters and the strength of its automotive and software engineering sectors to establish a &#8220;Silicon North.&#8221; Since 2016, Ontario has attracted about C$1 billion ($765 million) in private-sector investment for autonomous and connected cars.</p> <p>In Stratford, where the theater festival is an important employer of its 31,000 residents, the city-wide wireless network and weather are helping to attract companies researching connected driving technologies. Ubiquitous Wi-Fi gives companies the option to test vehicle-to-vehicle communication over a 4G band, McKenzie said.</p> Slideshow (20 Images) HARSH WINTERS <p>Japanese semiconductor manufacturer Renesas Electronics Corp ( <a href="/finance/stocks/overview?symbol=6723.T" type="external">6723.T</a>) chose Ontario as the site of its only autonomous test-track because of the harsh winters, along with its proximity to Blackberry&#8217;s QNX unit which produces the operating system.</p> <p>The use of high-definition maps helps self-driving vehicles more easily navigate in the snow, even when road markings are not visible, said John Buszek, Renesas&#8217; Michigan-based director of the company&#8217;s autonomous and advanced driver-assistance division.</p> <p>Renesas&#8217; Lincoln MKZ sedan, which does not currently drive autonomously on public roads, is still equipped with enough backup cameras and sensors to keep running even if one gets covered in sludge, Buszek said.</p> <p>&#8220;In order for the car to have enough sensors to be robust against all different types of climates it means there are going to be a lot of sensors,&#8221; he said during at a recent demonstration at the chipmaker&#8217;s track in Stratford, Ontario.</p> <p>While extra cameras, sensors and lidar work well on the track, consumers are less keen on the cost, appearance and inefficiency of a car covered with such lenses. Some automakers are looking at protective coatings to keep a smaller number of lenses free of sludge.</p> <a href="/finance/stocks/overview?symbol=BB.TO" type="external">BlackBerry Ltd</a> 16.57 BB.TO Toronto Stock Exchange -0.39 (-2.30%) BB.TO 6723.T GM.N <p>&#8220;Ultimately those sensors that you would see on the car today have to be integrated into the car system,&#8221; said Justin Gammage, industry liaison manager at the University of Ontario Institute of Technology&#8217;s Automotive Centre of Excellence (ACE) in Oshawa, Ontario.</p> <p>&#8220;Customers will pretty much want a car to look like a car looks today, even if has all the autonomous features.&#8221;</p> <p>Gammage, formerly General Motors Co&#8217;s ( <a href="/finance/stocks/overview?symbol=GM.N" type="external">GM.N</a>) chief scientist in Canada, said researchers are still looking at non-stick coatings as a cost-effective way to protect lenses.</p> <p>He has yet to find a one-size-fits-all-coating.</p> <p>&#8220;They all have varying degrees of performance. And it&#8217;s really dependent on what type of conditions they are working in,&#8221; he said. &#8220;One coating might work really well in snow, but not as well in rain. And vice versa.&#8221;</p> <p>When self-driving vehicles fail to receive enough data through their cameras, sensors and lidar due to bad weather, they simply will not be able to drive autonomously, McKenzie said.</p> <p>The public should not expect self-driving vehicles to hit the road in conditions that humans would avoid.</p> <p>&#8220;If I&#8217;m not able to get into a car because we&#8217;re two steps short of a monsoon, why would we expect an autonomous vehicle to operate?&#8221;</p> Related Coverage <a href="/article/us-autos-electric-factbox/factbox-automakers-put-pedal-to-the-metal-on-electric-vehicles-idUSKBN1GX2RH" type="external">Factbox: Automakers put pedal to the metal on electric vehicles</a> <p>($1 = 1.3078 Canadian dollars)</p> <p>Reporting by Allison Lampert; Editing by Denny Thomas, Matthew Lewis and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Texas Instruments' revenue growth slowdown rattles investors Accenture trims profit margin forecast as spending grows; stock dives Chinese drone maker DJI seeking at least $500 million in funds: sources Britain unveils new fintech plans, including cryptocurrencies In Canada, driverless cars learn to see in the snow

https://reuters.com/article/texas-instrument-results/update-3-texas-instruments-revenue-growth-slowdown-rattles-investors-idUSL4N1PI5RN

2018-01-23

2least

Reuters Texas Instruments Inc TXNO on Tuesday posted the slowest revenue growth in four quarters on softer demand for its chips used in communications equipment disappointing investors who expected sales for automotive chips to drive strong results FILE PHOTO An employee enters the research building of Texas Instruments France firm in VilleneuveLoubet near Nice December 18 2012 REUTERSEric GaillardFile Photo Shares of the Dallasbased company fell about 7 percent in afterhours trading on Tuesday after earnings also failed to exceed Wall Street expectations for the first time in at least two years Investors also reacted to a tepid forecast for currentquarter revenue TI8217s revenue rose nearly 10 percent in the fourth quarter but growth is expected to slow down to about 7 percent in the quarter ending March based on the midpoint of the company8217s forecast That compares with growth of 12 percent to 13 percent each in the first three quarters of 2017 Though TI saw strong demand for chips used in automobiles and by industries Chief Executive Officer Richard Templeton said the business that makes chips used in communications equipment faced soft demand 8220That8217s a market that traditionally is choppy8221 he said Communications equipment made up 13 percent of Texas Instruments8217 revenue in 2016 TI has benefited in recent years as many automakers pivot toward selfdriving vehicle technology The automotive market contributed 18 percent of the company8217s revenue in 2016 Texas Instruments Inc 1039 TXNO Nasdaq 474 436 TXNO The company reported a 67 percent slump in profit to 344 million in the fourth quarter ended Dec 31 mainly due to taxrelated expenses from new US tax laws Excluding the tax expense Texas Instruments earned 109 per share matching analysts8217 average estimate according to Thomson Reuters IBES 8220It8217s not a blowout result but it is perfectly fine8221 said Stacy Rasgon an analyst at Bernstein TI forecast currentquarter earnings of 101 to 117 per share Analysts were expecting 106 The chipmaker8217s shares have climbed nearly 15 percent this year after a 43 percent rise in 2017 Reporting by Munsif Vengattil in Bengaluru editing by Sai Sachin Ravikumar Our Standards The Thomson Reuters Trust Principles Reuters Consulting services firm Accenture Plc ACNN trimmed its yearly forecast for profit margins driving its stock down 6 percent on Thursday and overshadowing quarterly results that comfortably topped Wall Street targets FILE PHOTO Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona February 26 2013 REUTERSAlbert GeaFile Photo Accenture now expects fiscal 2018 operating margin 8212 profit as a proportion of revenue 8212 of 148 percent a level consistent with results in fiscal 2017 but lower than the 10 to 30basispoint expansion originally expected by the company Dublinbased Accenture flagged lower profits from services for healthcare and public service clients as well as higher spending as reasons for the revised forecast The company also said it expects operating margin to expand in the second half of the year 8220Operating margin was light of Wall Street expectations operating profit in the Health ampamp Public Service sector has declined significantly8221 Atlantic Equities analyst Chris Hickey said Accenture has spent more than 3 billion over the last three years 8212 nearly half of it in fiscal 2017 8212 on some 70 acquisitions to boost its digital and cloud services in order to compete better with Cognizant CTSHO and IBM IBMN Those services helped Accenture grow net revenue by 152 percent to 959 billion in the second quarter ended Feb 28 the biggest increase in at least five years Net revenue also soared past analysts8217 average expectation of 931 billion according to Thomson Reuters IBES The digital and cloud services which Accenture calls 8220the New8221 also made up more than 55 percent of revenue reaching a record level 82208216The New8217 is really impacting across the board8221 Chief Executive Pierre Nanterme said on a call with analysts Accenture PLC 15023 ACNN New York Stock Exchange 1180 728 ACNN CTSHO IBMN Accenture began investing in businesses such as digital marketing and cybersecurity about five years ago compared with its peers that began a similar effort only one or two years back said Wedbush Securities analyst Moshe Khatri The company forecast currentquarter revenue between 990 billion and 1015 billion well ahead of analysts8217 average estimate of 968 billion Net income attributable to the company rose to 8637 million in the second quarter from 8388 million a year earlier Accenture reported earnings of 137 per share in the latest quarter Results included a 137 million charge related to the new US tax code Excluding onetime items the company earned 158 per share topping market estimates of 149 per share Reporting by Arjun Panchadar in Bengaluru Editing by Sai Sachin Ravikumar Our Standards The Thomson Reuters Trust Principles HONG KONG Reuters China8217s SZ DJI Technology Co Ltd the world8217s largest maker of nonmilitary drones is in talks with investors for at least 500 million in funding ahead of a planned stock market debut people with knowledge of the matter said FILE PHOTO A drone is displayed at DJIs flagship store in Hong Kong China September 22 2016 REUTERSBobby YipFile Photo With the funding set to be obtained via a combination of new equity and debt the firm would be valued at about 15 billion nearly double its valuation in 2015 they said The move seeks to capitalize on robust investor enthusiasm for Chinese tech stocks which have pushed valuations to heady levels for many firms as well as on rapid growth in demand for commercialuse drones Shenzhenbased DJI plans to expand into drones for sectors such as agriculture energy construction as well as drones for use in infrastructure inspection two of the three people said declining to be identified as the information was private Proceeds from the fundraising could be between 500 million and 800 million one person said DJI which commands 70 percent of the global commercial and consumer drone market wants to finalize the deal in the coming months while a stock market listing either in Hong Kong or mainland China would likely take place next year they added But there are also risks to its business with US President Donald Trump set to announce tariffs on Chinese imports on Thursday Drone technology tends to spark extra scrutiny due to concern the unmanned aircraft may be used to capture sensitive information FILE PHOTO A Phantom drone by DJI company equipped with a camera flies during the 4th Intergalactic Meeting of Phantoms Pilots MIPP in an open secure area in the Bois de Boulogne western Paris March 16 2014 REUTERSCharles PlatiauFile Photo DJI made headlines in 2015 when its one of its topselling consumer drones the Phantom crashed into the White House lawn and last August the US Army ordered its members to stop using DJI drones because of 8220cyber vulnerabilities8221 DJI has since tightened data security on its drones A spokeswoman for DJI said in an emailed statement the company had no announcement to make on fundraising and that it was not planning an initial public offering at the moment She did not elaborate FILE PHOTO DJIs first flagship store is pictured in Shenzhen Guangdong province China December 20 2015 REUTERSTyrone SiuFile Photo DJI was valued at about 8 billion in 2015 when it raised 75 million from Silicon Valley venture capital firm Accel Partners Its valuation increased to 10 billion last year said one person Founded by Chief Executive Frank Wang in 2006 DJI is also backed by Sequoia Capital China It is the world8217s top consumer drone maker by revenue and in January its president Roger Luo was quoted by media as saying that 2017 sales were likely to have exceeded 18 billion yuan 29 billion DJI booked about 5 billion yuan in profit last year said one of the people with knowledge of the fundraising Its competitors include China8217s Yuneec which is backed by Intel France8217s Parrot and units of Boeing and Lockheed Martin Global spending on drones is likely to reach 9 billion this year and is expected to grow at a compound annual growth rate of 30 percent in the next five years according to research firm IDC which estimates more than half of that spending will be on drones for commercial use Online technology publication The Information first reported some details of DJI8217s latest fundraising plans on Tuesday Reporting by Fiona Lau of IFR and Julie Zhu in HONG KONG Additional reporting by Sijia Jiang Editing by Sumeet Chatterjee and Edwina Gibbs Our Standards The Thomson Reuters Trust Principles LONDON Reuters Britain announced a task force on Thursday to exploit the technology underpinning cryptoassets such as bitcoin and other cryptocurrencies as part of new plans to help fintech companies find more customers A bitcoin logo is seen at a facility of the Youth and Sports Ministry in Caracas Venezuela February 23 2018 REUTERSMarco Bello British finance minister Philip Hammond said he was committed to helping fintech grow and flourish by taking a series of domestic steps and forging links overseas 8220As part of that a new task force will help the UK to manage the risks around cryptoassets as well as harnessing the potential benefits of the underlying technology8221 Hammond told a fintech conference hosted by the finance ministry Investors have flocked to cryptocurrencies like bitcoin despite wild price swings Regulators have warned that investors could lose all their money but see promise in the blockchain technology that underpins cryptoassets Britain8217s announcement comes after finance ministers from the Group of 20 richest economies G20 were unable this week to find enough consensus for global regulation of cryptocurrencies Related Coverage Bank of England seeking digital boost sets up its own fintech hub Britain8217s financial services minister John Glen said he expected an interim report on cryptoassets soon though initial guidance is that the scale of activity does not pose any significant risks 8220Regulation could be an enabler of a stable flourishing cryptocurrency sector8221 Glen told reporters Bank of England Deputy Governor Dave Ramsden said the central bank has set up a new fintech hub to consider both how the Bank understands and how it applies fintech relevant to its mission Ramsden said the hub would be a central point of contact for the fintech sector and would play a role in the new taskforce announced by Hammond BREXIT DISTRACTION Britain has become a major center for fintech and wants to reassure the sector of its support ahead of the country8217s departure from the European Union next March Britains Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street to deliver his halfyearly update on the public finances in London March 13 2018 REUTERSToby Melville The EU has also stepped up efforts to make itself more attractive as a location for fintech firms France plans to create a legal framework for raising funds via cryptocurrencies and aims to become a leading center for offerings in bitcoinstyle digital currencies its finance minister Bruno Le Maire wrote on a news website Glen said despite French President Emmanuel Macron rolling out the red carpet to fintech firms he saw no significant evidence of a serious appetite among firms in London to move to new jurisdictions While Brexit could be a distraction there was also no evidence it was impeding investment in UK fintech Glen said HSBC Holdings PLC 6779 HSBAL London Stock Exchange HSBAL 8220We are still seeing great buoyancy and I expect that to continue In fintech we see global opportunities8221 Glen added But HSBC HSBAL Chairman Mark Tucker told the conference that Britain also faces considerable challenges from other financial centers highlighting China8217s leadership in the mobile and digital economies 8220Even with London8217s preeminent position commercial advantage must be constantly worked for and renewed8221 Tucker said Hammond said the fintech strategy would include schemes to pilot 8220robo regulation8221 or the use of software by fintech firms to comply with regulation to save time and money New industry standards will enable fintech firms to team up with banks more easily to offer complex services and reach more customers he said Industry and government will create 8220shared platforms8221 to remove barriers faced by fintech firms setting up new systems Hammond said Hammond and Australian Treasurer Scott Morrison signed a 8220fintech bridge8221 agreement to help UKbased fintech firms sell products and services in Australia and promote regulatory cooperation Ramsden said the rise of fintech could help Britain improve its longstanding problem of weak productivity growth as well as help the BoE improve its internal infrastructure Additional reporting by William Schomberg Editing by Catherine Evans Our Standards The Thomson Reuters Trust Principles STRATFORD Ontario Reuters A Canadian town known for its annual theater festival is emerging as a hub of 8220snowtonomous8221 research as automakers face demands to produce selfdriving cars that can perform in snow and sleet But testing driverless cars in cold climates brings added challenges to an industry grappling with the first fatality involving an autonomous vehicle On Sunday an Uber Technologies Inc selfdriving sport utility vehicle hit and killed a woman crossing the street in Arizona Blackberry BBTO said on Wednesday it will continue testing its selfdriving concept car on the road in OttawaThe Canadian province of Ontario which allows autonomous vehicles on roads only if there is a human driver behind the wheel has said it would follow the Arizona investigation and take 8220action if warranted8221 Canada8217s largest city Toronto is one of three places where Uber tests driverless technology the other cities are Phoenix Arizona and Pittsburgh Pennsylvania Automakers ride services companies and others are investing in selfdriving technology said to reduce accidents and the costs of a driver with robotaxis expected to hit the road as early as this year A wider rollout however is expected to take years if not decades as companies work to prove autonomous vehicles can run not just in balmy US states where they are mostly tested but in colder areas like Ontario and Michigan where snow and sleet can render cameras and sensors ineffective Ross McKenzie managing director of the Waterloo Centre of Automotive Research recalled how a vehicle8217s lidar which uses laser light to help autonomous cars 8220see8221 nearby objects once mistook an ice patch for a pothole McKenzie8217s research team at the University of Waterloo responded by tweaking the sedan8217s software so it would factor in the time of year and weather when driving in the snow and ice conditions that autonomous vehicles will have to navigate to be commercially viable The car needs to consider 8220we have winter driving conditions because I8217m in Canada it8217s November and it8217s 15 below8221 McKenzie said by phone Ontario which has lost automaking jobs to lowercost Mexico in recent years is counting on the lure of its snowy winters and the strength of its automotive and software engineering sectors to establish a 8220Silicon North8221 Since 2016 Ontario has attracted about C1 billion 765 million in privatesector investment for autonomous and connected cars In Stratford where the theater festival is an important employer of its 31000 residents the citywide wireless network and weather are helping to attract companies researching connected driving technologies Ubiquitous WiFi gives companies the option to test vehicletovehicle communication over a 4G band McKenzie said Slideshow 20 Images HARSH WINTERS Japanese semiconductor manufacturer Renesas Electronics Corp 6723T chose Ontario as the site of its only autonomous testtrack because of the harsh winters along with its proximity to Blackberry8217s QNX unit which produces the operating system The use of highdefinition maps helps selfdriving vehicles more easily navigate in the snow even when road markings are not visible said John Buszek Renesas8217 Michiganbased director of the company8217s autonomous and advanced driverassistance division Renesas8217 Lincoln MKZ sedan which does not currently drive autonomously on public roads is still equipped with enough backup cameras and sensors to keep running even if one gets covered in sludge Buszek said 8220In order for the car to have enough sensors to be robust against all different types of climates it means there are going to be a lot of sensors8221 he said during at a recent demonstration at the chipmaker8217s track in Stratford Ontario While extra cameras sensors and lidar work well on the track consumers are less keen on the cost appearance and inefficiency of a car covered with such lenses Some automakers are looking at protective coatings to keep a smaller number of lenses free of sludge BlackBerry Ltd 1657 BBTO Toronto Stock Exchange 039 230 BBTO 6723T GMN 8220Ultimately those sensors that you would see on the car today have to be integrated into the car system8221 said Justin Gammage industry liaison manager at the University of Ontario Institute of Technology8217s Automotive Centre of Excellence ACE in Oshawa Ontario 8220Customers will pretty much want a car to look like a car looks today even if has all the autonomous features8221 Gammage formerly General Motors Co8217s GMN chief scientist in Canada said researchers are still looking at nonstick coatings as a costeffective way to protect lenses He has yet to find a onesizefitsallcoating 8220They all have varying degrees of performance And it8217s really dependent on what type of conditions they are working in8221 he said 8220One coating might work really well in snow but not as well in rain And vice versa8221 When selfdriving vehicles fail to receive enough data through their cameras sensors and lidar due to bad weather they simply will not be able to drive autonomously McKenzie said The public should not expect selfdriving vehicles to hit the road in conditions that humans would avoid 8220If I8217m not able to get into a car because we8217re two steps short of a monsoon why would we expect an autonomous vehicle to operate8221 Related Coverage Factbox Automakers put pedal to the metal on electric vehicles 1 13078 Canadian dollars Reporting by Allison Lampert Editing by Denny Thomas Matthew Lewis and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles

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<p>Douglas Brice Jordan</p> <p>BY: <a href="" type="internal">Lachlan Markay</a> December 5, 2013 12:30 pm</p> <p>The Eunuchs Society was what piqued my interest.</p> <p>Scrolling through a list of recent lobbying disclosures in early September, an advocacy group for the castrated stuck out, so to speak, among the trade associations and corporate multinationals.</p> <p>I pictured <a href="http://gameofthrones.wikia.com/wiki/Varys" type="external">&amp;#160;Lord Varys</a>&amp;#160;at the helm of a government-relations effort. Instead, I found Douglas Brice Jordan.</p> <p>A Google search turned up nothing on the Society, but its lobbying firm, the Achillean International Group, had a website. Five minutes of exploring the site and it was clear that something was &#8230; well, odd.</p> <p>The Eunuchs Society was one of Achillean&#8217;s six clients, according to lobbying databases. And Achillean&#8217;s chief lobbyist, chairman, and CEO was Douglas Brice Jordan. Who, upon further review, turned out to have spent much of life behind bars.</p> <p>I watched Achillean&#8217;s "video of corporate executives and other matters," which features Jordan prominently. In the <a href="http://www.youtube.com/watch?v=ahPjIRIgLUk" type="external">video</a>, he gazes out a window as Mariah Carey and Whitney Houston sing "When You Believe" in the background.</p> <p>The "corporate executives" portion of the video featured about two-dozen headshots. I plugged some screenshots into Google&#8217;s reverse image search. All of the photos were either stock photography or publicly available headshots of executives at top global financial firms, including Citi, Deutsche Bank, and the German Commerzbank.</p> <p>One headshot featured Xiao Gang, former chairman of the Bank of China and a top Chinese financial industry regulator.</p> <p>Achillean&#8217;s website, which he password-protected after I began asking questions,&amp;#160;claimed&amp;#160;he is a "business consultant" for the company.</p> <p>As Mariah and Whitney sang to six minutes of a blank screen&#8212;the better part of Achillean&#8217;s nine-minute video&#8212;I searched for more information on this intriguing lobbyist.</p> <p>The most prolific source of information on the company and its CEO was a website called Wiki Answers, where users are invited to ask questions in the hope that other users with more expertise will answer them.</p> <p>Someone with the username "Deutsche," the name of another company that lists Jordan as its chairman and CEO, had used Wiki Answers to populate Google search results lending the impression that Jordan is a wildly successful businessman.</p> <p>Deutsche joined Wiki Answers in late 2010&#8212;right around the time, I later discovered, that Jordan got out of federal prison&#8212;and had written nothing but laudatory information about him and his companies.</p> <p>"Is Douglas Brice Jordan the best lobbyist in the US?" Deutsche asked in 2010. Three seconds later, the same user posted an answer: "Douglas Brice Jordan is a registered political and business lobbyist who was selected as one of the Top 100 Registered Lobbyist by the Business Community in 2012."</p> <p>There is no group called "The Business Community" that publishes a "top 100 registered lobbyists" list.</p> <p>One Deutsche answer, which came two seconds after he posted a question, said Jordan "represents a total of 1.5 million business clients."</p> <p>Staff at the Wiki Answers website declined to provide information about user Deutsche and removed the postings after I reached out for comment on the story.</p> <p>Information on Jordan and his business dealings seemed far-fetched, but his criminal history was well documented.</p> <p>Information on his professional associations was also widely available through North Carolina&#8217;s registrar of companies.</p> <p>One of the first companies for which Jordan was a registered agent was BALIL 2 Enterprises. It was incorporated in July 2007, while Jordan and its <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=8268924" type="external">chairman and CEO</a>, Jason Cannadate, were both serving time in a Georgia state prison.</p> <p>Ryan Nickence, who was also in Georgia state prison for burglary&amp;#160;at the same time as Jordan, is listed as the <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=9841237" type="external">CEO of the Makwa Group</a>, which has the same mailing address, a Greensboro P.O. box, that Achillean <a href="http://soprweb.senate.gov/index.cfm?event=getFilingDetails&amp;amp;filingID=0c801bd3-10a4-49ad-8736-de7180f86542&amp;amp;filingTypeID=2" type="external">lists</a>&amp;#160;on its lobbying disclosures.</p> <p>Claude Gerald Celestin, another Georgia inmate whose time for cocaine trafficking&amp;#160;overlapped with Jordan&#8217;s, is listed as the <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=8228478" type="external">chairman and CEO</a> of Celestin Enterprises Inc. Jordan is its registered business agent.</p> <p>In November 2009, while Jordan was in federal prison, he acted as the registered business agent for a company called Garnder Civills Enterprises. Its <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=9257000" type="external">sole corporate officer</a>, Shirley Cunningham, was a disbarred Kentucky attorney who had been <a href="http://www.kentucky.com/2009/08/18/898627/fen-phen-attorneys-sentenced-to.html" type="external">sentenced to 20 years</a> in federal prison for fraud charges three months earlier.</p> <p>Michael Meador is <a href="http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&amp;amp;needingMoreList=false&amp;amp;FirstName=michael&amp;amp;Middle=&amp;amp;LastName=meador&amp;amp;Race=U&amp;amp;Sex=U&amp;amp;Age=&amp;amp;x=-529&amp;amp;y=-492" type="external">currently serving a life sentence</a> in federal prison for his <a href="https://ecf.moed.uscourts.gov/documents/opinions/USA_v_Meador-CDP-335.pdf" type="external">role in a murder</a>, a sentence that overlapped with Jordan&#8217;s. He is also the CEO of M.D. Meador Enterprises, which lists Jordan as its registered agent.</p> <p>Jordan would later claim he had no idea that at least 10 of the companies he helped incorporate were run by convicted criminals, including rapists, murderers, and drug traffickers.</p> <p>At the time, though, I was simply trying to make sense of the information. I began calling every number I could find associated with Jordan, Achillean, and Deutsche Enterprises.</p> <p>I made dozens of phone calls and finally got someone on the phone. He said his name was Michael Davis, and that he was a friend of Jordan&#8217;s holding onto his phone while he was on vacation.</p> <p>Jordan would not be returning until after Thanksgiving, he said.</p> <p>After weeks of scouring publicly available information and leaving messages for Jordan in the futile hope that he would call me back, I decided I&#8217;d try to confront him. It was clear from publicly available information on Jordan that his home was somewhere in North Carolina. Various addresses listed homes, offices, or P.O. boxes in Greensboro, Roxboro, Timberlake, Charlotte, and Raleigh.</p> <p>***</p> <p>So I went to Greensboro.</p> <p>Douglas Brice Jordan is 45 years old. His&amp;#160; <a href="" type="internal">criminal history</a>&amp;#160;began at age 18. He was convicted for five crimes committed throughout 1987, including two counts of obtaining property under false pretenses, misdemeanor larceny, unauthorized use of a motor vehicle, and check fraud. He was sentenced to five years of supervised probation. The probationary period began less than a month after his nineteenth birthday, in December 1987.</p> <p>Only a month later, he was in prison after violating his probation. He was released in November 1989. The following year, he returned to jail after even more convictions on counts of felony fraud and receiving stolen goods. His second prison stay was lengthier: He wasn&#8217;t released until December 1996.</p> <p>On Christmas Day 2001, Jordan was <a href="http://business.highbeam.com/435553/article-1G1-81242371/man-north-carolina-arrested-here-charged-forgery" type="external">&amp;#160;arrested in Missouri</a>&amp;#160;on charges of fraud, forgery, possession of counterfeit devices, and transportation of a stolen vehicle. He&amp;#160; <a href="http://caselaw.findlaw.com/us-8th-circuit/1351499.html" type="external">pleaded guilty</a>&amp;#160;and was sent to federal prison, where he remained until August 2004.</p> <p>Two months later, while on supervised release in North Carolina, he had failed to gain lawful employment, file monthly reports, or notify his supervising officer of a change of address. A federal district court issued a warrant for his arrest.</p> <p>Before the authorities could find him, however, Jordan turned up in Georgia, where he was arrested on two counts of forgery and sentenced to three years in state prison. He was incarcerated&amp;#160;there&amp;#160;from October 2005 until April 2008.</p> <p>With his federal warrant still outstanding, Jordan was turned over to federal authorities after his release from prison in Georgia. He <a href="http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&amp;amp;needingMoreList=false&amp;amp;FirstName=douglas&amp;amp;Middle=brice&amp;amp;LastName=jordan&amp;amp;Race=U&amp;amp;Sex=U&amp;amp;Age=&amp;amp;x=-529&amp;amp;y=-492" type="external">&amp;#160;served more time</a>&amp;#160;in a federal penitentiary, and was released in January 2010.</p> <p>And yet, during this period of on-again, off-again incarceration, Jordan had built himself a business that, he told prospective clients, could provide consulting and registered business agent services.</p> <p>He&amp;#160; <a href="http://www.secretary.state.nc.us/soskb.web.mvc/search/Filings/6485083" type="external">formed</a>&amp;#160;the Achillean Group in 2004. By 2007, corporations&amp;#160; <a href="http://www.secretary.state.nc.us/corporations/searchresultsagt.aspx?searchstr=jordan,%20douglas%20b&amp;amp;Words=STARTING" type="external">began popping up</a>&amp;#160;in North Carolina&#8217;s registrar of companies with Douglas B. Jordan as their registered business agent.</p> <p>Jordan helped incorporate five companies in 2007, according to the state&#8217;s Secretary of State. The following year, he was listed as the registered agent for six more.</p> <p>One of his 2008 filings says he is both the registered agent and the chief executive of Deutsche Groupe, Inc. He would later incorporate&amp;#160; <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=10164751" type="external">another company</a>&amp;#160;called the Deutsche Enterprises Group, for which he also serves as chairman and CEO.</p> <p>That company&#8217;s website, which is also now password-protected, claimed it provided "lobbying solutions" for corporate clients, though it does not show up in federal lobbying disclosure databases.</p> <p>Jordan&#8217;s bio on the website claimed he was a 10 year veteran of "ABC Bank," though it&#8217;s unlikely he had the time to work at a bank while locked up in federal and state prisons.</p> <p>By July 2011, Jordan was the registered business agent for 25 North Carolina companies.</p> <p>That month, the North Carolina Secretary of State informed Jordan that, at the direction of the state&#8217;s Department of Revenue, it was&amp;#160; <a href="" type="internal">suspending</a>&amp;#160;the Achillean Group for failing to file required annual reports for four straight years.</p> <p>Rather than sort out the company&#8217;s delinquency, Jordan created the&amp;#160; <a href="" type="internal">Achillean International Group</a>&amp;#160;a month later.</p> <p>The re-vamped Achillean continued its registered business agent services, listing the company name instead of Jordan&#8217;s on incorporation documents. It helped incorporate eleven companies in 2012 and 2013.</p> <p>Achillean&#8217;s latest client, according to company documents, is the International Association of LGBT Investors and Private Business Owners,&amp;#160; <a href="http://www.secretary.state.nc.us/corporations/Corp.aspx?PitemId=10311330" type="external">incorporated</a>&amp;#160;on Aug. 1, 2013.</p> <p>The group&#8217;s website, also no longer publicly available,&amp;#160;claimed&amp;#160;that it&#8217;s "the largest private business association in the world boosting [sic] a membership of 1.5 [sic] members spanning the globe."</p> <p>The group has only officially existed on paper since August, but it has been one of Achillean&#8217;s six registered lobbying clients&amp;#160; <a href="http://soprweb.senate.gov/index.cfm?event=getFilingDetails&amp;amp;filingID=4e918f6e-ebd7-4927-8358-551091ce8a4a&amp;amp;filingTypeID=1" type="external">since 2010</a>.</p> <p>After I began reaching out to Jordan, he filed termination notices for all of his lobbying clients with the exception of the IALGBTIPBO.</p> <p>Achillean&#8217;s website claimed that its lobbying work on behalf of the association helped spur President Barack Obama to repeal Don&#8217;t Ask Don&#8217;t Tell, the military&#8217;s policy against openly gay service members.</p> <p>The association hired Achillean in 2010 to lobby for its repeal, the website said.</p> <p>"One year ago&amp;#160;when our corporate business clients asked us to to Lobby against and to come up with a plan to repeal the military's &#8216;Dont Ask Dont Tell&#8217; policy we have delievered results as reflected with today's signing by President Obama into law the repeal and cancellation of the military's Dont Ask Dont Tell policy against gay's and lesbian's serving openly in the military&amp;#160;[sic throughout]," a statement on the website said.</p> <p>It claimed to be an effective advocate in Washington. However, according to its own disclosure forms, Achillean never actually conducted any lobbying work.</p> <p>The company signed six lobbying clients in 2010 and filed quarterly disclosure forums for each of them. But all of those disclosures listed "no activity" for the respective periods.</p> <p>Despite the lack of activity, Jordan was using his presence on federal lobbying disclosure filings to sell prospective clients on Achillean&#8217;s services. And some of those clients claim they were ripped off.</p> <p>Which is why Jordan is facing another stint behind bars.</p> <p>***&amp;#160;</p> <p>When I arrived in Greensboro, where Jordan was scheduled for trial on his latest counts of fraud, I decided to start my investigation at the Guilford County courthouse.</p> <p>The court&#8217;s clerk dropped a three-inch stack of papers in front of me. And that was just for his latest arrest, on six counts of obtaining property under false pretenses and one count of possession of counterfeit instruments.</p> <p>Portable scanner in hand, I left with a wealth of information. After interviews with some of his latest alleged victims, I was beginning to understand how he was using a system designed to facilitate transparency and good government to, it is alleged, dupe potential "clients."</p> <p>I followed my GPS to the address of the Crestwood Suites hotel in Greensboro, which court documents listed as one of Jordan&#8217;s most recent addresses.</p> <p>I figured it was a dummy address, but thought it couldn&#8217;t hurt to try. I called the concierge and asked to be connected to Douglas Jordan&#8217;s room.</p> <p>"Just a moment, sir."</p> <p>Well, at least I know he&#8217;s staying in the hotel, I thought. I left a message, knowing I wouldn&#8217;t get a call back.</p> <p>I had to find him somehow. I called the front desk again, but the concierge wouldn&#8217;t give me his room number. I parked outside the hotel for hours hoping I might glimpse him coming in or out. No luck.</p> <p>I&#8217;d seen this movie, I thought. A dashing action hero wields charm and subterfuge to infiltrate the bad guy&#8217;s penthouse at the Fairmont Monte Carlo or some such. There has to be some way to find his room number.</p> <p>I tried ordering a pizza under Jordan&#8217;s name through an online delivery service, declining to give the hotel room and instructing the driver to ask the front desk for the number. I paid by card in advance, and included a hefty tip.</p> <p>But the driver couldn&#8217;t get any more out of the concierge than I could. He had to leave the pizza at the front desk. I was still hungry, and out $20. I turned in for the night, planning to return but unsure how I&#8217;d get what I needed.</p> <p>The next day&#8217;s stakeout didn&#8217;t go any better, and I was getting desperate. I withdrew $100 from an ATM in case I needed to bribe a maid for some information. I slipped into the hotel and started roaming the hallways.</p> <p>Before parting with my C-note, I thought I&#8217;d at least try something desperate: I called the front desk and asked to be connected once again to Jordan&#8217;s room. I&#8217;d try as many times as the concierge would allow, I thought, while prowling the hotel hoping to hear a room phone ring.</p> <p>On the first try, Jordan picked up.</p> <p>"Hello? Hello?"</p> <p>"Hi, Mr. Jordan, this is Lachlan Markay from the&amp;#160;Washington Free Beacon. I&#8217;ve been trying to get a hold of you for a piece I&#8217;m writing on Achillean."</p> <p>Jordan said he was across town, which was strange. I hadn&#8217;t told him where in town I was.</p> <p>"I&#8217;m actually in your hotel right now," I said.</p> <p>Jordan said he was currently traveling. I pointed out that he was speaking to me from his hotel room. He paused, and asked what I&#8217;d like to know.</p> <p>"I&#8217;m not going to elaborate on that" was his phrase of choice throughout the conversation. "No comment" and "I can&#8217;t speak to that" were tossed out as well.</p> <p>Achillean, he insisted, is a legitimate business that provides registered agent, consulting, and lobbying services for corporations and nonprofits.</p> <p>He also denied any knowledge of the numerous felons that ostensibly run the businesses he lists as clients.</p> <p>I continued to press on his criminal history, and he continued to grow more agitated. Eventually he said he had to leave. And he hung up the phone.</p> <p>***</p> <p>During my time in Greensboro, I visited Adina Bass, who, according to the Greensboro police, was one of six alleged targets of Jordan&#8217;s most recent scam. She and a group of friends and family members thought they were lined up for cushy jobs at a Greensboro rental car franchise.</p> <p>Jordan told them that his company, Vulcan Transport Services, was hiring employees to drop off cars from a local Avis rental car location for Achillean clients.</p> <p>He was a prominent lobbyist, he told Bass, so those clients were of some import. It all sounded very impressive.</p> <p>Jordan had Bass and others fill out an employment application form, which they sent to him along with $100 application fees, ostensibly for background checks.</p> <p>Avis told police that they were "unaware of this arrangement" with Jordan, but Bass said employees at Avis "vouched for him." They knew him by name, Bass says, and Jordan conducted an informational session on Vulcan at the company&#8217;s Greensboro franchise.</p> <p>Brad Dozier, Avis Budget Group&#8217;s Greensboro performance manager, would not comment when asked about Jordan. He also refused to give his name, though he sat behind a stack of business cards.</p> <p>Dozier referred questions to an Avis security official who said the company played no part in the scam, and that employees there knew Jordan only as a customer.</p> <p>Bass and Tia Barile, another target of the scheme, describe Jordan as a smooth-talking con artist who had all the right answers and presented every facet of his alleged scam in a way that made it look perfectly legitimate.</p> <p>"He talked a really good game," Barile remembers. Jordan made eye contact and answered all questions without hesitation. "From the way he was speaking and the way he acted, I felt like he was legit."</p> <p>"The applications looked so real," recalls Bass.</p> <p>Weeks after they submitted applications, said Antwan Wilson, Bass&#8217; boyfriend and another would-be victim of the scam, they had not heard back from Jordan.</p> <p>"He kept making excuses, pushing the [starting] date back," Wilson said. Eventually, Bass Googled Jordan, found records of his criminal past, and immediately realized what was going on.</p> <p>Wilson, Bass, Barile, and Lenny Mercado, the father of another of Jordan&#8217;s targets, set up a sting operation. They told Jordan that they had applications and accompanying fees for additional Vulcan employee hopefuls and suggested they meet at a diner in Greensboro.</p> <p>They blocked his car in the parking lot of the Carolina Diner until police arrived. Jordan was arrested on fraud charges.</p> <p>Police searched his car and found two black bags containing "numerous credit cards from several different banks, manufactured traveler&#8217;s checks drawn on Swiss Centurion Financial Services Inc., and &#8230; boxed check stock for the printing of checks."</p> <p>Jordan said that Swiss Centurion is a client, but its website, which, like the three others, was password protected within 24 hours of our interview, says it is an Achillean subsidiary. It also said the company is headquartered in Zurich.</p> <p>According to the officer who conducted the search, "the travelers checks show that the bank routing number did not come back assigned to any documented financial institution, making them counterfeit on their face."</p> <p>The arresting officer noted that Jordan "offered to return the application monies to the victims but said he did not have the cash available at the time." Wilson and Bass say they haven&#8217;t seen a dime but add that the $100 they each lost represented the least of their damages.</p> <p>"Fuck the money," exclaimed Wilson. "I lost my house. I lost my car."</p> <p>The trial of super-lobbyist Douglas Brice Jordan will&amp;#160; <a href="http://www1.aoc.state.nc.us/www/calendars.Officer.do?index=Next+25&amp;amp;start=0&amp;amp;navindex=0&amp;amp;agency=&amp;amp;defname=jordan%2Cdouglas%2Cbrice&amp;amp;submit=Submit+Query" type="external">begin</a>&amp;#160;on December 18.</p>

Achillean’s Heel

http://freebeacon.com/achilleans-heel/

2013-12-05

0right

Douglas Brice Jordan BY Lachlan Markay December 5 2013 1230 pm The Eunuchs Society was what piqued my interest Scrolling through a list of recent lobbying disclosures in early September an advocacy group for the castrated stuck out so to speak among the trade associations and corporate multinationals I pictured amp160Lord Varysamp160at the helm of a governmentrelations effort Instead I found Douglas Brice Jordan A Google search turned up nothing on the Society but its lobbying firm the Achillean International Group had a website Five minutes of exploring the site and it was clear that something was 8230 well odd The Eunuchs Society was one of Achillean8217s six clients according to lobbying databases And Achillean8217s chief lobbyist chairman and CEO was Douglas Brice Jordan Who upon further review turned out to have spent much of life behind bars I watched Achillean8217s video of corporate executives and other matters which features Jordan prominently In the video he gazes out a window as Mariah Carey and Whitney Houston sing When You Believe in the background The corporate executives portion of the video featured about twodozen headshots I plugged some screenshots into Google8217s reverse image search All of the photos were either stock photography or publicly available headshots of executives at top global financial firms including Citi Deutsche Bank and the German Commerzbank One headshot featured Xiao Gang former chairman of the Bank of China and a top Chinese financial industry regulator Achillean8217s website which he passwordprotected after I began asking questionsamp160claimedamp160he is a business consultant for the company As Mariah and Whitney sang to six minutes of a blank screen8212the better part of Achillean8217s nineminute video8212I searched for more information on this intriguing lobbyist The most prolific source of information on the company and its CEO was a website called Wiki Answers where users are invited to ask questions in the hope that other users with more expertise will answer them Someone with the username Deutsche the name of another company that lists Jordan as its chairman and CEO had used Wiki Answers to populate Google search results lending the impression that Jordan is a wildly successful businessman Deutsche joined Wiki Answers in late 20108212right around the time I later discovered that Jordan got out of federal prison8212and had written nothing but laudatory information about him and his companies Is Douglas Brice Jordan the best lobbyist in the US Deutsche asked in 2010 Three seconds later the same user posted an answer Douglas Brice Jordan is a registered political and business lobbyist who was selected as one of the Top 100 Registered Lobbyist by the Business Community in 2012 There is no group called The Business Community that publishes a top 100 registered lobbyists list One Deutsche answer which came two seconds after he posted a question said Jordan represents a total of 15 million business clients Staff at the Wiki Answers website declined to provide information about user Deutsche and removed the postings after I reached out for comment on the story Information on Jordan and his business dealings seemed farfetched but his criminal history was well documented Information on his professional associations was also widely available through North Carolina8217s registrar of companies One of the first companies for which Jordan was a registered agent was BALIL 2 Enterprises It was incorporated in July 2007 while Jordan and its chairman and CEO Jason Cannadate were both serving time in a Georgia state prison Ryan Nickence who was also in Georgia state prison for burglaryamp160at the same time as Jordan is listed as the CEO of the Makwa Group which has the same mailing address a Greensboro PO box that Achillean listsamp160on its lobbying disclosures Claude Gerald Celestin another Georgia inmate whose time for cocaine traffickingamp160overlapped with Jordan8217s is listed as the chairman and CEO of Celestin Enterprises Inc Jordan is its registered business agent In November 2009 while Jordan was in federal prison he acted as the registered business agent for a company called Garnder Civills Enterprises Its sole corporate officer Shirley Cunningham was a disbarred Kentucky attorney who had been sentenced to 20 years in federal prison for fraud charges three months earlier Michael Meador is currently serving a life sentence in federal prison for his role in a murder a sentence that overlapped with Jordan8217s He is also the CEO of MD Meador Enterprises which lists Jordan as its registered agent Jordan would later claim he had no idea that at least 10 of the companies he helped incorporate were run by convicted criminals including rapists murderers and drug traffickers At the time though I was simply trying to make sense of the information I began calling every number I could find associated with Jordan Achillean and Deutsche Enterprises I made dozens of phone calls and finally got someone on the phone He said his name was Michael Davis and that he was a friend of Jordan8217s holding onto his phone while he was on vacation Jordan would not be returning until after Thanksgiving he said After weeks of scouring publicly available information and leaving messages for Jordan in the futile hope that he would call me back I decided I8217d try to confront him It was clear from publicly available information on Jordan that his home was somewhere in North Carolina Various addresses listed homes offices or PO boxes in Greensboro Roxboro Timberlake Charlotte and Raleigh So I went to Greensboro Douglas Brice Jordan is 45 years old Hisamp160 criminal historyamp160began at age 18 He was convicted for five crimes committed throughout 1987 including two counts of obtaining property under false pretenses misdemeanor larceny unauthorized use of a motor vehicle and check fraud He was sentenced to five years of supervised probation The probationary period began less than a month after his nineteenth birthday in December 1987 Only a month later he was in prison after violating his probation He was released in November 1989 The following year he returned to jail after even more convictions on counts of felony fraud and receiving stolen goods His second prison stay was lengthier He wasn8217t released until December 1996 On Christmas Day 2001 Jordan was amp160arrested in Missouriamp160on charges of fraud forgery possession of counterfeit devices and transportation of a stolen vehicle Heamp160 pleaded guiltyamp160and was sent to federal prison where he remained until August 2004 Two months later while on supervised release in North Carolina he had failed to gain lawful employment file monthly reports or notify his supervising officer of a change of address A federal district court issued a warrant for his arrest Before the authorities could find him however Jordan turned up in Georgia where he was arrested on two counts of forgery and sentenced to three years in state prison He was incarceratedamp160thereamp160from October 2005 until April 2008 With his federal warrant still outstanding Jordan was turned over to federal authorities after his release from prison in Georgia He amp160served more timeamp160in a federal penitentiary and was released in January 2010 And yet during this period of onagain offagain incarceration Jordan had built himself a business that he told prospective clients could provide consulting and registered business agent services Heamp160 formedamp160the Achillean Group in 2004 By 2007 corporationsamp160 began popping upamp160in North Carolina8217s registrar of companies with Douglas B Jordan as their registered business agent Jordan helped incorporate five companies in 2007 according to the state8217s Secretary of State The following year he was listed as the registered agent for six more One of his 2008 filings says he is both the registered agent and the chief executive of Deutsche Groupe Inc He would later incorporateamp160 another companyamp160called the Deutsche Enterprises Group for which he also serves as chairman and CEO That company8217s website which is also now passwordprotected claimed it provided lobbying solutions for corporate clients though it does not show up in federal lobbying disclosure databases Jordan8217s bio on the website claimed he was a 10 year veteran of ABC Bank though it8217s unlikely he had the time to work at a bank while locked up in federal and state prisons By July 2011 Jordan was the registered business agent for 25 North Carolina companies That month the North Carolina Secretary of State informed Jordan that at the direction of the state8217s Department of Revenue it wasamp160 suspendingamp160the Achillean Group for failing to file required annual reports for four straight years Rather than sort out the company8217s delinquency Jordan created theamp160 Achillean International Groupamp160a month later The revamped Achillean continued its registered business agent services listing the company name instead of Jordan8217s on incorporation documents It helped incorporate eleven companies in 2012 and 2013 Achillean8217s latest client according to company documents is the International Association of LGBT Investors and Private Business Ownersamp160 incorporatedamp160on Aug 1 2013 The group8217s website also no longer publicly availableamp160claimedamp160that it8217s the largest private business association in the world boosting sic a membership of 15 sic members spanning the globe The group has only officially existed on paper since August but it has been one of Achillean8217s six registered lobbying clientsamp160 since 2010 After I began reaching out to Jordan he filed termination notices for all of his lobbying clients with the exception of the IALGBTIPBO Achillean8217s website claimed that its lobbying work on behalf of the association helped spur President Barack Obama to repeal Don8217t Ask Don8217t Tell the military8217s policy against openly gay service members The association hired Achillean in 2010 to lobby for its repeal the website said One year agoamp160when our corporate business clients asked us to to Lobby against and to come up with a plan to repeal the militarys 8216Dont Ask Dont Tell8217 policy we have delievered results as reflected with todays signing by President Obama into law the repeal and cancellation of the militarys Dont Ask Dont Tell policy against gays and lesbians serving openly in the militaryamp160sic throughout a statement on the website said It claimed to be an effective advocate in Washington However according to its own disclosure forms Achillean never actually conducted any lobbying work The company signed six lobbying clients in 2010 and filed quarterly disclosure forums for each of them But all of those disclosures listed no activity for the respective periods Despite the lack of activity Jordan was using his presence on federal lobbying disclosure filings to sell prospective clients on Achillean8217s services And some of those clients claim they were ripped off Which is why Jordan is facing another stint behind bars amp160 When I arrived in Greensboro where Jordan was scheduled for trial on his latest counts of fraud I decided to start my investigation at the Guilford County courthouse The court8217s clerk dropped a threeinch stack of papers in front of me And that was just for his latest arrest on six counts of obtaining property under false pretenses and one count of possession of counterfeit instruments Portable scanner in hand I left with a wealth of information After interviews with some of his latest alleged victims I was beginning to understand how he was using a system designed to facilitate transparency and good government to it is alleged dupe potential clients I followed my GPS to the address of the Crestwood Suites hotel in Greensboro which court documents listed as one of Jordan8217s most recent addresses I figured it was a dummy address but thought it couldn8217t hurt to try I called the concierge and asked to be connected to Douglas Jordan8217s room Just a moment sir Well at least I know he8217s staying in the hotel I thought I left a message knowing I wouldn8217t get a call back I had to find him somehow I called the front desk again but the concierge wouldn8217t give me his room number I parked outside the hotel for hours hoping I might glimpse him coming in or out No luck I8217d seen this movie I thought A dashing action hero wields charm and subterfuge to infiltrate the bad guy8217s penthouse at the Fairmont Monte Carlo or some such There has to be some way to find his room number I tried ordering a pizza under Jordan8217s name through an online delivery service declining to give the hotel room and instructing the driver to ask the front desk for the number I paid by card in advance and included a hefty tip But the driver couldn8217t get any more out of the concierge than I could He had to leave the pizza at the front desk I was still hungry and out 20 I turned in for the night planning to return but unsure how I8217d get what I needed The next day8217s stakeout didn8217t go any better and I was getting desperate I withdrew 100 from an ATM in case I needed to bribe a maid for some information I slipped into the hotel and started roaming the hallways Before parting with my Cnote I thought I8217d at least try something desperate I called the front desk and asked to be connected once again to Jordan8217s room I8217d try as many times as the concierge would allow I thought while prowling the hotel hoping to hear a room phone ring On the first try Jordan picked up Hello Hello Hi Mr Jordan this is Lachlan Markay from theamp160Washington Free Beacon I8217ve been trying to get a hold of you for a piece I8217m writing on Achillean Jordan said he was across town which was strange I hadn8217t told him where in town I was I8217m actually in your hotel right now I said Jordan said he was currently traveling I pointed out that he was speaking to me from his hotel room He paused and asked what I8217d like to know I8217m not going to elaborate on that was his phrase of choice throughout the conversation No comment and I can8217t speak to that were tossed out as well Achillean he insisted is a legitimate business that provides registered agent consulting and lobbying services for corporations and nonprofits He also denied any knowledge of the numerous felons that ostensibly run the businesses he lists as clients I continued to press on his criminal history and he continued to grow more agitated Eventually he said he had to leave And he hung up the phone During my time in Greensboro I visited Adina Bass who according to the Greensboro police was one of six alleged targets of Jordan8217s most recent scam She and a group of friends and family members thought they were lined up for cushy jobs at a Greensboro rental car franchise Jordan told them that his company Vulcan Transport Services was hiring employees to drop off cars from a local Avis rental car location for Achillean clients He was a prominent lobbyist he told Bass so those clients were of some import It all sounded very impressive Jordan had Bass and others fill out an employment application form which they sent to him along with 100 application fees ostensibly for background checks Avis told police that they were unaware of this arrangement with Jordan but Bass said employees at Avis vouched for him They knew him by name Bass says and Jordan conducted an informational session on Vulcan at the company8217s Greensboro franchise Brad Dozier Avis Budget Group8217s Greensboro performance manager would not comment when asked about Jordan He also refused to give his name though he sat behind a stack of business cards Dozier referred questions to an Avis security official who said the company played no part in the scam and that employees there knew Jordan only as a customer Bass and Tia Barile another target of the scheme describe Jordan as a smoothtalking con artist who had all the right answers and presented every facet of his alleged scam in a way that made it look perfectly legitimate He talked a really good game Barile remembers Jordan made eye contact and answered all questions without hesitation From the way he was speaking and the way he acted I felt like he was legit The applications looked so real recalls Bass Weeks after they submitted applications said Antwan Wilson Bass8217 boyfriend and another wouldbe victim of the scam they had not heard back from Jordan He kept making excuses pushing the starting date back Wilson said Eventually Bass Googled Jordan found records of his criminal past and immediately realized what was going on Wilson Bass Barile and Lenny Mercado the father of another of Jordan8217s targets set up a sting operation They told Jordan that they had applications and accompanying fees for additional Vulcan employee hopefuls and suggested they meet at a diner in Greensboro They blocked his car in the parking lot of the Carolina Diner until police arrived Jordan was arrested on fraud charges Police searched his car and found two black bags containing numerous credit cards from several different banks manufactured traveler8217s checks drawn on Swiss Centurion Financial Services Inc and 8230 boxed check stock for the printing of checks Jordan said that Swiss Centurion is a client but its website which like the three others was password protected within 24 hours of our interview says it is an Achillean subsidiary It also said the company is headquartered in Zurich According to the officer who conducted the search the travelers checks show that the bank routing number did not come back assigned to any documented financial institution making them counterfeit on their face The arresting officer noted that Jordan offered to return the application monies to the victims but said he did not have the cash available at the time Wilson and Bass say they haven8217t seen a dime but add that the 100 they each lost represented the least of their damages Fuck the money exclaimed Wilson I lost my house I lost my car The trial of superlobbyist Douglas Brice Jordan willamp160 beginamp160on December 18

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<p>(Reuters) - The U.S. Federal Trade Commission has made a second request for information on chipmaker Broadcom Ltd&#8217;s $103 billion hostile bid for Qualcomm Inc, Broadcom said in a statement on Friday, a move that could indicate heightened antitrust scrutiny.</p> FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo <p>The FTC review is part of a process under the Hart-Scott-Rodino Act to scrutinize potentially anti-competitive mergers. The vast majority of deals reviewed by the FTC and the Department of Justice are allowed to proceed after the first preliminary review, according to the FTC&#8217;s website.</p> <p>However, if a second request is issued, companies must provide more information to the FTC. As part of its defense against Broadcom, Qualcomm has argued that any deal faces a long antitrust review.</p> <p>Broadcom said that it had anticipated the second request as a normal part of the regulatory approval process.</p> <p>&#8220;This signifies that Broadcom is moving into the next stage of the U.S. antitrust review process,&#8221; Broadcom said in a statement.</p> <p>Deals that get a second FTC request for information often do so because of their complexity and size, and a potential acquisition of Qualcomm by Broadcom could still subsequently be approved, according to sources who asked not to be named because the matter is private.</p> <p>Reuters reported on the second request earlier on Friday. Qualcomm declined to comment, while the FTC did not respond to a request for comment.</p> FILE PHOTO: A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo <p>Broadcom said this week that a separate FTC review of its client relationships is immaterial to its operations, does not relate to its wireless business and has no impact on its proposal to acquire Qualcomm.</p> <p>Broadcom has said it is very confident it can complete the Qualcomm deal within 12 months of signing an agreement, while Qualcomm has said that the regulatory review processes required around the world would take much longer.</p> <p>A deal that Qualcomm has in the works, its proposed $38 billion acquisition of NXP Semiconductors, was approved by EU antitrust regulators this week. Only China has yet to approve this deal, something expected in the next two weeks, according to one of the sources.</p> <p>The NXP deal still faces an uncertain future because some NXP shareholders have asked for Qualcomm to raise its offer.</p> <p>Broadcom has offered to pay $60 per share in cash and $10 per share of its own stock for Qualcomm. To put pressure on Qualcomm, Broadcom has put forward 11 board director nominees to replace Qualcomm&#8217;s board. Qualcomm shareholders are scheduled to vote on these directors in March.</p> <p>Reporting by Greg Roumeliotis and Liana B. Baker in New York; Editing by Tom Brown and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China will impose additional tariffs of 25 percent on 106 U.S. goods including soybeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods, the finance ministry said on Wednesday.</p> FILE PHOTO: A combine drives over stalks of soft red winter wheat during the harvest on a farm in Dixon, Illinois, July 16, 2013. REUTERS/Jim Young/File Photo <p>The products targeted by the tariffs were worth $50 billion in 2017, according to a separate statement from the commerce ministry.</p> <p>Extra tariffs will also be slapped on products such as whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products, the finance ministry said in its statement.</p> <p>U.S. orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some SUVs, certain electric vehicles, will also be subject to the new duties, the finance ministry said.</p> <p>Reporting by Ryan Woo; Editing by Jacqueline Wong</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BERLIN (Reuters) - A decline in diesel-car sales in Germany accelerated in March, the first month after a court ruled that cities can ban vehicles to tackle pollution.</p> <p>Sales of diesel-powered cars in Europe&#8217;s largest auto market plunged by a quarter last month, Germany&#8217;s KBA automotive watchdog said on Wednesday, after declining 19.5 percent in February and 17.6 percent in January.</p> <p>Germany&#8217;s top administrative court ruled in February that cities have the right to ban the most polluting diesel vehicles as they struggle to improve air quality damaged by nitrogen oxide (NOx) emissions, known to cause respiratory disease.</p> <p>To stem the plunge in diesel sales, carmakers including Volkswagen ( <a href="/finance/stocks/overview?symbol=VOWG_p.DE" type="external">VOWG_p.DE</a>) and Daimler have extended incentives for buyers of new diesel cars.</p> <a href="/finance/stocks/overview?symbol=VOWG_p.DE" type="external">Volkswagen AG</a> 161.5 VOWG_p.DE Xetra -0.88 (-0.54%) VOWG_p.DE <p>But fears among drivers of possible restrictions and short supplies of vehicles with the latest Euro 6d generation of diesel engines will weigh on sales in coming months, analysts said.</p> <p>&#8220;For the time being, new diesel sales will not recover,&#8221; Peter Fuss, a senior partner and automotive specialist in concultancy EY&#8217;s German practice, said on Wednesday.</p> <p>&#8220;Rather, the downtrend looks set to continue in coming months,&#8221; Fuss added, predicting the share of diesels of Germany&#8217;s overall auto market would sink towards 25 percent from the current 31 percent.</p> <p>A global backlash against diesel cars broke out after Volkswagen (VW) admitted in 2015 to cheating U.S. exhaust tests. The scandal has spread across the industry and boosted investment in electric vehicles.</p> <p>The KBA also said total registrations in Germany fell 3.4 percent to 347,433 passenger cars, because of two fewer selling days, though first-quarter registrations increased 4 percent to 878,611 vehicles, confirming what an auto industry source told Reuters.</p> <p>Sales in Spain were up 2.1 percent in March but fell 5.8 percent in Italy, with diesel registrations continuing their decline in both markets, according to analysts.</p> <p>Reporting by Andreas Cremer; Editing by Maria Sheahan and David Holmes</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Wall Street&#8217;s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading.</p> <p>After investors fled equities in the morning due to proposed retaliatory tariffs from China, their concerns about a potential trade war eased by the afternoon after Trump&#8217;s top economic adviser Larry Kudlow said the administration was in a &#8220;negotiation&#8221; with China rather than a trade war.</p> <p>Investors said they were comforted by the fact that any tariffs would not take effect immediately, if at all. Strategists also cited the S&amp;amp;P&#8217;s bounce above a key technical support level and said they expect equities to rise further around the first quarter earnings season, due to start in mid-April.</p> <p>&#8220;We&#8217;re starting to feel that while markets hate uncertainty, Trump&#8217;s bark is worse than his bite when it comes to trade,&#8221; said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.</p> <p>&#8220;It&#8217;s earnings that&#8217;s going to lift us off this bottom. It wouldn&#8217;t shock me if we chopped around sideways for a little bit before earnings season ... The trade stuff is really a side show. We&#8217;re waiting for real economic data like the jobs report Friday and for earnings. For now it&#8217;s going to be all about the technicals,&#8221; he said.</p> <p>The S&amp;amp;P opened below its 200-day moving average, a key technical level, but inched above it as the session progressed, and by afternoon was in positive territory.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> rose 230.94 points, or 0.96 percent, to close at 24,264.30, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 30.24 points, or 1.16 percent, to 2,644.69 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 100.83 points, or 1.45 percent, to 7,042.11.</p> <p>The turnaround marked the first time the S&amp;amp;P had showed gains for two consecutive days since early March.</p> <p>Despite big swings in stocks, trading activity in U.S. equity options was muted as expectations for strong corporate earnings quelled the urge to load up on contracts that benefit from a surge in market volatility. The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for the S&amp;amp;P 500, closed down 1.04 points at 20.06.</p> <p>The technology sector .SPLRCT rose 1.4 percent with only two of its stocks ending the day in negative territory including Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>), which was pummeled after news its chief executive would testify in Congress over a data privacy scandal. It too closed well off its session low with a 0.6 percent drop to $155.10.</p> Slideshow (7 Images) <p>Boeing ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) was the biggest drag on the Dow due to its exposure to China, and ended the day well off its session lows with a 1 percent decline to $327.44 after falling as low as $311.88.</p> <p>Farm machinery company Deere &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=DE.N" type="external">DE.N</a>) ended down 2.9 percent at $148.57 as it could be hurt by China tariffs if its customers&#8217; exports are curbed.</p> <p>After being a laggard for much of the session, the S&amp;amp;P 500&#8217;s industrials sector .SPLRCI turned positive late in the day to close 0.4 percent higher.</p> <p>Advancing issues outnumbered declining ones on the NYSE by a 2.19-to-1 ratio; on Nasdaq, a 2.95-to-1 ratio favored advancers.</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 24264.3 .DJI Dow Jones Indexes +230.94 (+0.96%) .DJI .SPX .IXIC FB.O BA.N <p>The S&amp;amp;P 500 posted one new 52-week high and eight new lows; the Nasdaq Composite recorded 40 new highs and 94 new lows.</p> <p>Volume on U.S. exchanges was 7.04 billion shares, compared with the 7.3 billion average for the last 20 trading days.</p> <p>Additional reporting by Saqib Iqbal Ahmed and Herbert Lash in New York and Sruthi Shankar in Bengaluru; Editing by Patrick Graham and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - The Environmental Protection Agency has exempted one of the nation&#8217;s largest oil refining companies, Andeavor ( <a href="/finance/stocks/overview?symbol=ANDV.N" type="external">ANDV.N</a>), from complying with U.S. biofuels regulations - a waiver historically reserved for tiny operations in danger of going belly up, two sources familiar with the matter told Reuters.</p> FILE PHOTO: U.S. President Donald Trump delivers remarks on his proposed changes to the tax code during an event with energy workers at the Andeavor Refinery in Mandan, North Dakota, U.S. September 6, 2017. REUTERS/Jonathan Ernst/File Photo <p>The exemption, which applies to the three smallest of Andeavor&#8217;s ten refineries, marks the first evidence of the EPA freeing a highly profitable multi-billion dollar company from the costly mandates of the U.S. Renewable Fuel Standard. The law requires refiners to blend biofuels such as ethanol into gasoline or purchase credits from those who do such blending.</p> <p>The decision, which has not been previously reported, raises the question of whether other big and profitable oil firms with small refineries - such as Exxon Mobil Corp ( <a href="/finance/stocks/overview?symbol=XOM" type="external">XOM</a>), Chevron Corp ( <a href="/finance/stocks/overview?symbol=CVX.N" type="external">CVX.N</a>) and Phillips 66 ( <a href="/finance/stocks/overview?symbol=PSX.N" type="external">PSX.N</a>) - also have or could receive the waivers, which are granted by the EPA in secret.</p> <p>Such waivers were designed for refineries producing less than 75,000 barrels per day that can demonstrate that they suffer a &#8220;disproportionate economic hardship&#8221; from the costs of RFS compliance.</p> <p>Andeavor posted net profits of about $1.5 billion last year.</p> <p>The EPA exemption, granted about a month ago, could reduce Andeavor&#8217;s regulatory costs by more than $50 million this year, based on the number of biofuels credits that two brokers say the refiner recently sold into the market, along with previous disclosures by firms that own refineries of a similar size.</p> Related Coverage <a href="/article/us-usa-biofules-epa-refineries/u-s-biofuel-credits-fall-on-refiner-exemption-report-traders-idUSKCN1HA27R" type="external">U.S. biofuel credits fall on refiner exemption report: traders</a> <p>Biofuels credit prices tied to ethanol dropped by 6 cents, to 38 cents each, after Reuters reported Andeavor&#8217;s exemption, traders said. Andeavor shares jumped by more than 1 percent on the news, hitting a session high of $102.78.</p> <p>Bob Dinneen, head of the Renewable Fuels Association, reacted to the report by calling the exemption an &#8220;outrageous abuse&#8221; of the law.</p> <p>&#8220;Providing a small refiner waiver to a company like Andeavor is laughable and abandons the commitment of President Trump to protect the RFS,&#8221; he said in a statement.</p> <p>U.S. Senator Chuck Grassley, a Republican who represents Iowa - the nation&#8217;s largest corn-growing state - and a staunch defender of the biofuels program, raised questions over the legality of the exemption.</p> <p>Giving Andeavor &#8220;a free pass when other companies are required to follow the law of the land isn&#8217;t just unfair, it may be illegal,&#8221; Grassley said late Tuesday in a statement to Reuters. &#8220;It would also amount to a massive government handout to a big corporation that made billions in profits just last year.&#8221;</p> <p>The exemption releases the firm of its obligation to provide the EPA with biofuels credits proving compliance at the three refineries - two located in North Dakota and one in Utah - for the year 2016, which would have come due this year, the sources said. Andeavor is also asking EPA for a waiver for its 2017 obligations for the same refineries, but has not yet received a decision, the sources said.</p> <p>Andeavor spokeswoman Destin Singleton declined to comment. EPA spokeswoman Liz Bowman did not immediately comment in response to Reuters inquiries on Monday and Tuesday.</p> <p>As a matter of policy, the agency refuses to release any information on the waivers, or to name their recipients, citing concerns over disclosing private business information. The EPA denied a Freedom of Information Act request from Reuters seeking information on companies receiving the waivers.</p> <p>Exxon Mobil, Chevron and Phillips 66 also own refineries small enough to meet the barrel-per-day standard, as does billionaire investor and Trump ally Carl Icahn - whose efforts last year to overhaul the biofuels program drew scrutiny from federal investigators.</p> <p>Icahn, majority owner of refiner CVR Energy ( <a href="/finance/stocks/overview?symbol=CVI.N" type="external">CVI.N</a>), had served as an advisor to Trump on regulatory issues during his push to reform biofuels regulations early last year, but he resigned amid allegations that the role gave him a conflict of interest.</p> <p>Spokespeople for all four companies declined to comment on whether they had applied for or received any exemptions.</p> <p>The lucrative waivers are typically only reported if a publicly-traded firm considers them to be material to their financial or operational performance, in which case they must disclose the information through Securities and Exchange Commission filings.</p> <p>The RFS has long been a lightning rod of conflict between the corn lobby, which supports the policy as an engine for demand, and refiners who say it costs them a fortune.</p> <p>The White House has sought to broker a deal between two of its key political constituencies in a series of meetings, but the effort has failed to yield policy changes acceptable to both sides.</p> <p>Ethanol industry advocates argue exemptions for refiners undermine the intent of the law, originally designed to reduce greenhouse gas emissions, reduce dependence on foreign oil and boost farm economies.</p> <p>While the EPA&#8217;s motives in providing hardship waivers are unclear, the exemptions are one of the tools at the administration&#8217;s disposal to ease financial pressure on refiners without undertaking a reform of the RFS policy.</p> FILE PHOTO: U.S. President Donald Trump arrives in his motorcade to deliver remarks on his proposed changes to the tax code during an event with energy workers at the Andeavor Refinery in Mandan, North Dakota, U.S. September 6, 2017. REUTERS/Jonathan Ernst/File Photo <p>EPA chief Scott Pruitt, appointed by Trump, has repeatedly said the RFS is too costly to oil refiners and should be overhauled. But Trump&#8217;s Secretary of Agriculture, Sonny Perdue, told an agriculture conference in February that Trump &#8220;stands with corn farmers, biofuels farmers and the RFS,&#8221; according to a recording heard by Reuters.</p> <p>White House spokeswoman Kelly Love did not respond to a question about whether the administration was expanding the use of the RFS waivers to help refiners. Bowman, of the EPA, also did not comment on the question.</p> LAWSUIT OVER &#8216;HARDSHIP&#8217; STANDARD <p>Andeavor&#8217;s waiver follows a successful lawsuit by another refiner, Sinclair Oil, last year challenging the strict standard the EPA has used under past administrations for determining financial hardship.</p> <p>&#8220;The EPA&#8217;s interpretation takes the statutory language too far,&#8221; wrote Chief Judge Timothy Tymkovich of the 10th Circuit Court of Appeals in Denver. &#8220;A &#8216;hardship&#8217; is something that makes one&#8217;s life hard or difficult - not just something that makes continued existence impossible.&#8221;</p> <p>The lawsuit - along with a perception that the Trump administration might be more sympathetic to refiners - has sparked a big increase in applications from refining firms for he exemptions this year. More than 30 refineries have sought the waivers, according to sources familiar with the matter.</p> <a href="/finance/stocks/overview?symbol=ANDV.N" type="external">Andeavor</a> 104.11 ANDV.N New York Stock Exchange +1.39 (+1.35%) ANDV.N XOM CVX.N PSX.N CVI.N <p>In a typical year, the EPA would receive about 12 to 15 requests for hardship exemptions and would grant about half of them, a former official familiar with the program told Reuters.</p> EXEMPTIONS SAVE REFINERS BIG BUCKS <p>Andeavor sold some 100 million of those credits to its competitors in recent weeks, according to two brokers in the biofuels credit market. The company otherwise would have needed to provide those credits to the EPA to prove compliance with the RFS.</p> <p>Those credits would be worth about $58 million based on&amp;#160;a Reuters calculation of&amp;#160;average&amp;#160;renewable fuel RIN&amp;#160;prices this year.</p> <p>In the past, other companies have said the exemptions they were granted saved them tens of millions of dollars, according to Securities and Exchange Commission filings.</p> <p>Last year, for example, HollyFrontier disclosed a reduction of almost $58 million in its costs of credits for two refineries for 2016.</p> <p>Refiners granted exemptions win in two ways: They no longer have to blend biofuels or buy credits to comply with the law, and they can sell any credits they had previously purchased to use for compliance.</p> <p>Reporting by Jarrett Renshaw and Chris Prentice; Additional reporting by Jessica Resnick-Ault; Editing by Richard Valdmanis and Brian Thevenot</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

FTC makes second request on Broadcom's bid for Qualcomm China announces additional tariffs on $50 billion of U.S. goods German diesel car sales plunge steepens in March Wall Street closes higher as China tariff fears ease Exclusive: EPA gives giant refiner a 'hardship' waiver from regulation

https://reuters.com/article/us-qualcomm-m-a-broadcom/ftc-makes-second-request-on-broadcoms-bid-for-qualcomm-idUSKBN1F82K5

2018-01-19

2least

Reuters The US Federal Trade Commission has made a second request for information on chipmaker Broadcom Ltd8217s 103 billion hostile bid for Qualcomm Inc Broadcom said in a statement on Friday a move that could indicate heightened antitrust scrutiny FILE PHOTO A sign to the campus offices of chip maker Broadcom Ltd who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for 103 billion is shown in Irvine California US November 6 2017 REUTERSMike BlakeFile Photo The FTC review is part of a process under the HartScottRodino Act to scrutinize potentially anticompetitive mergers The vast majority of deals reviewed by the FTC and the Department of Justice are allowed to proceed after the first preliminary review according to the FTC8217s website However if a second request is issued companies must provide more information to the FTC As part of its defense against Broadcom Qualcomm has argued that any deal faces a long antitrust review Broadcom said that it had anticipated the second request as a normal part of the regulatory approval process 8220This signifies that Broadcom is moving into the next stage of the US antitrust review process8221 Broadcom said in a statement Deals that get a second FTC request for information often do so because of their complexity and size and a potential acquisition of Qualcomm by Broadcom could still subsequently be approved according to sources who asked not to be named because the matter is private Reuters reported on the second request earlier on Friday Qualcomm declined to comment while the FTC did not respond to a request for comment FILE PHOTO A sign on the Qualcomm campus is seen as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for 103 billion in San Diego California US November 6 2017 REUTERSMike BlakeFile Photo Broadcom said this week that a separate FTC review of its client relationships is immaterial to its operations does not relate to its wireless business and has no impact on its proposal to acquire Qualcomm Broadcom has said it is very confident it can complete the Qualcomm deal within 12 months of signing an agreement while Qualcomm has said that the regulatory review processes required around the world would take much longer A deal that Qualcomm has in the works its proposed 38 billion acquisition of NXP Semiconductors was approved by EU antitrust regulators this week Only China has yet to approve this deal something expected in the next two weeks according to one of the sources The NXP deal still faces an uncertain future because some NXP shareholders have asked for Qualcomm to raise its offer Broadcom has offered to pay 60 per share in cash and 10 per share of its own stock for Qualcomm To put pressure on Qualcomm Broadcom has put forward 11 board director nominees to replace Qualcomm8217s board Qualcomm shareholders are scheduled to vote on these directors in March Reporting by Greg Roumeliotis and Liana B Baker in New York Editing by Tom Brown and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China will impose additional tariffs of 25 percent on 106 US goods including soybeans autos chemicals some types of aircraft and corn products among other agricultural goods the finance ministry said on Wednesday FILE PHOTO A combine drives over stalks of soft red winter wheat during the harvest on a farm in Dixon Illinois July 16 2013 REUTERSJim YoungFile Photo The products targeted by the tariffs were worth 50 billion in 2017 according to a separate statement from the commerce ministry Extra tariffs will also be slapped on products such as whisky cigars and tobacco some types of beef lubricants and propane and other plastic products the finance ministry said in its statement US orange juice certain sorghum products cotton some types of wheat as well as trucks some SUVs certain electric vehicles will also be subject to the new duties the finance ministry said Reporting by Ryan Woo Editing by Jacqueline Wong Our Standards The Thomson Reuters Trust Principles BERLIN Reuters A decline in dieselcar sales in Germany accelerated in March the first month after a court ruled that cities can ban vehicles to tackle pollution Sales of dieselpowered cars in Europe8217s largest auto market plunged by a quarter last month Germany8217s KBA automotive watchdog said on Wednesday after declining 195 percent in February and 176 percent in January Germany8217s top administrative court ruled in February that cities have the right to ban the most polluting diesel vehicles as they struggle to improve air quality damaged by nitrogen oxide NOx emissions known to cause respiratory disease To stem the plunge in diesel sales carmakers including Volkswagen VOWG_pDE and Daimler have extended incentives for buyers of new diesel cars Volkswagen AG 1615 VOWG_pDE Xetra 088 054 VOWG_pDE But fears among drivers of possible restrictions and short supplies of vehicles with the latest Euro 6d generation of diesel engines will weigh on sales in coming months analysts said 8220For the time being new diesel sales will not recover8221 Peter Fuss a senior partner and automotive specialist in concultancy EY8217s German practice said on Wednesday 8220Rather the downtrend looks set to continue in coming months8221 Fuss added predicting the share of diesels of Germany8217s overall auto market would sink towards 25 percent from the current 31 percent A global backlash against diesel cars broke out after Volkswagen VW admitted in 2015 to cheating US exhaust tests The scandal has spread across the industry and boosted investment in electric vehicles The KBA also said total registrations in Germany fell 34 percent to 347433 passenger cars because of two fewer selling days though firstquarter registrations increased 4 percent to 878611 vehicles confirming what an auto industry source told Reuters Sales in Spain were up 21 percent in March but fell 58 percent in Italy with diesel registrations continuing their decline in both markets according to analysts Reporting by Andreas Cremer Editing by Maria Sheahan and David Holmes Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Wall Street8217s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading After investors fled equities in the morning due to proposed retaliatory tariffs from China their concerns about a potential trade war eased by the afternoon after Trump8217s top economic adviser Larry Kudlow said the administration was in a 8220negotiation8221 with China rather than a trade war Investors said they were comforted by the fact that any tariffs would not take effect immediately if at all Strategists also cited the SampampP8217s bounce above a key technical support level and said they expect equities to rise further around the first quarter earnings season due to start in midApril 8220We8217re starting to feel that while markets hate uncertainty Trump8217s bark is worse than his bite when it comes to trade8221 said Robert Phipps a director at Per Stirling Capital Management in Austin Texas 8220It8217s earnings that8217s going to lift us off this bottom It wouldn8217t shock me if we chopped around sideways for a little bit before earnings season The trade stuff is really a side show We8217re waiting for real economic data like the jobs report Friday and for earnings For now it8217s going to be all about the technicals8221 he said The SampampP opened below its 200day moving average a key technical level but inched above it as the session progressed and by afternoon was in positive territory The Dow Jones Industrial Average DJI rose 23094 points or 096 percent to close at 2426430 the SampampP 500 SPX gained 3024 points or 116 percent to 264469 and the Nasdaq Composite IXIC added 10083 points or 145 percent to 704211 The turnaround marked the first time the SampampP had showed gains for two consecutive days since early March Despite big swings in stocks trading activity in US equity options was muted as expectations for strong corporate earnings quelled the urge to load up on contracts that benefit from a surge in market volatility The Cboe Volatility Index VIX the most widely followed barometer of expected nearterm volatility for the SampampP 500 closed down 104 points at 2006 The technology sector SPLRCT rose 14 percent with only two of its stocks ending the day in negative territory including Facebook Inc FBO which was pummeled after news its chief executive would testify in Congress over a data privacy scandal It too closed well off its session low with a 06 percent drop to 15510 Slideshow 7 Images Boeing BAN was the biggest drag on the Dow due to its exposure to China and ended the day well off its session lows with a 1 percent decline to 32744 after falling as low as 31188 Farm machinery company Deere ampamp Co DEN ended down 29 percent at 14857 as it could be hurt by China tariffs if its customers8217 exports are curbed After being a laggard for much of the session the SampampP 5008217s industrials sector SPLRCI turned positive late in the day to close 04 percent higher Advancing issues outnumbered declining ones on the NYSE by a 219to1 ratio on Nasdaq a 295to1 ratio favored advancers Dow Jones ampamp Company Inc 242643 DJI Dow Jones Indexes 23094 096 DJI SPX IXIC FBO BAN The SampampP 500 posted one new 52week high and eight new lows the Nasdaq Composite recorded 40 new highs and 94 new lows Volume on US exchanges was 704 billion shares compared with the 73 billion average for the last 20 trading days Additional reporting by Saqib Iqbal Ahmed and Herbert Lash in New York and Sruthi Shankar in Bengaluru Editing by Patrick Graham and James Dalgleish Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters The Environmental Protection Agency has exempted one of the nation8217s largest oil refining companies Andeavor ANDVN from complying with US biofuels regulations a waiver historically reserved for tiny operations in danger of going belly up two sources familiar with the matter told Reuters FILE PHOTO US President Donald Trump delivers remarks on his proposed changes to the tax code during an event with energy workers at the Andeavor Refinery in Mandan North Dakota US September 6 2017 REUTERSJonathan ErnstFile Photo The exemption which applies to the three smallest of Andeavor8217s ten refineries marks the first evidence of the EPA freeing a highly profitable multibillion dollar company from the costly mandates of the US Renewable Fuel Standard The law requires refiners to blend biofuels such as ethanol into gasoline or purchase credits from those who do such blending The decision which has not been previously reported raises the question of whether other big and profitable oil firms with small refineries such as Exxon Mobil Corp XOM Chevron Corp CVXN and Phillips 66 PSXN also have or could receive the waivers which are granted by the EPA in secret Such waivers were designed for refineries producing less than 75000 barrels per day that can demonstrate that they suffer a 8220disproportionate economic hardship8221 from the costs of RFS compliance Andeavor posted net profits of about 15 billion last year The EPA exemption granted about a month ago could reduce Andeavor8217s regulatory costs by more than 50 million this year based on the number of biofuels credits that two brokers say the refiner recently sold into the market along with previous disclosures by firms that own refineries of a similar size Related Coverage US biofuel credits fall on refiner exemption report traders Biofuels credit prices tied to ethanol dropped by 6 cents to 38 cents each after Reuters reported Andeavor8217s exemption traders said Andeavor shares jumped by more than 1 percent on the news hitting a session high of 10278 Bob Dinneen head of the Renewable Fuels Association reacted to the report by calling the exemption an 8220outrageous abuse8221 of the law 8220Providing a small refiner waiver to a company like Andeavor is laughable and abandons the commitment of President Trump to protect the RFS8221 he said in a statement US Senator Chuck Grassley a Republican who represents Iowa the nation8217s largest corngrowing state and a staunch defender of the biofuels program raised questions over the legality of the exemption Giving Andeavor 8220a free pass when other companies are required to follow the law of the land isn8217t just unfair it may be illegal8221 Grassley said late Tuesday in a statement to Reuters 8220It would also amount to a massive government handout to a big corporation that made billions in profits just last year8221 The exemption releases the firm of its obligation to provide the EPA with biofuels credits proving compliance at the three refineries two located in North Dakota and one in Utah for the year 2016 which would have come due this year the sources said Andeavor is also asking EPA for a waiver for its 2017 obligations for the same refineries but has not yet received a decision the sources said Andeavor spokeswoman Destin Singleton declined to comment EPA spokeswoman Liz Bowman did not immediately comment in response to Reuters inquiries on Monday and Tuesday As a matter of policy the agency refuses to release any information on the waivers or to name their recipients citing concerns over disclosing private business information The EPA denied a Freedom of Information Act request from Reuters seeking information on companies receiving the waivers Exxon Mobil Chevron and Phillips 66 also own refineries small enough to meet the barrelperday standard as does billionaire investor and Trump ally Carl Icahn whose efforts last year to overhaul the biofuels program drew scrutiny from federal investigators Icahn majority owner of refiner CVR Energy CVIN had served as an advisor to Trump on regulatory issues during his push to reform biofuels regulations early last year but he resigned amid allegations that the role gave him a conflict of interest Spokespeople for all four companies declined to comment on whether they had applied for or received any exemptions The lucrative waivers are typically only reported if a publiclytraded firm considers them to be material to their financial or operational performance in which case they must disclose the information through Securities and Exchange Commission filings The RFS has long been a lightning rod of conflict between the corn lobby which supports the policy as an engine for demand and refiners who say it costs them a fortune The White House has sought to broker a deal between two of its key political constituencies in a series of meetings but the effort has failed to yield policy changes acceptable to both sides Ethanol industry advocates argue exemptions for refiners undermine the intent of the law originally designed to reduce greenhouse gas emissions reduce dependence on foreign oil and boost farm economies While the EPA8217s motives in providing hardship waivers are unclear the exemptions are one of the tools at the administration8217s disposal to ease financial pressure on refiners without undertaking a reform of the RFS policy FILE PHOTO US President Donald Trump arrives in his motorcade to deliver remarks on his proposed changes to the tax code during an event with energy workers at the Andeavor Refinery in Mandan North Dakota US September 6 2017 REUTERSJonathan ErnstFile Photo EPA chief Scott Pruitt appointed by Trump has repeatedly said the RFS is too costly to oil refiners and should be overhauled But Trump8217s Secretary of Agriculture Sonny Perdue told an agriculture conference in February that Trump 8220stands with corn farmers biofuels farmers and the RFS8221 according to a recording heard by Reuters White House spokeswoman Kelly Love did not respond to a question about whether the administration was expanding the use of the RFS waivers to help refiners Bowman of the EPA also did not comment on the question LAWSUIT OVER 8216HARDSHIP8217 STANDARD Andeavor8217s waiver follows a successful lawsuit by another refiner Sinclair Oil last year challenging the strict standard the EPA has used under past administrations for determining financial hardship 8220The EPA8217s interpretation takes the statutory language too far8221 wrote Chief Judge Timothy Tymkovich of the 10th Circuit Court of Appeals in Denver 8220A 8216hardship8217 is something that makes one8217s life hard or difficult not just something that makes continued existence impossible8221 The lawsuit along with a perception that the Trump administration might be more sympathetic to refiners has sparked a big increase in applications from refining firms for he exemptions this year More than 30 refineries have sought the waivers according to sources familiar with the matter Andeavor 10411 ANDVN New York Stock Exchange 139 135 ANDVN XOM CVXN PSXN CVIN In a typical year the EPA would receive about 12 to 15 requests for hardship exemptions and would grant about half of them a former official familiar with the program told Reuters EXEMPTIONS SAVE REFINERS BIG BUCKS Andeavor sold some 100 million of those credits to its competitors in recent weeks according to two brokers in the biofuels credit market The company otherwise would have needed to provide those credits to the EPA to prove compliance with the RFS Those credits would be worth about 58 million based onamp160a Reuters calculation ofamp160averageamp160renewable fuel RINamp160prices this year In the past other companies have said the exemptions they were granted saved them tens of millions of dollars according to Securities and Exchange Commission filings Last year for example HollyFrontier disclosed a reduction of almost 58 million in its costs of credits for two refineries for 2016 Refiners granted exemptions win in two ways They no longer have to blend biofuels or buy credits to comply with the law and they can sell any credits they had previously purchased to use for compliance Reporting by Jarrett Renshaw and Chris Prentice Additional reporting by Jessica ResnickAult Editing by Richard Valdmanis and Brian Thevenot Our Standards The Thomson Reuters Trust Principles

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<p>* Says Petropavlovsk undervalued</p> <p>* Wants former CEO to come back to lead project to boost output</p> <p>LONDON, Jan 23 (Reuters) - Kazakh businessman Kenges Rakishev, who owns just over a fifth of Russian miner Petropavlovsk, said the company should sell its 31.1 percent stake in Hong Kong-listed iron ore company IRC to focus exclusively on gold.</p> <p>Rakishev, who bought a 22 percent stake in Petropavlovsk in December, has said his near-term focus is on bringing back former CEO Pavel Masklovskiy to continue work on a project to boost the company&#8217;s output.</p> <p>After that, he would seek acquisitions, not just in Russia, but in central Asia, and he said shareholder value would be increased if Petropavlovsk sold its stake in IRC, which has a market capitalisation of around $200 million.</p> <p>&#8220;IRC is a very good company, but it&#8217;s not adding value for Petropavlovsk shareholders,&#8221; he said in an interview in London before a closed-door meeting with other shareholders.</p> <p>Rakishev said Petropavlovsk is undervalued relative to other Russian gold miners.</p> <p>Leading Russian producer Polyus, for instance, produces nearly 70 tonnes of gold per year, compared with Petropavlovsk&#8217;s roughly 15 tonnes, but the valuation gap is much greater than the difference in output, he said.</p> <p>Petropavlovsk has a market capitalisation of just over 270 million pounds ($377 million) compared with Polyus&#8217;s market capitalisation of 602 billion roubles ($10.65 billion), according to Thomson Reuters data.</p> <p>Analysts say Polyus is a lower cost producer and a considerable amount of Petropavlovsk&#8217;s future production depends on a technical project, the Pressure Oxidation Hub (POX), which is scheduled to begin increasing output late this year.</p> <p>Rakishev, who has previously invested in Kazakh gold assets, said he is committed to Petropavlovsk for the long term. ($1 = 0.7154 pounds) ($1 = 56.5174 roubles) (Reporting by Barbara Lewis; additional reporting by Poliina Devitt in Moscow; Editing by Adrian Croft)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Bank of America Corp ( <a href="/finance/stocks/overview?symbol=BAC.N" type="external">BAC.N</a>) will pay a $42 million fine and admitted wrongdoing to settle claims by New York&#8217;s attorney general that it fraudulently routed clients&#8217; stock trades to outside firms, including one run by swindler Bernard Madoff.</p> FILE PHOTO: A customer leaves a Bank of America ATM kiosk in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder <p>New York Attorney General Eric Schneiderman announced the settlement on Friday, and called the fine the largest collected by the state to resolve an electronic trading probe.</p> <p>The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades.</p> <p>He said the bank told clients it was processing the trades in-house, even going so far as to alter trade confirmations, as part of an effort to make its electronic trading services appear safer and more sophisticated than they were.</p> <p>Schneiderman said the &#8220;masking&#8221; scheme affected more than 16 million trade orders and 4 billion shares, benefiting such firms as Madoff Securities, Citadel Securities, D.E. Shaw, Knight Capital and Two Sigma Securities.</p> <p>The bank also admitted to having told traders in its &#8220;dark pool,&#8221; a private venue where they expected protection from high-speed traders, that up to 30 percent of orders came from retail traders, when the percentage was closer to 5 percent.</p> <p>&#8220;Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,&#8221; Schneiderman said in a statement.</p> <a href="/finance/stocks/overview?symbol=BAC.N" type="external">Bank of America Corp</a> 29.17 BAC.N New York Stock Exchange -1.38 (-4.52%) BAC.N BARC.L CSGN.S DBKGn.DE <p>Bill Halldin, a bank spokesman, said in an email: &#8220;At all times we met our obligation to deliver the best prices to clients. About five years ago, we addressed the issues concerning communicating to clients about where their trades were executed.&#8221;</p> <p>The Charlotte, North Carolina-based bank also admitted that its masking activity violated New York&#8217;s powerful securities fraud law, the Martin Act.</p> <p>In 2016, Barclays Plc ( <a href="/finance/stocks/overview?symbol=BARC.L" type="external">BARC.L</a>), Credit Suisse Group AG ( <a href="/finance/stocks/overview?symbol=CSGN.S" type="external">CSGN.S</a>) and Deutsche Bank AG ( <a href="/finance/stocks/overview?symbol=DBKGn.DE" type="external">DBKGn.DE</a>) settled separate electronic and high-speed trading probes by Schneiderman&#8217;s office for a respective $35 million, $30 million and $18.5 million. They also reached related settlements with the U.S. Securities and Exchange Commission.</p> <p>Madoff is serving a 150-year prison term for running a huge Ponzi scheme involving his investment advisory business.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe and Phil Berlowitz</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - GlaxoSmithKline ( <a href="/finance/stocks/overview?symbol=GSK.L" type="external">GSK.L</a>) has quit the race to buy Pfizer&#8217;s ( <a href="/finance/stocks/overview?symbol=PFE.N" type="external">PFE.N</a>) consumer healthcare business, endangering an auction the U.S. drugmaker hoped would bring in as much as $20 billion.</p> <p>It was not immediately clear whether there were other offers for the business, which includes Advil painkillers and Centrum vitamins, following this week&#8217;s deadline for binding bids.</p> <p>GlaxoSmithKline (GSK), which announced its withdrawal on Friday, was seen as the frontrunner to buy the assets after Reckitt Benckiser ( <a href="/finance/stocks/overview?symbol=RB.L" type="external">RB.L</a>) left the race late on Wednesday. Johnson &amp;amp; Johnson ( <a href="/finance/stocks/overview?symbol=JNJ.N" type="external">JNJ.N</a>) stepped away from the auction in January.</p> <p>A source familiar with the matter said GSK declined to make a final bid for the assets in the end.</p> <p>&#8220;While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation,&#8221; GSK Chief Executive Emma Walmsley said in a statement.</p> <p>GSK shares rose nearly 4 percent, as investors&#8217; concerns about a potential dividend cut eased.</p> <p>Pfizer said on Friday it continued to evaluate potential alternatives for the business, which include a spin-off, sale or other transaction, as well as retaining it.</p> <p>&#8220;We have not yet made a decision, but continue to expect to make one in 2018,&#8221; a spokesman said.</p> <p>Sources familiar with the matter said on Thursday it was possible there were other bids. On Friday, a source said that if not, Pfizer could try to tap private equity funds.</p> <p>Pfizer is the world&#8217;s fifth-largest player in consumer health with 2.5 percent of a market bolstered by aging populations and growing interest in health and wellness.</p> <p>The business, which also includes Chapstick lip balm and Caltrate supplements, is seen as attractive but has come to market at a bad time. GSK and Reckitt are under shareholder pressure to exercise financial discipline, while other potential suitors, such as Bayer ( <a href="/finance/stocks/overview?symbol=BAYGn.DE" type="external">BAYGn.DE</a>) and Sanofi ( <a href="/finance/stocks/overview?symbol=SASY.PA" type="external">SASY.PA</a>) are busy with other projects.</p> FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York, U.S., April 28, 2014. REUTERS/Andrew Kelly/File Photo <p>What is more, the global consumer health market has slowed, from 4-6 percent like-for-like sales growth to 0-3 percent growth, Morgan Stanley analysts said in December. Major players in the over-the-counter market have been grappling with pricing pressure stoked by online players such as Amazon ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) and private label competitors.</p> <p>Pfizer&#8217;s hope of fetching around $20 billion translated to a multiple of about 20 times the unit&#8217;s core earnings, according to Bernstein analysts, in line with past deals in the sector during faster growing times.</p> <p>Differences in price expectations also hobbled German drugmaker Merck KGaA&#8217;s ( <a href="/finance/stocks/overview?symbol=MRCG.DE" type="external">MRCG.DE</a>) attempts to sell its consumer products unit, where a price tag of up to 4 billion euros ($5 billion) deterred initial suitors such as Nestle ( <a href="/finance/stocks/overview?symbol=NESN.S" type="external">NESN.S</a>), Perrigo ( <a href="/finance/stocks/overview?symbol=PRGO.N" type="external">PRGO.N</a>) and a private-equity consortium.</p> <a href="/finance/stocks/overview?symbol=GSK.L" type="external">GlaxoSmithKline PLC</a> 1315.6 GSK.L London Stock Exchange +41.80 (+3.28%) GSK.L PFE.N RB.L JNJ.N BAYGn.DE <p>Reckitt&#8217;s early interest in the Merck assets also waned as the Pfizer auction gained momentum.</p> SPLIT OPINION <p>Buying the Pfizer business would have been the boldest move to date for Walmsley, who took over at GSK last April. But the wisdom of a deal split opinion among investors, with some worried about the risk to the company&#8217;s dividend.</p> <p>Acquiring additional consumer health assets at a reasonable price could have been a fairly safe way to boost earnings, since scale is key in over-the-counter remedies, but it could have distracted from fixing GSK&#8217;s core pharma division.</p> <p>That is a particular headache for Walmsley - a consumer products veteran who worked for 17 years at L&#8217;Oreal ( <a href="/finance/stocks/overview?symbol=OREP.PA" type="external">OREP.PA</a>) - since she has her work cut out to persuade the market she is the right person to lead Britain&#8217;s top pharmaceuticals company.</p> <p>Last month, in a bid to reassure investors, she spelt out that her first priority was improving performance in prescription drugs, followed by dividend payments and only after that acquisitions.</p> <p>The overhaul of the drugs business, which has produced fewer blockbuster medicines than rivals in recent years, is underway in both the commercial and research fields.</p> <p>GSK runs its consumer healthcare business via a joint venture with Novartis ( <a href="/finance/stocks/overview?symbol=NOVN.S" type="external">NOVN.S</a>), which complicates any acquisitions. Novartis has the right to sell down its 36.5 percent stake, valued at around $10 billion, from this month, although it has previously indicated it is in no rush to do so.</p> <p>Additional reporting by Paul Sandle and Ben Hirschler; Editing by David Goodman and Mark Potter</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN DIEGO (Reuters) - Qualcomm Inc ( <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">QCOM.O</a>) re-elected its board of directors on Friday with weak support from shareholders, who grilled the U.S. chipmaker over its strategy following its successful defense against a $117-billion hostile bid from Broadcom Ltd ( <a href="/finance/stocks/overview?symbol=AVGO.O" type="external">AVGO.O</a>).</p> FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo <p>Qualcomm has been under pressure to defend its decision to take Broadcom&#8217;s bid to a U.S. national security panel for review. This resulted in U.S. President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology.</p> <p>The re-election of Qualcomm&#8217;s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm&#8217;s board and withdraw its nominees. However, the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed.</p> <p>Some of the directors were elected with more than 50 percent of the vote. The rest, including Qualcomm Chief Executive Steve Mollenkopf, received support in the range of 40 percent to 50 percent, according to sources familiar with preliminary results of the shareholder vote.</p> <p>&#8220;Anything below 80 percent to 90 percent of votes cast is kind of questionable, 40 percent is very questionable. (Trump)has created some breathing room for Qualcomm. Hopefully, they will use it wisely and improve both their Board and company,&#8221; said Kevin McManus, vice president and director of proxy services for Egan-Jones Proxy Services.</p> <p>Ahead of Friday&#8217;s meeting, Institutional Shareholder Services Inc, a shareholder advisory firm, had urged investors to lodge protest votes for Broadcom&#8217;s withdrawn board nominees, even though they would not be counted under the company&#8217;s rules.</p> <p>Mollenkopf told investors following the company&#8217;s rejection of Broadcom&#8217;s bid that he could achieve earnings per share of $6.75 to $7.50 in fiscal 2019, through a number of measures, including a $1-billion cost reduction program and the resolution of licensing disputes, including with Apple Inc ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>).</p> <p>One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders &#8220;who have seen the shares go up to $80 and now is at $55&#8221; but &#8220;have been faithful. How about a little of that (cash)?&#8221;</p> <p>Qualcomm CFO George Davis said the company&#8217;s offshore cash was already earmarked for use in the company&#8217;s $44-billion acquisition of chip maker NXP Semiconductors NV ( <a href="/finance/stocks/overview?symbol=NXPI.O" type="external">NXPI.O</a>), which is pending clearance from Chinese regulator MOFCOM.</p> <p>&#8220;That doesn&#8217;t sound close to $80,&#8221; the shareholder responded. Davis pointed to the company&#8217;s earnings goal for its fiscal 2019. &#8220;That probably sounds more like $80,&#8221; Davis said.</p> SMALLER BOARD <p>Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs, the son of Qualcomm&#8217;s co-founder, would not be renominated for the board after disclosing his intention to pursue a long-shot bid to take the company private.</p> <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">Qualcomm Inc</a> 53.66 QCOM.O Nasdaq -1.92 (-3.45%) QCOM.O AVGO.O AAPL.O NXPI.O <p>Qualcomm shares closed down 1.9 percent on Friday at $53.66. NXP shares ended down 0.7 percent at $120.19, their lowest level since Qualcomm revised its NXP bid last week, amid investor concerns that China will block the deal.</p> <p>In response to a shareholder question about MOFCOM&#8217;s delay in approving the NXP deal, Don Rosenberg, Qualcomm&#8217;s legal chief, said that Qualcomm had been &#8220;actively engaged&#8221; with Chinese regulators &#8220;as recently as this week.&#8221;</p> <p>Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting. But in response to separate shareholder question about U.S.-China relations, he said Qualcomm has little visibility into broader trends between the two nations.</p> <p>&#8220;This is a little bit of uncharted territory for all of us,&#8221; Mollenkopf said. &#8220;We have developed a strong China-friendly, U.S.-friendly business model.&#8221;</p> <p>On Friday, Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States. The company is hoping this will make its future acquisitions exempt from reviews from the U.S. security panel, known as the Committee on Foreign Investment in the United States.</p> Related Video <p>However, Trump&#8217;s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States.</p> <p>Reporting by Stephen Nellis; editing by Bill Rigby and Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, has disposed his entire 11.8 percent stake in the firm for $2.1 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago.</p> <p>In an unexpected separate move, Macau casino operator Galaxy Entertainment said it has agreed to buy 5.3 million primary shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau.</p> <p>Galaxy is one of six licensed operators in the world&#8217;s largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts.</p> <p>The casino mogul&#8217;s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.</p> <p>Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.</p> <p>In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to &#8220;acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.&#8221;</p> <p>A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.</p> <p>Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core &#8220;operating philosophies and values.&#8221;</p> <p>The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.</p> <p>Wynn said two long-term institutional investors, currently holding stakes in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn also at $175 a share.</p> <p>A Thursday filing showed the embattled founder sold 4.1 million shares of Wynn Resorts at $180 per share - effectively exiting his entire 12.1 million shares, or 11.8 percent stake in the firm, for a total of $2.14 billion.</p> Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake WYNN IMPACT <p>Wynn, who started in Las Vegas casinos in the 1960s, created some of Las Vegas&#8217; most iconic landmarks &#8211; the Mirage, Bellagio and Treasure Island.</p> <p>He was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002.</p> An exterior view Wynn hotel-casino in Las Vegas, Nevada, U.S., February 7, 2018. REUTERS/Steve Marcus <p>The 76 year old businessman, whose signature denotes the company&#8217;s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos.</p> <p>Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong, said the implications of the Galaxy&#8217;s investment goes beyond what looks like a passive move at this stage.</p> <p>&#8220;Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia, with Japan being the critical development initiative.&#8221;</p> <p>Galaxy&#8217;s octogenarian founder Lui Che Woo, one of Asia&#8217;s wealthiest billionaires, has a net wealth of $22 billion according to Forbes. Lui who started his career in construction has grown his casino company into one of Macau&#8217;s biggest operators over the past decade.</p> <p>&#8220;There are other large gaming companies who do not have a presence in Macau, but who desperately want to be in Macau, and we would not be surprised to see them angling for a seat at the acquisition table too,&#8221; said Grant Govertsen, analyst at Union Gaming in Macau.</p> <p>While Galaxy has been primarily focused on Macau with its three casinos, it this week received a license to operate a roughly $500 million resort in Boracay, the Philippines most famous holiday island.</p> <p>Wynn, which operates a resort on Cotai and Macau&#8217;s main peninsula, focuses on premium and VIP customers, while Galaxy targets both the high end segment and the broader mass. Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit.</p> <p>Shares in Wynn Macau and Galaxy dropped 3.9 percent and 2.9 percent respectively on Friday against the benchmark Hang Seng Index which was down 3.1 percent.</p> <p>Reporting by Farah Master in Hong Kong and Philip George in Bengaluru; Editing by Shri Navaratnam</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Kazakh tycoon says Petropavlovsk should sell IRC stake Bank of America pays $42 million fine in New York 'masking' probe GSK pulls out of $20 billion race for Pfizer consumer assets Qualcomm re-elects board of directors with tepid support Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in

https://reuters.com/article/petropavlovsk-irc/kazakh-tycoon-says-petropavlovsk-should-sell-irc-stake-idUSL8N1PD6P5

2018-01-23

2least

Says Petropavlovsk undervalued Wants former CEO to come back to lead project to boost output LONDON Jan 23 Reuters Kazakh businessman Kenges Rakishev who owns just over a fifth of Russian miner Petropavlovsk said the company should sell its 311 percent stake in Hong Konglisted iron ore company IRC to focus exclusively on gold Rakishev who bought a 22 percent stake in Petropavlovsk in December has said his nearterm focus is on bringing back former CEO Pavel Masklovskiy to continue work on a project to boost the company8217s output After that he would seek acquisitions not just in Russia but in central Asia and he said shareholder value would be increased if Petropavlovsk sold its stake in IRC which has a market capitalisation of around 200 million 8220IRC is a very good company but it8217s not adding value for Petropavlovsk shareholders8221 he said in an interview in London before a closeddoor meeting with other shareholders Rakishev said Petropavlovsk is undervalued relative to other Russian gold miners Leading Russian producer Polyus for instance produces nearly 70 tonnes of gold per year compared with Petropavlovsk8217s roughly 15 tonnes but the valuation gap is much greater than the difference in output he said Petropavlovsk has a market capitalisation of just over 270 million pounds 377 million compared with Polyus8217s market capitalisation of 602 billion roubles 1065 billion according to Thomson Reuters data Analysts say Polyus is a lower cost producer and a considerable amount of Petropavlovsk8217s future production depends on a technical project the Pressure Oxidation Hub POX which is scheduled to begin increasing output late this year Rakishev who has previously invested in Kazakh gold assets said he is committed to Petropavlovsk for the long term 1 07154 pounds 1 565174 roubles Reporting by Barbara Lewis additional reporting by Poliina Devitt in Moscow Editing by Adrian Croft Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Bank of America Corp BACN will pay a 42 million fine and admitted wrongdoing to settle claims by New York8217s attorney general that it fraudulently routed clients8217 stock trades to outside firms including one run by swindler Bernard Madoff FILE PHOTO A customer leaves a Bank of America ATM kiosk in Boston Massachusetts US October 11 2017 REUTERSBrian Snyder New York Attorney General Eric Schneiderman announced the settlement on Friday and called the fine the largest collected by the state to resolve an electronic trading probe The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades He said the bank told clients it was processing the trades inhouse even going so far as to alter trade confirmations as part of an effort to make its electronic trading services appear safer and more sophisticated than they were Schneiderman said the 8220masking8221 scheme affected more than 16 million trade orders and 4 billion shares benefiting such firms as Madoff Securities Citadel Securities DE Shaw Knight Capital and Two Sigma Securities The bank also admitted to having told traders in its 8220dark pool8221 a private venue where they expected protection from highspeed traders that up to 30 percent of orders came from retail traders when the percentage was closer to 5 percent 8220Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders who was trading in its dark pool and the capabilities of its electronic trading services8221 Schneiderman said in a statement Bank of America Corp 2917 BACN New York Stock Exchange 138 452 BACN BARCL CSGNS DBKGnDE Bill Halldin a bank spokesman said in an email 8220At all times we met our obligation to deliver the best prices to clients About five years ago we addressed the issues concerning communicating to clients about where their trades were executed8221 The Charlotte North Carolinabased bank also admitted that its masking activity violated New York8217s powerful securities fraud law the Martin Act In 2016 Barclays Plc BARCL Credit Suisse Group AG CSGNS and Deutsche Bank AG DBKGnDE settled separate electronic and highspeed trading probes by Schneiderman8217s office for a respective 35 million 30 million and 185 million They also reached related settlements with the US Securities and Exchange Commission Madoff is serving a 150year prison term for running a huge Ponzi scheme involving his investment advisory business Reporting by Jonathan Stempel in New York Editing by Jeffrey Benkoe and Phil Berlowitz Our Standards The Thomson Reuters Trust Principles LONDON Reuters GlaxoSmithKline GSKL has quit the race to buy Pfizer8217s PFEN consumer healthcare business endangering an auction the US drugmaker hoped would bring in as much as 20 billion It was not immediately clear whether there were other offers for the business which includes Advil painkillers and Centrum vitamins following this week8217s deadline for binding bids GlaxoSmithKline GSK which announced its withdrawal on Friday was seen as the frontrunner to buy the assets after Reckitt Benckiser RBL left the race late on Wednesday Johnson ampamp Johnson JNJN stepped away from the auction in January A source familiar with the matter said GSK declined to make a final bid for the assets in the end 8220While we will continue to review opportunities that may accelerate our strategy they must meet our criteria for returns and not compromise our priorities for capital allocation8221 GSK Chief Executive Emma Walmsley said in a statement GSK shares rose nearly 4 percent as investors8217 concerns about a potential dividend cut eased Pfizer said on Friday it continued to evaluate potential alternatives for the business which include a spinoff sale or other transaction as well as retaining it 8220We have not yet made a decision but continue to expect to make one in 20188221 a spokesman said Sources familiar with the matter said on Thursday it was possible there were other bids On Friday a source said that if not Pfizer could try to tap private equity funds Pfizer is the world8217s fifthlargest player in consumer health with 25 percent of a market bolstered by aging populations and growing interest in health and wellness The business which also includes Chapstick lip balm and Caltrate supplements is seen as attractive but has come to market at a bad time GSK and Reckitt are under shareholder pressure to exercise financial discipline while other potential suitors such as Bayer BAYGnDE and Sanofi SASYPA are busy with other projects FILE PHOTO The Pfizer logo is seen at their world headquarters in New York US April 28 2014 REUTERSAndrew KellyFile Photo What is more the global consumer health market has slowed from 46 percent likeforlike sales growth to 03 percent growth Morgan Stanley analysts said in December Major players in the overthecounter market have been grappling with pricing pressure stoked by online players such as Amazon AMZNO and private label competitors Pfizer8217s hope of fetching around 20 billion translated to a multiple of about 20 times the unit8217s core earnings according to Bernstein analysts in line with past deals in the sector during faster growing times Differences in price expectations also hobbled German drugmaker Merck KGaA8217s MRCGDE attempts to sell its consumer products unit where a price tag of up to 4 billion euros 5 billion deterred initial suitors such as Nestle NESNS Perrigo PRGON and a privateequity consortium GlaxoSmithKline PLC 13156 GSKL London Stock Exchange 4180 328 GSKL PFEN RBL JNJN BAYGnDE Reckitt8217s early interest in the Merck assets also waned as the Pfizer auction gained momentum SPLIT OPINION Buying the Pfizer business would have been the boldest move to date for Walmsley who took over at GSK last April But the wisdom of a deal split opinion among investors with some worried about the risk to the company8217s dividend Acquiring additional consumer health assets at a reasonable price could have been a fairly safe way to boost earnings since scale is key in overthecounter remedies but it could have distracted from fixing GSK8217s core pharma division That is a particular headache for Walmsley a consumer products veteran who worked for 17 years at L8217Oreal OREPPA since she has her work cut out to persuade the market she is the right person to lead Britain8217s top pharmaceuticals company Last month in a bid to reassure investors she spelt out that her first priority was improving performance in prescription drugs followed by dividend payments and only after that acquisitions The overhaul of the drugs business which has produced fewer blockbuster medicines than rivals in recent years is underway in both the commercial and research fields GSK runs its consumer healthcare business via a joint venture with Novartis NOVNS which complicates any acquisitions Novartis has the right to sell down its 365 percent stake valued at around 10 billion from this month although it has previously indicated it is in no rush to do so Additional reporting by Paul Sandle and Ben Hirschler Editing by David Goodman and Mark Potter Our Standards The Thomson Reuters Trust Principles SAN DIEGO Reuters Qualcomm Inc QCOMO reelected its board of directors on Friday with weak support from shareholders who grilled the US chipmaker over its strategy following its successful defense against a 117billion hostile bid from Broadcom Ltd AVGOO FILE PHOTO A sign on the Qualcomm campus is seen in San Diego California US November 6 2017 REUTERSMike BlakeFile Photo Qualcomm has been under pressure to defend its decision to take Broadcom8217s bid to a US national security panel for review This resulted in US President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology The reelection of Qualcomm8217s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm8217s board and withdraw its nominees However the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed Some of the directors were elected with more than 50 percent of the vote The rest including Qualcomm Chief Executive Steve Mollenkopf received support in the range of 40 percent to 50 percent according to sources familiar with preliminary results of the shareholder vote 8220Anything below 80 percent to 90 percent of votes cast is kind of questionable 40 percent is very questionable Trumphas created some breathing room for Qualcomm Hopefully they will use it wisely and improve both their Board and company8221 said Kevin McManus vice president and director of proxy services for EganJones Proxy Services Ahead of Friday8217s meeting Institutional Shareholder Services Inc a shareholder advisory firm had urged investors to lodge protest votes for Broadcom8217s withdrawn board nominees even though they would not be counted under the company8217s rules Mollenkopf told investors following the company8217s rejection of Broadcom8217s bid that he could achieve earnings per share of 675 to 750 in fiscal 2019 through a number of measures including a 1billion cost reduction program and the resolution of licensing disputes including with Apple Inc AAPLO One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders 8220who have seen the shares go up to 80 and now is at 558221 but 8220have been faithful How about a little of that cash8221 Qualcomm CFO George Davis said the company8217s offshore cash was already earmarked for use in the company8217s 44billion acquisition of chip maker NXP Semiconductors NV NXPIO which is pending clearance from Chinese regulator MOFCOM 8220That doesn8217t sound close to 808221 the shareholder responded Davis pointed to the company8217s earnings goal for its fiscal 2019 8220That probably sounds more like 808221 Davis said SMALLER BOARD Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs the son of Qualcomm8217s cofounder would not be renominated for the board after disclosing his intention to pursue a longshot bid to take the company private Qualcomm Inc 5366 QCOMO Nasdaq 192 345 QCOMO AVGOO AAPLO NXPIO Qualcomm shares closed down 19 percent on Friday at 5366 NXP shares ended down 07 percent at 12019 their lowest level since Qualcomm revised its NXP bid last week amid investor concerns that China will block the deal In response to a shareholder question about MOFCOM8217s delay in approving the NXP deal Don Rosenberg Qualcomm8217s legal chief said that Qualcomm had been 8220actively engaged8221 with Chinese regulators 8220as recently as this week8221 Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting But in response to separate shareholder question about USChina relations he said Qualcomm has little visibility into broader trends between the two nations 8220This is a little bit of uncharted territory for all of us8221 Mollenkopf said 8220We have developed a strong Chinafriendly USfriendly business model8221 On Friday Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States The company is hoping this will make its future acquisitions exempt from reviews from the US security panel known as the Committee on Foreign Investment in the United States Related Video However Trump8217s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States Reporting by Stephen Nellis editing by Bill Rigby and Nick Zieminski Our Standards The Thomson Reuters Trust Principles Reuters Steve Wynn the former chief executive of Wynn Resorts Ltd has disposed his entire 118 percent stake in the firm for 21 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago In an unexpected separate move Macau casino operator Galaxy Entertainment said it has agreed to buy 53 million primary shares of Wynn Resorts at 175 per share giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau Galaxy is one of six licensed operators in the world8217s largest gambling hub of Macau and competes with Wynn along with Sands China MGM China and Melco Resorts The casino mogul8217s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn who has a 926 percent stake had scrapped a shareholder agreement that prevented them from selling their stakes Steve Wynn resigned as CEO of the Las Vegasbased company last month following claims he subjected women who worked for him to unwanted advances He has denied the accusations In a joint statement by Galaxy and Wynn on Wednesday Galaxy Vice Chairman Francis Lui said it was a unique opportunity to 8220acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline8221 A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core 8220operating philosophies and values8221 The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation Wynn said two longterm institutional investors currently holding stakes in Wynn Resorts have agreed to purchase the remaining eight million shares held by Steve Wynn also at 175 a share A Thursday filing showed the embattled founder sold 41 million shares of Wynn Resorts at 180 per share effectively exiting his entire 121 million shares or 118 percent stake in the firm for a total of 214 billion Steve Wynn Chairman and CEO of Wynn Resorts speaks during the Milken Institute Global Conference in Beverly Hills California US May 3 2017 REUTERSMike Blake WYNN IMPACT Wynn who started in Las Vegas casinos in the 1960s created some of Las Vegas8217 most iconic landmarks 8211 the Mirage Bellagio and Treasure Island He was forced to sell his multibillion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000 Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his exwife in 2002 An exterior view Wynn hotelcasino in Las Vegas Nevada US February 7 2018 REUTERSSteve Marcus The 76 year old businessman whose signature denotes the company8217s logo had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos Vitaly Umansky analyst at Sanford C Bernstein in Hong Kong said the implications of the Galaxy8217s investment goes beyond what looks like a passive move at this stage 8220Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia with Japan being the critical development initiative8221 Galaxy8217s octogenarian founder Lui Che Woo one of Asia8217s wealthiest billionaires has a net wealth of 22 billion according to Forbes Lui who started his career in construction has grown his casino company into one of Macau8217s biggest operators over the past decade 8220There are other large gaming companies who do not have a presence in Macau but who desperately want to be in Macau and we would not be surprised to see them angling for a seat at the acquisition table too8221 said Grant Govertsen analyst at Union Gaming in Macau While Galaxy has been primarily focused on Macau with its three casinos it this week received a license to operate a roughly 500 million resort in Boracay the Philippines most famous holiday island Wynn which operates a resort on Cotai and Macau8217s main peninsula focuses on premium and VIP customers while Galaxy targets both the high end segment and the broader mass Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit Shares in Wynn Macau and Galaxy dropped 39 percent and 29 percent respectively on Friday against the benchmark Hang Seng Index which was down 31 percent Reporting by Farah Master in Hong Kong and Philip George in Bengaluru Editing by Shri Navaratnam Our Standards The Thomson Reuters Trust Principles

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<p>PARIS (Reuters/IFR) - French plastics maker Novares will re-launch its initial public offering (IPO) on the Paris stock exchange ( <a href="/finance/stocks/overview?symbol=ENX.PA" type="external">ENX.PA</a>) in the coming days or weeks after postponing it last November, two sources familiar with the matter said.</p> <p>Novares has said it plans to raise 130-150 million euros via new shares. Its website says the company is seeking to use the IPO proceeds to finance new growth opportunities, especially through mergers and acquisitions, while retaining financial flexibility. Novares said on Nov. 6 it planned to postpone its IPO schedule without giving any reasons and said it was committed to complete the project in the future. One banking source said that the company would start pre-marketing and book-building in the next few weeks. Another source said that the process could start at end of this week or next week.</p> <a href="/finance/stocks/overview?symbol=ENX.PA" type="external">Euronext NV</a> 58.75 ENX.PA Paris Stock Exchange -1.15 (-1.92%) ENX.PA <p>Novares declined to comment. Novares mostly produces plastic items for car interiors, such as door handles, dashboard components or air vents.</p> <p>Investment fund Equistone owns a 72.3 percent stake in the company, while French state investment bank BPI holds 15.1 percent. Its 2017 revenue is expected to grow to 1.20-1.25 billion euros from 1.88 billion in 2016.</p> <p>Reporting by Gilles Guillaume in Paris, Robert Venes from IFR in London and Arno Schuetze in Frankfurt; Writing by Maya Nikolaeva. Editing by Jane Merriman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Bank of America Corp ( <a href="/finance/stocks/overview?symbol=BAC.N" type="external">BAC.N</a>) will pay a $42 million fine and admitted wrongdoing to settle claims by New York&#8217;s attorney general that it fraudulently routed clients&#8217; stock trades to outside firms, including one run by swindler Bernard Madoff.</p> FILE PHOTO: A customer leaves a Bank of America ATM kiosk in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder <p>New York Attorney General Eric Schneiderman announced the settlement on Friday, and called the fine the largest collected by the state to resolve an electronic trading probe.</p> <p>The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades.</p> <p>He said the bank told clients it was processing the trades in-house, even going so far as to alter trade confirmations, as part of an effort to make its electronic trading services appear safer and more sophisticated than they were.</p> <p>Schneiderman said the &#8220;masking&#8221; scheme affected more than 16 million trade orders and 4 billion shares, benefiting such firms as Madoff Securities, Citadel Securities, D.E. Shaw, Knight Capital and Two Sigma Securities.</p> <p>The bank also admitted to having told traders in its &#8220;dark pool,&#8221; a private venue where they expected protection from high-speed traders, that up to 30 percent of orders came from retail traders, when the percentage was closer to 5 percent.</p> <p>&#8220;Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,&#8221; Schneiderman said in a statement.</p> <a href="/finance/stocks/overview?symbol=BAC.N" type="external">Bank of America Corp</a> 29.17 BAC.N New York Stock Exchange -1.38 (-4.52%) BAC.N BARC.L CSGN.S DBKGn.DE <p>Bill Halldin, a bank spokesman, said in an email: &#8220;At all times we met our obligation to deliver the best prices to clients. About five years ago, we addressed the issues concerning communicating to clients about where their trades were executed.&#8221;</p> <p>The Charlotte, North Carolina-based bank also admitted that its masking activity violated New York&#8217;s powerful securities fraud law, the Martin Act.</p> <p>In 2016, Barclays Plc ( <a href="/finance/stocks/overview?symbol=BARC.L" type="external">BARC.L</a>), Credit Suisse Group AG ( <a href="/finance/stocks/overview?symbol=CSGN.S" type="external">CSGN.S</a>) and Deutsche Bank AG ( <a href="/finance/stocks/overview?symbol=DBKGn.DE" type="external">DBKGn.DE</a>) settled separate electronic and high-speed trading probes by Schneiderman&#8217;s office for a respective $35 million, $30 million and $18.5 million. They also reached related settlements with the U.S. Securities and Exchange Commission.</p> <p>Madoff is serving a 150-year prison term for running a huge Ponzi scheme involving his investment advisory business.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe and Phil Berlowitz</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Crude prices rose on Friday, hitting their highest since late January after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019, and as concerns grew over the future of Iranian crude exports.</p> <p>Brent crude futures LCOc1 jumped $1.54, or 2.2 percent, to settle at $70.45 a barrel. For the week, Brent was up about 6.4 percent, its strongest weekly rise since July.</p> <p>U.S. West Texas Intermediate (WTI) crude futures also had their biggest weekly gain since July, at 5.5 percent. WTI CLc1 settled at $65.88 a barrel, up $1.58, or 2.5 percent.</p> <p>U.S. hedge funds and other money managers raised their bullish bets on WTI in the week to March 20 by 34,488 contracts to 488,438, the U.S. Commodity Futures Trading Commission (CFTC) said.</p> <p>&#8220;There are a number of bullish things to hang the hat of the rally on this week; be it the inventory report ... or the tariff news, or the heightened tensions between Saudi and Iran,&#8221; said Matt Smith, director of commodity research&amp;#160;at Clipper Data in Louisville, Kentucky.</p> <p>President Donald Trump&#8217;s decision to replace national security adviser H.R. McMaster with John Bolton, who is seen as more hawkish on Iran, also supported prices, Smith said.</p> FILE PHOTO: A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen <p>Global stock markets fell as investors worried about a trade stand-off between the United States and China. Trade jitters could also hit oil markets, but most analysts said other bullish factors outweighed them for now.</p> <p>U.S. energy companies added four oil rigs in the week to March 23 General Electric Co&#8217;s ( <a href="/finance/stocks/overview?symbol=GE.N" type="external">GE.N</a>) Baker Hughes energy services firm reported. That brought the total number of rigs to 804, the highest in three years.</p> <a href="/finance/stocks/overview?symbol=GE.N" type="external">General Electric Co</a> 13.07 GE.N New York Stock Exchange -0.28 (-2.10%) GE.N <p>While U.S. production keeps rising, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers have curbed output. Saudi Energy Minister Khalid al-Falih told Reuters the curbs, instituted in January 2017, would need to continue into 2019 to reduce global inventories.</p> <p>The demand outlook also supported oil.</p> <p>&#8220;We&#8217;re continuing to see signs that demand is really healthy; total U.S. demand is more than 1 million barrels a day more than it was a year ago,&#8221; said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.</p> <p>&#8220;As the fundamental picture continues to tighten, that&#8217;s going to attract further length in the market,&#8221; he said.</p> <p>Morgan Stanley predicted Brent would hit $75 a barrel in the third quarter as seasonal demand picks up. It noted the market is &#8220;only three-four weeks away from peak refinery maintenance, after which crude and product demand should accelerate ... Global inventories are already at the bottom end of the five-year range.&#8221;</p> <p>Additional reporting by Shadia Nasralla, Henning Gloystein and Roslan Khasawneh; Editing by David Gregorio and Phil Berlowitz</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China&#8217;s crude oil futures, to be launched on Monday, will be a major step in Beijing&#8217;s years-long push to win greater sway over oil pricing, but for western traders it will likely bring frustration as well as opportunity.</p> Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province, China January 18, 2018. REUTERS/Stringer <p>Shanghai Crude aims to rival the world&#8217;s two crude benchmarks, luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian, U.S. and European markets.</p> <p>However, the contract will also come with quirks that traders used to London&#8217;s Brent or U.S. West Texas Intermediate (WTI) may find less appealing, including shorter business hours, unique Chinese trading habits and extended holiday breaks.</p> <p>Yuan-denominated trading and a blend of new rules and regulatory burdens will also likely hamper initial take-up on the Shanghai International Energy Exchange (INE), executives at a dozen banks and brokers and experts involved in the launch told Reuters.</p> <p>&#8220;The rules around trading methodology will be unfamiliar for western houses,&#8221; said John Browning, chief operating officer of Hong Kong-based futures broker Bands Financial Ltd, which is an approved overseas intermediary for the INE.</p> Related Coverage <a href="/article/us-china-oil-futures-explainer/explainer-china-aims-to-challenge-brent-wti-oil-with-crude-futures-launch-idUSKBN1GY0S9" type="external">Explainer: China aims to challenge Brent, WTI oil with crude futures launch</a> <p>&#8220;They&#8217;ll have to get to grips with a different set of trading parameters, including initial margin calculation, rolling between months, order cancellations ratios, etc. It&#8217;s all very different.&#8221;</p> <p>So far, China has opened more than 6,000 trading accounts, including the country&#8217;s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including J.P.Morgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.</p> <p>Last-minute changes are still being made to entice overseas users. On Tuesday, the government said it would waive income taxes for foreign investors for the first three years.</p> CHINESE CHARACTERISTICS <p>Specific issues for traders include Shanghai&#8217;s shorter trading hours, split into three slots, with the afternoon session ending at 3:00 p.m. local time (0700 GMT), just before London ramps up.</p> <p>Although the exchange will have an overnight trading session to match late European and early U.S. trading, it will close for more than six hours before trade resumes in Beijing.</p> Slideshow (4 Images) <p>This could mean the contract risks having to play catch-up each morning to the moods and swings of Europe and America, rather than setting its own price, several senior futures traders said.</p> <p>Chinese trading habits may also be a shock to foreign users, they said.</p> <p>Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal, due to a different cost structure. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.</p> <a href="/finance/stocks/overview?symbol=ICE.N" type="external">Intercontinental Exchange Inc</a> 70.32 ICE.N New York Stock Exchange -1.41 (-1.97%) ICE.N CME.O 601857.SS 600028.SS <p>These and other factors mean the contract may have a &#8220;hard time&#8221; building correlations with Brent and WTI that would make arbitrage possible, said Albert Helmig, chief executive of financial consultancy Grey House and a former vice chairman of NYMEX.</p> <p>&#8220;It&#8217;s a China market, with Chinese characteristics,&#8221; said Helmig.</p> FUTURE PLANS <p>Still, China offers the potential for a deep, liquid market, buoyed by an explosion of interest from mom-and-pop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai, Zhengzhou and Dalian.</p> <p>In 2017, the total traded value of ShFE&#8217;s steel derivatives contracts was $4.4 trillion from domestic investors. This compares with global turnover of more than $10 trillion in international oil futures, the world&#8217;s biggest commodity market.</p> <p>Previous attempts at an Asia benchmark have foundered. Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI, traded on the Intercontinental Exchange ( <a href="/finance/stocks/overview?symbol=ICE.N" type="external">ICE.N</a>) and the New York Mercantile Exchange (NYMEX) owned by CME Group ( <a href="/finance/stocks/overview?symbol=CME.O" type="external">CME.O</a>).</p> <p>China hopes it can do better: with state-controlled oil majors like PetroChina ( <a href="/finance/stocks/overview?symbol=601857.SS" type="external">601857.SS</a>) and Sinopec ( <a href="/finance/stocks/overview?symbol=600028.SS" type="external">600028.SS</a>) expected to provide liquidity, analysts said the contract has a chance of succeeding even if it faces short-term caution.</p> <p>&#8220;Launching a new exchange is enormously complex, so if the initial uptake for the contract isn&#8217;t that strong, it isn&#8217;t necessarily a bad thing,&#8221; said Bands&#8217; Browning.</p> <p>Reporting by Josephine Mason, Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING/SHANGHAI (Reuters) - China urged the United States on Friday to &#8220;pull back from the brink&#8221; as President Donald Trump&#8217;s plans for tariffs on up to $60 billion in Chinese goods moved the world&#8217;s two largest economies closer to a trade war.</p> <p>The escalating tensions sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up.</p> <p>Trump is planning to impose the tariffs for what he says is misappropriation of U.S. intellectual property. A probe was launched last year under Section 301 of the 1974 U.S. Trade Act.</p> <p>&#8220;China doesn&#8217;t hope to be in a trade war, but is not afraid of engaging in one,&#8221; the Chinese commerce ministry responded in a statement.</p> <p>&#8220;China hopes the United States will pull back from the brink, make prudent decisions, and avoid dragging bilateral trade relations to a dangerous place.&#8221;</p> <p>In a presidential memorandum signed by Trump on Thursday, there will be a 30-day consultation period that only starts once a list of Chinese goods is published. That effectively creates room for potential talks to address Trump&#8217;s allegations on intellectual property theft and forced technology transfers.</p> <p>Though the White House has said the planned tariffs were a response to China&#8217;s &#8220;economic aggression&#8221;, Trump said he views China as &#8220;a friend&#8221; and the two sides are in negotiations.</p> <p>A Chinese commerce ministry official said both sides were in touch.</p> <p>Still, it is unclear under what terms China and the U.S. are willing to talk, with Beijing adamant that the U.S. tariffs constitute a unilateral move that it rejects.</p> <p>China has always said it will not hold talks with the U.S. within the framework of the Section 301 probe, Chen Fuli, director-general of the commerce ministry&#8217;s department of treaty and law, told reporters.</p> <p>&#8220;Currently, we are not looking to get in a negotiation again,&#8221; a senior U.S. official told reporters in Beijing.</p> <p>If China wants to avoid U.S. tariffs, it needs to start taking concrete action, the official said, adding that Washington has not given Beijing any to-do list to remedy trade ties.</p> <p>(U.S. imports from China: <a href="http://tmsnrt.rs/2FMsz1Q" type="external">tmsnrt.rs/2FMsz1Q</a>)</p> <p>(U.S. trade in goods with China: <a href="http://tmsnrt.rs/2GcOZIH" type="external">tmsnrt.rs/2GcOZIH</a>)</p> READY TO RETALIATE <p>China showed readiness to retaliate by declaring plans to levy additional duties on up to $3 billion of U.S. imports including fruit and wine in response to U.S. import tariffs on steel and aluminum, which were due to go into effect on Friday.</p> <p>The inevitable fall in demand from a full-blown trade war would spell trouble for all economies supplying the United States and China.</p> <p>Feeling the chill, MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan fell 2.5 percent, tracking heavy losses on Wall Street. China&#8217;s main indexes tumbled the most in six weeks, skidding up to 3.6 percent.</p> FILE PHOTO - A worker checks steel wires at a warehouse in Dalian, Liaoning province, China May 15, 2017. REUTERS/Stringer <p>&#8220;Today&#8217;s (U.S.) tariffs amount to no more than a slap on the wrist for China,&#8221; Mark Williams, Chief Asia Economist at Capital Economics, wrote in a note. &#8220;China won&#8217;t change its ways. Worries about escalation therefore won&#8217;t go away.&#8221;</p> <p>Williams estimated that the $506 billion that China exported to the United States drove around 2.5 percent of its total gross domestic product, and the $50-60 billion targeted by the U.S. tariffs contributed just around 0.25 percent.</p> <p>Trump, however, appears intent on fulfilling election promises to reduce the record U.S. trade deficit with China. A commentary published by the official Xinhua news agency said the United States had adopted a &#8220;Cold War mentality&#8221;, and &#8220;panic&#8221; over China&#8217;s economic rise was driving Washington&#8217;s confrontational approach.</p> <p>U.S. multi-nationals at a business gathering in Shanghai were warned by Stephen Roach, a Yale University economist, &#8220;to prepare for the worst&#8221; and make contingency plans until calmer heads prevail.</p> <p>Roach said he could foresee &#8220;the Chinese government moving to restrict, in some form or another, the financial as well as the supply chain activities of American companies operating in this country.&#8221;</p> <p>Foreign Ministry spokeswoman Hua Chunying said China would not hold back in retaliating.</p> Slideshow (4 Images) <p>&#8220;It&#8217;s impolite not to give as good as one gets,&#8221; Hua told reporters.</p> LOW HANGING FRUIT <p>Alarm over Trump&#8217;s protectionist leanings mounted earlier this month after he imposed hefty import tariffs on steel and aluminum under Section 232 of the 1962 U.S. Trade Expansion Act, which allows safeguards based on &#8220;national security&#8221;.</p> <p>On Friday, Trump gave Canada, Mexico, Argentina, Australia, Brazil and South Korea and the European Union temporary exemptions. China was not exempted even though it was a far smaller supplier than Canada or South Korea.</p> <p>Also omitted from the exemption list was U.S. ally Japan, though a government spokesman said Tokyo would press to be included. And Finance Minister Taro Aso expressed empathy with Washington over protecting intellectual property.</p> <p>China&#8217;s retaliation against the U.S. tariffs on steel and aluminum appeared restrained.</p> Related Coverage <a href="/article/us-usa-trade-southkorea/u-s-south-korea-on-verge-of-trade-deal-trump-idUSKBN1GZ2P9" type="external">U.S., South Korea on verge of trade deal: Trump</a> <p>China has drawn a list of 128 U.S. products that could be hit with tariffs if the two countries are unable to reach an agreement on trade issues, the ministry said.</p> <p>Without giving a timeframe, the commerce ministry said China was considering implementing measures in two stages: first a 15 percent tariff on 120 products including steel pipes, dried fruit and wine worth $977 million, and later, a 25 percent tariff on $1.99 billion of pork and recycled aluminum.</p> <p>U.S. wine exports to China last year were $79 million, according to the U.S. Wine Institute, which represents Californian wine makers.</p> <p>Fruit growers in California, Florida, Michigan and Washington all stood to lose as China&#8217;s list also included close to 80 fruit and nut products. The U.S. exported $669 million of fruit, frozen juice and nuts to China last year, and it was the top supplier of apples, cherries, walnuts and almonds.</p> <p>&#8220;With the restrained response, China hopes Trump can realize his errors and mend his ways,&#8221; said Xu Hongcai, deputy chief economist at the China Centre for International Economic Exchanges, a Beijing think tank.</p> <p>&#8220;If we really want to counter, the strongest response would be to target soybean and automobiles. China is drawing its bow but not firing. We still have some cards to play.&#8221;</p> <p>Additional reporting by John Ruwitch, Elias Glenn, Dominique Patton, Josephine Mason, Ben Blanchard, Christian Shepherd, Meng Meng, Tom Daly, Wang Jing and Lusha Zhang; Editing By Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Plastics maker Novares back on track with IPO: sources Bank of America pays $42 million fine in New York 'masking' probe Oil rises as Saudi backs extending output cuts into 2019 China's oil futures: frazzle or dazzle for foreign traders? China urges U.S. away from 'brink' as Trump picks trade weapons

https://reuters.com/article/us-novares-ipo/plastics-maker-novares-back-on-track-with-ipo-sources-idUSKBN1FC2BE

2018-01-23

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PARIS ReutersIFR French plastics maker Novares will relaunch its initial public offering IPO on the Paris stock exchange ENXPA in the coming days or weeks after postponing it last November two sources familiar with the matter said Novares has said it plans to raise 130150 million euros via new shares Its website says the company is seeking to use the IPO proceeds to finance new growth opportunities especially through mergers and acquisitions while retaining financial flexibility Novares said on Nov 6 it planned to postpone its IPO schedule without giving any reasons and said it was committed to complete the project in the future One banking source said that the company would start premarketing and bookbuilding in the next few weeks Another source said that the process could start at end of this week or next week Euronext NV 5875 ENXPA Paris Stock Exchange 115 192 ENXPA Novares declined to comment Novares mostly produces plastic items for car interiors such as door handles dashboard components or air vents Investment fund Equistone owns a 723 percent stake in the company while French state investment bank BPI holds 151 percent Its 2017 revenue is expected to grow to 120125 billion euros from 188 billion in 2016 Reporting by Gilles Guillaume in Paris Robert Venes from IFR in London and Arno Schuetze in Frankfurt Writing by Maya Nikolaeva Editing by Jane Merriman Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Bank of America Corp BACN will pay a 42 million fine and admitted wrongdoing to settle claims by New York8217s attorney general that it fraudulently routed clients8217 stock trades to outside firms including one run by swindler Bernard Madoff FILE PHOTO A customer leaves a Bank of America ATM kiosk in Boston Massachusetts US October 11 2017 REUTERSBrian Snyder New York Attorney General Eric Schneiderman announced the settlement on Friday and called the fine the largest collected by the state to resolve an electronic trading probe The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades He said the bank told clients it was processing the trades inhouse even going so far as to alter trade confirmations as part of an effort to make its electronic trading services appear safer and more sophisticated than they were Schneiderman said the 8220masking8221 scheme affected more than 16 million trade orders and 4 billion shares benefiting such firms as Madoff Securities Citadel Securities DE Shaw Knight Capital and Two Sigma Securities The bank also admitted to having told traders in its 8220dark pool8221 a private venue where they expected protection from highspeed traders that up to 30 percent of orders came from retail traders when the percentage was closer to 5 percent 8220Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders who was trading in its dark pool and the capabilities of its electronic trading services8221 Schneiderman said in a statement Bank of America Corp 2917 BACN New York Stock Exchange 138 452 BACN BARCL CSGNS DBKGnDE Bill Halldin a bank spokesman said in an email 8220At all times we met our obligation to deliver the best prices to clients About five years ago we addressed the issues concerning communicating to clients about where their trades were executed8221 The Charlotte North Carolinabased bank also admitted that its masking activity violated New York8217s powerful securities fraud law the Martin Act In 2016 Barclays Plc BARCL Credit Suisse Group AG CSGNS and Deutsche Bank AG DBKGnDE settled separate electronic and highspeed trading probes by Schneiderman8217s office for a respective 35 million 30 million and 185 million They also reached related settlements with the US Securities and Exchange Commission Madoff is serving a 150year prison term for running a huge Ponzi scheme involving his investment advisory business Reporting by Jonathan Stempel in New York Editing by Jeffrey Benkoe and Phil Berlowitz Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Crude prices rose on Friday hitting their highest since late January after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019 and as concerns grew over the future of Iranian crude exports Brent crude futures LCOc1 jumped 154 or 22 percent to settle at 7045 a barrel For the week Brent was up about 64 percent its strongest weekly rise since July US West Texas Intermediate WTI crude futures also had their biggest weekly gain since July at 55 percent WTI CLc1 settled at 6588 a barrel up 158 or 25 percent US hedge funds and other money managers raised their bullish bets on WTI in the week to March 20 by 34488 contracts to 488438 the US Commodity Futures Trading Commission CFTC said 8220There are a number of bullish things to hang the hat of the rally on this week be it the inventory report or the tariff news or the heightened tensions between Saudi and Iran8221 said Matt Smith director of commodity researchamp160at Clipper Data in Louisville Kentucky President Donald Trump8217s decision to replace national security adviser HR McMaster with John Bolton who is seen as more hawkish on Iran also supported prices Smith said FILE PHOTO A natural gas flare on an oil well pad burns as the sun sets outside Watford City North Dakota January 21 2016 REUTERSAndrew Cullen Global stock markets fell as investors worried about a trade standoff between the United States and China Trade jitters could also hit oil markets but most analysts said other bullish factors outweighed them for now US energy companies added four oil rigs in the week to March 23 General Electric Co8217s GEN Baker Hughes energy services firm reported That brought the total number of rigs to 804 the highest in three years General Electric Co 1307 GEN New York Stock Exchange 028 210 GEN While US production keeps rising the Organization of the Petroleum Exporting Countries OPEC and allied producers have curbed output Saudi Energy Minister Khalid alFalih told Reuters the curbs instituted in January 2017 would need to continue into 2019 to reduce global inventories The demand outlook also supported oil 8220We8217re continuing to see signs that demand is really healthy total US demand is more than 1 million barrels a day more than it was a year ago8221 said Gene McGillian manager of market research at Tradition Energy in Stamford Connecticut 8220As the fundamental picture continues to tighten that8217s going to attract further length in the market8221 he said Morgan Stanley predicted Brent would hit 75 a barrel in the third quarter as seasonal demand picks up It noted the market is 8220only threefour weeks away from peak refinery maintenance after which crude and product demand should accelerate Global inventories are already at the bottom end of the fiveyear range8221 Additional reporting by Shadia Nasralla Henning Gloystein and Roslan Khasawneh Editing by David Gregorio and Phil Berlowitz Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China8217s crude oil futures to be launched on Monday will be a major step in Beijing8217s yearslong push to win greater sway over oil pricing but for western traders it will likely bring frustration as well as opportunity Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province China January 18 2018 REUTERSStringer Shanghai Crude aims to rival the world8217s two crude benchmarks luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian US and European markets However the contract will also come with quirks that traders used to London8217s Brent or US West Texas Intermediate WTI may find less appealing including shorter business hours unique Chinese trading habits and extended holiday breaks Yuandenominated trading and a blend of new rules and regulatory burdens will also likely hamper initial takeup on the Shanghai International Energy Exchange INE executives at a dozen banks and brokers and experts involved in the launch told Reuters 8220The rules around trading methodology will be unfamiliar for western houses8221 said John Browning chief operating officer of Hong Kongbased futures broker Bands Financial Ltd which is an approved overseas intermediary for the INE Related Coverage Explainer China aims to challenge Brent WTI oil with crude futures launch 8220They8217ll have to get to grips with a different set of trading parameters including initial margin calculation rolling between months order cancellations ratios etc It8217s all very different8221 So far China has opened more than 6000 trading accounts including the country8217s oil majors and about 150 brokerages Ten foreign intermediaries have registered including JPMorgan Bands Financial Straits Financial Services and other Hong Kong based affiliates of domestic brokerages Lastminute changes are still being made to entice overseas users On Tuesday the government said it would waive income taxes for foreign investors for the first three years CHINESE CHARACTERISTICS Specific issues for traders include Shanghai8217s shorter trading hours split into three slots with the afternoon session ending at 300 pm local time 0700 GMT just before London ramps up Although the exchange will have an overnight trading session to match late European and early US trading it will close for more than six hours before trade resumes in Beijing Slideshow 4 Images This could mean the contract risks having to play catchup each morning to the moods and swings of Europe and America rather than setting its own price several senior futures traders said Chinese trading habits may also be a shock to foreign users they said Chinese commodity futures investors do not typically trade steadily over the months but instead pick specific months in which they deal due to a different cost structure That could complicate efforts to trade spreads between Brent WTI and Shanghai Intercontinental Exchange Inc 7032 ICEN New York Stock Exchange 141 197 ICEN CMEO 601857SS 600028SS These and other factors mean the contract may have a 8220hard time8221 building correlations with Brent and WTI that would make arbitrage possible said Albert Helmig chief executive of financial consultancy Grey House and a former vice chairman of NYMEX 8220It8217s a China market with Chinese characteristics8221 said Helmig FUTURE PLANS Still China offers the potential for a deep liquid market buoyed by an explosion of interest from momandpop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai Zhengzhou and Dalian In 2017 the total traded value of ShFE8217s steel derivatives contracts was 44 trillion from domestic investors This compares with global turnover of more than 10 trillion in international oil futures the world8217s biggest commodity market Previous attempts at an Asia benchmark have foundered Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI traded on the Intercontinental Exchange ICEN and the New York Mercantile Exchange NYMEX owned by CME Group CMEO China hopes it can do better with statecontrolled oil majors like PetroChina 601857SS and Sinopec 600028SS expected to provide liquidity analysts said the contract has a chance of succeeding even if it faces shortterm caution 8220Launching a new exchange is enormously complex so if the initial uptake for the contract isn8217t that strong it isn8217t necessarily a bad thing8221 said Bands8217 Browning Reporting by Josephine Mason Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles BEIJINGSHANGHAI Reuters China urged the United States on Friday to 8220pull back from the brink8221 as President Donald Trump8217s plans for tariffs on up to 60 billion in Chinese goods moved the world8217s two largest economies closer to a trade war The escalating tensions sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up Trump is planning to impose the tariffs for what he says is misappropriation of US intellectual property A probe was launched last year under Section 301 of the 1974 US Trade Act 8220China doesn8217t hope to be in a trade war but is not afraid of engaging in one8221 the Chinese commerce ministry responded in a statement 8220China hopes the United States will pull back from the brink make prudent decisions and avoid dragging bilateral trade relations to a dangerous place8221 In a presidential memorandum signed by Trump on Thursday there will be a 30day consultation period that only starts once a list of Chinese goods is published That effectively creates room for potential talks to address Trump8217s allegations on intellectual property theft and forced technology transfers Though the White House has said the planned tariffs were a response to China8217s 8220economic aggression8221 Trump said he views China as 8220a friend8221 and the two sides are in negotiations A Chinese commerce ministry official said both sides were in touch Still it is unclear under what terms China and the US are willing to talk with Beijing adamant that the US tariffs constitute a unilateral move that it rejects China has always said it will not hold talks with the US within the framework of the Section 301 probe Chen Fuli directorgeneral of the commerce ministry8217s department of treaty and law told reporters 8220Currently we are not looking to get in a negotiation again8221 a senior US official told reporters in Beijing If China wants to avoid US tariffs it needs to start taking concrete action the official said adding that Washington has not given Beijing any todo list to remedy trade ties US imports from China tmsnrtrs2FMsz1Q US trade in goods with China tmsnrtrs2GcOZIH READY TO RETALIATE China showed readiness to retaliate by declaring plans to levy additional duties on up to 3 billion of US imports including fruit and wine in response to US import tariffs on steel and aluminum which were due to go into effect on Friday The inevitable fall in demand from a fullblown trade war would spell trouble for all economies supplying the United States and China Feeling the chill MSCI8217s broadest index of AsiaPacific shares outside Japan fell 25 percent tracking heavy losses on Wall Street China8217s main indexes tumbled the most in six weeks skidding up to 36 percent FILE PHOTO A worker checks steel wires at a warehouse in Dalian Liaoning province China May 15 2017 REUTERSStringer 8220Today8217s US tariffs amount to no more than a slap on the wrist for China8221 Mark Williams Chief Asia Economist at Capital Economics wrote in a note 8220China won8217t change its ways Worries about escalation therefore won8217t go away8221 Williams estimated that the 506 billion that China exported to the United States drove around 25 percent of its total gross domestic product and the 5060 billion targeted by the US tariffs contributed just around 025 percent Trump however appears intent on fulfilling election promises to reduce the record US trade deficit with China A commentary published by the official Xinhua news agency said the United States had adopted a 8220Cold War mentality8221 and 8220panic8221 over China8217s economic rise was driving Washington8217s confrontational approach US multinationals at a business gathering in Shanghai were warned by Stephen Roach a Yale University economist 8220to prepare for the worst8221 and make contingency plans until calmer heads prevail Roach said he could foresee 8220the Chinese government moving to restrict in some form or another the financial as well as the supply chain activities of American companies operating in this country8221 Foreign Ministry spokeswoman Hua Chunying said China would not hold back in retaliating Slideshow 4 Images 8220It8217s impolite not to give as good as one gets8221 Hua told reporters LOW HANGING FRUIT Alarm over Trump8217s protectionist leanings mounted earlier this month after he imposed hefty import tariffs on steel and aluminum under Section 232 of the 1962 US Trade Expansion Act which allows safeguards based on 8220national security8221 On Friday Trump gave Canada Mexico Argentina Australia Brazil and South Korea and the European Union temporary exemptions China was not exempted even though it was a far smaller supplier than Canada or South Korea Also omitted from the exemption list was US ally Japan though a government spokesman said Tokyo would press to be included And Finance Minister Taro Aso expressed empathy with Washington over protecting intellectual property China8217s retaliation against the US tariffs on steel and aluminum appeared restrained Related Coverage US South Korea on verge of trade deal Trump China has drawn a list of 128 US products that could be hit with tariffs if the two countries are unable to reach an agreement on trade issues the ministry said Without giving a timeframe the commerce ministry said China was considering implementing measures in two stages first a 15 percent tariff on 120 products including steel pipes dried fruit and wine worth 977 million and later a 25 percent tariff on 199 billion of pork and recycled aluminum US wine exports to China last year were 79 million according to the US Wine Institute which represents Californian wine makers Fruit growers in California Florida Michigan and Washington all stood to lose as China8217s list also included close to 80 fruit and nut products The US exported 669 million of fruit frozen juice and nuts to China last year and it was the top supplier of apples cherries walnuts and almonds 8220With the restrained response China hopes Trump can realize his errors and mend his ways8221 said Xu Hongcai deputy chief economist at the China Centre for International Economic Exchanges a Beijing think tank 8220If we really want to counter the strongest response would be to target soybean and automobiles China is drawing its bow but not firing We still have some cards to play8221 Additional reporting by John Ruwitch Elias Glenn Dominique Patton Josephine Mason Ben Blanchard Christian Shepherd Meng Meng Tom Daly Wang Jing and Lusha Zhang Editing By Simon CameronMoore Our Standards The Thomson Reuters Trust Principles

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<p>Jan 24 (Reuters) - Million Stars Holdings Ltd:</p> <p>* &#8205;EXPECTED TO RECORD AN INCREASE IN NET PROFIT AFTER TAX OF ABOUT 40 TIMES FOR HY &#8203;</p> <p>* EXPECTED RESULT DUE TO &#8205;REVENUE GROWTH AND IMPROVED PROFITS MARGINS OF NEW BUSINESS SEGMENTS&#8203; Source text for Eikon: Further company coverage: (bangalore.newsroom@thomsonreuters.com)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN FRANCISCO (Reuters) - Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) Chief Executive Mark Zuckerberg said on Wednesday that his company made mistakes in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers&#8217; access to such information.</p> <p>The world&#8217;s largest social media network is facing growing government scrutiny in Europe and the United States about a whistleblower&#8217;s allegations that London-based political consultancy Cambridge Analytica improperly accessed user information to build profiles on American voters which were later used to help elect U.S. President Donald Trump in 2016.</p> <p>Zuckerberg, in his first public comments since the scandal erupted at the weekend, said in a post on Facebook that the company &#8220;made mistakes, there&#8217;s more to do, and we need to step up and do it.&#8221;</p> <p>He did not elaborate on what the mistakes were, but he said the social network plans to conduct an investigation of apps on its platform, restrict developer access to data, and give members a tool that lets them more easily disable access to their Facebook data.</p> <p>He did not explicitly apologize for the improper use of data, and his plans did not represent a big reduction of advertisers&#8217; ability to use Facebook data, which is the company&#8217;s lifeblood.</p> <p>Facebook shares pared gains on Wednesday after Zuckerberg&#8217;s post, closing up 0.7 percent. The company has lost more than $45 billion of its stock market value over the past three days on investor fears that any failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation.</p> <p>Facebook representatives including Deputy Chief Privacy Officer Rob Sherman met U.S. congressional staff for nearly two hours on Wednesday and planned to continue meetings on Capitol Hill on Thursday. Facebook was unable to answer many questions, two aides who attended the briefing said.</p> <p>The whistleblower who launched the scandal, Christopher Wylie, formerly of Cambridge Analytica, said in a tweet that he had accepted invitations to testify before U.S. and UK lawmakers.</p> <p>The German government said Facebook must explain whether the personal data of the country&#8217;s 30 million users were protected from unlawful use by third parties, according to a report in the Funke group of German regional newspapers.</p> Slideshow (6 Images) &#8216;SCAPEGOAT&#8217; <p>On Tuesday, the board of Cambridge Analytica suspended its Chief Executive Alexander Nix, who was caught in a secret recording boasting that his company played a decisive role in Trump&#8217;s victory.</p> <p>But the academic who provided the data disputed that on Wednesday.</p> <p>&#8220;I think what Cambridge Analytica has tried to sell is magic, and they&#8217;ve made claims that this is incredibly accurate and it tells you everything there is to tell about you. But I think the reality is it&#8217;s not that,&#8221; psychologist Aleksandr Kogan, an academic at Cambridge University, told the BBC in an interview broadcast on Wednesday.</p> <p>Kogan, who gathered the data by running a survey app on Facebook, also said that he was being made a scapegoat by Facebook and Cambridge Analytica. Both companies have blamed Kogan for alleged data misuse.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 169.39 FB.O Nasdaq +1.24 (+0.74%) FB.O <p>Only 300,000 Facebook users responded to Kogan&#8217;s quiz, but that gave the researcher access to those people&#8217;s Facebook friends as well, who had not agreed to share information, producing details on 50 million users.</p> <p>Facebook has said it subsequently made changes that prevent people from sharing data about friends, and maintains that no data breach occurred because the original users gave permission. Critics say that it essentially was a breach because data of unsuspecting friends was taken.</p> <p>Facebook banned Cambridge Analytica from using any of Facebook&#8217;s services on Friday.</p> <p>Zuckerberg said the company &#8220;will restrict developers&#8217; data access even further to prevent other kinds of abuse&#8221; and that the company is working with regulators as they investigate what happened.</p> <p>Many analysts have now raised concerns that the incident will have a negative impact on user engagement with Facebook, potentially reducing its clout with advertisers. Three Wall Street brokerages cut their price targets.</p> <p>&#8220;Investors now have to consider whether or not the company will conclude that it has grown in a manner that has proven to be untenable or whether it needs to significantly improve how it is managed,&#8221; said Pivotal Research Group analyst Brian Wieser.</p> Related Coverage <a href="/article/us-facebook-cambridge-analytica-leave-eu/what-are-the-links-between-cambridge-analytica-and-a-brexit-campaign-group-idUSKBN1GX2IO" type="external">What are the links between Cambridge Analytica and a Brexit campaign group?</a> <a href="/article/us-facebook-cambridge-analytica-germany/germany-summons-facebook-over-user-data-safety-concerns-report-idUSKBN1GY006" type="external">Germany summons Facebook over user data safety concerns: report</a> <a href="/article/us-facebook-cambridge-analytica-brazil/brazil-prosecutors-open-investigation-into-cambridge-analytica-idUSKBN1GX35A" type="external">Brazil prosecutors open investigation into Cambridge Analytica</a> <p>Facebook shares are down more than 8 percent since Friday. The company has risen more than 550 percent in value in the past five years.</p> <p>Reporting by David Ingram; Additional reporting by Dustin Volz and David Shepardson in Washington and Kate Holton in London; Writing by Susan Thomas; Editing by Bill Rigby and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TOKYO (Reuters) - The U.S. dollar was on the defensive on Thursday after posting its largest loss in two months when the Federal Reserve turned out to be less hawkish than anticipated.</p> U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration <p>Worries about a potential trade war between China and the United States kept gains in Asian shares in check.</p> <p>MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.3 percent, with South Korea's Kospi <a href="/finance/markets/index?symbol=.KS11" type="external">.KS11</a> hitting six-week high, while Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> gained 0.2 percent in early trade.</p> <p>The U.S. Federal Reserve raised interest rates on Wednesday and forecast two more hikes for 2018 in its first policy meeting under new Fed Chairman Jerome Powell.</p> <p>Given some investors had expected it to project three more rate hikes, the guidance was perceived by some as less hawkish than anticipated, a positive factor for risk assets in general, though analysts noted the Fed was upbeat on the economy on the whole.</p> <p>&#8220;They also forecast three hikes next year and two more in 2020 and clearly revised up the growth forecast as well,&#8221; said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.</p> <p>&#8220;So the picture looks different when you look at longer-term projections. That explains the complicated reaction by markets. The prospects of continued rate hikes may cap shares,&#8221; he added.</p> <p>The yield on two-year U.S. notes yield slipped back to 2.308 percent US2YT=RR from 9 1/2-year high of 2.366 percent hit earlier on Wednesday while the 10-year yield dipped to 2.881 percent US10YT=RR after an initial spike to 2.936 percent.</p> <p>The Fed&#8217;s decision to opt for only two more hikes this year led the U.S. dollar to its largest fall in two months against a basket of six other major currencies .DXY.</p> <p>The euro <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> traded at $1.23415, recovering from near three-week low of $1.2240 touched earlier in the week.</p> <p>The dollar stood at 106.03 yen <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, erasing all its gains made so far this week.</p> A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, February 9, 2018. REUTERS/Toru Hanai <p>The British pound jumped 1.01 percent on Wednesday to hit six-week high of $1.4150 <a href="/finance/currencies/quote?srcCurr=GBP&amp;amp;destCurr=USD" type="external">GBP=D4</a> ahead of the Bank of England's policy announcement later in the day.</p> <p>The dollar lost ground against many other currencies, including the Canadian dollar <a href="/finance/currencies/quote?srcCurr=CAD&amp;amp;destCurr=USD" type="external">CAD=D4</a> and Mexican peso <a href="/finance/currencies/quote?srcCurr=MXN&amp;amp;destCurr=USD" type="external">MXN=D2</a>, both of which gained on reports the White House had dropped a demand related to auto exports in the renegotiation of the North American Free Trade Agreement (NAFTA).</p> <p>The Hong Kong dollar <a href="/finance/currencies/quote?srcCurr=HKD&amp;amp;destCurr=USD" type="external">HKD=D4</a> traded flat at 7.8445 per U.S unit after the Hong Kong Monetary Authority raised rates on Thursday, following the Fed's action.</p> <p>The Hong Kong dollar, which is pegged to the U.S. dollar, hit a 33-year low of 7.8466 on Wednesday, near the lower end of the monetary authority&#8217;s targeted trading band of 7.75-7.85.</p> <a href="/finance/markets/index?symbol=.KS11" type="external">Korea Exchange</a> 2505.57 .KS11 Korea Stock Exchange +20.60 (+0.83%) .KS11 .N225 .SPX .IXIC <p>The Wall Street stock index ended the day lower, with the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> losing 0.18 percent the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> 0.26 percent.</p> <p>Concerns about a trade war between the world&#8217;s two largest economies kept many investors on guard.</p> <p>The White House said President Donald Trump will announce tariffs on Chinese imports at 12:30 p.m. local time (1630 GMT) on Thursday.</p> <p>U.S. Treasury Secretary Steven Mnuchin said on Wednesday his agency has prepared U.S. investment restrictions on China for President Donald Trump to consider as part of his upcoming announcement on intellectual property actions against Beijing.</p> <p>Investors worry such a move could trigger countermeasures by China, possibly causing a vicious cycle of escalating retaliation.</p> <p>In the energy market, oil prices stood near six-week highs and closed in on a 3-year peak set in late January, helped by a surprise decline in U.S. inventories, strong compliance on OPEC production cuts, and persistent concerns related to the nuclear pact with Iran.</p> <p>U.S. West Texas Intermediate (WTI) crude futures CLc1 rose to as high as $65.74 per barrel CLc1, not far from its January peak of $66.66, having gained almost five percent so far this week.</p> <p>In contrast, copper fell to three-month low of $6,702 per tonne CMCU3 before bouncing back to $6,843.</p> <p>Reporting by Hideyuki Sano; Editing by Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NANTERRE, France (Reuters) - French former president Nicolas Sarkozy was told after two days in custody on Wednesday that he is being formally treated as a suspect as magistrates investigate claims his 2007 election campaign got funding from late Libyan leader Muammar Gaddafi.</p> <p>The move made Sarkozy - who ruled from 2007 to 2012 and is still an influential behind-the-scenes player on the political right - the target of an inquiry into alleged cash handovers and wire transfers between Tripoli and Paris in the months before he won power.</p> <p>It marked a dramatic acceleration in an inquiry that had largely faded in the news since it was opened five years ago, shortly after the 63-year-old left office.</p> <p>Sarkozy has now been released from police custody but put under judicial supervision.</p> <p>In French legal jargon, he was officially &#8220;placed under investigation&#8221; - a step judicial investigators can take if they have serious grounds for suspecting an offence. Being placed under investigation often but not always leads to trial.</p> <p>The investigation will now focus on suspected offences that include passive corruption, illegal campaign financing and concealing the misuse of Libyan public funds, an official at the judiciary said on condition of anonymity, the standard way of communicating on such matters in France.</p> <p>It is the second major investigation for Sarkozy, who also faced charges of illicit campaign spending overruns during his failed re-election bid in 2012.</p> <p>The latest case concerns accusations by a Franco-Lebanese businessman, Ziad Takieddine, who says he helped funnel 5 million euros ($6 million) from Gaddafi&#8217;s intelligence chief to Sarkozy&#8217;s campaign chief ahead of the 2007 election.</p> Former French President Nicolas Sarkozy leaves the judiciary police offices in Nanterre, near Paris, France, March 21, 2018. REUTERS/Stephane Mahe <p>Sarkozy himself has not commented publicly since he first answered a police summons for questioning on Tuesday. He has in the past dismissed the allegations as &#8220;grotesque&#8221; and described them as a &#8220;manipulation&#8221;. The source in the judiciary said he had denied any wrongdoing during questioning.</p> <p>The inquiry began in 2013, after investigative website Mediapart published Takieddine&#8217;s allegations.</p> Slideshow (3 Images) <p>In an interview with Lebanon&#8217;s L&#8217;Orient du Jour newspaper published on Tuesday, Takieddine said he acted as an intermediary between France and Libya during the time that Sarkozy served as interior minister, before his election bid.</p> <p>Five months after Sarkozy was elected president, Gaddafi visited him in Paris, on his first state visit to a Western capital in decades. The eccentric Libyan leader pitched a Bedouin-style tent near the Elysee Palace.</p> <p>Later, Sarkozy became one of the chief advocates of the NATO-led campaign against Gaddafi that resulted in the dictator&#8217;s overthrow and killing by rebels in 2011.</p> Related Coverage <a href="/article/us-france-sarkozy-libya-case/french-judges-place-sarkozy-under-formal-investigation-in-libyan-probe-idUSKBN1GX30N" type="external">French judges place Sarkozy under formal investigation in Libyan probe</a> <p>Sarkozy, once branded a &#8220;bling-bling&#8221; president because of a penchant for flashy behaviour, has been dogged for years by political scandals, but none has led to a conviction.</p> <p>He is not the first French president to be questioned by police after leaving office.</p> <p>After leaving office, his predecessor, Jacques Chirac, was convicted in 2011 of misusing public funds to maintain political friends in phantom jobs - making him the first French head of state to be convicted of a crime since Nazi collaborator Marshall Philippe Petain in 1945.</p> <p>Reporting by Simon Carraud, Benoit Tessier and Paris bureau; Writing by Brian Love; Editing by Gareth Jones</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TEMPE, Ariz./SAN FRANCISCO (Reuters) - Police in Arizona on Wednesday released a short video of a fatal collision between an Uber self-driving vehicle and a pedestrian, as investigators probe the accident that has put new focus on the safety of autonomous vehicles.</p> <p>The video, taken from inside the Volvo XC90 sport utility vehicle that Uber has used for testing, shows the vehicle driving along a dark road when an image of a woman walking a bicycle across the road suddenly appears in the headlights.</p> <p>The woman, Elaine Herzberg, 49, later died from her injuries.</p> <p>Police have released few details about the accident that occurred on Sunday night in Tempe, Arizona, a suburb of Phoenix, while the SUV was driving in autonomous mode. Uber suspended its self-driving testing in North America after the incident and federal safety regulators are conducting their own probe.</p> <p>Fall-out from the accident could stall the development and testing of self-driving vehicles, which are designed to perform far better than human drivers and sharply reduce the number of motor vehicle fatalities that occur each year.</p> <p>The video shows the vehicle traveling in the right-hand lane of a divided four-lane roadway. The vehicle&#8217;s headlights illuminate a woman directly in front of it who is crossing the SUV&#8217;s lane with her bike. The woman appears to be jaywalking as she is not in a crosswalk.</p> <p>A photo released by safety regulators on Tuesday showed that the impact occurred on the right side of the vehicle.</p> <p>The footage also shows a view of the vehicle&#8217;s interior and the driver at the wheel. The driver appears to be looking down, and not at the road, for two periods of about five seconds each. Just before the video stops, the driver looks upward toward the road and suddenly looks shocked.</p> <p>&#8220;The video is disturbing and heartbreaking to watch, and our thoughts continue to be with Elaine&#8217;s loved ones,&#8221; Uber said in a statement. &#8220;Our cars remain grounded, and we&#8217;re assisting local, state and federal authorities in any way we can.&#8221;</p> <p>The video is likely to be a key part of investigations of Uber&#8217;s self-driving car technology and whether it was ready for testing on public roads.</p> <p>Although the exact specifics of Uber&#8217;s technology are not known, self-driving cars typically use a combination of sensors, including radar and light-based Lidar, to identify objects around the vehicle, including potential obstacles coming into range. While cameras do not perform well in the dark, radar and Lidar can work at night.</p> <p>One question on regulators&#8217; minds will be why the sensors did not pick up on the presence of Herzberg, who would ostensibly have already crossed three lanes of traffic before arriving in the path of the Uber vehicle.</p> Slideshow (3 Images) <p>One self-driving car expert, Bryant Walker Smith, said his first impression was of &#8220;outrage&#8221; viewing the video.</p> <p>&#8220;Although this video isn&#8217;t the full picture, it strongly suggests a failure by Uber&#8217;s automated driving system and a lack of due care by Uber&#8217;s driver (and by the victim),&#8221; said Smith, a professor of law at the University of South Carolina.</p> <p>Another autonomous driving expert agreed with Smith&#8217;s assessment.</p> <p>&#8220;The sensors should have detected the pedestrian in this case; the cameras were likely useless but both the radars and the Lidar must have picked up the pedestrian,&#8221; said Raj Rajkumar, a professor at Carnegie Mellon.</p> <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">Alphabet Inc</a> 1094.0 GOOGL.O Nasdaq -1.80 (-0.16%) GOOGL.O GM.N <p>&#8220;Though no information is available, one would have to conclude based on this video alone, that there are problems in the Uber vehicle software that need to be rectified,&#8221; he said.</p> <p>Uber did not immediately respond to a request for comment on its systems.</p> OVERSIGHT? <p>The video is likely to renew calls for more oversight in a nascent industry that lacks standardized testing or safety definitions. Lawmakers have had to juggle the need to encourage innovations that promise to dramatically improve safety on roads with current public safety concerns.</p> <p>Companies including Uber, Alphabet&#8217;s Waymo ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>) and General Motors&#8217;s Cruise Automation ( <a href="/finance/stocks/overview?symbol=GM.N" type="external">GM.N</a>) have been testing their self-driving technology in Arizona, which has welcomed the industry with a lighter regulatory touch than in states like California, for example.</p> <p>On Tuesday, Arizona transportation officials said they saw no immediate need to tighten rules on the testing of self-driving cars in the state.</p> <p>Although some within the self-driving industry have suggested agreeing testing and safety standards for autonomous technology, there has been no concerted effort to do so.</p> <p>Timothy Carone, an associate teaching professor at Notre Dame University&#8217;s Mendoza College of Business whose research specialties include artificial intelligence and autonomous systems, said the question is whether Uber did enough testing before sending robot cars out onto streets alongside humans.</p> <p>&#8220;Did they jump the gun?&#8221; he said. &#8220;If their testing is found to be inefficient, that cannot be allowed to happen again because these systems have to be ready for road tests.&#8221;</p> <p>Additional reporting by Paul Lienert and Nick Carey in Detroit; Editing by Rosalba O'Brien, Peter Cooney and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Million Stars Holdings Expects Increase In NPAT Of About 40 Times For HY Zuckerberg says Facebook made mistakes on user data, vows curbs Dollar on defensive after Fed, trade worries nag shares France's Sarkozy told he suspected of taking Gaddafi election money Arizona police release video of fatal collision with Uber self-driving SUV

https://reuters.com/article/brief-million-stars-holdings-expects-inc/brief-million-stars-holdings-expects-increase-in-npat-of-about-40-times-for-hy-idUSFWN1PJ0KD

2018-01-24

2least

Jan 24 Reuters Million Stars Holdings Ltd 8205EXPECTED TO RECORD AN INCREASE IN NET PROFIT AFTER TAX OF ABOUT 40 TIMES FOR HY 8203 EXPECTED RESULT DUE TO 8205REVENUE GROWTH AND IMPROVED PROFITS MARGINS OF NEW BUSINESS SEGMENTS8203 Source text for Eikon Further company coverage bangalorenewsroomthomsonreuterscom Our Standards The Thomson Reuters Trust Principles SAN FRANCISCO Reuters Facebook Inc FBO Chief Executive Mark Zuckerberg said on Wednesday that his company made mistakes in how it handled data belonging to 50 million of its users and promised tougher steps to restrict developers8217 access to such information The world8217s largest social media network is facing growing government scrutiny in Europe and the United States about a whistleblower8217s allegations that Londonbased political consultancy Cambridge Analytica improperly accessed user information to build profiles on American voters which were later used to help elect US President Donald Trump in 2016 Zuckerberg in his first public comments since the scandal erupted at the weekend said in a post on Facebook that the company 8220made mistakes there8217s more to do and we need to step up and do it8221 He did not elaborate on what the mistakes were but he said the social network plans to conduct an investigation of apps on its platform restrict developer access to data and give members a tool that lets them more easily disable access to their Facebook data He did not explicitly apologize for the improper use of data and his plans did not represent a big reduction of advertisers8217 ability to use Facebook data which is the company8217s lifeblood Facebook shares pared gains on Wednesday after Zuckerberg8217s post closing up 07 percent The company has lost more than 45 billion of its stock market value over the past three days on investor fears that any failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation Facebook representatives including Deputy Chief Privacy Officer Rob Sherman met US congressional staff for nearly two hours on Wednesday and planned to continue meetings on Capitol Hill on Thursday Facebook was unable to answer many questions two aides who attended the briefing said The whistleblower who launched the scandal Christopher Wylie formerly of Cambridge Analytica said in a tweet that he had accepted invitations to testify before US and UK lawmakers The German government said Facebook must explain whether the personal data of the country8217s 30 million users were protected from unlawful use by third parties according to a report in the Funke group of German regional newspapers Slideshow 6 Images 8216SCAPEGOAT8217 On Tuesday the board of Cambridge Analytica suspended its Chief Executive Alexander Nix who was caught in a secret recording boasting that his company played a decisive role in Trump8217s victory But the academic who provided the data disputed that on Wednesday 8220I think what Cambridge Analytica has tried to sell is magic and they8217ve made claims that this is incredibly accurate and it tells you everything there is to tell about you But I think the reality is it8217s not that8221 psychologist Aleksandr Kogan an academic at Cambridge University told the BBC in an interview broadcast on Wednesday Kogan who gathered the data by running a survey app on Facebook also said that he was being made a scapegoat by Facebook and Cambridge Analytica Both companies have blamed Kogan for alleged data misuse Facebook Inc 16939 FBO Nasdaq 124 074 FBO Only 300000 Facebook users responded to Kogan8217s quiz but that gave the researcher access to those people8217s Facebook friends as well who had not agreed to share information producing details on 50 million users Facebook has said it subsequently made changes that prevent people from sharing data about friends and maintains that no data breach occurred because the original users gave permission Critics say that it essentially was a breach because data of unsuspecting friends was taken Facebook banned Cambridge Analytica from using any of Facebook8217s services on Friday Zuckerberg said the company 8220will restrict developers8217 data access even further to prevent other kinds of abuse8221 and that the company is working with regulators as they investigate what happened Many analysts have now raised concerns that the incident will have a negative impact on user engagement with Facebook potentially reducing its clout with advertisers Three Wall Street brokerages cut their price targets 8220Investors now have to consider whether or not the company will conclude that it has grown in a manner that has proven to be untenable or whether it needs to significantly improve how it is managed8221 said Pivotal Research Group analyst Brian Wieser Related Coverage What are the links between Cambridge Analytica and a Brexit campaign group Germany summons Facebook over user data safety concerns report Brazil prosecutors open investigation into Cambridge Analytica Facebook shares are down more than 8 percent since Friday The company has risen more than 550 percent in value in the past five years Reporting by David Ingram Additional reporting by Dustin Volz and David Shepardson in Washington and Kate Holton in London Writing by Susan Thomas Editing by Bill Rigby and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles TOKYO Reuters The US dollar was on the defensive on Thursday after posting its largest loss in two months when the Federal Reserve turned out to be less hawkish than anticipated US Dollar banknotes are seen in this photo illustration taken February 12 2018 REUTERSJose Luis GonzalezIllustration Worries about a potential trade war between China and the United States kept gains in Asian shares in check MSCIs broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS rose 03 percent with South Koreas Kospi KS11 hitting sixweek high while Japans Nikkei N225 gained 02 percent in early trade The US Federal Reserve raised interest rates on Wednesday and forecast two more hikes for 2018 in its first policy meeting under new Fed Chairman Jerome Powell Given some investors had expected it to project three more rate hikes the guidance was perceived by some as less hawkish than anticipated a positive factor for risk assets in general though analysts noted the Fed was upbeat on the economy on the whole 8220They also forecast three hikes next year and two more in 2020 and clearly revised up the growth forecast as well8221 said Norihiro Fujito senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities 8220So the picture looks different when you look at longerterm projections That explains the complicated reaction by markets The prospects of continued rate hikes may cap shares8221 he added The yield on twoyear US notes yield slipped back to 2308 percent US2YTRR from 9 12year high of 2366 percent hit earlier on Wednesday while the 10year yield dipped to 2881 percent US10YTRR after an initial spike to 2936 percent The Fed8217s decision to opt for only two more hikes this year led the US dollar to its largest fall in two months against a basket of six other major currencies DXY The euro EUR traded at 123415 recovering from near threeweek low of 12240 touched earlier in the week The dollar stood at 10603 yen JPY erasing all its gains made so far this week A man walks past an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai The British pound jumped 101 percent on Wednesday to hit sixweek high of 14150 GBPD4 ahead of the Bank of Englands policy announcement later in the day The dollar lost ground against many other currencies including the Canadian dollar CADD4 and Mexican peso MXND2 both of which gained on reports the White House had dropped a demand related to auto exports in the renegotiation of the North American Free Trade Agreement NAFTA The Hong Kong dollar HKDD4 traded flat at 78445 per US unit after the Hong Kong Monetary Authority raised rates on Thursday following the Feds action The Hong Kong dollar which is pegged to the US dollar hit a 33year low of 78466 on Wednesday near the lower end of the monetary authority8217s targeted trading band of 775785 Korea Exchange 250557 KS11 Korea Stock Exchange 2060 083 KS11 N225 SPX IXIC The Wall Street stock index ended the day lower with the SampampP 500 SPX losing 018 percent the Nasdaq Composite IXIC 026 percent Concerns about a trade war between the world8217s two largest economies kept many investors on guard The White House said President Donald Trump will announce tariffs on Chinese imports at 1230 pm local time 1630 GMT on Thursday US Treasury Secretary Steven Mnuchin said on Wednesday his agency has prepared US investment restrictions on China for President Donald Trump to consider as part of his upcoming announcement on intellectual property actions against Beijing Investors worry such a move could trigger countermeasures by China possibly causing a vicious cycle of escalating retaliation In the energy market oil prices stood near sixweek highs and closed in on a 3year peak set in late January helped by a surprise decline in US inventories strong compliance on OPEC production cuts and persistent concerns related to the nuclear pact with Iran US West Texas Intermediate WTI crude futures CLc1 rose to as high as 6574 per barrel CLc1 not far from its January peak of 6666 having gained almost five percent so far this week In contrast copper fell to threemonth low of 6702 per tonne CMCU3 before bouncing back to 6843 Reporting by Hideyuki Sano Editing by Eric Meijer Our Standards The Thomson Reuters Trust Principles NANTERRE France Reuters French former president Nicolas Sarkozy was told after two days in custody on Wednesday that he is being formally treated as a suspect as magistrates investigate claims his 2007 election campaign got funding from late Libyan leader Muammar Gaddafi The move made Sarkozy who ruled from 2007 to 2012 and is still an influential behindthescenes player on the political right the target of an inquiry into alleged cash handovers and wire transfers between Tripoli and Paris in the months before he won power It marked a dramatic acceleration in an inquiry that had largely faded in the news since it was opened five years ago shortly after the 63yearold left office Sarkozy has now been released from police custody but put under judicial supervision In French legal jargon he was officially 8220placed under investigation8221 a step judicial investigators can take if they have serious grounds for suspecting an offence Being placed under investigation often but not always leads to trial The investigation will now focus on suspected offences that include passive corruption illegal campaign financing and concealing the misuse of Libyan public funds an official at the judiciary said on condition of anonymity the standard way of communicating on such matters in France It is the second major investigation for Sarkozy who also faced charges of illicit campaign spending overruns during his failed reelection bid in 2012 The latest case concerns accusations by a FrancoLebanese businessman Ziad Takieddine who says he helped funnel 5 million euros 6 million from Gaddafi8217s intelligence chief to Sarkozy8217s campaign chief ahead of the 2007 election Former French President Nicolas Sarkozy leaves the judiciary police offices in Nanterre near Paris France March 21 2018 REUTERSStephane Mahe Sarkozy himself has not commented publicly since he first answered a police summons for questioning on Tuesday He has in the past dismissed the allegations as 8220grotesque8221 and described them as a 8220manipulation8221 The source in the judiciary said he had denied any wrongdoing during questioning The inquiry began in 2013 after investigative website Mediapart published Takieddine8217s allegations Slideshow 3 Images In an interview with Lebanon8217s L8217Orient du Jour newspaper published on Tuesday Takieddine said he acted as an intermediary between France and Libya during the time that Sarkozy served as interior minister before his election bid Five months after Sarkozy was elected president Gaddafi visited him in Paris on his first state visit to a Western capital in decades The eccentric Libyan leader pitched a Bedouinstyle tent near the Elysee Palace Later Sarkozy became one of the chief advocates of the NATOled campaign against Gaddafi that resulted in the dictator8217s overthrow and killing by rebels in 2011 Related Coverage French judges place Sarkozy under formal investigation in Libyan probe Sarkozy once branded a 8220blingbling8221 president because of a penchant for flashy behaviour has been dogged for years by political scandals but none has led to a conviction He is not the first French president to be questioned by police after leaving office After leaving office his predecessor Jacques Chirac was convicted in 2011 of misusing public funds to maintain political friends in phantom jobs making him the first French head of state to be convicted of a crime since Nazi collaborator Marshall Philippe Petain in 1945 Reporting by Simon Carraud Benoit Tessier and Paris bureau Writing by Brian Love Editing by Gareth Jones Our Standards The Thomson Reuters Trust Principles TEMPE ArizSAN FRANCISCO Reuters Police in Arizona on Wednesday released a short video of a fatal collision between an Uber selfdriving vehicle and a pedestrian as investigators probe the accident that has put new focus on the safety of autonomous vehicles The video taken from inside the Volvo XC90 sport utility vehicle that Uber has used for testing shows the vehicle driving along a dark road when an image of a woman walking a bicycle across the road suddenly appears in the headlights The woman Elaine Herzberg 49 later died from her injuries Police have released few details about the accident that occurred on Sunday night in Tempe Arizona a suburb of Phoenix while the SUV was driving in autonomous mode Uber suspended its selfdriving testing in North America after the incident and federal safety regulators are conducting their own probe Fallout from the accident could stall the development and testing of selfdriving vehicles which are designed to perform far better than human drivers and sharply reduce the number of motor vehicle fatalities that occur each year The video shows the vehicle traveling in the righthand lane of a divided fourlane roadway The vehicle8217s headlights illuminate a woman directly in front of it who is crossing the SUV8217s lane with her bike The woman appears to be jaywalking as she is not in a crosswalk A photo released by safety regulators on Tuesday showed that the impact occurred on the right side of the vehicle The footage also shows a view of the vehicle8217s interior and the driver at the wheel The driver appears to be looking down and not at the road for two periods of about five seconds each Just before the video stops the driver looks upward toward the road and suddenly looks shocked 8220The video is disturbing and heartbreaking to watch and our thoughts continue to be with Elaine8217s loved ones8221 Uber said in a statement 8220Our cars remain grounded and we8217re assisting local state and federal authorities in any way we can8221 The video is likely to be a key part of investigations of Uber8217s selfdriving car technology and whether it was ready for testing on public roads Although the exact specifics of Uber8217s technology are not known selfdriving cars typically use a combination of sensors including radar and lightbased Lidar to identify objects around the vehicle including potential obstacles coming into range While cameras do not perform well in the dark radar and Lidar can work at night One question on regulators8217 minds will be why the sensors did not pick up on the presence of Herzberg who would ostensibly have already crossed three lanes of traffic before arriving in the path of the Uber vehicle Slideshow 3 Images One selfdriving car expert Bryant Walker Smith said his first impression was of 8220outrage8221 viewing the video 8220Although this video isn8217t the full picture it strongly suggests a failure by Uber8217s automated driving system and a lack of due care by Uber8217s driver and by the victim8221 said Smith a professor of law at the University of South Carolina Another autonomous driving expert agreed with Smith8217s assessment 8220The sensors should have detected the pedestrian in this case the cameras were likely useless but both the radars and the Lidar must have picked up the pedestrian8221 said Raj Rajkumar a professor at Carnegie Mellon Alphabet Inc 10940 GOOGLO Nasdaq 180 016 GOOGLO GMN 8220Though no information is available one would have to conclude based on this video alone that there are problems in the Uber vehicle software that need to be rectified8221 he said Uber did not immediately respond to a request for comment on its systems OVERSIGHT The video is likely to renew calls for more oversight in a nascent industry that lacks standardized testing or safety definitions Lawmakers have had to juggle the need to encourage innovations that promise to dramatically improve safety on roads with current public safety concerns Companies including Uber Alphabet8217s Waymo GOOGLO and General Motors8217s Cruise Automation GMN have been testing their selfdriving technology in Arizona which has welcomed the industry with a lighter regulatory touch than in states like California for example On Tuesday Arizona transportation officials said they saw no immediate need to tighten rules on the testing of selfdriving cars in the state Although some within the selfdriving industry have suggested agreeing testing and safety standards for autonomous technology there has been no concerted effort to do so Timothy Carone an associate teaching professor at Notre Dame University8217s Mendoza College of Business whose research specialties include artificial intelligence and autonomous systems said the question is whether Uber did enough testing before sending robot cars out onto streets alongside humans 8220Did they jump the gun8221 he said 8220If their testing is found to be inefficient that cannot be allowed to happen again because these systems have to be ready for road tests8221 Additional reporting by Paul Lienert and Nick Carey in Detroit Editing by Rosalba OBrien Peter Cooney and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles

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<p>Photo by Bonzo McGrue | <a href="" type="internal">CC BY 2.0</a></p> <p>Never go walking out without your hatpin. Not even to some very classy joints. For when a fellow sees you&#8217;ve got a hatpin He&#8217;s very much more apt to get the point.</p> <p>&#8212;Credited to J. Baird in Cockney Music Hall Songs</p> <p>In the late 1890s, when&amp;#160; <a href="" type="internal">unescorted women</a>&amp;#160;ventured from home for work, shopping, funerals, meetings, classes, or social visits all by horse-drawn public transit or walking. They were fair game for any man with aggressive &#8220;sexual instincts.&#8221; Complaining to a policeman was bootless because offenders were usually fleet-footed. Not so today, however, with the fallout from the #MeToo movement.</p> <p>Police and the public&#8217;s view in the 1880s was that women invaded a man&#8217;s world so what did they expect? The upshot usually was an end to most complaints, even for rape in an alley, an empty elevator, office, or factory storage room.</p> <p>&#8220;Nice&#8221; women&#8217;s instinctive weaponry has been either flight or surrendering to enduring masturbation on crowded transit or trains, or indecent exposure on streets and, particularly at work, pinched buttocks, kissing, groping&#8212;or rape. But in those days as incidents increased, courageous women began using whistles, books, purses, and umbrellas&#8212;effective, but requiring physical strength and brought embarrassing visibility. What was needed was a lady-like, concealed, and easily applied weapon that brought instant screams and flight by predators.</p> <p>They found it in the hatpin.</p> <p>Now, the&amp;#160; <a href="" type="internal">1880s vogue</a>&amp;#160;was for enormous, beribboned, feathered hats. These required&amp;#160; <a href="https://www.collectorsweekly.com/articles/an-interview-with-antique-hatpin-collector-jodi-lenocker/" type="external">big hatpins</a>, either bejeweled and expensive or packet of modest two-inchers costing only &#8220;pin&#8221; money. Large or small, hatpins soon earned adverse&amp;#160; <a href="" type="internal">newspaper notice</a>&amp;#160;around the country and Europe for filling doctors&#8217; offices with men from germ-filled hatpins wounds, some, fatal.</p> <p>Even so, one would think this weapon would have been welcomed with relief by protective men,&amp;#160;especially&amp;#160;police. Women could venture safely anywhere even if they were in the nation&#8217;s customary male-dominated workplace. It&#8217;s also been a tacit battlefield dominated chiefly by men. Even those with little power lorded over women. Moreover, both bosses and the bossed had access to pleasure from meek and mild women fearing loss of income more than their reputations.</p> <p>That&#8217;s been a given for centuries in fields, factories, shops, and war. In the workplace, sexual harassment and abuse of women have been an&amp;#160; <a href="http://www.thefinertimes.com/Ancient-History/crime-and-punishment-in-the-middle-ages.html" type="external">accepted sport</a>&amp;#160;with men using women&#8212;terrified, submissive, silent&#8212;as playthings or &#8220;tension relievers.&#8221; For the cooperative, it has always brought slight pay increases and promotions.</p> <p>Perhaps only doctors knew hatpin victims came by the thousands from the workplace. They ranged from the mild-mannered to the mighty&#8212;custodians and mailroom clerks to CEOs&#8212;and staffs at jails, women&#8217;s prisons, and mental institutions.</p> <p>As with today&#8217;s &#8220;#MeToo&#8221; movement, a significant&amp;#160; <a href="" type="internal">male backlash</a>&amp;#160;soon was on the warpath against hatpins.</p> <p>Recognizing that Nature designed sexual instincts to propagate the species and the impossibility of policing self-restraint, authorities in America&#8217;s major cities, Europe, and Britain criminalized the hatpin. In&amp;#160; <a href="" type="internal">Chicago</a>&amp;#160;after March 1910, violators caught with 10-inchers were subject to arrest and a $1,250 fine (today&#8217;s value).</p> <p>The battle against hatpins was won by mashers and harassers in the 1920s when women&#8217;s styles shifted to bobbed hair and cloche hats. They needed no pins or lacing ties though some wary women wore them anyway on coat lapels or summer dresses and suits.</p> <p>The hatpin&#8217;s disappearance led to the resurgence of unwanted and unwilling sexual gamesmanship by mashers on public transit. Many women even today avoid outside seats and standing in crowded aisles.</p> <p>A&amp;#160; <a href="" type="internal">pair of writers/researchers</a>&amp;#160;just underscored that kind of harassment:</p> <p>Research has shown&amp;#160;that an estimated 87 percent of women between the ages of 18 and 25 say they have experienced some form of harassment, such as catcalls, being touched without permission by a stranger, or being insulted with sexual comments.</p> <p>In today&#8217;s workplace, male &#8220;gamesmanship&#8221; is still prevalent with access in 2017 to&amp;#160; <a href="" type="internal">74.6 million women</a>&amp;#160;(47% of the work force). For many men, women are still secretly and deeply resented as interlopers in any field they&#8217;ve controlled, even if they are family&#8217;s sole supporter. Especially in censoring &#8220;guy-talk.&#8221; This culture-based attitude was emphasized in a recent&amp;#160; <a href="" type="internal">CounterPunch&amp;#160;article</a>&amp;#160;(&#8220; <a href="" type="internal">The Ugly Patriarchal Truth: In the US, Most Men Simply Don&#8217;t Like Women</a>&#8221;)</p> <p>True, most men have grudgingly accepted them as cohorts as long as they didn&#8217;t threaten their levels of wage scales or promotions, but, equally important, were uncomplaining about zingers of a sexual nature aimed at them. If women were single or the family breadwinner, most tolerated &#8220;guy-talk&#8221; and unwanted sexual attention and advances as the price of a paycheck and benefits.</p> <p>Until recently, that workplace environment has had few changes, despite protections against harassment and abuse guaranteed by&amp;#160; <a href="http://topics.hrhero.com/title-vii-of-the-civil-rights-act-of-1964/" type="external">Title VII</a>&amp;#160;under the 1965 Civil Rights Act. Unfortunately, it fails to detail harassment and abuse, unlike Leviticus&#8217;s 19 specifics against&amp;#160; <a href="https://www.enterthebible.org/oldtestament.aspx?rid=23" type="external">incest</a>&amp;#160;written 27 centuries ago.</p> <p>The Title VII authors deliberately left the law undefined probably because they recognized harassment&#8217;s multiplicities. For example, most men agree that rape and groping certainly qualify as harassment, but that touching or dismissive/disrespectful remarks to women are normal and accepted workplace behavior.</p> <p>Actor&amp;#160; <a href="" type="internal">Matt Damon</a>&amp;#160;agreed and told an interviewer: &#8220;There&#8217;s a difference between, you know, patting someone on the butt and rape or child molestation, right?&#8221; He had to have been stunned when his remark was &#8220; <a href="" type="internal">widely condemned</a>.&#8221;</p> <p>Perhaps the best harassment test for men like Damon is the question: Would &#8220;unwanted touching or dismissive/disrespectful remarks&#8221; done to another man be regarded as &#8220;normal, accepted workplace behavior?&#8221;</p> <p>As to a sexually hostile work environment, once again Title VII drafters in left a significant loophole for the Supreme Court to interpret as well as enforcers from EEOC (Employee Equal Opportunity Commission) or Congress&#8217;s OOC (Office of Compliance). Most employees have little difficulty recognizing such an environment.</p> <p><a href="" type="internal">Rep. Blake Farenthold</a>, one of the seven accused lawmakers quitting because of alleged sexual behavior, admitted only to the accusation that his office&amp;#160;did&amp;#160;have an environment hostile to women:</p> <p>I&#8217;d never served in public office before. I had no idea how to run a congressional office and as a result, I allowed a workplace culture to take root in my office that was too permissive and decidedly unprofessional. It accommodated destructive gossip, offhand comments, off-color jokes and behavior that in general was less than professional and I allowed the personal stress of the job to manifest itself in angry outbursts and too often a failure to treat people with the respect they deserve. That was wrong.</p> <p>Though EEOC represents a significant educative and corrective avenue for American workers, most women also know complaining about sexual or hostile environments usually brands them as troublemaking whiners or &#8220;lying bitches.&#8221;</p> <p>Co-workers able vouch for a victim&#8217;s word usually don&#8217;t come forward, even if they, too, have been victims. Most dissemble because they fear firing and blacklisting (&#8220;I&#8217;ve worked with him for 14 years and he&#8217;d never,&amp;#160;ever&amp;#160;do anything like that.&#8221;). The jealous or heartless too often offer testimony&amp;#160;for&amp;#160;the predator (&#8220;That&#8217;s what wearing those kinds of clothes gets you&#8221;).</p> <p>A recent example came from a&amp;#160; <a href="https://www.rollcall.com/news/politics/harassment-allegations-ruben-kihuen" type="external">former staffer</a>&amp;#160;of a Congressman she accused of harassment&amp;#160;and&amp;#160;retaliation (firing, blacklisting). After one unwanted encounter, she said: &#8220;I tried to run to another office headed up by a female member with a female staff&#8221; only to find that they either doubted her story or were fiercely protector of that lawmaker.</p> <p>Historically, the tragedy is that most women&amp;#160;do&amp;#160;tell the truth about unwanted sexual encounters. Yet up to now, it has been mandatory to protect the predator lest it harm workplace morale, teamwork&#8212;and &#8220;gamesmanship.&#8221; The victim is dangerous and expendable.</p> <p>Even if she decides to fight back with an official complaint to EEOC, its current&amp;#160; <a href="https://www.eeoc.gov/laws/types/sexual_harassment.cfm" type="external">procedures</a>&amp;#160;for filing one&#8212;mandated counseling/mediation/nondisclosure agreement&#8212;one woman said&amp;#160; <a href="" type="internal">the process</a>&amp;#160;was &#8220;almost worse than the harassment.&#8221; Add to this, the constant fear of detection by the accused or her colleagues.</p> <p>Counseling and mediation also are perceived as a deterrent because they play on the filer&#8217;s uncertainty about being believed even if they are instructed that a&amp;#160; <a href="https://www.armstronglegal.com.au/criminal-law/offences/false-statements/false-accusations" type="external">false accusation</a>&amp;#160;carries a seven-year prison sentence. Undoubtedly, guilt also is used in both counseling and mediation to point out the harm it will do to the accused. With such a bombardment aimed at an accuser, small wonder EEOC&#8217;s 2016 data shows the &#8220;success&#8221; rate. Out of the&amp;#160; <a href="https://www.eeoc.gov/eeoc/statistics/enforcement/sexual_harassment_new.cfm" type="external">5,636</a>complaints filed across the nation, only 698 were awarded settlements that probably would have equaled severance pay.</p> <p>Then, came the unexpected all-points attack on the&amp;#160;status quo&amp;#160;patriarchy led by women experienced in activism from demonstrations against wars, climate change, Occupy, bigotry, nuclear weapons&#8212;and Donald Trump&#8217;s views on women&#8217;s worth.</p> <p>That 87% statistic of the harassed and abused exploded into last year&#8217;s</p> <p>Women&#8217;s March, the largest demonstration ( <a href="" type="internal">4,157,894 participants</a>) in the nation&#8217;s history the day after Trump&#8217;s inauguration. The sheer numbers&#8212; <a href="" type="internal">nearly 100,000</a>&amp;#160;of us in Portland OR&#8212;emboldened working women to forge a sisterhood against sexual harassment and abuse.</p> <p>It&#8217;s fairly certain that most men initially sniggered, always counting on women&#8217;s rivalry, backbiting, and lack of time would ensure, like the Occupy movement, it was a passing phase. But, then, so did France&#8217;s 1% before the Revolution exploded and Dr. Guillotine&#8217;s invention and portable replicas beheaded&amp;#160; <a href="" type="internal">16,594</a>&amp;#160;&#8220;aristos&#8221; in less than a year.</p> <p>Then came the explosion of the 10-year-old grassroots MeToo movement, initially providing aid and comfort to the harassed and abused black women. When it became a national organization via Twitter as&amp;#160;&amp;#160;#MeToo, it became an army of&amp;#160; <a href="" type="internal">millions</a>&amp;#160;of those cowed by years of suffering harassment and abuse from predators, employers, and EEOC procedures. &#8220;Enough is Enough&#8221; and &#8220;Never Again&#8221; are today&#8217;s battle cries.</p> <p>After #MeToo and accusers appeared on social media, online news sites, and forums, thousands of victims decided to be victims no more. #MeToo messages were reminiscent of the film&amp;#160; <a href="" type="internal">Network</a>&amp;#160;when the abused and infuriated, popular TV host sends millions of his subdued, world-weary and frightened viewers to fling open their windows to shout the immortal rally chant of revolution: &#8220;I&#8217;m mad as hell and I&#8217;m not going to take this anymore!&#8221;</p> <p>It was followed by tumbrils initially carrying entertainment stars to their professional deaths as well as the prominent in creative arts and academia. Companies that once had driven off complainers are now using the same weapons of firings and blacklistings as they clean house of abusers.</p> <p>Accuser credibility now was enhanced by their attorneys&#8217; strong warnings about that seven-year prison sentence for lying and that the accused had the money and top-flight legal teams to pulverize them if they&amp;#160;did&amp;#160;lie.</p> <p>Meantime, attorneys for the prominent and powerful emphasized the impossibility of winning a&amp;#160; <a href="http://slideplayer.com/slide/7845398" type="external">libel or defamation suit</a>&amp;#160;because the accused were&amp;#160;public figures&amp;#160;or&amp;#160;private&amp;#160;individuals thrusting themselves into the public spotlight. That libel&#8217;s major defense is always&amp;#160;truth&amp;#160;unless statements were made out of provable of&amp;#160;malice&amp;#160;(&#8220;hate, dislike, intent and desire to harm and with reckless disregard for the truth&#8221;).</p> <p>In Congress, sexual allegations triggered resignations of at least seven members of Congress so far: Reps. Joe Barton, John Conyers, Blake Farenthold, Trent Franks, Ruben Kihuen, Tim Murphy and Sen. Al Franken.</p> <p>Interestingly, though some of the fired&amp;#160;did&amp;#160;demand board hearings, none of the Congressional &#8220;retirees,&#8221; launched libel and defamation suits or demanded due- process. Most knew the libel/defamation laws, but also what due process earned former House Speaker Dennis Hastert and former Rep. Anthony Weiner for their sex trials.&amp;#160; <a href="" type="internal">Hastert</a>&amp;#160;left prison last summer after serving nearly 15 months for bank misdeeds to raise $3.5 million to pay off a victim.&amp;#160; <a href="" type="internal">Weiner</a>just&amp;#160;entered&amp;#160;prison to serve 21 months for sexting a teenager, along with three years probation, and registry as a sex offender.</p> <p>As for the Trump reckoning for&amp;#160; <a href="" type="internal">sexual prowess boasts</a>, a Congressional investigation was demanded after&amp;#160; <a href="" type="internal">16 accusers</a>&amp;#160;described his unwanted sexual attentions. Almost simultaneously, nearly&amp;#160; <a href="" type="internal">60 women</a>&amp;#160;in Congress dispatched a letter to the House Oversight Committee demanding an investigation about these allegations. Trump was unsettled enough to fire off a tweet of bravado dismissing accusers&#8217; statements as &#8220;false accusations and fabricated stories of women who I don&#8217;t know and/or have never met. FAKE NEWS!&#8221;</p> <p>The public&#8217;s reaction about all these revelations by many Americans was first shock, then denial and support. Diehards loudly insisted the accusers were lying (&#8220;Al Franken is a good and decent man&#8221;). Or that they were gold-diggers or settling scores. One&amp;#160; <a href="" type="internal">editor</a>&amp;#160;of a progressive website appeared near apoplexy:&amp;#160;&#8220;Long careers are ruined in a matter of minutes. The accused in many cases are men in their mid- to late seventies, some of whom have records of decades of distinguished contributions to the arts.&#8221;</p> <p>Another shock to the public&#8212;and terror to some in Congress&#8212;was discovering that their taxes had been used secretly from 1997 to 2017 by lawmakers&#8217; to gag those they harassed. Some $17 million was channeled through the Office of Compliance to&amp;#160; <a href="" type="internal">262</a>&amp;#160;recipients</p> <p>The last straw for men infuriated by #MeToo had to be TIME magazine&#8217;s&amp;#160; <a href="" type="internal">Person of the Year</a>&amp;#160;for 2017,&amp;#160;citing its usual criteria of those &#8220;who most influenced the events of the year.&#8221; It went to five key &#8220;silence breakers,&#8221; against sexual harassment and abuse. TIME&#8217;s spokesman noted, however, &#8220;&#8230;the biggest test of this movement will be the extent to which it changes the realities of people for whom telling the truth simply threatens too much.&#8221;</p> <p>Those &#8220;threatened too much&#8221; have had it with women no longer silent about workplace gamesmanship.&amp;#160;Salon&amp;#160;writer&amp;#160; <a href="https://www.alternet.org/news-amp-politics/right-wing-backlash-against-metoo-coming-sooner-you-think" type="external">Amanda Marcotte</a>&amp;#160;noted:</p> <p>[Men] are getting angry. They&#8217;re getting scared. They&#8217;re starting to lash out. &#8230;the widespread opinion on the right is #MeToo is a menace, that it needs to be ended and that the only question right now is how to do it. Their first efforts have failed, but mark my words: They&#8217;re going to keep trying. They have money and numbers to keep coming up with random ideas and testing them on the public.</p> <p>Many men have now declared war on &#8220;those MeToo bitches,&#8221; though the old strategies are not working too well on polarized employees, especially millennials.</p> <p>The heavy artillery from some online websites is firing ridicule and shame to key activists on social media.&amp;#160; <a href="" type="internal">One writer</a>&amp;#160;apparently was rattled enough to pronounce the #MeToo movement a &#8220;hoax,&#8221; insisting it was &#8220;reactionary to the core.&#8221; It had &#8220;no progressive content.&#8221; It was &#8220;pitched to the lowest level of social awareness&#8221; on sex issues, and hadn&#8217;t brought to it &#8220;an iota of intelligent discourse.&#8221; He particularly savaged it for not moving on to far, far more important missions: national and global issues.</p> <p>Many &#8220;snipers&#8221; in this conflict have vainly tried name-calling (lesbian, man-hater, bitch, cunt, etc.)&#8212;to get women off the barricades. But they&#8217;re not doing it.</p> <p>As for some EEOC/OOC staffers in counseling and mediation departments, most women are now ignoring the psychological weaponry of guilt over damaging the accused&#8217;s future perhaps because it&#8217;s always been pertinent to&amp;#160;their&amp;#160;economic struggles and future careers, too.</p> <p>For women failing to surrender to such softening-up tactics, it&#8217;s back to bullying: &#8220;You&#8217;ll never work in this business again&#8221; and that ancient threat: &#8220;Nobody on that panel will believe you.&#8221; Undoubtedly, women are learning, as did Farenthold&#8217;s communication director, to file lawsuits in a district court charging &#8220; <a href="" type="internal">intentional infliction of emotional distress</a>.&#8221; To save his reputation, he instantly got OCC to cut a check for&amp;#160; <a href="" type="internal">$84,000</a>&amp;#160;and she dropped the suit.</p> <p>Another male tactic is guerilla action: disabling cars, emptying lockers or filling them with disgusting items, faulting the accusers&#8217; work, spreading sexual rumors, or arousing jealousy by pitting women against each other.</p> <p>One tactic thought to end all accusations is a joint bill in the next session of Congress changing the statute of limitations to one year&amp;#160;after&amp;#160;an alleged sexual deed. That would flood EEOC with complaints, of course.</p> <p>Two Congress women&#8212;Rep. Jackie Speier, Sen. Kirsten Gillibrand&#8212; will be hoppering a joint bipartisan bill for past and present Capitol Hill staff this session that waive OOC&#8217;s mandated counseling/mediation and non-disclosure agreements: the&amp;#160; <a href="" type="internal">ME TOO Congress bills</a>. They also require those lawmakers to pay for settlements. By mid-January, Speier had&amp;#160; <a href="" type="internal">144 co-sponsors</a>, and <a href="https://www.congress.gov/bill/115th-congress/senate-bill/2159/cosponsors" type="external">&amp;#160;Gillibrand</a>&amp;#160;had 17.</p> <p>With donors unaffected by workplace gamesmanship and the Congressional scandals affecting members, few incumbents are expected to vote against it and be re-elected, considering the votes of those 74.6 million working women. The hope is that nationally, this bill will be the model for revising the Title VII to specifics describing harassment and abuse.</p> <p>Until passage to change lawmakers&#8217; behavior and those in the nation&#8217;s workplaces, women can always resort to the days of direct action. One example was set recently by&amp;#160; <a href="" type="internal">Rep. Betty McCollum</a>&amp;#160;who puts no stock in predators later claiming they are &#8220;huggers.&#8221; When a colleague headed her way in the House cloakroom, hands indicating a pounce, she rolled up her newspaper and whacked him repeatedly, shouting: &#8220;What the hell are you doing? Go away!&#8221; He has never bothered her again. Needless to say, she&#8217;s a&amp;#160; <a href="" type="internal">co-sponsor</a>&amp;#160;of the ME TOO Congress bill.</p> <p>Little and big girls these days are being taught what to do about &#8220;sexual misconduct.&#8221; When on public transit, a raised voice of&amp;#160;&amp;#160;&#8220;Stop that!!&#8221; still runs off most mashers. So does complaining to a driver, my No. 17 line operator says. As for street &#8220;flashers,&#8221; a cellphone&#8217;s photo feature and a shout of &#8220;See you in court!&#8221; should work.</p> <p>At work, it&#8217;s still means lining up a new job because a complaint still follows a firing. There&#8217;s also the helpful, indelible-ink warning (&#8220;Beware Joe-the-Hugger&#8221;) inside toilet stalls. For factory or outdoor jobs, women taking a martial-arts class and talking about its progress should ward off &#8220;unwanted advances.&#8221;</p> <p>In private interviews, if instincts signal danger, instant departure is still the wisest and safest course. Rape requires getting instantly to a hospital to obtain evidence for criminal proceedings.</p> <p>In the meantime, women taking buses can always buy the&amp;#160; <a href="https://www.collectorsweekly.com/fine-jewelry/hatpins" type="external">latest hatpins</a>&amp;#160;shown by Googling antique shops or checking out eBay selections ($2.50 for a half-dozen to $135 for the ornate).</p> <p>Because the workplace war between the sexes may come to an armistice what with new laws and women&#8217;s increased militancy, but probably never really will end. But at least civility or diplomacy can be shown on&amp;#160;both&amp;#160;sides, as the&amp;#160;CounterPunch&amp;#160;article&#8217;s author indicated, until men begin to express &#8220;appreciation, respect, and value of women as other human beings of equal worth.&#8221;</p>

The Workplace War: Hatpins Might Be in Style Again for Women

https://counterpunch.org/2018/01/18/the-workplace-war-hatpins-might-be-in-style-again-for-women/

2018-01-18

4left

Photo by Bonzo McGrue CC BY 20 Never go walking out without your hatpin Not even to some very classy joints For when a fellow sees you8217ve got a hatpin He8217s very much more apt to get the point 8212Credited to J Baird in Cockney Music Hall Songs In the late 1890s whenamp160 unescorted womenamp160ventured from home for work shopping funerals meetings classes or social visits all by horsedrawn public transit or walking They were fair game for any man with aggressive 8220sexual instincts8221 Complaining to a policeman was bootless because offenders were usually fleetfooted Not so today however with the fallout from the MeToo movement Police and the public8217s view in the 1880s was that women invaded a man8217s world so what did they expect The upshot usually was an end to most complaints even for rape in an alley an empty elevator office or factory storage room 8220Nice8221 women8217s instinctive weaponry has been either flight or surrendering to enduring masturbation on crowded transit or trains or indecent exposure on streets and particularly at work pinched buttocks kissing groping8212or rape But in those days as incidents increased courageous women began using whistles books purses and umbrellas8212effective but requiring physical strength and brought embarrassing visibility What was needed was a ladylike concealed and easily applied weapon that brought instant screams and flight by predators They found it in the hatpin Now theamp160 1880s vogueamp160was for enormous beribboned feathered hats These requiredamp160 big hatpins either bejeweled and expensive or packet of modest twoinchers costing only 8220pin8221 money Large or small hatpins soon earned adverseamp160 newspaper noticeamp160around the country and Europe for filling doctors8217 offices with men from germfilled hatpins wounds some fatal Even so one would think this weapon would have been welcomed with relief by protective menamp160especiallyamp160police Women could venture safely anywhere even if they were in the nation8217s customary maledominated workplace It8217s also been a tacit battlefield dominated chiefly by men Even those with little power lorded over women Moreover both bosses and the bossed had access to pleasure from meek and mild women fearing loss of income more than their reputations That8217s been a given for centuries in fields factories shops and war In the workplace sexual harassment and abuse of women have been anamp160 accepted sportamp160with men using women8212terrified submissive silent8212as playthings or 8220tension relievers8221 For the cooperative it has always brought slight pay increases and promotions Perhaps only doctors knew hatpin victims came by the thousands from the workplace They ranged from the mildmannered to the mighty8212custodians and mailroom clerks to CEOs8212and staffs at jails women8217s prisons and mental institutions As with today8217s 8220MeToo8221 movement a significantamp160 male backlashamp160soon was on the warpath against hatpins Recognizing that Nature designed sexual instincts to propagate the species and the impossibility of policing selfrestraint authorities in America8217s major cities Europe and Britain criminalized the hatpin Inamp160 Chicagoamp160after March 1910 violators caught with 10inchers were subject to arrest and a 1250 fine today8217s value The battle against hatpins was won by mashers and harassers in the 1920s when women8217s styles shifted to bobbed hair and cloche hats They needed no pins or lacing ties though some wary women wore them anyway on coat lapels or summer dresses and suits The hatpin8217s disappearance led to the resurgence of unwanted and unwilling sexual gamesmanship by mashers on public transit Many women even today avoid outside seats and standing in crowded aisles Aamp160 pair of writersresearchersamp160just underscored that kind of harassment Research has shownamp160that an estimated 87 percent of women between the ages of 18 and 25 say they have experienced some form of harassment such as catcalls being touched without permission by a stranger or being insulted with sexual comments In today8217s workplace male 8220gamesmanship8221 is still prevalent with access in 2017 toamp160 746 million womenamp16047 of the work force For many men women are still secretly and deeply resented as interlopers in any field they8217ve controlled even if they are family8217s sole supporter Especially in censoring 8220guytalk8221 This culturebased attitude was emphasized in a recentamp160 CounterPunchamp160articleamp1608220 The Ugly Patriarchal Truth In the US Most Men Simply Don8217t Like Women8221 True most men have grudgingly accepted them as cohorts as long as they didn8217t threaten their levels of wage scales or promotions but equally important were uncomplaining about zingers of a sexual nature aimed at them If women were single or the family breadwinner most tolerated 8220guytalk8221 and unwanted sexual attention and advances as the price of a paycheck and benefits Until recently that workplace environment has had few changes despite protections against harassment and abuse guaranteed byamp160 Title VIIamp160under the 1965 Civil Rights Act Unfortunately it fails to detail harassment and abuse unlike Leviticus8217s 19 specifics againstamp160 incestamp160written 27 centuries ago The Title VII authors deliberately left the law undefined probably because they recognized harassment8217s multiplicities For example most men agree that rape and groping certainly qualify as harassment but that touching or dismissivedisrespectful remarks to women are normal and accepted workplace behavior Actoramp160 Matt Damonamp160agreed and told an interviewer 8220There8217s a difference between you know patting someone on the butt and rape or child molestation right8221 He had to have been stunned when his remark was 8220 widely condemned8221 Perhaps the best harassment test for men like Damon is the question Would 8220unwanted touching or dismissivedisrespectful remarks8221 done to another man be regarded as 8220normal accepted workplace behavior8221 As to a sexually hostile work environment once again Title VII drafters in left a significant loophole for the Supreme Court to interpret as well as enforcers from EEOC Employee Equal Opportunity Commission or Congress8217s OOC Office of Compliance Most employees have little difficulty recognizing such an environment Rep Blake Farenthold one of the seven accused lawmakers quitting because of alleged sexual behavior admitted only to the accusation that his officeamp160didamp160have an environment hostile to women I8217d never served in public office before I had no idea how to run a congressional office and as a result I allowed a workplace culture to take root in my office that was too permissive and decidedly unprofessional It accommodated destructive gossip offhand comments offcolor jokes and behavior that in general was less than professional and I allowed the personal stress of the job to manifest itself in angry outbursts and too often a failure to treat people with the respect they deserve That was wrong Though EEOC represents a significant educative and corrective avenue for American workers most women also know complaining about sexual or hostile environments usually brands them as troublemaking whiners or 8220lying bitches8221 Coworkers able vouch for a victim8217s word usually don8217t come forward even if they too have been victims Most dissemble because they fear firing and blacklisting 8220I8217ve worked with him for 14 years and he8217d neveramp160everamp160do anything like that8221 The jealous or heartless too often offer testimonyamp160foramp160the predator 8220That8217s what wearing those kinds of clothes gets you8221 A recent example came from aamp160 former stafferamp160of a Congressman she accused of harassmentamp160andamp160retaliation firing blacklisting After one unwanted encounter she said 8220I tried to run to another office headed up by a female member with a female staff8221 only to find that they either doubted her story or were fiercely protector of that lawmaker Historically the tragedy is that most womenamp160doamp160tell the truth about unwanted sexual encounters Yet up to now it has been mandatory to protect the predator lest it harm workplace morale teamwork8212and 8220gamesmanship8221 The victim is dangerous and expendable Even if she decides to fight back with an official complaint to EEOC its currentamp160 proceduresamp160for filing one8212mandated counselingmediationnondisclosure agreement8212one woman saidamp160 the processamp160was 8220almost worse than the harassment8221 Add to this the constant fear of detection by the accused or her colleagues Counseling and mediation also are perceived as a deterrent because they play on the filer8217s uncertainty about being believed even if they are instructed that aamp160 false accusationamp160carries a sevenyear prison sentence Undoubtedly guilt also is used in both counseling and mediation to point out the harm it will do to the accused With such a bombardment aimed at an accuser small wonder EEOC8217s 2016 data shows the 8220success8221 rate Out of theamp160 5636complaints filed across the nation only 698 were awarded settlements that probably would have equaled severance pay Then came the unexpected allpoints attack on theamp160status quoamp160patriarchy led by women experienced in activism from demonstrations against wars climate change Occupy bigotry nuclear weapons8212and Donald Trump8217s views on women8217s worth That 87 statistic of the harassed and abused exploded into last year8217s Women8217s March the largest demonstration 4157894 participants in the nation8217s history the day after Trump8217s inauguration The sheer numbers8212 nearly 100000amp160of us in Portland OR8212emboldened working women to forge a sisterhood against sexual harassment and abuse It8217s fairly certain that most men initially sniggered always counting on women8217s rivalry backbiting and lack of time would ensure like the Occupy movement it was a passing phase But then so did France8217s 1 before the Revolution exploded and Dr Guillotine8217s invention and portable replicas beheadedamp160 16594amp1608220aristos8221 in less than a year Then came the explosion of the 10yearold grassroots MeToo movement initially providing aid and comfort to the harassed and abused black women When it became a national organization via Twitter asamp160amp160MeToo it became an army ofamp160 millionsamp160of those cowed by years of suffering harassment and abuse from predators employers and EEOC procedures 8220Enough is Enough8221 and 8220Never Again8221 are today8217s battle cries After MeToo and accusers appeared on social media online news sites and forums thousands of victims decided to be victims no more MeToo messages were reminiscent of the filmamp160 Networkamp160when the abused and infuriated popular TV host sends millions of his subdued worldweary and frightened viewers to fling open their windows to shout the immortal rally chant of revolution 8220I8217m mad as hell and I8217m not going to take this anymore8221 It was followed by tumbrils initially carrying entertainment stars to their professional deaths as well as the prominent in creative arts and academia Companies that once had driven off complainers are now using the same weapons of firings and blacklistings as they clean house of abusers Accuser credibility now was enhanced by their attorneys8217 strong warnings about that sevenyear prison sentence for lying and that the accused had the money and topflight legal teams to pulverize them if theyamp160didamp160lie Meantime attorneys for the prominent and powerful emphasized the impossibility of winning aamp160 libel or defamation suitamp160because the accused wereamp160public figuresamp160oramp160privateamp160individuals thrusting themselves into the public spotlight That libel8217s major defense is alwaysamp160truthamp160unless statements were made out of provable ofamp160maliceamp1608220hate dislike intent and desire to harm and with reckless disregard for the truth8221 In Congress sexual allegations triggered resignations of at least seven members of Congress so far Reps Joe Barton John Conyers Blake Farenthold Trent Franks Ruben Kihuen Tim Murphy and Sen Al Franken Interestingly though some of the firedamp160didamp160demand board hearings none of the Congressional 8220retirees8221 launched libel and defamation suits or demanded due process Most knew the libeldefamation laws but also what due process earned former House Speaker Dennis Hastert and former Rep Anthony Weiner for their sex trialsamp160 Hastertamp160left prison last summer after serving nearly 15 months for bank misdeeds to raise 35 million to pay off a victimamp160 Weinerjustamp160enteredamp160prison to serve 21 months for sexting a teenager along with three years probation and registry as a sex offender As for the Trump reckoning foramp160 sexual prowess boasts a Congressional investigation was demanded afteramp160 16 accusersamp160described his unwanted sexual attentions Almost simultaneously nearlyamp160 60 womenamp160in Congress dispatched a letter to the House Oversight Committee demanding an investigation about these allegations Trump was unsettled enough to fire off a tweet of bravado dismissing accusers8217 statements as 8220false accusations and fabricated stories of women who I don8217t know andor have never met FAKE NEWS8221 The public8217s reaction about all these revelations by many Americans was first shock then denial and support Diehards loudly insisted the accusers were lying 8220Al Franken is a good and decent man8221 Or that they were golddiggers or settling scores Oneamp160 editoramp160of a progressive website appeared near apoplexyamp1608220Long careers are ruined in a matter of minutes The accused in many cases are men in their mid to late seventies some of whom have records of decades of distinguished contributions to the arts8221 Another shock to the public8212and terror to some in Congress8212was discovering that their taxes had been used secretly from 1997 to 2017 by lawmakers8217 to gag those they harassed Some 17 million was channeled through the Office of Compliance toamp160 262amp160recipients The last straw for men infuriated by MeToo had to be TIME magazine8217samp160 Person of the Yearamp160for 2017amp160citing its usual criteria of those 8220who most influenced the events of the year8221 It went to five key 8220silence breakers8221 against sexual harassment and abuse TIME8217s spokesman noted however 82208230the biggest test of this movement will be the extent to which it changes the realities of people for whom telling the truth simply threatens too much8221 Those 8220threatened too much8221 have had it with women no longer silent about workplace gamesmanshipamp160Salonamp160writeramp160 Amanda Marcotteamp160noted Men are getting angry They8217re getting scared They8217re starting to lash out 8230the widespread opinion on the right is MeToo is a menace that it needs to be ended and that the only question right now is how to do it Their first efforts have failed but mark my words They8217re going to keep trying They have money and numbers to keep coming up with random ideas and testing them on the public Many men have now declared war on 8220those MeToo bitches8221 though the old strategies are not working too well on polarized employees especially millennials The heavy artillery from some online websites is firing ridicule and shame to key activists on social mediaamp160 One writeramp160apparently was rattled enough to pronounce the MeToo movement a 8220hoax8221 insisting it was 8220reactionary to the core8221 It had 8220no progressive content8221 It was 8220pitched to the lowest level of social awareness8221 on sex issues and hadn8217t brought to it 8220an iota of intelligent discourse8221 He particularly savaged it for not moving on to far far more important missions national and global issues Many 8220snipers8221 in this conflict have vainly tried namecalling lesbian manhater bitch cunt etc8212to get women off the barricades But they8217re not doing it As for some EEOCOOC staffers in counseling and mediation departments most women are now ignoring the psychological weaponry of guilt over damaging the accused8217s future perhaps because it8217s always been pertinent toamp160theiramp160economic struggles and future careers too For women failing to surrender to such softeningup tactics it8217s back to bullying 8220You8217ll never work in this business again8221 and that ancient threat 8220Nobody on that panel will believe you8221 Undoubtedly women are learning as did Farenthold8217s communication director to file lawsuits in a district court charging 8220 intentional infliction of emotional distress8221 To save his reputation he instantly got OCC to cut a check foramp160 84000amp160and she dropped the suit Another male tactic is guerilla action disabling cars emptying lockers or filling them with disgusting items faulting the accusers8217 work spreading sexual rumors or arousing jealousy by pitting women against each other One tactic thought to end all accusations is a joint bill in the next session of Congress changing the statute of limitations to one yearamp160afteramp160an alleged sexual deed That would flood EEOC with complaints of course Two Congress women8212Rep Jackie Speier Sen Kirsten Gillibrand8212 will be hoppering a joint bipartisan bill for past and present Capitol Hill staff this session that waive OOC8217s mandated counselingmediation and nondisclosure agreements theamp160 ME TOO Congress bills They also require those lawmakers to pay for settlements By midJanuary Speier hadamp160 144 cosponsors and amp160Gillibrandamp160had 17 With donors unaffected by workplace gamesmanship and the Congressional scandals affecting members few incumbents are expected to vote against it and be reelected considering the votes of those 746 million working women The hope is that nationally this bill will be the model for revising the Title VII to specifics describing harassment and abuse Until passage to change lawmakers8217 behavior and those in the nation8217s workplaces women can always resort to the days of direct action One example was set recently byamp160 Rep Betty McCollumamp160who puts no stock in predators later claiming they are 8220huggers8221 When a colleague headed her way in the House cloakroom hands indicating a pounce she rolled up her newspaper and whacked him repeatedly shouting 8220What the hell are you doing Go away8221 He has never bothered her again Needless to say she8217s aamp160 cosponsoramp160of the ME TOO Congress bill Little and big girls these days are being taught what to do about 8220sexual misconduct8221 When on public transit a raised voice ofamp160amp1608220Stop that8221 still runs off most mashers So does complaining to a driver my No 17 line operator says As for street 8220flashers8221 a cellphone8217s photo feature and a shout of 8220See you in court8221 should work At work it8217s still means lining up a new job because a complaint still follows a firing There8217s also the helpful indelibleink warning 8220Beware JoetheHugger8221 inside toilet stalls For factory or outdoor jobs women taking a martialarts class and talking about its progress should ward off 8220unwanted advances8221 In private interviews if instincts signal danger instant departure is still the wisest and safest course Rape requires getting instantly to a hospital to obtain evidence for criminal proceedings In the meantime women taking buses can always buy theamp160 latest hatpinsamp160shown by Googling antique shops or checking out eBay selections 250 for a halfdozen to 135 for the ornate Because the workplace war between the sexes may come to an armistice what with new laws and women8217s increased militancy but probably never really will end But at least civility or diplomacy can be shown onamp160bothamp160sides as theamp160CounterPunchamp160article8217s author indicated until men begin to express 8220appreciation respect and value of women as other human beings of equal worth8221

Photo/NOUN by/ADP Bonzo/PROPN McGrue/PROPN CC/PROPN BY/PROPN 20/NUM Never/ADV go/VERB walking/VERB out/ADP without/ADP your/PRON hatpin/NOUN Not/PART even/ADV to/ADP some/DET very/ADV classy/ADJ joints/NOUN For/ADP when/SCONJ a/DET fellow/NOUN sees/VERB you8217ve/PUNCT got/VERB a/DET hatpin/NOUN He8217s/PROPN very/ADV much/ADV more/ADV apt/ADJ to/PART get/VERB the/DET point/NOUN 8212Credited/ADJ to/ADP J/PROPN Baird/PROPN in/ADP Cockney/PROPN Music/PROPN Hall/PROPN Songs/PROPN In/ADP the/DET late/ADJ 1890s/NOUN whenamp160/NOUN unescorted/ADJ womenamp160ventured/VERB from/ADP home/NOUN for/ADP work/NOUN shopping/NOUN funerals/NOUN meetings/NOUN classes/NOUN or/CCONJ social/ADJ visits/NOUN all/PRON by/ADP horsedrawn/NOUN public/ADJ transit/NOUN or/CCONJ walking/VERB They/PRON were/AUX fair/ADJ game/NOUN for/ADP any/DET man/NOUN with/ADP aggressive/ADJ 8220sexual/ADJ instincts8221/ADJ Complaining/VERB to/ADP a/DET policeman/NOUN was/AUX bootless/NOUN because/SCONJ offenders/NOUN were/AUX usually/ADV fleetfooted/VERB Not/PART so/ADV today/NOUN however/ADV with/ADP the/DET fallout/NOUN from/ADP the/DET MeToo/PROPN movement/NOUN Police/PROPN and/CCONJ the/DET public8217s/ADJ view/NOUN in/ADP the/DET 1880s/NUM was/AUX that/SCONJ women/NOUN invaded/VERB a/DET man8217s/PROPN world/NOUN so/SCONJ what/PRON did/AUX they/PRON expect/VERB The/DET upshot/NOUN usually/ADV was/AUX an/DET end/NOUN to/ADP most/ADJ complaints/NOUN even/ADV for/ADP rape/NOUN in/ADP an/DET alley/NOUN an/DET empty/ADJ elevator/NOUN office/NOUN or/CCONJ factory/NOUN storage/NOUN room/NOUN 8220Nice8221/PROPN women8217s/PROPN instinctive/ADJ weaponry/NOUN has/AUX been/AUX either/CCONJ flight/NOUN or/CCONJ surrendering/VERB to/ADP enduring/VERB masturbation/NOUN on/ADP crowded/ADJ transit/NOUN or/CCONJ trains/NOUN or/CCONJ indecent/NOUN exposure/NOUN on/ADP streets/NOUN and/CCONJ particularly/ADV at/ADP work/NOUN pinched/VERB buttocks/NOUN kissing/VERB groping8212or/NOUN rape/NOUN But/CCONJ in/ADP those/DET 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<p>By Rebecca Gordon / <a href="http://www.tomdispatch.com/post/176212/tomgram%3A_rebecca_gordon%2C_no_%22new_normal%22/#more" type="external">TomDispatch</a></p> <p /> <p>&amp;#160; &amp;#160; President-elect Donald Trump. ( <a href="https://www.flickr.com/photos/gageskidmore/5440384453/in/photolist-9hLxAs-9hNvfQ-9hKoKX-9hNwi1-9hHqq6-9hKqAn-9hLvZL-9hKoVK-9hHrVT-9hKraP-9hLwdw-9hHqDv-9hKpmZ-9hHrit-9hNuLJ-9hKpTt-e47mhL-e47hqo-e47jUm-e47kUu-e47k59-e41GKR-e41ELr-e41GhK-e47i8s-e47hS1-e47hxW-e41EUk-e47mPN-e47jAC-e41Jw8-rWKt8s-rWHUgf-rWJfw5-e47hHh-rWKnwC-9VQfNH-g25GLQ-5nrmkz-g1XPzf-g25NZH-9hgBjx-5nrmkt-4SQYDD-9mEwWW-g25Md6-aWaU2n-e7BGMN-9nkVU5-rpJw2x" type="external">Gage Skidmore</a> / <a href="https://creativecommons.org/licenses/by-sa/2.0/" type="external">CC BY-SA 2.0</a>)</p> <p>The night after the election, this long-time pacifist dreamed she shot a big white man carrying an arsenal of guns.&amp;#160; He was wandering around a room full of people, waving a pistol and threatening to fire. Someone pushed a gun into my hand and said, &#8220;Shoot now, while his back is turned!&#8221; I shot. Blood seeped from a hole in his back. He fell. I woke up stunned.</p> <p /> <p>And the election results had not changed.</p> <p>Night Fears</p> <p>More bad nights have followed, filled with dreams in which people who know me well accuse me of terrible things I haven&#8217;t done or of failing to protect people in my charge.</p> <p>And there have been nights when my partner and I hold each other in the dark and whisper our worst fears. Some of these are personal and selfish: Under the new regime, will I still be able to get the meds that keep me going? Will I have to work for money until I die to keep my health care benefits? Because I turn 65 next year, will I miss the <a href="https://talkingpointsmemo.com/edblog/ryan-plans-to-phase-out-medicare-in-2017" type="external">2017 Medicare cutoff</a> and fall under Paul Ryan&#8217;s plan to turn that program into a voucher system?</p> <p>Some fears are national: How can the two of us, and the organizations we&#8217;re connected with, continue to shield the vulnerable in an era when a <a href="http://www.nytimes.com/2016/11/15/us/politics/donald-trump-presidency.html" type="external">white supremacist</a> serves as the president&#8217;s chief strategist?</p> <p>Some are global: Can we hold back the rising seas that are already <a href="http://theconversation.com/sea-level-rise-has-claimed-five-whole-islands-in-the-pacific-first-scientific-evidence-58511" type="external">closing over</a> island nations on a planet where Donald Trump promises to <a href="http://www.huffingtonpost.com/entry/military-leaders-climate-change-advice-donald-trump_us_582a4082e4b060adb5700332" type="external">abandon</a> the fight against climate change and walk away from the historic <a href="https://en.wikipedia.org/wiki/Paris_Agreement" type="external">Paris climate accord?</a></p> <p>And then, it&#8217;s back to the personal again: Just how vulnerable are we, two middle class white lesbians in our sixties, during a Trump presidency? In the 1980s and 1990s, we used to wonder why the two things our &#8220;gay leaders&#8221; thought we wanted most in the world were to join the Army and get married. Now, the question isn&#8217;t what we&#8217;ll be able to do, but what we won&#8217;t be able to do.&amp;#160;</p> <p>Admittedly, the two of us will never again need the right to an abortion that a Trump-influenced Supreme Court will probably <a href="http://www.breitbart.com/2016-presidential-race/2016/10/19/donald-trump-abortion-issue-will-go-back-states/" type="external">devolve to the states</a>, essentially abrogating the Roe v. Wade decision. But I did need it in 1975, and I thank God I had it. On the other hand, such a court could easily decide to revisit its 2003 decision in <a href="https://en.wikipedia.org/wiki/Lawrence_v._Texas" type="external">Lawrence v. Texas</a>, which invalidated sodomy laws. It&#8217;s easy enough to forget now that, as recently as 1986, in <a href="https://en.wikipedia.org/wiki/Bowers_v._Hardwick" type="external">Bowers v. Hardwick</a>, the court opined that no one has &#8220;a fundamental right to engage in homosexual sodomy.&#8221;</p> <p>But the terror that&#8217;s shaken us the most is that, in the coming years, we might witness the final collapse of the rule of law in this country. I&#8217;ve spent the last decade and a half writing about <a href="http://www.tomdispatch.com/blog/176132/tomgram%3A_rebecca_gordon,_exhibit_one_in_any_future_american_war_crimes_trial" type="external">torture</a> and other <a href="http://www.tomdispatch.com/blog/176087/tomgram%3A_rebecca_gordon,_american_war_crimes,_yesterday,_today,_and_tomorrow/" type="external">war crimes</a> committed in the global &#8220;war on terror.&#8221; First, the Bush administration brought us two illegal wars in Afghanistan and Iraq, along with &#8220;enhanced interrogation techniques&#8221; and a permanent extralegal prison at Guant&#225;namo Bay. The Obama administration followed with its policy of extrajudicial <a href="http://www.tomdispatch.com/blog/176166/tomgram%3A_rebecca_gordon,_how_extrajudicial_executions_became_%22war%22_policy_in_washington/" type="external">murder by drone</a>, and undeclared but very real wars in Libya, Syria, and Yemen. Between them, they <a href="https://www.justice.gov/olc/file/886061/download" type="external">twisted</a> and <a href="http://thehill.com/business-a-lobbying/210240-court-releases-justice-department-memo-justifying-drone-strike" type="external">warped</a> and finally broke <a href="https://www.law.cornell.edu/uscode/text/18/2340" type="external">domestic</a> and <a href="http://www.hrweb.org/legal/cat.html" type="external">international</a> laws of all sorts.</p> <p>But the past two administrations at least gave lip service to the rule of law. In Donald Trump, we have a president-elect who has said he will simply ignore the law if it gets in his way. In a primary debate last March, he insisted that the military would follow any order he gave &#8212; whether to torture detainees or to &#8220; <a href="http://www.cnn.com/2015/12/02/politics/donald-trump-terrorists-families/" type="external">take out&#8221; the families</a> of suspected terrorists. When debate moderator Bret Baier pointed out that soldiers are prohibited from obeying an illegal order, Trump answered, &#8220;They won&#8217;t refuse. They&#8217;re not gonna refuse me. Believe me. I&#8217;m a leader. I&#8217;ve always been a leader. I&#8217;ve never had any problem leading people. If I say do it, they&#8217;re going to do it.&#8221; Apparently he got some advice about saying such things in public; the following day found him walking back the comments, <a href="http://www.wsj.com/articles/trump-reverses-his-stance-on-torture-1457116559" type="external">acknowledging</a> that &#8220;the United States is bound by laws and treaties and I will not order our military or other officials to violate those laws.&#8221; But it&#8217;s pretty clear what he really thinks about the binding power of law.</p> <p>There&#8217;s so much to worry about with a Trump presidency. Why does contempt for the rule of law stand out for me? Part of the answer is that by making laws we human beings both recognize and secure our need to live together. In the thirteenth century, Thomas Aquinas <a href="http://www.sacred-texts.com/chr/aquinas/summa/sum228.htm" type="external">defined</a> a law as &#8220;an ordinance of reason for the common good, made by [whoever] has care of the community, and promulgated.&#8221; It&#8217;s still a pretty decent definition: a reasonable rule made for the good of everyone in the community, rather than for <a href="http://www.halliburton.com/en-US/default.page" type="external">one particular group</a>, by those with responsibility for ensuring that good, and made public so that everyone knows what the law is and how it operates. No <a href="http://www.vocativ.com/318400/us-secret-laws/" type="external">secret laws</a>. No <a href="https://en.wikipedia.org/wiki/United_States_Foreign_Intelligence_Surveillance_Court" type="external">secret courts</a>. A premature medieval democrat, Aquinas allowed for the possibility that the one who &#8220;has care of the community&#8221; might, in fact, be a body of elected representatives, or even the community as a whole.</p> <p>The law is not sexy. It&#8217;s not <a href="https://en.wikipedia.org/wiki/Keeping_Up_with_the_Kardashians" type="external">click-bait</a>. But it can, for instance, be the protective wall between a group of people designated as <a href="http://www.cnn.com/2016/11/10/us/post-election-hate-crimes-and-fears-trnd/" type="external">less than human</a> and those who hate them (though that is, of course, not Trump&#8217;s idea of a useful wall). That&#8217;s only true, however, if the law is enforced. International law could also be the barrier, the wall, that protects the world from a country that for the past 15 years has behaved like an angry two-year-old giant, <a href="http://www.usnews.com/news/articles/2016-03-31/us-officially-locked-into-another-middle-east-war" type="external">stomping</a> around the world, <a href="https://theintercept.com/drone-papers/" type="external">waving</a> missiles and smashing things with its outsized feet. Or it might have been, had Barack Obama not begun his presidency by <a href="http://www.nytimes.com/2009/01/12/us/politics/12inquire.html" type="external">promising</a> that he (and therefore the rest of us) would &#8220;look forward as opposed to looking backwards&#8221; when it came to the crimes of the Bush administration.</p> <p>That failure to respect the law made it clear that, in twenty-first-century America, some people are exempt from it. Obama continued,</p> <p>&#8220;And part of my job is to make sure that, for example, at the CIA, you&#8217;ve got extraordinarily talented people who are working very hard to keep Americans safe. I don&#8217;t want them to suddenly feel like they&#8217;ve got to spend their all their time looking over their shoulders.&#8221;</p> <p>I think people who have extraordinary power should spend a good part of their time looking over their shoulders. And more to the point, we should be able to look over theirs.</p> <p>It appears that the International Criminal Court has finally been looking over the CIA&#8217;s shoulders. In its annual report, issued earlier this month, the chief prosecutor indicated that she will likely <a href="http://www.nytimes.com/2016/11/15/world/asia/united-states-torture-afghanistan-international-criminal-court.html" type="external">open a full investigation</a> into &#8220;war crimes of torture and related ill treatment, by U.S. military forces deployed to Afghanistan and in secret detention facilities operated by the Central Intelligence Agency.&#8221; The report observes:</p> <p>&#8220;These alleged crimes were not the abuses of a few isolated individuals. Rather, they appear to have been committed as part of approved interrogation techniques in an attempt to extract &#8216;actionable intelligence&#8217; from detainees.&#8221;</p> <p>This is the first move the ICC has made to investigate U.S. war crimes and so to hold this country to the standards of international law. We&#8217;ll see how far the effort goes. The court&#8217;s jurisdiction here is murky indeed, because the United States is not party to the treaty that created it.</p> <p>Day Dreams</p> <p>I teach ethics to college students. The Wednesday morning after the election I threw out the lesson plan for the day (a lecture on institutionalized state torture). Instead, we considered the election. We watched a few videos: the live feed of Hillary Clinton&#8217;s <a href="http://www.nytimes.com/video/us/politics/100000004708101/hillary-clinton-concession-full-speech.html" type="external">concession</a> speech, Trump&#8217;s <a href="https://www.youtube.com/watch?v=pMgjwBgCZIw" type="external">victory speech</a>, and CNN commentator Van Jones&#8217;s unfiltered <a href="http://www.infowars.com/van-jones-this-election-was-a-whitelash-in-part/" type="external">reaction</a> to the election (&#8220;this is a whitelash&#8221;). Then I invited my students to discuss how they felt about Trump&#8217;s stunning victory.</p> <p>A young white woman started the conversation by saying how angry she was at the &#8220;uneducated white men&#8221; who voted for Trump. I asked my students what percentage of people in the U.S. they thought had four-year college degrees. (The <a href="http://www.census.gov/content/dam/Census/library/publications/2016/demo/p20-578.pdf" type="external">answer</a> is roughly a third.) &#8220;That means,&#8221; I said, &#8220;that two-thirds of the people in this country don&#8217;t have the chance to go to college. If they are uneducated, it is not entirely by choice.&#8221; I went on to talk about the real pain of watching your income shrink, and losing the work that defined your place and your value in a society that measures everything in dollars and cents. I suggested that even as we abhor the political choice to support a candidate who openly declares his racism, misogyny, and contempt for Muslims, disabled people, and the rule of law, we can still respect that pain &#8212; and the humanity of those who feel it.</p> <p>An Asian American woman began to cry a little as she described her terror not only for herself, but for African American and Latino friends who are more vulnerable than she is.</p> <p>I can understand her fear. Between the day after the election and Monday, November 14th, the Southern Poverty Law Center had already logged <a href="https://www.splcenter.org/hatewatch/2016/11/15/update-more-400-incidents-hateful-harassment-and-intimidation-election" type="external">437 reports</a> of hate incidents, many of them involving &#8220;direct references to the Trump campaign and its slogans.&#8221;</p> <p>I&#8217;ve been remembering the times I&#8217;ve been yelled at, contemptuously addressed as &#8220;sir,&#8221; or chased down the street by people who&#8217;d discerned that I&#8217;m a lesbian. Donald Trump has spent the last year telling people that their hatred is a good thing, and to feel free to express it with physical violence. It&#8217;s no wonder some of us are a little scared.</p> <p>In another class a few days later, an Indian American student told us two stories. The first was about an African American friend of hers at the University of California, Berkeley. She was walking away from a post-election anti-Trump demonstration on campus, when she found herself surrounded by a group of young white men. They began to taunt her. And then they did the thing that Trump boasted his fame allows him to do. They grabbed her pussy. She ran, and fortunately they&#8217;d had their &#8220;fun&#8221; and didn&#8217;t follow her.</p> <p>The second story was about my student herself. &#8220;I was on the BART [our local subway] going to visit my grandmother this weekend,&#8221; she began.</p> <p>&#8220;I noticed a group of white men around a very young woman, about 18, wearing a hijab. They were making fun of her and calling her names. So I went and sat down next to her and told her to ignore them. When we got to her stop, she was afraid to leave, afraid they&#8217;d follow her. I had another five stops to go, but I couldn&#8217;t let her leave alone, so I got out, too. And so did the boys. They followed us out of the station and stood near us yelling as the young woman waited for her ride to come. They started to get closer, and her ride still hadn&#8217;t made it, so I called a Lyft, and rode with her to her home.&#8221;</p> <p>My student&#8217;s courage humbled me.</p> <p>No New Normal</p> <p>The full-time faculty at my university has been working for months without a contract. We&#8217;ve had a change of administration, and the new regime is fighting hard against a demand for a very modest salary increase. To put the struggle into words, my colleagues have made buttons sporting a red circle and the words &#8220;new normal&#8221; with a red slash through it. I&#8217;ve been wearing one to show solidarity with my full-time colleagues. Since Donald Trump&#8217;s election, I&#8217;ve taken to wearing it off campus as well. It seems like a particularly appropriate slogan these days for those of us who don&#8217;t want the new normal to mean a return to a very old normal. Having it on makes me feel a bit braver and a bit more hopeful.</p> <p>We need hope now, so we can face a world in which hopelessness, despair, and the tears of my students could also become the new norm. Hope doesn&#8217;t mean pretending that the danger isn&#8217;t very clear and very present. If your tastes run to good left rhetoric, there&#8217;s the Italian Marxist <a href="https://en.wikipedia.org/wiki/Antonio_Gramsci" type="external">Antonio Gramsci&#8217;s</a> suggestion in his <a href="https://www.amazon.com/dp/0060904526/ref=nosim/?tag=tomdispatch-20" type="external">Letters from Prison</a> that we should combine pessimism of the intellect with an optimism of the will. In an article on &#8220;The Indifferent,&#8221; he wrote, &#8220;To really live means to be a citizen and to take part.&#8221;&amp;#160;</p> <p>That&#8217;s a sentiment not so different from what my students read in Aristotle&#8217;s Nicomachean Ethics. Human beings, says Aristotle, are political animals; we live best when we live as citizens. He also believed that our best qualities are habits we get by practicing them. &#8220;We become just,&#8221; he says, &#8220;by doing just acts.&#8221; So you might think of hope as a habit we build in ourselves by doing hopeful things.&amp;#160; Think of each of us as assembling it like a rock wall from <a href="http://happening-here.blogspot.com/2016/11/the-trump-era-time-to-take-our-country.html" type="external">bumpy stones</a> that don&#8217;t necessarily look like they&#8217;ll ever fit together. Hope is the wall we can build, stone by stone, to fence in a future Trumpian autocracy.</p> <p>A few rocks in my personal wall of hope:</p> <p>It&#8217;s 1984. I&#8217;m in Nicaragua traveling with 15 other people jammed into the back of a tiny pickup truck, bouncing through dangerous territory. It&#8217;s the height of the war the Reagan administration has <a href="https://en.wikipedia.org/wiki/Boland_Amendment" type="external">illegally</a> funded against the left-wing Sandinista government, which was installed after the ouster of a U.S.-backed dictator, Anastasio Somoza. The road we&#8217;re traveling down goes through territory controlled by the CIA-backed Contra rebels. We&#8217;re heading toward a town called San Juan del Bocay. We round a bend and the land flattens out, revealing a barn standing in a field. Someone who has clearly learned to read and write since the 1979 Sandinista revolution has painted a slogan on the side of the building in careful block letters: &#8220;Nosotro vencimo Somo libre Nunca volveremo a cer esclavo.&#8221;</p> <p>The spelling is terrible; there&#8217;s no punctuation; and since, like all Nicaraguans, the writer doesn&#8217;t pronounce the letter &#8220;s&#8221; at the end of a word, he or she doesn&#8217;t even realize that it&#8217;s there, as in &#8220;nosotros&#8221; &#8212; &#8220;we.&#8221; But it doesn&#8217;t matter. The meaning couldn&#8217;t be clearer. &#8220;We won. We are free. We will never go back to being slaves.&#8221;</p> <p>When people decide that they are human beings and not beasts of burden, that is a genie no one can shove back into the bottle. Over the last 50 years, groups of people in this country have one by one fought for and claimed their full humanity: African Americans, women, LGB and now T people, those with disabilities, immigrants of whatever documentation status. Trumplandia may not yet recognize our humanity, but we do. You can&#8217;t shove that back in the bottle either.</p> <p>It&#8217;s the Thursday after the 2016 election. I&#8217;m riding my bike towards campus when I see a phalanx of San Francisco police lining Valencia Street. Then I realize that there&#8217;s a mid-day, mid-week march coming down the sidewalk. As I get closer, I see that they&#8217;re all middle school students, shouting and carrying signs like &#8220;Dump Trump&#8221; and &#8220;Love Trumps Hate!&#8221; I stop and call to them, &#8220;You&#8217;re going to finish what people like me started.&#8221; They cheer for themselves and their own astonishing courage. You can&#8217;t shove youth back in the bottle. As the folksinger Holly Near <a href="https://www.youtube.com/watch?v=CadP4dRemYk" type="external">sang</a> decades ago, &#8220;You can&#8217;t murder youth, my friend, youth grows the whole world round.&#8221;</p> <p>It&#8217;s 7:45 a.m. on the Friday after the election. I&#8217;m entering the building where I teach my 8:00 class. On the door, someone has taped up a simple black and white notice:</p> <p>&#8220;To all those hurt by recent election results: Lets mourn and then Lets organize.&#8221;&amp;#160;</p> <p>Details follow about where people can meet &#8220;to openly discuss methods and ideas to sidestep this horrific election result.&#8221; That meeting, says the notice, is to last from &#8220;1:00 p.m. &#8212; till whenever we come up with something.&#8221; It ends with this observation: &#8220;We can be the change we wish to see, we just have to embody it.&#8221; There may be a comma splice in that last sentence and an apostrophe missing from &#8220;lets,&#8221; but again the meaning is clear. These young people are the inheritors of everything my comrades and I have worked for so much of our lives.</p> <p>The day after the election, I made a rare post on Facebook:</p> <p>&#8220;Bad enough we gave the world 8 years of G.W. Bush. Now this. We hadn&#8217;t figured on the depth of hatred and despair in this country. Now to pick ourselves up and get back to work. No emigration for this woman.&#8221;</p> <p>I&#8217;m an old dyke, a little ragged around the edges, and prone to the occasional night terror. But I&#8217;m too old and too stubborn to cede my country to the forces of hatred and a nihilistic desire to blow the whole thing up just to see where the pieces come down. I&#8217;ve fought, and organized, and loved too long to give up now. And Trump and the people who run him can&#8217;t shove me &#8212; or any of us &#8212; back in that bottle.</p> <p>Rebecca Gordon, a <a href="http://www.tomdispatch.com/post/176198/tomgram%3A_rebecca_gordon,_finding_hope_in_dismal_times/" type="external">TomDispatch regular</a>, teaches in the philosophy department at the University of San Francisco. She is the author of <a href="http://www.amazon.com/dp/1510703330/ref=nosim/?tag=tomdispatch-20" type="external">&#8220;American Nuremberg: The U.S. Officials Who Should Stand Trial for Post-9/11 War Crimes.&#8221;</a> Her previous books include &#8220;Mainstreaming Torture: Ethical Approaches in the Post-9/11 United States&#8221; and &#8220;Letters from Nicaragua.&#8221;</p> <p>Copyright 2016 Rebecca Gordon</p>

No 'New Normal'

https://truthdig.com/articles/no-new-normal/

2016-11-25

4left

By Rebecca Gordon TomDispatch amp160 amp160 Presidentelect Donald Trump Gage Skidmore CC BYSA 20 The night after the election this longtime pacifist dreamed she shot a big white man carrying an arsenal of gunsamp160 He was wandering around a room full of people waving a pistol and threatening to fire Someone pushed a gun into my hand and said 8220Shoot now while his back is turned8221 I shot Blood seeped from a hole in his back He fell I woke up stunned And the election results had not changed Night Fears More bad nights have followed filled with dreams in which people who know me well accuse me of terrible things I haven8217t done or of failing to protect people in my charge And there have been nights when my partner and I hold each other in the dark and whisper our worst fears Some of these are personal and selfish Under the new regime will I still be able to get the meds that keep me going Will I have to work for money until I die to keep my health care benefits Because I turn 65 next year will I miss the 2017 Medicare cutoff and fall under Paul Ryan8217s plan to turn that program into a voucher system Some fears are national How can the two of us and the organizations we8217re connected with continue to shield the vulnerable in an era when a white supremacist serves as the president8217s chief strategist Some are global Can we hold back the rising seas that are already closing over island nations on a planet where Donald Trump promises to abandon the fight against climate change and walk away from the historic Paris climate accord And then it8217s back to the personal again Just how vulnerable are we two middle class white lesbians in our sixties during a Trump presidency In the 1980s and 1990s we used to wonder why the two things our 8220gay leaders8221 thought we wanted most in the world were to join the Army and get married Now the question isn8217t what we8217ll be able to do but what we won8217t be able to doamp160 Admittedly the two of us will never again need the right to an abortion that a Trumpinfluenced Supreme Court will probably devolve to the states essentially abrogating the Roe v Wade decision But I did need it in 1975 and I thank God I had it On the other hand such a court could easily decide to revisit its 2003 decision in Lawrence v Texas which invalidated sodomy laws It8217s easy enough to forget now that as recently as 1986 in Bowers v Hardwick the court opined that no one has 8220a fundamental right to engage in homosexual sodomy8221 But the terror that8217s shaken us the most is that in the coming years we might witness the final collapse of the rule of law in this country I8217ve spent the last decade and a half writing about torture and other war crimes committed in the global 8220war on terror8221 First the Bush administration brought us two illegal wars in Afghanistan and Iraq along with 8220enhanced interrogation techniques8221 and a permanent extralegal prison at Guant225namo Bay The Obama administration followed with its policy of extrajudicial murder by drone and undeclared but very real wars in Libya Syria and Yemen Between them they twisted and warped and finally broke domestic and international laws of all sorts But the past two administrations at least gave lip service to the rule of law In Donald Trump we have a presidentelect who has said he will simply ignore the law if it gets in his way In a primary debate last March he insisted that the military would follow any order he gave 8212 whether to torture detainees or to 8220 take out8221 the families of suspected terrorists When debate moderator Bret Baier pointed out that soldiers are prohibited from obeying an illegal order Trump answered 8220They won8217t refuse They8217re not gonna refuse me Believe me I8217m a leader I8217ve always been a leader I8217ve never had any problem leading people If I say do it they8217re going to do it8221 Apparently he got some advice about saying such things in public the following day found him walking back the comments acknowledging that 8220the United States is bound by laws and treaties and I will not order our military or other officials to violate those laws8221 But it8217s pretty clear what he really thinks about the binding power of law There8217s so much to worry about with a Trump presidency Why does contempt for the rule of law stand out for me Part of the answer is that by making laws we human beings both recognize and secure our need to live together In the thirteenth century Thomas Aquinas defined a law as 8220an ordinance of reason for the common good made by whoever has care of the community and promulgated8221 It8217s still a pretty decent definition a reasonable rule made for the good of everyone in the community rather than for one particular group by those with responsibility for ensuring that good and made public so that everyone knows what the law is and how it operates No secret laws No secret courts A premature medieval democrat Aquinas allowed for the possibility that the one who 8220has care of the community8221 might in fact be a body of elected representatives or even the community as a whole The law is not sexy It8217s not clickbait But it can for instance be the protective wall between a group of people designated as less than human and those who hate them though that is of course not Trump8217s idea of a useful wall That8217s only true however if the law is enforced International law could also be the barrier the wall that protects the world from a country that for the past 15 years has behaved like an angry twoyearold giant stomping around the world waving missiles and smashing things with its outsized feet Or it might have been had Barack Obama not begun his presidency by promising that he and therefore the rest of us would 8220look forward as opposed to looking backwards8221 when it came to the crimes of the Bush administration That failure to respect the law made it clear that in twentyfirstcentury America some people are exempt from it Obama continued 8220And part of my job is to make sure that for example at the CIA you8217ve got extraordinarily talented people who are working very hard to keep Americans safe I don8217t want them to suddenly feel like they8217ve got to spend their all their time looking over their shoulders8221 I think people who have extraordinary power should spend a good part of their time looking over their shoulders And more to the point we should be able to look over theirs It appears that the International Criminal Court has finally been looking over the CIA8217s shoulders In its annual report issued earlier this month the chief prosecutor indicated that she will likely open a full investigation into 8220war crimes of torture and related ill treatment by US military forces deployed to Afghanistan and in secret detention facilities operated by the Central Intelligence Agency8221 The report observes 8220These alleged crimes were not the abuses of a few isolated individuals Rather they appear to have been committed as part of approved interrogation techniques in an attempt to extract 8216actionable intelligence8217 from detainees8221 This is the first move the ICC has made to investigate US war crimes and so to hold this country to the standards of international law We8217ll see how far the effort goes The court8217s jurisdiction here is murky indeed because the United States is not party to the treaty that created it Day Dreams I teach ethics to college students The Wednesday morning after the election I threw out the lesson plan for the day a lecture on institutionalized state torture Instead we considered the election We watched a few videos the live feed of Hillary Clinton8217s concession speech Trump8217s victory speech and CNN commentator Van Jones8217s unfiltered reaction to the election 8220this is a whitelash8221 Then I invited my students to discuss how they felt about Trump8217s stunning victory A young white woman started the conversation by saying how angry she was at the 8220uneducated white men8221 who voted for Trump I asked my students what percentage of people in the US they thought had fouryear college degrees The answer is roughly a third 8220That means8221 I said 8220that twothirds of the people in this country don8217t have the chance to go to college If they are uneducated it is not entirely by choice8221 I went on to talk about the real pain of watching your income shrink and losing the work that defined your place and your value in a society that measures everything in dollars and cents I suggested that even as we abhor the political choice to support a candidate who openly declares his racism misogyny and contempt for Muslims disabled people and the rule of law we can still respect that pain 8212 and the humanity of those who feel it An Asian American woman began to cry a little as she described her terror not only for herself but for African American and Latino friends who are more vulnerable than she is I can understand her fear Between the day after the election and Monday November 14th the Southern Poverty Law Center had already logged 437 reports of hate incidents many of them involving 8220direct references to the Trump campaign and its slogans8221 I8217ve been remembering the times I8217ve been yelled at contemptuously addressed as 8220sir8221 or chased down the street by people who8217d discerned that I8217m a lesbian Donald Trump has spent the last year telling people that their hatred is a good thing and to feel free to express it with physical violence It8217s no wonder some of us are a little scared In another class a few days later an Indian American student told us two stories The first was about an African American friend of hers at the University of California Berkeley She was walking away from a postelection antiTrump demonstration on campus when she found herself surrounded by a group of young white men They began to taunt her And then they did the thing that Trump boasted his fame allows him to do They grabbed her pussy She ran and fortunately they8217d had their 8220fun8221 and didn8217t follow her The second story was about my student herself 8220I was on the BART our local subway going to visit my grandmother this weekend8221 she began 8220I noticed a group of white men around a very young woman about 18 wearing a hijab They were making fun of her and calling her names So I went and sat down next to her and told her to ignore them When we got to her stop she was afraid to leave afraid they8217d follow her I had another five stops to go but I couldn8217t let her leave alone so I got out too And so did the boys They followed us out of the station and stood near us yelling as the young woman waited for her ride to come They started to get closer and her ride still hadn8217t made it so I called a Lyft and rode with her to her home8221 My student8217s courage humbled me No New Normal The fulltime faculty at my university has been working for months without a contract We8217ve had a change of administration and the new regime is fighting hard against a demand for a very modest salary increase To put the struggle into words my colleagues have made buttons sporting a red circle and the words 8220new normal8221 with a red slash through it I8217ve been wearing one to show solidarity with my fulltime colleagues Since Donald Trump8217s election I8217ve taken to wearing it off campus as well It seems like a particularly appropriate slogan these days for those of us who don8217t want the new normal to mean a return to a very old normal Having it on makes me feel a bit braver and a bit more hopeful We need hope now so we can face a world in which hopelessness despair and the tears of my students could also become the new norm Hope doesn8217t mean pretending that the danger isn8217t very clear and very present If your tastes run to good left rhetoric there8217s the Italian Marxist Antonio Gramsci8217s suggestion in his Letters from Prison that we should combine pessimism of the intellect with an optimism of the will In an article on 8220The Indifferent8221 he wrote 8220To really live means to be a citizen and to take part8221amp160 That8217s a sentiment not so different from what my students read in Aristotle8217s Nicomachean Ethics Human beings says Aristotle are political animals we live best when we live as citizens He also believed that our best qualities are habits we get by practicing them 8220We become just8221 he says 8220by doing just acts8221 So you might think of hope as a habit we build in ourselves by doing hopeful thingsamp160 Think of each of us as assembling it like a rock wall from bumpy stones that don8217t necessarily look like they8217ll ever fit together Hope is the wall we can build stone by stone to fence in a future Trumpian autocracy A few rocks in my personal wall of hope It8217s 1984 I8217m in Nicaragua traveling with 15 other people jammed into the back of a tiny pickup truck bouncing through dangerous territory It8217s the height of the war the Reagan administration has illegally funded against the leftwing Sandinista government which was installed after the ouster of a USbacked dictator Anastasio Somoza The road we8217re traveling down goes through territory controlled by the CIAbacked Contra rebels We8217re heading toward a town called San Juan del Bocay We round a bend and the land flattens out revealing a barn standing in a field Someone who has clearly learned to read and write since the 1979 Sandinista revolution has painted a slogan on the side of the building in careful block letters 8220Nosotro vencimo Somo libre Nunca volveremo a cer esclavo8221 The spelling is terrible there8217s no punctuation and since like all Nicaraguans the writer doesn8217t pronounce the letter 8220s8221 at the end of a word he or she doesn8217t even realize that it8217s there as in 8220nosotros8221 8212 8220we8221 But it doesn8217t matter The meaning couldn8217t be clearer 8220We won We are free We will never go back to being slaves8221 When people decide that they are human beings and not beasts of burden that is a genie no one can shove back into the bottle Over the last 50 years groups of people in this country have one by one fought for and claimed their full humanity African Americans women LGB and now T people those with disabilities immigrants of whatever documentation status Trumplandia may not yet recognize our humanity but we do You can8217t shove that back in the bottle either It8217s the Thursday after the 2016 election I8217m riding my bike towards campus when I see a phalanx of San Francisco police lining Valencia Street Then I realize that there8217s a midday midweek march coming down the sidewalk As I get closer I see that they8217re all middle school students shouting and carrying signs like 8220Dump Trump8221 and 8220Love Trumps Hate8221 I stop and call to them 8220You8217re going to finish what people like me started8221 They cheer for themselves and their own astonishing courage You can8217t shove youth back in the bottle As the folksinger Holly Near sang decades ago 8220You can8217t murder youth my friend youth grows the whole world round8221 It8217s 745 am on the Friday after the election I8217m entering the building where I teach my 800 class On the door someone has taped up a simple black and white notice 8220To all those hurt by recent election results Lets mourn and then Lets organize8221amp160 Details follow about where people can meet 8220to openly discuss methods and ideas to sidestep this horrific election result8221 That meeting says the notice is to last from 8220100 pm 8212 till whenever we come up with something8221 It ends with this observation 8220We can be the change we wish to see we just have to embody it8221 There may be a comma splice in that last sentence and an apostrophe missing from 8220lets8221 but again the meaning is clear These young people are the inheritors of everything my comrades and I have worked for so much of our lives The day after the election I made a rare post on Facebook 8220Bad enough we gave the world 8 years of GW Bush Now this We hadn8217t figured on the depth of hatred and despair in this country Now to pick ourselves up and get back to work No emigration for this woman8221 I8217m an old dyke a little ragged around the edges and prone to the occasional night terror But I8217m too old and too stubborn to cede my country to the forces of hatred and a nihilistic desire to blow the whole thing up just to see where the pieces come down I8217ve fought and organized and loved too long to give up now And Trump and the people who run him can8217t shove me 8212 or any of us 8212 back in that bottle Rebecca Gordon a TomDispatch regular teaches in the philosophy department at the University of San Francisco She is the author of 8220American Nuremberg The US Officials Who Should Stand Trial for Post911 War Crimes8221 Her previous books include 8220Mainstreaming Torture Ethical Approaches in the Post911 United States8221 and 8220Letters from Nicaragua8221 Copyright 2016 Rebecca Gordon

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<p>Jan 23 (Reuters) - Beijing Shunxin Agriculture Co Ltd :</p> <p>* SAYS IT PLANS TO INVEST 100 MILLION YUAN ($15.62 million) TO SET UP HOG BREEDING FIRM Source text in Chinese: <a href="http://bit.ly/2BlolXP" type="external">bit.ly/2BlolXP</a> Further company coverage: ($1 = 6.4040 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/WASHINGTON (Reuters) - The United States said on Monday it would expel 60 Russian diplomats, joining governments across Europe in punishing the Kremlin for a nerve agent attack on a former Russian spy in Britain that they have blamed on Moscow.</p> <p>It was the strongest action that U.S. President Donald Trump had taken against Russia since coming to office. He has been criticized by Democrats and members of his own Republican Party for failing to be tough enough on Russia over U.S. allegations of Russian meddling in the U.S. electoral system including the 2016 presidential campaign.</p> <p>British Prime Minister Theresa May, welcoming the show of solidarity, said 18 countries had announced plans to expel Russian officials. Those included 14 European Union countries. In total, 100 Russian diplomats were being removed, the biggest Western expulsion of Russian diplomats since the height of the Cold War.</p> <p>British Foreign Secretary Boris Johnson said on Twitter that Monday&#8217;s &#8220;extraordinary international response by our allies stands in history as the largest collective expulsion of Russian intelligence officers ever and will help defend our shared security.&#8221;</p> <p>May said the coordinated measures sent the &#8220;strongest signal to Russia that it cannot continue to flout international law.&#8221;</p> <p>Britain had evidence Russia has investigated ways of distributing nerve agents for assassinations, May told parliament.</p> <p>Russia&#8217;s Foreign Ministry called the expulsions a &#8220;provocative gesture.&#8221; The Kremlin spokesman said the West was making a &#8220;mistake&#8221; and that President Vladimir Putin would make a final decision about Russia&#8217;s response.</p> <p>Moscow has denied being behind the attack on Sergei Skripal and his daughter in the southern English city of Salisbury. Skripal, 66, and Yulia Skripal, 33, were found unconscious on a public bench in a shopping center on March 4 and remain critically ill in hospital.</p> <p>&#8220;We assess that more than 130 people in Salisbury could have been potentially exposed to this nerve agent,&#8221; May said.</p> <p>Monday&#8217;s wave of expulsions followed EU leaders saying last week that evidence presented by May of Russian involvement in the attack was a solid basis for further action.</p> <p>The staff expelled by Washington includes 12 people identified by the United States as intelligence officers from Russia&#8217;s mission to the United Nations headquarters in New York. They were involved in activities outside their official capacity and an abuse of their privileges of residence, U.S. Ambassador Nikki Haley said.</p> <p>Russian U.N. ambassador Vassily Nebenzia called it &#8220;a very unfortunate, very unfriendly move.&#8221;</p> <p>Trump also ordered the closure of the Russian consulate in Seattle because of its proximity to a U.S. submarine base and planemaker and defense contractor Boeing Co, a senior U.S. official said. Seattle was a hub of Russian cyber espionage, both political and commercial, according to two U.S. intelligence officials.</p> <p>The administration officials said &#8220;well over 100 intelligence officers&#8221; operated in the United States, and Washington&#8217;s action cuts 60 of them.</p> An official consul van is pictured outside the building housing the Consulate General of Russia in downtown Seattle, Washington, U.S., March 26, 2018. REUTERS/Lindsey Wasson ONE WEEK TO LEAVE <p>The envoys and their families have been given a week to leave the United States, according to one U.S. official.</p> <p>Trump, who before he took office in January last year promised warmer ties with Putin, last week congratulated the Russian leader on his re-election, drawing criticism from Republicans and Democrats alike. Trump said the two leaders had made tentative plans to meet in the &#8220;not too distant future.&#8221;</p> <p>He did not bring up the poisoning attack in his phone call with Putin.</p> <p>Trump himself was silent on Monday on Twitter, where he often comments about his policy decisions. But the White House later said it would like to have a &#8220;cooperative relationship&#8221; with Russia.</p> <p>&#8220;The president wants to work with the Russians but their actions sometimes don&#8217;t allow that to happen,&#8221; White House spokesman Raj Shah told a news briefing. &#8220;The poisoning in the U.K. that has kind of led to today&#8217;s announcement was a very brazen action. It was a reckless action.&#8221;</p> Slideshow (7 Images) <p>U.S. lawmakers largely welcomed Trump&#8217;s move on Monday.</p> <p>Washington had already imposed sanctions on Russian citizens and firms for U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin.</p> <p>&#8220;Punishing diplomats is not a direct threat to Putin&#8217;s power or money. Further, our previous efforts to kick out diplomats has done little to change Kremlin behavior,&#8221; said former CIA officer John Sipher, who served in Moscow and ran the agency&#8217;s Russia operations.</p> <p>U.S. officials said the scale of the expulsions was based not only on the expansion of Russian espionage in the United States, but also on its increasing focus on critical infrastructure targets such as electrical grids, financial networks, transportation and healthcare.</p> <p>Trump has been criticized in the United States for doing too little to punish Russia for the election meddling and other actions, and U.S. Special Counsel Robert Mueller is looking into whether Trump&#8217;s campaign colluded with the Russians, something he denies. Moscow denies interference in the campaign.</p> Related Coverage <a href="/article/us-britain-russia-johnson/britains-johnson-expulsions-show-international-frustration-with-russia-idUSKBN1H22TR" type="external">Britain's Johnson: expulsions show international frustration with Russia</a> <a href="/article/us-britain-russia-expulsions-factbox/diplomatic-moves-against-russia-after-nerve-gas-attack-idUSKBN1H21VA" type="external">Diplomatic moves against Russia after nerve gas attack</a> <a href="/article/us-britain-russia-ireland/ireland-to-take-action-against-russia-over-uk-nerve-agent-attack-idUSKBN1H22WT" type="external">Ireland to take action against Russia over UK nerve agent attack</a> <p>Skripal&#8217;s poisoning, which Britain said employed the Soviet-era military-grade nerve agent Novichok, is the first known offensive use of a nerve toxin in Europe since World War Two.</p> <p>The Foreign Ministry said &#8220;powerful forces&#8221; in the United States and Britain were behind the attack, RIA Novosti agency reported.</p> <p>European Council President Donald Tusk said further measures could be taken in the coming weeks and months. Russia said it would respond in kind.</p> <p>&#8220;The response will be symmetrical. We will work on it in the coming days and will respond to every country in turn,&#8221; the RIA news agency cited an unnamed Foreign Ministry source as saying.</p> <p>The Kremlin has accused Britain of whipping up an anti-Russia campaign and has sought to cast doubt on the British analysis that Moscow was responsible. Russia has already ordered 23 British diplomats out of the country after Britain expelled 23 Russian diplomats.</p> <p>Reporting by Michael Holden and Elizabeth Piper in London, John Irish in Paris, Gabrielle Tetrault-Farber, Vladimir Soldatkin and Christian Lowe in Moscow, Alissa de Carbonnel in Bulgaria, David Ljunggren in Ottawa, Johan Sennero in Stockholm, David Mardiste in Tallinn; Roberta Rampton, John Walcott, Warren Strobel, Patricia Zengerle, Matt Spetalnick and Mark Hosenball in Washington; Michelle Nichols at the United Nations; Writing by Guy Falconbridge and Yara Bayoumy; Editing by Kevin Liffey, Frances Kerry; and Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIJING (Reuters) - Top Trump administration officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more U.S.-made semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war.</p> FILE PHOTO - U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo <p>A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they pursue talks with Beijing.</p> <p>The Wall Street Journal first reported the demands from U.S. officials, saying they came in a letter sent to Beijing last week.</p> <p>White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China.</p> <p>&#8220;We&#8217;re hopeful there that China will work with us to basically address some of these practices,&#8221; Navarro told CNBC television.</p> <p>U.S. stocks surged on Monday on the news that the two sides were talking, after a massive rout last week when Trump announced plans to impose tariffs on up to $60 billion of Chinese imports over alleged misappropriation of U.S. intellectual property.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> posted its third biggest point gain ever, rising 669.4 points, or 2.8 percent, to close at 24,202.6 while the broader S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> rose 2.7 percent after a nearly 6 percent drop last week.</p> <p>Chinese Premier Li Keqiang earlier on Monday said that China and the United States should maintain negotiations and repeated pledges to ease access for American businesses to China&#8217;s markets.</p> <p>Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.</p> <p>Despite a steady stream of fierce rhetoric from Chinese state media lambasting the United States for being a &#8220;bully&#8221; and warning of retaliation, Chinese and U.S. officials are busy negotiating behind the scenes.</p> TARIFFS TO PROCEED WITHOUT AGREEMENT <p>In an interview aired on Sunday, Mnuchin told Fox News that he was pursuing an agreement with the Chinese &#8220;for them to open up their markets, reduce their tariffs, stop forced technology transfer. These are all the things we want to do.&#8221;</p> <p>&#8220;We are proceeding with these tariffs, we&#8217;re not putting them on hold unless we have an acceptable agreement that the president signs off on,&#8221; Mnuchin added.</p> Slideshow (2 Images) <p>China has offered to buy more U.S. semiconductors by diverting some purchases from South Korea and Taiwan, the Financial Times reported, citing people briefed on the negotiations. China imported $2.6 billion of semiconductors from the United States last year.</p> <p>Chinese officials are also working to finalize rules by May - instead of the end of June - to allow foreign financial groups to take majority stakes in Chinese securities firms, the Financial Times said.</p> <p>&#8220;I anticipate that for political reasons it would be logical for China to respond, because countries do,&#8221; Blackstone Group ( <a href="/finance/stocks/overview?symbol=BX.N" type="external">BX.N</a>) Chief Executive Stephen Schwarzman told Reuters on Monday on the sidelines of the Beijing conference where Li spoke.</p> <p>&#8220;That&#8217;s why I view this more as a skirmish, and I think the interests of both countries are served by resolving some of these matters.&#8221;</p> <p>China called on World Trade Organization members on Monday to unite to oppose Trump&#8217;s proposed tariffs targeting alleged intellectual property theft, saying they should &#8220;lock this beast back into the cage of WTO rules.&#8221;</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 24202.6 .DJI Dow Jones Indexes +669.40 (+2.84%) .DJI .SPX BX.N AAPL.O MSFT.O <p>On Friday, China responded to the U.S. tariffs on steel and aluminum by declaring plans to levy additional duties on up to $3 billion of U.S. imports, including fruit, nuts and wine.</p> <p>China could also inflict pain on U.S. multinationals that rely on China for a substantial - and growing - portion of their total revenues, said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments.</p> <p>&#8220;This could put U.S. companies such as Apple ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>), Microsoft ( <a href="/finance/stocks/overview?symbol=MSFT.O" type="external">MSFT.O</a>), Starbucks ( <a href="/finance/stocks/overview?symbol=SBUX.O" type="external">SBUX.O</a>), GM ( <a href="/finance/stocks/overview?symbol=GM.N" type="external">GM.N</a>), Nike ( <a href="/finance/stocks/overview?symbol=NKE.N" type="external">NKE.N</a>), etc in the firing line,&#8221; Wolf said in a note.</p> <p>China can increase the regulatory burden on U.S companies through new inspections and rules; ban travel; stop providing export licenses of key intermediate goods; raise the tax burden on U.S. multinationals in China; or block U.S. companies from the government procurement market, he said.</p> CAR TARIFF DIFFERENTIAL <p>The Trump administration has demanded that China immediately cut its $375 billion trade surplus with the United States by $100 billion.</p> <p>China has a 25 percent tariff on U.S. cars and has talked recently of lowering it, while Trump has often complained that the U.S. import tariff on passenger vehicles is only 2.5 percent. China&#8217;s imports of U.S.-built motor vehicles totaled $10.6 billion in 2017, about 8 percent of the country&#8217;s overall U.S. imports by value, according to U.S. government data.</p> <p>On the reported offer to increase U.S. semiconductor imports, it is unclear how U.S. chips would replace South Korean and Taiwanese chips, since there is minimal overlap between U.S. chips and those of the two Asian producers.</p> <p>China is heavily dependent on foreign semiconductors, one of its biggest import categories by value. That said, the United States accounted for just 1 percent of China&#8217;s total semiconductor imports last year by value, according to Reuters calculations based on Chinese customs data.</p> <p>Additional reporting by Matthew Miller, Ben Blanchard, Elias Glenn and Stella Qiu in Beijing and Eric Beech in Washington; Editing by Cynthia Osterman and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - North Korea leader Kim Jong Un has visited China, Bloomberg reported on Monday citing three unnamed sources, in what would be his first known overseas trip since taking power in 2011 and ahead of a potential summit with U.S. President Donald Trump.</p> <p>Details of his visit including its purpose and itinerary were not yet known, Bloomberg said. Japanese media reported earlier on Monday that a high-ranking Pyongyang official appeared to have arrived by train in Beijing.</p> <p>Kyodo, citing sources close to the matter, said the visit of the official was intended to improve ties between Beijing and Pyongyang that have been frayed by North Korea&#8217;s pursuit of nuclear weapons and China&#8217;s backing of tough sanctions against North Korea at the United Nations Security Council.</p> <p>The visit could not immediately be confirmed by Reuters.</p> <p>Footage from Nippon News Network, owned by Nippon TV, showed what an announcer described as a green train carriage with yellow horizontal lines, part of a 21-car train, similar to the kind that Kim&#8217;s late father, Kim Jong Il, rode when he visited Beijing in 2011.</p> <p>Beijing has traditionally been the closest ally of secretive and isolated North Korea. But Kim is due to hold summit meetings separately with China&#8217;s rivals, South Korea and the United States.</p> <p>&#8220;Such a visit would reflect China&#8217;s effort to get back in the game,&#8221; said Scott Snyder, a senior fellow at the Council on Foreign Relations think tank. &#8220;Xi would not tolerate being third in line to meet Kim.&#8221;</p> <p>Asked earlier at a daily news briefing about reports of an important North Korean visitor arriving at the Chinese border city of Dandong, Chinese Foreign Ministry spokeswoman Hua Chunying said she was unaware of the situation.</p> <p>Nobody answered the telephone at the North Korean embassy in Beijing on Monday evening.</p> <p>&#8220;The government is closely communicating with relevant countries and monitoring the situation,&#8221; South Korea&#8217;s presidential Blue House said in a statement via a messaging app earlier on Monday.</p> <p>Asked about the report that Kim was in China, White House spokesman Raj Shah told reporters on Monday: &#8220;We can&#8217;t confirm those reports. We don&#8217;t know if they&#8217;re necessarily true.&#8221;</p> <p>Kyodo, citing sources, reported that on Sunday, a special train that might have carried the official passed through Dandong. Two sources in northeastern China also told Reuters that a North Korean visitor had crossed into Dandong by train.</p> Policemen take position along Beijing's main east-west thoroughfare, Changan Avenue, near the Great Hall of the People in Beijing, China March 26, 2018. REUTERS/Damir Sagolj <p>The rail journey between Dandong and Beijing covers more than 1,100 km (680 miles). It takes at least 14 hours by ordinary service, according to Chinese railway timetables.</p> HEAVY SECURITY <p>On Chinese social media some residents of Dandong said there had been high security around the train station there and said there were rumors that Kim was passing through.</p> <p>Police tightened security along Beijing&#8217;s main east-west thoroughfare, Changan Avenue, mid-afternoon Monday, closing off the entrances to some of the buildings which face the road.</p> Policemen take position along Beijing's main east-west thoroughfare, Changan Avenue, near the Great Hall of the People in Beijing, China March 26, 2018. REUTERS/Damir Sagolj <p>Police also cleared out all tourists from Tiananmen Square around the same time, which normally only happens when important meetings are happening in the Great Hall of the People, where top Chinese leaders often meet visiting heads of state.</p> <p>There was a large security presence outside the Great Hall on Monday evening. Reuters reporters saw a lengthy motorcade, including a limousine with dark tinted windows, heading down Changan Avenue in the direction of the Diaoyutai State Guest House and away from the Great Hall of the People, flanked by a police escort on motor-bikes.</p> <p>Also on Monday evening, the Beijing railway bureau warned on its microblog, without giving a reason, of multiple train delays of up to two hours in the Beijing region.</p> <p>A source with ties to the Chinese military told Reuters that it was &#8220;not possible to rule out the possibility&#8221; that Kim was visiting Beijing, but cautioned this was not confirmed.</p> <p>A diplomatic source told Reuters that there was heavy security around the Diaoyutai State Guest House, where some high level foreign visitors stay during visits to the city. Other diplomatic sources said they were aware of the speculation that Kim was visiting but were not able to immediately confirm it.</p> <p>Visits to China by Kim Jong Il were only confirmed by both China and North Korea once he had left the country.</p> <p>Kim Jong Il traveled by private train during his rare visits to China or Russia under tight security. Diplomats and other sources have said Kim Jong Il avoided flying for overseas trips due to security concerns.</p> <p>The younger Kim, who was educated in Switzerland, is not known to have any fear of flying and state media have shown pictures of him aboard a plane. However, he is not known to have traveled outside the country since assuming power in late 2011 after his father&#8217;s death.</p> <p>Reporting by Ben Blanchard, Sue-Lin Wong, Philip Wen and Se Young Lee; Additional reporting by Christine Kim in Seoul, Malcolm Foster in Tokyo, Roberta Rampton, David Brunnstrom and Matt Spetalnick in Washington; Editing by Andrew Heavens and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Beijing Shunxin Agriculture To Invest 100 Million Yuan To Set Up Hog Breeding Firm U.S., EU to expel more than 100 Russian diplomats over UK nerve attack U.S. seeks China trade moves on autos, financials, chips: source North Korea leader Kim Jong Un visits China: Bloomberg

https://reuters.com/article/brief-beijing-shunxin-agriculture-to-inv/brief-beijing-shunxin-agriculture-to-invest-100-million-yuan-to-set-up-hog-breeding-firm-idUSH9N1PE00H

2018-01-23

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Jan 23 Reuters Beijing Shunxin Agriculture Co Ltd SAYS IT PLANS TO INVEST 100 MILLION YUAN 1562 million TO SET UP HOG BREEDING FIRM Source text in Chinese bitly2BlolXP Further company coverage 1 64040 Chinese yuan renminbi Reporting by Hong Kong newsroom Our Standards The Thomson Reuters Trust Principles LONDONWASHINGTON Reuters The United States said on Monday it would expel 60 Russian diplomats joining governments across Europe in punishing the Kremlin for a nerve agent attack on a former Russian spy in Britain that they have blamed on Moscow It was the strongest action that US President Donald Trump had taken against Russia since coming to office He has been criticized by Democrats and members of his own Republican Party for failing to be tough enough on Russia over US allegations of Russian meddling in the US electoral system including the 2016 presidential campaign British Prime Minister Theresa May welcoming the show of solidarity said 18 countries had announced plans to expel Russian officials Those included 14 European Union countries In total 100 Russian diplomats were being removed the biggest Western expulsion of Russian diplomats since the height of the Cold War British Foreign Secretary Boris Johnson said on Twitter that Monday8217s 8220extraordinary international response by our allies stands in history as the largest collective expulsion of Russian intelligence officers ever and will help defend our shared security8221 May said the coordinated measures sent the 8220strongest signal to Russia that it cannot continue to flout international law8221 Britain had evidence Russia has investigated ways of distributing nerve agents for assassinations May told parliament Russia8217s Foreign Ministry called the expulsions a 8220provocative gesture8221 The Kremlin spokesman said the West was making a 8220mistake8221 and that President Vladimir Putin would make a final decision about Russia8217s response Moscow has denied being behind the attack on Sergei Skripal and his daughter in the southern English city of Salisbury Skripal 66 and Yulia Skripal 33 were found unconscious on a public bench in a shopping center on March 4 and remain critically ill in hospital 8220We assess that more than 130 people in Salisbury could have been potentially exposed to this nerve agent8221 May said Monday8217s wave of expulsions followed EU leaders saying last week that evidence presented by May of Russian involvement in the attack was a solid basis for further action The staff expelled by Washington includes 12 people identified by the United States as intelligence officers from Russia8217s mission to the United Nations headquarters in New York They were involved in activities outside their official capacity and an abuse of their privileges of residence US Ambassador Nikki Haley said Russian UN ambassador Vassily Nebenzia called it 8220a very unfortunate very unfriendly move8221 Trump also ordered the closure of the Russian consulate in Seattle because of its proximity to a US submarine base and planemaker and defense contractor Boeing Co a senior US official said Seattle was a hub of Russian cyber espionage both political and commercial according to two US intelligence officials The administration officials said 8220well over 100 intelligence officers8221 operated in the United States and Washington8217s action cuts 60 of them An official consul van is pictured outside the building housing the Consulate General of Russia in downtown Seattle Washington US March 26 2018 REUTERSLindsey Wasson ONE WEEK TO LEAVE The envoys and their families have been given a week to leave the United States according to one US official Trump who before he took office in January last year promised warmer ties with Putin last week congratulated the Russian leader on his reelection drawing criticism from Republicans and Democrats alike Trump said the two leaders had made tentative plans to meet in the 8220not too distant future8221 He did not bring up the poisoning attack in his phone call with Putin Trump himself was silent on Monday on Twitter where he often comments about his policy decisions But the White House later said it would like to have a 8220cooperative relationship8221 with Russia 8220The president wants to work with the Russians but their actions sometimes don8217t allow that to happen8221 White House spokesman Raj Shah told a news briefing 8220The poisoning in the UK that has kind of led to today8217s announcement was a very brazen action It was a reckless action8221 Slideshow 7 Images US lawmakers largely welcomed Trump8217s move on Monday Washington had already imposed sanctions on Russian citizens and firms for US election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin 8220Punishing diplomats is not a direct threat to Putin8217s power or money Further our previous efforts to kick out diplomats has done little to change Kremlin behavior8221 said former CIA officer John Sipher who served in Moscow and ran the agency8217s Russia operations US officials said the scale of the expulsions was based not only on the expansion of Russian espionage in the United States but also on its increasing focus on critical infrastructure targets such as electrical grids financial networks transportation and healthcare Trump has been criticized in the United States for doing too little to punish Russia for the election meddling and other actions and US Special Counsel Robert Mueller is looking into whether Trump8217s campaign colluded with the Russians something he denies Moscow denies interference in the campaign Related Coverage Britains Johnson expulsions show international frustration with Russia Diplomatic moves against Russia after nerve gas attack Ireland to take action against Russia over UK nerve agent attack Skripal8217s poisoning which Britain said employed the Sovietera militarygrade nerve agent Novichok is the first known offensive use of a nerve toxin in Europe since World War Two The Foreign Ministry said 8220powerful forces8221 in the United States and Britain were behind the attack RIA Novosti agency reported European Council President Donald Tusk said further measures could be taken in the coming weeks and months Russia said it would respond in kind 8220The response will be symmetrical We will work on it in the coming days and will respond to every country in turn8221 the RIA news agency cited an unnamed Foreign Ministry source as saying The Kremlin has accused Britain of whipping up an antiRussia campaign and has sought to cast doubt on the British analysis that Moscow was responsible Russia has already ordered 23 British diplomats out of the country after Britain expelled 23 Russian diplomats Reporting by Michael Holden and Elizabeth Piper in London John Irish in Paris Gabrielle TetraultFarber Vladimir Soldatkin and Christian Lowe in Moscow Alissa de Carbonnel in Bulgaria David Ljunggren in Ottawa Johan Sennero in Stockholm David Mardiste in Tallinn Roberta Rampton John Walcott Warren Strobel Patricia Zengerle Matt Spetalnick and Mark Hosenball in Washington Michelle Nichols at the United Nations Writing by Guy Falconbridge and Yara Bayoumy Editing by Kevin Liffey Frances Kerry and Grant McCool Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIJING Reuters Top Trump administration officials are asking China to cut tariffs on imported cars allow foreign majority ownership of financial services firms and buy more USmade semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war FILE PHOTO US President Donald Trump and Chinas President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing China November 9 2017 REUTERSDamir SagoljFile Photo A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer as they pursue talks with Beijing The Wall Street Journal first reported the demands from US officials saying they came in a letter sent to Beijing last week White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China 8220We8217re hopeful there that China will work with us to basically address some of these practices8221 Navarro told CNBC television US stocks surged on Monday on the news that the two sides were talking after a massive rout last week when Trump announced plans to impose tariffs on up to 60 billion of Chinese imports over alleged misappropriation of US intellectual property The Dow Jones Industrial Average DJI posted its third biggest point gain ever rising 6694 points or 28 percent to close at 242026 while the broader SampampP 500 SPX rose 27 percent after a nearly 6 percent drop last week Chinese Premier Li Keqiang earlier on Monday said that China and the United States should maintain negotiations and repeated pledges to ease access for American businesses to China8217s markets Li told a conference that included global chief executives that China would treat foreign and domestic firms equally would not force foreign firms to transfer technology and would strengthen intellectual property rights repeating promises that have failed to placate Washington Despite a steady stream of fierce rhetoric from Chinese state media lambasting the United States for being a 8220bully8221 and warning of retaliation Chinese and US officials are busy negotiating behind the scenes TARIFFS TO PROCEED WITHOUT AGREEMENT In an interview aired on Sunday Mnuchin told Fox News that he was pursuing an agreement with the Chinese 8220for them to open up their markets reduce their tariffs stop forced technology transfer These are all the things we want to do8221 8220We are proceeding with these tariffs we8217re not putting them on hold unless we have an acceptable agreement that the president signs off on8221 Mnuchin added Slideshow 2 Images China has offered to buy more US semiconductors by diverting some purchases from South Korea and Taiwan the Financial Times reported citing people briefed on the negotiations China imported 26 billion of semiconductors from the United States last year Chinese officials are also working to finalize rules by May instead of the end of June to allow foreign financial groups to take majority stakes in Chinese securities firms the Financial Times said 8220I anticipate that for political reasons it would be logical for China to respond because countries do8221 Blackstone Group BXN Chief Executive Stephen Schwarzman told Reuters on Monday on the sidelines of the Beijing conference where Li spoke 8220That8217s why I view this more as a skirmish and I think the interests of both countries are served by resolving some of these matters8221 China called on World Trade Organization members on Monday to unite to oppose Trump8217s proposed tariffs targeting alleged intellectual property theft saying they should 8220lock this beast back into the cage of WTO rules8221 Dow Jones ampamp Company Inc 242026 DJI Dow Jones Indexes 66940 284 DJI SPX BXN AAPLO MSFTO On Friday China responded to the US tariffs on steel and aluminum by declaring plans to levy additional duties on up to 3 billion of US imports including fruit nuts and wine China could also inflict pain on US multinationals that rely on China for a substantial and growing portion of their total revenues said Alex Wolf senior emerging markets economist at Aberdeen Standard Investments 8220This could put US companies such as Apple AAPLO Microsoft MSFTO Starbucks SBUXO GM GMN Nike NKEN etc in the firing line8221 Wolf said in a note China can increase the regulatory burden on US companies through new inspections and rules ban travel stop providing export licenses of key intermediate goods raise the tax burden on US multinationals in China or block US companies from the government procurement market he said CAR TARIFF DIFFERENTIAL The Trump administration has demanded that China immediately cut its 375 billion trade surplus with the United States by 100 billion China has a 25 percent tariff on US cars and has talked recently of lowering it while Trump has often complained that the US import tariff on passenger vehicles is only 25 percent China8217s imports of USbuilt motor vehicles totaled 106 billion in 2017 about 8 percent of the country8217s overall US imports by value according to US government data On the reported offer to increase US semiconductor imports it is unclear how US chips would replace South Korean and Taiwanese chips since there is minimal overlap between US chips and those of the two Asian producers China is heavily dependent on foreign semiconductors one of its biggest import categories by value That said the United States accounted for just 1 percent of China8217s total semiconductor imports last year by value according to Reuters calculations based on Chinese customs data Additional reporting by Matthew Miller Ben Blanchard Elias Glenn and Stella Qiu in Beijing and Eric Beech in Washington Editing by Cynthia Osterman and Leslie Adler Our Standards The Thomson Reuters Trust Principles BEIJING Reuters North Korea leader Kim Jong Un has visited China Bloomberg reported on Monday citing three unnamed sources in what would be his first known overseas trip since taking power in 2011 and ahead of a potential summit with US President Donald Trump Details of his visit including its purpose and itinerary were not yet known Bloomberg said Japanese media reported earlier on Monday that a highranking Pyongyang official appeared to have arrived by train in Beijing Kyodo citing sources close to the matter said the visit of the official was intended to improve ties between Beijing and Pyongyang that have been frayed by North Korea8217s pursuit of nuclear weapons and China8217s backing of tough sanctions against North Korea at the United Nations Security Council The visit could not immediately be confirmed by Reuters Footage from Nippon News Network owned by Nippon TV showed what an announcer described as a green train carriage with yellow horizontal lines part of a 21car train similar to the kind that Kim8217s late father Kim Jong Il rode when he visited Beijing in 2011 Beijing has traditionally been the closest ally of secretive and isolated North Korea But Kim is due to hold summit meetings separately with China8217s rivals South Korea and the United States 8220Such a visit would reflect China8217s effort to get back in the game8221 said Scott Snyder a senior fellow at the Council on Foreign Relations think tank 8220Xi would not tolerate being third in line to meet Kim8221 Asked earlier at a daily news briefing about reports of an important North Korean visitor arriving at the Chinese border city of Dandong Chinese Foreign Ministry spokeswoman Hua Chunying said she was unaware of the situation Nobody answered the telephone at the North Korean embassy in Beijing on Monday evening 8220The government is closely communicating with relevant countries and monitoring the situation8221 South Korea8217s presidential Blue House said in a statement via a messaging app earlier on Monday Asked about the report that Kim was in China White House spokesman Raj Shah told reporters on Monday 8220We can8217t confirm those reports We don8217t know if they8217re necessarily true8221 Kyodo citing sources reported that on Sunday a special train that might have carried the official passed through Dandong Two sources in northeastern China also told Reuters that a North Korean visitor had crossed into Dandong by train Policemen take position along Beijings main eastwest thoroughfare Changan Avenue near the Great Hall of the People in Beijing China March 26 2018 REUTERSDamir Sagolj The rail journey between Dandong and Beijing covers more than 1100 km 680 miles It takes at least 14 hours by ordinary service according to Chinese railway timetables HEAVY SECURITY On Chinese social media some residents of Dandong said there had been high security around the train station there and said there were rumors that Kim was passing through Police tightened security along Beijing8217s main eastwest thoroughfare Changan Avenue midafternoon Monday closing off the entrances to some of the buildings which face the road Policemen take position along Beijings main eastwest thoroughfare Changan Avenue near the Great Hall of the People in Beijing China March 26 2018 REUTERSDamir Sagolj Police also cleared out all tourists from Tiananmen Square around the same time which normally only happens when important meetings are happening in the Great Hall of the People where top Chinese leaders often meet visiting heads of state There was a large security presence outside the Great Hall on Monday evening Reuters reporters saw a lengthy motorcade including a limousine with dark tinted windows heading down Changan Avenue in the direction of the Diaoyutai State Guest House and away from the Great Hall of the People flanked by a police escort on motorbikes Also on Monday evening the Beijing railway bureau warned on its microblog without giving a reason of multiple train delays of up to two hours in the Beijing region A source with ties to the Chinese military told Reuters that it was 8220not possible to rule out the possibility8221 that Kim was visiting Beijing but cautioned this was not confirmed A diplomatic source told Reuters that there was heavy security around the Diaoyutai State Guest House where some high level foreign visitors stay during visits to the city Other diplomatic sources said they were aware of the speculation that Kim was visiting but were not able to immediately confirm it Visits to China by Kim Jong Il were only confirmed by both China and North Korea once he had left the country Kim Jong Il traveled by private train during his rare visits to China or Russia under tight security Diplomats and other sources have said Kim Jong Il avoided flying for overseas trips due to security concerns The younger Kim who was educated in Switzerland is not known to have any fear of flying and state media have shown pictures of him aboard a plane However he is not known to have traveled outside the country since assuming power in late 2011 after his father8217s death Reporting by Ben Blanchard SueLin Wong Philip Wen and Se Young Lee Additional reporting by Christine Kim in Seoul Malcolm Foster in Tokyo Roberta Rampton David Brunnstrom and Matt Spetalnick in Washington Editing by Andrew Heavens and Tom Brown Our Standards The Thomson Reuters Trust Principles

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<p>Todd Akin: "If It's A Legitimate Rape, The Female Body Has Ways To Try To Shut That Whole Thing Down." During an interview with local St. Louis TV station KTVI, Akin claimed that it's "really rare" for women subjected to "legitimate rape" to become pregnant:</p> <p>AKIN: First of all, from what I understand from doctors [pregnancy from rape] is really rare. If it's a legitimate rape, the female body has ways to try to shut that whole thing down. But let's assume that maybe that didn't work, or something. You know, I think there should be some punishment, but the punishment ought to be on the rapist and not attacking the child. [KTVI-St. Louis, <a href="http://fox2now.com/2012/08/19/the-jaco-report-august-19-2012/" type="external">8/20/12</a>]</p> <p>Akin Later Claimed That His Remarks Were "Off-The-Cuff" And That He "Misspoke." Following outrage over his comments, Akin subsequently released a statement in which he called his remarks "off-the-cuff" and claimed he "misspoke":</p> <p>As a member of Congress, I believe that working to protect the most vulnerable in our society is one of my most important responsibilities, and that includes protecting both the unborn and victims of sexual assault. In reviewing my off-the-cuff remarks, it's clear that I misspoke in this interview and it does not reflect the deep empathy I hold for the thousands of women who are raped and abused every year. Those who perpetrate these crimes are the lowest of the low in our society and their victims will have no stronger advocate in the Senate to help ensure they have the justice they deserve.</p> <p>I recognize that abortion, and particularly in the case of rape, is a very emotionally charged issue. But I believe deeply in the protection of all life and I do not believe that harming another innocent victim is the right course of action. I also recognize that there are those who, like my opponent, support abortion and I understand I may not have their support in this election. [KTVI-St. Louis, <a href="http://fox2now.com/2012/08/19/the-jaco-report-august-19-2012/" type="external">8/20/12</a>]</p> <p>Akin: "This Weekend I Made A Mistake. I Used The Wrong Words In The Wrong Way." On August 20, Akin released another statement in which he said he "used the wrong words in the wrong way" and apologized: "This weekend I made a mistake. I used the wrong words in the wrong way. What I said was ill-conceived and it was wrong and for that I apologize. I'm a dad of two daughters and I want tough justice for sexual predators and I've always had a compassionate heart for the victims of sexual assault." [Todd Akin for U.S. Senate, <a href="http://www.akin.org/updates/akin-apologizes-statement" type="external">8/20/12</a>]</p> <p>Erick Erickson: Akin "Made A Very Dumb Statement And Dumb Statements Are Salvageable." Discussing whether Akin would continue his candidacy for Senate, CNN contributor Erick Erickson repeatedly called Akin's "legitimate rape" remarks "dumb," saying at one point, "I think Todd Akin made a very dumb statement and dumb statements are salvageable." From CNN:</p> <p>ERICKSON: I think it was a dumb statement, poorly chosen words. There are a lot of pro-lifers who believe that there shouldn't be a rape exception -- he's one of them. I understand it, though. I tend to disagree myself on that particular exception.</p> <p>[...]</p> <p>ERICKSON: I think Todd Akin made a very dumb statement and dumb statements are salvageable. But I don't think, given the pile-on by the Republican Party today, that he can survive this, because you have an entire party throwing him under the bus. [CNN, The Situation Room, 8/20/12]</p> <p>Pat Robertson: "He Made A Dumb Remark, So Don't We All?" On his Christian Broadcasting Network show, Pat Robertson dismissed Akin's comments, saying:</p> <p>ROBERTSON: So, he screwed up. He made a dumb remark, so don't we all? And it's a time to say, OK, Todd, you apologized, you misspoke, and let's get on with life, let's run the campaign. I mean, you know, the [unintelligible] you know, former circular firing squad and go after each other. Not smart. [Christian Broadcasting Network, The 700 Club, <a href="/video/2012/08/21/pat-robertson-akin-screwed-up-but-gop-needs-to/189467" type="external">8/21/12</a>]</p> <p>Dana Loesch: Akin "Failed A Soundbite." CNN contributor Dana Loesch repeatedly downplayed Akin's comments, writing on Twitter that Akin "was trying to fit medical explanation into a soundbite" and that he "failed a soundbite":</p> <p /> <p>[Twitter, <a href="/blog/2012/08/19/cnns-dana-loesch-excuses-gop-rep-akins-legitima/189439" type="external">8/19/12</a>, via Media Matters]</p> <p>Ann Coulter: "More People Are Killed In Drive-By Shootings In Chicago Every Year." In a Human Events column, conservative commentator and frequent Fox News guest Ann Coulter claimed that the "point I believe Akin was ultimately driving at was that this is a teeny-tiny percentage of all abortions, so why are we spending all our time taking about it?" She continued:</p> <p>How about saying: "Yes, it's still a life, but more people are killed in drive-by shootings in Chicago every year. You give us the 2 million abortions that aren't a result of rape and incest and we'll give you the few thousand that are."</p> <p>Instead, Akin rambled about "legitimate rape" -- violating an ironclad rule of politicians that the word "legitimate" should never appear within 15 yards of the word "rape." And he talked about the medical possibility of becoming pregnant from a single traumatizing rape. [Human Events, <a href="http://www.humanevents.com/2012/08/20/ann-coulter-if-akin-loves-his-country-he-will-step-aside/" type="external">8/20/12</a>]</p> <p>David Catanese: Akin "Meant To Convey There's Less Chance Of Getting Pregnant If Raped." Discussing Akin's comments on his Twitter feed, Politico reporter David Catanese dismissed the growing outrage and proceeded to defend Akin "for argument's sake." Catanese wrote that Akin "meant to convey that there's less chance of getting pregnant if raped" and that if "a woman was REALLY raped, it's statistically less likely for her to get pregnant." He added: "What's the science?" Catanese later called his exchanges on Twitter a "bad idea." [Twitter, <a href="/blog/2012/08/20/politicos-catanese-tries-to-legitimize-legitima/189442" type="external">8/20/12</a>, via Media Matters]</p> <p>Mike Huckabee: Rape Is "Inexcusable And Indefensible," But Sometimes Victims Give Birth To People Who Go On To Do "Extraordinary Things."&amp;#160;Discussing the controversy with Akin on his radio show, Fox News host Mike Huckabee deflected from Akin's comments by saying that women who are raped sometimes give birth to people who "are able to do extraordinary things":</p> <p>HUCKABEE: That's one of the things that people have said is that it is medically incorrect to say that if you are raped, that you won't have a pregnancy because obviously there are a number of people -- Ethel Waters, for example, is the result -- was the result of a forcible rape.</p> <p>I used to work for James Robison back in the 1970s. He leads a large Christian organization. He, himself, was the result of a forcible rape. And you know, so, I know it happens, and yet even from those horrible, horrible tragedies of rape, which are inexcusable and indefensible, life has come, and sometimes, you know, those people are able to do extraordinary things. [Cumulus Media Network,&amp;#160;The Mike Huckabee Show,&amp;#160; <a href="/video/2012/08/20/huckabee-interviews-akin-to-discuss-distraction/189447" type="external">8/20/12</a>]</p> <p>NRO's Charmaine Yoest: Children Of Rape Victims "Are Vibrant Reminders Of The Truth That Life Has Value, No Matter Its Beginnings."&amp;#160;In a National Review Online post, contributor Charmaine Yoest, president and CEO of pro-life group Americans United for Life, deflected from the Akin controversy by saying that children conceived from rape "are vibrant reminders of the truth that Life has value, no matter its beginnings." She wrote:</p> <p>Lost in the controversy and political fallout over Representative Todd Akin's comments about a rape exception to abortion is the fact that the most eloquent defenders of the value of every human life are people like my friends Ryan Bomberger and Rebecca Kiessling, both of whom were conceived in rape. Today Ryan and Rebecca are vibrant reminders of the truth that Life has value, no matter its beginnings.</p> <p>There is no doubt that violence against women is a tragedy and there is real suffering surrounding this issue. There should never be any confusion about that point, particularly in this politically charged environment where the abortion lobby has succeeded in framing their messaging around the so-called War on Women meme. [National Review Online,&amp;#160; <a href="http://www.nationalreview.com/corner/314608/akin-and-politicization-womens-health-charmaine-yoest" type="external">8/21/12</a>]</p> <p>CNN: Republican Party Official 2012 Platform Includes "Constitutional Ban On Abortion" With No Rape Exception. As reported by CNN, the Republican Party's official 2012 platform calls for a constitutional ban on all abortions, with no exceptions for rape or incest or to save a woman's life. From CNN:</p> <p>Republicans drafting their party's official policy platform on Tuesday ratified a call for a Constitutional ban on abortion that makes no exceptions for rape or incest.</p> <p>The vote to endorse the party's long-standing opposition to abortion and support for a "human life amendment" took place at a meeting of the GOP's official platform committee in Tampa, the site of next week's Republican National Convention.</p> <p>The party's official stance on abortion was approved after just a few minutes of discussion. The language in the platform must be voted on before the full Republican Convention next week, though Republicans say it is all but certain to pass.</p> <p>"Faithful to the 'self-evident' truths enshrined in the Declaration of Independence, we assert the sanctity of human life and affirm that the unborn child has a fundamental individual right to life which cannot be infringed," the platform language declares. "We support a human life amendment to the Constitution and endorse legislation to make clear that the Fourteenth Amendment's protections apply to unborn children." [CNN, <a href="http://politicalticker.blogs.cnn.com/2012/08/21/gop-platform-committee-approves-tough-anti-abortion-stance/" type="external">8/21/12</a>]</p> <p>Boston Globe: Paul Ryan And Most Of House GOP Co-Sponsored A Bill That Would Have Redefined Rape. The Boston Globe wrote that "Mitt Romney and Congressman Paul Ryan say they disagree with Missouri Representative Todd Akin's opposition to abortions for rape victims, but Akin's reference Sunday to 'legitimate rape' recalled the 'forcible rape' language contained in a bill Ryan co-sponsored last year." The Globe continued:</p> <p>Last year, Ryan joined Akin as one of 227 co-sponsors of a bill that narrowed an exemption to the Hyde Amendment, which prohibits federal funding for abortions. The Hyde Amendment allows federal dollars to be used for abortions in cases of rape and incest, but the proposed bill -- authored by New Jersey Representative Christopher H. Smith -- would have limited the incest exemption to minors and covered only victims of "forcible rape."</p> <p>House Republicans never defined what constituted "forcible rape" and what did not, but critics of the bill suggested the term could exclude women who are drugged and raped, mentally handicapped women who are coerced, and victims of statutory rape.</p> <p>The "forcible" qualifier was eventually removed before the bill passed the House last May. The Democrat-controlled Senate did not vote on the measure. [The Boston Globe, <a href="http://www.boston.com/politicalintelligence/2012/08/20/mitt-romney-paul-ryan-seek-distance-from-legitimate-rape-remark-but-records-show-narrow-support-for-abortion/sAKM3m1heqoAUL4wsY666H/story.html" type="external">8/20/12</a>]</p> <p>Republican House Sought To Pass Anti-Abortion Bill That Would Not Include Exception For Rape. An August 20 Politico article pointed out that both Akin and Ryan sponsored GOP-led legislation called the "Sanctity of Human Life Act," which "empowers the federal and state governments" to ban abortion and "makes no exception for rape." From Politico:</p> <p>Like Akin, Ryan is a co-sponsor of the "Sanctity of Human Life Act," a so-called personhood measure that defines life as beginning at "fertilization, cloning or its functional equivalent" and empowers the federal and state governments to pass laws to protect life from that point on. The bill makes no exception for rape. [Politico, <a href="http://www.politico.com/news/stories/0812/79887.html" type="external">8/20/12</a>]</p> <p>GOP House Tried To Pass Bill That Sought A Ban On Abortions In DC After 20 Weeks Even In Cases Of Rape. House Republicans tried to pass the "District of Columbia Pain-Capable Unborn Child Protection Act," which would have banned abortions in Washington, D.C., after 20 weeks of pregnancy, but it was voted down after failing to gain the two-thirds majority it needed to pass. As Politico reported, it would have "criminalized abortions after 20 weeks even in cases of rape, incest, and fetal abnormalities":</p> <p>The restriction would not apply in situations where the life of the mother was threatened but it would criminalize abortions after 20 weeks even in cases of rape, incest and fetal abnormalities. Doctors would face up to two years of jail time and fines for not complying with the law. [Politico, <a href="http://www.politico.com/news/stories/0712/79236.html" type="external">7/31/12</a>]</p> <p>GOP House Passed Bill That Would Allow Hospitals To Refuse To Perform Abortions, Even To Save A Woman's Life. In October 2011, House Republicans passed the "Protect Life Act," which will make it legal for hospitals morally opposed to abortion to deny to perform the procedure even in cases to save a woman's life. As The Huffington Post reported:</p> <p>H.R. 358, introduced by Rep. Joe Pitts (R-Pa.), goes beyond the issue of taxpayer dollars to place actual limits on the way a woman spends her own money. The bill would prevent a woman from buying a private insurance plan that includes abortion coverage through a state health care exchange, even though most insurance plans currently cover abortion.</p> <p>An even more controversial aspect of the bill would allow hospitals that are morally opposed to abortion, such as Catholic institutions, to do nothing for a woman who requires an emergency abortion procedure to save her life. Current law requires that hospitals give patients in life-threatening situations whatever care they need, regardless of the patient's financial situation, but the Protect Life Act would make a hospital's obligation to provide care in medical emergencies secondary to its refusal to provide abortions.</p> <p>[...]</p> <p>According to the American Journal of Public Health, Catholic hospitals already have a years-long history of ignoring the emergency care law to avoid performing abortions. In late 2009, an Arizona bishop excommunicated a nun who authorized an abortion procedure for a woman who otherwise might have died of pulmonary hypertension at a Catholic hospital in Phoenix. [The Huffington Post, <a href="http://www.huffingtonpost.com/2011/10/13/protect-life-act-passes-house-of-representatives_n_1009876.html" type="external">10/13/11</a>]</p> <p>Virginia GOP Passed Measure To Require "Invasive" Vaginal Ultrasound Before Abortions. In February, Republicans in the Virginia House of Delegates introduced a bill that would have required women in the early stages of pregnancy to undergo an "invasive" transvaginal ultrasound before an abortion. Following public pressure, the House of Delegates passed a modified version of the bill that still requires a medically unnecessary ultrasound. From Mother Jones:</p> <p>Virginia's controversial mandatory ultrasound bill is now headed to Gov. Bob McDonnell's desk. While the final version of the bill allows women to opt out of having an invasive transvaginal ultrasound -- the provision that drew a national spotlight in the last couple weeks -- don't be fooled: It's still a burdensome law.</p> <p>The original bill would have required women seeking an abortion to undergo whatever kind of ultrasound gets the best image of the embryo or fetus. In the early stages of pregnancy -- when the vast majority of abortions occur -- that's typically a transvaginal ultrasound, which is far more invasive than the abdominal kind (think jelly-on-the-belly). That requirement was scrapped at the eleventh hour, after a deluge of national attention.</p> <p>Abortion rights activists said mandating such an invasive procedure amounted to "state-sanctioned rape," a comparison that clearly struck a nerve: Saturday Night Live and The Daily Show took cracks at the bill; more than a thousand women gathered in silent protest outside the state capitol. Eventually, McDonnell backtracked on his initial support, stating last week, "No person should be directed to undergo an invasive procedure by the state, without their consent, as a precondition to another medical procedure." [Mother Jones, <a href="http://www.motherjones.com/mojo/2012/03/why-virginias-new-mandatory-ultrasound-law-still-sucks" type="external">3/3/12</a>]</p> <p>Georgia GOP Gov. Signed Bill That Cuts Option For Abortion Services After 20 Weeks. In May, the Republican governor of Georgia, Nathan Deal, signed a bill into a law that will "ban abortion after 20 weeks of pregnancy, cutting by about six weeks the time women in Georgia may have an elective abortion." The Atlanta Journal-Constitution reported:</p> <p>Deal's signature makes Georgia the latest state to generally ban abortion after 20 weeks of pregnancy, cutting by about six weeks the time women in Georgia may have an elective abortion.</p> <p>Commonly referred to as a "fetal pain" bill, House Bill 954 will tighten medical exemptions for terminating pregnancies and require any abortion performed after 20 weeks be done in a way to bring the fetus out alive. The new law, which goes into effect Jan. 1, makes no exception for rape or incest. The measure says that a fetus can feel pain at 20 weeks, therefore the state has an interest in protecting it.</p> <p>[...]</p> <p>Supporters have said the law will save lives and protect more fetuses. "It's going to save 1,200 babies a year," said state Rep. Doug McKillip, R-Athens, who sponsored HB 954.</p> <p>Opponents said the state is legislating decisions that should be made by medical experts and puts doctors at risk who work with difficult pregnancies.</p> <p>According to doctors' testimony during hearings earlier this year, medical experts widely believe fetuses do not fully develop connections related to pain before at least 24 weeks. [The Atlanta Journal-Constitution, <a href="http://www.ajc.com/news/georgia-government/deal-signs-fetal-pain-1429262.html" type="external">5/1/12</a>]</p> <p>Guttmacher Institute: Since GOP Won House, It Has Introduced 916 Measures Intended To Curb Women's Reproductive Choices. According to the Guttmacher Institute, 916 measures were introduced in the first quarter of 2011 meant to curb women's reproductive rights. Guttmacher found that the proposals were "more hostile to abortion rights than in the past":</p> <p>To date, legislators have introduced 916 measures related to reproductive health and rights in the 49 legislatures that have convened their regular sessions.</p> <p>[...]</p> <p>In addition to these laws, more than 120 other bills have been approved by at least one chamber of the legislature, and some interesting trends are emerging. As a whole, the proposals introduced this year are more hostile to abortion rights than in the past: 56% of the bills introduced so far this year seek to restrict abortion access, compared with 38% last year. Three topics --insurance coverage of abortion, restriction of abortion after a specific point in gestation and ultrasound requirements -- are topping the agenda in several states.</p> <p>At the same time, legislators are proposing little in the way of proactive initiatives aimed at expanding access to reproductive health -- related services; this stands in sharp contrast to recent years when a range of initiatives to promote comprehensive sex education, permit expedited STI treatment for patients' partners and ensure insurance coverage of contraception were adopted. [Guttmacher Institute, accessed <a href="http://www.guttmacher.org/statecenter/updates/2011/statetrends12011.html" type="external">8/21/12</a>]</p> <p><a href="/research/2012/04/10/republican-war-on-women-is-not-a-left-wing-inve/186151" type="external">Click here to read more about legislation that Republicans across the country have tried to pass that would curb women's reproductive rights</a></p>

Conservative Media Dismiss Akin "Rape" Comments As "Dumb," But Rhetoric Is Reflected In GOP Policies

http://mediamatters.org/research/2012/08/21/conservative-media-dismiss-akin-rape-comments-a/189487

2012-08-22

4left

Todd Akin If Its A Legitimate Rape The Female Body Has Ways To Try To Shut That Whole Thing Down During an interview with local St Louis TV station KTVI Akin claimed that its really rare for women subjected to legitimate rape to become pregnant AKIN First of all from what I understand from doctors pregnancy from rape is really rare If its a legitimate rape the female body has ways to try to shut that whole thing down But lets assume that maybe that didnt work or something You know I think there should be some punishment but the punishment ought to be on the rapist and not attacking the child KTVISt Louis 82012 Akin Later Claimed That His Remarks Were OffTheCuff And That He Misspoke Following outrage over his comments Akin subsequently released a statement in which he called his remarks offthecuff and claimed he misspoke As a member of Congress I believe that working to protect the most vulnerable in our society is one of my most important responsibilities and that includes protecting both the unborn and victims of sexual assault In reviewing my offthecuff remarks its clear that I misspoke in this interview and it does not reflect the deep empathy I hold for the thousands of women who are raped and abused every year Those who perpetrate these crimes are the lowest of the low in our society and their victims will have no stronger advocate in the Senate to help ensure they have the justice they deserve I recognize that abortion and particularly in the case of rape is a very emotionally charged issue But I believe deeply in the protection of all life and I do not believe that harming another innocent victim is the right course of action I also recognize that there are those who like my opponent support abortion and I understand I may not have their support in this election KTVISt Louis 82012 Akin This Weekend I Made A Mistake I Used The Wrong Words In The Wrong Way On August 20 Akin released another statement in which he said he used the wrong words in the wrong way and apologized This weekend I made a mistake I used the wrong words in the wrong way What I said was illconceived and it was wrong and for that I apologize Im a dad of two daughters and I want tough justice for sexual predators and Ive always had a compassionate heart for the victims of sexual assault Todd Akin for US Senate 82012 Erick Erickson Akin Made A Very Dumb Statement And Dumb Statements Are Salvageable Discussing whether Akin would continue his candidacy for Senate CNN contributor Erick Erickson repeatedly called Akins legitimate rape remarks dumb saying at one point I think Todd Akin made a very dumb statement and dumb statements are salvageable From CNN ERICKSON I think it was a dumb statement poorly chosen words There are a lot of prolifers who believe that there shouldnt be a rape exception hes one of them I understand it though I tend to disagree myself on that particular exception ERICKSON I think Todd Akin made a very dumb statement and dumb statements are salvageable But I dont think given the pileon by the Republican Party today that he can survive this because you have an entire party throwing him under the bus CNN The Situation Room 82012 Pat Robertson He Made A Dumb Remark So Dont We All On his Christian Broadcasting Network show Pat Robertson dismissed Akins comments saying ROBERTSON So he screwed up He made a dumb remark so dont we all And its a time to say OK Todd you apologized you misspoke and lets get on with life lets run the campaign I mean you know the unintelligible you know former circular firing squad and go after each other Not smart Christian Broadcasting Network The 700 Club 82112 Dana Loesch Akin Failed A Soundbite CNN contributor Dana Loesch repeatedly downplayed Akins comments writing on Twitter that Akin was trying to fit medical explanation into a soundbite and that he failed a soundbite Twitter 81912 via Media Matters Ann Coulter More People Are Killed In DriveBy Shootings In Chicago Every Year In a Human Events column conservative commentator and frequent Fox News guest Ann Coulter claimed that the point I believe Akin was ultimately driving at was that this is a teenytiny percentage of all abortions so why are we spending all our time taking about it She continued How about saying Yes its still a life but more people are killed in driveby shootings in Chicago every year You give us the 2 million abortions that arent a result of rape and incest and well give you the few thousand that are Instead Akin rambled about legitimate rape violating an ironclad rule of politicians that the word legitimate should never appear within 15 yards of the word rape And he talked about the medical possibility of becoming pregnant from a single traumatizing rape Human Events 82012 David Catanese Akin Meant To Convey Theres Less Chance Of Getting Pregnant If Raped Discussing Akins comments on his Twitter feed Politico reporter David Catanese dismissed the growing outrage and proceeded to defend Akin for arguments sake Catanese wrote that Akin meant to convey that theres less chance of getting pregnant if raped and that if a woman was REALLY raped its statistically less likely for her to get pregnant He added Whats the science Catanese later called his exchanges on Twitter a bad idea Twitter 82012 via Media Matters Mike Huckabee Rape Is Inexcusable And Indefensible But Sometimes Victims Give Birth To People Who Go On To Do Extraordinary Thingsamp160Discussing the controversy with Akin on his radio show Fox News host Mike Huckabee deflected from Akins comments by saying that women who are raped sometimes give birth to people who are able to do extraordinary things HUCKABEE Thats one of the things that people have said is that it is medically incorrect to say that if you are raped that you wont have a pregnancy because obviously there are a number of people Ethel Waters for example is the result was the result of a forcible rape I used to work for James Robison back in the 1970s He leads a large Christian organization He himself was the result of a forcible rape And you know so I know it happens and yet even from those horrible horrible tragedies of rape which are inexcusable and indefensible life has come and sometimes you know those people are able to do extraordinary things Cumulus Media Networkamp160The Mike Huckabee Showamp160 82012 NROs Charmaine Yoest Children Of Rape Victims Are Vibrant Reminders Of The Truth That Life Has Value No Matter Its Beginningsamp160In a National Review Online post contributor Charmaine Yoest president and CEO of prolife group Americans United for Life deflected from the Akin controversy by saying that children conceived from rape are vibrant reminders of the truth that Life has value no matter its beginnings She wrote Lost in the controversy and political fallout over Representative Todd Akins comments about a rape exception to abortion is the fact that the most eloquent defenders of the value of every human life are people like my friends Ryan Bomberger and Rebecca Kiessling both of whom were conceived in rape Today Ryan and Rebecca are vibrant reminders of the truth that Life has value no matter its beginnings There is no doubt that violence against women is a tragedy and there is real suffering surrounding this issue There should never be any confusion about that point particularly in this politically charged environment where the abortion lobby has succeeded in framing their messaging around the socalled War on Women meme National Review Onlineamp160 82112 CNN Republican Party Official 2012 Platform Includes Constitutional Ban On Abortion With No Rape Exception As reported by CNN the Republican Partys official 2012 platform calls for a constitutional ban on all abortions with no exceptions for rape or incest or to save a womans life From CNN Republicans drafting their partys official policy platform on Tuesday ratified a call for a Constitutional ban on abortion that makes no exceptions for rape or incest The vote to endorse the partys longstanding opposition to abortion and support for a human life amendment took place at a meeting of the GOPs official platform committee in Tampa the site of next weeks Republican National Convention The partys official stance on abortion was approved after just a few minutes of discussion The language in the platform must be voted on before the full Republican Convention next week though Republicans say it is all but certain to pass Faithful to the selfevident truths enshrined in the Declaration of Independence we assert the sanctity of human life and affirm that the unborn child has a fundamental individual right to life which cannot be infringed the platform language declares We support a human life amendment to the Constitution and endorse legislation to make clear that the Fourteenth Amendments protections apply to unborn children CNN 82112 Boston Globe Paul Ryan And Most Of House GOP CoSponsored A Bill That Would Have Redefined Rape The Boston Globe wrote that Mitt Romney and Congressman Paul Ryan say they disagree with Missouri Representative Todd Akins opposition to abortions for rape victims but Akins reference Sunday to legitimate rape recalled the forcible rape language contained in a bill Ryan cosponsored last year The Globe continued Last year Ryan joined Akin as one of 227 cosponsors of a bill that narrowed an exemption to the Hyde Amendment which prohibits federal funding for abortions The Hyde Amendment allows federal dollars to be used for abortions in cases of rape and incest but the proposed bill authored by New Jersey Representative Christopher H Smith would have limited the incest exemption to minors and covered only victims of forcible rape House Republicans never defined what constituted forcible rape and what did not but critics of the bill suggested the term could exclude women who are drugged and raped mentally handicapped women who are coerced and victims of statutory rape The forcible qualifier was eventually removed before the bill passed the House last May The Democratcontrolled Senate did not vote on the measure The Boston Globe 82012 Republican House Sought To Pass AntiAbortion Bill That Would Not Include Exception For Rape An August 20 Politico article pointed out that both Akin and Ryan sponsored GOPled legislation called the Sanctity of Human Life Act which empowers the federal and state governments to ban abortion and makes no exception for rape From Politico Like Akin Ryan is a cosponsor of the Sanctity of Human Life Act a socalled personhood measure that defines life as beginning at fertilization cloning or its functional equivalent and empowers the federal and state governments to pass laws to protect life from that point on The bill makes no exception for rape Politico 82012 GOP House Tried To Pass Bill That Sought A Ban On Abortions In DC After 20 Weeks Even In Cases Of Rape House Republicans tried to pass the District of Columbia PainCapable Unborn Child Protection Act which would have banned abortions in Washington DC after 20 weeks of pregnancy but it was voted down after failing to gain the twothirds majority it needed to pass As Politico reported it would have criminalized abortions after 20 weeks even in cases of rape incest and fetal abnormalities The restriction would not apply in situations where the life of the mother was threatened but it would criminalize abortions after 20 weeks even in cases of rape incest and fetal abnormalities Doctors would face up to two years of jail time and fines for not complying with the law Politico 73112 GOP House Passed Bill That Would Allow Hospitals To Refuse To Perform Abortions Even To Save A Womans Life In October 2011 House Republicans passed the Protect Life Act which will make it legal for hospitals morally opposed to abortion to deny to perform the procedure even in cases to save a womans life As The Huffington Post reported HR 358 introduced by Rep Joe Pitts RPa goes beyond the issue of taxpayer dollars to place actual limits on the way a woman spends her own money The bill would prevent a woman from buying a private insurance plan that includes abortion coverage through a state health care exchange even though most insurance plans currently cover abortion An even more controversial aspect of the bill would allow hospitals that are morally opposed to abortion such as Catholic institutions to do nothing for a woman who requires an emergency abortion procedure to save her life Current law requires that hospitals give patients in lifethreatening situations whatever care they need regardless of the patients financial situation but the Protect Life Act would make a hospitals obligation to provide care in medical emergencies secondary to its refusal to provide abortions According to the American Journal of Public Health Catholic hospitals already have a yearslong history of ignoring the emergency care law to avoid performing abortions In late 2009 an Arizona bishop excommunicated a nun who authorized an abortion procedure for a woman who otherwise might have died of pulmonary hypertension at a Catholic hospital in Phoenix The Huffington Post 101311 Virginia GOP Passed Measure To Require Invasive Vaginal Ultrasound Before Abortions In February Republicans in the Virginia House of Delegates introduced a bill that would have required women in the early stages of pregnancy to undergo an invasive transvaginal ultrasound before an abortion Following public pressure the House of Delegates passed a modified version of the bill that still requires a medically unnecessary ultrasound From Mother Jones Virginias controversial mandatory ultrasound bill is now headed to Gov Bob McDonnells desk While the final version of the bill allows women to opt out of having an invasive transvaginal ultrasound the provision that drew a national spotlight in the last couple weeks dont be fooled Its still a burdensome law The original bill would have required women seeking an abortion to undergo whatever kind of ultrasound gets the best image of the embryo or fetus In the early stages of pregnancy when the vast majority of abortions occur thats typically a transvaginal ultrasound which is far more invasive than the abdominal kind think jellyonthebelly That requirement was scrapped at the eleventh hour after a deluge of national attention Abortion rights activists said mandating such an invasive procedure amounted to statesanctioned rape a comparison that clearly struck a nerve Saturday Night Live and The Daily Show took cracks at the bill more than a thousand women gathered in silent protest outside the state capitol Eventually McDonnell backtracked on his initial support stating last week No person should be directed to undergo an invasive procedure by the state without their consent as a precondition to another medical procedure Mother Jones 3312 Georgia GOP Gov Signed Bill That Cuts Option For Abortion Services After 20 Weeks In May the Republican governor of Georgia Nathan Deal signed a bill into a law that will ban abortion after 20 weeks of pregnancy cutting by about six weeks the time women in Georgia may have an elective abortion The Atlanta JournalConstitution reported Deals signature makes Georgia the latest state to generally ban abortion after 20 weeks of pregnancy cutting by about six weeks the time women in Georgia may have an elective abortion Commonly referred to as a fetal pain bill House Bill 954 will tighten medical exemptions for terminating pregnancies and require any abortion performed after 20 weeks be done in a way to bring the fetus out alive The new law which goes into effect Jan 1 makes no exception for rape or incest The measure says that a fetus can feel pain at 20 weeks therefore the state has an interest in protecting it Supporters have said the law will save lives and protect more fetuses Its going to save 1200 babies a year said state Rep Doug McKillip RAthens who sponsored HB 954 Opponents said the state is legislating decisions that should be made by medical experts and puts doctors at risk who work with difficult pregnancies According to doctors testimony during hearings earlier this year medical experts widely believe fetuses do not fully develop connections related to pain before at least 24 weeks The Atlanta JournalConstitution 5112 Guttmacher Institute Since GOP Won House It Has Introduced 916 Measures Intended To Curb Womens Reproductive Choices According to the Guttmacher Institute 916 measures were introduced in the first quarter of 2011 meant to curb womens reproductive rights Guttmacher found that the proposals were more hostile to abortion rights than in the past To date legislators have introduced 916 measures related to reproductive health and rights in the 49 legislatures that have convened their regular sessions In addition to these laws more than 120 other bills have been approved by at least one chamber of the legislature and some interesting trends are emerging As a whole the proposals introduced this year are more hostile to abortion rights than in the past 56 of the bills introduced so far this year seek to restrict abortion access compared with 38 last year Three topics insurance coverage of abortion restriction of abortion after a specific point in gestation and ultrasound requirements are topping the agenda in several states At the same time legislators are proposing little in the way of proactive initiatives aimed at expanding access to reproductive health related services this stands in sharp contrast to recent years when a range of initiatives to promote comprehensive sex education permit expedited STI treatment for patients partners and ensure insurance coverage of contraception were adopted Guttmacher Institute accessed 82112 Click here to read more about legislation that Republicans across the country have tried to pass that would curb womens reproductive rights

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<p>&amp;lt;a href="http://www.flickr.com/photos/truthout/4072257185/"&amp;gt;Truthout.org&amp;lt;/a&amp;gt;/Flickr</p> <p>This <a href="http://www.tomdispatch.com/post/175517/tomgram%3A_karen_greenberg%2C_a_new_age_of_enemies/" type="external">story</a> first appeared on the <a href="http://www.tomdispatch.com/" type="external">TomDispatch</a> website.</p> <p>By now, you&#8217;d think we&#8217;d be entering the end of the 9/11 era. One war over in the Greater Middle East, another hurtling disastrously to its end, and the threat of al-Qaeda so diminished that it should hardly move the needle on the national worry meter. You might think, in fact, that the moment had arrived to turn the American gaze back to first principles: the Constitution and its protections of rights and liberties.</p> <p><a href="http://www.tomdispatch.com" type="external" />Yet warning signs abound that 2012 will be another year in which, in the name of national security, those rights and liberties are only further Guantanamo-ized and abridged. Most notably, for example, despite the fact that genuinely dangerous enemies continue to exist abroad, there is now a new enemy in our sights: namely, American oppositional types and whistleblowers who are <a href="http://www.tomdispatch.com/archive/175500/peter_van_buren_silent_state" type="external">charged</a> as little short of traitors for revealing the workings of our government to journalists and others.</p> <p>Here and elsewhere, it looks like we can expect the Obama administration to continue to barrel down the path that has already taken us far from the country we used to be. And by next year, if a different president is in the Oval Office, expect him to lead us even further astray. With that in mind, here are five categories in the sphere of national security where 2012 is likely to prove even grimmer than 2011.</p> <p>&amp;#160;</p> <p>1. Ever More Punitive (Ever Less Fair-minded).</p> <p>Those who imagine the era of overreach in the name of national security coming to an end any time soon would do well to remember that some spectacular national security trials are on the horizon&#8212;and that we may be entering a new age of governmental vindictiveness. Among the most newsworthy of those trials: the military commissions at Guantanamo that will bring to the docket Khalid Sheikh Mohammed, the alleged mastermind of the 9/11 attack, and his co-conspirators, as well as Abd al-Rahim al-Nashiri, the alleged point person in the 2000 suicide attack on the USS. Cole in the port of Aden. These will likely include capital charges and be prosecuted in a spirit of vengeance.</p> <p>But that spirit won&#8217;t stop with al-Qaeda ringleaders and operatives. A series of cases not involving attacks on or the killing of Americans will also be argued in the name of national security and in a similar spirit of vengeance. To begin with, there is the <a href="http://www.guardian.co.uk/commentisfree/2011/dec/14/bradley-manning-deserves-a-medal" type="external">upcoming court martial</a> of Pfc. Bradley Manning, accused of downloading classified US government documents and leaking them to the website WikiLeaks. And then, of course, there is the potential prosecution of WikiLeaks founder Julian Assange in federal court&#8212;a federal grand jury is <a href="http://www.msnbc.msn.com/id/45742384/ns/us_news-security/t/us-officials-debate-charging-wikileaks-assange/#.T1u7EMzByUc" type="external">now considering</a> his indictment&#8212;for his alleged collaboration with Manning.</p> <p>Both cases have been hailed with a righteous anger that might strike an outsider as akin to frothing at the mouth. Top officials have insisted that the WikiLeaks materials threatened American lives and <a href="http://www.tomdispatch.com/blog/175491/chase_madar_blood_on_whose_hands" type="external">left &#8220;blood&#8221;</a> on the hands of both Assange and Manning (though no one has yet pointed to a single individual physically harmed by the release of those documents).</p> <p>At the more bloodthirsty end of the American political spectrum, former Arkansas governor and presidential candidate <a href="http://www.politico.com/news/stories/1110/45757.html" type="external">Mike Huckabee</a> and Congressman Mike Rogers (R-MI), among others, have called for Manning&#8217;s execution. As Rogers <a href="http://www.huffingtonpost.com/2010/08/03/mike-rogers-republican-co_n_668968.html" type="external">explained</a>, &#8220;I argue the death penalty clearly should be considered here&#8230; [Manning] clearly aided the enemy to what may result in the death of US soldiers or those cooperating. If that is not a capital offense, I don&#8217;t know what is.&#8221;</p> <p>A similar, if less lethal, desire for punishment lies behind the Obama administration&#8217;s determination to aggressively pursue and crack down on leaks to the media from inside the government, even when they don&#8217;t involve the actual theft of government documents. Obama, of course, entered the Oval Office proclaiming a <a href="http://www.gwu.edu/%7Ensarchiv/news/20090121/index.htm" type="external">&#8220;sunshine&#8221; policy</a> when it <a href="http://voices.washingtonpost.com/federal-eye/2009/01/_in_a_move_that.html" type="external">came to</a> the workings of the government, only to move beyond George W. Bush in attempts to clamp down on whistleblowers.</p> <p>The pending trials of two former CIA officers exemplify this pattern. Jeffrey Sterling is charged with leaking classified documents to the New York Times&#8217; <a href="http://www.politico.com/blogs/under-the-radar/2012/02/news-outlets-back-new-york-times-reporter-james-risen-115127.html" type="external">James Risen</a> about plans to release flawed information to Iran in a potentially counterproductive effort to subvert its nuclear program; John Kiriakou <a href="http://www.nytimes.com/2012/01/24/us/ex-cia-officer-john-kiriakou-accused-in-leak.html" type="external">just pled</a> not guilty to releasing information to the media about Bush-era torture policies. All told, the administration has <a href="http://www.nytimes.com/2012/02/20/opinion/keller-wikileaks-a-postscript.html" type="external">gone after</a> six suspected leakers&#8212;more than all previous administrations combined&#8212;using the draconian Espionage Act.</p> <p>In the matter of leakers, the message couldn&#8217;t be clearer or more vengeful. The government&#8217;s position has been this: expose us and we will turn on you with a fury you can&#8217;t imagine. As terrorists have been warned that new laws and legal systems can be built to deal with them, those accused of leaks to the press are being told that even the full extent of the law may not be the limit when it comes to punishment.</p> <p>Witness the <a href="http://www.nytimes.com/2011/03/05/world/05manning.html" type="external">treatment</a> of Bradley Manning in his first year of punitive captivity before he was charged with any crime: he was kept in a Marine brig in total isolation and forced to sleep naked. Or consider the attempt not just to prosecute but to destroy the life of former National Security Agency official Thomas Drake. He was <a href="http://www.newyorker.com/reporting/2011/05/23/110523fa_fact_mayer?currentPage=all" type="external">accused</a> of leaking classified information on what he considered to be a wildly wasteful NSA program. In the end, though charged under the Espionage Act, he pled guilty to the misdemeanor of essentially borrowing a government computer&#8212;but not before his life had been turned upside down and his job lost.</p> <p>&amp;#160;</p> <p>2. Ever More Legal Limbo (Ever Less Confidence in the Constitution).</p> <p>By now, it&#8217;s old hat to acknowledge that the indefinite detention of those once deemed &#8220;enemy combatants,&#8221; now termed &#8220;unprivileged enemy belligerents,&#8221; has become as American as apple pie. Like the Bush administration before it, the Obama administration insists on its commitment to holding nearly 50 Guantanamo detainees in indefinite detention without charge or trial.</p> <p><a href="http://www.amazon.com/dp/019975411X/ref=nosim/?tag=tomdispatch-20" type="external" />In May 2009, in a <a href="http://www.whitehouse.gov/the-press-office/remarks-president-national-security-5-21-09" type="external">speech</a> at the National Archives, the president couldn&#8217;t have been clearer: indefinite detention, he stated, would remain an option in the national security toolbox under his administration. In this way, he guaranteed that an American version of offshore (in)justice and the <a href="http://www.tomdispatch.com/post/172761/karen_greenberg_gitmo_is_not_a_prison" type="external">essential character</a> of Guantanamo, which he once claimed he would shut down, would continue intact.</p> <p>In 2012, however, there is a worrisome new indefinite detainee category to worry about: US citizens. Previously, Americans were exempt from incarceration at Guantanamo and so from its policy of detention without trial. In 2002, Yaser Hamdi, a Saudi-American citizen, when discovered at Guantanamo Bay, was hurried to a plane in the wee hours of the morning and whisked away, a sign of the rights still accorded American citizens. Similarly, the &#8220;American Taliban,&#8221; John Walker Lindh, apprehended on the Afghanistan battlefield, was brought into the federal court system.</p> <p>Lately, however, Congress has shown less respect for the distinction between rights accorded to citizens and non-citizens. Last month, Congress passed the 2012 National Defense Authorization Act (NDAA). The debates over its passage reflected a concerted effort to make American citizens as well as foreigners subject to indefinite military detention.</p> <p>Ultimately, citizens supposedly remain exempt from the new law, but even so, it was a close call and a signal about where we may be headed. As a recent Congressional Research Service report on the NDAA <a href="http://www.lawfareblog.com/wp-content/uploads/2011/07/Detainee-Provisions-in-FY12-NDAA-CRS.pdf" type="external">explained</a>, it is &#8220;not intended to affect any existing authorities relating to the detention of US citizens or lawful resident aliens, or any other persons captured or arrested in the United States.&#8221;</p> <p>Still, there remain many fears and much confusion about what protections are retained by US citizens under the Act. Nor did President Obama&#8217;s <a href="http://www.whitehouse.gov/the-press-office/2011/12/31/statement-president-hr-1540" type="external">signing statement</a>, asserting that he would &#8220;not authorize the indefinite military detention without trial of American citizens,&#8221; assuage those fears and confusions. If American citizens were indeed protected from indefinite detention under the new legislation, why was such a signing statement necessary?</p> <p>There is yet another place where the law seems to have plunged into legal limbo without in any way abridging US actions: the high seas. Earlier this year, the Obama administration announced that it was detaining 15 pirates captured off the coast of Somalia&#8212;and that they were being held without reference to any legal status whatsoever. <a href="http://www.nytimes.com/2012/01/28/world/africa/seized-pirates-in-legal-limbo-with-no-formula-for-trials.html" type="external">According to</a> New York Times reporter C.J. Chivers, &#8220;where interdiction ends, an enduring problem begins: what to do with the pirates that foreign ships detain?&#8221;</p> <p>According to the State Department, the pirates will be tried. But where? In the words of Vice-Admiral Mark I. Fox, &#8220;We lack a practical and reliable legal finish.&#8221; In other words, the US has not yet found a country under whose law it can try them. In the meantime, according to the latest reports, the US Navy continues to confine them. Think of this, conceptually speaking, as a floating Guantanamo intended to hold for-profit enemies.</p> <p>3. Ever More Secrecy (Ever Less Transparency)</p> <p>&#8220;Necessary&#8221; secrecy has been the fallback explanation for much of the information that has been withheld from public scrutiny since 9/11. The military commissions at Guantanamo will proceed, for instance, in part on the claim that, if the accused, many of whom have already been held for a decade, were to be tried in federal court, too much would be revealed that could somehow compromise the country&#8217;s security.</p> <p>To counter civil libertarian claims that secrecy is only an attempt to hide embarrassing or wrongful behavior, the current administration has promised &#8220;transparency&#8221; in the military commissions scheduled to begin later this year. Efforts at transparency, <a href="http://www.miamiherald.com/2011/10/05/v-fullstory/2440546/war-court-website-not-so-transparent.html" type="external">announced</a> last fall, included a website where documents&#8212;filled with redactions (blacked-out sections)&#8212;could be accessed by the public, and a closed-circuit viewing, albeit with a 40-second delay, for the media and members of the victims&#8217; families.</p> <p>It has taken next to no time, though, for the government to contradict those vows of transparency, ensuring that, in the <a href="http://www.wired.com/dangerroom/2011/11/guantanamo-trial-fort-meade/" type="external">polite words</a> of Spencer Ackerman of Wired&#8217;s Danger Room blog, Guantanamo will remain &#8220;not a place of openness.&#8221; Meanwhile, all mail between the detainees and their military defense counsels is being screened, a practice that understandably has those lawyers <a href="http://www.miamiherald.com/2012/02/09/2633649/suit-challenges-new-guantanamo.html" type="external">in an uproar</a>.</p> <p>In the category of non-transparency and the growth of secrecy as a first principle of government, there is the administration&#8217;s elaborate dance of nondisclosure over a memo produced by the Justice Department&#8217;s Office of Legal Counsel (OLC). It was evidently written to justify the assassination by drone in Yemen last September of American citizen Anwar al-Awlaki, alleged to have been the &#8220;bin Laden of the Internet.&#8221;</p> <p>Until recently, the administration has ducked questions about al-Awlaki&#8217;s killing and that of another American citizen, Samir Khan, the editor of the al-Qaeda magazine Inspire. In January, the government announced that Attorney General Eric Holder would soon make public the OLC memo that legalized the killing, but delayed the Attorney General&#8217;s explanation until early March. Meanwhile, the New York Times and the ACLU <a href="http://www.aclu.org/blog/tag/Anwar%20Al-Awlaki" type="external">filed</a> a Freedom of Information Act (FOIA) request for its release. On March 5th, Holder finally gave a <a href="http://www.lawfareblog.com/2012/03/text-of-the-attorney-generals-national-security-speech/#more-6236" type="external">detailed explanation</a> of the <a href="http://www.huffingtonpost.com/peter-van-buren/anwar-al-awlaki-killing_b_1322528.html" type="external">tortured reasoning</a> behind the targeted killing of al-Awlaki, but still, no memo seems to be forthcoming.</p> <p>During the past year, the imposition of secrecy on government activities of all sorts has only become more pronounced. To offer just one egregious example among many, consider the government&#8217;s behavior in the case of former CIA agent Jeffrey Sterling. At its request, a federal judge has <a href="http://federalcrimesblog.com/tag/cia-officer-jeffrey-sterling/" type="external">now agreed</a> to allow it to invoke the &#8220;silent witness rule.&#8221; In other words, she will let government documents be shown to the jury without being made public, on the grounds, according to prosecutors, of &#8220;national security.&#8221;</p> <p>After a decade in which the customary practice in matters of &#8220;security&#8221; has been to sweep all too many government documents of significance into the shadows under that rubric of national security, this should hardly be surprising. Americans now know ever less about what the government they elected does. If it were not for the FOIA lawsuits of the ACLU and others, very little of what we do know about torture, warrantless surveillance, and other instances of government malfeasance would ever have seen the light of day. Consider the increasing number of whistleblower prosecutions as one more way to try to shut government activities off from the eyes of the citizenry.</p> <p>&amp;#160;</p> <p>4. Ever More Distrust (Ever Less Privacy)</p> <p>For years, the prospect of warrantless wiretapping in the name of national security has had a chilling effect on Americans who have opposed government policies in the war on terror. In 2008, President Bush signed a new FISA Amendments Act (FAA), which authorized the government to snoop on citizens with minimal oversight from the already secretive Foreign Intelligence Surveillance Courts. (They were set up in 1978 to oversee the granting of surveillance warrants against potential foreign intelligence agents.) The Obama administration has <a href="http://www.huffingtonpost.com/2008/06/20/obama-backs-bill-giving-i_n_108370.html" type="external">continually opted</a> to uphold this power and the government&#8217;s freedom to warrantlessly tap electronic communications between people outside the United States and people inside the country in the name of national security.</p> <p>Meanwhile, the latest revelations in the ever-more-distrust, ever-less-privacy sweepstakes are led by news that the New York City Police Department (NYPD) has <a href="http://ap.org/nypd/" type="external">implemented surveillance programs</a> that violate the civil liberties of that city&#8217;s Muslim-American citizens. The NYPD infiltrated mosques and universities, collecting information on individuals suspected of no crimes, in conjunction with a <a href="http://www.ap.org/pages/about/whatsnew/wn_082511b.html" type="external">CIA officer</a> (now withdrawn) using methods traditionally reserved for that agency.</p> <p>This surely represents, however informally, an abrogation of the CIA&#8217;s mandate to conduct its surveillance only abroad, and it&#8217;s likely that no one involved will pay a penalty for it. In addition, in a striking combination of security overreach and police profiling, the NYPD has been investigating and surveilling Muslim-American citizens well outside the city limits&#8212;from <a href="http://ap.org/pages/about/whatsnew/wn_021812b.html" type="external">New Haven</a>, Connecticut, to Newark, New Jersey.</p> <p>To make matters worse, the government just approved the use of surveillance drones as part of a growing law enforcement arsenal for gathering information in the United States. On February 14th, President Obama signed a bill allowing for the use of such drones in a broad array of arenas, ranging from business activities to law enforcement.</p> <p>The message is clear enough: this year (next year and the year after) will be the year of more snooping. For law enforcement, your life is apparently an open book.</p> <p>&amp;#160;</p> <p>5. Ever More Killing (Ever Less Peace)</p> <p>Scarcely a day goes by without news of the use of Predator and Reaper drones to kill individuals in foreign countries, including in recent years Afghanistan, Pakistan, Iraq, Yemen, Somalia, Libya, and the Philippines. It&#8217;s as if the CIA and the military have been handed a new toy that they just can&#8217;t refrain from using, or teaching others to use. <a href="http://www.theatlantic.com/politics/archive/2012/02/waging-war-in-secret-vs-american-democracy/252677/" type="external">According to</a> the Atlantic, &#8220;Conservative estimates suggest hundreds of noncombatant civilians have been killed in Pakistan alone.&#8221;</p> <p>Meanwhile, the drumbeat for war with Iran continues to build. Faced with the prospect of an Israeli attack on the Islamic Republic, the Obama administration has <a href="http://www.politico.com/news/stories/0312/73588.html#ixzz1oMr5eKWl" type="external">refused</a> to definitively back away from the prospect of becoming part of that war.</p> <p>&#8220;Iran&#8217;s leaders should understand that I do not have a policy of containment,&#8221; the president said. &#8220;I have a policy to prevent Iran from obtaining a nuclear weapon. And as I have made clear time and again during the course of my presidency, I will not hesitate to use force when it is necessary to defend the United States and its interests.&#8221;</p> <p>In fact, the urge to stop a potentially disastrous confrontation, which could seriously affect the price of oil and the global economy, has sent high military and civilian officials winging from Washington to Israel with warnings against an attack on Iran. Still, war continues to be treated by diplomats and others almost as a fait accompli.</p> <p>The news then is certainly grim, and moving in one clear direction&#8212;the use of the law, or at least the Justice Department&#8217;s version of the law, to justify whatever acts the government feels are necessary against whomever they deem to be the enemy. Attorney General Holder summed the situation up tellingly in his defense of the al-Awlaki killing.</p> <p>In significant detail, he explained that the killing of an American citizen (and terror suspect) was lawful, despite the fact that it brought into question the guarantee of due process under the Fifth Amendment, and despite the guarantees offered by the laws of war. &#8220;Due process,&#8221; he declared, &#8220;is not judicial process.&#8221; It was a startlingly honest admission of something new under the American sun: due process is now what the president and his closes advisors decide it is, a constitutional rethinking of the first order to justify the &#8220;targeted killing&#8221; of an American citizen.</p> <p>To sum up, the legal gray zone Washington has, over the course of a decade, plunged us into&#8212;and everything that goes with it, including punitive measures, attempts to bypass constitutional guarantees, the spread of secrecy and surveillance, a growing distrust of American citizens, and straightforward killing&#8212;isn&#8217;t something we will soon put behind us. The move away from the rights and liberties enshrined in the Constitution and the law is very clearly the way of the American future in our new age of enemies.</p> <p>Karen Greenberg is the director of the Center on National Security at Fordham Law School, a <a href="http://www.tomdispatch.com/archive/175433/karen_greenberg_crisis_of_confidence" type="external">TomDispatch regular</a>, and the author of <a href="http://www.amazon.com/dp/019975411X/ref=nosim/?tag=tomdispatch-20" type="external">The Least Worst Place: Guantanamo&#8217;s First One Hundred Days</a>, as well as the editor of <a href="http://www.amazon.com/dp/0521674611/ref=nosim/?tag=tomdispatch-20" type="external">The Torture Debate in America</a>. Adam Brody, Rebecca Kagan, and Sasha Segall contributed research to this article. To listen to Timothy MacBain&#8217;s latest Tomcast audio interview in which Greenberg discusses a new American state of &#8220;legal limbo,&#8221; click <a href="http://tomdispatch.blogspot.com/2012/03/ever-more-and-ever-less.html" type="external">here</a>, or download it to your iPod <a href="http://click.linksynergy.com/fs-bin/click?id=j0SS4Al/iVI&amp;amp;amp;subid=&amp;amp;amp;offerid=146261.1&amp;amp;amp;type=10&amp;amp;amp;tmpid=5573&amp;amp;amp;RD_PARM1=http%3A%2F%2Fitunes.apple.com%2Fus%2Fpodcast%2Ftomcast-from-tomdispatch-com%2Fid357095817" type="external">here</a>. Follow TomDispatch on Twitter @TomDispatch and join us on <a href="http://www.facebook.com/tomdispatch" type="external">Facebook.</a> To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.com <a href="https://app.e2ma.net/app/view:Join/signupId:43308/acctId:25612" type="external">here</a>.</p>

Five Ways US National Security Policies Will Erode Civil Liberties in 2012

https://motherjones.com/politics/2012/03/top-ways-us-national-security-policies-threaten-civil-liberties/

2012-03-19

4left

amplta hrefhttpwwwflickrcomphotostruthout4072257185ampgtTruthoutorgampltaampgtFlickr This story first appeared on the TomDispatch website By now you8217d think we8217d be entering the end of the 911 era One war over in the Greater Middle East another hurtling disastrously to its end and the threat of alQaeda so diminished that it should hardly move the needle on the national worry meter You might think in fact that the moment had arrived to turn the American gaze back to first principles the Constitution and its protections of rights and liberties Yet warning signs abound that 2012 will be another year in which in the name of national security those rights and liberties are only further Guantanamoized and abridged Most notably for example despite the fact that genuinely dangerous enemies continue to exist abroad there is now a new enemy in our sights namely American oppositional types and whistleblowers who are charged as little short of traitors for revealing the workings of our government to journalists and others Here and elsewhere it looks like we can expect the Obama administration to continue to barrel down the path that has already taken us far from the country we used to be And by next year if a different president is in the Oval Office expect him to lead us even further astray With that in mind here are five categories in the sphere of national security where 2012 is likely to prove even grimmer than 2011 amp160 1 Ever More Punitive Ever Less Fairminded Those who imagine the era of overreach in the name of national security coming to an end any time soon would do well to remember that some spectacular national security trials are on the horizon8212and that we may be entering a new age of governmental vindictiveness Among the most newsworthy of those trials the military commissions at Guantanamo that will bring to the docket Khalid Sheikh Mohammed the alleged mastermind of the 911 attack and his coconspirators as well as Abd alRahim alNashiri the alleged point person in the 2000 suicide attack on the USS Cole in the port of Aden These will likely include capital charges and be prosecuted in a spirit of vengeance But that spirit won8217t stop with alQaeda ringleaders and operatives A series of cases not involving attacks on or the killing of Americans will also be argued in the name of national security and in a similar spirit of vengeance To begin with there is the upcoming court martial of Pfc Bradley Manning accused of downloading classified US government documents and leaking them to the website WikiLeaks And then of course there is the potential prosecution of WikiLeaks founder Julian Assange in federal court8212a federal grand jury is now considering his indictment8212for his alleged collaboration with Manning Both cases have been hailed with a righteous anger that might strike an outsider as akin to frothing at the mouth Top officials have insisted that the WikiLeaks materials threatened American lives and left 8220blood8221 on the hands of both Assange and Manning though no one has yet pointed to a single individual physically harmed by the release of those documents At the more bloodthirsty end of the American political spectrum former Arkansas governor and presidential candidate Mike Huckabee and Congressman Mike Rogers RMI among others have called for Manning8217s execution As Rogers explained 8220I argue the death penalty clearly should be considered here8230 Manning clearly aided the enemy to what may result in the death of US soldiers or those cooperating If that is not a capital offense I don8217t know what is8221 A similar if less lethal desire for punishment lies behind the Obama administration8217s determination to aggressively pursue and crack down on leaks to the media from inside the government even when they don8217t involve the actual theft of government documents Obama of course entered the Oval Office proclaiming a 8220sunshine8221 policy when it came to the workings of the government only to move beyond George W Bush in attempts to clamp down on whistleblowers The pending trials of two former CIA officers exemplify this pattern Jeffrey Sterling is charged with leaking classified documents to the New York Times8217 James Risen about plans to release flawed information to Iran in a potentially counterproductive effort to subvert its nuclear program John Kiriakou just pled not guilty to releasing information to the media about Bushera torture policies All told the administration has gone after six suspected leakers8212more than all previous administrations combined8212using the draconian Espionage Act In the matter of leakers the message couldn8217t be clearer or more vengeful The government8217s position has been this expose us and we will turn on you with a fury you can8217t imagine As terrorists have been warned that new laws and legal systems can be built to deal with them those accused of leaks to the press are being told that even the full extent of the law may not be the limit when it comes to punishment Witness the treatment of Bradley Manning in his first year of punitive captivity before he was charged with any crime he was kept in a Marine brig in total isolation and forced to sleep naked Or consider the attempt not just to prosecute but to destroy the life of former National Security Agency official Thomas Drake He was accused of leaking classified information on what he considered to be a wildly wasteful NSA program In the end though charged under the Espionage Act he pled guilty to the misdemeanor of essentially borrowing a government computer8212but not before his life had been turned upside down and his job lost amp160 2 Ever More Legal Limbo Ever Less Confidence in the Constitution By now it8217s old hat to acknowledge that the indefinite detention of those once deemed 8220enemy combatants8221 now termed 8220unprivileged enemy belligerents8221 has become as American as apple pie Like the Bush administration before it the Obama administration insists on its commitment to holding nearly 50 Guantanamo detainees in indefinite detention without charge or trial In May 2009 in a speech at the National Archives the president couldn8217t have been clearer indefinite detention he stated would remain an option in the national security toolbox under his administration In this way he guaranteed that an American version of offshore injustice and the essential character of Guantanamo which he once claimed he would shut down would continue intact In 2012 however there is a worrisome new indefinite detainee category to worry about US citizens Previously Americans were exempt from incarceration at Guantanamo and so from its policy of detention without trial In 2002 Yaser Hamdi a SaudiAmerican citizen when discovered at Guantanamo Bay was hurried to a plane in the wee hours of the morning and whisked away a sign of the rights still accorded American citizens Similarly the 8220American Taliban8221 John Walker Lindh apprehended on the Afghanistan battlefield was brought into the federal court system Lately however Congress has shown less respect for the distinction between rights accorded to citizens and noncitizens Last month Congress passed the 2012 National Defense Authorization Act NDAA The debates over its passage reflected a concerted effort to make American citizens as well as foreigners subject to indefinite military detention Ultimately citizens supposedly remain exempt from the new law but even so it was a close call and a signal about where we may be headed As a recent Congressional Research Service report on the NDAA explained it is 8220not intended to affect any existing authorities relating to the detention of US citizens or lawful resident aliens or any other persons captured or arrested in the United States8221 Still there remain many fears and much confusion about what protections are retained by US citizens under the Act Nor did President Obama8217s signing statement asserting that he would 8220not authorize the indefinite military detention without trial of American citizens8221 assuage those fears and confusions If American citizens were indeed protected from indefinite detention under the new legislation why was such a signing statement necessary There is yet another place where the law seems to have plunged into legal limbo without in any way abridging US actions the high seas Earlier this year the Obama administration announced that it was detaining 15 pirates captured off the coast of Somalia8212and that they were being held without reference to any legal status whatsoever According to New York Times reporter CJ Chivers 8220where interdiction ends an enduring problem begins what to do with the pirates that foreign ships detain8221 According to the State Department the pirates will be tried But where In the words of ViceAdmiral Mark I Fox 8220We lack a practical and reliable legal finish8221 In other words the US has not yet found a country under whose law it can try them In the meantime according to the latest reports the US Navy continues to confine them Think of this conceptually speaking as a floating Guantanamo intended to hold forprofit enemies 3 Ever More Secrecy Ever Less Transparency 8220Necessary8221 secrecy has been the fallback explanation for much of the information that has been withheld from public scrutiny since 911 The military commissions at Guantanamo will proceed for instance in part on the claim that if the accused many of whom have already been held for a decade were to be tried in federal court too much would be revealed that could somehow compromise the country8217s security To counter civil libertarian claims that secrecy is only an attempt to hide embarrassing or wrongful behavior the current administration has promised 8220transparency8221 in the military commissions scheduled to begin later this year Efforts at transparency announced last fall included a website where documents8212filled with redactions blackedout sections8212could be accessed by the public and a closedcircuit viewing albeit with a 40second delay for the media and members of the victims8217 families It has taken next to no time though for the government to contradict those vows of transparency ensuring that in the polite words of Spencer Ackerman of Wired8217s Danger Room blog Guantanamo will remain 8220not a place of openness8221 Meanwhile all mail between the detainees and their military defense counsels is being screened a practice that understandably has those lawyers in an uproar In the category of nontransparency and the growth of secrecy as a first principle of government there is the administration8217s elaborate dance of nondisclosure over a memo produced by the Justice Department8217s Office of Legal Counsel OLC It was evidently written to justify the assassination by drone in Yemen last September of American citizen Anwar alAwlaki alleged to have been the 8220bin Laden of the Internet8221 Until recently the administration has ducked questions about alAwlaki8217s killing and that of another American citizen Samir Khan the editor of the alQaeda magazine Inspire In January the government announced that Attorney General Eric Holder would soon make public the OLC memo that legalized the killing but delayed the Attorney General8217s explanation until early March Meanwhile the New York Times and the ACLU filed a Freedom of Information Act FOIA request for its release On March 5th Holder finally gave a detailed explanation of the tortured reasoning behind the targeted killing of alAwlaki but still no memo seems to be forthcoming During the past year the imposition of secrecy on government activities of all sorts has only become more pronounced To offer just one egregious example among many consider the government8217s behavior in the case of former CIA agent Jeffrey Sterling At its request a federal judge has now agreed to allow it to invoke the 8220silent witness rule8221 In other words she will let government documents be shown to the jury without being made public on the grounds according to prosecutors of 8220national security8221 After a decade in which the customary practice in matters of 8220security8221 has been to sweep all too many government documents of significance into the shadows under that rubric of national security this should hardly be surprising Americans now know ever less about what the government they elected does If it were not for the FOIA lawsuits of the ACLU and others very little of what we do know about torture warrantless surveillance and other instances of government malfeasance would ever have seen the light of day Consider the increasing number of whistleblower prosecutions as one more way to try to shut government activities off from the eyes of the citizenry amp160 4 Ever More Distrust Ever Less Privacy For years the prospect of warrantless wiretapping in the name of national security has had a chilling effect on Americans who have opposed government policies in the war on terror In 2008 President Bush signed a new FISA Amendments Act FAA which authorized the government to snoop on citizens with minimal oversight from the already secretive Foreign Intelligence Surveillance Courts They were set up in 1978 to oversee the granting of surveillance warrants against potential foreign intelligence agents The Obama administration has continually opted to uphold this power and the government8217s freedom to warrantlessly tap electronic communications between people outside the United States and people inside the country in the name of national security Meanwhile the latest revelations in the evermoredistrust everlessprivacy sweepstakes are led by news that the New York City Police Department NYPD has implemented surveillance programs that violate the civil liberties of that city8217s MuslimAmerican citizens The NYPD infiltrated mosques and universities collecting information on individuals suspected of no crimes in conjunction with a CIA officer now withdrawn using methods traditionally reserved for that agency This surely represents however informally an abrogation of the CIA8217s mandate to conduct its surveillance only abroad and it8217s likely that no one involved will pay a penalty for it In addition in a striking combination of security overreach and police profiling the NYPD has been investigating and surveilling MuslimAmerican citizens well outside the city limits8212from New Haven Connecticut to Newark New Jersey To make matters worse the government just approved the use of surveillance drones as part of a growing law enforcement arsenal for gathering information in the United States On February 14th President Obama signed a bill allowing for the use of such drones in a broad array of arenas ranging from business activities to law enforcement The message is clear enough this year next year and the year after will be the year of more snooping For law enforcement your life is apparently an open book amp160 5 Ever More Killing Ever Less Peace Scarcely a day goes by without news of the use of Predator and Reaper drones to kill individuals in foreign countries including in recent years Afghanistan Pakistan Iraq Yemen Somalia Libya and the Philippines It8217s as if the CIA and the military have been handed a new toy that they just can8217t refrain from using or teaching others to use According to the Atlantic 8220Conservative estimates suggest hundreds of noncombatant civilians have been killed in Pakistan alone8221 Meanwhile the drumbeat for war with Iran continues to build Faced with the prospect of an Israeli attack on the Islamic Republic the Obama administration has refused to definitively back away from the prospect of becoming part of that war 8220Iran8217s leaders should understand that I do not have a policy of containment8221 the president said 8220I have a policy to prevent Iran from obtaining a nuclear weapon And as I have made clear time and again during the course of my presidency I will not hesitate to use force when it is necessary to defend the United States and its interests8221 In fact the urge to stop a potentially disastrous confrontation which could seriously affect the price of oil and the global economy has sent high military and civilian officials winging from Washington to Israel with warnings against an attack on Iran Still war continues to be treated by diplomats and others almost as a fait accompli The news then is certainly grim and moving in one clear direction8212the use of the law or at least the Justice Department8217s version of the law to justify whatever acts the government feels are necessary against whomever they deem to be the enemy Attorney General Holder summed the situation up tellingly in his defense of the alAwlaki killing In significant detail he explained that the killing of an American citizen and terror suspect was lawful despite the fact that it brought into question the guarantee of due process under the Fifth Amendment and despite the guarantees offered by the laws of war 8220Due process8221 he declared 8220is not judicial process8221 It was a startlingly honest admission of something new under the American sun due process is now what the president and his closes advisors decide it is a constitutional rethinking of the first order to justify the 8220targeted killing8221 of an American citizen To sum up the legal gray zone Washington has over the course of a decade plunged us into8212and everything that goes with it including punitive measures attempts to bypass constitutional guarantees the spread of secrecy and surveillance a growing distrust of American citizens and straightforward killing8212isn8217t something we will soon put behind us The move away from the rights and liberties enshrined in the Constitution and the law is very clearly the way of the American future in our new age of enemies Karen Greenberg is the director of the Center on National Security at Fordham Law School a TomDispatch regular and the author of The Least Worst Place Guantanamo8217s First One Hundred Days as well as the editor of The Torture Debate in America Adam Brody Rebecca Kagan and Sasha Segall contributed research to this article To listen to Timothy MacBain8217s latest Tomcast audio interview in which Greenberg discusses a new American state of 8220legal limbo8221 click here or download it to your iPod here Follow TomDispatch on Twitter TomDispatch and join us on Facebook To stay on top of important articles like these sign up to receive the latest updates from TomDispatchcom here

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<p>TORONTO (Reuters) - Amazon.com Inc&#8217;s ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) inclusion of Canada&#8217;s largest city on a list of 20 finalists for a massive new campus could escalate tensions between the tech giant and U.S. President Donald Trump.</p> <p>Amazon said on Thursday that Toronto and 19 U.S. locales made the first cut in a contest to find a second headquarters where it promises to invest $5 billion and create 50,000 jobs.</p> <p>As it reviews Toronto, Amazon must weigh whether advantages including Canada&#8217;s open immigration policy, top technical schools and universal healthcare outweigh any potential blowback from Trump, who has heavily pressured U.S. companies to invest domestically.</p> <p>&#8220;There could be consequences politically for making a decision to invest outside of the U.S.,&#8221; said Shauna Brail, director of the University of Toronto&#8217;s urban studies program.</p> <p>Trump has already criticized Amazon and its founder Jeff Bezos, who owns the Washington Post, in tweets suggesting the U.S. Postal Service ought to raise shipping rates for the online retailer and describing the newspaper as a purveyor of fake news.</p> <p>Amazon said Thursday it expects to make a decision this year. It is unclear how choosing Toronto might affect worsening trade relations between Ottawa and Washington. Other bidders include Washington and two surrounding communities: Montgomery County, Maryland and Northern Virginia.</p> <p>&#8220;The international politics is for Amazon to deal with,&#8221; said Toby Lennox, CEO of Toronto Global, which submitted the bid for Toronto and surrounding cities with support of provincial and federal governments. &#8220;We are just going to put forward our best offer possible.&#8221;</p> <p>Canadian federal officials declined to discuss what steps the government might take to campaign on behalf of Toronto or comment on how that might affect relations between Canada and the United States.</p> <p>&#8220;Canada is a beacon of stability, reliability and openness,&#8221; Economic Minister Navdeep Bains said in an emailed statement. &#8220;We offer a low-risk, business-friendly environment with the lowest business taxes and costs in the G7.&#8221;</p> <p>Amazon is already expanding in one major Canadian city. In November unveiled plans to open a second corporate office in Vancouver, doubling staff to 2,000 by early 2020.</p> <p>The company disclosed that it was considering boosting investment in Canada just a day after Apple&#8217;s said it would boost investment in the United States. The iPhone maker promised to open a new U.S. campus, hire 20,000 people and spend $30 billion in a five-year U.S. investment plan.</p> <p>The search for a second North American headquarters after Seattle set off a frenzied competition, with some 238 initial submitting applications, offering incentives including big tax breaks.</p> <p>Toronto&#8217;s bid shied away from promising tax breaks, while New Jersey offered $7 billion in financial incentives for Amazon to choose Newark. Atlanta&#8217;s suburb of Stonecrest offered 345 acres of industrial land to create a new city called Amazon, making Bezos mayor for life.</p> <p>Here is the full list of candidates:</p> <p>Atlanta</p> <p>Austin, Texas</p> <p>Boston</p> <p>Chicago</p> <p>Columbus, Ohio</p> <p>Dallas</p> <p>Denver</p> <p>Indianapolis</p> <p>Los Angeles</p> <p>Miami</p> <p>Montgomery County, Maryland</p> FILE PHOTO - The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France on February 20, 2017. REUTERS/Pascal Rossignol/File Photo <p>Nashville, Tennessee</p> <p>Newark</p> <p>New York City</p> <p>Northern Virginia</p> <p>Philadelphia</p> <p>Pittsburgh</p> <p>Raleigh, North Carolina</p> <p>Toronto</p> <p>Washington</p> <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">Amazon.com Inc</a> 1448.5 AMZN.O Nasdaq +21.45 (+1.50%) AMZN.O <p>(This version of the story has been refiled to fix typo in first paragraph)</p> <p>Reporting by Alastair Sharp in Toronto; Additional reporting by Supantha Mukherjee and Shariq Khan in Bengalaru, Jeffrey Dastin in San Francisco; Editing by Nick Zieminski and Jim Finkle</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - U.S. stocks climbed on Thursday as investors anticipated a strong earnings season and as U.S. President Donald Trump&#8217;s suggestion that a military strike on Syria may not be imminent ratcheted down geopolitical worries.</p> <p>The S&amp;amp;P 500 has now recouped nearly all its losses from earlier this year.</p> <p>Trump said in a tweet on Thursday that a possible attack on Syria could occur &#8220;very soon or not so soon at all,&#8221; easing fears of confrontation with Russia.</p> <p>That lifted U.S. Treasury yields US10YT=RR, leading to a 1.8 percent increase in financial stocks .SPSY, which had the biggest percentage advance among the S&amp;amp;P&#8217;s 11 major sectors.</p> <p>The technology sector .SPLRCT rose 1.3 percent, adding the most gains to the S&amp;amp;P.</p> <p>&#8220;We&#8217;re hearing less talk of firing missiles and less talk of trade war,&#8221; said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. &#8220;Earnings are coming up and expectations are high.&#8221;</p> <p>Strong quarterly results from BlackRock Inc ( <a href="/finance/stocks/overview?symbol=BLK.N" type="external">BLK.N</a>) and Delta Air Lines Inc ( <a href="/finance/stocks/overview?symbol=DAL.N" type="external">DAL.N</a>) added to the sanguine mood.</p> <p>Delta topped profit estimates, sending its shares 2.9 percent higher and boosting other airline stocks.</p> <p>BlackRock gained 1.5 percent after the asset manager&#8217;s quarterly profit rose more than expected.</p> <p>The earnings season begins in earnest on Friday with reports from JPMorgan Chase &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=JPM.N" type="external">JPM.N</a>), Citigroup Inc ( <a href="/finance/stocks/overview?symbol=C.N" type="external">C.N</a>) and Wells Fargo &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=WFC.N" type="external">WFC.N</a>).</p> Slideshow (3 Images) <p>Analysts expect quarterly profit for S&amp;amp;P 500 companies to rise 18.4 percent from a year ago, in what would be the biggest gain in seven years, according to Thomson Reuters I/B/E/S.</p> <p>&#8220;People are looking forward to earnings season,&#8221; said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute in Winston-Salem, North Carolina. &#8220;Market participants are not wanting to miss out if (earnings are) as good as the forecasts say they will be.&#8221;</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> rose 293.6 points, or 1.21 percent, to 24,483.05, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 21.8 points, or 0.83 percent, to 2,663.99, and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 71.22 points, or 1.01 percent, to 7,140.25.</p> <p>Investor sentiment was also boosted by the weekly U.S. initial jobless claims report, which pointed to sustained labor market strength.</p> <a href="/finance/stocks/overview?symbol=BLK.N" type="external">BlackRock Inc</a> 533.01 BLK.N New York Stock Exchange +7.70 (+1.47%) BLK.N DAL.N JPM.N C.N WFC.N <p>Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) was a notable laggard among technology stocks, falling 1.5 percent following a 5.3 percent gain over the past two days when Chief Executive Mark Zuckerberg testified before Congress on the social network&#8217;s data security.</p> <p>Bed Bath &amp;amp; Beyond Inc ( <a href="/finance/stocks/overview?symbol=BBBY.O" type="external">BBBY.O</a>) shares dived 20.0 percent after the company&#8217;s full-year profit forecast missed estimates.</p> <p>Advancing issues outnumbered decliners on the NYSE for a 1.20-to-1 ratio and on the Nasdaq, for a 1.84-to-1 ratio.</p> <p>Volume on U.S. exchanges was 6.12 billion shares, compared to the 7.27 billion average for the full session over the last 20 trading days.</p> <p>Additional reporting by Sruthi Shankar in Bengaluru and Chuck Mikolajczak in New York; Editing by Nick Zieminski and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Genuine Parts Co ( <a href="/finance/stocks/overview?symbol=GPC.N" type="external">GPC.N</a>) said on Thursday it would spin off its wholesale distribution business S.P. Richards and merge it with Essendant ( <a href="/finance/stocks/overview?symbol=ESND.O" type="external">ESND.O</a>) in a tax-free transaction for shareholders, as it focuses on its industrial and auto parts businesses.</p> <p>The combined company will have more products and resources, giving its customers - mainly independent dealers - a one-stop shop as they grapple with intense competition from e-commerce giant Amazon.com Inc ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) and big-box stores.</p> <p>&#8220;This combination of our customer centric companies creates a stronger partner to support those dealers and help them to be more competitive with all the other options available to customers in the industry,&#8221; Essendant Chief Executive Officer Ric Phillips said on a call with analysts.</p> <p>Essendant&#8217;s shares jumped 18 percent to $10.00, while those of Genuine Parts were up about 1 percent at $90.17 in morning trading.</p> <p>Illinois-based Essendant is a wholesale distributor of workplace items including janitorial supplies, while Atlanta, Georgia-based S.P. Richards distributes products ranging from office furniture to school supplies.</p> <p>The combined entity will be called Essendant and headed by Phillips. S.P. Richards CEO Rick Toppin will become chief operating officer of the new company. Essendant had a market capitalization of about $323.5 million as of Wednesday&#8217;s close.</p> <p>Genuine Parts, one of the leading U.S. car parts distributors, said the deal implied a valuation of about $680 million for S.P. Richards.</p> <a href="/finance/stocks/overview?symbol=GPC.N" type="external">Genuine Parts Co</a> 90.13 GPC.N New York Stock Exchange +0.47 (+0.52%) GPC.N ESND.O AMZN.O <p>Genuine Parts will get $347 million in cash and its shareholders 51 percent of the newly-formed combined company. Structured as a Reverse Morris Trust deal, the transaction will be tax-free for the companies&#8217; shareholders.</p> <p>The company has been evaluating options for the S.P. Richards business, which has been pressured by weak demand for office supplies.</p> <p>Essendant has also been hit as large customers source products directly from manufacturers. Its net sales declined 6.2 percent to $5.04 billion in 2017, while adjusted profit fell more than 50 percent.</p> <p>Genuine Parts has been focusing on its auto parts and industrial businesses. Last year, the company completed a deal to buy London-based Alliance Automotive Group and took a stake in Australia&#8217;s Inenco Group.</p> <p>Citigroup Global Markets Inc was the financial adviser for Essendant, while J.P. Morgan advised Genuine Parts.</p> <p>Reporting by Arunima Banerjee in Bengaluru; editing by Patrick Graham and Saumyadeb Chakrabarty</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/NEW DELHI (Reuters) - The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices.</p> A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. REUTERS/Leonhard Foeger <p>U.S. shale oil output has been booming over the past year since OPEC reduced its own production in tandem with Russia to prop up global oil prices.</p> <p>But as oil production collapsed in OPEC member Venezuela and is still facing hiccups in countries such as Libya and Angola, the oil exporters&#8217; group is still producing below its targets meaning the world needs to use stocks to meet rising demand.</p> <p>The Organization of the Petroleum Exporting Countries said in its monthly report oil stocks in the developed world reversed a rise in January to fall by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average.</p> <p>&#8220;We have achieved an over 150 percent conformity level,&#8221; OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi, referring to OPEC&#8217;s commitments under the supply-cutting pact. He said the glut has effectively shrunk by nine-tenths since the start of 2017.</p> <p>&#8220;We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average,&#8221; Barkindo said.</p> <p>Stock levels are now 207 million barrels below their level in February 2017, with crude stocks in a surplus of 55 million barrels and product stocks in a deficit of 12 million.</p> <p>&#8220;Looking forward, a healthy global economic forecast for 2018, positive car sales data in recent months, stronger 2018 yea-on-year U.S. product consumption in January and potentially tighter global product markets are expected to boost gasoline and distillates demand ...,&#8221; OPEC said.</p> <p>&#8220;High conformity levels observed by OPEC and non-OPEC producing countries ... should further enhance market stability and support crude and product markets in the months ahead.&#8221;</p> <p>The 14-member, Vienna-based producer group said its collective output, according to secondary sources, fell 201,000 bpd to 31.96 million bpd in March from February, driven by declines in Angola, Algeria, Venezuela, Saudi Arabia and Libya.</p> <p>The figure is below the 32.6 million bpd that OPEC sees as demand for its crude for the whole of 2018.</p> <p>OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017. The pact runs until the end of the year and OPEC meets in Vienna in June to decide on its next course of action.</p> THIRD YEAR OF CUTS <p>OPEC&#8217;s leader Saudi Arabia has said it would like the pact to be extended into 2019.</p> <p>&#8220;There is growing confidence that the declaration of cooperation will be extended beyond 2018,&#8221; Barkindo told Reuters. &#8220;Russia will continue to play a leading role.&#8221;</p> <p>On Thursday, OPEC also revised its forecast for supply growth from its rivals, non-OPEC, which is now forecast to grow by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.</p> <p>At the same time, it increased its forecast for global oil demand growth for this year by 30,000 bpd to 1.63 million bpd.</p> <p>&#8220;This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific,&#8221; it said in the monthly market report.</p> <p>Production in the United Arab Emirates posted the largest month-on-month increase, according to the secondary sources, rising by around 45,000 bpd in March to 2.86 million bpd.</p> <p>OPEC kingpin Saudi Arabia told the group it pumped 9.907 million bpd in March, 28,000 bpd below its February level.</p> <p>Venezuela reported production of 1.509 million bpd in March, 77,000 bpd below the level it reported in February.</p> <p>Reporting by Ahmad Ghaddar; Editing by Dale Hudson and David Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Wall Street led stocks higher globally on Thursday, more than offsetting declines in Asia, as an expected strong earnings season took front seat after U.S. President Donald Trump cast doubt over the timing of his threatened strike on Syria.</p> Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., April 12, 2018. REUTERS/Lucas Jackson <p>The risk of clashes between Western powers and Russia in Syria over an alleged chemical attack eased somewhat as Trump reworded his Wednesday threat that missiles &#8220;will be coming&#8221; while taunting Russia for supporting Syrian President Bashar al-Assad.</p> <p>Trump wrote on Thursday that an attack on Syria &#8220;could be very soon or not so soon at all.&#8221; Later, he said decisions will be made &#8220;fairly soon.&#8221;</p> <p>Investors turned their focus to U.S. corporate earnings as BlackRock ( <a href="/finance/stocks/overview?symbol=BLK.N" type="external">BLK.N</a>), the world&#8217;s largest asset manager, reported quarterly profit above Wall Street estimates with its shares up 1.5 percent.</p> <p>BlackRock&#8217;s results boosted bank shares .SPXBK, which were the largest gainers on Thursday, likely on bets that increased exchange traded funds trading will benefit their bottom lines. Higher U.S. Treasury yields also gave banks support.</p> <p>Analysts expect quarterly profit for U.S. benchmark S&amp;amp;P 500 index companies to rise 18.4 percent from a year ago, the biggest gain in seven years, according to Thomson Reuters I/B/E/S.</p> <p>&#8220;We&#8217;re hearing less talk of firing missiles and less talk of trade war. Earnings are coming up and expectations are high,&#8221; said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. The stock market, he said, is &#8220;returning to normal.&#8221;</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> rose 293.6 points, or 1.21 percent, to 24,483.05, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 21.8 points, or 0.83 percent, to 2,663.99 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 71.22 points, or 1.01 percent, to 7,140.25.</p> <p>The pan-European FTSEurofirst 300 index <a href="/finance/markets/index?symbol=.FTEU3" type="external">.FTEU3</a> rose 0.67 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.37 percent.</p> <p>Emerging market stocks rose 0.11 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.27 percent lower, while Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> lost 0.12 percent.</p> <p>The higher risk appetite as geopolitical tensions eased boosted U.S. Treasury yields. The safe-haven Japanese yen also fell.</p> <p>&#8220;There is less immediate concern about military strikes or action in Syria,&#8221; said Jim Vogel, interest rates strategist at FTN Financial in Memphis.</p> <p>&#8220;It doesn&#8217;t move it to the back-burner, but it allows you to look around and trade other things and that gives room for rates to rise just a little bit from their sort of cramped or compressed levels,&#8221; he said.</p> <p>Benchmark 10-year Treasury notes US10YT=RR last fell 14/32 in price to yield 2.8413 percent, from 2.79 percent late on Wednesday.</p> <p>The 30-year bond US30YT=RR last fell 26/32 in price to yield 3.0455 percent, from 3.005 percent late on Wednesday.</p> <p>Oil prices fell initially as geopolitical concerns eased somewhat, but later rose, supported partly by shrinking global oil inventories.</p> The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer <p>OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by nine-tenths since the start of 2017.</p> <p>&#8220;We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average,&#8221; Barkindo said.</p> <p>U.S. crude CLc1 rose 0.43 percent to $67.11 per barrel and Brent LCOcv1 was last at $72.09, up 0.04 percent on the day.</p> <p>Both are at levels not seen since 2014.</p> <p>(GRAPHIC: Middle East tensions drive crude prices - <a href="https://reut.rs/2ILpqMy" type="external">reut.rs/2ILpqMy</a>)</p> <a href="https://reut.rs/2ILpqMy" type="external" /> <p>The U.S. dollar index .DXY was on track to snap a four-day losing streak as it rose 0.21 percent, with the euro <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> down 0.3 percent to $1.2328.</p> <a href="/finance/stocks/overview?symbol=BLK.N" type="external">BlackRock Inc</a> 533.01 BLK.N New York Stock Exchange +7.70 (+1.47%) BLK.N .DJI .SPX .IXIC .FTEU3 <p>&#8220;It&#8217;s a reversal of the safe-haven trade that lifted the yen and the Swiss franc earlier in the week,&#8221; said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto.</p> <p>The Japanese yen weakened 0.43 percent versus the greenback at 107.27 per dollar, while the dollar was up 0.48 percent against the Swiss franc <a href="/finance/currencies/quote?srcCurr=CHF&amp;amp;destCurr=USD" type="external">CHF=</a>.</p> <p>Sterling <a href="/finance/currencies/quote?srcCurr=GBP&amp;amp;destCurr=USD" type="external">GBP=</a> was last trading at $1.4227, up 0.36 percent on the day.</p> <p>Safe-haven gold XAU= fell from an 11-week high as the dollar edged higher and investors booked profits.</p> <p>Spot gold XAU= dropped 1.3 percent to $1,335.06 an ounce. U.S. gold futures GCc1 fell 1.61 percent to $1,334.60 an ounce.</p> <p>Copper CMCU3 lost 1.86 percent to $6,821.00 a ton.</p> <p>Reporting by Rodrigo Campos, April Joyner, Chuck Mikolajczak, Saqib Iqbal Ahmed and Gertrude Chavez-Dreyfuss in New York; Editing by Nick Zieminski and Dan Grebler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Amazon's review of Toronto could escalate tension with Trump Wall Street gains on earnings optimism, waning Syria jitters Genuine Parts to merge S.P. Richards business with Essendant OPEC sees oil markets tighten further even as U.S. shale booms Stocks, U.S. dollar rise as Trump amends previous comments on Syria

https://reuters.com/article/us-amazon-com-tax/amazons-review-of-toronto-could-escalate-tension-with-trump-idUSKBN1F71X6

2018-01-18

2least

TORONTO Reuters Amazoncom Inc8217s AMZNO inclusion of Canada8217s largest city on a list of 20 finalists for a massive new campus could escalate tensions between the tech giant and US President Donald Trump Amazon said on Thursday that Toronto and 19 US locales made the first cut in a contest to find a second headquarters where it promises to invest 5 billion and create 50000 jobs As it reviews Toronto Amazon must weigh whether advantages including Canada8217s open immigration policy top technical schools and universal healthcare outweigh any potential blowback from Trump who has heavily pressured US companies to invest domestically 8220There could be consequences politically for making a decision to invest outside of the US8221 said Shauna Brail director of the University of Toronto8217s urban studies program Trump has already criticized Amazon and its founder Jeff Bezos who owns the Washington Post in tweets suggesting the US Postal Service ought to raise shipping rates for the online retailer and describing the newspaper as a purveyor of fake news Amazon said Thursday it expects to make a decision this year It is unclear how choosing Toronto might affect worsening trade relations between Ottawa and Washington Other bidders include Washington and two surrounding communities Montgomery County Maryland and Northern Virginia 8220The international politics is for Amazon to deal with8221 said Toby Lennox CEO of Toronto Global which submitted the bid for Toronto and surrounding cities with support of provincial and federal governments 8220We are just going to put forward our best offer possible8221 Canadian federal officials declined to discuss what steps the government might take to campaign on behalf of Toronto or comment on how that might affect relations between Canada and the United States 8220Canada is a beacon of stability reliability and openness8221 Economic Minister Navdeep Bains said in an emailed statement 8220We offer a lowrisk businessfriendly environment with the lowest business taxes and costs in the G78221 Amazon is already expanding in one major Canadian city In November unveiled plans to open a second corporate office in Vancouver doubling staff to 2000 by early 2020 The company disclosed that it was considering boosting investment in Canada just a day after Apple8217s said it would boost investment in the United States The iPhone maker promised to open a new US campus hire 20000 people and spend 30 billion in a fiveyear US investment plan The search for a second North American headquarters after Seattle set off a frenzied competition with some 238 initial submitting applications offering incentives including big tax breaks Toronto8217s bid shied away from promising tax breaks while New Jersey offered 7 billion in financial incentives for Amazon to choose Newark Atlanta8217s suburb of Stonecrest offered 345 acres of industrial land to create a new city called Amazon making Bezos mayor for life Here is the full list of candidates Atlanta Austin Texas Boston Chicago Columbus Ohio Dallas Denver Indianapolis Los Angeles Miami Montgomery County Maryland FILE PHOTO The logo of Amazon is seen at the company logistics center in LauwinPlanque northern France on February 20 2017 REUTERSPascal RossignolFile Photo Nashville Tennessee Newark New York City Northern Virginia Philadelphia Pittsburgh Raleigh North Carolina Toronto Washington Amazoncom Inc 14485 AMZNO Nasdaq 2145 150 AMZNO This version of the story has been refiled to fix typo in first paragraph Reporting by Alastair Sharp in Toronto Additional reporting by Supantha Mukherjee and Shariq Khan in Bengalaru Jeffrey Dastin in San Francisco Editing by Nick Zieminski and Jim Finkle Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters US stocks climbed on Thursday as investors anticipated a strong earnings season and as US President Donald Trump8217s suggestion that a military strike on Syria may not be imminent ratcheted down geopolitical worries The SampampP 500 has now recouped nearly all its losses from earlier this year Trump said in a tweet on Thursday that a possible attack on Syria could occur 8220very soon or not so soon at all8221 easing fears of confrontation with Russia That lifted US Treasury yields US10YTRR leading to a 18 percent increase in financial stocks SPSY which had the biggest percentage advance among the SampampP8217s 11 major sectors The technology sector SPLRCT rose 13 percent adding the most gains to the SampampP 8220We8217re hearing less talk of firing missiles and less talk of trade war8221 said Michael Antonelli managing director of institutional sales trading at Robert W Baird in Milwaukee 8220Earnings are coming up and expectations are high8221 Strong quarterly results from BlackRock Inc BLKN and Delta Air Lines Inc DALN added to the sanguine mood Delta topped profit estimates sending its shares 29 percent higher and boosting other airline stocks BlackRock gained 15 percent after the asset manager8217s quarterly profit rose more than expected The earnings season begins in earnest on Friday with reports from JPMorgan Chase ampamp Co JPMN Citigroup Inc CN and Wells Fargo ampamp Co WFCN Slideshow 3 Images Analysts expect quarterly profit for SampampP 500 companies to rise 184 percent from a year ago in what would be the biggest gain in seven years according to Thomson Reuters IBES 8220People are looking forward to earnings season8221 said Tracie McMillion head of global asset allocation strategy at Wells Fargo Investment Institute in WinstonSalem North Carolina 8220Market participants are not wanting to miss out if earnings are as good as the forecasts say they will be8221 The Dow Jones Industrial Average DJI rose 2936 points or 121 percent to 2448305 the SampampP 500 SPX gained 218 points or 083 percent to 266399 and the Nasdaq Composite IXIC added 7122 points or 101 percent to 714025 Investor sentiment was also boosted by the weekly US initial jobless claims report which pointed to sustained labor market strength BlackRock Inc 53301 BLKN New York Stock Exchange 770 147 BLKN DALN JPMN CN WFCN Facebook Inc FBO was a notable laggard among technology stocks falling 15 percent following a 53 percent gain over the past two days when Chief Executive Mark Zuckerberg testified before Congress on the social network8217s data security Bed Bath ampamp Beyond Inc BBBYO shares dived 200 percent after the company8217s fullyear profit forecast missed estimates Advancing issues outnumbered decliners on the NYSE for a 120to1 ratio and on the Nasdaq for a 184to1 ratio Volume on US exchanges was 612 billion shares compared to the 727 billion average for the full session over the last 20 trading days Additional reporting by Sruthi Shankar in Bengaluru and Chuck Mikolajczak in New York Editing by Nick Zieminski and Leslie Adler Our Standards The Thomson Reuters Trust Principles Reuters Genuine Parts Co GPCN said on Thursday it would spin off its wholesale distribution business SP Richards and merge it with Essendant ESNDO in a taxfree transaction for shareholders as it focuses on its industrial and auto parts businesses The combined company will have more products and resources giving its customers mainly independent dealers a onestop shop as they grapple with intense competition from ecommerce giant Amazoncom Inc AMZNO and bigbox stores 8220This combination of our customer centric companies creates a stronger partner to support those dealers and help them to be more competitive with all the other options available to customers in the industry8221 Essendant Chief Executive Officer Ric Phillips said on a call with analysts Essendant8217s shares jumped 18 percent to 1000 while those of Genuine Parts were up about 1 percent at 9017 in morning trading Illinoisbased Essendant is a wholesale distributor of workplace items including janitorial supplies while Atlanta Georgiabased SP Richards distributes products ranging from office furniture to school supplies The combined entity will be called Essendant and headed by Phillips SP Richards CEO Rick Toppin will become chief operating officer of the new company Essendant had a market capitalization of about 3235 million as of Wednesday8217s close Genuine Parts one of the leading US car parts distributors said the deal implied a valuation of about 680 million for SP Richards Genuine Parts Co 9013 GPCN New York Stock Exchange 047 052 GPCN ESNDO AMZNO Genuine Parts will get 347 million in cash and its shareholders 51 percent of the newlyformed combined company Structured as a Reverse Morris Trust deal the transaction will be taxfree for the companies8217 shareholders The company has been evaluating options for the SP Richards business which has been pressured by weak demand for office supplies Essendant has also been hit as large customers source products directly from manufacturers Its net sales declined 62 percent to 504 billion in 2017 while adjusted profit fell more than 50 percent Genuine Parts has been focusing on its auto parts and industrial businesses Last year the company completed a deal to buy Londonbased Alliance Automotive Group and took a stake in Australia8217s Inenco Group Citigroup Global Markets Inc was the financial adviser for Essendant while JP Morgan advised Genuine Parts Reporting by Arunima Banerjee in Bengaluru editing by Patrick Graham and Saumyadeb Chakrabarty Our Standards The Thomson Reuters Trust Principles LONDONNEW DELHI Reuters The global oil stocks surplus is close to evaporating OPEC said on Thursday citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices A flag with the Organization of the Petroleum Exporting Countries OPEC logo is seen during a meeting of OPEC and nonOPEC producing countries in Vienna Austria September 22 2017 REUTERSLeonhard Foeger US shale oil output has been booming over the past year since OPEC reduced its own production in tandem with Russia to prop up global oil prices But as oil production collapsed in OPEC member Venezuela and is still facing hiccups in countries such as Libya and Angola the oil exporters8217 group is still producing below its targets meaning the world needs to use stocks to meet rising demand The Organization of the Petroleum Exporting Countries said in its monthly report oil stocks in the developed world reversed a rise in January to fall by 174 million barrels in February to 2854 billion barrels around 43 million barrels above the latest fiveyear average 8220We have achieved an over 150 percent conformity level8221 OPEC SecretaryGeneral Mohammad Barkindo told Reuters in New Delhi referring to OPEC8217s commitments under the supplycutting pact He said the glut has effectively shrunk by ninetenths since the start of 2017 8220We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the fiveyear average8221 Barkindo said Stock levels are now 207 million barrels below their level in February 2017 with crude stocks in a surplus of 55 million barrels and product stocks in a deficit of 12 million 8220Looking forward a healthy global economic forecast for 2018 positive car sales data in recent months stronger 2018 yeaonyear US product consumption in January and potentially tighter global product markets are expected to boost gasoline and distillates demand 8221 OPEC said 8220High conformity levels observed by OPEC and nonOPEC producing countries should further enhance market stability and support crude and product markets in the months ahead8221 The 14member Viennabased producer group said its collective output according to secondary sources fell 201000 bpd to 3196 million bpd in March from February driven by declines in Angola Algeria Venezuela Saudi Arabia and Libya The figure is below the 326 million bpd that OPEC sees as demand for its crude for the whole of 2018 OPEC Russia and several other nonOPEC producers began to cut supply in January 2017 The pact runs until the end of the year and OPEC meets in Vienna in June to decide on its next course of action THIRD YEAR OF CUTS OPEC8217s leader Saudi Arabia has said it would like the pact to be extended into 2019 8220There is growing confidence that the declaration of cooperation will be extended beyond 20188221 Barkindo told Reuters 8220Russia will continue to play a leading role8221 On Thursday OPEC also revised its forecast for supply growth from its rivals nonOPEC which is now forecast to grow by a further 80000 barrels per day this year to 171 million bpd driven largely by higherthananticipated growth in the first quarter in the United States and the former Soviet Union At the same time it increased its forecast for global oil demand growth for this year by 30000 bpd to 163 million bpd 8220This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of betterthanexpected data and supported by development in industrial activities colderthananticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific8221 it said in the monthly market report Production in the United Arab Emirates posted the largest monthonmonth increase according to the secondary sources rising by around 45000 bpd in March to 286 million bpd OPEC kingpin Saudi Arabia told the group it pumped 9907 million bpd in March 28000 bpd below its February level Venezuela reported production of 1509 million bpd in March 77000 bpd below the level it reported in February Reporting by Ahmad Ghaddar Editing by Dale Hudson and David Evans Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Wall Street led stocks higher globally on Thursday more than offsetting declines in Asia as an expected strong earnings season took front seat after US President Donald Trump cast doubt over the timing of his threatened strike on Syria Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York US April 12 2018 REUTERSLucas Jackson The risk of clashes between Western powers and Russia in Syria over an alleged chemical attack eased somewhat as Trump reworded his Wednesday threat that missiles 8220will be coming8221 while taunting Russia for supporting Syrian President Bashar alAssad Trump wrote on Thursday that an attack on Syria 8220could be very soon or not so soon at all8221 Later he said decisions will be made 8220fairly soon8221 Investors turned their focus to US corporate earnings as BlackRock BLKN the world8217s largest asset manager reported quarterly profit above Wall Street estimates with its shares up 15 percent BlackRock8217s results boosted bank shares SPXBK which were the largest gainers on Thursday likely on bets that increased exchange traded funds trading will benefit their bottom lines Higher US Treasury yields also gave banks support Analysts expect quarterly profit for US benchmark SampampP 500 index companies to rise 184 percent from a year ago the biggest gain in seven years according to Thomson Reuters IBES 8220We8217re hearing less talk of firing missiles and less talk of trade war Earnings are coming up and expectations are high8221 said Michael Antonelli managing director of institutional sales trading at Robert W Baird in Milwaukee The stock market he said is 8220returning to normal8221 The Dow Jones Industrial Average DJI rose 2936 points or 121 percent to 2448305 the SampampP 500 SPX gained 218 points or 083 percent to 266399 and the Nasdaq Composite IXIC added 7122 points or 101 percent to 714025 The panEuropean FTSEurofirst 300 index FTEU3 rose 067 percent and MSCIs gauge of stocks across the globe MIWD00000PUS gained 037 percent Emerging market stocks rose 011 percent MSCIs broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS closed 027 percent lower while Japans Nikkei N225 lost 012 percent The higher risk appetite as geopolitical tensions eased boosted US Treasury yields The safehaven Japanese yen also fell 8220There is less immediate concern about military strikes or action in Syria8221 said Jim Vogel interest rates strategist at FTN Financial in Memphis 8220It doesn8217t move it to the backburner but it allows you to look around and trade other things and that gives room for rates to rise just a little bit from their sort of cramped or compressed levels8221 he said Benchmark 10year Treasury notes US10YTRR last fell 1432 in price to yield 28413 percent from 279 percent late on Wednesday The 30year bond US30YTRR last fell 2632 in price to yield 30455 percent from 3005 percent late on Wednesday Oil prices fell initially as geopolitical concerns eased somewhat but later rose supported partly by shrinking global oil inventories The German share price index DAX board is seen at the stock exchange in Frankfurt Germany March 21 2018 REUTERSTilman Blasshofer OPEC SecretaryGeneral Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by ninetenths since the start of 2017 8220We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the fiveyear average8221 Barkindo said US crude CLc1 rose 043 percent to 6711 per barrel and Brent LCOcv1 was last at 7209 up 004 percent on the day Both are at levels not seen since 2014 GRAPHIC Middle East tensions drive crude prices reutrs2ILpqMy The US dollar index DXY was on track to snap a fourday losing streak as it rose 021 percent with the euro EUR down 03 percent to 12328 BlackRock Inc 53301 BLKN New York Stock Exchange 770 147 BLKN DJI SPX IXIC FTEU3 8220It8217s a reversal of the safehaven trade that lifted the yen and the Swiss franc earlier in the week8221 said Karl Schamotta director of global product and market strategy at Cambridge Global Payments in Toronto The Japanese yen weakened 043 percent versus the greenback at 10727 per dollar while the dollar was up 048 percent against the Swiss franc CHF Sterling GBP was last trading at 14227 up 036 percent on the day Safehaven gold XAU fell from an 11week high as the dollar edged higher and investors booked profits Spot gold XAU dropped 13 percent to 133506 an ounce US gold futures GCc1 fell 161 percent to 133460 an ounce Copper CMCU3 lost 186 percent to 682100 a ton Reporting by Rodrigo Campos April Joyner Chuck Mikolajczak Saqib Iqbal Ahmed and Gertrude ChavezDreyfuss in New York Editing by Nick Zieminski and Dan Grebler Our Standards The Thomson Reuters Trust Principles

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board/NOUN is/AUX seen/VERB at/ADP the/DET stock/NOUN exchange/NOUN in/ADP Frankfurt/PROPN Germany/PROPN March/PROPN 21/NUM 2018/NUM REUTERSTilman/PROPN Blasshofer/PROPN OPEC/PROPN SecretaryGeneral/PROPN Mohammad/PROPN Barkindo/PROPN told/VERB Reuters/PROPN in/ADP New/PROPN Delhi/PROPN the/DET global/ADJ oil/NOUN glut/NOUN has/AUX effectively/ADV shrunk/VERB by/ADP ninetenths/NOUN since/SCONJ the/DET start/NOUN of/ADP 2017/NUM 8220We/NUM have/AUX seen/VERB an/DET accelerated/ADJ shrinkage/NOUN of/ADP stocks/NOUN in/ADP storage/NOUN from/ADP unparalleled/ADJ highs/NOUN of/ADP about/ADV 400/NUM million/NUM barrels/NOUN to/ADP about/ADP 43/NUM million/NUM above/ADP the/DET fiveyear/NOUN average8221/PROPN Barkindo/PROPN said/VERB US/PROPN crude/NOUN CLc1/PROPN rose/VERB 043/NUM percent/NOUN to/ADP 6711/NUM per/ADP barrel/NOUN and/CCONJ Brent/PROPN LCOcv1/PROPN was/AUX last/ADJ at/ADP 7209/NUM up/ADV 004/NUM percent/NOUN on/ADP the/DET day/NOUN Both/PRON are/AUX at/ADP levels/NOUN not/PART seen/VERB since/SCONJ 2014/NUM GRAPHIC/PROPN Middle/PROPN East/PROPN tensions/NOUN drive/VERB crude/ADJ prices/NOUN reutrs2ILpqMy/NOUN The/DET US/PROPN dollar/NOUN index/NOUN DXY/PROPN was/AUX on/ADP track/NOUN to/PART snap/VERB a/DET fourday/NOUN losing/VERB streak/NOUN as/SCONJ it/PRON rose/VERB 021/NUM percent/NOUN with/ADP the/DET euro/NOUN EUR/PROPN down/ADV 03/NUM percent/NOUN to/ADP 12328/NUM BlackRock/PROPN Inc/PROPN 53301/NUM BLKN/PROPN New/PROPN York/PROPN Stock/PROPN Exchange/PROPN 770/NUM 147/NUM BLKN/PROPN DJI/PROPN SPX/PROPN IXIC/PROPN FTEU3/PROPN 8220It8217s/PROPN a/DET reversal/NOUN of/ADP the/DET safehaven/ADJ trade/NOUN that/PRON lifted/VERB the/DET yen/NOUN and/CCONJ the/DET Swiss/ADJ franc/NOUN earlier/ADV in/ADP the/DET week8221/NOUN said/VERB Karl/PROPN Schamotta/PROPN director/NOUN of/ADP global/ADJ product/NOUN and/CCONJ market/NOUN strategy/NOUN at/ADP Cambridge/PROPN Global/PROPN Payments/PROPN in/ADP Toronto/PROPN The/DET Japanese/ADJ yen/NOUN weakened/VERB 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<p>Dr Can Erimtan <a href="" type="internal">21st Century Wire</a></p> <p>Donald Trump has been in charge of the U.S. for many months now and by now the novelty is beginning to somewhat wear off&#8230; one tweet at the time. Though in reality, Trump is still as unaccustomed to the job now as he was at the very beginning of his tenure.</p> <p>On Monday, 21 August 2017 President Donald Trump went to Fort Myer, in Arlington, Virginia, and there he did what he seems to like best of all &#8211; address a crowd, preferably a huge one that is captive. Trump spoke to U.S. troops and the nation to unveil his &#8220;&#8217;dramatically&#8217; new U.S. strategy in Afghanistan and South Asia,&#8221; as <a href="https://www.cbsnews.com/news/trump-addresses-nation-on-new-afghanistan-strategy-live-updates/" type="external">reported</a> by CBS News&#8217; Rebecca Shabad, who added that the &#8220;plan does not involve a withdrawal of U.S. troops from America&#8217;s longest-running war.&#8221; While Trump talked about the &#8220;American people&#8217;s frustration&#8221; with the apparently never-ending war in the Hindu Kush, he fell very short from his &#8220;original instinct [which] was to pull out,&#8221; as he had made plain as long ago as January 11, 2013 when the then-still businessman <a href="https://twitter.com/realDonaldTrump/status/289807790178959360" type="external">tweeted</a> &#8220;&#8230; Let&#8217;s get out of Afghanistan. Our troops are being killed by the Afghanis we train and we waste billions there.&#8221;</p> <p>Alas, rather than continue Obama&#8217;s withdrawal <a href="http://foreignpolicy.com/2013/11/01/what-to-pack-when-youre-leaving-a-war/" type="external">strategy</a>, the &#8220;draw-down of U.S. forces from Afghanistan &#8211; known as the retrograde &#8211; [that was supposed] to be completed by the end of 2014,&#8221; the businessman-turned-president has now come to the conclusion that the fighting must go on until an &#8220;honorable and enduring outcome worthy of the tremendous sacrifices that have been made, especially the sacrifices of lives&#8221; can be achieved.</p> <p>And, as if willing to illustrate these Presidential words, on Wednesday August 30th, <a href="https://www.nytimes.com/2017/08/30/world/asia/afghanistan-troop-totals.html" type="external">the Pentagon revealed</a> that the U.S. currently still had &#8220;about 11,000 troops [stationed] in Afghanistan,&#8221; a figure &#8220;higher than formally disclosed in recent years.&#8221; Arguably, enough boots-on-the-ground to get the job done, as promised by Donald J. Trump. Contrary to his &#8220;original instinct,&#8221; the U.S President will authorise the <a href="https://www.nytimes.com/2017/06/13/world/asia/mattis-afghanistan-military.html" type="external">dispatch of more troops</a> into the Afghan theatre, but he assured his Arlington audience, &#8220;[w]e will not talk about numbers of troops or our plans for further military activities.&#8221; And so it seems that now the &#8220;unconventional&#8221; and &#8220;unorthodox&#8221; U.S. President that is Trump has finally become yet another Leader of the Free World beholden to the infamous &#8220;military-industrial complex,&#8221; the opinion of people whom he refers to as &#8220;my Generals and military experts&#8221; and the <a href="" type="internal">Deep State</a>, as it is known today.</p> <p /> <p>As a result, he is now performing a remarkable U-turn, completely negating his earlier-made pledges and promises, such as <a href="" type="internal">the one he made in Fayetteville, N.C.</a>, &#8220;We will stop racing to topple foreign regimes that we know nothing about, that we shouldn&#8217;t be involved with&#8221; (6 December 2016). Yet now, Trump appears committed to meddling abroad like any other of his predecessors, starting with the now infamous dispatch by MSNBC&#8217;s Brian Williams of &#8220;beautiful weapons&#8221; into Syria last April and now culminating in his &#8216;all-new, all-different&#8217; Afghanistan policy that appears to be taking up where Obama left off earlier.</p> <p /> <p>Across the Durand Line</p> <p>Still, U.S. President Trump managed to add something new to the heady mix of American activities and policies in the Hindu Kush, stating bluntly that &#8220;Pakistan often gives safe haven to agents of chaos, violence, and terror,&#8221; as part of his wider statement regarding the new U.S. policy in Afghanistan. Going into some detail, Trump also added that the U.S. &#8220;can no longer be silent about Pakistan&#8217;s safe havens for terrorist organizations, the Taliban, and other groups that pose a threat to the region and beyond,&#8221; and ending his exposition on the Land of the Pure with the words that &#8220;it is time for Pakistan to demonstrate its commitment to civilization, order, and to peace.&#8221; Whereas Trump&#8217;s newly articulated Afghan policy represents a clear victory for advocates of a continued American imperial policy in the Hindu Kush, his inclusion of Pakistan is a bit of a departure from time honoured U.S. policy. The U.S. Ambassador to Afghanistan under President George W. Bush, <a href="http://thehill.com/policy/defense/348181-former-ambassador-trump-more-focused-than-obama-bush-on-pakistan" type="external">Zalmay Khalilzad</a>, said as much talking to ABC&#8217;s &#8216;This Week.&#8217; Literally, Khalilzad declared that he does not think that &#8220;either President Bush or President Obama focused as sharply, as clearly . . . [on] Pakistan&#8217;s both role as a facilitator of and a help to Afghanistan and as a sanctuary for those who fight us,&#8221; going on to indicate that in his view &#8220;the single most important factor, the Pakistan problem, for prolonging the war . . . [are] the sanctuary issues.&#8221; In fact, it has long been an open secret that the Taliban freely and openly cross the Af-Pak border, as necessitated by circumstances and accommodated by the Haqqani Network (a &#8220;veritable arm&#8221; of Pakistan&#8217;s Inter-Services Intelligence (ISI), according to erstwhile U.S. Central Command chief, Admiral Mike Mullen). While, the roots of the fundamentalist movement itself effectively lie in the northern Pakistan of the early 1990s when Benazir Bhutto headed the nation. At present, the homegrown Pakistani faction of the group, the TTP (or Tehrik-e-Taliban Pakistan, currently led by Maulana Fazlullah) oppose Islamabad and on occasion sow terror and mayhem throughout the Land of the Pure (such as a deadly blast in Lahore on 13 February last).</p> <p>On the other hand, the sudden shift towards paying closer attention to Pakistan had been in the air for a while, or at least hovering in cyberspace since June, 14th, as tweeted by the Twitter user Afghan Army (@ArmyAFG):</p> <p>&#8220;To end war n #AFG it&#8217;s important to target terror sanctuaries inside #Pakistan &amp;amp; make #AfghanArmy stronger [.] ex #AfghanCGS Gen.Sher Moh Karimi.&#8221;</p> <p>https://twitter.com/ArmyAFG/status/875004479338418177</p> <p>And, General Sher Mohammad Karimi had been the Chief of Army Staff of Afghanistan in the period 20 June 2010 &#8211; 22 May 2015. In a nutshell, Karimi&#8217;s words seem to have moved into Trump&#8217;s mouth, as the new U.S. policy on Afghanistan seems to closely correspond to the opinion of the former head of the Afghan National Army. In fact, already in December 2014, General Karimi visited Islamabad, accompanied by Isaf commander Gen John Campbell (August 2014-April 2016), to discuss this thorny issue with Pakistani Army Chief Gen Raheel Sharif (November 2013-November 2016). In the previous year Karimi had also been part of a so-called &#8220;Tripartite Commission&#8221; to <a href="https://www.dawn.com/news/718076" type="external">discuss this very topic</a> in the Pakistani capital, accompanied by Campbell&#8217;s predecessor General John Allen (June 2011-February 2013). In other words, the matter of Pakistani safe havens for the Afghan Taliban had been a pressing matter for quite some time. During his three-day-visit to India in January 2015, President Obama told the local press that Taliban &#8220;safe havens within Pakistan are not acceptable.&#8221;</p> <p>And once again, Trump&#8217;s &#8216;all-new, all-different&#8217; Afghanistan policy appears to be taking up where Obama left off.</p> <p>Reactions at Home and Abroad</p> <p>Observers might be led to conclude that &#8220;Trump&#8217;s &#8216;America First&#8217; Base [is] Unhappy with Flip-Flop Afghanistan Speech,&#8221; as announced by Breitbart <a href="http://www.breitbart.com/big-government/2017/08/21/trumps-america-first-base-unhappy-with-flip-flop-afghanistan-speech/" type="external">on the same day</a>.</p> <p>The following day Breitbart writer Joel B. Pollak tweeted that &#8220;Trump&#8217;s #Afghanistan speech was Obama&#8217;s speech minus the deadline &amp;amp; details. Like the bit about Pakistan [though].&#8221;</p> <p /> <p>Whereas, on Wednesday, 23, August 2007, the Imamia Students Organisation (or ISO, a Shiite Muslim students&#8217; organisation in Pakistan) organised anti-U.S. rallies in the Pakistani cities of Karachi and Lahore &#8211; these gatherings even carried the significant heading of &#8216;Death to America&#8217; &#8211; meaning that the world has now somewhat reverted to normal again, with the U.S. vowing to kill certain Muslims and others vocally calling for the demise of the world&#8217;s sole super-power. It seems highly appropriate though that these rallies were held by Shiite Muslim, as Trump somewhat erroneously and opportunistically singled out Shiite Iran as the main purveyor of <a href="" type="internal">&#8220;radical Islamic terrorism&#8221; in Saudi Arabia</a>. Pakistan, on the other hand, as the home of erstwhile British India&#8217;s Muslims has a Muslim population which is mostly Sunni in orientation and Hanafi in outlook. And the same holds true for Afghanistan and its population. In this way, Trump has now evened out the field inhabited by &#8220;radical Islamic terrorists,&#8221; targeted by the U.S. military establishment. Arguably, such theological nuances and niceties are beyond Donald Trump&#8217;s comprehension or even interest and/or proficiency. One but needs but to remember his words that &#8220;all of these experts . . . The experts are terrible!&#8221; uttered during last year&#8217;s election campaign (4 April 2016). Trump skillfully utilised such anti-intellectual jibes as part of his bid for wide popular and populist appeal. It seems like a mere truism to state that Trump&#8217;s ascendancy to the White House is in large part due to his espousal of a &#8220;nationalist&#8221; or even &#8220;nativist&#8221; rhetoric during the election campaign, and on Friday, 18 August, the man known as Trump&#8217;s &#8220;Chief Strategist&#8221; mainly responsible for the occurrence of such words in the now-President&#8217;s mouth, Steven (or rather <a href="https://twitter.com/SINON_REBORN/status/900098035253989376" type="external">Stephen</a>) Bannon, was dismissed from the White House. Bannon had previously been at the head of the right-wing news website Breitbart, affiliated with a movement that has received the media-friendly moniker alt-right.</p> <p>Becoming a War President</p> <p>In view of the timing, there are now those who see a clear link between the &#8216;all-new, all-different&#8217; yet all-the-same Afghanistan policy announced and this sudden departure. Bannon had been a highly visible part of the Trump White House, even sharing an office with the now equally departed Reince Priebus (28 Jul 2017 ), and notorious for exclaiming such outrageous words and phrases like the &#8220;deconstruction of the administrative state,&#8221; prominently announced during his appearance at this year&#8217;s CPAC (or Conservative Political Action Conference on 23 February 2017). During the Conservative jamboree he also spoke at length about Trump&#8217;s &#8220;economic nationalist agenda,&#8221; while simultaneously denouncing the news media and its practicioners as the &#8220;enemy.&#8221; Kim Sengupta, the Independent&#8217;s Defence and Diplomatic Correspondent, opines that Bannon had urged his boss to &#8220;pull out and not get further tangled in Afghanistan.&#8221; And that Bannon, like his fellow alt-right henchmen, blamed &#8220;the neocons&#8221; for the military imbroglio in the Hindui Kush, even going as far as declaring that opinion amongst the alt-right held that the wars in Afghanistan (as well as in Iraq) had been &#8220;orchestrated . . . by Jewish big business.&#8221;</p> <p>In reality, though, the invasion of the Hindu Kush which led to the volcanic eruption of the now-16 year war bogging down the U.S. was the brainchild of a number of experts during a &#8220;4-day [mid-July 2001] <a href="https://www.rt.com/op-edge/202479-tapi-pipeline-gas-afghanistan-security/" type="external">Berlin meeting</a> carrying the heading &#8216;Brainstorming on Afghanistan&#8217; and [that] was apparently the outcome of the Clinton administration&#8217;s concerns over Osama bin Laden,&#8221; going back to the 1998 attacks on two US embassies in Africa &#8211; in Dar es Salaam and Nairobi. But it was down to 9/11 and George W. Bush to ignite the Afghan powder keg, leading to a conflagration subsequently deftly and somewhat ineptly handled by the Nobel Peace Prize-wielding Barack Obama.</p> <p>In light of Trump&#8217;s recent Fort Myer speech, the Washington Post reporter Robert Costa <a href="https://twitter.com/costareports/status/899805057151062016" type="external">even tweeted</a> that &#8220;Trump is echoing many of the points Bannon made behind the scenes. But he has gone along w/ a version of McMaster-Mattis plan.&#8221;</p> <p /> <p>In other words, Costa merely affirms my earlier pronouncements on Trump becoming beholden to the infamous &#8220;military-industrial complex&#8221; and the Deep State, insinuating that the current National Security Advisor (in office since 20 February) and the Secretary of Defense (in office since 20 January) had somehow colluded to delude and deceive the U.S. President into continuing the American imperial policy in the Hindu Kush&#8230;</p> <p>On the other hand, not quite three months after CPAC, the Billy Graham Evangelistic Association convened the World Summit in Defense of Persecuted Christians in Washington, D.C. (10-13 May 2017), where Trump&#8217;s Veep, Mike Pence, took to the stage. Pence, talking &#8220;on behalf of President Donald Trump,&#8221; there and then assured the gathered believers that the Trump administration would not be sitting on its hands when it comes to fighting &#8220;radical Islamic terrorists,&#8221; which the newly-minted President had already made plain during his inaugural speech in January. Pence, though, went a lot further in his pubic words: President Trump has &#8220;made it clear that America will stand by followers of Christ in this hour of need. Our administration is fully committed in bringing relief and comfort to believers not only across the Middle East but across the world. This President knows the terrorists will not stop until we stop them. And, under President Donald Trump, we will stop them. Under President Donald Trump, America will continue to stand for religious freedom of all people, of all faiths, across the world. And I believe that all God&#8217;s children, no matter their country or their creed, can know with confidence that God will continue to guide this nation, to play our unique role on behalf of freedom in the world.&#8221;</p> <p>As a result, though initially unwilling to do so as his &#8220;original instinct was to pull out&#8221; of Afghanistan, Trump&#8217;s &#8216;all-new, all-different yet all-the-same&#8217; policy in the Hindu Kush could be seen as part of this claimed commitment to do battle with the enemies of Christianity. At the same time, one could argue that the Billy Graham event was cunningly employed by the Trump team to fire up a significant part of its base to start a number of major military adventures in the Middle East and beyond, using the figleaf of protecting persecuted Christians as a rallying cry to garner domestic and international support.</p> <p>In spite of all of his campaign promises, Donald Trump seems more than determined to follow in his predecessor&#8217;s footsteps and become a real war president.</p> <p>Building Nations on Paper</p> <p>During his speech Trump fine-tuned the American position in the Hindu Kush, saying that &#8220;We are not nation-building again. We are killing terrorists.&#8221; And again, these words also first sprung forth from somebody else&#8217;s mouth: namely, Barack Obama&#8217;s. In early August 2015, President Obama told the members of his National Security Council that &#8220;[w]e&#8217;re no longer in nation-building mode,&#8221; according to an unnamed <a href="https://www.nytimes.com/2017/01/01/world/asia/obama-afghanistan-war.html" type="external">person present at the meeting</a>.</p> <p>Like Trump just recently, after his inauguration in January 2009, Obama ordered a &#8220;quick policy review&#8221; of the Afghan situation, but &#8220;even before it was completed, he accepted a Pentagon recommendation to send 17,000 additional troops to Afghanistan, bringing the total to nearly 70,000 American troops on the ground,&#8221; as worded by the journalist Mark Landler.</p> <p>The mere idea of the U.S. engaging in a nation-building efforts has been anathema to American politicians in the 21st century, with candidate Bush making scathing remarks to Al Gore during the 2000 election campaign. But then, &#8220;After 9/11, I changed my mind,&#8221; as he wrote in his memoir <a href="https://www.amazon.com/Decision-Points-George-W-Bush/dp/0307590631" type="external">Decision Points</a> (published on 9 November 2010). Bush elaborated in his memoir that &#8220;Afghanistan was the ultimate nation building mission. We had liberated the country from a primitive dictatorship, and we had a moral obligation to leave behind something better.&#8221; As a result, in the Hindu Kush an unbroken line of nation-building activities stretches throughout the 21st century, starting in the Bush years throughout the Obama period only to end at the outset of the Trump era . . . for now at least. At present, President Trump is adamant about the fact that the United States will only be engaged in the business of &#8220;killing terrorists&#8221; in the Hindu Kush &#8211; <a href="http://www.huffingtonpost.com/joseph-v-micallef/afghanistan-and-pakistan_b_8590918.html" type="external">across the Durand Line</a> apparently. But famous or rather infamous for his flip-flopping proficiency, time will tell whether President Trump will be satisfied with sticking to his &#8220;original instinct&#8221; this time around. Already the rightly-maligned <a href="https://sitanbul.wordpress.com/2017/02/06/the-war-in-afghanistan-2011/" type="external">Zbigniew Brzezinki</a> recognised the importance of Central Asia, and Afghanistan&#8217;s position at the heart of the region makes abandoning the Hindu Kush a questionable proposition. For starters, there is the <a href="http://www.afcent.af.mil/Units/455th-Air-Expeditionary-Wing/" type="external">Bagram Airfield Base</a>, a permanent U.S. foothold in the mountains, overseeing the country&#8217;s underground <a href="https://www.nytimes.com/2010/06/14/world/asia/14minerals.html" type="external">mineral wealth</a> and keeping a close eye on the Chinese dragon across the border, particularly after the Manas&#8217; Transit Center in neighbouring Kyrgyzstan was closed down in 2014. And the word China has famously been featuring prominently in Trump&#8217;s mouth, ever since he started switching career tracks last year. The current nuclear impasse on the Korean peninsula has brought the Middle Kingdom to the fore as well, given the DPRK&#8217;s nature as a Chinese client state. Will Trump merely order his &#8216;generals&#8217; to kill &#8220;terrorists&#8221; and then stick with his &#8220;original instinct&#8221; and &#8220;pull out&#8221; or will strategic and other concerns prevail so that the U.S. presence in the Hindu Kush will continue unabated.</p> <p>In 2011, retired USAF Lt Col Karen Kwiatkowski put it <a href="https://www.rt.com/news/us-military-mission-afghanistan-259/" type="external">like this</a>: the Pentagon directors like &#8220;these military bases [in the Hindu Kush] too well, [they] like the minerals, and [they] like the geographic positioning Afghanistan provides our military.&#8221; Will Trump be able to break the dictates of U.S. imperial policy or will he have to succumb like all of his predecessors?</p> <p>Will Trump be the one to end the war initiated by Bill Clinton&#8217;s experts in Berlin, or will he merely be able to add another chapter to the ongoing American saga in the Hindu Kush?!?</p> <p>*** 21WIRE special contributor Dr. Can Erimtan&amp;#160;is an independent scholar who was living in Istanbul for some time, with a wide interest in the politics, history and culture of the Balkans and the Greater Middle East. He attended the VUB in Brussels and did his graduate work at the universities of Essex and Oxford. In Oxford, Erimtan was a member of Lady Margaret Hall and he obtained his doctorate in Modern History in 2002. His publications include the book &#8220;Ottomans Looking West?&#8221; as well as numerous scholarly articles. In the period 2010-11, he wrote op-eds for Today&#8217;s Zaman and in the further course of 2011 he also published a number of pieces in H&#252;rriyet Daily News. In 2013, he was the Turkey Editor of the &#304;stanbul Gazette. He is on Twitter at @theerimtanangle</p> <p>READ MORE AFGHANISTAN NEWS AT:&amp;#160; <a href="" type="internal">21st Century Wire Afghanistan Files</a></p> <p>SUPPORT 21WIRE &#8211; SUBSCRIBE &amp;amp; BECOME A MEMBER @ <a href="https://21wire.tv/membership/plans/" type="external">21WIRE.TV</a></p>

Continuity as Change: President Trump, His Predecessors & the Primacy of U.S. Imperial Policy

http://21stcenturywire.com/2017/09/08/continuity-change-president-trump-predecessors-primacy-u-s-imperial-policy/

2017-09-08

4left

Dr Can Erimtan 21st Century Wire Donald Trump has been in charge of the US for many months now and by now the novelty is beginning to somewhat wear off8230 one tweet at the time Though in reality Trump is still as unaccustomed to the job now as he was at the very beginning of his tenure On Monday 21 August 2017 President Donald Trump went to Fort Myer in Arlington Virginia and there he did what he seems to like best of all 8211 address a crowd preferably a huge one that is captive Trump spoke to US troops and the nation to unveil his 82208217dramatically8217 new US strategy in Afghanistan and South Asia8221 as reported by CBS News8217 Rebecca Shabad who added that the 8220plan does not involve a withdrawal of US troops from America8217s longestrunning war8221 While Trump talked about the 8220American people8217s frustration8221 with the apparently neverending war in the Hindu Kush he fell very short from his 8220original instinct which was to pull out8221 as he had made plain as long ago as January 11 2013 when the thenstill businessman tweeted 82208230 Let8217s get out of Afghanistan Our troops are being killed by the Afghanis we train and we waste billions there8221 Alas rather than continue Obama8217s withdrawal strategy the 8220drawdown of US forces from Afghanistan 8211 known as the retrograde 8211 that was supposed to be completed by the end of 20148221 the businessmanturnedpresident has now come to the conclusion that the fighting must go on until an 8220honorable and enduring outcome worthy of the tremendous sacrifices that have been made especially the sacrifices of lives8221 can be achieved And as if willing to illustrate these Presidential words on Wednesday August 30th the Pentagon revealed that the US currently still had 8220about 11000 troops stationed in Afghanistan8221 a figure 8220higher than formally disclosed in recent years8221 Arguably enough bootsontheground to get the job done as promised by Donald J Trump Contrary to his 8220original instinct8221 the US President will authorise the dispatch of more troops into the Afghan theatre but he assured his Arlington audience 8220we will not talk about numbers of troops or our plans for further military activities8221 And so it seems that now the 8220unconventional8221 and 8220unorthodox8221 US President that is Trump has finally become yet another Leader of the Free World beholden to the infamous 8220militaryindustrial complex8221 the opinion of people whom he refers to as 8220my Generals and military experts8221 and the Deep State as it is known today As a result he is now performing a remarkable Uturn completely negating his earliermade pledges and promises such as the one he made in Fayetteville NC 8220We will stop racing to topple foreign regimes that we know nothing about that we shouldn8217t be involved with8221 6 December 2016 Yet now Trump appears committed to meddling abroad like any other of his predecessors starting with the now infamous dispatch by MSNBC8217s Brian Williams of 8220beautiful weapons8221 into Syria last April and now culminating in his 8216allnew alldifferent8217 Afghanistan policy that appears to be taking up where Obama left off earlier Across the Durand Line Still US President Trump managed to add something new to the heady mix of American activities and policies in the Hindu Kush stating bluntly that 8220Pakistan often gives safe haven to agents of chaos violence and terror8221 as part of his wider statement regarding the new US policy in Afghanistan Going into some detail Trump also added that the US 8220can no longer be silent about Pakistan8217s safe havens for terrorist organizations the Taliban and other groups that pose a threat to the region and beyond8221 and ending his exposition on the Land of the Pure with the words that 8220it is time for Pakistan to demonstrate its commitment to civilization order and to peace8221 Whereas Trump8217s newly articulated Afghan policy represents a clear victory for advocates of a continued American imperial policy in the Hindu Kush his inclusion of Pakistan is a bit of a departure from time honoured US policy The US Ambassador to Afghanistan under President George W Bush Zalmay Khalilzad said as much talking to ABC8217s 8216This Week8217 Literally Khalilzad declared that he does not think that 8220either President Bush or President Obama focused as sharply as clearly on Pakistan8217s both role as a facilitator of and a help to Afghanistan and as a sanctuary for those who fight us8221 going on to indicate that in his view 8220the single most important factor the Pakistan problem for prolonging the war are the sanctuary issues8221 In fact it has long been an open secret that the Taliban freely and openly cross the AfPak border as necessitated by circumstances and accommodated by the Haqqani Network a 8220veritable arm8221 of Pakistan8217s InterServices Intelligence ISI according to erstwhile US Central Command chief Admiral Mike Mullen While the roots of the fundamentalist movement itself effectively lie in the northern Pakistan of the early 1990s when Benazir Bhutto headed the nation At present the homegrown Pakistani faction of the group the TTP or TehrikeTaliban Pakistan currently led by Maulana Fazlullah oppose Islamabad and on occasion sow terror and mayhem throughout the Land of the Pure such as a deadly blast in Lahore on 13 February last On the other hand the sudden shift towards paying closer attention to Pakistan had been in the air for a while or at least hovering in cyberspace since June 14th as tweeted by the Twitter user Afghan Army ArmyAFG 8220To end war n AFG it8217s important to target terror sanctuaries inside Pakistan ampamp make AfghanArmy stronger ex AfghanCGS GenSher Moh Karimi8221 httpstwittercomArmyAFGstatus875004479338418177 And General Sher Mohammad Karimi had been the Chief of Army Staff of Afghanistan in the period 20 June 2010 8211 22 May 2015 In a nutshell Karimi8217s words seem to have moved into Trump8217s mouth as the new US policy on Afghanistan seems to closely correspond to the opinion of the former head of the Afghan National Army In fact already in December 2014 General Karimi visited Islamabad accompanied by Isaf commander Gen John Campbell August 2014April 2016 to discuss this thorny issue with Pakistani Army Chief Gen Raheel Sharif November 2013November 2016 In the previous year Karimi had also been part of a socalled 8220Tripartite Commission8221 to discuss this very topic in the Pakistani capital accompanied by Campbell8217s predecessor General John Allen June 2011February 2013 In other words the matter of Pakistani safe havens for the Afghan Taliban had been a pressing matter for quite some time During his threedayvisit to India in January 2015 President Obama told the local press that Taliban 8220safe havens within Pakistan are not acceptable8221 And once again Trump8217s 8216allnew alldifferent8217 Afghanistan policy appears to be taking up where Obama left off Reactions at Home and Abroad Observers might be led to conclude that 8220Trump8217s 8216America First8217 Base is Unhappy with FlipFlop Afghanistan Speech8221 as announced by Breitbart on the same day The following day Breitbart writer Joel B Pollak tweeted that 8220Trump8217s Afghanistan speech was Obama8217s speech minus the deadline ampamp details Like the bit about Pakistan though8221 Whereas on Wednesday 23 August 2007 the Imamia Students Organisation or ISO a Shiite Muslim students8217 organisation in Pakistan organised antiUS rallies in the Pakistani cities of Karachi and Lahore 8211 these gatherings even carried the significant heading of 8216Death to America8217 8211 meaning that the world has now somewhat reverted to normal again with the US vowing to kill certain Muslims and others vocally calling for the demise of the world8217s sole superpower It seems highly appropriate though that these rallies were held by Shiite Muslim as Trump somewhat erroneously and opportunistically singled out Shiite Iran as the main purveyor of 8220radical Islamic terrorism8221 in Saudi Arabia Pakistan on the other hand as the home of erstwhile British India8217s Muslims has a Muslim population which is mostly Sunni in orientation and Hanafi in outlook And the same holds true for Afghanistan and its population In this way Trump has now evened out the field inhabited by 8220radical Islamic terrorists8221 targeted by the US military establishment Arguably such theological nuances and niceties are beyond Donald Trump8217s comprehension or even interest andor proficiency One but needs but to remember his words that 8220all of these experts The experts are terrible8221 uttered during last year8217s election campaign 4 April 2016 Trump skillfully utilised such antiintellectual jibes as part of his bid for wide popular and populist appeal It seems like a mere truism to state that Trump8217s ascendancy to the White House is in large part due to his espousal of a 8220nationalist8221 or even 8220nativist8221 rhetoric during the election campaign and on Friday 18 August the man known as Trump8217s 8220Chief Strategist8221 mainly responsible for the occurrence of such words in the nowPresident8217s mouth Steven or rather Stephen Bannon was dismissed from the White House Bannon had previously been at the head of the rightwing news website Breitbart affiliated with a movement that has received the mediafriendly moniker altright Becoming a War President In view of the timing there are now those who see a clear link between the 8216allnew alldifferent8217 yet allthesame Afghanistan policy announced and this sudden departure Bannon had been a highly visible part of the Trump White House even sharing an office with the now equally departed Reince Priebus 28 Jul 2017 and notorious for exclaiming such outrageous words and phrases like the 8220deconstruction of the administrative state8221 prominently announced during his appearance at this year8217s CPAC or Conservative Political Action Conference on 23 February 2017 During the Conservative jamboree he also spoke at length about Trump8217s 8220economic nationalist agenda8221 while simultaneously denouncing the news media and its practicioners as the 8220enemy8221 Kim Sengupta the Independent8217s Defence and Diplomatic Correspondent opines that Bannon had urged his boss to 8220pull out and not get further tangled in Afghanistan8221 And that Bannon like his fellow altright henchmen blamed 8220the neocons8221 for the military imbroglio in the Hindui Kush even going as far as declaring that opinion amongst the altright held that the wars in Afghanistan as well as in Iraq had been 8220orchestrated by Jewish big business8221 In reality though the invasion of the Hindu Kush which led to the volcanic eruption of the now16 year war bogging down the US was the brainchild of a number of experts during a 82204day midJuly 2001 Berlin meeting carrying the heading 8216Brainstorming on Afghanistan8217 and that was apparently the outcome of the Clinton administration8217s concerns over Osama bin Laden8221 going back to the 1998 attacks on two US embassies in Africa 8211 in Dar es Salaam and Nairobi But it was down to 911 and George W Bush to ignite the Afghan powder keg leading to a conflagration subsequently deftly and somewhat ineptly handled by the Nobel Peace Prizewielding Barack Obama In light of Trump8217s recent Fort Myer speech the Washington Post reporter Robert Costa even tweeted that 8220Trump is echoing many of the points Bannon made behind the scenes But he has gone along w a version of McMasterMattis plan8221 In other words Costa merely affirms my earlier pronouncements on Trump becoming beholden to the infamous 8220militaryindustrial complex8221 and the Deep State insinuating that the current National Security Advisor in office since 20 February and the Secretary of Defense in office since 20 January had somehow colluded to delude and deceive the US President into continuing the American imperial policy in the Hindu Kush8230 On the other hand not quite three months after CPAC the Billy Graham Evangelistic Association convened the World Summit in Defense of Persecuted Christians in Washington DC 1013 May 2017 where Trump8217s Veep Mike Pence took to the stage Pence talking 8220on behalf of President Donald Trump8221 there and then assured the gathered believers that the Trump administration would not be sitting on its hands when it comes to fighting 8220radical Islamic terrorists8221 which the newlyminted President had already made plain during his inaugural speech in January Pence though went a lot further in his pubic words President Trump has 8220made it clear that America will stand by followers of Christ in this hour of need Our administration is fully committed in bringing relief and comfort to believers not only across the Middle East but across the world This President knows the terrorists will not stop until we stop them And under President Donald Trump we will stop them Under President Donald Trump America will continue to stand for religious freedom of all people of all faiths across the world And I believe that all God8217s children no matter their country or their creed can know with confidence that God will continue to guide this nation to play our unique role on behalf of freedom in the world8221 As a result though initially unwilling to do so as his 8220original instinct was to pull out8221 of Afghanistan Trump8217s 8216allnew alldifferent yet allthesame8217 policy in the Hindu Kush could be seen as part of this claimed commitment to do battle with the enemies of Christianity At the same time one could argue that the Billy Graham event was cunningly employed by the Trump team to fire up a significant part of its base to start a number of major military adventures in the Middle East and beyond using the figleaf of protecting persecuted Christians as a rallying cry to garner domestic and international support In spite of all of his campaign promises Donald Trump seems more than determined to follow in his predecessor8217s footsteps and become a real war president Building Nations on Paper During his speech Trump finetuned the American position in the Hindu Kush saying that 8220We are not nationbuilding again We are killing terrorists8221 And again these words also first sprung forth from somebody else8217s mouth namely Barack Obama8217s In early August 2015 President Obama told the members of his National Security Council that 8220we8217re no longer in nationbuilding mode8221 according to an unnamed person present at the meeting Like Trump just recently after his inauguration in January 2009 Obama ordered a 8220quick policy review8221 of the Afghan situation but 8220even before it was completed he accepted a Pentagon recommendation to send 17000 additional troops to Afghanistan bringing the total to nearly 70000 American troops on the ground8221 as worded by the journalist Mark Landler The mere idea of the US engaging in a nationbuilding efforts has been anathema to American politicians in the 21st century with candidate Bush making scathing remarks to Al Gore during the 2000 election campaign But then 8220After 911 I changed my mind8221 as he wrote in his memoir Decision Points published on 9 November 2010 Bush elaborated in his memoir that 8220Afghanistan was the ultimate nation building mission We had liberated the country from a primitive dictatorship and we had a moral obligation to leave behind something better8221 As a result in the Hindu Kush an unbroken line of nationbuilding activities stretches throughout the 21st century starting in the Bush years throughout the Obama period only to end at the outset of the Trump era for now at least At present President Trump is adamant about the fact that the United States will only be engaged in the business of 8220killing terrorists8221 in the Hindu Kush 8211 across the Durand Line apparently But famous or rather infamous for his flipflopping proficiency time will tell whether President Trump will be satisfied with sticking to his 8220original instinct8221 this time around Already the rightlymaligned Zbigniew Brzezinki recognised the importance of Central Asia and Afghanistan8217s position at the heart of the region makes abandoning the Hindu Kush a questionable proposition For starters there is the Bagram Airfield Base a permanent US foothold in the mountains overseeing the country8217s underground mineral wealth and keeping a close eye on the Chinese dragon across the border particularly after the Manas8217 Transit Center in neighbouring Kyrgyzstan was closed down in 2014 And the word China has famously been featuring prominently in Trump8217s mouth ever since he started switching career tracks last year The current nuclear impasse on the Korean peninsula has brought the Middle Kingdom to the fore as well given the DPRK8217s nature as a Chinese client state Will Trump merely order his 8216generals8217 to kill 8220terrorists8221 and then stick with his 8220original instinct8221 and 8220pull out8221 or will strategic and other concerns prevail so that the US presence in the Hindu Kush will continue unabated In 2011 retired USAF Lt Col Karen Kwiatkowski put it like this the Pentagon directors like 8220these military bases in the Hindu Kush too well they like the minerals and they like the geographic positioning Afghanistan provides our military8221 Will Trump be able to break the dictates of US imperial policy or will he have to succumb like all of his predecessors Will Trump be the one to end the war initiated by Bill Clinton8217s experts in Berlin or will he merely be able to add another chapter to the ongoing American saga in the Hindu Kush 21WIRE special contributor Dr Can Erimtanamp160is an independent scholar who was living in Istanbul for some time with a wide interest in the politics history and culture of the Balkans and the Greater Middle East He attended the VUB in Brussels and did his graduate work at the universities of Essex and Oxford In Oxford Erimtan was a member of Lady Margaret Hall and he obtained his doctorate in Modern History in 2002 His publications include the book 8220Ottomans Looking West8221 as well as numerous scholarly articles In the period 201011 he wrote opeds for Today8217s Zaman and in the further course of 2011 he also published a number of pieces in H252rriyet Daily News In 2013 he was the Turkey Editor of the 304stanbul Gazette He is on Twitter at theerimtanangle READ MORE AFGHANISTAN NEWS ATamp160 21st Century Wire Afghanistan Files SUPPORT 21WIRE 8211 SUBSCRIBE ampamp BECOME A MEMBER 21WIRETV

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<p>&amp;lt;a href="http://www.flickr.com/photos/wablair/3306566582/in/photostream/"&amp;gt;wablair&amp;lt;/a&amp;gt;/Flickr</p> <p>This <a href="http://www.tomdispatch.com/archive/175552/" type="external">story</a> first appeared on the <a href="http://www.tomdispatch.com/" type="external">TomDispatch</a> website.</p> <p>William &#8220;Drew&#8221; Dodds, the salesperson for StrongWatch, a Tucson-based company, is at the top of his game when he describes developments on the southern border of the United States in football terms. In his telling, that boundary is the line of scrimmage, and the technology his company is trying to sell&#8212;a mobile surveillance system named Freedom-On-The-Move, a camera set atop a retractable mast outfitted in the bed of a truck and maneuvered with an Xbox controller&#8212;acts like a &#8220;roving linebacker.&#8221;</p> <p>As Dodds describes it, unauthorized migrants and drug traffickers often cross the line of scrimmage undetected. At best, they are seldom caught until the &#8220;last mile,&#8221; far from the boundary line. His surveillance system, he claims, will cover a lot more of that ground in very little time and from multiple angles. It will become the border-enforcement equivalent of New York Giants&#8217; linebacking great, Lawrence Taylor.</p> <p><a href="http://www.tomdispatch.com" type="external" /></p> <p>To listen to Dodds, an ex-Marine&#8212;Afghanistan and Iraq, 2001-2004 &#8212;with the hulking physique of a linebacker himself, is to experience a new worldview being constructed on the run. Even a decade or so ago, it might have seemed like a mad dream from the American fringe. These days, his all-the-world&#8217;s-a-football-field vision seemed perfectly mainstream inside the brightly-lit convention hall in Phoenix, Arizona, where the seventh annual Border Security Expo took place this March. Dodds was just one of hundreds of salespeople peddling their border-enforcement products and national security wares, and StrongWatch but one of more than 100 companies scrambling for a profitable edge in an exploding market.</p> <p>&amp;#160;</p> <p>Vivid as he is, Dodds is speaking a new corporate language embedded in an ever-more powerful universe in which the need to build up &#8220;boundary enforcement&#8221; is accepted, even celebrated, rather than debated. It&#8217;s a world where billions of dollars are potentially at stake, and one in which nothing is more important than creating, testing, and even flaunting increasingly sophisticated and expensive technologies meant for border patrol and social control, without serious thought as to what they might really portend.</p> <p>The War on Terror on the Border</p> <p>Phoenix was an especially appropriate place for Border Security Expo.</p> <p>After all, the Arizona-Mexico border region is Ground Zero for the <a href="https://nacla.org/node/6681" type="external">development</a> of an immigration enforcement apparatus which soon enough may travel from the southern border to a neighborhood near you.</p> <p>The sold-out convention hall was abuzz with energy befitting an industry whose time has come. Wandering its aisles, you could sense the excitement, the sound of money being spent, the cacophony of hundreds of voices boosting product, the synergy of a burgeoning marketplace of ideas and dreams. General Dynamics, FLIR thermal imaging, and Raytheon banners hung from the vast ceiling, competing for eyeballs with the latest in mini-surveillance blimps. NEANY Inc.&#8217;s unmanned aerial drones and their water-borne equivalents sat on a thick red carpet next to desert-camouflaged trailer headquarters.</p> <p>At various exhibits, mannequins dressed in camo and sporting guns with surveillance gizmos hanging off their helmets seemed as if they might walk right out of the exhibition hall and take over the sprawling city of Phoenix with brute force. Little imaginable for your futuristic fortressed border was missing from the hall. There were even ready-to-eat pocket sandwiches (with a three-year shelf life), and Brief Relief plastic urine bags. A stream of uniformed Border Patrol, military, and police officials moved from booth to booth alongside men in suits in what the sole protester outside the convention center called a &#8220;mall of death.&#8221;</p> <p>If there was anything that caught the control mania at the heart of this expo, it was a sign behind the DRS Technologies booth, which offered this promise: &#8220;You Draw the Line and We&#8217;ll Help You Secure It.&#8221; And what better place to express such a sentiment than Phoenix, the seat of Maricopa County, where &#8220;America&#8217;s toughest sheriff,&#8221; Joe Arpaio (now being sued by the Justice Department), regularly swept through neighborhoods on a search for poor people of color who looked like they might have just slipped across the line dividing the United States from Mexico.</p> <p>Dodds and I stood a little more than 100 miles from that border, which has seen a staggering enforcement build-up over the last 20 years. It&#8217;s distinctly a seller&#8217;s market. StrongWatch is typical. The company, Dodds told me, was hoping for a fat contract for its border technology. After all, everyone knew that the Department of Homeland Security (DHS) was about to <a href="http://www.nationaljournal.com/domesticpolicy/dhs-requests-bids-for-second-try-at-virtual-fence-20120409" type="external">issue</a> a new request for proposals to build its latest version of a &#8220;virtual wall&#8221; along that border&#8212;not actual fencing, but a barrier made up of the latest in surveillance technology, including towers, cameras, sensors, and radar.</p> <p>In January 2011, DHS had <a href="http://www.aviationweek.com/Blogs.aspx?plckBlogId=Blog:27ec4a53-dcc8-42d0-bd3a-01329aef79a7&amp;amp;plckController=Blog&amp;amp;plckScript=blogScript&amp;amp;plckElementId=blogDest&amp;amp;plckBlogPage=BlogViewPost&amp;amp;plckPostId=Blog%3A27ec4a53-dcc8-42d0-bd3a-01329aef79a7Post%3A430e5449-67ed-476b-a620-adf0f5b20cb7" type="external">cancelled</a> its previous attempt, known as SBInet, and the multi-billion dollar contract to the Boeing Company that went with it. Complaints were that the costly and often-delayed technological barrier was not properly tailored to the rugged terrain of the borderlands, and that it had trouble distinguishing animals from humans.</p> <p>But the continued fortification of the border (and the profits that accompany it) caught only one aspect of the convention&#8217;s reality. After all, the Arizona portion of the US-Mexican border has not only become Ground Zero for every experiment in immigration enforcement and drug interdiction, but also the incubator, testing site, showcase, and staging ground for ever newer versions of border-enforcement technology that, sooner or later, are sure to be applied globally.</p> <p>As that buzzing convention floor made clear, the anything-goes approach to immigration enforcement found in Arizona&#8212;home to SB1070, the infamous anti-immigrant law now <a href="http://www.huffingtonpost.com/2012/04/25/sb-1070-supreme-court-arizona-immigration-law_n_1451622.html" type="external">before the Supreme Court</a>&#8212;has generated interest from boundary-militarizers elsewhere in the country and the world. An urge for zero-tolerance-style Arizona borders is spreading fast, as evidenced by the convention&#8217;s clientele. In addition to US Border Patrol types, attendees came from law enforcement outfits and agencies nationwide, and from 18 countries around the world, including Israel and Russia.</p> <p><a href="http://www.amazon.com/gp/product/B0086EF89K/ref=as_li_ss_tl?ie=UTF8&amp;amp;tag=tomdispatch-20&amp;amp;linkCode=as2&amp;amp;camp=1789&amp;amp;creative=390957&amp;amp;creativeASIN=B0086EF89K" type="external" />In theory, the Expo had nothing to do with SB1070, but the organizers&#8217; choice of controversial Arizona governor Jan Brewer as keynote speaker could be seen as an endorsement of the laissez-faire climate in the state. It is, in other words, the perfect place to develop and even test future technology on real people.</p> <p>Brewer first <a href="http://www.newsmax.com/US/BorderExpo/2012/03/06/id/431660" type="external">assured convention-goers</a> that the &#8220;immigration issue isn&#8217;t about hate or skin color&#8230;it&#8217;s about securing the border and keeping Americans safe.&#8221; That out of the way, she promptly launched into one of her usual tirades, blasting the federal government for not securing the border. &#8220;America&#8217;s failure to understand this problem at a national level and to deal with it,&#8221; she insisted, &#8220;has haunted borders like mine for decades.&#8221;</p> <p>In fact, as Brewer well knows, the very opposite is the case. Arizona&#8217;s rise to immigration importance has gone hand in hand with the creation of a border version of the very homeland security state she criticizes. In reality, federal resources and Department of Homeland Security dollars have been pouring into Arizona as part of a tripartite war on &#8220;illegals,&#8221; drugs, and terrorism. Her continual complaints about a &#8220;porous border,&#8221; enhanced by <a href="http://www.csmonitor.com/USA/Politics/The-Vote/2010/0904/Jan-Brewer-corrects-the-record-on-headless-bodies-in-the-desert" type="external">exaggerated tales</a> of &#8220;decapitated bodies,&#8221; only ups the pressure for ever more building blocks to Fortress USA. Brewer&#8217;s are sweet words to the companies who hope to profit, including DRS Technologies, StrongWatch, and Boeing.</p> <p>The governor is hardly alone. Politicians from both parties are loath to acknowledge (as is the much of the mainstream media) how drastically the enforcement landscape along the US-Mexican borderlands has been altered in recent years. As geographer and border scholar Joseph Nevins <a href="http://books.google.com/books?id=aQOxQaoyOFUC&amp;amp;pg=PA188&amp;amp;lpg=PA188&amp;amp;dq=:+%E2%80%9CThe+very+existence+of+lines+of+control+over+the+movement+of+people+is+a+very+recent+development+in+human+history.%E2%80%9D&amp;amp;source=bl&amp;amp;ots=QZHVG1WK_9&amp;amp;sig=sqjDkEIuDl6WEUcxZ2crOzwasVg&amp;amp;hl=en&amp;amp;sa=X&amp;amp;ei=K3rKT83pJOTV0QHOu8yhAQ&amp;amp;ved=0CCAQ6AEwAA#v=onepage&amp;amp;q=%3A%20%E2%80%9CThe%20very%20existence%20of%20lines%20of%20control%20over%20the%20movement%20of%20people%20is%20a%20very%20recent%20development%20in%20human%20history.%E2%80%9D&amp;amp;f=false" type="external">sums the matter up</a>: &#8220;The very existence of lines of control over the movement of people is a very recent development in human history.&#8221;</p> <p>Al-Qaedizing Immigrants</p> <p>Anybody revisiting Nogales, El Paso, San Ysidro, or Brownsville today would quickly realize that they look nothing like they did two decades ago. In 1993, there were only 4,000 Border Patrol agents covering 6,000 miles of Canadian and Mexican boundarylands, and only flimsy chain-link fences along the most urbanized stretches of the southern border separated communities on either side.</p> <p>Now, 16-foot walls cut through these towns. An array of cameras peer over them into Mexico sending a constant flow of images to dark monitoring rooms in Border Patrol stations along the 2,000 mile southern border, where bored agents watch mostly pedestrian traffic. Stadium-style lighting rises over the walls and shines into Mexico, turning night into day as if we were indeed in salesman Dodds&#8217;s football game. For residents whose homes abut the border sleep is a challenge.</p> <p>Border Patrol forces, still growing, have <a href="http://www.texasobserver.org/lalinea/life-in-the-constitution-free-zone" type="external">more than doubled</a> in the years since 9/11. As the new uniformed soldiers of the Department of Homeland Security, close to 20,000 Border Patrol agents now occupy the US Southwest. Predator drones and mini-surveillance blimps regularly patrol the skies. Nevins says that it is a &#8220;highly significant development&#8221; that we have come to accept this version of &#8220;boundaries&#8221; and the institutions that enforce them without question.</p> <p>The Border Patrol became part of the Department of Homeland Security in 2003 and was placed under the wing of Customs and Border Protection, now the largest federal law enforcement agency in the country with 60,000 employees. In the process, its &#8220; <a href="http://www.cbp.gov/xp/cgov/border_security/border_patrol/" type="external">priority mission</a>&#8221; became &#8220;keeping terrorists and their weapons out of the US&#8221; Since then the Border Patrol has not <a href="http://azstarnet.com/news/local/border/article_ed932aa2-9d2a-54f1-b930-85f5d4cce9a8.html" type="external">netted</a> a single person affiliated with a terrorist organization nor a single weapon of mass destruction.</p> <p>It has, however, apprehended millions of Latin American migrants coming north, including a historic number of Mexicans who were essentially victims of the North American Free Trade Agreement (NAFTA). No terrorists, they were often small farmers who could no longer compete with subsidized US grain giants like Cargill and Archer Daniels Midland for whom NAFTA proved a free pass into Mexico. US officials were <a href="http://www.google.com/url?sa=t&amp;amp;rct=j&amp;amp;q=the%20escalation%20of%20US%20immigration%20control%20in%20the%20post-nafta%20era&amp;amp;source=web&amp;amp;cd=1&amp;amp;sqi=2&amp;amp;ved=0CFwQFjAA&amp;amp;url=http%3A%2F%2Fdspace.cigilibrary.org%2Fjspui%2Fbitstream%2F123456789%2F292%2F1%2FThe%20Escalation%20of%20US%20Immigration%20Control%20in%20the%20Post%20NAFTA%20Era.pdf%3F1&amp;amp;ei=poLKT6vXKueB6gGD0_Ex&amp;amp;usg=AFQjCNFmAIKT7tt8XkhM3aQqTr4esQLxpQ&amp;amp;cad=rja" type="external">well aware</a> that the trade agreement would lead to an increase in migration, and called for the enforcement build-up. In the post-9/11 world, under the rubric of &#8220;protecting&#8221; the country from terrorism, the DHS, with the help of state governments and local police, has enforced what is really a line of exclusion, guaranteeing eternal inequality between those who have and those who do not.</p> <p>These lines of division have not only undergone a rapid build-up, but have fast become the accepted norm. <a href="http://sfaa.metapress.com/app/home/contribution.asp?referrer=parent&amp;amp;backto=issue,8,13;journal,51,281;linkingpublicationresults,1:113218,1" type="external">According to</a> anthropologist Josiah Heyman, the muscling up of an ever more massive border enforcement, interdiction, and surveillance apparatus &#8220;has militarized border society, where more and more people either work for the watchers, or are watched by the state.&#8221; Heyman&#8217;s words may prove prophetic, and not just along our borders either.</p> <p>As any migrant, protester, or activist in the United States knows, the &#8220;watchers&#8221; and the &#8220;watched&#8221; are proliferating nationwide. Geographer Matthew Coleman <a href="http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8330.2007.00506.x/abstract" type="external">says</a> that the &#8220;most significant yet largely ignored fallout of the so-called war on terrorism&#8230; [is] the extension of interior immigration policing practices away from the southwest border.&#8221;</p> <p>Immigration and Customs Enforcement (ICE) is another 20,000-strong agency sheltered under the expansive roof of the Department of Homeland Security. It draws from a pool of 650,000 law enforcement officers across the country through deputization programs with innocuous names like 287(g) and Secure Communities. ICE effectively serves as a conduit bringing the borderlands and all they now imply into communities as distant as Utah, North Carolina, New Jersey, and Rhode Island.</p> <p>More than one million migrants have been <a href="http://www.huffingtonpost.com/2011/10/18/deportations-customs-remove-record-number_n_1018002.html" type="external">deported</a> from the country over the last three and a half years under the Obama administration, numbers that surpass those of the Bush years. This should be a reminder that a significant, if overlooked, part of this country&#8217;s post 9/11 security iron fist has been aimed not at al-Qaeda but at the undocumented migrant. Indeed, as writer Roberto Lovato <a href="http://nacla.org/node/5232" type="external">points out</a>, there has been an &#8220;al-Qaedization of immigrants and immigration policy.&#8221; And as in the Global War on Terror, military-industrial companies like Boeing and Halliburton are cashing in on this version of for-profit war.</p> <p>Bringing Arizona to You</p> <p>Surprisingly enough, in that vast, brightly-lit cathedral of science fiction in Phoenix it wasn&#8217;t the guns, drones, and robots, or the fixed surveillance towers and militarized mannequins that startled me most. It was the staggering energy and enthusiasm, so thick in the convention&#8217;s air that it enveloped you.</p> <p>That day, I had no doubt, I was in the presence of a burgeoning new industry which has every intention of making not just the border, but this world of ours its own. I could feel that sense of excitement and possibility from the moment Drew Dodds began explaining to me just how his company&#8217;s Freedom-On-The-Move system actually works. He grabbed two water bottles close at hand and began painting a vivid picture of one as a &#8220;hill&#8221; obstructing &#8220;the line of sight to the target,&#8221; and the other as that &#8220;target&#8221;&#8212;in fact, an exhausted migrant walking &#8220;the last mile&#8221; after three days in the desert, who might give anything for just such a bottle.</p> <p>I have met many migrants in Dodd&#8217;s &#8220;last mile&#8221;&#8212;hurt, dehydrated, exhausted. One man&#8217;s feet had swelled up so much, thanks to the unrelenting heat and the cactus spines he had stepped on, that he could no longer jam them in his shoes. He had, he told me, continued on anyway in excruciating pain, mile after mile, barefoot on the oven-hot desert floor. Considering the thousands of dead bodies <a href="http://rt.com/usa/news/us-arizona-immigrant-death-072/" type="external">recovered</a> from the borderlands since the massive build-up of Border Patrol forces and technology, he was lucky to have made it through alive. And this was the man Dodds was so pumped about Freedom-On-The-Move&#8217;s &#8220;spot and stalk&#8221; technology nabbing; this was his football game. In the end, though, he abandoned football for reality, summing up his experience this way: &#8220;We are bringing the battlefield to the border.&#8221;</p> <p>That caught it all, offering a vision of what the military-industrial complex looks like once it&#8217;s transported, jobs and all, to the US-Mexican border and turned into a consumer&#8217;s mall for the post-9/11 American era. You could sense it in the young woman from RoboteX, who looked like she had walked directly out of her college graduation and onto the floor of Border Security Expo 2012. She loaned me her remote control for a few minutes and let me play with the micro-robot she was hawking. It looked like a tiny tank and was already being used by the Oakland police and its SWAT team.</p> <p>It was the breathless excitement of the University of Arizona graduate student describing to me the &#8220;deception detection&#8221; technology the university was developing, along with a &#8220;communication web&#8221; that would allow drones to communicate with each other without human intervention. Perhaps training students for this rising industry was part of the University of Arizona&#8217;s thought process <a href="https://nacla.org/article/follow-money-university-arizona%E2%80%99s-border-war" type="external">in accepting</a> a multi-million-dollar grant from DHS to create a Center of Excellence on Border Security which will work in tandem with its Tech Park on Science and Technology. That center, in turn, was to develop the newest border enforcement technologies, as part of a consortium of several other universities.</p> <p>In the next three years, the homeland security market in the United States is expected to <a href="http://www.homelandsecurityresearch.com/2010/09/us-federal-homeland-security-market-2011-2014/" type="external">reach $113 billion</a>, according to a report by Homeland Security Market Research, and a significant chunk of that money will be dedicated to boundary building. Pretty soon the idea of border security as part of a Fortress USA will be so entrenched in the system that no one will be able to shake it loose&#8212;and then, of course, like all such systems, it will proliferate.</p> <p>It has been fashionable to treat the state of Arizona as an American fringe phenomenon, simply a bunch of lunatics hell-bent on passing bluntly racist anti-immigration laws. However, as Border Security Expo indicates, something far more sinister is at work. There&#8217;s nothing fringe about the companies in the convention hall eager to build up the homeland security state, and funded by the federal government.</p> <p>In Arizona, industry leaders are calling for the formation of the first &#8220;global cluster&#8221; of private companies on border security in the United States. Already 50 businesses, large and small, have been <a href="http://www.homelandsecuritynewswire.com/border-security-crisis-boosts-tucsons-economy" type="external">identified</a> as possible participants. Bruce Wright, vice president of the University of Arizona Tech Park on Science and Technology, says that many of them have set up shop in the park, and that the university has the facilities to incubate both start-up companies and subsidiaries for more established military or aerospace corporations as they enter what he calls &#8220;the border tech realm.&#8221;</p> <p>&#8220;Here we are living on the border&#8212;turning lemons into lemonade. If we are to deal with the problem&#8212;what is the economic benefit from dealing with it?&#8221; Wright asks, referring to immigration enforcement, trade, drug interdiction, and the war on terror. &#8220;Well, we can build an industry around this problem that creates employment, wages, and wealth for this region&#8230;And this technology can be sold all over the world. So it becomes an industry cluster that is very beneficial to us in Southern Arizona.&#8221;</p> <p>Wright&#8217;s vision is likely to prove far more powerful than SB1070 will ever be. As Arizona defines the line of scrimmage for US border security strategy, it is also preparing the way to export its products of social control not only abroad, but also to your hometown, or to wherever a boundary needs to be built between the rich and poor.</p> <p>Todd Miller has researched and written about US-Mexican border issues for more than 10 years. He has worked on both sides of the border for BorderLinks in Tucson, Arizona, and Witness for Peace in Oaxaca, Mexico. He now writes on border and immigration issues for NACLA Report on the Americas and its blog &#8220; <a href="http://nacla.org/blog/border-wars" type="external">Border Wars</a>,&#8221; among other places. Follow TomDispatch on Twitter @TomDispatch, join us on Facebook, and check out the latest TD book, <a href="http://www.amazon.com/gp/product/B0086EF89K/ref=as_li_ss_tl?ie=UTF8&amp;amp;tag=tomdispatch-20&amp;amp;linkCode=as2&amp;amp;camp=1789&amp;amp;creative=390957&amp;amp;creativeASIN=B0086EF89K" type="external">Terminator Planet: The First History of Drone Warfare, 2001-2050</a>. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.com <a href="http://tomdispatch.us2.list-manage.com/subscribe?u=6cb39ff0b1f670c349f828c73&amp;amp;id=1e41682ade" type="external">here</a>.</p>

The Big Business of Border Control

https://motherjones.com/politics/2012/06/border-control-business-us-mexico/

2012-06-07

4left

amplta hrefhttpwwwflickrcomphotoswablair3306566582inphotostreamampgtwablairampltaampgtFlickr This story first appeared on the TomDispatch website William 8220Drew8221 Dodds the salesperson for StrongWatch a Tucsonbased company is at the top of his game when he describes developments on the southern border of the United States in football terms In his telling that boundary is the line of scrimmage and the technology his company is trying to sell8212a mobile surveillance system named FreedomOnTheMove a camera set atop a retractable mast outfitted in the bed of a truck and maneuvered with an Xbox controller8212acts like a 8220roving linebacker8221 As Dodds describes it unauthorized migrants and drug traffickers often cross the line of scrimmage undetected At best they are seldom caught until the 8220last mile8221 far from the boundary line His surveillance system he claims will cover a lot more of that ground in very little time and from multiple angles It will become the borderenforcement equivalent of New York Giants8217 linebacking great Lawrence Taylor To listen to Dodds an exMarine8212Afghanistan and Iraq 20012004 8212with the hulking physique of a linebacker himself is to experience a new worldview being constructed on the run Even a decade or so ago it might have seemed like a mad dream from the American fringe These days his alltheworld8217safootballfield vision seemed perfectly mainstream inside the brightlylit convention hall in Phoenix Arizona where the seventh annual Border Security Expo took place this March Dodds was just one of hundreds of salespeople peddling their borderenforcement products and national security wares and StrongWatch but one of more than 100 companies scrambling for a profitable edge in an exploding market amp160 Vivid as he is Dodds is speaking a new corporate language embedded in an evermore powerful universe in which the need to build up 8220boundary enforcement8221 is accepted even celebrated rather than debated It8217s a world where billions of dollars are potentially at stake and one in which nothing is more important than creating testing and even flaunting increasingly sophisticated and expensive technologies meant for border patrol and social control without serious thought as to what they might really portend The War on Terror on the Border Phoenix was an especially appropriate place for Border Security Expo After all the ArizonaMexico border region is Ground Zero for the development of an immigration enforcement apparatus which soon enough may travel from the southern border to a neighborhood near you The soldout convention hall was abuzz with energy befitting an industry whose time has come Wandering its aisles you could sense the excitement the sound of money being spent the cacophony of hundreds of voices boosting product the synergy of a burgeoning marketplace of ideas and dreams General Dynamics FLIR thermal imaging and Raytheon banners hung from the vast ceiling competing for eyeballs with the latest in minisurveillance blimps NEANY Inc8217s unmanned aerial drones and their waterborne equivalents sat on a thick red carpet next to desertcamouflaged trailer headquarters At various exhibits mannequins dressed in camo and sporting guns with surveillance gizmos hanging off their helmets seemed as if they might walk right out of the exhibition hall and take over the sprawling city of Phoenix with brute force Little imaginable for your futuristic fortressed border was missing from the hall There were even readytoeat pocket sandwiches with a threeyear shelf life and Brief Relief plastic urine bags A stream of uniformed Border Patrol military and police officials moved from booth to booth alongside men in suits in what the sole protester outside the convention center called a 8220mall of death8221 If there was anything that caught the control mania at the heart of this expo it was a sign behind the DRS Technologies booth which offered this promise 8220You Draw the Line and We8217ll Help You Secure It8221 And what better place to express such a sentiment than Phoenix the seat of Maricopa County where 8220America8217s toughest sheriff8221 Joe Arpaio now being sued by the Justice Department regularly swept through neighborhoods on a search for poor people of color who looked like they might have just slipped across the line dividing the United States from Mexico Dodds and I stood a little more than 100 miles from that border which has seen a staggering enforcement buildup over the last 20 years It8217s distinctly a seller8217s market StrongWatch is typical The company Dodds told me was hoping for a fat contract for its border technology After all everyone knew that the Department of Homeland Security DHS was about to issue a new request for proposals to build its latest version of a 8220virtual wall8221 along that border8212not actual fencing but a barrier made up of the latest in surveillance technology including towers cameras sensors and radar In January 2011 DHS had cancelled its previous attempt known as SBInet and the multibillion dollar contract to the Boeing Company that went with it Complaints were that the costly and oftendelayed technological barrier was not properly tailored to the rugged terrain of the borderlands and that it had trouble distinguishing animals from humans But the continued fortification of the border and the profits that accompany it caught only one aspect of the convention8217s reality After all the Arizona portion of the USMexican border has not only become Ground Zero for every experiment in immigration enforcement and drug interdiction but also the incubator testing site showcase and staging ground for ever newer versions of borderenforcement technology that sooner or later are sure to be applied globally As that buzzing convention floor made clear the anythinggoes approach to immigration enforcement found in Arizona8212home to SB1070 the infamous antiimmigrant law now before the Supreme Court8212has generated interest from boundarymilitarizers elsewhere in the country and the world An urge for zerotolerancestyle Arizona borders is spreading fast as evidenced by the convention8217s clientele In addition to US Border Patrol types attendees came from law enforcement outfits and agencies nationwide and from 18 countries around the world including Israel and Russia In theory the Expo had nothing to do with SB1070 but the organizers8217 choice of controversial Arizona governor Jan Brewer as keynote speaker could be seen as an endorsement of the laissezfaire climate in the state It is in other words the perfect place to develop and even test future technology on real people Brewer first assured conventiongoers that the 8220immigration issue isn8217t about hate or skin color8230it8217s about securing the border and keeping Americans safe8221 That out of the way she promptly launched into one of her usual tirades blasting the federal government for not securing the border 8220America8217s failure to understand this problem at a national level and to deal with it8221 she insisted 8220has haunted borders like mine for decades8221 In fact as Brewer well knows the very opposite is the case Arizona8217s rise to immigration importance has gone hand in hand with the creation of a border version of the very homeland security state she criticizes In reality federal resources and Department of Homeland Security dollars have been pouring into Arizona as part of a tripartite war on 8220illegals8221 drugs and terrorism Her continual complaints about a 8220porous border8221 enhanced by exaggerated tales of 8220decapitated bodies8221 only ups the pressure for ever more building blocks to Fortress USA Brewer8217s are sweet words to the companies who hope to profit including DRS Technologies StrongWatch and Boeing The governor is hardly alone Politicians from both parties are loath to acknowledge as is the much of the mainstream media how drastically the enforcement landscape along the USMexican borderlands has been altered in recent years As geographer and border scholar Joseph Nevins sums the matter up 8220The very existence of lines of control over the movement of people is a very recent development in human history8221 AlQaedizing Immigrants Anybody revisiting Nogales El Paso San Ysidro or Brownsville today would quickly realize that they look nothing like they did two decades ago In 1993 there were only 4000 Border Patrol agents covering 6000 miles of Canadian and Mexican boundarylands and only flimsy chainlink fences along the most urbanized stretches of the southern border separated communities on either side Now 16foot walls cut through these towns An array of cameras peer over them into Mexico sending a constant flow of images to dark monitoring rooms in Border Patrol stations along the 2000 mile southern border where bored agents watch mostly pedestrian traffic Stadiumstyle lighting rises over the walls and shines into Mexico turning night into day as if we were indeed in salesman Dodds8217s football game For residents whose homes abut the border sleep is a challenge Border Patrol forces still growing have more than doubled in the years since 911 As the new uniformed soldiers of the Department of Homeland Security close to 20000 Border Patrol agents now occupy the US Southwest Predator drones and minisurveillance blimps regularly patrol the skies Nevins says that it is a 8220highly significant development8221 that we have come to accept this version of 8220boundaries8221 and the institutions that enforce them without question The Border Patrol became part of the Department of Homeland Security in 2003 and was placed under the wing of Customs and Border Protection now the largest federal law enforcement agency in the country with 60000 employees In the process its 8220 priority mission8221 became 8220keeping terrorists and their weapons out of the US8221 Since then the Border Patrol has not netted a single person affiliated with a terrorist organization nor a single weapon of mass destruction It has however apprehended millions of Latin American migrants coming north including a historic number of Mexicans who were essentially victims of the North American Free Trade Agreement NAFTA No terrorists they were often small farmers who could no longer compete with subsidized US grain giants like Cargill and Archer Daniels Midland for whom NAFTA proved a free pass into Mexico US officials were well aware that the trade agreement would lead to an increase in migration and called for the enforcement buildup In the post911 world under the rubric of 8220protecting8221 the country from terrorism the DHS with the help of state governments and local police has enforced what is really a line of exclusion guaranteeing eternal inequality between those who have and those who do not These lines of division have not only undergone a rapid buildup but have fast become the accepted norm According to anthropologist Josiah Heyman the muscling up of an ever more massive border enforcement interdiction and surveillance apparatus 8220has militarized border society where more and more people either work for the watchers or are watched by the state8221 Heyman8217s words may prove prophetic and not just along our borders either As any migrant protester or activist in the United States knows the 8220watchers8221 and the 8220watched8221 are proliferating nationwide Geographer Matthew Coleman says that the 8220most significant yet largely ignored fallout of the socalled war on terrorism8230 is the extension of interior immigration policing practices away from the southwest border8221 Immigration and Customs Enforcement ICE is another 20000strong agency sheltered under the expansive roof of the Department of Homeland Security It draws from a pool of 650000 law enforcement officers across the country through deputization programs with innocuous names like 287g and Secure Communities ICE effectively serves as a conduit bringing the borderlands and all they now imply into communities as distant as Utah North Carolina New Jersey and Rhode Island More than one million migrants have been deported from the country over the last three and a half years under the Obama administration numbers that surpass those of the Bush years This should be a reminder that a significant if overlooked part of this country8217s post 911 security iron fist has been aimed not at alQaeda but at the undocumented migrant Indeed as writer Roberto Lovato points out there has been an 8220alQaedization of immigrants and immigration policy8221 And as in the Global War on Terror militaryindustrial companies like Boeing and Halliburton are cashing in on this version of forprofit war Bringing Arizona to You Surprisingly enough in that vast brightlylit cathedral of science fiction in Phoenix it wasn8217t the guns drones and robots or the fixed surveillance towers and militarized mannequins that startled me most It was the staggering energy and enthusiasm so thick in the convention8217s air that it enveloped you That day I had no doubt I was in the presence of a burgeoning new industry which has every intention of making not just the border but this world of ours its own I could feel that sense of excitement and possibility from the moment Drew Dodds began explaining to me just how his company8217s FreedomOnTheMove system actually works He grabbed two water bottles close at hand and began painting a vivid picture of one as a 8220hill8221 obstructing 8220the line of sight to the target8221 and the other as that 8220target82218212in fact an exhausted migrant walking 8220the last mile8221 after three days in the desert who might give anything for just such a bottle I have met many migrants in Dodd8217s 8220last mile82218212hurt dehydrated exhausted One man8217s feet had swelled up so much thanks to the unrelenting heat and the cactus spines he had stepped on that he could no longer jam them in his shoes He had he told me continued on anyway in excruciating pain mile after mile barefoot on the ovenhot desert floor Considering the thousands of dead bodies recovered from the borderlands since the massive buildup of Border Patrol forces and technology he was lucky to have made it through alive And this was the man Dodds was so pumped about FreedomOnTheMove8217s 8220spot and stalk8221 technology nabbing this was his football game In the end though he abandoned football for reality summing up his experience this way 8220We are bringing the battlefield to the border8221 That caught it all offering a vision of what the militaryindustrial complex looks like once it8217s transported jobs and all to the USMexican border and turned into a consumer8217s mall for the post911 American era You could sense it in the young woman from RoboteX who looked like she had walked directly out of her college graduation and onto the floor of Border Security Expo 2012 She loaned me her remote control for a few minutes and let me play with the microrobot she was hawking It looked like a tiny tank and was already being used by the Oakland police and its SWAT team It was the breathless excitement of the University of Arizona graduate student describing to me the 8220deception detection8221 technology the university was developing along with a 8220communication web8221 that would allow drones to communicate with each other without human intervention Perhaps training students for this rising industry was part of the University of Arizona8217s thought process in accepting a multimilliondollar grant from DHS to create a Center of Excellence on Border Security which will work in tandem with its Tech Park on Science and Technology That center in turn was to develop the newest border enforcement technologies as part of a consortium of several other universities In the next three years the homeland security market in the United States is expected to reach 113 billion according to a report by Homeland Security Market Research and a significant chunk of that money will be dedicated to boundary building Pretty soon the idea of border security as part of a Fortress USA will be so entrenched in the system that no one will be able to shake it loose8212and then of course like all such systems it will proliferate It has been fashionable to treat the state of Arizona as an American fringe phenomenon simply a bunch of lunatics hellbent on passing bluntly racist antiimmigration laws However as Border Security Expo indicates something far more sinister is at work There8217s nothing fringe about the companies in the convention hall eager to build up the homeland security state and funded by the federal government In Arizona industry leaders are calling for the formation of the first 8220global cluster8221 of private companies on border security in the United States Already 50 businesses large and small have been identified as possible participants Bruce Wright vice president of the University of Arizona Tech Park on Science and Technology says that many of them have set up shop in the park and that the university has the facilities to incubate both startup companies and subsidiaries for more established military or aerospace corporations as they enter what he calls 8220the border tech realm8221 8220Here we are living on the border8212turning lemons into lemonade If we are to deal with the problem8212what is the economic benefit from dealing with it8221 Wright asks referring to immigration enforcement trade drug interdiction and the war on terror 8220Well we can build an industry around this problem that creates employment wages and wealth for this region8230And this technology can be sold all over the world So it becomes an industry cluster that is very beneficial to us in Southern Arizona8221 Wright8217s vision is likely to prove far more powerful than SB1070 will ever be As Arizona defines the line of scrimmage for US border security strategy it is also preparing the way to export its products of social control not only abroad but also to your hometown or to wherever a boundary needs to be built between the rich and poor Todd Miller has researched and written about USMexican border issues for more than 10 years He has worked on both sides of the border for BorderLinks in Tucson Arizona and Witness for Peace in Oaxaca Mexico He now writes on border and immigration issues for NACLA Report on the Americas and its blog 8220 Border Wars8221 among other places Follow TomDispatch on Twitter TomDispatch join us on Facebook and check out the latest TD book Terminator Planet The First History of Drone Warfare 20012050 To stay on top of important articles like these sign up to receive the latest updates from TomDispatchcom here

amplta/PROPN hrefhttpwwwflickrcomphotoswablair3306566582inphotostreamampgtwablairampltaampgtFlickr/ADJ This/DET story/NOUN first/ADV appeared/VERB on/ADP the/DET TomDispatch/PROPN website/NOUN William/PROPN 8220Drew8221/PROPN Dodds/VERB the/DET salesperson/NOUN for/ADP StrongWatch/PROPN a/DET Tucsonbased/PROPN company/NOUN is/AUX at/ADP the/DET top/NOUN of/ADP his/PRON game/NOUN when/SCONJ he/PRON describes/VERB developments/NOUN on/ADP the/DET southern/ADJ border/NOUN of/ADP the/DET United/PROPN States/PROPN in/ADP football/NOUN terms/NOUN In/ADP his/PRON telling/NOUN that/SCONJ boundary/NOUN is/AUX the/DET line/NOUN of/ADP scrimmage/NOUN and/CCONJ the/DET technology/NOUN his/PRON company/NOUN is/AUX trying/VERB to/PART sell8212a/VERB mobile/ADJ surveillance/NOUN system/NOUN named/VERB FreedomOnTheMove/PUNCT a/DET camera/NOUN set/VERB atop/ADP a/DET retractable/ADJ mast/NOUN outfitted/VERB in/ADP the/DET bed/NOUN of/ADP a/DET truck/NOUN and/CCONJ maneuvered/VERB with/ADP an/DET 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an/DET exploding/VERB market/NOUN amp160/NOUN Vivid/PROPN as/SCONJ he/PRON is/AUX Dodds/PROPN is/AUX speaking/VERB a/DET new/ADJ corporate/ADJ language/NOUN embedded/VERB in/ADP an/DET evermore/ADJ powerful/ADJ universe/NOUN in/ADP which/PRON the/DET need/NOUN to/PART build/VERB up/ADP 8220boundary/NOUN enforcement8221/NOUN is/AUX accepted/VERB even/ADV celebrated/VERB rather/ADV than/ADP debated/VERB It8217s/PROPN a/DET world/NOUN where/SCONJ billions/NOUN of/ADP dollars/NOUN are/AUX potentially/ADV at/ADP stake/NOUN and/CCONJ one/NUM in/ADP which/PRON nothing/PRON is/AUX more/ADV important/ADJ than/ADP creating/VERB testing/NOUN and/CCONJ even/ADV flaunting/VERB increasingly/ADV sophisticated/ADJ and/CCONJ expensive/ADJ technologies/NOUN meant/VERB for/ADP border/NOUN patrol/NOUN and/CCONJ social/ADJ control/NOUN without/ADP serious/ADJ thought/NOUN as/ADP to/ADP what/PRON they/PRON might/AUX really/ADV portend/VERB The/DET War/PROPN on/ADP Terror/PROPN on/ADP the/DET Border/PROPN 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here/ADV

<p>Mr. Fish / Truthdig</p> <p>The nihilism and rage sweeping across the globe are not generated by warped ideologies or medieval religious beliefs. These destructive forces have their roots in the obliterating of social, cultural and religious traditions by modernization and the consumer society, the disastrous attempts by the United States to carry out regime change, often through coups and wars, and the utopian <a href="http://www.corpwatch.org/article.php?id=376" type="external">neoliberal ideology</a> that has concentrated wealth in the hands of a tiny cabal of corrupt global oligarchs.</p> <p>This vast, global project of social engineering during the last century persuaded hundreds of millions of people, as <a href="http://www.pankajmishra.com/about/%20" type="external">Pankaj Mishra</a> writes in &#8220; <a href="http://www.goodreads.com/book/show/30989285-age-of-anger%20" type="external">The Age of Anger: A History of the Present</a>,&#8221; &#8220;to renounce&#8212;and often scorn&#8212;a world of the past that had endured for thousands of years, and to undertake a gamble of creating modern citizens who would be secular, enlightened, cultured and heroic.&#8221; The project has been a spectacular failure.</p> <p>&#8220;To destroy a people,&#8221; <a href="https://www.britannica.com/biography/Aleksandr-Solzhenitsyn%20" type="external">Alexander Solzhenitsyn</a> noted acidly, &#8220;you must sever their roots.&#8221; The wretched of the earth, as <a href="http://www.iep.utm.edu/fanon/%20" type="external">Frantz Fanon</a> called them, have been shorn of any ideological or cultural cohesion. They are cut off from their past. They live in crushing poverty, numbing alienation, hopelessness and often terror. Mass culture feeds them the tawdry, the violent, the salacious and the ridiculous. They are rising up against these forces of modernization, driven by an atavistic fury to destroy the technocratic world that condemns them. This rage is expressed in many forms&#8212;Hindu nationalism, protofascism, jihadism, the Christian right, anarchic violence and others. But the various forms of <a href="https://www.google.com/#q=ressentiment" type="external">ressentiment</a> spring from the same deep wells of global despair. This ressentiment &#8220;poisons civil society and undermines political liberty,&#8221; Mishra writes, and it is fueling &#8220;a global turn to authoritarianism and toxic forms of chauvinism.&#8221;</p> <p /> <p>Western elites, rather than accept their responsibility for the global anarchy, self-servingly define the clash as one between the values of the enlightened West and medieval barbarians. They see in the extreme nationalists, religious fundamentalists and jihadists an inchoate and inexplicable irrationality that can be quelled only with force. They have yet to grasp that the disenfranchised do not hate us for our values; they hate us because of our duplicity, use of indiscriminate industrial violence on their nations and communities and our hypocrisy. The dispossessed grasp the true message of the West to the rest of the planet: We have everything, and if you try to take it away from us we will kill you.</p> <p>The more that Western elites are attacked, the more they too retreat into a mythological past, self-glorification and willful ignorance. Mishra writes:</p> <p>Thus, in the very places [in the West] where secular modernity arose, with ideas that were then universally established&#8212;individualism (against the significance of social relations), the cult of efficiency and utility (against the ethic of honour), and the normalization of self-interest&#8212;the mythic Volk has reappeared as a spur to solidarity and action against real and imagined enemies.</p> <p>But nationalism is, more than ever before, a mystification, if not a dangerous fraud with its promise of making a country &#8216;great again&#8217; and its demonization of the &#8216;other&#8217;; it conceals the real conditions of existence, and the true origins of suffering, even as it seeks to replicate the comforting balm of transcendental ideals within a bleak earthly horizon. Its political resurgence shows that ressentiment&#8212;in this case, of people who feel left behind by the globalized economy or contemptuously ignored by its slick overlords and cheerleaders in politics, business and the media&#8212;remains the default metaphysics of the modern world since [Jean-Jacques] <a href="https://plato.stanford.edu/entries/rousseau/%20" type="external">Rousseau</a> first defined it. And its most menacing expression in the age of individualism may well be the violent anarchism of the disinherited and the superfluous.</p> <p>The proponents of globalization promised to lift workers across the planet into the middle class and instill democratic values and scientific rationalism. Religious and ethnic tensions would be alleviated or eradicated. This global marketplace would create a peaceful, prosperous community of nations. All we had to do was get government out of the way and kneel before market demands, held up as the ultimate form of progress and rationality.</p> <p>Neoliberalism, in the name of this absurd utopia, stripped away government regulations and laws that once protected the citizen from the worst excesses of predatory capitalism. It created free trade agreements that allowed trillions of corporate dollars to be transferred to offshore accounts to avoid taxation and jobs to flee to sweatshops in China and the global south where workers live in conditions that replicate slavery. Social service programs and public services were slashed or privatized. Mass culture, including schools and the press, indoctrinated an increasingly desperate population to take part in the global reality show of capitalism, a &#8220; <a href="https://www.google.com/#q=%22war+of+all+against+all%22%20" type="external">war of all against all</a>.&#8221;</p> <p>What we were never told was that the game was fixed. We were always condemned to lose. Our cities were <a href="https://www.google.com/#q=deindustrialized%20" type="external">deindustrialized</a> and fell into decay. Wages declined. Our working class became impoverished. Endless war became, cynically, a lucrative business. And the world&#8217;s wealth was seized by a tiny group of global oligarchs. Kleptocracies, such as the one now installed in Washington, brazenly stole from the people. Democratic idealism became a joke. We are now knit together, as Mishra writes, only &#8220;by commerce and technology,&#8221; forces that <a href="http://www.iep.utm.edu/arendt/%20" type="external">Hannah Arendt</a> called &#8220;negative solidarity.&#8221;</p> <p>The backlash, Mishra writes, resembles the anarchist, fascist and communist violence and terrorism that took place at the end of the 19th century and in the early 20th century. In one of the most important parts of his brilliant and multi-layered analysis of the world around us, Mishra explains how Western ideas were adopted and mutated by ideologues in the global south, ideas that would become as destructive as the imposition of free market capitalism itself. <a href="https://www.biography.com/people/ayatollah-ruhollah-khomeini-13680544%20" type="external">Ayatollah Ruhollah Khomeini</a>&#8217;s Islamic revolution in Iran, for example, borrowed liberally from Western ideas, including representation through elections, egalitarianism and <a href="http://www.history.com/topics/vladimir-lenin%20" type="external">Vladimir Lenin</a>&#8217;s revolutionary vanguard, which was adapted for a Muslim world. Nishida Kitaro and Watsuji Tetsuro of <a href="https://plato.stanford.edu/entries/kyoto-school/%20" type="external">Japan&#8217;s Kyoto School</a>, steeped in the romantic nationalism of German philosophers such as Johann Gottlieb Fichte, transformed the glorification of the German nation into a glorification of imperial Japan. They &#8220;provided the intellectual justification for Japan&#8217;s brutal assault on China in the 1930s, and then the sudden attack on its biggest trading partner in December 1941&#8212;at Pearl Harbor.&#8221; South Asia&#8217;s most important writer and scholar, <a href="http://www.thefamouspeople.com/profiles/muhammad-iqbal-3595.php%20" type="external">Muhammad Iqbal</a>, provided a &#8220;Nietzschean vision of Islam revivified by strong self-creating Muslims.&#8221; And the <a href="http://afe.easia.columbia.edu/special/china_1900_luxun.htm%20" type="external">Chinese scholar Lu Xun</a> called for Chinese to exhibit the &#8220;indomitable will exemplified by <a href="https://en.wikipedia.org/wiki/Zoroaster" type="external">Zarathustra</a>.&#8221; These bastard ideologies cloaked themselves in the veneer of indigenous religious traditions and beliefs. But they were new creations, born out of the sch&#246;pferische Zerst&#246;rung, or the &#8220; <a href="https://www.google.com/#q=sch%C3%B6pferische+Zerst%C3%B6rung%20" type="external">gale of creative destruction</a>,&#8221; of global capitalism.</p> <p>Nowhere is this more true than with the modern calls for jihad by self-styled Islamic radicals, most of whom have no religious training and who often come out of the secularized criminal underworld. The jihadist leader Abu Musab Zarqawi, nicknamed &#8220;the sheikh of slaughterers&#8221; in Iraq, had, as Mishra writes, &#8220;a long past of pimping, drug-dealing and heavy drinking.&#8221; The Afghan-American <a href="https://www.theguardian.com/us-news/2016/jun/14/orlando-shooter-omar-mateen-was-a-regular-at-nightclub%20" type="external">Omar Mateen</a> reportedly was a frequenter of the nightclub in Orlando, Fla., where he massacred 49 people and had been seen there drunk. Anwar al-Awlaki, who preached jihad and was eventually assassinated by the United States, had a penchant for prostitutes. Abu Mohammed al-Adnani, a senior leader of Islamic State before he was killed, called on Muslims in the West to kill any non-Muslim they encountered. &#8220;Smash his head with a rock, or slaughter him with a knife, or run him over with your car, or throw him down from a high place, or choke him, or poison,&#8221; al-Adnani told followers.</p> <p>The idea of <a href="https://en.wikipedia.org/wiki/Propaganda_of_the_deed" type="external">Mikhail Bakunin&#8217;s &#8220;propaganda by deed&#8221;</a> is, Mishra writes, &#8220;now manifest universally in video-taped, live-streamed and Facebooked massacres.&#8221; It grew, he writes, &#8220;naturally from the suspicion that only acts of extreme violence could reveal to the world a desperate social situation and the moral integrity of those determined to challenge it.&#8221; These imported ideas filled the void left by the destruction of indigenous beliefs, traditions and rituals. As Mishra says, these jihadists &#8220;represent the death of traditional Islam rather than its resurrection.&#8221;</p> <p>&#8220;As it turned out,&#8221; he writes, &#8220;the autocratic modernizers failed to usher a majority of their wards into the modern world, and their abortive revolutions from above paved the way for more radical ones from below, followed, as we have seen in recent years, by anarchy.&#8221;</p> <p>The terrorist attacks in Paris or London were driven by the same ressentiment, Mishra points out, as that which led Timothy McVey to bomb the Alfred P. Murrah Federal Building in Oklahoma City in 1995, killing 168, including 19 children, and injuring 684. And when the American was imprisoned in Florence, Colo., the prisoner in the adjacent cell was Ramzi Ahmed Yousef, the mastermind of the first attack on the World Trade Center, in 1993. After McVey was executed, Yousef commented, &#8220;I never have [known] anyone in my life who has so similar a personality to my own as his.&#8221;</p> <p>Mishra writes, &#8220;Malignant zealots have emerged in the very heart of the democratic West after a decade of political and economic tumult; the simple explanatory paradigm set in stone soon after the attacks of 9/11&#8212;Islam-inspired terrorism versus modernity&#8212;lies in ruins.&#8221; The United States, aside from suffering periodic mass killings in schools, malls and movie theaters, has seen homegrown terrorists strike the Boston Marathon, a South Carolina church, Tennessee military facilities, a Texas Army base and elsewhere.</p> <p>&#8220;The modern West can no longer be distinguished from its apparent enemies,&#8221; Mishra notes. The hagiography of the U.S. Navy sniper Chris Kyle&#8212;who had a tattoo of a red Crusader cross and called the Iraq War a battle against &#8220;savage, desperate evil&#8221;&#8212;in Clint Eastwood&#8217;s movie &#8220;American Sniper&#8221; celebrates the binary worldview adopted by jihadists who deify their suicide bombers.</p> <p>&#8220;The xenophobic frenzy unleashed by Clint Eastwood&#8217;s film of Kyle&#8217;s book suggested the most vehement partisans of holy war flourish not only in the ravaged landscape of South and West Asia,&#8221; Mishra writes. &#8220;Such fanatics, who can be atheists as well as crusaders and jihadists, also lurk among America&#8217;s best and brightest, emboldened by an endless support of money, arms, and even &#8216;ideas&#8217; supplied by terrorism experts and clash-of-civilization theorists.&#8221;</p> <p>Donald Trump, given the political, economic and cultural destruction carried out by neoliberalism, is not an aberration. He is the result of a market society and capitalist democracy that has ceased to function. An angry and alienated underclass, now making up as much as half the population of the United States, is entranced by electronic hallucinations that take the place of literacy. These Americans take a perverse and almost diabolical delight in demagogues such as Trump that express contempt for and openly flout the traditional rules and rituals of a power structure that preys upon them.</p> <p>Mishra finds a similar situation in his own country, India. &#8220;In their indifference to the common good, single-minded pursuit of private happiness, and narcissistic identification with an apparently ruthless strongman and uninhibited loudmouth, [Indian Prime Minister Narendra] Modi&#8217;s angry voters mirror many electorates around the world&#8212;people gratified rather than appalled by trash-talk and the slaughter of old conventions,&#8221; he writes. &#8220;The new horizons of individual desire and fear opened up by the neoliberal world economy do not favour democracy or human rights.&#8221;</p> <p>Mishra excoriates the West&#8217;s idealized and sanitized version of history, &#8220;the simple-minded and dangerously misleading ideas and assumptions, drawn from a triumphant history of Anglo-American achievements that has long shaped the speeches of statesmen, think-tank reports, technocratic surveys, newspaper editorials, while supplying fuel to countless columnists, TV pundits and so-called terrorism experts.&#8221; The mandarins who spew this self-serving narrative are, as American theologian Reinhold Niebuhr called them and their ilk, the &#8220;bland fanatics of Western civilization&#8221; &#8220;who regard the highly contingent achievements of our culture as the final form and norm of human existence.&#8221;The roots of modernization and colonization are, as Mishra writes, ones of &#8220;carnage and bedlam.&#8221; The rapacious appetite of capitalists and imperialists never considered &#8220;such constraining factors as finite geographical space, degradable natural resources and fragile ecosystems.&#8221; In carrying out this project of global expansion, no form of coercion or violence was off-limits. Those who opposed us simply learned to speak our language.</p> <p>&#8220;The intellectual pedigree of today&#8217;s nasty atrocities is not to be found in religious scriptures,&#8221; Mishra writes. &#8220;French colonialists in Algeria had used torture techniques originally deployed by the Nazis during the occupation of France (and also were some of the first hijackers of a civilian aeroplane). Americans in the global war on terror resorted to cruel interrogation methods that the Soviet Union had patented during the Cold War. In the latest stage of this gruesome reciprocity, the heirs of Zarqawi in ISIS dress their Western hostages in Guantanamo&#8217;s orange suits, and turn on their smartphone cameras, before beheading their victims.&#8221;</p> <p>The West&#8217;s dangerous faith in the inevitability of human progress is chronicled by Mishra through the dueling French intellectuals Rousseau and Voltaire, as well as Bakunin, Alexander Herzen, Karl Marx, Fichte, Giuseppe Mazzini and Michel Foucault. This intellectually nuanced and philosophically rich book shows that ideas matter.</p> <p>&#8220;The Hindu, Jewish, Chinese and Islamic modernists who helped establish major nation-building ideologies were in tune with the main trends of the European <a href="https://www.google.com/#q=+fin-de-si%C3%A8cle%20" type="external">fin-de-si&#232;cle</a>, which redefined freedom beyond bourgeois self-seeking to a will to forge dynamic new societies and reshape history,&#8221; Mishra writes. &#8220;It is impossible to understand them, and the eventual product of their efforts (Islamism, Hindu nationalism, Zionism, Chinese nationalism), without grasping their European intellectual background of cultural decay and pessimism: the anxiety in the unconscious that Freud was hardly alone in sensing, or the idea of a glorious rebirth after decline and decadence, borrowed from the Christian idea of resurrection, that <a href="https://en.wikipedia.org/wiki/Giuseppe_Mazzini" type="external">Mazzini</a> had done so much to introduce into the political sphere.&#8221;</p> <p>Mishra goes on:</p> <p>ISIS, born during the implosion of Iraq, owes its existence more to Operation Infinite Justice and Enduring Freedom than to any Islamic theology. It is the quintessential product of a radical process of globalization in which governments, unable to protect their citizens from foreign invaders, brutal police, or economic turbulence, lose their moral and ideological legitimacy, creating a space for such non-state actors as armed gangs, mafia, vigilante groups, warlords and private revenge-seekers.</p> <p>ISIS aims to create a Caliphate, but, like American regime-changers, it cannot organize a political space, as distinct from privatizing violence. Motivated by a selfie individualism, the adepts of ISIS are better at destroying Valhalla than building it. Ultimately, a passion for grand politics, manifest in ISIS&#8217;s Wagnerian-style annihilation, is what drives the Caliphate, as much as it did [Gabriele] <a href="https://groenenationalisten.wordpress.com/2015/02/22/fiume-the-last-pirate-utopia/" type="external">D&#8217;Annunzio&#8217;s utopia</a>. The will to power and craving for violence as existential experience reconciles, as [philosopher and social theorist Georges] Sorel prophesized, the varying religious and ideological commitments of its adherents. The attempts to place them in a long Islamic tradition miss how much these militants, feverishly stylizing their murders and rapes on Instagram, reflect an ultimate stage in the radicalization of the modern principle of individual autonomy and equality: a form of strenuous self-assertion that acknowledges no limits, and requires descent into a moral abyss.</p> <p>Philosopher George Santayana foresaw that America&#8217;s obsessive individualistic culture of competition and mimicry would eventually incite &#8220;a lava-wave of primitive blindness and violence.&#8221; The inability to be self-critical and self-aware, coupled with the cult of the self, would lead to a collective suicide. Cultural historian Carl Schorske in &#8220;Fin-de-Si&#232;cle Vienna: Politics and Culture&#8221; wrote that Europe&#8217;s descent into fascism was inevitable once it cut the &#8220;cord of consciousness.&#8221; And, with the rise of Trump, it is clear the &#8220;cord of consciousness&#8221; has also been severed in the twilight days of the American empire. Once we no longer acknowledge or understand our own capacity for evil, once we no longer know ourselves, we become monsters who devour others and finally devour ourselves.</p> <p>&#8220;Totalitarianism with its tens of millions of victims was identified as a malevolent reaction to the benevolent Enlightenment tradition of rationalism, humanism, universalism and liberal democracy&#8212;a tradition seen as an unproblematic norm,&#8221; Mishra writes. &#8220;It was clearly too disconcerting to acknowledge that totalitarian politics crystallized the ideological currents (scientific racism, jingoistic nationalism, imperialism, technicism, aestheticized politics, utopianism, social engineering and the violent struggle for existence) flowing through all of Europe in the late nineteenth century.&#8221;</p> <p>Mishra knows what happens when people are discarded onto the dung heap of history. He knows what endless wars, waged in the name of democracy and Western civilization, engender among their victims. He knows what drives people, whether they are at a Trump rally or a radical mosque in Pakistan, to lust after violence. History informs the present. We are afflicted by what writer Albert Camus called &#8220;autointoxication, the malignant secretion of one&#8217;s preconceived impotence inside the enclosure of the self.&#8221; And until this &#8220;autointoxication&#8221; is addressed, the rage and violence, at home and abroad, will expand as we stumble toward a global apocalypse. The self-alienation of humankind, <a href="https://plato.stanford.edu/entries/benjamin/" type="external">Walter Benjamin</a> warned, &#8220;has reached such a degree that it can experience its own destruction as an aesthetic pleasure of the first order.&#8221;</p> <p>The conflicts in Egypt, Libya, Mali, Syria and many other places, Mishra notes, are fueled by &#8220;extreme weather events, the emptying of rivers and seas of their fish stocks, or the desertification of entire regions on the planet.&#8221; The refugees being driven by their homelands&#8217; chaos into Europe are creating political instability there. And as we sleepwalk into the future, the steady deterioration of the ecosystem will ultimately lead to total systems collapse. Mishra warns that &#8220;the two ways in which humankind can self-destruct&#8212;civil war on a global scale, or destruction of the natural environment&#8212;are rapidly converging.&#8221; Our elites, oblivious to the dangers ahead, blinded by their own hubris and greed, are ferrying us, like <a href="https://en.wikipedia.org/wiki/Charon_(mythology)%20" type="external">Charon</a>, to the land of the dead.</p>

The Age of Anger

https://truthdig.com/articles/the-age-of-anger/

2017-06-12

4left

Mr Fish Truthdig The nihilism and rage sweeping across the globe are not generated by warped ideologies or medieval religious beliefs These destructive forces have their roots in the obliterating of social cultural and religious traditions by modernization and the consumer society the disastrous attempts by the United States to carry out regime change often through coups and wars and the utopian neoliberal ideology that has concentrated wealth in the hands of a tiny cabal of corrupt global oligarchs This vast global project of social engineering during the last century persuaded hundreds of millions of people as Pankaj Mishra writes in 8220 The Age of Anger A History of the Present8221 8220to renounce8212and often scorn8212a world of the past that had endured for thousands of years and to undertake a gamble of creating modern citizens who would be secular enlightened cultured and heroic8221 The project has been a spectacular failure 8220To destroy a people8221 Alexander Solzhenitsyn noted acidly 8220you must sever their roots8221 The wretched of the earth as Frantz Fanon called them have been shorn of any ideological or cultural cohesion They are cut off from their past They live in crushing poverty numbing alienation hopelessness and often terror Mass culture feeds them the tawdry the violent the salacious and the ridiculous They are rising up against these forces of modernization driven by an atavistic fury to destroy the technocratic world that condemns them This rage is expressed in many forms8212Hindu nationalism protofascism jihadism the Christian right anarchic violence and others But the various forms of ressentiment spring from the same deep wells of global despair This ressentiment 8220poisons civil society and undermines political liberty8221 Mishra writes and it is fueling 8220a global turn to authoritarianism and toxic forms of chauvinism8221 Western elites rather than accept their responsibility for the global anarchy selfservingly define the clash as one between the values of the enlightened West and medieval barbarians They see in the extreme nationalists religious fundamentalists and jihadists an inchoate and inexplicable irrationality that can be quelled only with force They have yet to grasp that the disenfranchised do not hate us for our values they hate us because of our duplicity use of indiscriminate industrial violence on their nations and communities and our hypocrisy The dispossessed grasp the true message of the West to the rest of the planet We have everything and if you try to take it away from us we will kill you The more that Western elites are attacked the more they too retreat into a mythological past selfglorification and willful ignorance Mishra writes Thus in the very places in the West where secular modernity arose with ideas that were then universally established8212individualism against the significance of social relations the cult of efficiency and utility against the ethic of honour and the normalization of selfinterest8212the mythic Volk has reappeared as a spur to solidarity and action against real and imagined enemies But nationalism is more than ever before a mystification if not a dangerous fraud with its promise of making a country 8216great again8217 and its demonization of the 8216other8217 it conceals the real conditions of existence and the true origins of suffering even as it seeks to replicate the comforting balm of transcendental ideals within a bleak earthly horizon Its political resurgence shows that ressentiment8212in this case of people who feel left behind by the globalized economy or contemptuously ignored by its slick overlords and cheerleaders in politics business and the media8212remains the default metaphysics of the modern world since JeanJacques Rousseau first defined it And its most menacing expression in the age of individualism may well be the violent anarchism of the disinherited and the superfluous The proponents of globalization promised to lift workers across the planet into the middle class and instill democratic values and scientific rationalism Religious and ethnic tensions would be alleviated or eradicated This global marketplace would create a peaceful prosperous community of nations All we had to do was get government out of the way and kneel before market demands held up as the ultimate form of progress and rationality Neoliberalism in the name of this absurd utopia stripped away government regulations and laws that once protected the citizen from the worst excesses of predatory capitalism It created free trade agreements that allowed trillions of corporate dollars to be transferred to offshore accounts to avoid taxation and jobs to flee to sweatshops in China and the global south where workers live in conditions that replicate slavery Social service programs and public services were slashed or privatized Mass culture including schools and the press indoctrinated an increasingly desperate population to take part in the global reality show of capitalism a 8220 war of all against all8221 What we were never told was that the game was fixed We were always condemned to lose Our cities were deindustrialized and fell into decay Wages declined Our working class became impoverished Endless war became cynically a lucrative business And the world8217s wealth was seized by a tiny group of global oligarchs Kleptocracies such as the one now installed in Washington brazenly stole from the people Democratic idealism became a joke We are now knit together as Mishra writes only 8220by commerce and technology8221 forces that Hannah Arendt called 8220negative solidarity8221 The backlash Mishra writes resembles the anarchist fascist and communist violence and terrorism that took place at the end of the 19th century and in the early 20th century In one of the most important parts of his brilliant and multilayered analysis of the world around us Mishra explains how Western ideas were adopted and mutated by ideologues in the global south ideas that would become as destructive as the imposition of free market capitalism itself Ayatollah Ruhollah Khomeini8217s Islamic revolution in Iran for example borrowed liberally from Western ideas including representation through elections egalitarianism and Vladimir Lenin8217s revolutionary vanguard which was adapted for a Muslim world Nishida Kitaro and Watsuji Tetsuro of Japan8217s Kyoto School steeped in the romantic nationalism of German philosophers such as Johann Gottlieb Fichte transformed the glorification of the German nation into a glorification of imperial Japan They 8220provided the intellectual justification for Japan8217s brutal assault on China in the 1930s and then the sudden attack on its biggest trading partner in December 19418212at Pearl Harbor8221 South Asia8217s most important writer and scholar Muhammad Iqbal provided a 8220Nietzschean vision of Islam revivified by strong selfcreating Muslims8221 And the Chinese scholar Lu Xun called for Chinese to exhibit the 8220indomitable will exemplified by Zarathustra8221 These bastard ideologies cloaked themselves in the veneer of indigenous religious traditions and beliefs But they were new creations born out of the sch246pferische Zerst246rung or the 8220 gale of creative destruction8221 of global capitalism Nowhere is this more true than with the modern calls for jihad by selfstyled Islamic radicals most of whom have no religious training and who often come out of the secularized criminal underworld The jihadist leader Abu Musab Zarqawi nicknamed 8220the sheikh of slaughterers8221 in Iraq had as Mishra writes 8220a long past of pimping drugdealing and heavy drinking8221 The AfghanAmerican Omar Mateen reportedly was a frequenter of the nightclub in Orlando Fla where he massacred 49 people and had been seen there drunk Anwar alAwlaki who preached jihad and was eventually assassinated by the United States had a penchant for prostitutes Abu Mohammed alAdnani a senior leader of Islamic State before he was killed called on Muslims in the West to kill any nonMuslim they encountered 8220Smash his head with a rock or slaughter him with a knife or run him over with your car or throw him down from a high place or choke him or poison8221 alAdnani told followers The idea of Mikhail Bakunin8217s 8220propaganda by deed8221 is Mishra writes 8220now manifest universally in videotaped livestreamed and Facebooked massacres8221 It grew he writes 8220naturally from the suspicion that only acts of extreme violence could reveal to the world a desperate social situation and the moral integrity of those determined to challenge it8221 These imported ideas filled the void left by the destruction of indigenous beliefs traditions and rituals As Mishra says these jihadists 8220represent the death of traditional Islam rather than its resurrection8221 8220As it turned out8221 he writes 8220the autocratic modernizers failed to usher a majority of their wards into the modern world and their abortive revolutions from above paved the way for more radical ones from below followed as we have seen in recent years by anarchy8221 The terrorist attacks in Paris or London were driven by the same ressentiment Mishra points out as that which led Timothy McVey to bomb the Alfred P Murrah Federal Building in Oklahoma City in 1995 killing 168 including 19 children and injuring 684 And when the American was imprisoned in Florence Colo the prisoner in the adjacent cell was Ramzi Ahmed Yousef the mastermind of the first attack on the World Trade Center in 1993 After McVey was executed Yousef commented 8220I never have known anyone in my life who has so similar a personality to my own as his8221 Mishra writes 8220Malignant zealots have emerged in the very heart of the democratic West after a decade of political and economic tumult the simple explanatory paradigm set in stone soon after the attacks of 9118212Islaminspired terrorism versus modernity8212lies in ruins8221 The United States aside from suffering periodic mass killings in schools malls and movie theaters has seen homegrown terrorists strike the Boston Marathon a South Carolina church Tennessee military facilities a Texas Army base and elsewhere 8220The modern West can no longer be distinguished from its apparent enemies8221 Mishra notes The hagiography of the US Navy sniper Chris Kyle8212who had a tattoo of a red Crusader cross and called the Iraq War a battle against 8220savage desperate evil82218212in Clint Eastwood8217s movie 8220American Sniper8221 celebrates the binary worldview adopted by jihadists who deify their suicide bombers 8220The xenophobic frenzy unleashed by Clint Eastwood8217s film of Kyle8217s book suggested the most vehement partisans of holy war flourish not only in the ravaged landscape of South and West Asia8221 Mishra writes 8220Such fanatics who can be atheists as well as crusaders and jihadists also lurk among America8217s best and brightest emboldened by an endless support of money arms and even 8216ideas8217 supplied by terrorism experts and clashofcivilization theorists8221 Donald Trump given the political economic and cultural destruction carried out by neoliberalism is not an aberration He is the result of a market society and capitalist democracy that has ceased to function An angry and alienated underclass now making up as much as half the population of the United States is entranced by electronic hallucinations that take the place of literacy These Americans take a perverse and almost diabolical delight in demagogues such as Trump that express contempt for and openly flout the traditional rules and rituals of a power structure that preys upon them Mishra finds a similar situation in his own country India 8220In their indifference to the common good singleminded pursuit of private happiness and narcissistic identification with an apparently ruthless strongman and uninhibited loudmouth Indian Prime Minister Narendra Modi8217s angry voters mirror many electorates around the world8212people gratified rather than appalled by trashtalk and the slaughter of old conventions8221 he writes 8220The new horizons of individual desire and fear opened up by the neoliberal world economy do not favour democracy or human rights8221 Mishra excoriates the West8217s idealized and sanitized version of history 8220the simpleminded and dangerously misleading ideas and assumptions drawn from a triumphant history of AngloAmerican achievements that has long shaped the speeches of statesmen thinktank reports technocratic surveys newspaper editorials while supplying fuel to countless columnists TV pundits and socalled terrorism experts8221 The mandarins who spew this selfserving narrative are as American theologian Reinhold Niebuhr called them and their ilk the 8220bland fanatics of Western civilization8221 8220who regard the highly contingent achievements of our culture as the final form and norm of human existence8221The roots of modernization and colonization are as Mishra writes ones of 8220carnage and bedlam8221 The rapacious appetite of capitalists and imperialists never considered 8220such constraining factors as finite geographical space degradable natural resources and fragile ecosystems8221 In carrying out this project of global expansion no form of coercion or violence was offlimits Those who opposed us simply learned to speak our language 8220The intellectual pedigree of today8217s nasty atrocities is not to be found in religious scriptures8221 Mishra writes 8220French colonialists in Algeria had used torture techniques originally deployed by the Nazis during the occupation of France and also were some of the first hijackers of a civilian aeroplane Americans in the global war on terror resorted to cruel interrogation methods that the Soviet Union had patented during the Cold War In the latest stage of this gruesome reciprocity the heirs of Zarqawi in ISIS dress their Western hostages in Guantanamo8217s orange suits and turn on their smartphone cameras before beheading their victims8221 The West8217s dangerous faith in the inevitability of human progress is chronicled by Mishra through the dueling French intellectuals Rousseau and Voltaire as well as Bakunin Alexander Herzen Karl Marx Fichte Giuseppe Mazzini and Michel Foucault This intellectually nuanced and philosophically rich book shows that ideas matter 8220The Hindu Jewish Chinese and Islamic modernists who helped establish major nationbuilding ideologies were in tune with the main trends of the European findesi232cle which redefined freedom beyond bourgeois selfseeking to a will to forge dynamic new societies and reshape history8221 Mishra writes 8220It is impossible to understand them and the eventual product of their efforts Islamism Hindu nationalism Zionism Chinese nationalism without grasping their European intellectual background of cultural decay and pessimism the anxiety in the unconscious that Freud was hardly alone in sensing or the idea of a glorious rebirth after decline and decadence borrowed from the Christian idea of resurrection that Mazzini had done so much to introduce into the political sphere8221 Mishra goes on ISIS born during the implosion of Iraq owes its existence more to Operation Infinite Justice and Enduring Freedom than to any Islamic theology It is the quintessential product of a radical process of globalization in which governments unable to protect their citizens from foreign invaders brutal police or economic turbulence lose their moral and ideological legitimacy creating a space for such nonstate actors as armed gangs mafia vigilante groups warlords and private revengeseekers ISIS aims to create a Caliphate but like American regimechangers it cannot organize a political space as distinct from privatizing violence Motivated by a selfie individualism the adepts of ISIS are better at destroying Valhalla than building it Ultimately a passion for grand politics manifest in ISIS8217s Wagnerianstyle annihilation is what drives the Caliphate as much as it did Gabriele D8217Annunzio8217s utopia The will to power and craving for violence as existential experience reconciles as philosopher and social theorist Georges Sorel prophesized the varying religious and ideological commitments of its adherents The attempts to place them in a long Islamic tradition miss how much these militants feverishly stylizing their murders and rapes on Instagram reflect an ultimate stage in the radicalization of the modern principle of individual autonomy and equality a form of strenuous selfassertion that acknowledges no limits and requires descent into a moral abyss Philosopher George Santayana foresaw that America8217s obsessive individualistic culture of competition and mimicry would eventually incite 8220a lavawave of primitive blindness and violence8221 The inability to be selfcritical and selfaware coupled with the cult of the self would lead to a collective suicide Cultural historian Carl Schorske in 8220FindeSi232cle Vienna Politics and Culture8221 wrote that Europe8217s descent into fascism was inevitable once it cut the 8220cord of consciousness8221 And with the rise of Trump it is clear the 8220cord of consciousness8221 has also been severed in the twilight days of the American empire Once we no longer acknowledge or understand our own capacity for evil once we no longer know ourselves we become monsters who devour others and finally devour ourselves 8220Totalitarianism with its tens of millions of victims was identified as a malevolent reaction to the benevolent Enlightenment tradition of rationalism humanism universalism and liberal democracy8212a tradition seen as an unproblematic norm8221 Mishra writes 8220It was clearly too disconcerting to acknowledge that totalitarian politics crystallized the ideological currents scientific racism jingoistic nationalism imperialism technicism aestheticized politics utopianism social engineering and the violent struggle for existence flowing through all of Europe in the late nineteenth century8221 Mishra knows what happens when people are discarded onto the dung heap of history He knows what endless wars waged in the name of democracy and Western civilization engender among their victims He knows what drives people whether they are at a Trump rally or a radical mosque in Pakistan to lust after violence History informs the present We are afflicted by what writer Albert Camus called 8220autointoxication the malignant secretion of one8217s preconceived impotence inside the enclosure of the self8221 And until this 8220autointoxication8221 is addressed the rage and violence at home and abroad will expand as we stumble toward a global apocalypse The selfalienation of humankind Walter Benjamin warned 8220has reached such a degree that it can experience its own destruction as an aesthetic pleasure of the first order8221 The conflicts in Egypt Libya Mali Syria and many other places Mishra notes are fueled by 8220extreme weather events the emptying of rivers and seas of their fish stocks or the desertification of entire regions on the planet8221 The refugees being driven by their homelands8217 chaos into Europe are creating political instability there And as we sleepwalk into the future the steady deterioration of the ecosystem will ultimately lead to total systems collapse Mishra warns that 8220the two ways in which humankind can selfdestruct8212civil war on a global scale or destruction of the natural environment8212are rapidly converging8221 Our elites oblivious to the dangers ahead blinded by their own hubris and greed are ferrying us like Charon to the land of the dead

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<p>WASHINGTON (Reuters) - Financial crime fighters at the U.S. Treasury are "aggressively" pursuing virtual currency platforms that lack strong internal safeguards against money laundering, a top official told a Senate panel on Wednesday.</p> FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson/File Photo <p>With more criminals using the emerging asset class to store and transmit their ill-gotten gains, Treasury's Financial Crimes Enforcement Network (FinCEN) will pursue malfeasant virtual currency platforms even if they are located overseas, Sigal Mandelker, the U.S. Treasury Department's under secretary for terrorism and financial crimes, told the Senate Banking Committee.</p> <p>U.S.-based platforms for bitcoin and other virtual currencies are required to comply with antimoney laundering (AML) rules including filing suspicious activity reports, with around 100 such platforms registered with FinCEN. But many other countries have no such requirements.</p> <p>"The real vulnerability that we all have to address is that while we have regulatory authorities in place here in the United States and we do enforce those ... we need other countries to do the same," Mandelker told the committee's hearing on U.S. antimoney laundering laws.</p> <p>Mandelker said the U.S. government would also encourage other countries to introduce stricter regulation of virtual currencies, which law enforcement officials say are attractive to criminals making illegal transactions because they can be used anonymously.</p> <p>In July, the Treasury moved to shut down the website of Russia's BTC-e exchange, one of the world's largest bitcoin platforms, and ordered it to pay a $110 million fine for allegedly facilitating transactions involving ransomware, computer hacking, and drug trafficking, among other crimes.</p> <p>A U.S. jury also indicted a Russian man in July in connection with the alleged crimes perpetrated by the platform.</p> FILE PHOTO: A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. REUTERS/Kim Hong-Ji /File Photo <p>Regulators and governments around the world are still debating how to address risks posed by cryptocurrencies. In recent weeks, South Korea, Japan and China have all made noises about a regulatory crackdown while officials in France vowed to investigate the emerging asset class.</p> <p>Senators on Wednesday expressed concerns over the risks posed by cryptocurrencies to the global financial system with Democratic Senator Mark Warner saying the U.S. had "a lot of work to do" to get a grip on the issue.</p> <p>U.S. markets regulators said this month they plan to take more aggressive enforcement action against exchanges that may be defrauding investors or allowing market manipulation.</p> <p>The price of bitcoin slumped to $10,000 on Wednesday, halving in value from its peak price of almost $20,000 hit just in December, with investors gripped by fears regulators could clamp down on the volatile currency.</p> <p>Reporting by Michelle Price; Editing by David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MOSCOW (Reuters) - Russian aluminum giant Rusal has stopped placing orders with two logistics firms that ship its exports, executives with the firms said on Tuesday, in a sign of deepening problems for the company after it was hit by U.S. sanctions.</p> <p>Rusal and its major shareholder Oleg Deripaska were included on a U.S. sanctions blacklist this month, leading to anxiety among many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.</p> <p>A number of traders and customers of Rusal's aluminum have stopped buying the firm's products, citing the sanctions risk, and Rusal appeared to have responded by dramatically scaling back its shipments for export.</p> <p>TransContainer , Russia's largest freight container operator which said it handles between 25 and 30 percent of Rusal's exports, said Rusal had suspended exports through the TransContainer network.</p> <p>"They (Rusal) do not know what to do yet, what is going on with them; that is why all transportation operations are suspended," TransContainer's Chief Executive Petr Baskakov told reporters in Moscow on Tuesday.</p> <p>Separately, a source with a major Russian railway operator, who spoke on condition that neither he nor the firm is identified, told Reuters Rusal had been rescinding orders with his firm for shipments to customers outside Russia.</p> <p>TransContainer's Baskakov said Rusal is considering redirecting its exports to other markets that are less sensitive to the sanctions risk, and while it works through that process had suspended pending shipments.</p> <p>Rusal, the world's second biggest aluminum producer, declined to comment.</p> <p>TransContainer Deputy Chief Executive Viktor Markov told reporters that his company would consult lawyers about resuming work with Rusal.</p> <p>"We are exploring different options for further cooperation with Rusal," Markov added.</p> RUSAL UNDER SIEGE <p>In the latest sign of customers distancing themselves from Rusal, major Japanese trading houses asked Rusal to stop shipping refined aluminum and other products in light of the U.S. sanctions and are scrambling to secure metal elsewhere, industry sources said.</p> <p>Rusal is encountering problems at the other end of its production cycle too, with the sanctions taking a toll on the overseas operations that supply it with the raw materials it uses to produce metal.</p> <p>Rio Tinto which supplies bauxite to some of Rusal's refineries and buys refined alumina, said it will declare force majeure on some contracts, showing the immediate impact on Rusal's supply chain. (For an analysis, click on)</p> <p>Completing the triple whammy of problems besieging Rusal, holders of the company's debts are also growing restive.</p> <p>Rusal's dollar bonds slumped after the sanctions were imposed, and the company warned it could be in technical default because banks, trading platforms and clearing agents refuse to handle transactions linked to the issuer.</p> <p>Russian state-run lender Sberbank holds $4 billion in Rusal debt. The bank's CEO, German Gref, said he had no immediate option to get rid of the Rusal debt on Sberbank's books because there was no one to whom he could offload it.</p> <p>Rusal accounted for 5.8 percent of world aluminum production last year, with output of 3.7 million tonnes. Europe accounted for 42 percent of its sales; Asia 17 percent and America 16 percent.</p> <p>Writing by Polina Devitt and Christian Lowe; Editing by Susan Fenton</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/MOSCOW (Reuters) - Russia's Rusal may be forced to divest most of its portfolio of overseas operations if the aluminum giant cannot restructure them to evade U.S. sanctions and ensure a flow of raw materials.</p> FILE PHOTO: Marked cylindrical aluminium ingots are seen stored at the foundry shop of the Rusal Sayanogorsk aluminium smelter outside the Siberian town of Sayanogorsk, Russia, March 15, 2017. REUTERS/Ilya Naymushin -/File Photo <p>U.S. sanctions imposed against key allies of Russian President Putin have already started to cripple United Company Rusal's extensive string of international operations from Sweden to Guinea to Australia.</p> <p>Rusal, the world's second biggest aluminum producer behind China Hongqiao Group Ltd, is heavily dependent on its international network of mines and refineries. These last year accounted for 53 percent of its output of raw material ore bauxite and 64 percent of production of semi-processed sister alumina.</p> <p>"How does Rusal continue to fund its operations and produce metal if its raw material supply chain is broken?," said Robin Bhar, head of metals research at Societe Generale.</p> <p>One key will be finding shipping and logistics firms willing to take the risk to transport those supplies, industry sources said.</p> <p>Shipping giants Maersk Line and Mediterranean Shipping Company (MSC) both said they were halting any new trade with Russian entities targeted by U.S. sanctions.</p> Related Coverage <a href="/article/us-usa-sanctions-rusal-operations-detail/factbox-rusals-overseas-operations-key-to-supply-chain-idUSKBN1HO2E3" type="external">Factbox: Rusal's overseas operations key to supply chain</a> <a href="/article/us-usa-russia-sanctions-rusal-transconta/rusal-slashes-export-shipments-as-sanctions-hit-logistics-firms-idUSKBN1HO2BZ" type="external">Rusal slashes export shipments as sanctions hit: logistics firms</a> <p>"Like everywhere, it's greed and fear. At some point greed wins," said a industry source who declined to be named because he was not allowed to speak to the media.</p> <p>"The bigger the company the more reluctant it will be, but smaller companies that can go under the radar may think the risks are worth it if they can get a really good price."</p> <p>To view a graphic of Rusal's Alumina Output, click: <a href="https://reut.rs/2vpaG4l" type="external">reut.rs/2vpaG4l</a></p> <a href="https://reut.rs/2vpaG4l" type="external" /> FORCE MAJEURE <p>Rio Tinto, which supplies bauxite to some of Rusal's refineries and buys refined alumina, said it will declare force majeure on some contracts, showing the immediate impact on Rusal's supply chain.</p> <p>Rio also said on Friday it was reviewing Rusal's 20 percent stake in the Queensland Alumina refinery.</p> <p>Illustrating knock-on effects, French aluminum smelters in Dunkirk and St. Jean de Maurienne are scrambling to find alternative alumina supplies after being cut off from material from Rusal's Irish refinery, said Johan Vlietinck, CGT union official at the Dunkirk smelter.</p> <p>Rio is selling the Dunkirk smelter to Britain's Liberty House while the other smelter is owned by Germany's Trimet.</p> <p>Another crucial issue is funding since the U.S. sanctions prohibit Rusal from doing transactions in dollars.</p> <p>The Russian government has pledged to provide Rusal with short-term liquidity and offer other assistance, but that help will mainly assist the domestic assets and may do scant good overseas.</p> <p>"When it comes to Rusal's Russian operations, they should continue to operate without restriction... but the same is not true for the remainder of the portfolio, each one of which has its own set of unique problems," said senior analyst Anthony Everiss at consultancy CRU.</p> <p>Many governments are working behind the scenes to keep Rusal operations running in their countries to safeguard jobs, but the easiest way to ensure this may be to transfer ownership, said Goldman Sachs.</p> <p>"Rusal's international facilities are...under potential restructuring. The alumina and bauxite facilities...could therefore change hands," the bank said in a research report.</p> <p>Restructuring asset ownership into non-sanctioned entities has precedents in Russia going back to Gunvor in 2014, it added.</p> <p>To view a graphic on Rusal's Bauxite Output, click: <a href="https://reut.rs/2vkX8H5" type="external">reut.rs/2vkX8H5</a></p> FILE PHOTO: Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk, Russia November 9, 2017. REUTERS/Ilya Naymushin/File Photo <a href="https://reut.rs/2vkX8H5" type="external" /> GUINEA SUPPORTIVE <p>The authorities are supportive in Guinea, which accounts for more than a quarter of Rusal's bauxite output, and the mines are continuing to operate, according to industry sources in the country.</p> <p>The main issue will be logistics and finding middlemen who do not have any links with the United States, an industry source said.</p> <p>The Dian-Dian project, the world's largest bauxite deposit, was still on track to launch production by the end of April, a senior official with the project told Reuters.</p> <p>With expected output of 3 million tonnes a year, it would nearly double Rusal's bauxite output in the country.</p> <p>In Ireland, Rusal's biggest alumina refinery, Aughinish, is under threat because Rio Tinto, which provided bauxite for the plant, has declared force majeure.</p> <p>The plant has enough bauxite to last to the end of June, local media reports said. The plant did not reply to emails seeking comment.</p> <p>The Swedish Kubal aluminum smelter, the only metal producing operation outside of Russia, was still producing but had halted deliveries, a local newspaper said.</p> <p>Additional reporting by Gus Trompiz in Paris, Daniel Dickson in Stockholm, Samb Saliou in Conakry, Graham Fahy in Dublin and Jonathan Saul in London; Editing by Veronica Brown/Keith Weir/David Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>DAMASCUS/THE HAGUE (Reuters) - The United States accused Russia on Monday of blocking international inspectors from reaching the site of a suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground.</p> <p>Moscow denied the charge and blamed delays on retaliatory U.S.-led missile strikes on Syria on Saturday.</p> <p>British Prime Minister Theresa May and French President Emmanuel Macron faced criticism from political opponents over their decisions to take part in the air strikes.</p> <p>Syria and Russia deny unleashing poison gas on April 7 during their offensive on Douma, which ended with the recapture of the town that had been the last rebel stronghold near the capital, Damascus.</p> <p>Relief organizations say dozens of men, women and children were killed. Footage of young victims foaming at the mouth and weeping in agony has thrust Syria's civil war - in which half a million people have been killed in the past seven years - to the forefront of world concern again.</p> <p>Inspectors from the Organisation for the Prohibition of Chemical Weapons (OPCW) traveled to Syria last week to inspect the site, but have yet to gain access to Douma, which is now under government control after the rebels withdrew.</p> <p>"It is our understanding the Russians may have visited the attack site," U.S. Ambassador Kenneth Ward said at an OPCW meeting in The Hague on Monday.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-chemicalweapons/factbox-chemical-weapons-inspectors-how-do-they-work-idUSKBN1HN2DB" type="external">Factbox: Chemical weapons inspectors - how do they work?</a> <a href="/article/us-mideast-crisis-syria-douma-opcw/chemical-weapons-experts-enter-douma-syrian-state-tv-idUSKBN1HO1U6" type="external">Chemical weapons experts enter Douma: Syrian state TV</a> <a href="/article/us-mideast-crisis-syria-germany/germany-can-mediate-with-russia-over-syria-foreign-minister-maas-idUSKBN1HO19M" type="external">Germany can mediate with Russia over Syria: Foreign Minister Maas</a> <p>"It is our concern that they may have tampered with it with the intent of thwarting the efforts of the OPCW Fact-Finding Mission to conduct an effective investigation," he said. His comments at the closed-door meeting were obtained by Reuters.</p> <p>Russian Foreign Minister Sergei Lavrov denied Moscow had interfered with any evidence. "I can guarantee that Russia has not tampered with the site," he told the BBC.</p> <p>Increasing regional jitters, Syrian anti-aircraft defenses shot down missiles fired at the air base of Shayrat in Homs province late on Monday and at another base northeast of the capital, Damascus, Syrian state television and pro-Iranian Hezbollah media said.</p> <p>The Pentagon said there was no U.S. military activity in that area "at this time."</p> <p>An Israeli military spokesman said: "We don't comment on such reports".</p> <p>The U.N. Security Council is due to be briefed on Tuesday, at the request of Russia, on the situation in Syria's northern city of Raqqa, where Islamic State was defeated last year by U.S.-backed forces, and the Rubkan camp for displaced Syrians near the country's border with Jordan and Iraq.</p> TRUMP WANTS U.S. TROOPS HOME <p>Two days after the missile strikes that he hailed as a well-executed military operation, President Donald Trump still wants to bring the small number of U.S. troops in northern Syria home, the White House said.</p> <p>But spokeswoman Sarah Sanders said he had not set a timeline for a pullout. Trump was also willing to meet Russian President Vladimir Putin, she added, while indicating that no such encounter was imminent.</p> <p>Britain's delegation to the OPCW accused Russia and the Assad government of stopping inspectors from reaching Douma.</p> <p>"Unfettered access is essential," it said in a statement. "Russia and Syria must cooperate."</p> <p>The team aims to collect samples, interview witnesses and document evidence to determine whether banned toxic munitions were used, although it is not permitted to assign blame for the attack.</p> <p>British Ambassador Peter Wilson said in The Hague that the United Nations had cleared the inspectors to go but they had been unable to reach Douma because Syria and Russia had been unable to guarantee their safety.</p> <p>Moscow blamed the delay on the air strikes, in which the United States, France and Britain targeted what the Pentagon said were three chemical weapons facilities.</p> <p>"We called for an objective investigation. This was at the very beginning after this information (of the attack) appeared. Therefore allegations of this towards Russia are groundless," Kremlin spokesman Dmitry Peskov said.</p> <p>A Russian defense ministry official said later the OPCW experts would travel to Douma on Wednesday.</p> <p>The inspectors met Syrian Deputy Foreign Minister Faisal Mekdad in the presence of Russian officers and a senior Syrian security official in Damascus for about three hours on Sunday.</p> <p>OPCW inspectors have been attacked on two previous missions to the sites of chemical weapons attacks in Syria.</p> <p>Syrian flags flew in Douma on Monday, security forces stood on street corners and Russian military police patrolled the streets. State aid trucks handed out bread, rice and pasta to people who had lived under siege for years.</p> Members of the Syrian police hold their weapons as they sit on a back of a truck at the city of Douma, Damascus, Syria April 16, 2018. REUTERS/Ali Hashisho <p>A government-organized media tour did not include the building where, according to rescue workers and medics who were in town at the time, dozens of people were killed by poison gas.</p> <p>Doctors at the hospital where suspected victims were treated told reporters on the tour that none of the patients that night had suffered chemical weapons injuries - they were asphyxiated by dust and smoke in a bombardment.</p> <p>Medical aid groups and the White Helmets rescue organization have said such statements - already aired on state television in recent days - were made under duress.</p> ?RIGHT THING TO DO? <p>The U.S.-led strikes did nothing to alter the strategic balance or dent Assad's supremacy, and the Western allies have said the aim was to prevent the further use of chemical weapons, not to intervene in the civil war or topple Assad.</p> <p>At a meeting in Luxembourg, the 28 EU foreign ministers endorsed the missile strikes and considered steps to deepen Assad's isolation.</p> <p>Britain's May told parliament the decision to conduct air strikes against Syria was in the British national interest and not as a result of pressure from Trump.</p> Slideshow (13 Images) <p>"We have not done this because President Trump asked us to, we have done it because we believed it was the right thing to do, and we are not alone. There is broad-based international support for the action we have taken," May said.</p> <p>May has said she did not seek a green light from parliament for the attacks, citing the need to act quickly.</p> <p>Additional reporting by Jack Stubbs and Andrey Ostroukh in Moscow, Jeff Mason, Susan Cornwell, Leslie Wroughton, Yara Bayoumy and Steve Holland in Washington, Michelle Nichols in New York, Samia Nakhoul, Tom Perry, Ellen Francis and Angus McDowall in Beirut, Kinda Makieh in Barzeh, Syria, Elizabeth Piper, Michael Holden and Guy Faulconbridge in London, Laurence Frost, Michel Rose and Ingrid Melander in Paris and Suleiman Al-Khalidi in Amman; Writing by Angus MacSwan and Richard Balmforth; Editing by Alistair Bell and Peter Cooney</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

U.S. financial crime fighters eye overseas virtual currency platforms: official Rusal slashes export shipments as sanctions hit: logistics firms Sanctions batter Rusal's overseas supply chain, restructuring seen U.S. suggests Russia, Syria may tamper with Douma evidence, Moscow denies it

https://reuters.com/article/usa-senate-moneylaundering/us-financial-crime-fighters-eye-overseas-virtual-currency-platforms-official-idUSL3N1PC4IS

2018-01-17

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WASHINGTON Reuters Financial crime fighters at the US Treasury are aggressively pursuing virtual currency platforms that lack strong internal safeguards against money laundering a top official told a Senate panel on Wednesday FILE PHOTO A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica California US January 4 2018 REUTERSLucy NicholsonFile Photo With more criminals using the emerging asset class to store and transmit their illgotten gains Treasurys Financial Crimes Enforcement Network FinCEN will pursue malfeasant virtual currency platforms even if they are located overseas Sigal Mandelker the US Treasury Departments under secretary for terrorism and financial crimes told the Senate Banking Committee USbased platforms for bitcoin and other virtual currencies are required to comply with antimoney laundering AML rules including filing suspicious activity reports with around 100 such platforms registered with FinCEN But many other countries have no such requirements The real vulnerability that we all have to address is that while we have regulatory authorities in place here in the United States and we do enforce those we need other countries to do the same Mandelker told the committees hearing on US antimoney laundering laws Mandelker said the US government would also encourage other countries to introduce stricter regulation of virtual currencies which law enforcement officials say are attractive to criminals making illegal transactions because they can be used anonymously In July the Treasury moved to shut down the website of Russias BTCe exchange one of the worlds largest bitcoin platforms and ordered it to pay a 110 million fine for allegedly facilitating transactions involving ransomware computer hacking and drug trafficking among other crimes A US jury also indicted a Russian man in July in connection with the alleged crimes perpetrated by the platform FILE PHOTO A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul South Korea January 11 2018 REUTERSKim HongJi File Photo Regulators and governments around the world are still debating how to address risks posed by cryptocurrencies In recent weeks South Korea Japan and China have all made noises about a regulatory crackdown while officials in France vowed to investigate the emerging asset class Senators on Wednesday expressed concerns over the risks posed by cryptocurrencies to the global financial system with Democratic Senator Mark Warner saying the US had a lot of work to do to get a grip on the issue US markets regulators said this month they plan to take more aggressive enforcement action against exchanges that may be defrauding investors or allowing market manipulation The price of bitcoin slumped to 10000 on Wednesday halving in value from its peak price of almost 20000 hit just in December with investors gripped by fears regulators could clamp down on the volatile currency Reporting by Michelle Price Editing by David Gregorio Our Standards The Thomson Reuters Trust Principles MOSCOW Reuters Russian aluminum giant Rusal has stopped placing orders with two logistics firms that ship its exports executives with the firms said on Tuesday in a sign of deepening problems for the company after it was hit by US sanctions Rusal and its major shareholder Oleg Deripaska were included on a US sanctions blacklist this month leading to anxiety among many of its customers suppliers and creditors who fear they too could be hit by sanctions through association with the company A number of traders and customers of Rusals aluminum have stopped buying the firms products citing the sanctions risk and Rusal appeared to have responded by dramatically scaling back its shipments for export TransContainer Russias largest freight container operator which said it handles between 25 and 30 percent of Rusals exports said Rusal had suspended exports through the TransContainer network They Rusal do not know what to do yet what is going on with them that is why all transportation operations are suspended TransContainers Chief Executive Petr Baskakov told reporters in Moscow on Tuesday Separately a source with a major Russian railway operator who spoke on condition that neither he nor the firm is identified told Reuters Rusal had been rescinding orders with his firm for shipments to customers outside Russia TransContainers Baskakov said Rusal is considering redirecting its exports to other markets that are less sensitive to the sanctions risk and while it works through that process had suspended pending shipments Rusal the worlds second biggest aluminum producer declined to comment TransContainer Deputy Chief Executive Viktor Markov told reporters that his company would consult lawyers about resuming work with Rusal We are exploring different options for further cooperation with Rusal Markov added RUSAL UNDER SIEGE In the latest sign of customers distancing themselves from Rusal major Japanese trading houses asked Rusal to stop shipping refined aluminum and other products in light of the US sanctions and are scrambling to secure metal elsewhere industry sources said Rusal is encountering problems at the other end of its production cycle too with the sanctions taking a toll on the overseas operations that supply it with the raw materials it uses to produce metal Rio Tinto which supplies bauxite to some of Rusals refineries and buys refined alumina said it will declare force majeure on some contracts showing the immediate impact on Rusals supply chain For an analysis click on Completing the triple whammy of problems besieging Rusal holders of the companys debts are also growing restive Rusals dollar bonds slumped after the sanctions were imposed and the company warned it could be in technical default because banks trading platforms and clearing agents refuse to handle transactions linked to the issuer Russian staterun lender Sberbank holds 4 billion in Rusal debt The banks CEO German Gref said he had no immediate option to get rid of the Rusal debt on Sberbanks books because there was no one to whom he could offload it Rusal accounted for 58 percent of world aluminum production last year with output of 37 million tonnes Europe accounted for 42 percent of its sales Asia 17 percent and America 16 percent Writing by Polina Devitt and Christian Lowe Editing by Susan Fenton Our Standards The Thomson Reuters Trust Principles LONDONMOSCOW Reuters Russias Rusal may be forced to divest most of its portfolio of overseas operations if the aluminum giant cannot restructure them to evade US sanctions and ensure a flow of raw materials FILE PHOTO Marked cylindrical aluminium ingots are seen stored at the foundry shop of the Rusal Sayanogorsk aluminium smelter outside the Siberian town of Sayanogorsk Russia March 15 2017 REUTERSIlya Naymushin File Photo US sanctions imposed against key allies of Russian President Putin have already started to cripple United Company Rusals extensive string of international operations from Sweden to Guinea to Australia Rusal the worlds second biggest aluminum producer behind China Hongqiao Group Ltd is heavily dependent on its international network of mines and refineries These last year accounted for 53 percent of its output of raw material ore bauxite and 64 percent of production of semiprocessed sister alumina How does Rusal continue to fund its operations and produce metal if its raw material supply chain is broken said Robin Bhar head of metals research at Societe Generale One key will be finding shipping and logistics firms willing to take the risk to transport those supplies industry sources said Shipping giants Maersk Line and Mediterranean Shipping Company MSC both said they were halting any new trade with Russian entities targeted by US sanctions Related Coverage Factbox Rusals overseas operations key to supply chain Rusal slashes export shipments as sanctions hit logistics firms Like everywhere its greed and fear At some point greed wins said a industry source who declined to be named because he was not allowed to speak to the media The bigger the company the more reluctant it will be but smaller companies that can go under the radar may think the risks are worth it if they can get a really good price To view a graphic of Rusals Alumina Output click reutrs2vpaG4l FORCE MAJEURE Rio Tinto which supplies bauxite to some of Rusals refineries and buys refined alumina said it will declare force majeure on some contracts showing the immediate impact on Rusals supply chain Rio also said on Friday it was reviewing Rusals 20 percent stake in the Queensland Alumina refinery Illustrating knockon effects French aluminum smelters in Dunkirk and St Jean de Maurienne are scrambling to find alternative alumina supplies after being cut off from material from Rusals Irish refinery said Johan Vlietinck CGT union official at the Dunkirk smelter Rio is selling the Dunkirk smelter to Britains Liberty House while the other smelter is owned by Germanys Trimet Another crucial issue is funding since the US sanctions prohibit Rusal from doing transactions in dollars The Russian government has pledged to provide Rusal with shortterm liquidity and offer other assistance but that help will mainly assist the domestic assets and may do scant good overseas When it comes to Rusals Russian operations they should continue to operate without restriction but the same is not true for the remainder of the portfolio each one of which has its own set of unique problems said senior analyst Anthony Everiss at consultancy CRU Many governments are working behind the scenes to keep Rusal operations running in their countries to safeguard jobs but the easiest way to ensure this may be to transfer ownership said Goldman Sachs Rusals international facilities areunder potential restructuring The alumina and bauxite facilitiescould therefore change hands the bank said in a research report Restructuring asset ownership into nonsanctioned entities has precedents in Russia going back to Gunvor in 2014 it added To view a graphic on Rusals Bauxite Output click reutrs2vkX8H5 FILE PHOTO Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in the Siberian city of Krasnoyarsk Russia November 9 2017 REUTERSIlya NaymushinFile Photo GUINEA SUPPORTIVE The authorities are supportive in Guinea which accounts for more than a quarter of Rusals bauxite output and the mines are continuing to operate according to industry sources in the country The main issue will be logistics and finding middlemen who do not have any links with the United States an industry source said The DianDian project the worlds largest bauxite deposit was still on track to launch production by the end of April a senior official with the project told Reuters With expected output of 3 million tonnes a year it would nearly double Rusals bauxite output in the country In Ireland Rusals biggest alumina refinery Aughinish is under threat because Rio Tinto which provided bauxite for the plant has declared force majeure The plant has enough bauxite to last to the end of June local media reports said The plant did not reply to emails seeking comment The Swedish Kubal aluminum smelter the only metal producing operation outside of Russia was still producing but had halted deliveries a local newspaper said Additional reporting by Gus Trompiz in Paris Daniel Dickson in Stockholm Samb Saliou in Conakry Graham Fahy in Dublin and Jonathan Saul in London Editing by Veronica BrownKeith WeirDavid Evans Our Standards The Thomson Reuters Trust Principles DAMASCUSTHE HAGUE Reuters The United States accused Russia on Monday of blocking international inspectors from reaching the site of a suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground Moscow denied the charge and blamed delays on retaliatory USled missile strikes on Syria on Saturday British Prime Minister Theresa May and French President Emmanuel Macron faced criticism from political opponents over their decisions to take part in the air strikes Syria and Russia deny unleashing poison gas on April 7 during their offensive on Douma which ended with the recapture of the town that had been the last rebel stronghold near the capital Damascus Relief organizations say dozens of men women and children were killed Footage of young victims foaming at the mouth and weeping in agony has thrust Syrias civil war in which half a million people have been killed in the past seven years to the forefront of world concern again Inspectors from the Organisation for the Prohibition of Chemical Weapons OPCW traveled to Syria last week to inspect the site but have yet to gain access to Douma which is now under government control after the rebels withdrew It is our understanding the Russians may have visited the attack site US Ambassador Kenneth Ward said at an OPCW meeting in The Hague on Monday Related Coverage Factbox Chemical weapons inspectors how do they work Chemical weapons experts enter Douma Syrian state TV Germany can mediate with Russia over Syria Foreign Minister Maas It is our concern that they may have tampered with it with the intent of thwarting the efforts of the OPCW FactFinding Mission to conduct an effective investigation he said His comments at the closeddoor meeting were obtained by Reuters Russian Foreign Minister Sergei Lavrov denied Moscow had interfered with any evidence I can guarantee that Russia has not tampered with the site he told the BBC Increasing regional jitters Syrian antiaircraft defenses shot down missiles fired at the air base of Shayrat in Homs province late on Monday and at another base northeast of the capital Damascus Syrian state television and proIranian Hezbollah media said The Pentagon said there was no US military activity in that area at this time An Israeli military spokesman said We dont comment on such reports The UN Security Council is due to be briefed on Tuesday at the request of Russia on the situation in Syrias northern city of Raqqa where Islamic State was defeated last year by USbacked forces and the Rubkan camp for displaced Syrians near the countrys border with Jordan and Iraq TRUMP WANTS US TROOPS HOME Two days after the missile strikes that he hailed as a wellexecuted military operation President Donald Trump still wants to bring the small number of US troops in northern Syria home the White House said But spokeswoman Sarah Sanders said he had not set a timeline for a pullout Trump was also willing to meet Russian President Vladimir Putin she added while indicating that no such encounter was imminent Britains delegation to the OPCW accused Russia and the Assad government of stopping inspectors from reaching Douma Unfettered access is essential it said in a statement Russia and Syria must cooperate The team aims to collect samples interview witnesses and document evidence to determine whether banned toxic munitions were used although it is not permitted to assign blame for the attack British Ambassador Peter Wilson said in The Hague that the United Nations had cleared the inspectors to go but they had been unable to reach Douma because Syria and Russia had been unable to guarantee their safety Moscow blamed the delay on the air strikes in which the United States France and Britain targeted what the Pentagon said were three chemical weapons facilities We called for an objective investigation This was at the very beginning after this information of the attack appeared Therefore allegations of this towards Russia are groundless Kremlin spokesman Dmitry Peskov said A Russian defense ministry official said later the OPCW experts would travel to Douma on Wednesday The inspectors met Syrian Deputy Foreign Minister Faisal Mekdad in the presence of Russian officers and a senior Syrian security official in Damascus for about three hours on Sunday OPCW inspectors have been attacked on two previous missions to the sites of chemical weapons attacks in Syria Syrian flags flew in Douma on Monday security forces stood on street corners and Russian military police patrolled the streets State aid trucks handed out bread rice and pasta to people who had lived under siege for years Members of the Syrian police hold their weapons as they sit on a back of a truck at the city of Douma Damascus Syria April 16 2018 REUTERSAli Hashisho A governmentorganized media tour did not include the building where according to rescue workers and medics who were in town at the time dozens of people were killed by poison gas Doctors at the hospital where suspected victims were treated told reporters on the tour that none of the patients that night had suffered chemical weapons injuries they were asphyxiated by dust and smoke in a bombardment Medical aid groups and the White Helmets rescue organization have said such statements already aired on state television in recent days were made under duress RIGHT THING TO DO The USled strikes did nothing to alter the strategic balance or dent Assads supremacy and the Western allies have said the aim was to prevent the further use of chemical weapons not to intervene in the civil war or topple Assad At a meeting in Luxembourg the 28 EU foreign ministers endorsed the missile strikes and considered steps to deepen Assads isolation Britains May told parliament the decision to conduct air strikes against Syria was in the British national interest and not as a result of pressure from Trump Slideshow 13 Images We have not done this because President Trump asked us to we have done it because we believed it was the right thing to do and we are not alone There is broadbased international support for the action we have taken May said May has said she did not seek a green light from parliament for the attacks citing the need to act quickly Additional reporting by Jack Stubbs and Andrey Ostroukh in Moscow Jeff Mason Susan Cornwell Leslie Wroughton Yara Bayoumy and Steve Holland in Washington Michelle Nichols in New York Samia Nakhoul Tom Perry Ellen Francis and Angus McDowall in Beirut Kinda Makieh in Barzeh Syria Elizabeth Piper Michael Holden and Guy Faulconbridge in London Laurence Frost Michel Rose and Ingrid Melander in Paris and Suleiman AlKhalidi in Amman Writing by Angus MacSwan and Richard Balmforth Editing by Alistair Bell and Peter Cooney Our Standards The Thomson Reuters Trust Principles

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<p>&#8220;The Cross and the Lynching Tree&#8221;</p> <p>A book by James H. Cone</p> <p>For more than 40 years I&#8217;ve been moved and provoked by the writings of James Cone, Union Seminary&#8217;s distinguished professor of systematic theology. While reading his newest book, &#8220;The Cross and the Lynching Tree,&#8221; however, I felt grief and anger on a whole new scale. I felt grief for the nearly 5,000 African-American men, women and children who were lynched between 1880 and 1940, and anger that during that 60-year holocaust, white preachers, evangelists and theologians didn&#8217;t even notice. No author has ever made me more ashamed to be a white American Christian and at the same time no author has ever given me a more dramatic example of the sustaining power of the cross.</p> <p>All my life I had been taught that the cross was at the heart of my Christian faith. It has been a long time since I was deeply moved by it. &#8220;The Cross and the Lynching Tree&#8221; helped me experience the cross on a far more visceral level. Cone says it simply: Jesus was lynched. He makes the connection between the crucifixion of Jesus and the lynching of African-Americans. He explains why understanding that connection is vital to understanding the meaning of the cross:</p> <p /> <p>&#8220;As Jesus was an innocent victim of mob hysteria and Roman imperial violence, many African-Americans were innocent victims of white mobs, thirsting for blood in the name of God and in defense of segregation, white supremacy, and the purity of the Anglo-Saxon race. Both the cross and the lynching tree were symbols of terror, instruments of torture and execution, reserved primarily for slaves, criminals, and insurrectionists &#8212; the lowest of the low in society. Both Jesus and blacks were publicly humiliated, subjected to the utmost indignity and cruelty. They were stripped, in order to be deprived of dignity, then paraded, mocked and whipped, pierced, derided and spat upon, and tortured for hours in the presence of jeering crowds for popular entertainment. In both cases, the purpose was to strike terror in the subject community. It was to let people know that the same thing would happen to them if they did not stay in their place.&#8221;</p> <p>During his decades of research, Cone found, incredibly, no sermons, lectures, books or articles by white preachers, evangelists or theologians linking what happened on the cross to what happened on the lynching tree &#8212; not even when lynching was at its peak.</p> <p>Cone is particularly saddened that <a href="http://en.wikipedia.org/wiki/Reinhold_Niebuhr" type="external">Reinhold Niebuhr</a>, perhaps the most influential theologian and ethicist of the 20th century, &#8220;failed to connect the cross and its most vivid reenactment in his time.&#8221; Cone, who is black and grew up in segregated Arkansas, is rightfully aggrieved when he describes the silence of Christian leaders during and after the lynching years. &#8220;To reflect on this failure,&#8221; Cone warns, &#8220;is to address a defect in the conscience of white Christians and to suggest why African-Americans have needed to trust and cultivate their own theological imagination.&#8221;</p> <p>Story after heartbreaking story, Cone walks us through those tragic and shameful years when thousands of black Americans were dragged from their homes and families, raped, tortured, disemboweled, castrated, burned and/or hanged by white Americans. Often those same white Americans were quoting Scripture while silhouetted by flaming crosses. Here are just two of the stories Cone tells to illustrate the horror of the lynching tree:</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>By James H. Cone</p> <p>Orbis Books, 202 pages</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>In 1918, when a white mob in Valdosta, Ga., couldn&#8217;t find Haynes Turner (who was guilty of nothing more than being black) the sheriff arrested his wife instead. Mary Turner was eight months pregnant. When she insisted that her husband was innocent, she was &#8220;stripped, hung upside down by the ankles, soaked with gasoline and roasted to death. In the midst of this torment, a white man opened her swollen belly with a hunting knife and her infant fell to the ground and was stomped to death.&#8221;</p> <p>In 1955, Emmett Louis &#8220;Bo&#8221; Till, a 14-year-old African-American from Chicago, was kidnapped from his grandparents&#8217; Mississippi home because (or so the rumor went) he had dared to whistle at Carolyn Bryant, a 21-year old white woman, and moments later said &#8220;Bye, baby&#8221; as she left a local store. At 2 a.m. Bryant&#8217;s husband and his half-brother dragged Till to a barn where one of the boy&#8217;s eyes was gouged out. He was tortured, beaten beyond recognition, shot in the head, tied to a heavy gin fan and dropped into the Tallahatchie River. The two men were arrested, tried and found not guilty of the crime.</p> <p>Cone documents in grim detail the unimaginable mental and physical suffering black Americans experienced during those lynching years. But instead of giving up on God, those who suffered embraced their Christian faith with new zeal. Cone turns to Dr. Martin Luther King Jr. to help us understand how great suffering, paradoxically, can lead to even greater faith. In his &#8220;darkest hours&#8221; during the Montgomery bus boycott, King&#8217;s own experience of suffering lead him to conclude that we do not know what we truly believe or what our theology is worth until &#8220;our highest hopes are turned into shambles of despair&#8221; or &#8220;we are victims of some tragic injustice and some terrible exploitation.&#8221; Cone summarizes the mystery of faith that grew stronger during the lynching years:</p> <p>&#8220;Black faith emerged out of black people&#8217;s wrestling with suffering, the struggle to make sense out of their senseless situation, as they related their own predicament to similar stories in the Bible. On the one hand, faith spoke to their suffering, making it bearable, while on the other hand, suffering contradicted their faith, making it unbearable. That is the profound paradox inherent in black faith, the dialectic of doubt and trust in the search for meaning, as blacks &#8216;walk[ed] through the valley of the shadow of death.&#8217;&amp;#160;&#8220;</p> <p>&#8220;The Cross and the Lynching Tree&#8221; also explores the connection between faith and art, through the music, poetry and prose of those who suffered. Cone asks: &#8220;How did ordinary blacks, like my mother and father, survive the lynching atrocity and still keep together their families, their communities and not lose their sanity?&#8221; He answers that question simply: &#8220;Both black religion and the blues offered sources of hope that there was more to life than what one encountered daily in the white man&#8217;s world.&#8221; There was no opportunity for black Americans to protest, let alone defend themselves from the violence that permeated their lives. In public, where a black man could be lynched for looking a white man in the eye, they had to play the subservient coward. But on Saturday nights, by singing the blues in the privacy of their &#8220;juke joints&#8221; where the whole community gathered to dance, drink, clap, stomp and &#8220;hollar,&#8221; these &#8220;cowards&#8221; expressed their courage and their determination to overcome. Those nights brought a measure of joy and a lot of relief to black Americans. To the white man all that &#8220;noise&#8221; must have seemed tribal and orgiastic. But if those same white men had been capable of truly listening, they would have realized that the poetry of the blues was in fact restoring the souls of black Americans and renewing their determination to resist despair.</p> <p>As a child, Cone remembers hearing the blues echoing at night from &#8220;Sam&#8217;s Place&#8221; near his home in Arkansas. The author recalls tapping his feet and moving his body to the sounds of B.B. King&#8217;s &#8220;Rock Me Baby&#8221; and Bo Diddley&#8217;s &#8220;I&#8217;m a Man.&#8221; There is no question, however, that Billie Holiday holds a special place for the author. In 1939, on the stage of New York&#8217;s Caf&#233; Society, Holiday sang &#8220;Strange Fruit,&#8221; the first of many songs that would help mobilize the civil rights movement. Time magazine called &#8220;Strange Fruit&#8221; &#8220;the best song of the century,&#8221; and <a href="http://www.youtube.com/watch?v=h4ZyuULy9zs" type="external">Holiday</a> &#8220;history&#8217;s greatest jazz singer.&#8221; The song was written by Abel Meeropol, the white Jewish communist who later adopted the two sons of convicted spies Julius and Ethel Rosenberg after their execution. &#8220;Strange Fruit&#8221; was inspired by an appalling photo Meeropol saw of a lynching in Mississippi:</p> <p>&#8220;Southern trees bear strange fruit, Blood on the leaves and blood at the root, Black body swinging in the Southern breeze, Strange fruit hanging from the poplar trees. Pastoral scene of the gallant South, The bulging eyes and the twisted mouth, Scent of magnolia sweet and fresh, Then the sudden smell of burning flesh &#8230;&#8221;</p> <p>On Sundays a different kind of music was heard. Cone uses the familiar spiritual &#8220;Nobody knows the trouble I&#8217;ve seen&#8221; to show how the black poetry of those lynching years reflected both suffering and certainty. The spiritual begins with a mournful lament but ends with an almost inexplicable shout of praise: &#8220;Nobody knows de trouble I&#8217;ve seen. Nobody knows my sorrow. Nobody knows de trouble I&#8217;ve seen &#8230; Glory Hallelujah!&#8221;</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>By James H. Cone</p> <p>Orbis Books, 202 pages</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>Black poets and musicians brought hope in times of despair. They were not blind to the fact that white Christians were in large part the cause of their suffering. With scathing sarcasm, black poet <a href="http://books.google.com/books?id=7KYtAAAAMAAJ&amp;amp;pg=PA12&amp;amp;lpg=PA12&amp;amp;dq=Walter+Everette+Hawkins+A+Festival+of+Christendom%22&amp;amp;source=bl&amp;amp;ots=7zNp2XjnqB&amp;amp;sig=-gn5lG88X7YRb8t3QjjNj_i_yyY&amp;amp;hl=en&amp;amp;sa=X&amp;amp;ei=VvXvTq-EHaariQLi1bzIDg&amp;amp;ved=0CB0Q6AEwAA#v=onepage&amp;amp;q&amp;amp;f=false" type="external">Walter Everette Hawkins</a> called lynching &#8220;A Festival of Christendom&#8221; alongside the festive days of Christmas and Easter:</p> <p>&#8220;And so the Christian mob did turn from prayer to rob, to lynch and burn. A victim helplessly he fell to tortures truly kin to hell; They bound him fast and strung him high. They cut him down lest he should die Before their energy was spent in torturing to their heart&#8217;s content. They tore his flesh and broke his bones and laughed in triumph at his groans; They chopped his fingers, clipped his ears and passed them round as souvenirs. The bored hot irons in his side and reveled in their zeal and pride; They cut his quivering flesh away and danced and sang as Christians may &#8230; &#8221;</p> <p>In spite of their anger at white Christians, they spoke of Jesus&#8217; life and death with increasing reverence. Black poet <a href="http://en.wikipedia.org/wiki/Countee_Cullen%20" type="external">Countee Cullen</a> writes, &#8220;How Calvary in Palestine, extending down to me and mine, was but the first leaf in a line of trees on which a Man should swing &#8230; &#8221; Cone points out that in this poem Cullen is claiming &#8220;that Christ, poetically and religiously, was symbolically the first lynchee,&#8221; and by this close association with Jesus &#8220;turned lynch victims into martyrs.&#8221; Cullen wrote, &#8220;The South is crucifying Christ again,&#8221; and this time &#8220;he&#8217;s dark of hue.&#8221; According to Cone, Cullen and many of his fellow poets and musicians could not help but see &#8220; &#8230; the liberating power of the &#8216;Black Christ&#8217; for suffering black people.&#8221;</p> <p>&#8220;Ordinary blacks&#8221; survived those lynching years, Cone says, because their Jesus too had been lynched. He too had suffered exactly as they were suffering. They were not alone when they walked into the valley of death because Jesus walked that way before them. &#8220;Jesus walked this lonesome valley,&#8221; a spiritual begins, &#8220;He had to walk it by himself. Nobody else could walk it for him. He had to walk it by himself.&#8221; African-American Christians were absolutely certain the Christ who died on a cross understood their suffering and would see them through it.</p> <p>Cone understands that although black art and music helped foment the civil rights movement, &#8220; &#8230; the blues and the juke joint did not lead to an organized political resistance against white supremacy. But one could correctly say that the spirituals and the church, with Jesus&#8217; cross at the heart of its faith, gave birth to the black freedom movement that reached its peak in the civil rights era during the 1950s and 1960s. The spirituals were the soul of the movement, giving people courage to fight, and the church was its anchor, deepening its faith in the coming freedom for all.&#8221;</p> <p>Cone makes it clear that the civil rights movement of the 1950s and 1960s &#8212; with spirituals as its soul and the church as its anchor &#8212; saw an end to segregation but not to white supremacy. At its heart, &#8220;The Cross and the Lynching Tree&#8221; is a powerful indictment of white supremacy, past and present, and a challenge to white Americans to have &#8220;the courage to confront the great sin and ongoing legacy of white supremacy with repentance and reparation.&#8221; The lynching of black Americans is still taking place in the 21st century. Cone targets America&#8217;s criminal justice system &#8220; &#8230; where nearly one-third of black men between the ages of 18 and 28 are in prisons, jails, on parole or waiting for their day in court.&#8221; Cone continues:</p> <p>&#8220;Nearly one-half of the more than 2 million people in prisons are black. That is 1 million black people behind bars, more than in colleges. Through private prisons and the &#8216;war against drugs&#8217; whites have turned the brutality of their racist legal system into a profit-making venture for dying white towns and cities throughout America. &#8230; Nothing is more racist in America&#8217;s criminal justice system than its administration of the death penalty. America is the only industrialized country in the West where the death penalty is still legal. The death penalty is primarily reserved, though not exclusively, for people of color, and white supremacy shows no signs of changing it. That is why the term &#8216;legal lynching&#8217; is still relevant today. One can lynch a person without a rope or tree.&#8221;</p> <p>I am a white American. What questions should I ask myself about living in a nation still permeated by white supremacy? What questions should I ask myself about living in a mostly white neighborhood, attending a mostly white church and hanging out with mostly white friends? Cone states unequivocally that Jesus calls us to confront white supremacy. &#8220;I believe,&#8221; Cone writes, &#8220;that the cross placed alongside the lynching tree can help us to see Jesus in America in a new light, and thereby empower people who claim to follow him to take a stand against white supremacy and every kind of injustice.&#8221;</p> <p>&#8220;The Cross and the Lynching Tree&#8221; also transcends the topic of lynching and the suffering of African-Americans. Cone asks his readers to see all suffering and oppression in light of the promise of the cross. Therefore &#8212; and please forgive this personal aside &#8212; his &#8220;every kind of injustice&#8221; includes the injustice faced by lesbian, gay, bisexual and transgender Americans. What was <a href="http://en.wikipedia.org/wiki/Matthew_Shepard" type="external">Matthew Shepard&#8217;s</a> death but a lynching? All the elements are present. Shepard was harassed, kidnapped, driven to a remote country area, robbed, pistol-whipped, tortured, tied to a fence and left to die. <a href="http://en.wikipedia.org/wiki/Brandon_Teena" type="external">Brandon Teena</a>, a 21-year-old trans man who was raped and murdered, is just one example of dozens of forgotten trans people who are lynched every year. And in some ways <a href="http://en.wikipedia.org/wiki/Suicide_of_Tyler_Clementi" type="external">Tyler Clementi</a>, <a href="http://en.wikipedia.org/wiki/Suicide_of_Jamey_Rodemeyer" type="external">Jamey Rodemeyer</a> and all the other gay teens and young people who have committed suicide because of bullying and harassment are lynching victims.</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>By James H. Cone</p> <p>Orbis Books, 202 pages</p> <p><a href="http://www.indiebound.org/book/9781570759376?aff=Truthdig" type="external" /></p> <p>My son once asked me, &#8220;How can you still be a Christian, Dad, after what the church has done to you?&#8221; Suddenly we&#8217;re back to the same mystery we encountered with black Christians during the lynching years. Cone quotes the Apostle Paul to describe this mystery: &#8220;St. Paul said that the &#8216;word of the cross is foolishness&#8217; to the intellect and a &#8216;stumbling block&#8217; to established religion. The cross is a paradoxical religious symbol because it inverts the world&#8217;s value system with the news that hope comes by way of defeat, that suffering and death do not have the last word, that the last shall be first and the first last.&#8221; I believed that Jesus was with me during the attacks by Bible-quoting Christians, during the disappearance of most of my old friends and clients, and during the aversive therapies, the electric shock and the exorcisms by well-meaning Christians who tried to rid me of the &#8220;demon of homosexuality.&#8221; And in my lowest moments when I genuinely longed for death, I knew that Jesus would walk with me through that valley as well.</p> <p>Black Americans were victims of white Christian bigotry as gay Americans are victims of straight Christian bigotry. Please don&#8217;t think for a moment that I am comparing my suffering or the suffering of the LGBT community to the suffering of African-Americans during the lynching years. I am not. But in the struggle between faith and oppression, and sensing Jesus&#8217; presence during my own suffering, I feel solidarity with my African-American family whose faith in the &#8220;old rugged cross&#8221; was the key to surviving the lynching tree.</p> <p>Here is the danger: To say that Jesus stands with me in my suffering is far too simple. My redemption doesn&#8217;t come that easily. There&#8217;s something in the cross that says this is not just about my &#8220;salvation&#8221; but about the &#8220;salvation&#8221; of all those who suffer injustice and inequality. The cross warns and welcomes. It warns me that if I confront white supremacy, homophobia or injustice of any kind, I could end up being lynched. And the cross welcomes me to that great company of the committed who believed its promise that &#8220;death is not the end but the beginning of life.&#8221;</p> <p>Cone reminds us that &#8220; &#8230; it takes a special kind of imagination to understand the truth of the cross. &#8230; The Gospel of Jesus is not a rational concept to be explained in a theory of salvation, but a story about God&#8217;s presence in Jesus&#8217; solidarity with the oppressed which led to his death on the cross. &#8230; What is redemptive is the faith that God snatches victory out of defeat, life out of death and hope out of despair, as revealed in the biblical and black proclamation of Jesus&#8217; resurrection.&#8221;</p> <p>The Rev. Mel White is co-founder of <a href="http://www.soulforce.org/" type="external">Soulforce</a> and the author of &#8220;Stranger at the Gate: To Be Gay and Christian in America&#8221; and &#8220;Religion Gone Bad: The Hidden Dangers of the Christian Right.&#8221;</p> <p />

Jesus Was Lynched

https://truthdig.com/articles/jesus-was-lynched/

2011-12-24

4left

8220The Cross and the Lynching Tree8221 A book by James H Cone For more than 40 years I8217ve been moved and provoked by the writings of James Cone Union Seminary8217s distinguished professor of systematic theology While reading his newest book 8220The Cross and the Lynching Tree8221 however I felt grief and anger on a whole new scale I felt grief for the nearly 5000 AfricanAmerican men women and children who were lynched between 1880 and 1940 and anger that during that 60year holocaust white preachers evangelists and theologians didn8217t even notice No author has ever made me more ashamed to be a white American Christian and at the same time no author has ever given me a more dramatic example of the sustaining power of the cross All my life I had been taught that the cross was at the heart of my Christian faith It has been a long time since I was deeply moved by it 8220The Cross and the Lynching Tree8221 helped me experience the cross on a far more visceral level Cone says it simply Jesus was lynched He makes the connection between the crucifixion of Jesus and the lynching of AfricanAmericans He explains why understanding that connection is vital to understanding the meaning of the cross 8220As Jesus was an innocent victim of mob hysteria and Roman imperial violence many AfricanAmericans were innocent victims of white mobs thirsting for blood in the name of God and in defense of segregation white supremacy and the purity of the AngloSaxon race Both the cross and the lynching tree were symbols of terror instruments of torture and execution reserved primarily for slaves criminals and insurrectionists 8212 the lowest of the low in society Both Jesus and blacks were publicly humiliated subjected to the utmost indignity and cruelty They were stripped in order to be deprived of dignity then paraded mocked and whipped pierced derided and spat upon and tortured for hours in the presence of jeering crowds for popular entertainment In both cases the purpose was to strike terror in the subject community It was to let people know that the same thing would happen to them if they did not stay in their place8221 During his decades of research Cone found incredibly no sermons lectures books or articles by white preachers evangelists or theologians linking what happened on the cross to what happened on the lynching tree 8212 not even when lynching was at its peak Cone is particularly saddened that Reinhold Niebuhr perhaps the most influential theologian and ethicist of the 20th century 8220failed to connect the cross and its most vivid reenactment in his time8221 Cone who is black and grew up in segregated Arkansas is rightfully aggrieved when he describes the silence of Christian leaders during and after the lynching years 8220To reflect on this failure8221 Cone warns 8220is to address a defect in the conscience of white Christians and to suggest why AfricanAmericans have needed to trust and cultivate their own theological imagination8221 Story after heartbreaking story Cone walks us through those tragic and shameful years when thousands of black Americans were dragged from their homes and families raped tortured disemboweled castrated burned andor hanged by white Americans Often those same white Americans were quoting Scripture while silhouetted by flaming crosses Here are just two of the stories Cone tells to illustrate the horror of the lynching tree By James H Cone Orbis Books 202 pages In 1918 when a white mob in Valdosta Ga couldn8217t find Haynes Turner who was guilty of nothing more than being black the sheriff arrested his wife instead Mary Turner was eight months pregnant When she insisted that her husband was innocent she was 8220stripped hung upside down by the ankles soaked with gasoline and roasted to death In the midst of this torment a white man opened her swollen belly with a hunting knife and her infant fell to the ground and was stomped to death8221 In 1955 Emmett Louis 8220Bo8221 Till a 14yearold AfricanAmerican from Chicago was kidnapped from his grandparents8217 Mississippi home because or so the rumor went he had dared to whistle at Carolyn Bryant a 21year old white woman and moments later said 8220Bye baby8221 as she left a local store At 2 am Bryant8217s husband and his halfbrother dragged Till to a barn where one of the boy8217s eyes was gouged out He was tortured beaten beyond recognition shot in the head tied to a heavy gin fan and dropped into the Tallahatchie River The two men were arrested tried and found not guilty of the crime Cone documents in grim detail the unimaginable mental and physical suffering black Americans experienced during those lynching years But instead of giving up on God those who suffered embraced their Christian faith with new zeal Cone turns to Dr Martin Luther King Jr to help us understand how great suffering paradoxically can lead to even greater faith In his 8220darkest hours8221 during the Montgomery bus boycott King8217s own experience of suffering lead him to conclude that we do not know what we truly believe or what our theology is worth until 8220our highest hopes are turned into shambles of despair8221 or 8220we are victims of some tragic injustice and some terrible exploitation8221 Cone summarizes the mystery of faith that grew stronger during the lynching years 8220Black faith emerged out of black people8217s wrestling with suffering the struggle to make sense out of their senseless situation as they related their own predicament to similar stories in the Bible On the one hand faith spoke to their suffering making it bearable while on the other hand suffering contradicted their faith making it unbearable That is the profound paradox inherent in black faith the dialectic of doubt and trust in the search for meaning as blacks 8216walked through the valley of the shadow of death8217amp1608220 8220The Cross and the Lynching Tree8221 also explores the connection between faith and art through the music poetry and prose of those who suffered Cone asks 8220How did ordinary blacks like my mother and father survive the lynching atrocity and still keep together their families their communities and not lose their sanity8221 He answers that question simply 8220Both black religion and the blues offered sources of hope that there was more to life than what one encountered daily in the white man8217s world8221 There was no opportunity for black Americans to protest let alone defend themselves from the violence that permeated their lives In public where a black man could be lynched for looking a white man in the eye they had to play the subservient coward But on Saturday nights by singing the blues in the privacy of their 8220juke joints8221 where the whole community gathered to dance drink clap stomp and 8220hollar8221 these 8220cowards8221 expressed their courage and their determination to overcome Those nights brought a measure of joy and a lot of relief to black Americans To the white man all that 8220noise8221 must have seemed tribal and orgiastic But if those same white men had been capable of truly listening they would have realized that the poetry of the blues was in fact restoring the souls of black Americans and renewing their determination to resist despair As a child Cone remembers hearing the blues echoing at night from 8220Sam8217s Place8221 near his home in Arkansas The author recalls tapping his feet and moving his body to the sounds of BB King8217s 8220Rock Me Baby8221 and Bo Diddley8217s 8220I8217m a Man8221 There is no question however that Billie Holiday holds a special place for the author In 1939 on the stage of New York8217s Caf233 Society Holiday sang 8220Strange Fruit8221 the first of many songs that would help mobilize the civil rights movement Time magazine called 8220Strange Fruit8221 8220the best song of the century8221 and Holiday 8220history8217s greatest jazz singer8221 The song was written by Abel Meeropol the white Jewish communist who later adopted the two sons of convicted spies Julius and Ethel Rosenberg after their execution 8220Strange Fruit8221 was inspired by an appalling photo Meeropol saw of a lynching in Mississippi 8220Southern trees bear strange fruit Blood on the leaves and blood at the root Black body swinging in the Southern breeze Strange fruit hanging from the poplar trees Pastoral scene of the gallant South The bulging eyes and the twisted mouth Scent of magnolia sweet and fresh Then the sudden smell of burning flesh 82308221 On Sundays a different kind of music was heard Cone uses the familiar spiritual 8220Nobody knows the trouble I8217ve seen8221 to show how the black poetry of those lynching years reflected both suffering and certainty The spiritual begins with a mournful lament but ends with an almost inexplicable shout of praise 8220Nobody knows de trouble I8217ve seen Nobody knows my sorrow Nobody knows de trouble I8217ve seen 8230 Glory Hallelujah8221 By James H Cone Orbis Books 202 pages Black poets and musicians brought hope in times of despair They were not blind to the fact that white Christians were in large part the cause of their suffering With scathing sarcasm black poet Walter Everette Hawkins called lynching 8220A Festival of Christendom8221 alongside the festive days of Christmas and Easter 8220And so the Christian mob did turn from prayer to rob to lynch and burn A victim helplessly he fell to tortures truly kin to hell They bound him fast and strung him high They cut him down lest he should die Before their energy was spent in torturing to their heart8217s content They tore his flesh and broke his bones and laughed in triumph at his groans They chopped his fingers clipped his ears and passed them round as souvenirs The bored hot irons in his side and reveled in their zeal and pride They cut his quivering flesh away and danced and sang as Christians may 8230 8221 In spite of their anger at white Christians they spoke of Jesus8217 life and death with increasing reverence Black poet Countee Cullen writes 8220How Calvary in Palestine extending down to me and mine was but the first leaf in a line of trees on which a Man should swing 8230 8221 Cone points out that in this poem Cullen is claiming 8220that Christ poetically and religiously was symbolically the first lynchee8221 and by this close association with Jesus 8220turned lynch victims into martyrs8221 Cullen wrote 8220The South is crucifying Christ again8221 and this time 8220he8217s dark of hue8221 According to Cone Cullen and many of his fellow poets and musicians could not help but see 8220 8230 the liberating power of the 8216Black Christ8217 for suffering black people8221 8220Ordinary blacks8221 survived those lynching years Cone says because their Jesus too had been lynched He too had suffered exactly as they were suffering They were not alone when they walked into the valley of death because Jesus walked that way before them 8220Jesus walked this lonesome valley8221 a spiritual begins 8220He had to walk it by himself Nobody else could walk it for him He had to walk it by himself8221 AfricanAmerican Christians were absolutely certain the Christ who died on a cross understood their suffering and would see them through it Cone understands that although black art and music helped foment the civil rights movement 8220 8230 the blues and the juke joint did not lead to an organized political resistance against white supremacy But one could correctly say that the spirituals and the church with Jesus8217 cross at the heart of its faith gave birth to the black freedom movement that reached its peak in the civil rights era during the 1950s and 1960s The spirituals were the soul of the movement giving people courage to fight and the church was its anchor deepening its faith in the coming freedom for all8221 Cone makes it clear that the civil rights movement of the 1950s and 1960s 8212 with spirituals as its soul and the church as its anchor 8212 saw an end to segregation but not to white supremacy At its heart 8220The Cross and the Lynching Tree8221 is a powerful indictment of white supremacy past and present and a challenge to white Americans to have 8220the courage to confront the great sin and ongoing legacy of white supremacy with repentance and reparation8221 The lynching of black Americans is still taking place in the 21st century Cone targets America8217s criminal justice system 8220 8230 where nearly onethird of black men between the ages of 18 and 28 are in prisons jails on parole or waiting for their day in court8221 Cone continues 8220Nearly onehalf of the more than 2 million people in prisons are black That is 1 million black people behind bars more than in colleges Through private prisons and the 8216war against drugs8217 whites have turned the brutality of their racist legal system into a profitmaking venture for dying white towns and cities throughout America 8230 Nothing is more racist in America8217s criminal justice system than its administration of the death penalty America is the only industrialized country in the West where the death penalty is still legal The death penalty is primarily reserved though not exclusively for people of color and white supremacy shows no signs of changing it That is why the term 8216legal lynching8217 is still relevant today One can lynch a person without a rope or tree8221 I am a white American What questions should I ask myself about living in a nation still permeated by white supremacy What questions should I ask myself about living in a mostly white neighborhood attending a mostly white church and hanging out with mostly white friends Cone states unequivocally that Jesus calls us to confront white supremacy 8220I believe8221 Cone writes 8220that the cross placed alongside the lynching tree can help us to see Jesus in America in a new light and thereby empower people who claim to follow him to take a stand against white supremacy and every kind of injustice8221 8220The Cross and the Lynching Tree8221 also transcends the topic of lynching and the suffering of AfricanAmericans Cone asks his readers to see all suffering and oppression in light of the promise of the cross Therefore 8212 and please forgive this personal aside 8212 his 8220every kind of injustice8221 includes the injustice faced by lesbian gay bisexual and transgender Americans What was Matthew Shepard8217s death but a lynching All the elements are present Shepard was harassed kidnapped driven to a remote country area robbed pistolwhipped tortured tied to a fence and left to die Brandon Teena a 21yearold trans man who was raped and murdered is just one example of dozens of forgotten trans people who are lynched every year And in some ways Tyler Clementi Jamey Rodemeyer and all the other gay teens and young people who have committed suicide because of bullying and harassment are lynching victims By James H Cone Orbis Books 202 pages My son once asked me 8220How can you still be a Christian Dad after what the church has done to you8221 Suddenly we8217re back to the same mystery we encountered with black Christians during the lynching years Cone quotes the Apostle Paul to describe this mystery 8220St Paul said that the 8216word of the cross is foolishness8217 to the intellect and a 8216stumbling block8217 to established religion The cross is a paradoxical religious symbol because it inverts the world8217s value system with the news that hope comes by way of defeat that suffering and death do not have the last word that the last shall be first and the first last8221 I believed that Jesus was with me during the attacks by Biblequoting Christians during the disappearance of most of my old friends and clients and during the aversive therapies the electric shock and the exorcisms by wellmeaning Christians who tried to rid me of the 8220demon of homosexuality8221 And in my lowest moments when I genuinely longed for death I knew that Jesus would walk with me through that valley as well Black Americans were victims of white Christian bigotry as gay Americans are victims of straight Christian bigotry Please don8217t think for a moment that I am comparing my suffering or the suffering of the LGBT community to the suffering of AfricanAmericans during the lynching years I am not But in the struggle between faith and oppression and sensing Jesus8217 presence during my own suffering I feel solidarity with my AfricanAmerican family whose faith in the 8220old rugged cross8221 was the key to surviving the lynching tree Here is the danger To say that Jesus stands with me in my suffering is far too simple My redemption doesn8217t come that easily There8217s something in the cross that says this is not just about my 8220salvation8221 but about the 8220salvation8221 of all those who suffer injustice and inequality The cross warns and welcomes It warns me that if I confront white supremacy homophobia or injustice of any kind I could end up being lynched And the cross welcomes me to that great company of the committed who believed its promise that 8220death is not the end but the beginning of life8221 Cone reminds us that 8220 8230 it takes a special kind of imagination to understand the truth of the cross 8230 The Gospel of Jesus is not a rational concept to be explained in a theory of salvation but a story about God8217s presence in Jesus8217 solidarity with the oppressed which led to his death on the cross 8230 What is redemptive is the faith that God snatches victory out of defeat life out of death and hope out of despair as revealed in the biblical and black proclamation of Jesus8217 resurrection8221 The Rev Mel White is cofounder of Soulforce and the author of 8220Stranger at the Gate To Be Gay and Christian in America8221 and 8220Religion Gone Bad The Hidden Dangers of the Christian Right8221

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<p><a href="http://www.tomdispatch.com" type="external" />This <a href="http://www.tomdispatch.com/archive/175413/" type="external">story</a> first appeared on the <a href="http://www.tomdispatch.com/" type="external">TomDispatch</a> website.</p> <p>Like the country it governs, Washington, DC, is a city of extremes. In a car, you can zip in bare moments from northwest DC, its streets lined with million-dollar homes and palatial embassies, its inhabitants sporting one of the nation&#8217;s lowest jobless rates, to Anacostia, a mostly forgotten neighborhood in southeastern DC with one of the highest unemployment rates anywhere in America. Or, if you happen to be jobless, upset about it, and living in that neighborhood, on a crisp morning in March you could have joined an angry band of protesters marching on the nearby 11th Street Bridge.</p> <p>They weren&#8217;t looking for trouble. They were looking for work.</p> <p>Those protesters, most of them black, chanted and hoisted signs that read &#8220;DC JOBS FOR DC RESIDENTS&#8221; and &#8220;JOBS OR ELSE.&#8221; The target of their outrage: contractors hired to replace the very bridge under their feet, a $300 million project that will be one of the <a href="http://www.washingtonpost.com/local/protesters-seek-jobs-on-11th-street-bridge-project/2011/03/22/ABu9F7EB_story.html" type="external">largest</a> in District history. The problem: Few DC citizens, which means few African Americans, had so far been hired. &#8220;It&#8217;s deplorable,&#8221; <a href="http://www.youtube.com/watch?v=UtEMcNO-R9k" type="external">insisted</a> civil rights attorney Donald Temple, &#8220;that&#8230;you can find men from West Virginia to work in DC. You can find men from Maryland to work in DC. And you can find men from Virginia to work in DC. But you can&#8217;t find men and women in DC to work in DC.&#8221;</p> <p>The 11th Street Bridge arches over the slow-flowing Anacostia River, connecting the poverty-stricken, largely black Anacostia neighborhood with the rest of the District. By foot the distance is small; in opportunity and wealth, it couldn&#8217;t be larger. At one end of the bridge the economy is booming even amid a halting recovery and jobs crisis. At the other end, hard times, always present, are worse than ever.</p> <p>Live in Washington long enough and you&#8217;ll hear someone mention &#8220;east of the river.&#8220; That&#8217;s DC&#8217;s version of &#8220;the other side of the tracks,&#8221; the place friends warn against visiting late at night or on your own. It&#8217;s home to District Wards 7 and 8, neighborhoods with a long, rich history. Once known as Uniontown, Anacostia was one of the District&#8217;s first suburbs; Frederick Douglass, nicknamed the <a href="http://www.nps.gov/nr/travel/wash/dc90.htm" type="external">&#8220;Sage of Anacostia,&#8221;</a> once lived there, as did the poet Ezra Pound and singer Marvin Gaye. Today the area&#8217;s unemployment rate is officially <a href="http://www.dcfpi.org/unemployment-in-ward-8-is-high-but-not-worst-in-the-nation-or-even-the-district" type="external">nearly 20 percent</a>. District-wide, it&#8217;s <a href="http://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_&amp;amp;met_y=unemployment_rate&amp;amp;idim=state:ST110000&amp;amp;dl=en&amp;amp;hl=en&amp;amp;q=dc+unemployment+rate" type="external">9.8 percent</a>, a figure that drops as low as 3.6 percent in the whiter, more-affluent northwestern suburbs.</p> <p>DC&#8217;s divide is America&#8217;s writ large. Nationwide, the unemployment rate for black workers at <a href="http://www.bls.gov/news.release/empsit.t02.htm" type="external">16.2 percent</a> is almost double the 9.1 percent rate for the rest of the population. And it&#8217;s twice the <a href="http://www.bls.gov/news.release/empsit.t02.htm" type="external">8 percent</a> white jobless rate.</p> <p>The size of those numbers can, in part, be chalked up to the current jobs crisis in which black workers are being decimated. According to Duke University public-policy expert William Darity, that means blacks are &#8220;the last to be hired in a good economy, and when there&#8217;s a downturn, they&#8217;re the first to be released.&#8221;</p> <p>That may account for the soaring numbers of unemployed African Americans, but not the yawning chasm between the black and white employment rates, which is no artifact of the present moment. It&#8217;s a problem that spans generations, goes remarkably unnoticed, and condemns millions of black Americans to a life of scraping by. That unerring, unchanging gap between white and black employment figures goes back at least 60 years. It should be a scandal, but whether on Capitol Hill or in the media it gets remarkably little attention. Ever.</p> <p>&amp;#160;</p> <p>The 60-Year Scandal</p> <p>The unemployment lines run through history like a pair of train tracks. Since the 1940s, the jobless rate for blacks in America has held remarkably, if grimly, steady at twice the rate for whites. The question of why has vexed and divided economists, historians, and sociologists for nearly as long.</p> <p>For years the sharpest minds in academia pointed to upheaval in the American economy as the culprit. In his 1996 book <a href="http://books.google.com/books?vid=ISBN0394579356" type="external">When Work Disappears</a>, sociologist William Julius Wilson <a href="http://www.nytimes.com/books/98/01/04/nnp/20090.html" type="external">depicted</a> the forces of globalization, a slumping manufacturing sector, and suburban flight at work in Chicago as the drivers of growing joblessness and poverty in America&#8217;s inner cities and among its black residents.</p> <p>He pictured the process this way: As corporations outsourced jobs to China and India, American manufacturing began its slow fade, shedding jobs often held by black workers. What jobs remained were moved to sprawling offices and factories in outlying suburbs reachable only by freeway. Those jobs proved inaccessible to the mass of black workers who remained in the inner cities and relied on public transportation to get to work.</p> <p>Time and research, however, have eaten away at the significance of Wilson&#8217;s work. The hollowing-out of America&#8217;s cities and the decline of domestic manufacturing no doubt played a part in black unemployment, but then chronic black joblessness existed long before the upheaval Wilson described. Even when employment in the manufacturing sector was at its height, black workers were still twice as likely to be out of work as their white counterparts.</p> <p>Another commonly cited culprit for the tenaciousness of African American unemployment has been education. Whites, so the argument goes, are generally better educated than blacks and thus more likely to land a job at a time when a college degree is ever more significant when it comes to jobs and higher earnings. In 2009, President <a href="http://articles.cnn.com/2009-08-17/living/what.matters.education_1_education-gap-college-enrollment-recovery-act?_s=PM:LIVING" type="external">Obama told reporters</a> that education was the key to narrowing racial gaps in the US. &#8220;If we close the achievement gap, then a big chunk of economic inequality in this society is diminished,&#8221; he said.</p> <p>Educational levels have, in fact, steadily climbed over the past 60 years for African Americans. In 1940, less than 1 percent of black men and less 2 percent of black women earned college degrees; jump to 2000, and the figures are 10 percent for black men and 15 percent for black women. Moreover, increased education has helped to narrow wage inequality between employed whites and blacks. What it hasn&#8217;t done is close the unemployment gap.</p> <p>Algernon Austin, an economist for the Economic Policy Institute in Washington, DC, crunched data from the Bureau of Labor Statistics and found that blacks with the same level of education as whites have consistently lower employment levels. It doesn&#8217;t matter whether you compare high-school dropouts or workers with graduate degrees, whites are still more likely to have a job than blacks. Degrees be damned.</p> <p><a href="http://www.amazon.com/dp/1608460711/ref=nosim/?tag=tomdispatch-20" type="external" />Academics have thrown plenty of other explanations at the problem: declining wages, the embrace of crime as a way of life, increased competition with immigrants. None of them have stuck. How could they? In recent decades, the wage gap has narrowed, crime rates have plummeted, and there&#8217;s scant evidence to suggest immigrants are stealing jobs that would otherwise be filled by African Americans.</p> <p>Indeed, many top researchers in this field, including several I interviewed, are left scratching their heads when trying to explain why that staggering jobless gap between blacks and white won&#8217;t budge. &#8220;I don&#8217;t know if there&#8217;s anybody out there who can tell you why that ratio stays at 2-to-1,&#8221; Darity says. &#8220;It&#8217;s a statistical regularity that we don&#8217;t have an explanation for.&#8221;</p> <p>Behind Bars, the Invisible Unemployed</p> <p>So what keeps blacks from cutting into those employment figures? Among the theories, one that deserves special attention points to the high incarceration rate among blacks&#8212;and especially black men.</p> <p>In 2009, 7.2 million Americans&#8212;or 3.1 percent of all adults&#8212;were under the jurisdiction of the US corrections system, including 1.6 million Americans incarcerated in a state or federal prison. Of that population, <a href="http://en.wikipedia.org/wiki/Incarceration_in_the_United_States#cite_note-prisoners2009-36" type="external">nearly 40 percent</a> were black, even though blacks make up only 13 percent of the American population. Blacks were six times as likely to be in prison as whites, and three times as likely as Hispanics. For some perspective, consider what author of <a href="http://www.amazon.com/dp/1595581030/ref=nosim/?tag=tomdispatch-20" type="external">The New Jim Crow</a> Michelle Alexander <a href="http://www.tomdispatch.com/archive/175215/" type="external">wrote last year</a>: &#8220;There are more African Americans under correctional control today&#8212;in prison or jail, on probation or parole&#8212;than were enslaved in 1850, a decade before the Civil War began.&#8221;</p> <p>Incarceration amounts to a double whammy when it comes to African American unemployment. Rarely mentioned in the usual drumbeat of media reports on jobs is the fact that the Labor Department doesn&#8217;t include prison populations in its official unemployment statistics. This automatically shrinks the pool of blacks capable of working and in the process lowers the black jobless rate.</p> <p>In the mid-1990s, academics Bruce Western and Becky Pettit discovered that the American prison population lowered the jobless rate for black men by five percentage points, and for young black men by eight percentage points. (Of course, this applies to whites, Asians, and Hispanics as well, but the figures are particularly striking given the overrepresentation of blacks in the prison population.)</p> <p>Even that vast incarcerated population pales, however, in comparison to the number of ex-cons who have rejoined the world beyond the prison walls. In 2008, there were 12 million to 14 million ex-offenders in the US old enough to work, according to the Center for Economic and Policy Research. So many ex-cons represent a serious drag on our economy, according to CEPR, sucking from it $57 billion to $65 billion in output.</p> <p>Of course, such research tells us how much, not why&#8212;as in, why are ex-cons so much more likely to be out of work? For an answer, it&#8217;s necessary to turn to an eye-opening and, in some circles, controversial field of study that may offer the best explanation for the 60-year scandal of black unemployment.</p> <p>&amp;#160;</p> <p>Twice as Hard, Half as Far</p> <p>In 2001, a pair of black men and a pair of white men went hunting for work in Milwaukee, Wisconsin. Each was 23 years old, a local college student, bright, and articulate. They looked alike and dressed alike, had identical educational backgrounds and remarkably similar past work experience. From June to December, they combed the Sunday classified pages in the Milwaukee Journal Sentinel and searched a state-run job site called &#8220;Jobnet,&#8221; applying for the same entry-level jobs as waiters, delivery-truck drivers, cooks, and cashiers. There was one obvious difference in each pair: One man was a former criminal and the other was not.</p> <p>If this sounds like an experiment, that&#8217;s because it was. Watching the explosive growth of the criminal-justice system, fueled largely by ill-conceived &#8220;tough-on-crime&#8221; policies, sociologist Devah Pager took a novel approach to how prison affected ever growing numbers of Americans after they&#8217;d done their time&#8212;a process all but ignored by politicians and the judicial system.</p> <p>So Pager sent those two young black men and two young white men out into the world to apply for perfectly real jobs. Then she recorded who got callbacks and who didn&#8217;t. She soon discovered that a criminal history caused a massive drop-off in employer responses&#8212;not entirely surprising. But when Pager started separating out black applicants from white ones, she stumbled across the real news in her study, a discovery that shook our understanding of racial inequality and jobs to the core.</p> <p>Pager&#8217;s white applicant without a criminal record had a 34 percent callback rate. That promptly sunk to 17 percent for her white applicant with a criminal record. The figures for black applicants were 14 percent and 5 percent. And yes, you read that right: In Pager&#8217;s experiment, white job applicants with a criminal history got more callbacks than black applicants without one. &#8220;I expected to find an effect with a criminal record and some with race,&#8221; Pager says. &#8220;I certainly was not expecting that result, and it was quite a surprise.&#8221;</p> <p>Pager ran a larger version of this experiment in New York City in 2004, sending teams of young, educated, and identically credentialed men out into the Big Apple&#8217;s sprawling market for entry-level jobs&#8212;once again, with one applicant posing as an ex-con, the other with a clean record. (As she did in Milwaukee, Pager had the teams alternate who posed as the ex-con.) The results? Again Pager&#8217;s African American applicants received fewer callbacks and job offers than the whites. The disparity was particularly striking for ex-criminals: a drop-off of 9 percentage points for whites, but 15 percentage points for blacks. &#8220;Employers already reluctant to hire blacks,&#8221; Pager wrote, &#8220;appear particularly wary of blacks with known criminal histories.&#8221;</p> <p>Other research has supported her findings. A 2001-02 field experiment by academics from the University of Chicago and the Massachusetts Institute of Technology, for example, uncovered a sizeable gap in employer callbacks for job applicants with white-sounding names (Emily and Greg) versus black-sounding names (Lakisha and Jamal). They also found that the benefits of a better resume were 30 percent greater for whites than blacks.</p> <p>These findings proved a powerful antidote to the growing notion, mostly in conservative circles, that discrimination was an illusion and racism long eradicated. In The Content of Our Character (1991), Shelby Steele <a href="http://www.nytimes.com/1990/09/16/books/a-kind-of-race-fatigue.html" type="external">argued</a> that racial discrimination no longer held black men or women back from the jobs they wanted; the problem was in their heads. Dinesh D&#8217;Souza, a first-generation immigrant of Indian descent, <a href="http://books.google.com/books?id=QNV3XwST4WIC&amp;amp;printsec=frontcover&amp;amp;dq=the+end+of+racism&amp;amp;hl=en&amp;amp;src=bmrr&amp;amp;ei=nYYHTpGsO861twfMmpjiDQ&amp;amp;sa=X&amp;amp;oi=book_result&amp;amp;ct=book-thumbnail&amp;amp;resnum=1&amp;amp;ved=0CCsQ6wEwAA#v=onepage&amp;amp;q&amp;amp;f=false" type="external">published</a> The End of Racism in 1995, similarly claiming racial discrimination had little to do with the plight of black America.</p> <p>Not so, insist Pager, Darity, Harvard&#8217;s Bruce Western, and other academics using real data with an unavoidable message: Racism is alive and well. It leads to endemic, deeply embedded patterns of discrimination whose harmful impact has barely changed in 60 years. And it cannot be ignored. As the old African American adage puts it, &#8220;You&#8217;ve got to work twice as hard to get half as far as a black person in white America.&#8221;</p> <p>&amp;#160;</p> <p>Is There a Solution for Black America?</p> <p>Tracing black unemployment in America since World War II, there are two moments when, briefly, the gap between black and white joblessness narrowed ever so slightly&#8212;in the 1940s and again in the late 1960s and early 1970s. For example in 1970, unemployment was at 5.8 percent for blacks and 3.3 percent for whites, a sizeable gap but significantly better than what followed in the Reagan era. Those are moments worth revisiting, if only to understand what began to go right.</p> <p>According to University of Chicago professors William Sites and Virginia Parks, those periods were marked by a flurry of civil rights and anti-discrimination activity on the federal level. A series of actions ranging from the creation of the <a href="http://en.wikipedia.org/wiki/Fair_Employment_Practices_Commission" type="external">Fair Employment Practice Committee</a> in 1941 to the passage of the Civil Rights Act of 1964 (which mandated the Equal Employment Opportunity Commission), the <a href="http://avalon.law.yale.edu/20th_century/voting_rights_1965.asp" type="external">Voting Rights Act of 196</a>5, and the <a href="http://www.eeoc.gov/eeoc/history/35th/thelaw/eeo_1972.html" type="external">Equal Employment Opportunity Act of 1972</a>, write Sites and Parks, had &#8220;dramatic impacts on employment discrimination.&#8221;</p> <p>But those gains of the 1970s were soon wiped out. The <a href="http://www.nhregister.com/articles/2011/01/23/news/ff2unions012111.txt" type="external">thinning of union membership</a> and the <a href="http://www.time.com/time/magazine/article/0,9171,918826,00.html" type="external">dwindling power of</a> organized labor didn&#8217;t help either, after decades of <a href="http://www.apwu.org/laborhistory/04-1_philadelphiatransitstrike/04-1_philadelphiatransitstrike.htm" type="external">pressure</a> on employers to end discrimination against workers of color.</p> <p>Today, in terrible times, with the possibility of social legislation off the table in Washington, the question remains: What, if anything, can be done to close the jobless gap between blacks and whites? When I asked Devah Pager, she called this the &#8220;million-dollar question.&#8221; This form of discrimination, she pointed out, is especially difficult to deal with. As she noted in 2005, many employers who discriminate don&#8217;t even realize they&#8217;re doing so; they&#8217;re just going with &#8220;gut feelings.&#8221; &#8220;It&#8217;s not that these employers have decided that they are not going to hire workers from a particular group,&#8221; Pager told me.</p> <p>What won&#8217;t work is relying on discrimination watchdogs to crack down more often. The way federal anti-discrimination law works, it&#8217;s up to the person who was discriminated against to raise an alarm. As Duke&#8217;s William Darity points out, that&#8217;s a near impossibility for a job applicant who must convincingly read the mind of a person he or she doesn&#8217;t know. Worse than that, the applicant who wants to lodge charges of discrimination also has to prove that the discrimination was intentional, which, as Pager&#8217;s experiments make clear, is no small feat. Under the circumstances, as Darity told me, perhaps no one should be surprised to discover that blacks &#8220;grossly underreport their exposure to discrimination and whites grossly overreport it.&#8221;</p> <p>Of course, fixing a problem first requires acknowledging it&#8212;something the nation has yet to do, says the Economic Policy Institute&#8217;s Algernon Austin. To put blacks back to work, lawmakers should invest federal money directly in job creation, especially for black workers. Other avenues for putting people back to work, like a payroll tax credit, won&#8217;t do the trick. &#8220;We&#8217;ve spent billions in trying to build jobs overseas&#8221; in <a href="http://www.tomdispatch.com/post/175320/tomgram%3A_engelhardt,_war_to_the_horizon/" type="external">war zones</a>, Austin told me. &#8220;But if we invested that money here in our cities, we wouldn&#8217;t have this racial gap.&#8221;</p> <p>But how likely is that at a moment when, in a Washington gripped by paralysis, any discussion of spending in Washington begins and ends at how much to cut? The painful reality of permanent crisis for black workers is here to stay. That&#8217;s how it seems to blacks in DC, especially those who live east of the river. In April, another group of protesters took to the 11th Street Bridge to demand more DC hires, and the following month, the group DC Jobs or Else took their complaints to City Hall. But progress is slow. &#8220;We&#8217;re being pushed out economically,&#8221; <a href="http://thefightback.org/2011/05/a-chance-to-11th-street-bridge-d-c-s-economic-divide/" type="external">said</a> William Alston El, a 63-year-old unemployed resident who grew up in DC. &#8220;They say it&#8217;s not racism, but the name of the game is they have the money. You can&#8217;t live [in] a place if you can&#8217;t pay the rent.&#8221;</p> <p>Andy Kroll is a <a href="" type="internal">reporter</a> in the DC bureau of <a href="" type="internal">Mother Jones magazine</a>, and an associate editor at TomDispatch. He&#8217;s appeared on <a href="" type="internal">MSNBC</a>, Al Jazeera English, <a href="http://www.youtube.com/watch?v=SCZIvhl5DjM" type="external">Current TV</a>, and <a href="http://www.youtube.com/watch?v=IpAd9_1kyuY" type="external">Democracy Now!</a> to discuss the economy and its ills. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.com <a href="https://app.e2ma.net/app/view:Join/signupId:43308/acctId:25612" type="external">here</a>.</p>

What We Don’t Talk About When We Talk About Jobs

https://motherjones.com/politics/2011/07/job-crisis-black-unemployment-rates/

2011-07-05

4left

This story first appeared on the TomDispatch website Like the country it governs Washington DC is a city of extremes In a car you can zip in bare moments from northwest DC its streets lined with milliondollar homes and palatial embassies its inhabitants sporting one of the nation8217s lowest jobless rates to Anacostia a mostly forgotten neighborhood in southeastern DC with one of the highest unemployment rates anywhere in America Or if you happen to be jobless upset about it and living in that neighborhood on a crisp morning in March you could have joined an angry band of protesters marching on the nearby 11th Street Bridge They weren8217t looking for trouble They were looking for work Those protesters most of them black chanted and hoisted signs that read 8220DC JOBS FOR DC RESIDENTS8221 and 8220JOBS OR ELSE8221 The target of their outrage contractors hired to replace the very bridge under their feet a 300 million project that will be one of the largest in District history The problem Few DC citizens which means few African Americans had so far been hired 8220It8217s deplorable8221 insisted civil rights attorney Donald Temple 8220that8230you can find men from West Virginia to work in DC You can find men from Maryland to work in DC And you can find men from Virginia to work in DC But you can8217t find men and women in DC to work in DC8221 The 11th Street Bridge arches over the slowflowing Anacostia River connecting the povertystricken largely black Anacostia neighborhood with the rest of the District By foot the distance is small in opportunity and wealth it couldn8217t be larger At one end of the bridge the economy is booming even amid a halting recovery and jobs crisis At the other end hard times always present are worse than ever Live in Washington long enough and you8217ll hear someone mention 8220east of the river8220 That8217s DC8217s version of 8220the other side of the tracks8221 the place friends warn against visiting late at night or on your own It8217s home to District Wards 7 and 8 neighborhoods with a long rich history Once known as Uniontown Anacostia was one of the District8217s first suburbs Frederick Douglass nicknamed the 8220Sage of Anacostia8221 once lived there as did the poet Ezra Pound and singer Marvin Gaye Today the area8217s unemployment rate is officially nearly 20 percent Districtwide it8217s 98 percent a figure that drops as low as 36 percent in the whiter moreaffluent northwestern suburbs DC8217s divide is America8217s writ large Nationwide the unemployment rate for black workers at 162 percent is almost double the 91 percent rate for the rest of the population And it8217s twice the 8 percent white jobless rate The size of those numbers can in part be chalked up to the current jobs crisis in which black workers are being decimated According to Duke University publicpolicy expert William Darity that means blacks are 8220the last to be hired in a good economy and when there8217s a downturn they8217re the first to be released8221 That may account for the soaring numbers of unemployed African Americans but not the yawning chasm between the black and white employment rates which is no artifact of the present moment It8217s a problem that spans generations goes remarkably unnoticed and condemns millions of black Americans to a life of scraping by That unerring unchanging gap between white and black employment figures goes back at least 60 years It should be a scandal but whether on Capitol Hill or in the media it gets remarkably little attention Ever amp160 The 60Year Scandal The unemployment lines run through history like a pair of train tracks Since the 1940s the jobless rate for blacks in America has held remarkably if grimly steady at twice the rate for whites The question of why has vexed and divided economists historians and sociologists for nearly as long For years the sharpest minds in academia pointed to upheaval in the American economy as the culprit In his 1996 book When Work Disappears sociologist William Julius Wilson depicted the forces of globalization a slumping manufacturing sector and suburban flight at work in Chicago as the drivers of growing joblessness and poverty in America8217s inner cities and among its black residents He pictured the process this way As corporations outsourced jobs to China and India American manufacturing began its slow fade shedding jobs often held by black workers What jobs remained were moved to sprawling offices and factories in outlying suburbs reachable only by freeway Those jobs proved inaccessible to the mass of black workers who remained in the inner cities and relied on public transportation to get to work Time and research however have eaten away at the significance of Wilson8217s work The hollowingout of America8217s cities and the decline of domestic manufacturing no doubt played a part in black unemployment but then chronic black joblessness existed long before the upheaval Wilson described Even when employment in the manufacturing sector was at its height black workers were still twice as likely to be out of work as their white counterparts Another commonly cited culprit for the tenaciousness of African American unemployment has been education Whites so the argument goes are generally better educated than blacks and thus more likely to land a job at a time when a college degree is ever more significant when it comes to jobs and higher earnings In 2009 President Obama told reporters that education was the key to narrowing racial gaps in the US 8220If we close the achievement gap then a big chunk of economic inequality in this society is diminished8221 he said Educational levels have in fact steadily climbed over the past 60 years for African Americans In 1940 less than 1 percent of black men and less 2 percent of black women earned college degrees jump to 2000 and the figures are 10 percent for black men and 15 percent for black women Moreover increased education has helped to narrow wage inequality between employed whites and blacks What it hasn8217t done is close the unemployment gap Algernon Austin an economist for the Economic Policy Institute in Washington DC crunched data from the Bureau of Labor Statistics and found that blacks with the same level of education as whites have consistently lower employment levels It doesn8217t matter whether you compare highschool dropouts or workers with graduate degrees whites are still more likely to have a job than blacks Degrees be damned Academics have thrown plenty of other explanations at the problem declining wages the embrace of crime as a way of life increased competition with immigrants None of them have stuck How could they In recent decades the wage gap has narrowed crime rates have plummeted and there8217s scant evidence to suggest immigrants are stealing jobs that would otherwise be filled by African Americans Indeed many top researchers in this field including several I interviewed are left scratching their heads when trying to explain why that staggering jobless gap between blacks and white won8217t budge 8220I don8217t know if there8217s anybody out there who can tell you why that ratio stays at 2to18221 Darity says 8220It8217s a statistical regularity that we don8217t have an explanation for8221 Behind Bars the Invisible Unemployed So what keeps blacks from cutting into those employment figures Among the theories one that deserves special attention points to the high incarceration rate among blacks8212and especially black men In 2009 72 million Americans8212or 31 percent of all adults8212were under the jurisdiction of the US corrections system including 16 million Americans incarcerated in a state or federal prison Of that population nearly 40 percent were black even though blacks make up only 13 percent of the American population Blacks were six times as likely to be in prison as whites and three times as likely as Hispanics For some perspective consider what author of The New Jim Crow Michelle Alexander wrote last year 8220There are more African Americans under correctional control today8212in prison or jail on probation or parole8212than were enslaved in 1850 a decade before the Civil War began8221 Incarceration amounts to a double whammy when it comes to African American unemployment Rarely mentioned in the usual drumbeat of media reports on jobs is the fact that the Labor Department doesn8217t include prison populations in its official unemployment statistics This automatically shrinks the pool of blacks capable of working and in the process lowers the black jobless rate In the mid1990s academics Bruce Western and Becky Pettit discovered that the American prison population lowered the jobless rate for black men by five percentage points and for young black men by eight percentage points Of course this applies to whites Asians and Hispanics as well but the figures are particularly striking given the overrepresentation of blacks in the prison population Even that vast incarcerated population pales however in comparison to the number of excons who have rejoined the world beyond the prison walls In 2008 there were 12 million to 14 million exoffenders in the US old enough to work according to the Center for Economic and Policy Research So many excons represent a serious drag on our economy according to CEPR sucking from it 57 billion to 65 billion in output Of course such research tells us how much not why8212as in why are excons so much more likely to be out of work For an answer it8217s necessary to turn to an eyeopening and in some circles controversial field of study that may offer the best explanation for the 60year scandal of black unemployment amp160 Twice as Hard Half as Far In 2001 a pair of black men and a pair of white men went hunting for work in Milwaukee Wisconsin Each was 23 years old a local college student bright and articulate They looked alike and dressed alike had identical educational backgrounds and remarkably similar past work experience From June to December they combed the Sunday classified pages in the Milwaukee Journal Sentinel and searched a staterun job site called 8220Jobnet8221 applying for the same entrylevel jobs as waiters deliverytruck drivers cooks and cashiers There was one obvious difference in each pair One man was a former criminal and the other was not If this sounds like an experiment that8217s because it was Watching the explosive growth of the criminaljustice system fueled largely by illconceived 8220toughoncrime8221 policies sociologist Devah Pager took a novel approach to how prison affected ever growing numbers of Americans after they8217d done their time8212a process all but ignored by politicians and the judicial system So Pager sent those two young black men and two young white men out into the world to apply for perfectly real jobs Then she recorded who got callbacks and who didn8217t She soon discovered that a criminal history caused a massive dropoff in employer responses8212not entirely surprising But when Pager started separating out black applicants from white ones she stumbled across the real news in her study a discovery that shook our understanding of racial inequality and jobs to the core Pager8217s white applicant without a criminal record had a 34 percent callback rate That promptly sunk to 17 percent for her white applicant with a criminal record The figures for black applicants were 14 percent and 5 percent And yes you read that right In Pager8217s experiment white job applicants with a criminal history got more callbacks than black applicants without one 8220I expected to find an effect with a criminal record and some with race8221 Pager says 8220I certainly was not expecting that result and it was quite a surprise8221 Pager ran a larger version of this experiment in New York City in 2004 sending teams of young educated and identically credentialed men out into the Big Apple8217s sprawling market for entrylevel jobs8212once again with one applicant posing as an excon the other with a clean record As she did in Milwaukee Pager had the teams alternate who posed as the excon The results Again Pager8217s African American applicants received fewer callbacks and job offers than the whites The disparity was particularly striking for excriminals a dropoff of 9 percentage points for whites but 15 percentage points for blacks 8220Employers already reluctant to hire blacks8221 Pager wrote 8220appear particularly wary of blacks with known criminal histories8221 Other research has supported her findings A 200102 field experiment by academics from the University of Chicago and the Massachusetts Institute of Technology for example uncovered a sizeable gap in employer callbacks for job applicants with whitesounding names Emily and Greg versus blacksounding names Lakisha and Jamal They also found that the benefits of a better resume were 30 percent greater for whites than blacks These findings proved a powerful antidote to the growing notion mostly in conservative circles that discrimination was an illusion and racism long eradicated In The Content of Our Character 1991 Shelby Steele argued that racial discrimination no longer held black men or women back from the jobs they wanted the problem was in their heads Dinesh D8217Souza a firstgeneration immigrant of Indian descent published The End of Racism in 1995 similarly claiming racial discrimination had little to do with the plight of black America Not so insist Pager Darity Harvard8217s Bruce Western and other academics using real data with an unavoidable message Racism is alive and well It leads to endemic deeply embedded patterns of discrimination whose harmful impact has barely changed in 60 years And it cannot be ignored As the old African American adage puts it 8220You8217ve got to work twice as hard to get half as far as a black person in white America8221 amp160 Is There a Solution for Black America Tracing black unemployment in America since World War II there are two moments when briefly the gap between black and white joblessness narrowed ever so slightly8212in the 1940s and again in the late 1960s and early 1970s For example in 1970 unemployment was at 58 percent for blacks and 33 percent for whites a sizeable gap but significantly better than what followed in the Reagan era Those are moments worth revisiting if only to understand what began to go right According to University of Chicago professors William Sites and Virginia Parks those periods were marked by a flurry of civil rights and antidiscrimination activity on the federal level A series of actions ranging from the creation of the Fair Employment Practice Committee in 1941 to the passage of the Civil Rights Act of 1964 which mandated the Equal Employment Opportunity Commission the Voting Rights Act of 1965 and the Equal Employment Opportunity Act of 1972 write Sites and Parks had 8220dramatic impacts on employment discrimination8221 But those gains of the 1970s were soon wiped out The thinning of union membership and the dwindling power of organized labor didn8217t help either after decades of pressure on employers to end discrimination against workers of color Today in terrible times with the possibility of social legislation off the table in Washington the question remains What if anything can be done to close the jobless gap between blacks and whites When I asked Devah Pager she called this the 8220milliondollar question8221 This form of discrimination she pointed out is especially difficult to deal with As she noted in 2005 many employers who discriminate don8217t even realize they8217re doing so they8217re just going with 8220gut feelings8221 8220It8217s not that these employers have decided that they are not going to hire workers from a particular group8221 Pager told me What won8217t work is relying on discrimination watchdogs to crack down more often The way federal antidiscrimination law works it8217s up to the person who was discriminated against to raise an alarm As Duke8217s William Darity points out that8217s a near impossibility for a job applicant who must convincingly read the mind of a person he or she doesn8217t know Worse than that the applicant who wants to lodge charges of discrimination also has to prove that the discrimination was intentional which as Pager8217s experiments make clear is no small feat Under the circumstances as Darity told me perhaps no one should be surprised to discover that blacks 8220grossly underreport their exposure to discrimination and whites grossly overreport it8221 Of course fixing a problem first requires acknowledging it8212something the nation has yet to do says the Economic Policy Institute8217s Algernon Austin To put blacks back to work lawmakers should invest federal money directly in job creation especially for black workers Other avenues for putting people back to work like a payroll tax credit won8217t do the trick 8220We8217ve spent billions in trying to build jobs overseas8221 in war zones Austin told me 8220But if we invested that money here in our cities we wouldn8217t have this racial gap8221 But how likely is that at a moment when in a Washington gripped by paralysis any discussion of spending in Washington begins and ends at how much to cut The painful reality of permanent crisis for black workers is here to stay That8217s how it seems to blacks in DC especially those who live east of the river In April another group of protesters took to the 11th Street Bridge to demand more DC hires and the following month the group DC Jobs or Else took their complaints to City Hall But progress is slow 8220We8217re being pushed out economically8221 said William Alston El a 63yearold unemployed resident who grew up in DC 8220They say it8217s not racism but the name of the game is they have the money You can8217t live in a place if you can8217t pay the rent8221 Andy Kroll is a reporter in the DC bureau of Mother Jones magazine and an associate editor at TomDispatch He8217s appeared on MSNBC Al Jazeera English Current TV and Democracy Now to discuss the economy and its ills To stay on top of important articles like these sign up to receive the latest updates from TomDispatchcom here

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<p>NETIVOT, Israel (Reuters) - Hundreds of Jewish worshippers made a pilgrimage on Thursday to the tomb in southern Israel of a sage revered by his followers as a miracle-maker.</p> A Jewish child is seen during an annual pilgrimage to the gravesite of Rabbi Yisrael Abuhatzeira, a Moroccan-born sage and Kabbalist also known as the Baba Sali, on the anniversary of his death in the southern town of Netivot, January 18, 2018. REUTERS/Amir Cohen <p>Rabbi Yisrael Abuhatzeira, better known as &#8220;Baba Sali&#8221;, is commemorated each year in the town of Netivot near the Gaza Strip, mainly by Jews of Moroccan descent.</p> Slideshow (7 Images) <p>The pilgrimage to the mystic&#8217;s tomb is held on the Jewish-calendar anniversary of his death and part of the memorial ritual involves faithful prostrating themselves on his grave stone and tossing unlit candles into a furnace.</p> <p>Abuhatzeira was noted for his piety and was revered by his followers, who believed in his ability to perform miracles and heal the sick, among other means, through sprinkling drops of water on them.</p> <p>Israeli politicians of North African descent have also used Abuhatzeira to rally their voters. He was born in Morocco either in 1889 or 1890 where he spent most of his life studying the Hebrew scriptures. He settled in Israel in 1970.</p> <p>Reporting by Amir Cohen; Writing by Ori Lewis; Editing by Alison Williams</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIRUT/UNITED NATIONS (Reuters) - The United States and its ally France assailed Syria&#8217;s Bashar al-Assad at the United Nations on Friday for using chemical weapons as the prospect of U.S.-led military action that could lead to confrontation with Russia hung over the Middle East.</p> <p>As chemical weapons experts arrived in Syria to investigate a suspected poison gas attack by government forces, international diplomacy was in high gear to head off an escalation, though accusations flew thick and fast between Washington and its allies, and Russia, Assad&#8217;s main backer.</p> <p>(GRAPHIC: Overview of chemical warfare - <a href="http://tmsnrt.rs/2pKDWOY" type="external">tmsnrt.rs/2pKDWOY</a>)</p> <p>U.S. President Donald Trump warned on Wednesday that missiles &#8220;will be coming&#8221; in response to the toxic gas assault on April 7 that killed dozens of people in Douma, a town near Damascus which had been held by rebels until this month.</p> <p>Russia says there is no evidence of a chemical attack in Douma and has warned the United States and its allies against carrying out any military strike.</p> <p>While Trump himself was silent on Syria on Friday, giving no further clues on whether U.S. military action was imminent, U.S. Ambassador to the United Nations Nikki Haley said Washington estimated Assad&#8217;s forces had used chemical weapons at least 50 times during the seven-year-long Syrian conflict.</p> <p>&#8220;Our president has not yet made a decision about possible action in Syria. But should the United States and our allies decide to act in Syria, it will be in defense of a principle on which we all agree,&#8221; Haley told the U.N. Security Council.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-un/u-s-britain-france-make-case-at-u-n-for-syria-strikes-idUSKBN1HK21Q" type="external">U.S., Britain, France make case at U.N. for Syria strikes</a> <a href="/article/us-mideast-crisis-syria-eu/eu-to-look-at-imposing-fresh-sanctions-on-syria-document-idUSKBN1HK27M" type="external">EU to look at imposing fresh sanctions on Syria: document</a> <a href="/article/us-mideast-crisis-syria-britain-factbox/factbox-uk-ministers-back-action-on-syria-what-happens-next-idUSKBN1HK1L2" type="external">Factbox: UK ministers back action on Syria - What happens next?</a> <p>&#8220;All nations and all people will be harmed if we allow Assad to normalize the use of chemical weapons.&#8221;</p> <p>There was no word from Russian President Vladimir Putin himself, though his foreign minister, Sergei Lavrov, said Moscow was in contact with Washington to discuss an atmosphere which he described as alarming.</p> <p>&#8220;God forbid anything adventurous will be done in Syria along the lines of the Libyan and Iraqi experience,&#8221; Lavrov told a news conference, referring to past Western military interventions elsewhere in the region.</p> <p>&#8220;Even non-significant incidents would lead to new waves of migrants to Europe and to other consequences, which neither we nor our European neighbors need,&#8221; Lavrov said.</p> <p>Earlier, French President Emmanuel Macron spoke by phone with Putin and expressed concern about a worsening situation.</p> <p>Striking a conciliatory note, Macron&#8217;s office said: &#8220;The President of the Republic called for dialogue with Russia to be maintained and stepped up to bring peace and stability back to Syria.&#8221;</p> <p>But this was balanced by a warning from the French ambassador to the United Nations, Francois Delattre, who told the Security Council that the Syrian government&#8217;s decision to use chemical weapons again meant they had &#8220;reached a point of no return&#8221;.</p> <p>The world must provide a &#8220;robust, united and steadfast response&#8221;, Delattre said.</p> <p>Since 2015 France has carried out air strikes against Islamic State in Syria as part of allied forces linked to the U.S.-led coalition, conducting about 5 percent of total coalition air missions.</p> <p>Britain&#8217;s U.N. Ambassador Karen Pierce meanwhile rejected a charge by a Russian defense ministry spokesman that Britain was involved in staging a fake chemical weapons attack in Douma.</p> <p>&#8220;This is grotesque, it is a blatant lie, it is the worst piece of fake news we&#8217;ve yet seen from the Russian propaganda machine,&#8221; Pierce told reporters.</p> <p>AVERTING WAR - A PRIORITY</p> <p>Russian Deputy Prime Minister Arkady Dvorkovich took an apparent swipe at Trump&#8217;s tweets. &#8220;We cannot depend on what someone on the other side of the ocean takes into his head in the morning. We cannot take such risks,&#8221; he said at a forum.</p> <p>Vassily Nebenzia, Moscow&#8217;s U.N. ambassador, said he &#8220;cannot exclude&#8221; war between the United States and Russia. &#8220;The immediate priority is to avert the danger of war,&#8221; he told reporters. &#8220;We hope there will be no point of no return.&#8221;</p> <p>Sheikh Naim Qassem, deputy leader of the Iranian-backed Hezbollah movement, told Lebanese daily al-Joumhouria: &#8220;The conditions do not point to a total war happening ... unless Trump and (Israeli leader Benjamin) Netanyahu completely lose their minds.&#8221;</p> <p>U.S. allies have offered strong words of support for Washington but no clear military plans have yet emerged.</p> <p>British Prime Minister Theresa May won backing from her senior ministers on Thursday to take unspecified action with the United States and France to deter further use of chemical weapons by Syria.</p> <p>Some other of Trump&#8217;s European allies are anxious to avert a U.S.-Russian showdown. Apart from Macron&#8217;s phone conversation with Putin, NATO members Germany and the Netherlands have said they will not take part in any military action.</p> <p>Tayyip Erdogan, president of Syria&#8217;s neighbor Turkey which is also in NATO, said on Friday he had spoken by phone with Trump and Putin and told both that increasing tension in the region was not right.</p> U.S. President Donald Trump speaks during a meeting with governors and members of Congress at the White House in Washington, U.S., April 12, 2018. REUTERS/Kevin Lamarque <p>A first team of experts from the global Organisation for the Prohibition of Chemical Weapons has arrived in Syria, U.N. Secretary-General Antonio Guterres said.</p> <p>The investigators, who are only mandated to determine if chemical weapons were used and not who used them, were expected to start their investigations into the Douma incident on Saturday, the Netherlands-based agency said.</p> <p>In Geneva, U.N. war crimes investigators condemned on Friday the suspected use of chemical weapons in Douma and called for evidence to be preserved with a view to future prosecutions.</p> ASSAD TIGHTENS GRIP <p>Trump himself appeared on Thursday to cast doubt on at least the timing of any U.S.-led military action, tweeting: &#8220;Never said when an attack on Syria would take place. Could be very soon or not so soon at all!&#8221;</p> <p>Global stock markets have had a whipsaw week, largely fueled by Trump&#8217;s tendency to change his mind over top policy issues.</p> <p>The capture of Douma has clinched a major victory for Assad, crushing what was once a center of the insurgency near Damascus, and underlines his unassailable position in the war.</p> Slideshow (3 Images) <p>Assad, who is supported by Iranian-back fighters as well as the Russian air force, has cemented his control over most of the western, more heavily populated, part of the country. Rebels and jihadist insurgents are largely contained to two areas along Syria&#8217;s northern and southern borders.</p> <p>Reporting by Alistair Smout, Tom Perry, Ellen Francis, Maria Tsvetkova, Leigh Thomas and Ingrid melander; Writing by Richard Balmforth</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. House Speaker Paul Ryan endorsed Republican House Majority Leader Kevin McCarthy to be his successor, according to an interview with NBC News reported on Friday.</p> House Majority Leader Kevin McCarthy (R-CA) speaks next to House Speaker Paul Ryan (R-WI) at a news conference with Republican leaders after a closed conference on Capitol Hill in Washington, U.S., February 14, 2018. REUTERS/Yuri Gripas - RC1FD7D17A50 <p>&#8220;We all think that Kevin is the right person,&#8221; Ryan said in an exclusive interview airing on Sunday on &#8220;Meet the Press.&#8221; Ryan announced on Wednesday that he would not seek re-election in November, dealing a blow to fellow Republicans and President Donald Trump before the congressional elections.</p> <p>Reporting by Doina Chiacu; Editing by Steve Orlofsky</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/NEW YORK (Reuters) - President Donald Trump attacked James Comey as a &#8220;weak and untruthful slime ball&#8221; on Friday after the fired former FBI director castigated him as an unethical liar and likened him to a mob moss in a searing new memoir.</p> A combination of file photos show U.S. President Donald Trump in the White House in Washington, DC, U.S. April 9, 2018 and former FBI Director James Comey on Capitol Hill in Washington, U.S., June 8, 2017. REUTERS/Carlos Barria, Jonathan Ernst/File Photos <p>The president fired Comey last May while his agency was investigating potential collusion between Trump&#8217;s campaign and Russia in the 2016 U.S. election in a move that led the Justice Department to appoint Special Counsel Robert Mueller to take over a probe that has hung over his presidency.</p> <p>&#8220;This president is unethical, and untethered to truth and institutional values,&#8221; Comey said in the book due out Tuesday, a copy of which was obtained by Reuters.</p> <p>Trump has often publicly criticized Comey since firing him, but escalated his attacks in response to the book.</p> <p>&#8220;It was my great honor to fire James Comey!&#8221; Trump said in one of a series of scorching Twitter messages, adding that Comey - now one of the Republican president&#8217;s fiercest critics - had been a terrible FBI director.</p> <p>The tirade followed news accounts of Comey&#8217;s book, &#8220;A Higher Loyalty: Truth, Lies and Leadership,&#8221; which paints a deeply unflattering picture of Trump, comparing him to a mob boss who stresses personal loyalty over the law and has little regard for morality or truth.</p> <p>Mueller is looking into whether Trump has sought to obstruct the Russia probe, and Comey could be a key witness on that front. Comey last year accused Trump of pressuring him to pledge loyalty and end a probe involving former national security adviser Michael Flynn&#8217;s contacts with Moscow.</p> Related Coverage <a href="/article/us-usa-comey-book-factbox/highlights-from-former-fbi-director-james-comeys-new-book-idUSKBN1HK28S" type="external">Highlights from former FBI Director James Comey's new book</a> <p>&#8220;James Comey is a proven LEAKER &amp;amp; LIAR,&#8221; Trump wrote.</p> <p>Trump accused Comey of lying to Congress, but did not specify was he was referring to, and said the former FBI chief should be prosecuted for leaking classified information.</p> <p>Trump has denied any collusion and has called Mueller&#8217;s investigation a witch hunt.</p> <p>Comey is conducting a series of media interviews before the book&#8217;s official release. Copies of the book were obtained by news outlets on Thursday.</p> <p>The interviews are Comey&#8217;s first public comments since he testified before the Senate Intelligence Committee last June, when he accused Trump of firing him to undermine the FBI&#8217;s Russia investigation. Just days after Trump fired Comey, the president said he did it because of &#8220;this Russia thing.&#8221;</p> <p>Trump has launched a series of attacks since last year against U.S. law enforcement leaders and institutions as the Russia probe pressed forward, in addition to Comey and Mueller.</p> <p>&#8220;People will rot in hell for besmirching the reputation the integrity and the professional history of these two men,&#8221; Democratic U.S. Representative Jim Himes said on CNN, referring to Comey and Mueller, himself a former FBI director.</p> <p>In an offshoot of the Mueller probe, Trump&#8217;s longtime personal lawyer&#8217;s office and home were raided by the Federal Bureau on Investigation on Monday.</p> &#8216;REALLY WEIRD&#8217; <p>In an interview broadcast on Friday on ABC&#8217;s &#8220;Good Morning America,&#8221; Comey discussed his initial encounters last year with Trump, who took office on Jan. 20, 2017.</p> <p>He described Trump as volatile, defensive and concerned more about his own image than about whether Russia meddled in the presidential election.</p> <p>American intelligence agencies last year said Russia interfered in the election through a campaign of propaganda and hacking in a scheme to sow discord in the United States and help get Trump elected. Moscow has denied meddling.</p> <p>Comey said he cautioned Trump against ordering an investigation into a salacious intelligence dossier alleging an 2013 encounter involving prostitutes in Moscow.</p> <p>The dossier was compiled by former British intelligence officer Christopher Steele about Trump&#8217;s ties to Russia and included an allegation that involved prostitutes urinating on one another in a hotel room while Trump watched.</p> <p>Trump denied the allegations and said he might want the FBI to investigate allegations in the dossier to prove they were untrue, Comey told ABC.</p> <p>&#8220;I said to him, &#8216;Sir that&#8217;s up to you but you want to be careful about that because it might create a narrative that we&#8217;re investigating you personally and, second, it&#8217;s very difficult to prove something didn&#8217;t happen,&#8217;&#8221; Comey said.</p> <p>Asked to describe that Jan. 6, 2017 meeting two weeks before Trump took office, Comey said: &#8220;Really weird. It was almost an out-of-body experience for me.&#8221;</p> <p>Comey was asked if he believed the dossier&#8217;s allegations.</p> <p>&#8220;I honestly never thought these words would come out of my mouth, but I don&#8217;t know whether the current president of the United States was with prostitutes peeing on each other in Moscow in 2013,&#8221; Comey told ABC. &#8220;It&#8217;s possible, but I don&#8217;t know.&#8221;</p> <p>Comey said the dossier&#8217;s allegations had not been verified by the time he left the FBI.</p> <p>Before Trump and Comey met alone, U.S. intelligence chiefs briefed Trump and his advisers about the Russian election meddling. What struck him most, Comey told ABC, was that the conversation moved straight into a public relations mode, what they could say and how they could position Trump.</p> <p>&#8220;No one, to my recollection, asked, &#8216;So what&#8217;s coming next from the Russians, how might we stop it, what&#8217;s the future look like?&#8217;&#8221; Comey said.</p> <p>(GRAPHIC: Major milestones in the Mueller probe - <a href="https://tmsnrt.rs/2GTgtnX" type="external">tmsnrt.rs/2GTgtnX</a>)</p> <p>Reporting by Doina Chiacu in Washington and Angela Moore in New York; Additional reporting by Justin Mitchell in Washington; Editing by Frances Kerry and Will Dunham</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - A lawyer for adult film star Stormy Daniels argued in a court hearing on Friday that materials seized by federal investigators from U.S. President Donald Trump&#8217;s personal lawyer may concern his client, who claims the president slept with her.</p> Michael Avenatti, attorney for Stormy Daniels, is pictured outside the Manhattan Federal Court in New York City, New York, U.S., April 13, 2018. REUTERS/Jeenah Moon <p>Daniels, whose legal name is Stephanie Clifford, has said she was paid $130,000 to keep quiet about a sexual encounter with the president.</p> <p>&#8220;We have every reason to believe that some of the documents that were seized relate to my client,&#8221; the lawyer Michael Avenatti told U.S. District Judge Kimba Wood at a hearing in Manhattan federal court.</p> Related Coverage <a href="/article/us-usa-trump-russia-broidy/trump-fundraiser-acknowledges-relationship-with-playboy-playmate-idUSKBN1HK2LB" type="external">Trump fundraiser acknowledges relationship with Playboy Playmate</a> <p>Avenatti said he should be allowed to represent the interests of Daniels.</p> <p>The hearing concerned a motion by Trump&#8217;s lawyer, Michael Cohen, for an order restraining federal prosecutors from using materials seized in Monday&#8217;s FBI raid of his offices.</p> <p>The raids followed a referral by U.S. Special Counsel Robert Mueller, who for nearly a year has been looking into whether Trump&#8217;s presidential campaign colluded with Russia.</p> <p>A source familiar with the matter said this week that FBI agents were looking in those raids for information on payments to Daniels and former Playboy model Karen McDougal.</p> <p>Investigators were also looking into whether there was a broader pattern of tax fraud, wire fraud, tax evasion, money laundering and other crimes in Cohen&#8217;s private dealings, including his work for Trump and some real estate transactions that involved Russian buyers and prices that appeared to be well above market values, the source said.</p> <p>Wood said at the hearing that Cohen&#8217;s lawyers are asking that they be allowed a first pass at the materials, so they can identify what is irrelevant or protected by attorney-client privilege. Alternatively, they have suggested that Wood appoint a neutral &#8220;special master&#8221; for the task.</p> <p>Prosecutors have said that a team of their own lawyers, known as a &#8220;taint team,&#8221; should conduct the first review.</p> U.S. President Donald Trump's personal lawyer Michael Cohen drives after leaving his hotel in New York City, U.S., April 11, 2018. REUTERS/Brendan McDermid <p>A lawyer for Trump, Joanna Hendon, said at Friday&#8217;s hearing, the president had &#8220;an acute interest&#8221; in the case. She asked to file a brief for the president by Sunday night. She said she would oppose having prosecutors review the documents first.</p> <p>&#8220;There&#8217;s an appearance of fairness problem here,&#8221; she said.</p> <p>Tom McKay, a federal prosecutor, stressed that the president does not deserve special treatment, and that his interest in attorney-client privilege was &#8220;no different&#8221; from anyone else&#8217;s.</p> <p>Wood ordered the lawyers to return at 2 p.m. on Friday for further discussion. Another hearing is scheduled for 2 p.m. Monday, after Trump&#8217;s lawyers submit their brief.</p> <p>&#8220;The last thing a trial team wants is to be subject to suppression based on a breach of the attorney-client privilege that could have been avoided,&#8221; said Jacob Frenkel, a Washington lawyer who is not involved in the case.</p> <p>Monday&#8217;s raid infuriated Trump, who has called Mueller&#8217;s investigation a &#8220;witch hunt.&#8221; He stepped up the attacks after the raids, but said on Thursday he was cooperating with authorities. Moscow has also denied any wrongdoing.</p> <p>Reporting by Karen Freifeld, Brendan Pierson and Jonathan Stempel; Editing by Frances Kerry and Susan Thomas</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Hundreds commemorate Jewish sage at his tomb in southern Israel Threat of Western strikes hangs over Syria, U.S., France assail Assad at U.N. House Speaker Ryan endorses McCarthy as successor: NBC interview Trump, called an unethical liar in book, blasts ex-FBI chief as 'slime ball' Stormy Daniels' lawyer joins fight over Trump lawyer's files

https://reuters.com/article/us-israel-religion/hundreds-commemorate-jewish-sage-at-his-tomb-in-southern-israel-idUSKBN1F72NJ

2018-01-18

2least

NETIVOT Israel Reuters Hundreds of Jewish worshippers made a pilgrimage on Thursday to the tomb in southern Israel of a sage revered by his followers as a miraclemaker A Jewish child is seen during an annual pilgrimage to the gravesite of Rabbi Yisrael Abuhatzeira a Moroccanborn sage and Kabbalist also known as the Baba Sali on the anniversary of his death in the southern town of Netivot January 18 2018 REUTERSAmir Cohen Rabbi Yisrael Abuhatzeira better known as 8220Baba Sali8221 is commemorated each year in the town of Netivot near the Gaza Strip mainly by Jews of Moroccan descent Slideshow 7 Images The pilgrimage to the mystic8217s tomb is held on the Jewishcalendar anniversary of his death and part of the memorial ritual involves faithful prostrating themselves on his grave stone and tossing unlit candles into a furnace Abuhatzeira was noted for his piety and was revered by his followers who believed in his ability to perform miracles and heal the sick among other means through sprinkling drops of water on them Israeli politicians of North African descent have also used Abuhatzeira to rally their voters He was born in Morocco either in 1889 or 1890 where he spent most of his life studying the Hebrew scriptures He settled in Israel in 1970 Reporting by Amir Cohen Writing by Ori Lewis Editing by Alison Williams Our Standards The Thomson Reuters Trust Principles BEIRUTUNITED NATIONS Reuters The United States and its ally France assailed Syria8217s Bashar alAssad at the United Nations on Friday for using chemical weapons as the prospect of USled military action that could lead to confrontation with Russia hung over the Middle East As chemical weapons experts arrived in Syria to investigate a suspected poison gas attack by government forces international diplomacy was in high gear to head off an escalation though accusations flew thick and fast between Washington and its allies and Russia Assad8217s main backer GRAPHIC Overview of chemical warfare tmsnrtrs2pKDWOY US President Donald Trump warned on Wednesday that missiles 8220will be coming8221 in response to the toxic gas assault on April 7 that killed dozens of people in Douma a town near Damascus which had been held by rebels until this month Russia says there is no evidence of a chemical attack in Douma and has warned the United States and its allies against carrying out any military strike While Trump himself was silent on Syria on Friday giving no further clues on whether US military action was imminent US Ambassador to the United Nations Nikki Haley said Washington estimated Assad8217s forces had used chemical weapons at least 50 times during the sevenyearlong Syrian conflict 8220Our president has not yet made a decision about possible action in Syria But should the United States and our allies decide to act in Syria it will be in defense of a principle on which we all agree8221 Haley told the UN Security Council Related Coverage US Britain France make case at UN for Syria strikes EU to look at imposing fresh sanctions on Syria document Factbox UK ministers back action on Syria What happens next 8220All nations and all people will be harmed if we allow Assad to normalize the use of chemical weapons8221 There was no word from Russian President Vladimir Putin himself though his foreign minister Sergei Lavrov said Moscow was in contact with Washington to discuss an atmosphere which he described as alarming 8220God forbid anything adventurous will be done in Syria along the lines of the Libyan and Iraqi experience8221 Lavrov told a news conference referring to past Western military interventions elsewhere in the region 8220Even nonsignificant incidents would lead to new waves of migrants to Europe and to other consequences which neither we nor our European neighbors need8221 Lavrov said Earlier French President Emmanuel Macron spoke by phone with Putin and expressed concern about a worsening situation Striking a conciliatory note Macron8217s office said 8220The President of the Republic called for dialogue with Russia to be maintained and stepped up to bring peace and stability back to Syria8221 But this was balanced by a warning from the French ambassador to the United Nations Francois Delattre who told the Security Council that the Syrian government8217s decision to use chemical weapons again meant they had 8220reached a point of no return8221 The world must provide a 8220robust united and steadfast response8221 Delattre said Since 2015 France has carried out air strikes against Islamic State in Syria as part of allied forces linked to the USled coalition conducting about 5 percent of total coalition air missions Britain8217s UN Ambassador Karen Pierce meanwhile rejected a charge by a Russian defense ministry spokesman that Britain was involved in staging a fake chemical weapons attack in Douma 8220This is grotesque it is a blatant lie it is the worst piece of fake news we8217ve yet seen from the Russian propaganda machine8221 Pierce told reporters AVERTING WAR A PRIORITY Russian Deputy Prime Minister Arkady Dvorkovich took an apparent swipe at Trump8217s tweets 8220We cannot depend on what someone on the other side of the ocean takes into his head in the morning We cannot take such risks8221 he said at a forum Vassily Nebenzia Moscow8217s UN ambassador said he 8220cannot exclude8221 war between the United States and Russia 8220The immediate priority is to avert the danger of war8221 he told reporters 8220We hope there will be no point of no return8221 Sheikh Naim Qassem deputy leader of the Iranianbacked Hezbollah movement told Lebanese daily alJoumhouria 8220The conditions do not point to a total war happening unless Trump and Israeli leader Benjamin Netanyahu completely lose their minds8221 US allies have offered strong words of support for Washington but no clear military plans have yet emerged British Prime Minister Theresa May won backing from her senior ministers on Thursday to take unspecified action with the United States and France to deter further use of chemical weapons by Syria Some other of Trump8217s European allies are anxious to avert a USRussian showdown Apart from Macron8217s phone conversation with Putin NATO members Germany and the Netherlands have said they will not take part in any military action Tayyip Erdogan president of Syria8217s neighbor Turkey which is also in NATO said on Friday he had spoken by phone with Trump and Putin and told both that increasing tension in the region was not right US President Donald Trump speaks during a meeting with governors and members of Congress at the White House in Washington US April 12 2018 REUTERSKevin Lamarque A first team of experts from the global Organisation for the Prohibition of Chemical Weapons has arrived in Syria UN SecretaryGeneral Antonio Guterres said The investigators who are only mandated to determine if chemical weapons were used and not who used them were expected to start their investigations into the Douma incident on Saturday the Netherlandsbased agency said In Geneva UN war crimes investigators condemned on Friday the suspected use of chemical weapons in Douma and called for evidence to be preserved with a view to future prosecutions ASSAD TIGHTENS GRIP Trump himself appeared on Thursday to cast doubt on at least the timing of any USled military action tweeting 8220Never said when an attack on Syria would take place Could be very soon or not so soon at all8221 Global stock markets have had a whipsaw week largely fueled by Trump8217s tendency to change his mind over top policy issues The capture of Douma has clinched a major victory for Assad crushing what was once a center of the insurgency near Damascus and underlines his unassailable position in the war Slideshow 3 Images Assad who is supported by Iranianback fighters as well as the Russian air force has cemented his control over most of the western more heavily populated part of the country Rebels and jihadist insurgents are largely contained to two areas along Syria8217s northern and southern borders Reporting by Alistair Smout Tom Perry Ellen Francis Maria Tsvetkova Leigh Thomas and Ingrid melander Writing by Richard Balmforth Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US House Speaker Paul Ryan endorsed Republican House Majority Leader Kevin McCarthy to be his successor according to an interview with NBC News reported on Friday House Majority Leader Kevin McCarthy RCA speaks next to House Speaker Paul Ryan RWI at a news conference with Republican leaders after a closed conference on Capitol Hill in Washington US February 14 2018 REUTERSYuri Gripas RC1FD7D17A50 8220We all think that Kevin is the right person8221 Ryan said in an exclusive interview airing on Sunday on 8220Meet the Press8221 Ryan announced on Wednesday that he would not seek reelection in November dealing a blow to fellow Republicans and President Donald Trump before the congressional elections Reporting by Doina Chiacu Editing by Steve Orlofsky Our Standards The Thomson Reuters Trust Principles WASHINGTONNEW YORK Reuters President Donald Trump attacked James Comey as a 8220weak and untruthful slime ball8221 on Friday after the fired former FBI director castigated him as an unethical liar and likened him to a mob moss in a searing new memoir A combination of file photos show US President Donald Trump in the White House in Washington DC US April 9 2018 and former FBI Director James Comey on Capitol Hill in Washington US June 8 2017 REUTERSCarlos Barria Jonathan ErnstFile Photos The president fired Comey last May while his agency was investigating potential collusion between Trump8217s campaign and Russia in the 2016 US election in a move that led the Justice Department to appoint Special Counsel Robert Mueller to take over a probe that has hung over his presidency 8220This president is unethical and untethered to truth and institutional values8221 Comey said in the book due out Tuesday a copy of which was obtained by Reuters Trump has often publicly criticized Comey since firing him but escalated his attacks in response to the book 8220It was my great honor to fire James Comey8221 Trump said in one of a series of scorching Twitter messages adding that Comey now one of the Republican president8217s fiercest critics had been a terrible FBI director The tirade followed news accounts of Comey8217s book 8220A Higher Loyalty Truth Lies and Leadership8221 which paints a deeply unflattering picture of Trump comparing him to a mob boss who stresses personal loyalty over the law and has little regard for morality or truth Mueller is looking into whether Trump has sought to obstruct the Russia probe and Comey could be a key witness on that front Comey last year accused Trump of pressuring him to pledge loyalty and end a probe involving former national security adviser Michael Flynn8217s contacts with Moscow Related Coverage Highlights from former FBI Director James Comeys new book 8220James Comey is a proven LEAKER ampamp LIAR8221 Trump wrote Trump accused Comey of lying to Congress but did not specify was he was referring to and said the former FBI chief should be prosecuted for leaking classified information Trump has denied any collusion and has called Mueller8217s investigation a witch hunt Comey is conducting a series of media interviews before the book8217s official release Copies of the book were obtained by news outlets on Thursday The interviews are Comey8217s first public comments since he testified before the Senate Intelligence Committee last June when he accused Trump of firing him to undermine the FBI8217s Russia investigation Just days after Trump fired Comey the president said he did it because of 8220this Russia thing8221 Trump has launched a series of attacks since last year against US law enforcement leaders and institutions as the Russia probe pressed forward in addition to Comey and Mueller 8220People will rot in hell for besmirching the reputation the integrity and the professional history of these two men8221 Democratic US Representative Jim Himes said on CNN referring to Comey and Mueller himself a former FBI director In an offshoot of the Mueller probe Trump8217s longtime personal lawyer8217s office and home were raided by the Federal Bureau on Investigation on Monday 8216REALLY WEIRD8217 In an interview broadcast on Friday on ABC8217s 8220Good Morning America8221 Comey discussed his initial encounters last year with Trump who took office on Jan 20 2017 He described Trump as volatile defensive and concerned more about his own image than about whether Russia meddled in the presidential election American intelligence agencies last year said Russia interfered in the election through a campaign of propaganda and hacking in a scheme to sow discord in the United States and help get Trump elected Moscow has denied meddling Comey said he cautioned Trump against ordering an investigation into a salacious intelligence dossier alleging an 2013 encounter involving prostitutes in Moscow The dossier was compiled by former British intelligence officer Christopher Steele about Trump8217s ties to Russia and included an allegation that involved prostitutes urinating on one another in a hotel room while Trump watched Trump denied the allegations and said he might want the FBI to investigate allegations in the dossier to prove they were untrue Comey told ABC 8220I said to him 8216Sir that8217s up to you but you want to be careful about that because it might create a narrative that we8217re investigating you personally and second it8217s very difficult to prove something didn8217t happen82178221 Comey said Asked to describe that Jan 6 2017 meeting two weeks before Trump took office Comey said 8220Really weird It was almost an outofbody experience for me8221 Comey was asked if he believed the dossier8217s allegations 8220I honestly never thought these words would come out of my mouth but I don8217t know whether the current president of the United States was with prostitutes peeing on each other in Moscow in 20138221 Comey told ABC 8220It8217s possible but I don8217t know8221 Comey said the dossier8217s allegations had not been verified by the time he left the FBI Before Trump and Comey met alone US intelligence chiefs briefed Trump and his advisers about the Russian election meddling What struck him most Comey told ABC was that the conversation moved straight into a public relations mode what they could say and how they could position Trump 8220No one to my recollection asked 8216So what8217s coming next from the Russians how might we stop it what8217s the future look like82178221 Comey said GRAPHIC Major milestones in the Mueller probe tmsnrtrs2GTgtnX Reporting by Doina Chiacu in Washington and Angela Moore in New York Additional reporting by Justin Mitchell in Washington Editing by Frances Kerry and Will Dunham Our Standards The Thomson Reuters Trust Principles Reuters A lawyer for adult film star Stormy Daniels argued in a court hearing on Friday that materials seized by federal investigators from US President Donald Trump8217s personal lawyer may concern his client who claims the president slept with her Michael Avenatti attorney for Stormy Daniels is pictured outside the Manhattan Federal Court in New York City New York US April 13 2018 REUTERSJeenah Moon Daniels whose legal name is Stephanie Clifford has said she was paid 130000 to keep quiet about a sexual encounter with the president 8220We have every reason to believe that some of the documents that were seized relate to my client8221 the lawyer Michael Avenatti told US District Judge Kimba Wood at a hearing in Manhattan federal court Related Coverage Trump fundraiser acknowledges relationship with Playboy Playmate Avenatti said he should be allowed to represent the interests of Daniels The hearing concerned a motion by Trump8217s lawyer Michael Cohen for an order restraining federal prosecutors from using materials seized in Monday8217s FBI raid of his offices The raids followed a referral by US Special Counsel Robert Mueller who for nearly a year has been looking into whether Trump8217s presidential campaign colluded with Russia A source familiar with the matter said this week that FBI agents were looking in those raids for information on payments to Daniels and former Playboy model Karen McDougal Investigators were also looking into whether there was a broader pattern of tax fraud wire fraud tax evasion money laundering and other crimes in Cohen8217s private dealings including his work for Trump and some real estate transactions that involved Russian buyers and prices that appeared to be well above market values the source said Wood said at the hearing that Cohen8217s lawyers are asking that they be allowed a first pass at the materials so they can identify what is irrelevant or protected by attorneyclient privilege Alternatively they have suggested that Wood appoint a neutral 8220special master8221 for the task Prosecutors have said that a team of their own lawyers known as a 8220taint team8221 should conduct the first review US President Donald Trumps personal lawyer Michael Cohen drives after leaving his hotel in New York City US April 11 2018 REUTERSBrendan McDermid A lawyer for Trump Joanna Hendon said at Friday8217s hearing the president had 8220an acute interest8221 in the case She asked to file a brief for the president by Sunday night She said she would oppose having prosecutors review the documents first 8220There8217s an appearance of fairness problem here8221 she said Tom McKay a federal prosecutor stressed that the president does not deserve special treatment and that his interest in attorneyclient privilege was 8220no different8221 from anyone else8217s Wood ordered the lawyers to return at 2 pm on Friday for further discussion Another hearing is scheduled for 2 pm Monday after Trump8217s lawyers submit their brief 8220The last thing a trial team wants is to be subject to suppression based on a breach of the attorneyclient privilege that could have been avoided8221 said Jacob Frenkel a Washington lawyer who is not involved in the case Monday8217s raid infuriated Trump who has called Mueller8217s investigation a 8220witch hunt8221 He stepped up the attacks after the raids but said on Thursday he was cooperating with authorities Moscow has also denied any wrongdoing Reporting by Karen Freifeld Brendan Pierson and Jonathan Stempel Editing by Frances Kerry and Susan Thomas Our Standards The Thomson Reuters Trust Principles

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<p>Jan 23 (Reuters) - ISP Global Ltd:</p> <p>* &#8205;GROUP IS EXPECTED TO RECORD A CONSOLIDATED NET LOSS FOR SIX MONTHS ENDED 31 DECEMBER 2017&#8203;</p> <p>* EXPECTED RESULT DUE TO &#8205;NON-RECURRING LISTING EXPENSES OF S$2.4 MILLION INCURRED DURING SIX MONTHS ENDED 31 DEC 2017&#8203; Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/WASHINGTON (Reuters) - The United States said on Monday it would expel 60 Russian diplomats, joining governments across Europe in punishing the Kremlin for a nerve agent attack on a former Russian spy in Britain that they have blamed on Moscow.</p> <p>It was the strongest action that U.S. President Donald Trump had taken against Russia since coming to office. He has been criticized by Democrats and members of his own Republican Party for failing to be tough enough on Russia over U.S. allegations of Russian meddling in the U.S. electoral system including the 2016 presidential campaign.</p> <p>British Prime Minister Theresa May, welcoming the show of solidarity, said 18 countries had announced plans to expel Russian officials. Those included 14 European Union countries. In total, 100 Russian diplomats were being removed, the biggest Western expulsion of Russian diplomats since the height of the Cold War.</p> <p>British Foreign Secretary Boris Johnson said on Twitter that Monday&#8217;s &#8220;extraordinary international response by our allies stands in history as the largest collective expulsion of Russian intelligence officers ever and will help defend our shared security.&#8221;</p> <p>May said the coordinated measures sent the &#8220;strongest signal to Russia that it cannot continue to flout international law.&#8221;</p> <p>Britain had evidence Russia has investigated ways of distributing nerve agents for assassinations, May told parliament.</p> <p>Russia&#8217;s Foreign Ministry called the expulsions a &#8220;provocative gesture.&#8221; The Kremlin spokesman said the West was making a &#8220;mistake&#8221; and that President Vladimir Putin would make a final decision about Russia&#8217;s response.</p> <p>Moscow has denied being behind the attack on Sergei Skripal and his daughter in the southern English city of Salisbury. Skripal, 66, and Yulia Skripal, 33, were found unconscious on a public bench in a shopping center on March 4 and remain critically ill in hospital.</p> <p>&#8220;We assess that more than 130 people in Salisbury could have been potentially exposed to this nerve agent,&#8221; May said.</p> <p>Monday&#8217;s wave of expulsions followed EU leaders saying last week that evidence presented by May of Russian involvement in the attack was a solid basis for further action.</p> <p>The staff expelled by Washington includes 12 people identified by the United States as intelligence officers from Russia&#8217;s mission to the United Nations headquarters in New York. They were involved in activities outside their official capacity and an abuse of their privileges of residence, U.S. Ambassador Nikki Haley said.</p> <p>Russian U.N. ambassador Vassily Nebenzia called it &#8220;a very unfortunate, very unfriendly move.&#8221;</p> <p>Trump also ordered the closure of the Russian consulate in Seattle because of its proximity to a U.S. submarine base and planemaker and defense contractor Boeing Co, a senior U.S. official said. Seattle was a hub of Russian cyber espionage, both political and commercial, according to two U.S. intelligence officials.</p> <p>The administration officials said &#8220;well over 100 intelligence officers&#8221; operated in the United States, and Washington&#8217;s action cuts 60 of them.</p> An official consul van is pictured outside the building housing the Consulate General of Russia in downtown Seattle, Washington, U.S., March 26, 2018. REUTERS/Lindsey Wasson ONE WEEK TO LEAVE <p>The envoys and their families have been given a week to leave the United States, according to one U.S. official.</p> <p>Trump, who before he took office in January last year promised warmer ties with Putin, last week congratulated the Russian leader on his re-election, drawing criticism from Republicans and Democrats alike. Trump said the two leaders had made tentative plans to meet in the &#8220;not too distant future.&#8221;</p> <p>He did not bring up the poisoning attack in his phone call with Putin.</p> <p>Trump himself was silent on Monday on Twitter, where he often comments about his policy decisions. But the White House later said it would like to have a &#8220;cooperative relationship&#8221; with Russia.</p> <p>&#8220;The president wants to work with the Russians but their actions sometimes don&#8217;t allow that to happen,&#8221; White House spokesman Raj Shah told a news briefing. &#8220;The poisoning in the U.K. that has kind of led to today&#8217;s announcement was a very brazen action. It was a reckless action.&#8221;</p> Slideshow (7 Images) <p>U.S. lawmakers largely welcomed Trump&#8217;s move on Monday.</p> <p>Washington had already imposed sanctions on Russian citizens and firms for U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin.</p> <p>&#8220;Punishing diplomats is not a direct threat to Putin&#8217;s power or money. Further, our previous efforts to kick out diplomats has done little to change Kremlin behavior,&#8221; said former CIA officer John Sipher, who served in Moscow and ran the agency&#8217;s Russia operations.</p> <p>U.S. officials said the scale of the expulsions was based not only on the expansion of Russian espionage in the United States, but also on its increasing focus on critical infrastructure targets such as electrical grids, financial networks, transportation and healthcare.</p> <p>Trump has been criticized in the United States for doing too little to punish Russia for the election meddling and other actions, and U.S. Special Counsel Robert Mueller is looking into whether Trump&#8217;s campaign colluded with the Russians, something he denies. Moscow denies interference in the campaign.</p> Related Coverage <a href="/article/us-britain-russia-johnson/britains-johnson-expulsions-show-international-frustration-with-russia-idUSKBN1H22TR" type="external">Britain's Johnson: expulsions show international frustration with Russia</a> <a href="/article/us-britain-russia-expulsions-factbox/diplomatic-moves-against-russia-after-nerve-gas-attack-idUSKBN1H21VA" type="external">Diplomatic moves against Russia after nerve gas attack</a> <a href="/article/us-britain-russia-ireland/ireland-to-take-action-against-russia-over-uk-nerve-agent-attack-idUSKBN1H22WT" type="external">Ireland to take action against Russia over UK nerve agent attack</a> <p>Skripal&#8217;s poisoning, which Britain said employed the Soviet-era military-grade nerve agent Novichok, is the first known offensive use of a nerve toxin in Europe since World War Two.</p> <p>The Foreign Ministry said &#8220;powerful forces&#8221; in the United States and Britain were behind the attack, RIA Novosti agency reported.</p> <p>European Council President Donald Tusk said further measures could be taken in the coming weeks and months. Russia said it would respond in kind.</p> <p>&#8220;The response will be symmetrical. We will work on it in the coming days and will respond to every country in turn,&#8221; the RIA news agency cited an unnamed Foreign Ministry source as saying.</p> <p>The Kremlin has accused Britain of whipping up an anti-Russia campaign and has sought to cast doubt on the British analysis that Moscow was responsible. Russia has already ordered 23 British diplomats out of the country after Britain expelled 23 Russian diplomats.</p> <p>Reporting by Michael Holden and Elizabeth Piper in London, John Irish in Paris, Gabrielle Tetrault-Farber, Vladimir Soldatkin and Christian Lowe in Moscow, Alissa de Carbonnel in Bulgaria, David Ljunggren in Ottawa, Johan Sennero in Stockholm, David Mardiste in Tallinn; Roberta Rampton, John Walcott, Warren Strobel, Patricia Zengerle, Matt Spetalnick and Mark Hosenball in Washington; Michelle Nichols at the United Nations; Writing by Guy Falconbridge and Yara Bayoumy; Editing by Kevin Liffey, Frances Kerry; and Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIJING (Reuters) - Top Trump administration officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more U.S.-made semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war.</p> FILE PHOTO - U.S. President Donald Trump and China's President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo <p>A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they pursue talks with Beijing.</p> <p>The Wall Street Journal first reported the demands from U.S. officials, saying they came in a letter sent to Beijing last week.</p> <p>White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China.</p> <p>&#8220;We&#8217;re hopeful there that China will work with us to basically address some of these practices,&#8221; Navarro told CNBC television.</p> <p>U.S. stocks surged on Monday on the news that the two sides were talking, after a massive rout last week when Trump announced plans to impose tariffs on up to $60 billion of Chinese imports over alleged misappropriation of U.S. intellectual property.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> posted its third biggest point gain ever, rising 669.4 points, or 2.8 percent, to close at 24,202.6 while the broader S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> rose 2.7 percent after a nearly 6 percent drop last week.</p> <p>Chinese Premier Li Keqiang earlier on Monday said that China and the United States should maintain negotiations and repeated pledges to ease access for American businesses to China&#8217;s markets.</p> <p>Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.</p> <p>Despite a steady stream of fierce rhetoric from Chinese state media lambasting the United States for being a &#8220;bully&#8221; and warning of retaliation, Chinese and U.S. officials are busy negotiating behind the scenes.</p> TARIFFS TO PROCEED WITHOUT AGREEMENT <p>In an interview aired on Sunday, Mnuchin told Fox News that he was pursuing an agreement with the Chinese &#8220;for them to open up their markets, reduce their tariffs, stop forced technology transfer. These are all the things we want to do.&#8221;</p> <p>&#8220;We are proceeding with these tariffs, we&#8217;re not putting them on hold unless we have an acceptable agreement that the president signs off on,&#8221; Mnuchin added.</p> Slideshow (2 Images) <p>China has offered to buy more U.S. semiconductors by diverting some purchases from South Korea and Taiwan, the Financial Times reported, citing people briefed on the negotiations. China imported $2.6 billion of semiconductors from the United States last year.</p> <p>Chinese officials are also working to finalize rules by May - instead of the end of June - to allow foreign financial groups to take majority stakes in Chinese securities firms, the Financial Times said.</p> <p>&#8220;I anticipate that for political reasons it would be logical for China to respond, because countries do,&#8221; Blackstone Group ( <a href="/finance/stocks/overview?symbol=BX.N" type="external">BX.N</a>) Chief Executive Stephen Schwarzman told Reuters on Monday on the sidelines of the Beijing conference where Li spoke.</p> <p>&#8220;That&#8217;s why I view this more as a skirmish, and I think the interests of both countries are served by resolving some of these matters.&#8221;</p> <p>China called on World Trade Organization members on Monday to unite to oppose Trump&#8217;s proposed tariffs targeting alleged intellectual property theft, saying they should &#8220;lock this beast back into the cage of WTO rules.&#8221;</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 24202.6 .DJI Dow Jones Indexes +669.40 (+2.84%) .DJI .SPX BX.N AAPL.O MSFT.O <p>On Friday, China responded to the U.S. tariffs on steel and aluminum by declaring plans to levy additional duties on up to $3 billion of U.S. imports, including fruit, nuts and wine.</p> <p>China could also inflict pain on U.S. multinationals that rely on China for a substantial - and growing - portion of their total revenues, said Alex Wolf, senior emerging markets economist at Aberdeen Standard Investments.</p> <p>&#8220;This could put U.S. companies such as Apple ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>), Microsoft ( <a href="/finance/stocks/overview?symbol=MSFT.O" type="external">MSFT.O</a>), Starbucks ( <a href="/finance/stocks/overview?symbol=SBUX.O" type="external">SBUX.O</a>), GM ( <a href="/finance/stocks/overview?symbol=GM.N" type="external">GM.N</a>), Nike ( <a href="/finance/stocks/overview?symbol=NKE.N" type="external">NKE.N</a>), etc in the firing line,&#8221; Wolf said in a note.</p> <p>China can increase the regulatory burden on U.S companies through new inspections and rules; ban travel; stop providing export licenses of key intermediate goods; raise the tax burden on U.S. multinationals in China; or block U.S. companies from the government procurement market, he said.</p> CAR TARIFF DIFFERENTIAL <p>The Trump administration has demanded that China immediately cut its $375 billion trade surplus with the United States by $100 billion.</p> <p>China has a 25 percent tariff on U.S. cars and has talked recently of lowering it, while Trump has often complained that the U.S. import tariff on passenger vehicles is only 2.5 percent. China&#8217;s imports of U.S.-built motor vehicles totaled $10.6 billion in 2017, about 8 percent of the country&#8217;s overall U.S. imports by value, according to U.S. government data.</p> <p>On the reported offer to increase U.S. semiconductor imports, it is unclear how U.S. chips would replace South Korean and Taiwanese chips, since there is minimal overlap between U.S. chips and those of the two Asian producers.</p> <p>China is heavily dependent on foreign semiconductors, one of its biggest import categories by value. That said, the United States accounted for just 1 percent of China&#8217;s total semiconductor imports last year by value, according to Reuters calculations based on Chinese customs data.</p> <p>Additional reporting by Matthew Miller, Ben Blanchard, Elias Glenn and Stella Qiu in Beijing and Eric Beech in Washington; Editing by Cynthia Osterman and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - North Korea leader Kim Jong Un has visited China, Bloomberg reported on Monday citing three unnamed sources, in what would be his first known overseas trip since taking power in 2011 and ahead of a potential summit with U.S. President Donald Trump.</p> <p>Details of his visit including its purpose and itinerary were not yet known, Bloomberg said. Japanese media reported earlier on Monday that a high-ranking Pyongyang official appeared to have arrived by train in Beijing.</p> <p>Kyodo, citing sources close to the matter, said the visit of the official was intended to improve ties between Beijing and Pyongyang that have been frayed by North Korea&#8217;s pursuit of nuclear weapons and China&#8217;s backing of tough sanctions against North Korea at the United Nations Security Council.</p> <p>The visit could not immediately be confirmed by Reuters.</p> <p>Footage from Nippon News Network, owned by Nippon TV, showed what an announcer described as a green train carriage with yellow horizontal lines, part of a 21-car train, similar to the kind that Kim&#8217;s late father, Kim Jong Il, rode when he visited Beijing in 2011.</p> <p>Beijing has traditionally been the closest ally of secretive and isolated North Korea. But Kim is due to hold summit meetings separately with China&#8217;s rivals, South Korea and the United States.</p> <p>&#8220;Such a visit would reflect China&#8217;s effort to get back in the game,&#8221; said Scott Snyder, a senior fellow at the Council on Foreign Relations think tank. &#8220;Xi would not tolerate being third in line to meet Kim.&#8221;</p> <p>Asked earlier at a daily news briefing about reports of an important North Korean visitor arriving at the Chinese border city of Dandong, Chinese Foreign Ministry spokeswoman Hua Chunying said she was unaware of the situation.</p> <p>Nobody answered the telephone at the North Korean embassy in Beijing on Monday evening.</p> <p>&#8220;The government is closely communicating with relevant countries and monitoring the situation,&#8221; South Korea&#8217;s presidential Blue House said in a statement via a messaging app earlier on Monday.</p> <p>Asked about the report that Kim was in China, White House spokesman Raj Shah told reporters on Monday: &#8220;We can&#8217;t confirm those reports. We don&#8217;t know if they&#8217;re necessarily true.&#8221;</p> <p>Kyodo, citing sources, reported that on Sunday, a special train that might have carried the official passed through Dandong. Two sources in northeastern China also told Reuters that a North Korean visitor had crossed into Dandong by train.</p> Policemen take position along Beijing's main east-west thoroughfare, Changan Avenue, near the Great Hall of the People in Beijing, China March 26, 2018. REUTERS/Damir Sagolj <p>The rail journey between Dandong and Beijing covers more than 1,100 km (680 miles). It takes at least 14 hours by ordinary service, according to Chinese railway timetables.</p> HEAVY SECURITY <p>On Chinese social media some residents of Dandong said there had been high security around the train station there and said there were rumors that Kim was passing through.</p> <p>Police tightened security along Beijing&#8217;s main east-west thoroughfare, Changan Avenue, mid-afternoon Monday, closing off the entrances to some of the buildings which face the road.</p> Policemen take position along Beijing's main east-west thoroughfare, Changan Avenue, near the Great Hall of the People in Beijing, China March 26, 2018. REUTERS/Damir Sagolj <p>Police also cleared out all tourists from Tiananmen Square around the same time, which normally only happens when important meetings are happening in the Great Hall of the People, where top Chinese leaders often meet visiting heads of state.</p> <p>There was a large security presence outside the Great Hall on Monday evening. Reuters reporters saw a lengthy motorcade, including a limousine with dark tinted windows, heading down Changan Avenue in the direction of the Diaoyutai State Guest House and away from the Great Hall of the People, flanked by a police escort on motor-bikes.</p> <p>Also on Monday evening, the Beijing railway bureau warned on its microblog, without giving a reason, of multiple train delays of up to two hours in the Beijing region.</p> <p>A source with ties to the Chinese military told Reuters that it was &#8220;not possible to rule out the possibility&#8221; that Kim was visiting Beijing, but cautioned this was not confirmed.</p> <p>A diplomatic source told Reuters that there was heavy security around the Diaoyutai State Guest House, where some high level foreign visitors stay during visits to the city. Other diplomatic sources said they were aware of the speculation that Kim was visiting but were not able to immediately confirm it.</p> <p>Visits to China by Kim Jong Il were only confirmed by both China and North Korea once he had left the country.</p> <p>Kim Jong Il traveled by private train during his rare visits to China or Russia under tight security. Diplomats and other sources have said Kim Jong Il avoided flying for overseas trips due to security concerns.</p> <p>The younger Kim, who was educated in Switzerland, is not known to have any fear of flying and state media have shown pictures of him aboard a plane. However, he is not known to have traveled outside the country since assuming power in late 2011 after his father&#8217;s death.</p> <p>Reporting by Ben Blanchard, Sue-Lin Wong, Philip Wen and Se Young Lee; Additional reporting by Christine Kim in Seoul, Malcolm Foster in Tokyo, Roberta Rampton, David Brunnstrom and Matt Spetalnick in Washington; Editing by Andrew Heavens and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-ISP Global Expects To Record Consol Net Loss For HY U.S., EU to expel more than 100 Russian diplomats over UK nerve attack U.S. seeks China trade moves on autos, financials, chips: source North Korea leader Kim Jong Un visits China: Bloomberg

https://reuters.com/article/brief-isp-global-expects-to-record-conso/brief-isp-global-expects-to-record-consol-net-loss-for-hy-idUSFWN1PI0FZ

2018-01-23

2least

Jan 23 Reuters ISP Global Ltd 8205GROUP IS EXPECTED TO RECORD A CONSOLIDATED NET LOSS FOR SIX MONTHS ENDED 31 DECEMBER 20178203 EXPECTED RESULT DUE TO 8205NONRECURRING LISTING EXPENSES OF S24 MILLION INCURRED DURING SIX MONTHS ENDED 31 DEC 20178203 Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles LONDONWASHINGTON Reuters The United States said on Monday it would expel 60 Russian diplomats joining governments across Europe in punishing the Kremlin for a nerve agent attack on a former Russian spy in Britain that they have blamed on Moscow It was the strongest action that US President Donald Trump had taken against Russia since coming to office He has been criticized by Democrats and members of his own Republican Party for failing to be tough enough on Russia over US allegations of Russian meddling in the US electoral system including the 2016 presidential campaign British Prime Minister Theresa May welcoming the show of solidarity said 18 countries had announced plans to expel Russian officials Those included 14 European Union countries In total 100 Russian diplomats were being removed the biggest Western expulsion of Russian diplomats since the height of the Cold War British Foreign Secretary Boris Johnson said on Twitter that Monday8217s 8220extraordinary international response by our allies stands in history as the largest collective expulsion of Russian intelligence officers ever and will help defend our shared security8221 May said the coordinated measures sent the 8220strongest signal to Russia that it cannot continue to flout international law8221 Britain had evidence Russia has investigated ways of distributing nerve agents for assassinations May told parliament Russia8217s Foreign Ministry called the expulsions a 8220provocative gesture8221 The Kremlin spokesman said the West was making a 8220mistake8221 and that President Vladimir Putin would make a final decision about Russia8217s response Moscow has denied being behind the attack on Sergei Skripal and his daughter in the southern English city of Salisbury Skripal 66 and Yulia Skripal 33 were found unconscious on a public bench in a shopping center on March 4 and remain critically ill in hospital 8220We assess that more than 130 people in Salisbury could have been potentially exposed to this nerve agent8221 May said Monday8217s wave of expulsions followed EU leaders saying last week that evidence presented by May of Russian involvement in the attack was a solid basis for further action The staff expelled by Washington includes 12 people identified by the United States as intelligence officers from Russia8217s mission to the United Nations headquarters in New York They were involved in activities outside their official capacity and an abuse of their privileges of residence US Ambassador Nikki Haley said Russian UN ambassador Vassily Nebenzia called it 8220a very unfortunate very unfriendly move8221 Trump also ordered the closure of the Russian consulate in Seattle because of its proximity to a US submarine base and planemaker and defense contractor Boeing Co a senior US official said Seattle was a hub of Russian cyber espionage both political and commercial according to two US intelligence officials The administration officials said 8220well over 100 intelligence officers8221 operated in the United States and Washington8217s action cuts 60 of them An official consul van is pictured outside the building housing the Consulate General of Russia in downtown Seattle Washington US March 26 2018 REUTERSLindsey Wasson ONE WEEK TO LEAVE The envoys and their families have been given a week to leave the United States according to one US official Trump who before he took office in January last year promised warmer ties with Putin last week congratulated the Russian leader on his reelection drawing criticism from Republicans and Democrats alike Trump said the two leaders had made tentative plans to meet in the 8220not too distant future8221 He did not bring up the poisoning attack in his phone call with Putin Trump himself was silent on Monday on Twitter where he often comments about his policy decisions But the White House later said it would like to have a 8220cooperative relationship8221 with Russia 8220The president wants to work with the Russians but their actions sometimes don8217t allow that to happen8221 White House spokesman Raj Shah told a news briefing 8220The poisoning in the UK that has kind of led to today8217s announcement was a very brazen action It was a reckless action8221 Slideshow 7 Images US lawmakers largely welcomed Trump8217s move on Monday Washington had already imposed sanctions on Russian citizens and firms for US election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin 8220Punishing diplomats is not a direct threat to Putin8217s power or money Further our previous efforts to kick out diplomats has done little to change Kremlin behavior8221 said former CIA officer John Sipher who served in Moscow and ran the agency8217s Russia operations US officials said the scale of the expulsions was based not only on the expansion of Russian espionage in the United States but also on its increasing focus on critical infrastructure targets such as electrical grids financial networks transportation and healthcare Trump has been criticized in the United States for doing too little to punish Russia for the election meddling and other actions and US Special Counsel Robert Mueller is looking into whether Trump8217s campaign colluded with the Russians something he denies Moscow denies interference in the campaign Related Coverage Britains Johnson expulsions show international frustration with Russia Diplomatic moves against Russia after nerve gas attack Ireland to take action against Russia over UK nerve agent attack Skripal8217s poisoning which Britain said employed the Sovietera militarygrade nerve agent Novichok is the first known offensive use of a nerve toxin in Europe since World War Two The Foreign Ministry said 8220powerful forces8221 in the United States and Britain were behind the attack RIA Novosti agency reported European Council President Donald Tusk said further measures could be taken in the coming weeks and months Russia said it would respond in kind 8220The response will be symmetrical We will work on it in the coming days and will respond to every country in turn8221 the RIA news agency cited an unnamed Foreign Ministry source as saying The Kremlin has accused Britain of whipping up an antiRussia campaign and has sought to cast doubt on the British analysis that Moscow was responsible Russia has already ordered 23 British diplomats out of the country after Britain expelled 23 Russian diplomats Reporting by Michael Holden and Elizabeth Piper in London John Irish in Paris Gabrielle TetraultFarber Vladimir Soldatkin and Christian Lowe in Moscow Alissa de Carbonnel in Bulgaria David Ljunggren in Ottawa Johan Sennero in Stockholm David Mardiste in Tallinn Roberta Rampton John Walcott Warren Strobel Patricia Zengerle Matt Spetalnick and Mark Hosenball in Washington Michelle Nichols at the United Nations Writing by Guy Falconbridge and Yara Bayoumy Editing by Kevin Liffey Frances Kerry and Grant McCool Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIJING Reuters Top Trump administration officials are asking China to cut tariffs on imported cars allow foreign majority ownership of financial services firms and buy more USmade semiconductors in negotiations to avoid plans to slap tariffs on a host of Chinese goods and a potential trade war FILE PHOTO US President Donald Trump and Chinas President Xi Jinping shake hands after making joint statements at the Great Hall of the People in Beijing China November 9 2017 REUTERSDamir SagoljFile Photo A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer as they pursue talks with Beijing The Wall Street Journal first reported the demands from US officials saying they came in a letter sent to Beijing last week White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China 8220We8217re hopeful there that China will work with us to basically address some of these practices8221 Navarro told CNBC television US stocks surged on Monday on the news that the two sides were talking after a massive rout last week when Trump announced plans to impose tariffs on up to 60 billion of Chinese imports over alleged misappropriation of US intellectual property The Dow Jones Industrial Average DJI posted its third biggest point gain ever rising 6694 points or 28 percent to close at 242026 while the broader SampampP 500 SPX rose 27 percent after a nearly 6 percent drop last week Chinese Premier Li Keqiang earlier on Monday said that China and the United States should maintain negotiations and repeated pledges to ease access for American businesses to China8217s markets Li told a conference that included global chief executives that China would treat foreign and domestic firms equally would not force foreign firms to transfer technology and would strengthen intellectual property rights repeating promises that have failed to placate Washington Despite a steady stream of fierce rhetoric from Chinese state media lambasting the United States for being a 8220bully8221 and warning of retaliation Chinese and US officials are busy negotiating behind the scenes TARIFFS TO PROCEED WITHOUT AGREEMENT In an interview aired on Sunday Mnuchin told Fox News that he was pursuing an agreement with the Chinese 8220for them to open up their markets reduce their tariffs stop forced technology transfer These are all the things we want to do8221 8220We are proceeding with these tariffs we8217re not putting them on hold unless we have an acceptable agreement that the president signs off on8221 Mnuchin added Slideshow 2 Images China has offered to buy more US semiconductors by diverting some purchases from South Korea and Taiwan the Financial Times reported citing people briefed on the negotiations China imported 26 billion of semiconductors from the United States last year Chinese officials are also working to finalize rules by May instead of the end of June to allow foreign financial groups to take majority stakes in Chinese securities firms the Financial Times said 8220I anticipate that for political reasons it would be logical for China to respond because countries do8221 Blackstone Group BXN Chief Executive Stephen Schwarzman told Reuters on Monday on the sidelines of the Beijing conference where Li spoke 8220That8217s why I view this more as a skirmish and I think the interests of both countries are served by resolving some of these matters8221 China called on World Trade Organization members on Monday to unite to oppose Trump8217s proposed tariffs targeting alleged intellectual property theft saying they should 8220lock this beast back into the cage of WTO rules8221 Dow Jones ampamp Company Inc 242026 DJI Dow Jones Indexes 66940 284 DJI SPX BXN AAPLO MSFTO On Friday China responded to the US tariffs on steel and aluminum by declaring plans to levy additional duties on up to 3 billion of US imports including fruit nuts and wine China could also inflict pain on US multinationals that rely on China for a substantial and growing portion of their total revenues said Alex Wolf senior emerging markets economist at Aberdeen Standard Investments 8220This could put US companies such as Apple AAPLO Microsoft MSFTO Starbucks SBUXO GM GMN Nike NKEN etc in the firing line8221 Wolf said in a note China can increase the regulatory burden on US companies through new inspections and rules ban travel stop providing export licenses of key intermediate goods raise the tax burden on US multinationals in China or block US companies from the government procurement market he said CAR TARIFF DIFFERENTIAL The Trump administration has demanded that China immediately cut its 375 billion trade surplus with the United States by 100 billion China has a 25 percent tariff on US cars and has talked recently of lowering it while Trump has often complained that the US import tariff on passenger vehicles is only 25 percent China8217s imports of USbuilt motor vehicles totaled 106 billion in 2017 about 8 percent of the country8217s overall US imports by value according to US government data On the reported offer to increase US semiconductor imports it is unclear how US chips would replace South Korean and Taiwanese chips since there is minimal overlap between US chips and those of the two Asian producers China is heavily dependent on foreign semiconductors one of its biggest import categories by value That said the United States accounted for just 1 percent of China8217s total semiconductor imports last year by value according to Reuters calculations based on Chinese customs data Additional reporting by Matthew Miller Ben Blanchard Elias Glenn and Stella Qiu in Beijing and Eric Beech in Washington Editing by Cynthia Osterman and Leslie Adler Our Standards The Thomson Reuters Trust Principles BEIJING Reuters North Korea leader Kim Jong Un has visited China Bloomberg reported on Monday citing three unnamed sources in what would be his first known overseas trip since taking power in 2011 and ahead of a potential summit with US President Donald Trump Details of his visit including its purpose and itinerary were not yet known Bloomberg said Japanese media reported earlier on Monday that a highranking Pyongyang official appeared to have arrived by train in Beijing Kyodo citing sources close to the matter said the visit of the official was intended to improve ties between Beijing and Pyongyang that have been frayed by North Korea8217s pursuit of nuclear weapons and China8217s backing of tough sanctions against North Korea at the United Nations Security Council The visit could not immediately be confirmed by Reuters Footage from Nippon News Network owned by Nippon TV showed what an announcer described as a green train carriage with yellow horizontal lines part of a 21car train similar to the kind that Kim8217s late father Kim Jong Il rode when he visited Beijing in 2011 Beijing has traditionally been the closest ally of secretive and isolated North Korea But Kim is due to hold summit meetings separately with China8217s rivals South Korea and the United States 8220Such a visit would reflect China8217s effort to get back in the game8221 said Scott Snyder a senior fellow at the Council on Foreign Relations think tank 8220Xi would not tolerate being third in line to meet Kim8221 Asked earlier at a daily news briefing about reports of an important North Korean visitor arriving at the Chinese border city of Dandong Chinese Foreign Ministry spokeswoman Hua Chunying said she was unaware of the situation Nobody answered the telephone at the North Korean embassy in Beijing on Monday evening 8220The government is closely communicating with relevant countries and monitoring the situation8221 South Korea8217s presidential Blue House said in a statement via a messaging app earlier on Monday Asked about the report that Kim was in China White House spokesman Raj Shah told reporters on Monday 8220We can8217t confirm those reports We don8217t know if they8217re necessarily true8221 Kyodo citing sources reported that on Sunday a special train that might have carried the official passed through Dandong Two sources in northeastern China also told Reuters that a North Korean visitor had crossed into Dandong by train Policemen take position along Beijings main eastwest thoroughfare Changan Avenue near the Great Hall of the People in Beijing China March 26 2018 REUTERSDamir Sagolj The rail journey between Dandong and Beijing covers more than 1100 km 680 miles It takes at least 14 hours by ordinary service according to Chinese railway timetables HEAVY SECURITY On Chinese social media some residents of Dandong said there had been high security around the train station there and said there were rumors that Kim was passing through Police tightened security along Beijing8217s main eastwest thoroughfare Changan Avenue midafternoon Monday closing off the entrances to some of the buildings which face the road Policemen take position along Beijings main eastwest thoroughfare Changan Avenue near the Great Hall of the People in Beijing China March 26 2018 REUTERSDamir Sagolj Police also cleared out all tourists from Tiananmen Square around the same time which normally only happens when important meetings are happening in the Great Hall of the People where top Chinese leaders often meet visiting heads of state There was a large security presence outside the Great Hall on Monday evening Reuters reporters saw a lengthy motorcade including a limousine with dark tinted windows heading down Changan Avenue in the direction of the Diaoyutai State Guest House and away from the Great Hall of the People flanked by a police escort on motorbikes Also on Monday evening the Beijing railway bureau warned on its microblog without giving a reason of multiple train delays of up to two hours in the Beijing region A source with ties to the Chinese military told Reuters that it was 8220not possible to rule out the possibility8221 that Kim was visiting Beijing but cautioned this was not confirmed A diplomatic source told Reuters that there was heavy security around the Diaoyutai State Guest House where some high level foreign visitors stay during visits to the city Other diplomatic sources said they were aware of the speculation that Kim was visiting but were not able to immediately confirm it Visits to China by Kim Jong Il were only confirmed by both China and North Korea once he had left the country Kim Jong Il traveled by private train during his rare visits to China or Russia under tight security Diplomats and other sources have said Kim Jong Il avoided flying for overseas trips due to security concerns The younger Kim who was educated in Switzerland is not known to have any fear of flying and state media have shown pictures of him aboard a plane However he is not known to have traveled outside the country since assuming power in late 2011 after his father8217s death Reporting by Ben Blanchard SueLin Wong Philip Wen and Se Young Lee Additional reporting by Christine Kim in Seoul Malcolm Foster in Tokyo Roberta Rampton David Brunnstrom and Matt Spetalnick in Washington Editing by Andrew Heavens and Tom Brown Our Standards The Thomson Reuters Trust Principles

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<p /> <p /> <p /> <p /> AARON MATE: It's The Real News. I'm Aaron Mate. During last year's presidential primary, Senator Bernie Sanders mobilized millions of people behind his vision for a progressive society at home. Well, today, in his most extensive comments on the topic to date, Sanders outlined his vision for how the U.S. should engage with the world. <p />BERNIE SANDERS: This planet will not be secure or peaceful when so few have so much, and so many have so little. And when we advance day after day into an oligarchic form of society, where a small number of extraordinarily powerful and wealthy special interests exert enormous influence over the economic and political life of this country and the entire world. <p />AARON MATE: In his speech, Sanders criticized U.S. foreign policies, past and present. He said support for the ongoing Saudi war on Yemen will haunt the U.S. and called the so called global war on terror a disaster. Sanders highlighted U.S. backed coups in Iran and Chile as examples of actions that cause "incalculable harm." <p /> But there were some key omissions from Sanders' speech. On North Korea, Sanders failed to mention the overlooked U.S. role in the crisis that exists today. And despite taking a bold stance on the campaign trail in defense of Palestinian rights, Sanders didn't mention them in his speech today. <p /> I am joined now by Robert Naiman of Just Foreign Policy, Robert welcome. <p />ROBERT NAIMAN: Good to be with you. <p />AARON MATE: Thanks for joining us. So, let's start with what I thought was the heart of Sanders' speech, in that little brief clip we just played there, talking about the oligarchic interests at the heart of U.S. power, not just domestically but shaping decisions around the world. Your thoughts on that aspect of Sanders' speech. <p />ROBERT NAIMAN: Well, I think it's very positive, it's something that is talked about too little. And speaking about foreign policy, as this thing that sort of exists over there, as if it's not related and influenced by the same dynamics that we deal with in talking about domestic power. Bernie has been very good about that, and it's talked about, when Bernie as in this speech and other examples, talks about foreign policy, talks about things that others usually don't talk about. Like inequality. Like corporate trade agreements. Like U.S. policy at the International Monetary Fund and the World Bank. Like the challenge of climate change and dependence on fossil fuels. So, that's a very strong and important card that Bernie brings to the table and I was glad to see that today. <p />AARON MATE: You know, one thing that Sanders has done pretty tirelessly, is connect the amount of resources that go into exerting U.S. power around the world, to what that means for people at home, in terms of depriving people of basic rights, like healthcare. And on that front, let's go to a clip of him talking about this. <p />BERNIE SANDERS: Foreign policy is about U.S. government budget priorities at a time when we already spend more on defense than the next 12 countries combined. Foreign policy is about authorizing a defense budget of some 700 billion dollars, including a 50 billion dollar increase passed just last week. Meanwhile, at the exact same time as the President and many of my Republican colleagues want to substantially increase military spending, they want to throw 32 million Americans off of the health insurance they currently have because supposedly, they are worried about the budget deficit. <p />AARON MATE: You know Robert, this is an issue where Sanders, tacitly at least, isn't critiquing just Trump and the Republicans, but also his fellow Democrats because just this week, as Republicans are trying this last ditch effort to repeal the Affordable Care Act yet again, the Senate, although they're sparring over healthcare issue, the Senate came together by overwhelming numbers. I think it was like 89 to 8 or 89 to 9, to pass a massive military spending increase. Something like 700 billion dollars, tens of billions more than Trump had even asked for. So, Sanders is there going after not just Trump, but also a bipartisan consensus when it comes to spending so much money on military action overseas. <p />ROBERT NAIMAN: Yes, that's true. Unfortunately, the dynamic in Washington for the most part is that most Democrats have supported increasing military spending. Generally, most Democrats have said increases in military spending should be matched by increases in domestic spending. That's been kind of the line. Few have dared to say no, actually, there is no need for increasing military spending, and it doesn't have to be the case that, of course we need to build military spending, but we also need to do domestic spending too. So, he is getting out, ahead, in front. I think the vote in the Senate doesn't necessarily ... it's not that bad because the vote on the final bill, that's not really where the decision was made. <p /> But, it is true, unfortunately that too many Democrats are too soft on Pentagon spending. And it does reflect that same domestic power dynamics. There's just huge corporate interests in Pentagon spending. It's already more than half the budget, a lot of that money is going to powerful corporations that are lobbying for that budget, and it gets called security. But just as spending more money on healthcare, it doesn't necessarily make us healthier, spending more money on the military doesn't necessarily make us more secure. <p />AARON MATE: Robert, I don't get that point, about the Senate version not being the final bill. Because, there's the house - <p />ROBERT NAIMAN: No, it is the final bill. I'm saying that the vote on the final bill, that's not where it was decided what the level of spending will be. Most of the time, most members of Congress vote for final passage on the final military spending bill, whatever is inside it, so nobody can accuse them of voting against the troops or whatever. <p />AARON MATE: Well, exactly, exactly- <p />ROBERT NAIMAN: That's not the meeting where it was decided what the level of military spending would be. That's all I'm saying. That the thing that you should look for are amendments where somebody said, "Let's cut the thing," you really want to know where the fault line was. Somebody introducing them and saying "Let's cut the level of military spending by 1%". Look and see how, voted on that. I only say that not to excuse people for voting in favor of the final bill if you want to slam them for that. But I think it risks feeding a kind of defeatism to say that, "Oh my God, everybody in Congress is for increasing military spending. Therefore there's nothing we can do." Because the corporations are running it, and ... <p />AARON MATE: I'm not saying there's nothing we can do. I'm not saying that at all. I'm just saying either you vote for the final bill or you don't. Sanders didn't, he voted against this. But he was in a very, very small minority of Democrats who voted against this massive spending increase. At the risk of being even more defeatist, let's look at what Sanders didn't include in his speech. And also what he included that might be worth looking at critically. <p /> I'm struck by constantly how when critics, and prominent critics of US foreign policy speak out against things like the Iraq war or the coup in Iran and Chile as Sanders did. They'll use at the furthest end of the acceptable spectrum in mainstream criticism is, they'll use words like, counterproductive. So he called the Iraq war counterproductive. People have a hard time, even someone as principled as Sanders, having a hard time just coming out and saying, "It was illegal, and we had no right to invade a foreign country that did nothing to us." <p />ROBERT NAIMAN: Yeah, of course I agree. I mean I agree with every insult. It was illegal it was unconstitutional, it violated the most basic international law. It was immoral, it was based on a lie. Every insult you want of that horrible catastrophe, I'm- <p />AARON MATE: It's not an insult, Robert. It's not an insult, just a description. <p />ROBERT NAIMAN: No, no. A true insult. It's a true deserved insult. <p />AARON MATE: I think it's a basic description, but okay. It's semantics. <p />ROBERT NAIMAN: Absolutely. It's illegal, it's unconstitutional, it was immoral. We can never denounce that immoral, outrageous catastrophe enough. Having said that, I mean it's always important to understand things relative to context. The context is that Washington, the Foreign Policy attachment, wants to move on and not talk about the terrible crime that took place in 2002, 2003 and what it reveals about, and continues to reveal about the national security establishment in the United States. The people in Congress who voted for it, the people in the national security establishment who supported it and the fact that there was not more dissent at the time among so called foreign policy experts in the media. That is something we should return to again and again. That the leading light ... you know Hillary Clinton voted for the war, John Cary voted for the war, Joe Biden voted for the war, Dick Gephardt voted for the war, and this was crucial support and of course as we often see is [apparent] in Washington, all these people were rehabilitated as they should not have been. <p /> Now some of them learned something. Biden learned something, Cary learned something, and they went on in many contexts to become military force skeptics and big champions of the Iran nuclear agreement, which was a key contrast that Bernie correctly made in his speech between the illegal destructive Iraq war with all the death and destruction to Iraqis, and to Americans and to the region, versus the Iran nuclear deal which did not kill a single human being, did not cost money and which is working and certified as working to this day and which Trump and the Republicans are currently attacking. <p /> That's a tremendously important distinction that he made. I also thought something that was really key about this speech was that he invoked what might be called the classical tropes of liberal internationalism. Talking about the support of diplomacy, internationalism, international cooperation, while separating that from the classical tropes of liberal interventionism. Regime change, the wars in Libya and Syria, and Iraq. In fact as noted that had a lot of democratic support. These wars that had nothing to do with the United States, that were not authorized by the United Nations, that there was this fig leaf of concern when in fact unleashed tremendous destruction. This is a tremendously important point going forward, for putting forward a vision of a truly progressive foreign policy which is not a foreign policy of liberal interventionism using human rights as an excuse for bombing, invading and occupying other people's countries in violation of international law and the U.S. Constitution and the War Powers Resolution. <p />AARON MATE: Speaking of tropes, I thought Sanders certainly adopted one when it comes to Russia, when he talked about "the Russian government was engaged in a massive effort to undermine one of our greatest strengths, the integrity of our elections and our faith in our own democracy". He criticized Trump for not mentioning that in his speech to the U.N. <p /> As admirable as Sanders is on so many issues, I find it amazing that it's impossible right now, it seems impossible inside the Washington consensus for even someone as progressive as him to simply question, perhaps, U.S. foreign policy towards Russia, to consider that possibly the U.S. has played a role when it comes to expanding NATO after the end of the Cold War despite promises that it wouldn't, in supporting a coup inside neighboring Ukraine, and now when it comes to this Russiagate stuff everyone seems to take it as ... they seem to take it on faith because the U.S. intelligence community, a few elements of it said so. That Putin interfered in our election in this mass campaign. No one seems troubled by the fact that there still is no hard evidence. I'm wondering your thoughts on that, Robert. <p />ROBERT NAIMAN: Well some people are troubled. To tell you the truth I'm even more troubled by the hypocrisy on that. That troubles me much more. The fact that nobody disputes that that which it is alleged, the Russian government did in the United States, United States does as a matter of course, and has done for decades in Russia and around the world. <p /> But I would be totally delighted, and I've agitated for this, let's pass a bill in Congress saying that from now on, the entire U.S. intelligence community and the military, and the State Department are prohibited from engaging in any of the activities that people are complaining that Russia did in the U.S. You know Clapper came to Congress and testified, and he said we have a glass houses problem. Other people testified in Congress said that, at the time. That's been pushed aside. I think that should be front and center. Not only of course do we have a right to know what exactly the proof is of the different allegations that are around, but what exactly is the moral authority of the people of the United States to get on their high horses about this, if it is true that as a matter of course the U.S. is doing this around the world? <p /> Of course when in any case one is talking about hypocrisy one should say, how do you want hypocrisy to be resolved? I don't want the resolution to be everybody does it and we should just accept that. I think we should have an agreement that we don't want Russia to do this in the United States or anywhere, but we don't want the United States to do this in Russia or anywhere. But that of course is the conversation that the deep state doesn't want to have because they regard it as an entitlement to interfere with other people's elections and political processes all over the world. I think that's the discussion that we ought to be trying to have. <p />AARON MATE: Robert, the only problem I have with your comparison there is I don't think there's any parity at all, even if all the allegations against Russia are 100% correct. This is an obvious leftist point but in Chile or Iran the U.S. didn't hack into some emails, there weren't emails back then but into some cables and then release them to the Iranian or Chilean public and say "hey look, this is what this person is doing so don't vote for them". In those cases- <p />ROBERT NAIMAN: No, but in other cases- <p />AARON MATE: The U.S. instilled violent coups, so on that front let's hear from Bernie Sanders talking about Iran. <p />BERNIE SANDERS: In 1953, and I would say the vast majority of the American people don't know this, but in 1953 the United States on behalf of western oil interests, working with the United Kingdom, supported the overthrow of Iran's elected Prime Minister, Mohammed Mosaddegh, and the re installation of the Shah of Iran who led a corrupt, brutal and unpopular government. In other words we overthrew a democratically elected government, installed an undemocratic, unpopular one. In 1979 the Shah was overthrown by revolutionaries led by Ayatollah Khomeini and the Islamic Republic of Iran was created. What would Iran look like today if their democratic government had not been overthrown? What impact did that American led coup have on the entire region? What consequences are we still living with today? <p />AARON MATE: Bernie Sanders posing some questions that few of his colleagues, if any are willing to ask. Robert, we have to wrap so your final thoughts here, and I guess my question to you, what I wonder is, listening to Sanders there's so much admirable in what he says. But if he's still at the same time advancing several tropes, taking on faith things about the U.S. role in the world that aren't true, ignoring for example the U.S. role in areas like North Korea and Russia where the U.S. has played a major role, if not the defining role, the definitive role in stoking tensions and fueling the crises that we face with these countries today. What are our prospects of forming a truly just foreign policy as is the name of your group? Your thoughts on that. <p />ROBERT NAIMAN: Well I would just say this. Next week we expect a bipartisan resolution to be introduced in the House of Representatives, invoking the War Powers Resolution to force a floor vote and debate on ending U.S. participation in the Saudi war in Yemen. UNICEF says there's a child under five dying of preventable causes in Yemen every 10 minutes. This is caused by the Saudi war and blockade, which would not be possible without U.S. military participation. Not just the army but the refueling and the targeting and the U.S. diplomatic cover at the United Nations. <p /> Bernie called this out in his speech today, which is something that you never would've heard from Hillary Clinton in a speech like this. I'm very hopeful that next week we can really turn a corner on that. I don't expect, I'm 52 years old. I don't expect to live to see a just foreign policy. But stopping U.S. support for the Saudi genocide in Yemen, if we could do that in the next month I would say, "kill me now so I can die happy". <p />AARON MATE: We'll leave it there. Robert Naiman of the group Just Foreign Policy. Thanks very much. <p />ROBERT NAIMAN: Good to be with you. <p />AARON MATE: And thank you for joining us on The Real News.

Bernie Sanders Calls Out 'International Oligarchy'

http://therealnews.com/t2/story%3A20048%3ABernie-Sanders-Calls-Out-%2527International-Oligarchy%2527

2017-09-21

4left

AARON MATE Its The Real News Im Aaron Mate During last years presidential primary Senator Bernie Sanders mobilized millions of people behind his vision for a progressive society at home Well today in his most extensive comments on the topic to date Sanders outlined his vision for how the US should engage with the world BERNIE SANDERS This planet will not be secure or peaceful when so few have so much and so many have so little And when we advance day after day into an oligarchic form of society where a small number of extraordinarily powerful and wealthy special interests exert enormous influence over the economic and political life of this country and the entire world AARON MATE In his speech Sanders criticized US foreign policies past and present He said support for the ongoing Saudi war on Yemen will haunt the US and called the so called global war on terror a disaster Sanders highlighted US backed coups in Iran and Chile as examples of actions that cause incalculable harm But there were some key omissions from Sanders speech On North Korea Sanders failed to mention the overlooked US role in the crisis that exists today And despite taking a bold stance on the campaign trail in defense of Palestinian rights Sanders didnt mention them in his speech today I am joined now by Robert Naiman of Just Foreign Policy Robert welcome ROBERT NAIMAN Good to be with you AARON MATE Thanks for joining us So lets start with what I thought was the heart of Sanders speech in that little brief clip we just played there talking about the oligarchic interests at the heart of US power not just domestically but shaping decisions around the world Your thoughts on that aspect of Sanders speech ROBERT NAIMAN Well I think its very positive its something that is talked about too little And speaking about foreign policy as this thing that sort of exists over there as if its not related and influenced by the same dynamics that we deal with in talking about domestic power Bernie has been very good about that and its talked about when Bernie as in this speech and other examples talks about foreign policy talks about things that others usually dont talk about Like inequality Like corporate trade agreements Like US policy at the International Monetary Fund and the World Bank Like the challenge of climate change and dependence on fossil fuels So thats a very strong and important card that Bernie brings to the table and I was glad to see that today AARON MATE You know one thing that Sanders has done pretty tirelessly is connect the amount of resources that go into exerting US power around the world to what that means for people at home in terms of depriving people of basic rights like healthcare And on that front lets go to a clip of him talking about this BERNIE SANDERS Foreign policy is about US government budget priorities at a time when we already spend more on defense than the next 12 countries combined Foreign policy is about authorizing a defense budget of some 700 billion dollars including a 50 billion dollar increase passed just last week Meanwhile at the exact same time as the President and many of my Republican colleagues want to substantially increase military spending they want to throw 32 million Americans off of the health insurance they currently have because supposedly they are worried about the budget deficit AARON MATE You know Robert this is an issue where Sanders tacitly at least isnt critiquing just Trump and the Republicans but also his fellow Democrats because just this week as Republicans are trying this last ditch effort to repeal the Affordable Care Act yet again the Senate although theyre sparring over healthcare issue the Senate came together by overwhelming numbers I think it was like 89 to 8 or 89 to 9 to pass a massive military spending increase Something like 700 billion dollars tens of billions more than Trump had even asked for So Sanders is there going after not just Trump but also a bipartisan consensus when it comes to spending so much money on military action overseas ROBERT NAIMAN Yes thats true Unfortunately the dynamic in Washington for the most part is that most Democrats have supported increasing military spending Generally most Democrats have said increases in military spending should be matched by increases in domestic spending Thats been kind of the line Few have dared to say no actually there is no need for increasing military spending and it doesnt have to be the case that of course we need to build military spending but we also need to do domestic spending too So he is getting out ahead in front I think the vote in the Senate doesnt necessarily its not that bad because the vote on the final bill thats not really where the decision was made But it is true unfortunately that too many Democrats are too soft on Pentagon spending And it does reflect that same domestic power dynamics Theres just huge corporate interests in Pentagon spending Its already more than half the budget a lot of that money is going to powerful corporations that are lobbying for that budget and it gets called security But just as spending more money on healthcare it doesnt necessarily make us healthier spending more money on the military doesnt necessarily make us more secure AARON MATE Robert I dont get that point about the Senate version not being the final bill Because theres the house ROBERT NAIMAN No it is the final bill Im saying that the vote on the final bill thats not where it was decided what the level of spending will be Most of the time most members of Congress vote for final passage on the final military spending bill whatever is inside it so nobody can accuse them of voting against the troops or whatever AARON MATE Well exactly exactly ROBERT NAIMAN Thats not the meeting where it was decided what the level of military spending would be Thats all Im saying That the thing that you should look for are amendments where somebody said Lets cut the thing you really want to know where the fault line was Somebody introducing them and saying Lets cut the level of military spending by 1 Look and see how voted on that I only say that not to excuse people for voting in favor of the final bill if you want to slam them for that But I think it risks feeding a kind of defeatism to say that Oh my God everybody in Congress is for increasing military spending Therefore theres nothing we can do Because the corporations are running it and AARON MATE Im not saying theres nothing we can do Im not saying that at all Im just saying either you vote for the final bill or you dont Sanders didnt he voted against this But he was in a very very small minority of Democrats who voted against this massive spending increase At the risk of being even more defeatist lets look at what Sanders didnt include in his speech And also what he included that might be worth looking at critically Im struck by constantly how when critics and prominent critics of US foreign policy speak out against things like the Iraq war or the coup in Iran and Chile as Sanders did Theyll use at the furthest end of the acceptable spectrum in mainstream criticism is theyll use words like counterproductive So he called the Iraq war counterproductive People have a hard time even someone as principled as Sanders having a hard time just coming out and saying It was illegal and we had no right to invade a foreign country that did nothing to us ROBERT NAIMAN Yeah of course I agree I mean I agree with every insult It was illegal it was unconstitutional it violated the most basic international law It was immoral it was based on a lie Every insult you want of that horrible catastrophe Im AARON MATE Its not an insult Robert Its not an insult just a description ROBERT NAIMAN No no A true insult Its a true deserved insult AARON MATE I think its a basic description but okay Its semantics ROBERT NAIMAN Absolutely Its illegal its unconstitutional it was immoral We can never denounce that immoral outrageous catastrophe enough Having said that I mean its always important to understand things relative to context The context is that Washington the Foreign Policy attachment wants to move on and not talk about the terrible crime that took place in 2002 2003 and what it reveals about and continues to reveal about the national security establishment in the United States The people in Congress who voted for it the people in the national security establishment who supported it and the fact that there was not more dissent at the time among so called foreign policy experts in the media That is something we should return to again and again That the leading light you know Hillary Clinton voted for the war John Cary voted for the war Joe Biden voted for the war Dick Gephardt voted for the war and this was crucial support and of course as we often see is apparent in Washington all these people were rehabilitated as they should not have been Now some of them learned something Biden learned something Cary learned something and they went on in many contexts to become military force skeptics and big champions of the Iran nuclear agreement which was a key contrast that Bernie correctly made in his speech between the illegal destructive Iraq war with all the death and destruction to Iraqis and to Americans and to the region versus the Iran nuclear deal which did not kill a single human being did not cost money and which is working and certified as working to this day and which Trump and the Republicans are currently attacking Thats a tremendously important distinction that he made I also thought something that was really key about this speech was that he invoked what might be called the classical tropes of liberal internationalism Talking about the support of diplomacy internationalism international cooperation while separating that from the classical tropes of liberal interventionism Regime change the wars in Libya and Syria and Iraq In fact as noted that had a lot of democratic support These wars that had nothing to do with the United States that were not authorized by the United Nations that there was this fig leaf of concern when in fact unleashed tremendous destruction This is a tremendously important point going forward for putting forward a vision of a truly progressive foreign policy which is not a foreign policy of liberal interventionism using human rights as an excuse for bombing invading and occupying other peoples countries in violation of international law and the US Constitution and the War Powers Resolution AARON MATE Speaking of tropes I thought Sanders certainly adopted one when it comes to Russia when he talked about the Russian government was engaged in a massive effort to undermine one of our greatest strengths the integrity of our elections and our faith in our own democracy He criticized Trump for not mentioning that in his speech to the UN As admirable as Sanders is on so many issues I find it amazing that its impossible right now it seems impossible inside the Washington consensus for even someone as progressive as him to simply question perhaps US foreign policy towards Russia to consider that possibly the US has played a role when it comes to expanding NATO after the end of the Cold War despite promises that it wouldnt in supporting a coup inside neighboring Ukraine and now when it comes to this Russiagate stuff everyone seems to take it as they seem to take it on faith because the US intelligence community a few elements of it said so That Putin interfered in our election in this mass campaign No one seems troubled by the fact that there still is no hard evidence Im wondering your thoughts on that Robert ROBERT NAIMAN Well some people are troubled To tell you the truth Im even more troubled by the hypocrisy on that That troubles me much more The fact that nobody disputes that that which it is alleged the Russian government did in the United States United States does as a matter of course and has done for decades in Russia and around the world But I would be totally delighted and Ive agitated for this lets pass a bill in Congress saying that from now on the entire US intelligence community and the military and the State Department are prohibited from engaging in any of the activities that people are complaining that Russia did in the US You know Clapper came to Congress and testified and he said we have a glass houses problem Other people testified in Congress said that at the time Thats been pushed aside I think that should be front and center Not only of course do we have a right to know what exactly the proof is of the different allegations that are around but what exactly is the moral authority of the people of the United States to get on their high horses about this if it is true that as a matter of course the US is doing this around the world Of course when in any case one is talking about hypocrisy one should say how do you want hypocrisy to be resolved I dont want the resolution to be everybody does it and we should just accept that I think we should have an agreement that we dont want Russia to do this in the United States or anywhere but we dont want the United States to do this in Russia or anywhere But that of course is the conversation that the deep state doesnt want to have because they regard it as an entitlement to interfere with other peoples elections and political processes all over the world I think thats the discussion that we ought to be trying to have AARON MATE Robert the only problem I have with your comparison there is I dont think theres any parity at all even if all the allegations against Russia are 100 correct This is an obvious leftist point but in Chile or Iran the US didnt hack into some emails there werent emails back then but into some cables and then release them to the Iranian or Chilean public and say hey look this is what this person is doing so dont vote for them In those cases ROBERT NAIMAN No but in other cases AARON MATE The US instilled violent coups so on that front lets hear from Bernie Sanders talking about Iran BERNIE SANDERS In 1953 and I would say the vast majority of the American people dont know this but in 1953 the United States on behalf of western oil interests working with the United Kingdom supported the overthrow of Irans elected Prime Minister Mohammed Mosaddegh and the re installation of the Shah of Iran who led a corrupt brutal and unpopular government In other words we overthrew a democratically elected government installed an undemocratic unpopular one In 1979 the Shah was overthrown by revolutionaries led by Ayatollah Khomeini and the Islamic Republic of Iran was created What would Iran look like today if their democratic government had not been overthrown What impact did that American led coup have on the entire region What consequences are we still living with today AARON MATE Bernie Sanders posing some questions that few of his colleagues if any are willing to ask Robert we have to wrap so your final thoughts here and I guess my question to you what I wonder is listening to Sanders theres so much admirable in what he says But if hes still at the same time advancing several tropes taking on faith things about the US role in the world that arent true ignoring for example the US role in areas like North Korea and Russia where the US has played a major role if not the defining role the definitive role in stoking tensions and fueling the crises that we face with these countries today What are our prospects of forming a truly just foreign policy as is the name of your group Your thoughts on that ROBERT NAIMAN Well I would just say this Next week we expect a bipartisan resolution to be introduced in the House of Representatives invoking the War Powers Resolution to force a floor vote and debate on ending US participation in the Saudi war in Yemen UNICEF says theres a child under five dying of preventable causes in Yemen every 10 minutes This is caused by the Saudi war and blockade which would not be possible without US military participation Not just the army but the refueling and the targeting and the US diplomatic cover at the United Nations Bernie called this out in his speech today which is something that you never wouldve heard from Hillary Clinton in a speech like this Im very hopeful that next week we can really turn a corner on that I dont expect Im 52 years old I dont expect to live to see a just foreign policy But stopping US support for the Saudi genocide in Yemen if we could do that in the next month I would say kill me now so I can die happy AARON MATE Well leave it there Robert Naiman of the group Just Foreign Policy Thanks very much ROBERT NAIMAN Good to be with you AARON MATE And thank you for joining us on The Real News

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<p>LONDON (Reuters) - British foreign minister Boris Johnson was not aware a lunch with him was on offer at an auction during a men-only charity fundraising gala, a spokesman for Prime Minister Theresa May said on Wednesday.</p> Britain's Foreign Secretary Boris Johnson walks out of Downing Street in London, January 23, 2018. REUTERS/Toby Melville <p>Earlier the Financial Times reported that women hired to entertain businessmen and politicians at the Presidents Club charity had been groped, propositioned and sexually harassed.</p> <p>&#8220;The foreign secretary had not agreed to support this event and knew nothing about the inclusion of a lunch with him in any auction,&#8221; the spokesman told reporters.</p> <p>Reporting by Elizabeth Piper, editing by William James</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>AUSTIN/SCHERTZ, Texas (Reuters) - A parcel packed with nails and shrapnel blew up on Tuesday at a FedEx Corp center near San Antonio, Texas, injuring a worker, before a second booby-trapped package was intercepted in Austin - the latest in a chain of bombings that have killed two people.</p> <p>The two FedEx bomb incidents hours apart on Tuesday morning brought to six the number of explosive devices - five of them detonated - that have come under investigation in Texas this month as the work of a suspected serial bomber.</p> <p>Baffled investigators have taken the extraordinary step of issuing public appeals through the media asking that whoever is responsible to at least come forward with a demand or an explanation.</p> <p>Adding to tensions, police and federal agents said that a third package they described as an &#8220;incendiary device&#8221; went off Tuesday evening in Austin, the Texas capital, injuring a man there.</p> <p>But police and the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) said they had no reason to believe that incident, reported to have occurred at a thrift shop for the charity Goodwill Industries, was related to any of the others or the act of a &#8220;copy cat.&#8221;</p> <p>All but one of incidents have occurred in Austin. The exception came early on Tuesday when a package filled with nails and metal shrapnel exploded at about 12:30 a.m. on a conveyer belt at FedEx distribution center near San Antonio, knocking a female employee off her feet, officials said.</p> <p>The package was being sent from Austin to another address in the city and passed through a sorting facility in the town of Schertz, about 65 miles (105 km) away. Authorities said the worker was treated for her injuries at the scene.</p> <p>Later in the morning, authorities were alerted to a suspicious package at a separate FedEx facility in Austin. Police and federal agents called to the scene found the package contained a bomb and it &#8220;was disrupted by law enforcement,&#8221; according to a joint statement from Austin police, the ATF and the Federal Bureau of Investigation.</p> Law enforcement personnel are seen gathering evidence outside a FedEx Store which was closed for investigation, in Austin, Texas, U.S., March 20, 2018. REUTERS/Sergio Flores <p>No injuries were reported, the statement said.</p> <p>The three agencies said investigators had determined that the two FedEx bombs &#8220;are connected&#8221; to the four other bomb blasts that occurred between March 2 and March 18 in Austin, killing two people and injuring four others.</p> <p>But ATF and police said the incident Tuesday evening in south Austin &#8220;does not appear to be related&#8221; to the previous bombings. Local emergency services officials said the victim, a man in his 30, was treated for minor burns and released.</p> Slideshow (18 Images) <p>A FedEx manager told Reuters the company would begin conducting special safety screenings of packages at its facilities in Schertz and Austin where Tuesday&#8217;s incidents occurred.</p> <p>Speaking through the media, officials have appealed to the bomber to reveal the motives for the attacks and have asked the public for any tips, offering a $115,000 reward for information leading to an arrest.</p> <p>&#8220;Somebody has to know something,&#8221; FBI spokeswoman Christina Garza said. &#8220;The person behind these explosives, please, we want to know why.&#8221;</p> Related Coverage <a href="/article/us-texas-blast-fedex/fedex-to-scan-every-parcel-at-two-texas-facilities-after-blast-idUSKBN1GX03B" type="external">FedEx to scan every parcel at two Texas facilities after blast</a> <a href="/article/us-texas-blast-changes/serial-bombings-put-texas-capital-on-edge-idUSKBN1GW35O" type="external">Serial bombings put Texas capital on edge</a> <a href="/article/us-texas-blast-whitehouse/no-known-link-to-terrorism-in-texas-bombings-white-house-idUSKBN1GW293" type="external">No known link to terrorism in Texas bombings: White House</a> <p>&#8220;This is obviously a very, very sick individual, or maybe individuals,&#8221; President Donald Trump told reporters. &#8220;These are sick people, and we will get to the bottom of it.&#8221;</p> <p>The four previous explosions killed two people and injured four others, unnerving residents of Austin, a city of some 1 million people. The first bombings occurred as the state capital was hosting the annual South By Southwest music, film and technology festival</p> <p>The first three devices were parcel bombs dropped off in front of homes in different Austin neighborhoods. The fourth went off on Sunday night on the west side of the city and was described by police as a more sophisticated device detonated through a trip wire.</p> <p>Additional reporting by Brendan O'Brien in Milwaukee, Mark Hosenball and Lisa Lambert in Washington, Andrew Hay and Eric Johnson; Writing by Daniel Trotta and Rosalba O'Brien; Editing by Tom Brown, Leslie Adler and Michael Perry</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/SAN FRANCISCO (Reuters) - The suspended chief executive of Cambridge Analytica said in a secretly recorded video broadcast on Tuesday that his UK-based political consultancy&#8217;s online campaign played a decisive role in U.S. President Donald Trump&#8217;s 2016 election victory.</p> <p>CEO Alexander Nix&#8217;s comments, which could not be verified, are potentially a further problem for Facebook Inc as it faces lawmakers&#8217; scrutiny in the United States and Europe over Cambridge Analytica&#8217;s improper use of 50 million Facebook users&#8217; personal data to target voters.</p> <p>The social media network&#8217;s shares fell for a second day, closing down 2.5 percent, as investors worried that its dealings with Cambridge Analytica might damage its reputation, deter advertisers and invite restrictive regulation. The company has lost $60 billion of its stock market value over the last two days.</p> <p>Cambridge Analytica&#8217;s board of directors suspended Nix on Tuesday, shortly before the second part of British broadcaster Channel 4&#8217;s expose of the firm&#8217;s methods.</p> <p>In the program Nix describes questionable practices used to influence foreign elections and said his firm did all the research, analytics and targeting of voters for Trump&#8217;s digital and TV campaigns. He also boasts he met Trump when he was the Republican presidential candidate &#8220;many times&#8221;.</p> <p>Nix&#8217;s comments &#8220;do not represent the values or operations of the firm and his suspension reflects the seriousness with which we view this violation,&#8221; Cambridge Analytica said in a statement on Tuesday.</p> <p>Cambridge Analytica has denied all the media claims and said it deleted the data after learning the information did not adhere to data protection rules.</p> <p>Brad Parscale, the 2016 Trump campaign&#8217;s main digital adviser who dealt regularly with Cambridge Analytica, did not immediately respond to a request for comment on Nix&#8217;s claims.</p> <p>Jared Kushner, Trump&#8217;s son-in-law and now senior adviser, oversaw the Trump campaign&#8217;s digital operations. One former Trump adviser said Kushner brought Cambridge Analytica into the 2016 campaign effort. Kushner&#8217;s lawyer did not immediately respond to a request for comment.</p> <p>Cambridge Analytica whistleblower Christopher Wylie told the Washington Post on Tuesday that in 2014 conservative strategist Steve Bannon, who would go on to be Trump's White House adviser, oversaw the firm's early efforts to collect Facebook data to build detailed profiles on millions of American voters. ( <a href="http://wapo.st/2HOTQNu" type="external">wapo.st/2HOTQNu</a>)</p> <p>Bannon approved spending nearly $1 million to acquire data, including Facebook profiles, in 2014, Wylie told the Post. It is unclear whether Bannon knew how Cambridge Analytica was obtaining the Facebook data, the Post reported.</p> <p>Bannon, who served on Cambridge Analytica&#8217;s board, did not immediately respond to a request for comment from Reuters.</p> <p>U.S. law bans foreigners from making contributions or spending money on behalf of a U.S. election campaign but it was not illegal for the Trump campaign to retain Cambridge Analytica&#8217;s services, according to Bradley Smith, a former Republican member of the U.S. Federal Election Commission.</p> <p>&#8220;The fact that they are a British company doesn&#8217;t add anything to the analysis unless they were giving their services away for free or charging below-market rates,&#8221; said Smith, now a professor at the Capital University Law School in Columbus, Ohio.</p> FTC REVIEW, LAWSUIT <p>U.S. and European lawmakers have demanded an explanation of how Cambridge Analytica gained access to user data in 2014 and why Facebook failed to inform its users, raising broader industry questions about consumer privacy.</p> <p>Facebook said it had been told by the Federal Trade Commission (FTC), the leading U.S. consumer regulator, that it would receive a letter this week with questions about the data acquired by Cambridge Analytica. It said it had no indication of a formal investigation.</p> People walk past the building housing the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls <p>&#8220;The entire company is outraged we were deceived,&#8221; Facebook said in a statement on Tuesday. &#8220;We are committed to vigorously enforcing our policies to protect people&#8217;s information and will take whatever steps are required to see that this happens.&#8221;</p> <p>The FTC is reviewing whether Facebook violated a 2011 consent decree it reached with the authority over its privacy practices, a person briefed on the matter told Reuters.</p> <p>If the FTC finds Facebook violated terms of the consent decree, it has the power to fine the company thousands of dollars a day per violation, which could add up to billions of dollars.</p> <p>Facebook was also hit on Tuesday in a San Francisco court by the first of what could be many lawsuits by shareholders claiming to suffer losses because the company misled them about its ability to protect user data.&amp;#160;The company could also soon face lawsuits on behalf of users whose personal information was exposed.</p> <p>Facebook and its peers Alphabet Inc&#8217;s Google and Twitter already face a backlash from users and lawmakers over their role during the U.S. presidential election by allowing the spread of false information that might have swayed voters toward Trump.</p> <p>Fear of increased regulation hurt other social media firms on Tuesday. Shares of Snap Inc fell 2.5 percent and Twitter Inc fell more than 10 percent.</p> Slideshow (6 Images) FOREIGN INFLUENCE <p>U.S. Senator Dianne Feinstein, the top Democrat on the Judiciary Committee, called on Tuesday for Facebook CEO Mark Zuckerberg to testify in Congress. Congressional staff said the company would brief U.S. Senate and House aides on Wednesday.</p> <p>A Congressional official said House Intelligence Committee Democrats plan to interview Cambridge Analytica whistleblower Wylie. The committee interviewed Nix by video teleconference, according to the Congressional official, but a transcript of that interview has not yet been made public.</p> <p>The Senate Intelligence Committee, which is conducting a long-term investigation of alleged Russian interference in U.S. politics and a detailed examination of U.S. election security precautions, would carry out its own inquiry of Cambridge Analytica, a Congressional official with direct knowledge of the investigation said.</p> <p>The White House said it welcomed inquiries, and that the president believes that Americans&#8217; privacy should be protected.</p> Related Coverage <a href="/article/us-facebook-cambrige-analytica-stocks/social-media-stocks-tumble-as-wall-street-fears-regulation-idUSKBN1GW2QO" type="external">Social media stocks tumble as Wall Street fears regulation</a> <a href="/article/us-facebook-cambridge-analytica-feinstei/senate-democrat-wants-facebook-ceo-zuckerberg-to-testify-idUSKBN1GW2TU" type="external">Senate Democrat wants Facebook CEO Zuckerberg to testify</a> <a href="/article/us-facebook-cambridge-analytica-states/massachusetts-new-york-send-letter-to-facebook-demanding-documents-idUSKBN1GW2RX" type="external">Massachusetts, New York send letter to Facebook demanding documents</a> PERSONAL INFORMATION <p>In Britain, the Information Commissioner&#8217;s Office, an independent authority set up to uphold information rights in the public interest, was seeking a warrant from a judge to search the offices of London-based Cambridge Analytica. It was unclear late on Tuesday whether it had obtained it.</p> <p>Created in 2013, Cambridge Analytica markets itself as a source of consumer research, targeted advertising and other data-related services to both political and corporate clients.</p> <p>According to the New York Times, it was launched with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by Bannon.</p> <p>Facebook says the data were harvested by a British academic, Aleksandr Kogan, who created an app on the platform that was downloaded by 270,000 people, providing access not only to their own personal data but also data from their friends.</p> <p>Facebook said Kogan then violated its policies by passing the data to Cambridge Analytica. Facebook has since suspended both the consulting firm and SCL (Strategic Communication Laboratories), a government and military contractor.</p> <p>Facebook said it had been told that the data were destroyed. Kogan was not immediately reachable for comment.</p> <p>Reporting by David Ingram in San Francisco, Kate Holton and Paul Sandle in London, David Shepardson, Susan Heavey, Mark Hosenball, Jonathan Landay and Sarah N. Lynch in Washington, Jonathan Stempel in New York; Additional reporting by Munsif Vengattil; Writing by Susan Thomas and Lisa Shumaker; Editing by Nick Zieminski, Bill Rigby and Michael Perry</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Despite signs that Democrats are in a strong position, U.S. President Donald Trump vowed on Tuesday to beat expectations and keep the House of Representatives in Republican control in the mid-term elections in November.</p> <p>Trump, who won an improbable victory in 2016 as an outsider, spoke at a National Republican Congressional Committee dinner in Washington that raised a record $32 million for Republican House candidates.</p> <p>&#8220;We&#8217;re going to defy predictions once again. We will keep the House majority,&#8221; said Trump.</p> <p>Whether the party can make good on Trump&#8217;s prediction is far from clear as Republicans face headwinds holding onto control the House. Democrats, riding a wave of angst about Trump&#8217;s presidency, hold an enthusiasm edge in public opinion polls.</p> <p>The party that wins control of the White House typically loses seats in the first congressional mid-term election after a new president takes power.</p> <p>A Democratic win in a special election last week for a House seat was seen as a referendum on Trump&#8217;s performance and an ominous sign for the November elections. Trump had won the congressional district by almost 20 percentage points in 2016.</p> U.S. President Donald Trump delivers remarks at the National Republican Congressional Committee's annual March dinner at the National Building Museum in Washington, U.S., March 20, 2018. REUTERS/Leah Millis <p>A loss of one or both houses of Congress would spell trouble for Trump&#8217;s &#8220;America First&#8221; agenda by forcing him into greater compromises with Democrats.</p> <p>Trump said Republicans can beat the odds by embracing his policies. He said they should promote the tax cuts that he helped steer through Congress in December and embrace his tough immigration message.</p> Slideshow (3 Images) <p>&#8220;A vote for Democrats is truly a vote for open borders, people pouring into our country,&#8221; said Trump, who wants to build a wall along the U.S.-Mexico border and crack down on cities with lenient immigration policies like Los Angeles and San Francisco.</p> <p>He vowed to campaign &#8220;all across this country to elect Republicans&#8221; and urged party voters to guard against complacency.</p> <p>&#8220;I can understand it. It&#8217;s natural human trait. But we cannot be complacent,&#8221; Trump said. &#8220;We can&#8217;t. We have so much to gain and this country has so much to lose.&#8221;</p> <p>The Democrats &#8220;are going so far to the left-hand side of the equation, I don&#8217;t know whether or not it&#8217;s going to even be possible for them to do well, but for some reason they&#8217;ll probably do okay. We can&#8217;t let that happen. They have gone so far left, we have to go a little bit further right.&#8221; &amp;#160;&amp;#160;</p> <p>Additional reporting by Eric Beech and Eric Walsh; Editing by Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JERUSALEM (Reuters) - The Israeli military formally acknowledged on Wednesday its destruction of a suspected Syrian nuclear reactor in 2007, saying the air strike removed a major threat to Israel and the region and was a &#8220;message&#8221; to others.</p> FILE PHOTO- This undated image released by the U.S. Government shows a building after it was bombed in Syria. U.S. Government/Handout via REUTERS/File Photo <p>Wednesday&#8217;s announcement about &#8220;Operation Out of the Box&#8221; was made after Israeli military censors lifted a more than 10-year order that had barred Israeli officials from discussing it.</p> <p>The Israeli military&#8217;s announcement was followed up by a release of newly declassified materials including photographs and cockpit video said to show the moment that an air strike destroyed the Al-Kubar facility in the desert near Deir-al-Zor, more than 480 km (300 miles) inside Syria.</p> <p>&#8220;The message from the attack on the nuclear reactor in 2007 is that the State of Israel will not allow the establishment of capabilities that threaten Israel&#8217;s existence,&#8221; the military chief, Lieutenant-General Gadi Eizencot, said in the statement issued on Wednesday.</p> <p>&#8220;This was our message in 2007, this remains our message today and will continue to be our message in the near and distant future.&#8221;</p> <p>The timing of Israel&#8217;s decision to go public and justify the strike more than a decade ago comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria&#8217;s ally, Iran.</p> An undated image released on March 21, 2018 by the Israeli military relates to an Israeli air strike on a suspected Syrian nuclear reactor site near Deir al-Zor on Sept 6, 2007. IDF/Handout via Reuters <p>Netanyahu has repeatedly warned that Israel will not allow Iran to develop a nuclear weapon &#8211; &#8220;not now, not in 10 years, not ever&#8221; - or to build missile factories in Syria that could threaten Israel, or provide advanced weapons for Hezbollah, the Iran-backed Shi&#8217;ite group in Lebanon.</p> <p>The Trump administration has also been locked in nuclear</p> Slideshow (12 Images) <p>brinkmanship with North Korea - which the United States has previously said it believed supplied the Al-Kubar reactor.</p> <p>The International Atomic Energy Agency has deemed it &#8220;very likely&#8221; that the site &#8220;was a nuclear reactor that should have been declared&#8221;.</p> <p>Syria, a signatory of the 1970 nuclear Non-Proliferation Treaty (NPT), has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea.</p> <p>Iran says its nuclear program is peaceful.</p> <p>Reuters could not immediately verify the authenticity of the materials released by the Israeli military on Wednesday.</p> <p>Writing by Dan Williams; Editing by Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Foreign minister unaware of auction lot at men-only charity gala: UK PM's spokesman Sixth Texas parcel bomb leaves U.S. investigators baffled Cambridge Analytica CEO claims influence on U.S. election, Facebook questioned Despite warning signs, Trump says Republicans can keep House Israel formally acknowledges destroying suspected Syrian reactor in 2007

https://reuters.com/article/us-britain-harassment-johnson/foreign-minister-unaware-of-auction-lot-at-men-only-charity-gala-uk-pms-spokesman-idUSKBN1FD2CC

2018-01-24

2least

LONDON Reuters British foreign minister Boris Johnson was not aware a lunch with him was on offer at an auction during a menonly charity fundraising gala a spokesman for Prime Minister Theresa May said on Wednesday Britains Foreign Secretary Boris Johnson walks out of Downing Street in London January 23 2018 REUTERSToby Melville Earlier the Financial Times reported that women hired to entertain businessmen and politicians at the Presidents Club charity had been groped propositioned and sexually harassed 8220The foreign secretary had not agreed to support this event and knew nothing about the inclusion of a lunch with him in any auction8221 the spokesman told reporters Reporting by Elizabeth Piper editing by William James Our Standards The Thomson Reuters Trust Principles AUSTINSCHERTZ Texas Reuters A parcel packed with nails and shrapnel blew up on Tuesday at a FedEx Corp center near San Antonio Texas injuring a worker before a second boobytrapped package was intercepted in Austin the latest in a chain of bombings that have killed two people The two FedEx bomb incidents hours apart on Tuesday morning brought to six the number of explosive devices five of them detonated that have come under investigation in Texas this month as the work of a suspected serial bomber Baffled investigators have taken the extraordinary step of issuing public appeals through the media asking that whoever is responsible to at least come forward with a demand or an explanation Adding to tensions police and federal agents said that a third package they described as an 8220incendiary device8221 went off Tuesday evening in Austin the Texas capital injuring a man there But police and the US Bureau of Alcohol Tobacco Firearms and Explosives ATF said they had no reason to believe that incident reported to have occurred at a thrift shop for the charity Goodwill Industries was related to any of the others or the act of a 8220copy cat8221 All but one of incidents have occurred in Austin The exception came early on Tuesday when a package filled with nails and metal shrapnel exploded at about 1230 am on a conveyer belt at FedEx distribution center near San Antonio knocking a female employee off her feet officials said The package was being sent from Austin to another address in the city and passed through a sorting facility in the town of Schertz about 65 miles 105 km away Authorities said the worker was treated for her injuries at the scene Later in the morning authorities were alerted to a suspicious package at a separate FedEx facility in Austin Police and federal agents called to the scene found the package contained a bomb and it 8220was disrupted by law enforcement8221 according to a joint statement from Austin police the ATF and the Federal Bureau of Investigation Law enforcement personnel are seen gathering evidence outside a FedEx Store which was closed for investigation in Austin Texas US March 20 2018 REUTERSSergio Flores No injuries were reported the statement said The three agencies said investigators had determined that the two FedEx bombs 8220are connected8221 to the four other bomb blasts that occurred between March 2 and March 18 in Austin killing two people and injuring four others But ATF and police said the incident Tuesday evening in south Austin 8220does not appear to be related8221 to the previous bombings Local emergency services officials said the victim a man in his 30 was treated for minor burns and released Slideshow 18 Images A FedEx manager told Reuters the company would begin conducting special safety screenings of packages at its facilities in Schertz and Austin where Tuesday8217s incidents occurred Speaking through the media officials have appealed to the bomber to reveal the motives for the attacks and have asked the public for any tips offering a 115000 reward for information leading to an arrest 8220Somebody has to know something8221 FBI spokeswoman Christina Garza said 8220The person behind these explosives please we want to know why8221 Related Coverage FedEx to scan every parcel at two Texas facilities after blast Serial bombings put Texas capital on edge No known link to terrorism in Texas bombings White House 8220This is obviously a very very sick individual or maybe individuals8221 President Donald Trump told reporters 8220These are sick people and we will get to the bottom of it8221 The four previous explosions killed two people and injured four others unnerving residents of Austin a city of some 1 million people The first bombings occurred as the state capital was hosting the annual South By Southwest music film and technology festival The first three devices were parcel bombs dropped off in front of homes in different Austin neighborhoods The fourth went off on Sunday night on the west side of the city and was described by police as a more sophisticated device detonated through a trip wire Additional reporting by Brendan OBrien in Milwaukee Mark Hosenball and Lisa Lambert in Washington Andrew Hay and Eric Johnson Writing by Daniel Trotta and Rosalba OBrien Editing by Tom Brown Leslie Adler and Michael Perry Our Standards The Thomson Reuters Trust Principles LONDONSAN FRANCISCO Reuters The suspended chief executive of Cambridge Analytica said in a secretly recorded video broadcast on Tuesday that his UKbased political consultancy8217s online campaign played a decisive role in US President Donald Trump8217s 2016 election victory CEO Alexander Nix8217s comments which could not be verified are potentially a further problem for Facebook Inc as it faces lawmakers8217 scrutiny in the United States and Europe over Cambridge Analytica8217s improper use of 50 million Facebook users8217 personal data to target voters The social media network8217s shares fell for a second day closing down 25 percent as investors worried that its dealings with Cambridge Analytica might damage its reputation deter advertisers and invite restrictive regulation The company has lost 60 billion of its stock market value over the last two days Cambridge Analytica8217s board of directors suspended Nix on Tuesday shortly before the second part of British broadcaster Channel 48217s expose of the firm8217s methods In the program Nix describes questionable practices used to influence foreign elections and said his firm did all the research analytics and targeting of voters for Trump8217s digital and TV campaigns He also boasts he met Trump when he was the Republican presidential candidate 8220many times8221 Nix8217s comments 8220do not represent the values or operations of the firm and his suspension reflects the seriousness with which we view this violation8221 Cambridge Analytica said in a statement on Tuesday Cambridge Analytica has denied all the media claims and said it deleted the data after learning the information did not adhere to data protection rules Brad Parscale the 2016 Trump campaign8217s main digital adviser who dealt regularly with Cambridge Analytica did not immediately respond to a request for comment on Nix8217s claims Jared Kushner Trump8217s soninlaw and now senior adviser oversaw the Trump campaign8217s digital operations One former Trump adviser said Kushner brought Cambridge Analytica into the 2016 campaign effort Kushner8217s lawyer did not immediately respond to a request for comment Cambridge Analytica whistleblower Christopher Wylie told the Washington Post on Tuesday that in 2014 conservative strategist Steve Bannon who would go on to be Trumps White House adviser oversaw the firms early efforts to collect Facebook data to build detailed profiles on millions of American voters wapost2HOTQNu Bannon approved spending nearly 1 million to acquire data including Facebook profiles in 2014 Wylie told the Post It is unclear whether Bannon knew how Cambridge Analytica was obtaining the Facebook data the Post reported Bannon who served on Cambridge Analytica8217s board did not immediately respond to a request for comment from Reuters US law bans foreigners from making contributions or spending money on behalf of a US election campaign but it was not illegal for the Trump campaign to retain Cambridge Analytica8217s services according to Bradley Smith a former Republican member of the US Federal Election Commission 8220The fact that they are a British company doesn8217t add anything to the analysis unless they were giving their services away for free or charging belowmarket rates8221 said Smith now a professor at the Capital University Law School in Columbus Ohio FTC REVIEW LAWSUIT US and European lawmakers have demanded an explanation of how Cambridge Analytica gained access to user data in 2014 and why Facebook failed to inform its users raising broader industry questions about consumer privacy Facebook said it had been told by the Federal Trade Commission FTC the leading US consumer regulator that it would receive a letter this week with questions about the data acquired by Cambridge Analytica It said it had no indication of a formal investigation People walk past the building housing the offices of Cambridge Analytica in central London Britain March 20 2018 REUTERSHenry Nicholls 8220The entire company is outraged we were deceived8221 Facebook said in a statement on Tuesday 8220We are committed to vigorously enforcing our policies to protect people8217s information and will take whatever steps are required to see that this happens8221 The FTC is reviewing whether Facebook violated a 2011 consent decree it reached with the authority over its privacy practices a person briefed on the matter told Reuters If the FTC finds Facebook violated terms of the consent decree it has the power to fine the company thousands of dollars a day per violation which could add up to billions of dollars Facebook was also hit on Tuesday in a San Francisco court by the first of what could be many lawsuits by shareholders claiming to suffer losses because the company misled them about its ability to protect user dataamp160The company could also soon face lawsuits on behalf of users whose personal information was exposed Facebook and its peers Alphabet Inc8217s Google and Twitter already face a backlash from users and lawmakers over their role during the US presidential election by allowing the spread of false information that might have swayed voters toward Trump Fear of increased regulation hurt other social media firms on Tuesday Shares of Snap Inc fell 25 percent and Twitter Inc fell more than 10 percent Slideshow 6 Images FOREIGN INFLUENCE US Senator Dianne Feinstein the top Democrat on the Judiciary Committee called on Tuesday for Facebook CEO Mark Zuckerberg to testify in Congress Congressional staff said the company would brief US Senate and House aides on Wednesday A Congressional official said House Intelligence Committee Democrats plan to interview Cambridge Analytica whistleblower Wylie The committee interviewed Nix by video teleconference according to the Congressional official but a transcript of that interview has not yet been made public The Senate Intelligence Committee which is conducting a longterm investigation of alleged Russian interference in US politics and a detailed examination of US election security precautions would carry out its own inquiry of Cambridge Analytica a Congressional official with direct knowledge of the investigation said The White House said it welcomed inquiries and that the president believes that Americans8217 privacy should be protected Related Coverage Social media stocks tumble as Wall Street fears regulation Senate Democrat wants Facebook CEO Zuckerberg to testify Massachusetts New York send letter to Facebook demanding documents PERSONAL INFORMATION In Britain the Information Commissioner8217s Office an independent authority set up to uphold information rights in the public interest was seeking a warrant from a judge to search the offices of Londonbased Cambridge Analytica It was unclear late on Tuesday whether it had obtained it Created in 2013 Cambridge Analytica markets itself as a source of consumer research targeted advertising and other datarelated services to both political and corporate clients According to the New York Times it was launched with 15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by Bannon Facebook says the data were harvested by a British academic Aleksandr Kogan who created an app on the platform that was downloaded by 270000 people providing access not only to their own personal data but also data from their friends Facebook said Kogan then violated its policies by passing the data to Cambridge Analytica Facebook has since suspended both the consulting firm and SCL Strategic Communication Laboratories a government and military contractor Facebook said it had been told that the data were destroyed Kogan was not immediately reachable for comment Reporting by David Ingram in San Francisco Kate Holton and Paul Sandle in London David Shepardson Susan Heavey Mark Hosenball Jonathan Landay and Sarah N Lynch in Washington Jonathan Stempel in New York Additional reporting by Munsif Vengattil Writing by Susan Thomas and Lisa Shumaker Editing by Nick Zieminski Bill Rigby and Michael Perry Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Despite signs that Democrats are in a strong position US President Donald Trump vowed on Tuesday to beat expectations and keep the House of Representatives in Republican control in the midterm elections in November Trump who won an improbable victory in 2016 as an outsider spoke at a National Republican Congressional Committee dinner in Washington that raised a record 32 million for Republican House candidates 8220We8217re going to defy predictions once again We will keep the House majority8221 said Trump Whether the party can make good on Trump8217s prediction is far from clear as Republicans face headwinds holding onto control the House Democrats riding a wave of angst about Trump8217s presidency hold an enthusiasm edge in public opinion polls The party that wins control of the White House typically loses seats in the first congressional midterm election after a new president takes power A Democratic win in a special election last week for a House seat was seen as a referendum on Trump8217s performance and an ominous sign for the November elections Trump had won the congressional district by almost 20 percentage points in 2016 US President Donald Trump delivers remarks at the National Republican Congressional Committees annual March dinner at the National Building Museum in Washington US March 20 2018 REUTERSLeah Millis A loss of one or both houses of Congress would spell trouble for Trump8217s 8220America First8221 agenda by forcing him into greater compromises with Democrats Trump said Republicans can beat the odds by embracing his policies He said they should promote the tax cuts that he helped steer through Congress in December and embrace his tough immigration message Slideshow 3 Images 8220A vote for Democrats is truly a vote for open borders people pouring into our country8221 said Trump who wants to build a wall along the USMexico border and crack down on cities with lenient immigration policies like Los Angeles and San Francisco He vowed to campaign 8220all across this country to elect Republicans8221 and urged party voters to guard against complacency 8220I can understand it It8217s natural human trait But we cannot be complacent8221 Trump said 8220We can8217t We have so much to gain and this country has so much to lose8221 The Democrats 8220are going so far to the lefthand side of the equation I don8217t know whether or not it8217s going to even be possible for them to do well but for some reason they8217ll probably do okay We can8217t let that happen They have gone so far left we have to go a little bit further right8221 amp160amp160 Additional reporting by Eric Beech and Eric Walsh Editing by Leslie Adler Our Standards The Thomson Reuters Trust Principles JERUSALEM Reuters The Israeli military formally acknowledged on Wednesday its destruction of a suspected Syrian nuclear reactor in 2007 saying the air strike removed a major threat to Israel and the region and was a 8220message8221 to others FILE PHOTO This undated image released by the US Government shows a building after it was bombed in Syria US GovernmentHandout via REUTERSFile Photo Wednesday8217s announcement about 8220Operation Out of the Box8221 was made after Israeli military censors lifted a more than 10year order that had barred Israeli officials from discussing it The Israeli military8217s announcement was followed up by a release of newly declassified materials including photographs and cockpit video said to show the moment that an air strike destroyed the AlKubar facility in the desert near DeiralZor more than 480 km 300 miles inside Syria 8220The message from the attack on the nuclear reactor in 2007 is that the State of Israel will not allow the establishment of capabilities that threaten Israel8217s existence8221 the military chief LieutenantGeneral Gadi Eizencot said in the statement issued on Wednesday 8220This was our message in 2007 this remains our message today and will continue to be our message in the near and distant future8221 The timing of Israel8217s decision to go public and justify the strike more than a decade ago comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria8217s ally Iran An undated image released on March 21 2018 by the Israeli military relates to an Israeli air strike on a suspected Syrian nuclear reactor site near Deir alZor on Sept 6 2007 IDFHandout via Reuters Netanyahu has repeatedly warned that Israel will not allow Iran to develop a nuclear weapon 8211 8220not now not in 10 years not ever8221 or to build missile factories in Syria that could threaten Israel or provide advanced weapons for Hezbollah the Iranbacked Shi8217ite group in Lebanon The Trump administration has also been locked in nuclear Slideshow 12 Images brinkmanship with North Korea which the United States has previously said it believed supplied the AlKubar reactor The International Atomic Energy Agency has deemed it 8220very likely8221 that the site 8220was a nuclear reactor that should have been declared8221 Syria a signatory of the 1970 nuclear NonProliferation Treaty NPT has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea Iran says its nuclear program is peaceful Reuters could not immediately verify the authenticity of the materials released by the Israeli military on Wednesday Writing by Dan Williams Editing by Simon CameronMoore Our Standards The Thomson Reuters Trust Principles

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<p>Jan 25 (Reuters) - Shenyu Communication Technology Inc :</p> <p>* Sees FY 2017 net profit to increase by up to 10 percent, or to be as much as 39.6 million yuan</p> <p>* Says FY 2016 net profit was 36 million yuan</p> <p>* Says steady growth of core business as main reason for the forecast</p> <p>Source text in Chinese: <a href="https://goo.gl/XGEvsu" type="external">goo.gl/XGEvsu</a></p> <p>Further company coverage: (Beijing Headline News)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The United States slapped sanctions on Russian individuals and entities for U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to President Vladimir Putin, prompting lawmakers in both parties to say President Donald Trump needs to do much more.</p> <p>With the United States under pressure to act, the actions announced by the U.S. Treasury Department - targeting 19 individuals and five entities including Russian intelligence services - represented the most significant steps taken against Moscow since Trump assumed office in January 2017.</p> <p>The United States also joined Britain, Germany and France in demanding that Russia explain a military-grade nerve toxin attack in England on a former Russian double agent, and Trump said &#8220;it certainly looks like the Russians were behind&#8221; the incident.</p> <p>But congressional critics called the administration&#8217;s action a woefully inadequate retaliation for Russia interference in the 2016 U.S. election and cyber attacks stretching back two years that targeted the U.S. power grid including nuclear facilities.</p> <p>&#8220;The sanctions today are a grievous disappointment and fall far short of what is needed to respond to that attack on our democracy let alone deter Russia&#8217;s escalating aggression, which now includes a chemical weapons attack on the soil of our closest ally,&#8221; said Adam Schiff, the top Democrat on the House of Representatives Intelligence Committee.</p> <p>&#8220;Today&#8217;s action, using authorities provided by Congress, is an important step by the administration. But more must be done,&#8221; Republican House Foreign Affairs Committee Chairman Ed Royce added.</p> <p>Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions, and special counsel Robert Mueller is looking into whether Trump&#8217;s campaign colluded with the Russians, an allegation the president denies.</p> <p>Sixteen of the Russian individuals and entities sanctioned were indicted on Feb. 16 as part of Mueller&#8217;s criminal investigation.</p> <p>&#8220;They didn&#8217;t hit Putin&#8217;s power structure and they didn&#8217;t team up with Europe,&#8221; Brian O&#8217;Toole, a senior fellow at the Atlantic Council think tank and a former senior adviser at the Treasury Department&#8217;s Office of Foreign Assets Control, said of the administration&#8217;s actions.</p> <p>A senior administration official told Reuters that Trump, who campaigned on warmer ties with Putin, has grown exasperated with Russian activity.</p> <p>In Moscow, Deputy Foreign Minister Sergei Ryabkov said Russia was preparing retaliatory measures, as U.S.-Russian relations plunged again despite Trump&#8217;s stated desire for improved ties.</p> <p>Thursday&#8217;s announcement also marked the first time that the U.S. government stated publicly that Russia had attempted to break into the American energy grid, which U.S. security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries.</p> <p>The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe, Asia and the United States. The United States and Britain last month blamed Russian military for that attack.</p> FILE PHOTO: U.S. Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, U.S, April 26, 2017. REUTERS/Carlos Barria/File photo <p>Trump has frequently questioned a January 2017 finding by U.S. intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump&#8217;s favor. Russia denies interfering in the election.</p> <p>But Treasury Secretary Steven Mnuchin was unequivocal in saying that Thursday&#8217;s action by his department &#8220;counters Russia&#8217;s continuing destabilizing activities, ranging from interference in the 2016 election to conducting destructive cyber-attacks.&#8221;</p> &#8216;GET SMART&#8217; <p>&#8220;Putin constantly attacks our friends. So, President Trump, are you going to get smart about the threat Russia poses to the United States and our allies?&#8221; Senate Democratic leader Chuck Schumer said.</p> <p>Schiff said that only two new senior Russian officials with ties to military intelligence were included in Thursday&#8217;s action and the Obama administration had already imposed sanctions in December 2016 on the other named Russian intelligence entities and individuals.</p> FILE PHOTO: Voters cast their votes during the U.S. presidential election in Elyria, Ohio, U.S. November 8, 2016. REUTERS/Aaron Josefczyk/File Photo <p>Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that &#8220;it certainly looks like the Russians were behind&#8221; the use of a nerve agent to attack Sergei Skripal, a former Russian double agent in England. Trump called it &#8220;something that should never, ever happen, and we&#8217;re taking it very seriously, as I think are many others.&#8221;</p> <p>Russian government hackers since at least March 2016 &#8220;have also targeted U.S. government entities and multiple U.S. critical infrastructure sectors, including the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors,&#8221; a Treasury Department statement said.</p> <p>A senior administration told reporters on a conference call that Russian actors infiltrated parts of the U.S. energy sector.</p> <p>&#8220;We were able to identify where they were located within those business systems and remove them from those business systems,&#8221; the official said, speaking on condition of anonymity.</p> Related Coverage <a href="/article/us-usa-russia-sanctions-whitehouse/white-house-will-remain-tough-on-russia-until-its-behavior-changes-idUSKCN1GR313" type="external">White House: will remain tough on Russia until its behavior changes</a> <a href="/article/us-usa-russia-sanctions-energygrid/u-s-blames-russia-for-cyber-attacks-on-energy-grid-other-sectors-idUSKCN1GR2G3" type="external">U.S. blames Russia for cyber attacks on energy grid, other sectors</a> <a href="/article/us-usa-russia-sanctions-prigozhin/russian-businessman-prigozhin-dismisses-new-u-s-sanctions-ria-idUSKCN1GR2G7" type="external">Russian businessman Prigozhin dismisses new U.S. sanctions: RIA</a> <p>Mnuchin said there would be additional sanctions against Russian government officials and oligarchs &#8220;for their destabilizing activities.&#8221; Mnuchin did not give a time frame for those sanctions, which he said would sever the individuals&#8217; access to the U.S. financial system.</p> <p>The new sanctions include Russian intelligence services, the Federal Security Service (FSB) and Main Intelligence Directorate (GRU), and six individuals working on behalf of the GRU.</p> <p>Thursday&#8217;s action blocks all property of those targeted that is subject to U.S. jurisdiction and prohibits American citizens from engaging in transactions with them.</p> <p>Russian businessman Evgeny Prigozhin, one of those indicted by Mueller and hit with sanctions on Thursday, said in comments cited by RIA news agency that he was not worried.</p> <p>&#8220;I have been sanctioned maybe three or four times - I&#8217;m tired of counting, I can&#8217;t remember. I don&#8217;t have any business in the United States or with Americans. I&#8217;m not worried by this. Except that now I will stop going to McDonald&#8217;s,&#8221; Prigozhin was quoted as saying.</p> <p>Reporting by Steve Holland and Doina Chiacu; Additional reporting by Dustin Volz, Lesley Wroughton, Warren Strobel and James Oliphant in Washington and Polina Ivanova in Moscow; Editing by Mary Milliken and Will Dunham</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. President Donald Trump&#8217;s administration will maintain tough policies against Russia until Moscow changes its behavior, the White House said on Thursday.</p> White House Press Secretary Sarah Huckabee Sanders takes questions during a daily briefing at the White House in Washington, U.S. March 12, 2018. REUTERS/Leah Millis <p>&#8220;I think you can see from the actions we&#8217;ve taken up until this point we&#8217;re going to be tough on Russia until they decide to change their behavior,&#8221; White House spokeswoman Sarah Sanders told a regular briefing after being asked if Russian President Vladimir Putin was &#8220;playing&#8221; Trump.</p> <p>Earlier in the day, Washington slapped sanctions on Russian individuals and entities for alleged U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin, prompting U.S. lawmakers in both parties to say Trump needs to do much more.</p> <p>Reporting by Jim Oliphant; Writing by Eric Walsh; Editing by Eric Beech</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/OSLO (Reuters) - U.S. President Donald Trump has bashed international efforts to combat climate change and questioned the scientific consensus that global warming is dangerous and driven by human consumption of fossil fuels.</p> <p>But there is a disconnect between what Trump says at home and what his government does abroad. While attention has been focused on Trump&#8217;s rhetoric, State Department envoys, federal agencies, and government scientists remain active participants in international efforts to both research and fight climate change, according to U.S. and foreign representatives involved in those efforts.</p> <p>&#8220;We really don&#8217;t detect any change with the Americans,&#8221; said one of the officials, Aleksi H&#228;rk&#246;nen of Finland, who chairs the eight-nation Arctic Council&#8217;s key group of senior officials, who are charged with protecting a region warming faster than any other on Earth.</p> <p>Over the past year, the United States has helped draft the rulebook for implementing the Paris climate accord, signed international memoranda calling for global action to fight climate change, boosted funding for overseas clean energy projects, and contributed to global research on the dangers and causes of the Earth&#8217;s warming.</p> <p>While the United States&#8217; participation in international forums &#8211; including the Paris accord and the Arctic Council - has been reported, its continued, broad and constructive support for climate change efforts in these gatherings has not.</p> <p>This business-as-usual approach has surprised some of America&#8217;s foreign partners, along with some of Trump&#8217;s allies, who had expected the new administration to match its rhetoric with an obstructionist approach to combating climate change.</p> <p>&#8220;I am concerned that much of our climate policy remains on autopilot,&#8221; complained Trump&#8217;s former energy adviser Myron Ebell, now a research director at the right-leaning Competitive Enterprise Institute, who said it reflects a failure by the administration to fill key positions and replace staffers who oppose the president&#8217;s agenda.</p> <p>The U.S. efforts abroad to tackle climate change have been counter-balanced by Trump&#8217;s aggressive push at home to increase production of the fossil fuels scientists blame for global warming. He has also ordered a wide-ranging rollback of Obama-era climate regulations and appointed a self-described climate skeptic, Scott Pruitt, as the nation&#8217;s chief environmental regulator.</p> <p>And to be sure, none of the U.S. dealings in international climate efforts since last year have committed the United States to any emissions cuts that would undermine Trump&#8217;s domestic energy agenda.</p> <p>The State Department &#8211; which handles the bulk of U.S. climate policy abroad - told Reuters it was still developing its global warming policy under Trump.</p> <p>&#8220;In the meantime, we will continue to participate ... to ensure a level playing field that benefits and protects U.S. interests, and to keep all options open for the President,&#8221; State Department spokesman Ambrose Sayles said in a statement before Trump sacked Secretary of State Rex Tillerson on Tuesday.</p> <p>Tillerson&#8217;s departure leaves a question mark over the future of U.S. climate policy abroad. Tillerson was in favor of the Paris accord, while his successor, Mike Pompeo, has expressed doubts about the science of climate change. Climate advocates say they hope Pompeo will be too distracted by tensions with Iran and North Korea to change the State Department&#8217;s approach to climate change.</p> <p>White House spokesman Raj Shah did not respond to specific questions about how the U.S. was conducting its climate policy overseas, but said the administration sought to balance economic and environmental concerns.</p> <p>&#8220;The climate has changed and is always changing,&#8221; Shah said. &#8220;To address climate change as well as other risks, the United States will continue to promote access to the affordable and reliable energy needed to grow economically, and to support technology, innovation and the development of modern and efficient infrastructure that will reduce emissions and enable us to address future risks.&#8221;</p> ROLLBACK AT HOME, RULEBOOK ABROAD <p>Trump announced last year that he was withdrawing the United States from the Paris Agreement&amp;#160;to fight global warming, raising concerns among other parties to the deal that Washington might attempt to torpedo the accord or disengage from it completely.</p> <p>That hasn&#8217;t happened. Washington sent a 40-strong delegation to talks in Bonn in November to help draft rules of the road for the 200 participating nations. It was a smaller delegation than Washington had sent to past meetings, but it still won praise from fellow delegates for its work.</p> <p>For example, Andrew Rakestraw &#8211; a climate negotiator for the State Department since 2013 - co-chaired discussions on how to ensure that the pledges by signatories are comparable and use the same accounting standards - a point seen as critical to the success of the accord.</p> <p>Nazhat Shameem Khan, chief negotiator for Fiji, which presided over the talks, said the United States delegation was &#8220;constructive and helpful.&#8221;&amp;#160; The U.N.&#8217;s climate chief, Patricia Espinosa, also called the U.S. role constructive.&amp;#160;</p> Mountains stick up through a massive ice sheet covering Greenland near the eastern coast of the country, March 13, 2018. REUTERS/Lucas Jackson <p>Thomas Shannon, the State Department&#8217;s chief climate negotiator in Bonn, did not respond to requests for comment. Rakestraw also did not respond to calls and emails requesting comment.</p> <p>A U.S. source familiar with the U.S. position at the talks, who asked not to be named, said that U.S. delegates in Bonn were pushing an agenda that resembled those of past administrations &#8211; stressing that emerging economies like China follow the same rules as developed nations and meet international standards for monitoring and reporting emissions.</p> <p>There was one jarring note: Washington sponsored a side event to promote &#8220;clean coal.&#8221; Some other delegates said they were unhappy with this, as they wanted the talks to focus on renewable energies.</p> <p>Under the details of the accord, the United States cannot formally withdraw until 2020.</p> ARCTIC MELTING AND SOLAR POWER <p>The State Department&#8217;s delegations to the Arctic Council are continuing their work in much the same way they did under President Barack Obama - acknowledging that warming is real and should be countered in planning everything from new shipping routes to the protection of indigenous peoples.</p> Slideshow (7 Images) <p>Some U.S. agencies are also still bolstering international efforts to fight climate change.</p> <p>The Overseas Private Investment Corporation, which seeks to advance U.S. policy by financing foreign business ventures, doubled its support for solar projects in 2017 under a climate-friendly policy last updated by the Obama administration.</p> <p>And NASA, the U.S. space agency, continues to research climate change, publish climate change data, and contribute to international reports, spokesman Stephen Cole said.</p> <p>&amp;#160;&amp;#160;&amp;#160; Both OPIC and NASA are independent of the State Department, so would not be under Pompeo&#8217;s sway.</p> &#8216;NO CHALLENGE&#8217; <p>&amp;#160;&amp;#160;&amp;#160; Scientists representing the United States in international research say they have also been unfettered by the Trump administration, despite concerns early in the Trump presidency that the White House would seek to silence them or restrict their work.</p> <p>&#8220;There has been no pressure on U.S. authors,&#8221; said one U.S. scientist, who is now helping to write a United Nations report that will call for coal to be &#8220;phased out rapidly&#8221; to limit global warming -&amp;#160; a direct clash with Trump&#8217;s pro-coal agenda.</p> <p>The scientist asked not to be named because the draft report from the Intergovernmental Panel on Climate Change (IPCC), due to be released in October, is confidential.</p> <p>&#8220;Our U.S. colleagues know that climate change is not a hoax,&#8221; said one of the non-U.S. authors of the same report, who also spoke on condition of anonymity.</p> <p>Christopher Field, a professor of environmental studies at Stanford University who co-chaired a 2014 IPCC report on the impacts of climate change,&amp;#160;agreed:&amp;#160;&#8220;I&#8217;ve not seen any indication that the climate denialism from Trump and other members of the administration has had any influence ... on the alignment of the U.S. scientific community with the scientific consensus around the world.&#8221;</p> <p>Still, scientists worry that while the Trump administration is not interfering with their research it is ignoring it.</p> <p>The Trump administration made no move to block an assessment by 300 experts last year that outlined the threats and causes of warming in&amp;#160;the United States and concluded there is &#8220;no convincing alternative explanation&#8221; for climate change than human activity.</p> <p>&#8220;But then they haven&#8217;t acknowledged the findings, nor changed their climate science denying stance,&#8221; said the U.S. scientist involved in drafting the U.N. coal report.</p> <p>Additional reporting by Valerie Volcovici in Washington and Nichola Groom in Los Angeles; Editing by Richard Valdmanis and Ross Colvin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents, including some related to Russia, the New York Times reported on Thursday, citing two people briefed on the matter.</p> FILE PHOTO: Special Counsel Robert Mueller departs after briefing members of the U.S. Senate on his investigation into potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, DC, U.S., June 21, 2017. REUTERS/Joshua Roberts/File Photo <p>Details of the subpoena were not available, the New York Times reported, but it was the first known time Mueller demanded materials directly related to U.S. President Donald Trump&#8217;s businesses.</p> <p>U.S. stock prices fell on the report, with the S&amp;amp;P 500 reaching session lows, while the dollar slipped against the euro and yen and yields on U.S. government debt moved lower.</p> <p>The White House declined to comment specifically on the report and referred questions to the Trump Organization.</p> <p>&#8220;We&#8217;re going to continue to fully cooperate. Out of respect for the special counsel, we&#8217;re not going to comment,&#8221; White House spokeswoman Sarah Sanders said during a briefing on Thursday.</p> <p>A Trump Organization spokeswoman did not immediately respond to a request for comment.</p> <p>Mueller is investigating Russian attempts to influence the 2016 U.S. election, and potential collusion by Trump aides. Russia has denied U.S. intelligence agencies&#8217; conclusion that it meddled in the election and Trump has said there was no collusion between his campaign and Moscow officials.</p> <p>Mueller has charged several Trump associates and more than a dozen Russians.</p> <p>Peter Carr, a spokesman for Mueller, declined to comment on the Times report.</p> <p>Witnesses interviewed by Mueller have been asked about a possible real estate deal in Moscow, although the Trump Organization has denied having any real estate holdings in Russia, the Times reported.</p> <p>Reporting by Karen Freifeld, Doina Chiacu and James Oliphant; editing by Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Shenyu Communication Technology sees FY 2017 net profit to up as much as 10 pct U.S. sanctions Russians for meddling, but puts off punishing oligarchs White House: will remain tough on Russia until its behavior changes Weathering Trump's skepticism, U.S. officials still fighting global warming U.S. special counsel subpoenas Trump Organization for documents: NYT

https://reuters.com/article/brief-shenyu-communication-technology-se/brief-shenyu-communication-technology-sees-fy-2017-net-profit-to-up-as-much-as-10-pct-idUSL4N1PK27V

2018-01-25

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Jan 25 Reuters Shenyu Communication Technology Inc Sees FY 2017 net profit to increase by up to 10 percent or to be as much as 396 million yuan Says FY 2016 net profit was 36 million yuan Says steady growth of core business as main reason for the forecast Source text in Chinese googlXGEvsu Further company coverage Beijing Headline News Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The United States slapped sanctions on Russian individuals and entities for US election meddling and cyber attacks but put off targeting oligarchs and government officials close to President Vladimir Putin prompting lawmakers in both parties to say President Donald Trump needs to do much more With the United States under pressure to act the actions announced by the US Treasury Department targeting 19 individuals and five entities including Russian intelligence services represented the most significant steps taken against Moscow since Trump assumed office in January 2017 The United States also joined Britain Germany and France in demanding that Russia explain a militarygrade nerve toxin attack in England on a former Russian double agent and Trump said 8220it certainly looks like the Russians were behind8221 the incident But congressional critics called the administration8217s action a woefully inadequate retaliation for Russia interference in the 2016 US election and cyber attacks stretching back two years that targeted the US power grid including nuclear facilities 8220The sanctions today are a grievous disappointment and fall far short of what is needed to respond to that attack on our democracy let alone deter Russia8217s escalating aggression which now includes a chemical weapons attack on the soil of our closest ally8221 said Adam Schiff the top Democrat on the House of Representatives Intelligence Committee 8220Today8217s action using authorities provided by Congress is an important step by the administration But more must be done8221 Republican House Foreign Affairs Committee Chairman Ed Royce added Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions and special counsel Robert Mueller is looking into whether Trump8217s campaign colluded with the Russians an allegation the president denies Sixteen of the Russian individuals and entities sanctioned were indicted on Feb 16 as part of Mueller8217s criminal investigation 8220They didn8217t hit Putin8217s power structure and they didn8217t team up with Europe8221 Brian O8217Toole a senior fellow at the Atlantic Council think tank and a former senior adviser at the Treasury Department8217s Office of Foreign Assets Control said of the administration8217s actions A senior administration official told Reuters that Trump who campaigned on warmer ties with Putin has grown exasperated with Russian activity In Moscow Deputy Foreign Minister Sergei Ryabkov said Russia was preparing retaliatory measures as USRussian relations plunged again despite Trump8217s stated desire for improved ties Thursday8217s announcement also marked the first time that the US government stated publicly that Russia had attempted to break into the American energy grid which US security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe Asia and the United States The United States and Britain last month blamed Russian military for that attack FILE PHOTO US Secretary of the Treasury Steven Mnuchin discusses the Trump administrations tax reform proposal in the White House briefing room in Washington US April 26 2017 REUTERSCarlos BarriaFile photo Trump has frequently questioned a January 2017 finding by US intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump8217s favor Russia denies interfering in the election But Treasury Secretary Steven Mnuchin was unequivocal in saying that Thursday8217s action by his department 8220counters Russia8217s continuing destabilizing activities ranging from interference in the 2016 election to conducting destructive cyberattacks8221 8216GET SMART8217 8220Putin constantly attacks our friends So President Trump are you going to get smart about the threat Russia poses to the United States and our allies8221 Senate Democratic leader Chuck Schumer said Schiff said that only two new senior Russian officials with ties to military intelligence were included in Thursday8217s action and the Obama administration had already imposed sanctions in December 2016 on the other named Russian intelligence entities and individuals FILE PHOTO Voters cast their votes during the US presidential election in Elyria Ohio US November 8 2016 REUTERSAaron JosefczykFile Photo Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that 8220it certainly looks like the Russians were behind8221 the use of a nerve agent to attack Sergei Skripal a former Russian double agent in England Trump called it 8220something that should never ever happen and we8217re taking it very seriously as I think are many others8221 Russian government hackers since at least March 2016 8220have also targeted US government entities and multiple US critical infrastructure sectors including the energy nuclear commercial facilities water aviation and critical manufacturing sectors8221 a Treasury Department statement said A senior administration told reporters on a conference call that Russian actors infiltrated parts of the US energy sector 8220We were able to identify where they were located within those business systems and remove them from those business systems8221 the official said speaking on condition of anonymity Related Coverage White House will remain tough on Russia until its behavior changes US blames Russia for cyber attacks on energy grid other sectors Russian businessman Prigozhin dismisses new US sanctions RIA Mnuchin said there would be additional sanctions against Russian government officials and oligarchs 8220for their destabilizing activities8221 Mnuchin did not give a time frame for those sanctions which he said would sever the individuals8217 access to the US financial system The new sanctions include Russian intelligence services the Federal Security Service FSB and Main Intelligence Directorate GRU and six individuals working on behalf of the GRU Thursday8217s action blocks all property of those targeted that is subject to US jurisdiction and prohibits American citizens from engaging in transactions with them Russian businessman Evgeny Prigozhin one of those indicted by Mueller and hit with sanctions on Thursday said in comments cited by RIA news agency that he was not worried 8220I have been sanctioned maybe three or four times I8217m tired of counting I can8217t remember I don8217t have any business in the United States or with Americans I8217m not worried by this Except that now I will stop going to McDonald8217s8221 Prigozhin was quoted as saying Reporting by Steve Holland and Doina Chiacu Additional reporting by Dustin Volz Lesley Wroughton Warren Strobel and James Oliphant in Washington and Polina Ivanova in Moscow Editing by Mary Milliken and Will Dunham Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US President Donald Trump8217s administration will maintain tough policies against Russia until Moscow changes its behavior the White House said on Thursday White House Press Secretary Sarah Huckabee Sanders takes questions during a daily briefing at the White House in Washington US March 12 2018 REUTERSLeah Millis 8220I think you can see from the actions we8217ve taken up until this point we8217re going to be tough on Russia until they decide to change their behavior8221 White House spokeswoman Sarah Sanders told a regular briefing after being asked if Russian President Vladimir Putin was 8220playing8221 Trump Earlier in the day Washington slapped sanctions on Russian individuals and entities for alleged US election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin prompting US lawmakers in both parties to say Trump needs to do much more Reporting by Jim Oliphant Writing by Eric Walsh Editing by Eric Beech Our Standards The Thomson Reuters Trust Principles WASHINGTONOSLO Reuters US President Donald Trump has bashed international efforts to combat climate change and questioned the scientific consensus that global warming is dangerous and driven by human consumption of fossil fuels But there is a disconnect between what Trump says at home and what his government does abroad While attention has been focused on Trump8217s rhetoric State Department envoys federal agencies and government scientists remain active participants in international efforts to both research and fight climate change according to US and foreign representatives involved in those efforts 8220We really don8217t detect any change with the Americans8221 said one of the officials Aleksi H228rk246nen of Finland who chairs the eightnation Arctic Council8217s key group of senior officials who are charged with protecting a region warming faster than any other on Earth Over the past year the United States has helped draft the rulebook for implementing the Paris climate accord signed international memoranda calling for global action to fight climate change boosted funding for overseas clean energy projects and contributed to global research on the dangers and causes of the Earth8217s warming While the United States8217 participation in international forums 8211 including the Paris accord and the Arctic Council has been reported its continued broad and constructive support for climate change efforts in these gatherings has not This businessasusual approach has surprised some of America8217s foreign partners along with some of Trump8217s allies who had expected the new administration to match its rhetoric with an obstructionist approach to combating climate change 8220I am concerned that much of our climate policy remains on autopilot8221 complained Trump8217s former energy adviser Myron Ebell now a research director at the rightleaning Competitive Enterprise Institute who said it reflects a failure by the administration to fill key positions and replace staffers who oppose the president8217s agenda The US efforts abroad to tackle climate change have been counterbalanced by Trump8217s aggressive push at home to increase production of the fossil fuels scientists blame for global warming He has also ordered a wideranging rollback of Obamaera climate regulations and appointed a selfdescribed climate skeptic Scott Pruitt as the nation8217s chief environmental regulator And to be sure none of the US dealings in international climate efforts since last year have committed the United States to any emissions cuts that would undermine Trump8217s domestic energy agenda The State Department 8211 which handles the bulk of US climate policy abroad told Reuters it was still developing its global warming policy under Trump 8220In the meantime we will continue to participate to ensure a level playing field that benefits and protects US interests and to keep all options open for the President8221 State Department spokesman Ambrose Sayles said in a statement before Trump sacked Secretary of State Rex Tillerson on Tuesday Tillerson8217s departure leaves a question mark over the future of US climate policy abroad Tillerson was in favor of the Paris accord while his successor Mike Pompeo has expressed doubts about the science of climate change Climate advocates say they hope Pompeo will be too distracted by tensions with Iran and North Korea to change the State Department8217s approach to climate change White House spokesman Raj Shah did not respond to specific questions about how the US was conducting its climate policy overseas but said the administration sought to balance economic and environmental concerns 8220The climate has changed and is always changing8221 Shah said 8220To address climate change as well as other risks the United States will continue to promote access to the affordable and reliable energy needed to grow economically and to support technology innovation and the development of modern and efficient infrastructure that will reduce emissions and enable us to address future risks8221 ROLLBACK AT HOME RULEBOOK ABROAD Trump announced last year that he was withdrawing the United States from the Paris Agreementamp160to fight global warming raising concerns among other parties to the deal that Washington might attempt to torpedo the accord or disengage from it completely That hasn8217t happened Washington sent a 40strong delegation to talks in Bonn in November to help draft rules of the road for the 200 participating nations It was a smaller delegation than Washington had sent to past meetings but it still won praise from fellow delegates for its work For example Andrew Rakestraw 8211 a climate negotiator for the State Department since 2013 cochaired discussions on how to ensure that the pledges by signatories are comparable and use the same accounting standards a point seen as critical to the success of the accord Nazhat Shameem Khan chief negotiator for Fiji which presided over the talks said the United States delegation was 8220constructive and helpful8221amp160 The UN8217s climate chief Patricia Espinosa also called the US role constructiveamp160 Mountains stick up through a massive ice sheet covering Greenland near the eastern coast of the country March 13 2018 REUTERSLucas Jackson Thomas Shannon the State Department8217s chief climate negotiator in Bonn did not respond to requests for comment Rakestraw also did not respond to calls and emails requesting comment A US source familiar with the US position at the talks who asked not to be named said that US delegates in Bonn were pushing an agenda that resembled those of past administrations 8211 stressing that emerging economies like China follow the same rules as developed nations and meet international standards for monitoring and reporting emissions There was one jarring note Washington sponsored a side event to promote 8220clean coal8221 Some other delegates said they were unhappy with this as they wanted the talks to focus on renewable energies Under the details of the accord the United States cannot formally withdraw until 2020 ARCTIC MELTING AND SOLAR POWER The State Department8217s delegations to the Arctic Council are continuing their work in much the same way they did under President Barack Obama acknowledging that warming is real and should be countered in planning everything from new shipping routes to the protection of indigenous peoples Slideshow 7 Images Some US agencies are also still bolstering international efforts to fight climate change The Overseas Private Investment Corporation which seeks to advance US policy by financing foreign business ventures doubled its support for solar projects in 2017 under a climatefriendly policy last updated by the Obama administration And NASA the US space agency continues to research climate change publish climate change data and contribute to international reports spokesman Stephen Cole said amp160amp160amp160 Both OPIC and NASA are independent of the State Department so would not be under Pompeo8217s sway 8216NO CHALLENGE8217 amp160amp160amp160 Scientists representing the United States in international research say they have also been unfettered by the Trump administration despite concerns early in the Trump presidency that the White House would seek to silence them or restrict their work 8220There has been no pressure on US authors8221 said one US scientist who is now helping to write a United Nations report that will call for coal to be 8220phased out rapidly8221 to limit global warming amp160 a direct clash with Trump8217s procoal agenda The scientist asked not to be named because the draft report from the Intergovernmental Panel on Climate Change IPCC due to be released in October is confidential 8220Our US colleagues know that climate change is not a hoax8221 said one of the nonUS authors of the same report who also spoke on condition of anonymity Christopher Field a professor of environmental studies at Stanford University who cochaired a 2014 IPCC report on the impacts of climate changeamp160agreedamp1608220I8217ve not seen any indication that the climate denialism from Trump and other members of the administration has had any influence on the alignment of the US scientific community with the scientific consensus around the world8221 Still scientists worry that while the Trump administration is not interfering with their research it is ignoring it The Trump administration made no move to block an assessment by 300 experts last year that outlined the threats and causes of warming inamp160the United States and concluded there is 8220no convincing alternative explanation8221 for climate change than human activity 8220But then they haven8217t acknowledged the findings nor changed their climate science denying stance8221 said the US scientist involved in drafting the UN coal report Additional reporting by Valerie Volcovici in Washington and Nichola Groom in Los Angeles Editing by Richard Valdmanis and Ross Colvin Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents including some related to Russia the New York Times reported on Thursday citing two people briefed on the matter FILE PHOTO Special Counsel Robert Mueller departs after briefing members of the US Senate on his investigation into potential collusion between Russia and the Trump campaign on Capitol Hill in Washington DC US June 21 2017 REUTERSJoshua RobertsFile Photo Details of the subpoena were not available the New York Times reported but it was the first known time Mueller demanded materials directly related to US President Donald Trump8217s businesses US stock prices fell on the report with the SampampP 500 reaching session lows while the dollar slipped against the euro and yen and yields on US government debt moved lower The White House declined to comment specifically on the report and referred questions to the Trump Organization 8220We8217re going to continue to fully cooperate Out of respect for the special counsel we8217re not going to comment8221 White House spokeswoman Sarah Sanders said during a briefing on Thursday A Trump Organization spokeswoman did not immediately respond to a request for comment Mueller is investigating Russian attempts to influence the 2016 US election and potential collusion by Trump aides Russia has denied US intelligence agencies8217 conclusion that it meddled in the election and Trump has said there was no collusion between his campaign and Moscow officials Mueller has charged several Trump associates and more than a dozen Russians Peter Carr a spokesman for Mueller declined to comment on the Times report Witnesses interviewed by Mueller have been asked about a possible real estate deal in Moscow although the Trump Organization has denied having any real estate holdings in Russia the Times reported Reporting by Karen Freifeld Doina Chiacu and James Oliphant editing by Grant McCool Our Standards The Thomson Reuters Trust Principles

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<p>LONDON (Reuters) - Oil-focused hedge fund firm Westbeck Capital will enter new territory next month with an equities fund designed to tap into growing excitement over electric vehicles, according to a draft investor presentation seen by Reuters.</p> <p>Westbeck&#8217;s Electric Metals Fund will aim &#8220;to capitalize on the electric revolution&#8221;, the presentation said, investing in 30-50 stocks, many in metals hotspots Australia and Canada.</p> <p>The fund will bet on both rising and falling share prices of companies focused on the raw materials needed for the development of electric vehicles, such as batteries and supporting infrastructure.</p> <p>London-based Westbeck will launch the fund next month with the aim of raising $100 million this year before capping the fund at $200 million, a source close to the firm said.</p> <p>The fund is believed to be one of the first &#8212; if not the first &#8212; to focus solely on electric vehicles, two lawyers and a hedge fund banker told Reuters.</p> <p>Analysts at Bank of America Merrill Lynch have said they expect electric vehicles to capture about 12 percent of the global light vehicles market by 2025.</p> <p>While a push by global automakers to develop more electric vehicles is generating increasing investment interest in battery minerals, much uncertainty remains. Battery raw material lithium, for example, is not rare and there could be surplus supply after a rash of new mining projects come on stream.</p> <p>Technology is also changing rapidly as car manufacturers look for the cheapest solutions, which could mean different resources are required.</p> <p>Of the major miners, Glencore provides the biggest exposure to battery minerals and its share price outperformed last year. BHP, meanwhile, has said it will steer clear of minerals needed only for batteries and focus on those with more certain demand.</p> <p>London-based Westbeck&#8217;s new fund, which will invest in smaller and less-liquid companies, will run alongside its Westbeck Energy Opportunity Fund.</p> <p>The oil-focused Energy Opportunity Fund is up 20 percent in the first two weeks of January after losing 14 percent in 2017, before fees, the source said.</p> <p>Westbeck was set up in 2016 by former CQS Asset Management portfolio manager Will Smith, Jean-Louis Le Mee, who was previously at oil hedge fund firm BlueGold Capital, and Jon Mellberg, former head of Tudor, Pickering, Holt &amp;amp; Co.</p> <p>Smith and Le Mee will run the new fund with trained physicist Jon Hykawy, who recently joined as head of research and partner.</p> <p>The fund will charge a 1.5 percent performance fee and 15 percent management fee, the presentation showed.</p> <p>Reporting by Maiya Keidan; Additional reporting by Barbara Lewis; Editing by David Goodman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - General Electric Co ( <a href="/finance/stocks/overview?symbol=GE.N" type="external">GE.N</a>) said on Friday it took a $4.24 billion equity charge and reduced earnings for the last two years by 30 cents a share, figures in line with expectations the company set earlier this year when it said it would comply with new accounting standards.</p> FILE PHOTO: The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/File Photo <p>The maker of power plants, jet engines, medical devices and other industrial goods had estimated the after-tax, non-cash impact would be about $4.2 billion, plus reduced earnings for 2016 and 2017 of about 29 cents a share.</p> <p>The accounting change prompted GE to recast two years of past financial statements to reflect lower income and asset values under the new standard, and those will be reflected when GE reports first-quarter results on April 20.</p> <p>The value of GE&#8217;s contract assets are being written down, but that does not change the value of the long-term contracts GE has, nor does it affect GE&#8217;s cash flow or earnings estimates for 2018, GE said.</p> <p>The adjustments appear within expectations, Edward Jones analyst Jeff Windau said. &#8220;Now the focus moves to next Friday&#8217;s earnings.&#8221;</p> <p>The figures suggest GE executives have gotten to the bottom of some accounting issues and bolster confidence in Chief Executive Officer John Flannery after a series of financial surprises, including underestimating the impact of insurance policies that prompted a $6.2 billion charge in the fourth quarter, analysts said.</p> <p>GE shares were down 1 percent at $13.35 in aftermarket trading after rising 2.4 percent on Friday.</p> <p>The new accounting standard governs how companies estimate and recognize revenue from long-term contracts, and is designed to make a company&#8217;s cash flow more closely match its income, accounting experts and analysts said.</p> <p>The prior standard allowed companies to recognize future revenue from such agreements more quickly. The new standard shifts revenue to later in the contract duration, analysts said.</p> <p>Companies typically use the cost of providing services as a basis for estimating future revenue from the contracts, but the process can lead to over- or under-estimating the value of the contracts as assets on the balance sheet, experts say.</p> <a href="/finance/stocks/overview?symbol=GE.N" type="external">General Electric Co</a> 13.5 GE.N New York Stock Exchange +0.32 (+2.43%) GE.N <p>GE&#8217;s contract asset tally has soared 70 percent to $28.8 billion in 2017, from $16.9 billion in 2014, most of it in its power and aviation units. The majority of the total reflects revenue GE has already booked but for which it has not billed customers, which creates the gap between profit and cash flow, according to GE&#8217;s regulatory filings.</p> <p>GE also made adjustments for new accounting standards for pensions, cash flow and taxes on Friday.</p> <p>GE&#8217;s accounting is under scrutiny after earnings swung to a loss last year and GE said its 2018 results would be at the low end of its forecasted range of between $1.00 and $1.07 a share.</p> <p>The U.S. Securities and Exchange Commission is looking into GE&#8217;s accounting for contract assets, raising investor concern but GE has said it is not overly concerned about the investigation.</p> <p>GE said in February that it expects to make the adjustments as it switches to the new accounting standards for contracts.</p> <p>GE said it chose to restate 2016 and 2017 earnings, a more exacting standard under the new rules, because it will allow investors to compare 2018 results with the prior years.</p> <p>Reporting by Alwyn Scott; Editing by Bill Rigby and Clive McKeef</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Oil prices extended recent gains and a gauge of global stocks eased on Friday as concern over a broader conflict in Syria left investors nervous, while U.S. bank shares led Wall Street lower.</p> FILE PHOTO: Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 10, 2018. REUTERS/Brendan McDermid <p>The State Department said on Friday that it had proof that Syria carried out a recent chemical weapons attack in the town of Douma.</p> <p>The prospect of Western military action in Syria that could lead to confrontation with Russia hung over the Middle East.</p> <p>Oil prices added to recent gains that drove them to highs not seen since late 2014 and posted their biggest weekly gain since July.</p> <p>&#8220;The geopolitical jitters just keep getting priced in here more and more, as we get closer to the moment of the strikes, if there are any,&#8221; said John Kilduff, partner at hedge fund Again Capital Management. He noted that Syria poses a large risk to global stability because of its relationship with powerful oil producers.</p> <p>On Wall Street, fear of broader conflict in Syria further unnerved investors, while financial stocks led the day&#8217;s declines.</p> <p>Shares of JPMorgan Chase ( <a href="/finance/stocks/overview?symbol=JPM.N" type="external">JPM.N</a>) were down 2.7 percent after its earnings missed estimates, while Citigroup ( <a href="/finance/stocks/overview?symbol=C.N" type="external">C.N</a>) dropped 1.6 percent despite beating profit estimates. An S&amp;amp;P 500 index of bank stocks .SPXBK fell 2.6 percent.</p> <p>Weak loan growth weighed on bank shares, said RJ Grant, head of trading at Keefe, Bruyette &amp;amp; Woods in New York. &#8220;If you didn&#8217;t own financials going into the quarter, there was nothing in the numbers today that would make you excited about owning them,&#8221; Grant said.</p> <p>The banks&#8217; results kicked off the U.S. earnings reporting period. Tax cuts are expected to help corporate America post its biggest quarterly profit growth in seven years. Earnings at S&amp;amp;P 500 companies are estimated to grow by 18.4 percent from a year earlier.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> fell 122.91 points, or 0.5 percent, to 24,360.14, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> lost 7.69 points, or 0.29 percent, to 2,656.3 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> dropped 33.60 points, or 0.47 percent, to 7,106.65.</p> <p>For the week, the S&amp;amp;P 500 was up 2 percent, the Dow rose 1.8 percent and Nasdaq gained 2.8 percent.</p> <p>The pan-European FTSEurofirst 300 index <a href="/finance/markets/index?symbol=.FTEU3" type="external">.FTEU3</a> rose 0.10 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.15 percent. The MSCI index ended the week with its strongest performance in five.</p> <p>In the oil market, U.S. crude CLcv1 rose 32 cents to settle at $67.39 a barrel, while Brent crude LCOcv1 rose 56 cents to $72.58.</p> <p>The dollar was little changed against a basket of major currencies as traders waited for more clarity on a possible Western military intervention in Syria.</p> <p>The dollar index .DXY, which measures the greenback against a basket of six major currencies, was 0.03 percent higher at 89.78.</p> <p>The Japanese yen weakened 0.01 percent versus the greenback at 107.36 per dollar.</p> <p>Aluminum hit a six-year high on Friday and posted its biggest weekly gain since the current contract was launched after the United States imposed sanctions on Russia&#8217;s UC Rusal ( <a href="/finance/stocks/overview?symbol=0486.HK" type="external">0486.HK</a>), the world&#8217;s second-biggest producer.</p> <p>London Metal Exchange aluminum CMAL3 hit its highest since March 2012 at $2,340 a ton before retreating to close at $2,285, down 1.7 percent.</p> <p>Spot gold XAU= added 0.7 percent to $1,345.01 an ounce. U.S. gold futures GCcv1 gained 0.50 percent to $1,348.60 an ounce.</p> <a href="/finance/stocks/overview?symbol=JPM.N" type="external">JPMorgan Chase &amp;amp; Co</a> 110.3 JPM.N New York Stock Exchange -3.07 (-2.71%) JPM.N C.N .DJI .SPX .IXIC <p>In the bond market, the U.S. Treasury yield curve hovered at its lowest level in more than decade as short-dated yields have risen more than longer-dated ones this week on expectations of further interest rate increases from the Federal Reserve.</p> <p>Graphic: U.S. yield curve flattest in a decade</p> <p>The Hong Kong Monetary Authority (HKMA) stepped into the currency market and bought another HK$3.368 billion ($429.08 million) in Hong Kong dollars late in the U.S. session on Friday, as the local currency hit the weaker end of its trading range.</p> <p>Benchmark 10-year notes US10YT=RR last rose 3/32 in price to yield 2.8248 percent, from 2.834 percent late on Thursday.</p> <p>(GRAPHIC: World stocks set for best week in a month - <a href="https://reut.rs/2IQUDhs" type="external">reut.rs/2IQUDhs</a>)</p> <a href="https://reut.rs/2IQUDhs" type="external" /> <p>(GRAPHIC: U.S. yield curve flattest in a decade - <a href="http://reut.rs/2CkkWKx" type="external">reut.rs/2CkkWKx</a>)</p> <a href="http://reut.rs/2CkkWKx" type="external" /> <p>Reporting by Caroline Valetkevitch and Rodrigo Campos; additional reporting by Richard Leong, Saqib Iqbal Ahmed, Sinead Carew and Jessica Resnick-Ault in New York, Editing by Dan Grebler and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>FRANKFURT/NEW YORK (Reuters) - Generic drug maker Mylan NV is in advanced discussions to acquire Merck KGaA&#8217;s consumer health business after other bidders failed to meet the German company&#8217;s price expectations, people familiar with the matter said.</p> FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo <p>&#8220;Although it&#8217;s Mylan&#8217;s policy to not comment on rumors or speculation, given the egregious inaccuracy of reports issued this morning, the company is compelled to confirm that the Reuters article is untrue,&#8221; Mylan said in a statement on Friday.</p> <p>A Mylan spokeswoman declined to offer details on what in the Reuters story was inaccurate. Merck declined to comment.</p> <p>The precise value of Mylan&#8217;s offer could not be established but the sources said the companies were negotiating a price between 3.5 billion and 4 billion euros ($4.3 billion-$4.9 billion).</p> <p>There is no certainty that Mylan will secure a deal, the sources said, adding that Merck had also been in talks with private equity groups on the asset.</p> <p>The sources, who spoke this week, asked not to be identified because the deliberations are confidential.</p> <p>Mylan shares fell as much as 3.7 percent on Friday but pared losses to trade down 1.2 percent at $40.75 in the afternoon.</p> <p>Mylan&#8217;s talks with Merck came as other contenders for the business, including Nestle and Reckitt Benckiser, dropped out of the bidding.</p> <p>Merck said last year it was looking to sell its consumer healthcare business, which has annual sales of about $1 billion, to help fund its research into prescription drugs.</p> <p>Mylan has in the past bought assets from the German rival, paying 5 billion euros in 2007 for Merck&#8217;s generics business, which included branded drugs like EpiPen for treatment of life-threatening allergic reactions and DuoNeb for treatment of smokers&#8217; lung.</p> <p>Consumer health is a fragmented sector ranging from over-the-counter medicines and vitamins to sports nutrition products and condoms.</p> <p>It has proved fertile ground for deals in recent years, as aging populations and health-conscious consumers drive demand.</p> <p>But the global consumer health market has slowed, from 4 to 6 percent like-for-like sales growth to zero to 3 percent growth, Morgan Stanley analysts said in December.</p> <p>Major players in the over-the-counter market have been grappling with pricing pressure stoked by online players such as Amazon.com Inc and private label competitors.</p> <p>However, buyers and sellers have struggled to agree on deals, as estimates differ over how commoditized many of these products are.</p> <p>Pfizer Inc&#8217;s sales process for its consumer health business, which it was hoping would fetch as much as $20 billion, has also stalled, sources have said.</p> <p>Merck&#8217;s over-the-counter brands up for sale include Neurobion vitamins and Seven Seas nutritional supplements.</p> <p>Mylan has been looking for acquisitions to bolster growth. It said in February fourth-quarter earnings fell due to declining revenue from EpiPen and weak U.S. prices for generic drugs.</p> <p>Reporting by Arno Schuetze, Greg Roumeliotis, Ben Martin, Ludwig Burger, Martinne Geller, Patricia Weiss; Editing by Maria Sheahan and Matthew Lewis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Two U.S. regulators have proposed Wells Fargo &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=WFC.N" type="external">WFC.N</a>) pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results.</p> <p>The San Francisco-based lender, which reported a quarterly profit, said it may have to restate results to reflect the final settlement. The proposed penalties were reported earlier this week by Reuters.</p> <p>Analysts said that while the $1 billion penalty would not make a significant dent to its balance sheet, it may take the bank some time to repair the damage to its reputation.</p> <p>Shares of the bank fell 3.4 percent to $50.89.</p> <p>&#8220;Operationally, Wells Fargo can recover, but reputationally and how a billion dollars will weigh on them - only time can tell,&#8221; said Art Hogan, chief market strategist at B. Riley in Boston.</p> <p>&#8220;Companies have come back from worse than this but right now they&#8217;re still in the eye of the storm,&#8221; he added.</p> <p>The bank, still smarting from a prolonged sales scandal in its retail banking business, found inconsistencies at its auto lending and mortgage in the summer of 2017 - leading to further probes by regulators.</p> <p>To appease investors and regulators, the bank overhauled its operational structure, shook up its board and hired a new compliance officer.</p> <p>But this failed to impress the U.S. Federal Reserve, which imposed restrictions in February on the bank&#8217;s growth, forbidding it to expand its balance sheet beyond 2017 levels until it makes internal changes that addressed risk management.</p> <p>&#8220;A bank&#8217;s balance sheet is the engine for profit growth,&#8221; said Kyle Sanders, analyst at Edward Jones. &#8220;The constraints on Well&#8217;s ability to take on deposits and make new loans will likely result in lagging earnings growth for Wells relative to peers in the near-term.&#8221;</p> <p>Wells estimates restrictions on balance sheet growth will cut annual profit by $300 million to $400 million this year.</p> <p>Chief Executive Officer Tim Sloan repeatedly sought to reassure investors that the bank was stable despite the regulatory restrictions.</p> <p>&#8220;I&#8217;m confident that our outstanding team will continue to transform Wells Fargo into a better, stronger company; however, we recognise that it will take time to put all of our challenges behind us,&#8221; Sloan said in the bank&#8217;s first-quarter results statement on Friday.</p> <p>But as recently as last month, the bank also said it was examining its wealth and investment management business for possible customer abuse, including overcharging and inappropriate referrals, after inquiries from government agencies.</p> PROFIT RISES, REVENUE DIPS <p>Despite its ongoing woes, the bank reported a 6 percent jump in profit, saying net income applicable to common stock rose to $5.53 billion, or $1.12 per share in the quarter ended March 31, from $5.23 billion, or $1.03 per share a year ago. ( <a href="https://reut.rs/2HgHNMt" type="external">reut.rs/2HgHNMt</a>)</p> A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo <p>Analysts on average expected $1.06 per share, according to Thomson Reuters I/B/E/S.</p> <p>Wells Fargo has been struggling to reduce expenses, but failed to keep a leash on costs in the quarter despite Sloan&#8217;s vow to slash $4 billion in costs by 2019 by closing hundreds of branches and taking other measures.</p> <p>Total noninterest expenses for the first quarter rose 3.3 percent to $14.24 billion.</p> <p>Sloan reiterated his 2019 cost savings target, and said his non-interest expense dollar target range for full-year 2018 remains unchanged.</p> <p>In January, the company had said it remained committed to reducing its expenses by $2 billion by the end of 2018.</p> <a href="/finance/stocks/overview?symbol=WFC.N" type="external">Wells Fargo &amp;amp; Co</a> 50.89 WFC.N New York Stock Exchange -1.81 (-3.43%) WFC.N <p>Total revenue in the quarter fell 1.4 percent to $21.93 billion. Total loans slipped 1.2 percent to $947.3 billion, hurt most by a decline in average loans in its community banking unit, which includes consumer banking.</p> <p>Non-interest income from mortgage banking, an area where the bank supersedes its peers, fell 23.9 percent due to rising interest rates.</p> <p>Income tax expenses fell 36 percent to $1.37 billion following President Donald Trump&#8217;s tax overhaul last year.</p> <p>Reporting By Aparajita Saxena in Bengaluru; Editing by Patrick Graham, Bernard Orr</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Oil specialist Westbeck to launch electric vehicle hedge fund GE books $4.2 billion charge, restates earnings as expected Stocks dip, oil gains as Syria fears go on; U.S. bank shares fall Mylan seeks deal for German Merck's consumer products unit: sources Wells Fargo faces $1 billion fine from loan abuses

https://reuters.com/article/us-hedgefunds-launch-westbeck/oil-specialist-westbeck-to-launch-electric-vehicle-hedge-fund-idUSKBN1F71SO

2018-01-18

2least

LONDON Reuters Oilfocused hedge fund firm Westbeck Capital will enter new territory next month with an equities fund designed to tap into growing excitement over electric vehicles according to a draft investor presentation seen by Reuters Westbeck8217s Electric Metals Fund will aim 8220to capitalize on the electric revolution8221 the presentation said investing in 3050 stocks many in metals hotspots Australia and Canada The fund will bet on both rising and falling share prices of companies focused on the raw materials needed for the development of electric vehicles such as batteries and supporting infrastructure Londonbased Westbeck will launch the fund next month with the aim of raising 100 million this year before capping the fund at 200 million a source close to the firm said The fund is believed to be one of the first 8212 if not the first 8212 to focus solely on electric vehicles two lawyers and a hedge fund banker told Reuters Analysts at Bank of America Merrill Lynch have said they expect electric vehicles to capture about 12 percent of the global light vehicles market by 2025 While a push by global automakers to develop more electric vehicles is generating increasing investment interest in battery minerals much uncertainty remains Battery raw material lithium for example is not rare and there could be surplus supply after a rash of new mining projects come on stream Technology is also changing rapidly as car manufacturers look for the cheapest solutions which could mean different resources are required Of the major miners Glencore provides the biggest exposure to battery minerals and its share price outperformed last year BHP meanwhile has said it will steer clear of minerals needed only for batteries and focus on those with more certain demand Londonbased Westbeck8217s new fund which will invest in smaller and lessliquid companies will run alongside its Westbeck Energy Opportunity Fund The oilfocused Energy Opportunity Fund is up 20 percent in the first two weeks of January after losing 14 percent in 2017 before fees the source said Westbeck was set up in 2016 by former CQS Asset Management portfolio manager Will Smith JeanLouis Le Mee who was previously at oil hedge fund firm BlueGold Capital and Jon Mellberg former head of Tudor Pickering Holt ampamp Co Smith and Le Mee will run the new fund with trained physicist Jon Hykawy who recently joined as head of research and partner The fund will charge a 15 percent performance fee and 15 percent management fee the presentation showed Reporting by Maiya Keidan Additional reporting by Barbara Lewis Editing by David Goodman Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters General Electric Co GEN said on Friday it took a 424 billion equity charge and reduced earnings for the last two years by 30 cents a share figures in line with expectations the company set earlier this year when it said it would comply with new accounting standards FILE PHOTO The General Electric logo is pictured on the General Electric offshore wind turbine plant in MontoirdeBretagne near SaintNazaire western France November 21 2016 REUTERSStephane MaheFile Photo The maker of power plants jet engines medical devices and other industrial goods had estimated the aftertax noncash impact would be about 42 billion plus reduced earnings for 2016 and 2017 of about 29 cents a share The accounting change prompted GE to recast two years of past financial statements to reflect lower income and asset values under the new standard and those will be reflected when GE reports firstquarter results on April 20 The value of GE8217s contract assets are being written down but that does not change the value of the longterm contracts GE has nor does it affect GE8217s cash flow or earnings estimates for 2018 GE said The adjustments appear within expectations Edward Jones analyst Jeff Windau said 8220Now the focus moves to next Friday8217s earnings8221 The figures suggest GE executives have gotten to the bottom of some accounting issues and bolster confidence in Chief Executive Officer John Flannery after a series of financial surprises including underestimating the impact of insurance policies that prompted a 62 billion charge in the fourth quarter analysts said GE shares were down 1 percent at 1335 in aftermarket trading after rising 24 percent on Friday The new accounting standard governs how companies estimate and recognize revenue from longterm contracts and is designed to make a company8217s cash flow more closely match its income accounting experts and analysts said The prior standard allowed companies to recognize future revenue from such agreements more quickly The new standard shifts revenue to later in the contract duration analysts said Companies typically use the cost of providing services as a basis for estimating future revenue from the contracts but the process can lead to over or underestimating the value of the contracts as assets on the balance sheet experts say General Electric Co 135 GEN New York Stock Exchange 032 243 GEN GE8217s contract asset tally has soared 70 percent to 288 billion in 2017 from 169 billion in 2014 most of it in its power and aviation units The majority of the total reflects revenue GE has already booked but for which it has not billed customers which creates the gap between profit and cash flow according to GE8217s regulatory filings GE also made adjustments for new accounting standards for pensions cash flow and taxes on Friday GE8217s accounting is under scrutiny after earnings swung to a loss last year and GE said its 2018 results would be at the low end of its forecasted range of between 100 and 107 a share The US Securities and Exchange Commission is looking into GE8217s accounting for contract assets raising investor concern but GE has said it is not overly concerned about the investigation GE said in February that it expects to make the adjustments as it switches to the new accounting standards for contracts GE said it chose to restate 2016 and 2017 earnings a more exacting standard under the new rules because it will allow investors to compare 2018 results with the prior years Reporting by Alwyn Scott Editing by Bill Rigby and Clive McKeef Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Oil prices extended recent gains and a gauge of global stocks eased on Friday as concern over a broader conflict in Syria left investors nervous while US bank shares led Wall Street lower FILE PHOTO Traders work on the floor of the New York Stock Exchange NYSE in New York US April 10 2018 REUTERSBrendan McDermid The State Department said on Friday that it had proof that Syria carried out a recent chemical weapons attack in the town of Douma The prospect of Western military action in Syria that could lead to confrontation with Russia hung over the Middle East Oil prices added to recent gains that drove them to highs not seen since late 2014 and posted their biggest weekly gain since July 8220The geopolitical jitters just keep getting priced in here more and more as we get closer to the moment of the strikes if there are any8221 said John Kilduff partner at hedge fund Again Capital Management He noted that Syria poses a large risk to global stability because of its relationship with powerful oil producers On Wall Street fear of broader conflict in Syria further unnerved investors while financial stocks led the day8217s declines Shares of JPMorgan Chase JPMN were down 27 percent after its earnings missed estimates while Citigroup CN dropped 16 percent despite beating profit estimates An SampampP 500 index of bank stocks SPXBK fell 26 percent Weak loan growth weighed on bank shares said RJ Grant head of trading at Keefe Bruyette ampamp Woods in New York 8220If you didn8217t own financials going into the quarter there was nothing in the numbers today that would make you excited about owning them8221 Grant said The banks8217 results kicked off the US earnings reporting period Tax cuts are expected to help corporate America post its biggest quarterly profit growth in seven years Earnings at SampampP 500 companies are estimated to grow by 184 percent from a year earlier The Dow Jones Industrial Average DJI fell 12291 points or 05 percent to 2436014 the SampampP 500 SPX lost 769 points or 029 percent to 26563 and the Nasdaq Composite IXIC dropped 3360 points or 047 percent to 710665 For the week the SampampP 500 was up 2 percent the Dow rose 18 percent and Nasdaq gained 28 percent The panEuropean FTSEurofirst 300 index FTEU3 rose 010 percent and MSCIs gauge of stocks across the globe MIWD00000PUS shed 015 percent The MSCI index ended the week with its strongest performance in five In the oil market US crude CLcv1 rose 32 cents to settle at 6739 a barrel while Brent crude LCOcv1 rose 56 cents to 7258 The dollar was little changed against a basket of major currencies as traders waited for more clarity on a possible Western military intervention in Syria The dollar index DXY which measures the greenback against a basket of six major currencies was 003 percent higher at 8978 The Japanese yen weakened 001 percent versus the greenback at 10736 per dollar Aluminum hit a sixyear high on Friday and posted its biggest weekly gain since the current contract was launched after the United States imposed sanctions on Russia8217s UC Rusal 0486HK the world8217s secondbiggest producer London Metal Exchange aluminum CMAL3 hit its highest since March 2012 at 2340 a ton before retreating to close at 2285 down 17 percent Spot gold XAU added 07 percent to 134501 an ounce US gold futures GCcv1 gained 050 percent to 134860 an ounce JPMorgan Chase ampamp Co 1103 JPMN New York Stock Exchange 307 271 JPMN CN DJI SPX IXIC In the bond market the US Treasury yield curve hovered at its lowest level in more than decade as shortdated yields have risen more than longerdated ones this week on expectations of further interest rate increases from the Federal Reserve Graphic US yield curve flattest in a decade The Hong Kong Monetary Authority HKMA stepped into the currency market and bought another HK3368 billion 42908 million in Hong Kong dollars late in the US session on Friday as the local currency hit the weaker end of its trading range Benchmark 10year notes US10YTRR last rose 332 in price to yield 28248 percent from 2834 percent late on Thursday GRAPHIC World stocks set for best week in a month reutrs2IQUDhs GRAPHIC US yield curve flattest in a decade reutrs2CkkWKx Reporting by Caroline Valetkevitch and Rodrigo Campos additional reporting by Richard Leong Saqib Iqbal Ahmed Sinead Carew and Jessica ResnickAult in New York Editing by Dan Grebler and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles FRANKFURTNEW YORK Reuters Generic drug maker Mylan NV is in advanced discussions to acquire Merck KGaA8217s consumer health business after other bidders failed to meet the German company8217s price expectations people familiar with the matter said FILE PHOTO A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt Germany January 28 2016 REUTERSRalph OrlowskiFile Photo 8220Although it8217s Mylan8217s policy to not comment on rumors or speculation given the egregious inaccuracy of reports issued this morning the company is compelled to confirm that the Reuters article is untrue8221 Mylan said in a statement on Friday A Mylan spokeswoman declined to offer details on what in the Reuters story was inaccurate Merck declined to comment The precise value of Mylan8217s offer could not be established but the sources said the companies were negotiating a price between 35 billion and 4 billion euros 43 billion49 billion There is no certainty that Mylan will secure a deal the sources said adding that Merck had also been in talks with private equity groups on the asset The sources who spoke this week asked not to be identified because the deliberations are confidential Mylan shares fell as much as 37 percent on Friday but pared losses to trade down 12 percent at 4075 in the afternoon Mylan8217s talks with Merck came as other contenders for the business including Nestle and Reckitt Benckiser dropped out of the bidding Merck said last year it was looking to sell its consumer healthcare business which has annual sales of about 1 billion to help fund its research into prescription drugs Mylan has in the past bought assets from the German rival paying 5 billion euros in 2007 for Merck8217s generics business which included branded drugs like EpiPen for treatment of lifethreatening allergic reactions and DuoNeb for treatment of smokers8217 lung Consumer health is a fragmented sector ranging from overthecounter medicines and vitamins to sports nutrition products and condoms It has proved fertile ground for deals in recent years as aging populations and healthconscious consumers drive demand But the global consumer health market has slowed from 4 to 6 percent likeforlike sales growth to zero to 3 percent growth Morgan Stanley analysts said in December Major players in the overthecounter market have been grappling with pricing pressure stoked by online players such as Amazoncom Inc and private label competitors However buyers and sellers have struggled to agree on deals as estimates differ over how commoditized many of these products are Pfizer Inc8217s sales process for its consumer health business which it was hoping would fetch as much as 20 billion has also stalled sources have said Merck8217s overthecounter brands up for sale include Neurobion vitamins and Seven Seas nutritional supplements Mylan has been looking for acquisitions to bolster growth It said in February fourthquarter earnings fell due to declining revenue from EpiPen and weak US prices for generic drugs Reporting by Arno Schuetze Greg Roumeliotis Ben Martin Ludwig Burger Martinne Geller Patricia Weiss Editing by Maria Sheahan and Matthew Lewis Our Standards The Thomson Reuters Trust Principles Reuters Two US regulators have proposed Wells Fargo ampamp Co WFCN pay 1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest US bank overshadowing its first quarter results The San Franciscobased lender which reported a quarterly profit said it may have to restate results to reflect the final settlement The proposed penalties were reported earlier this week by Reuters Analysts said that while the 1 billion penalty would not make a significant dent to its balance sheet it may take the bank some time to repair the damage to its reputation Shares of the bank fell 34 percent to 5089 8220Operationally Wells Fargo can recover but reputationally and how a billion dollars will weigh on them only time can tell8221 said Art Hogan chief market strategist at B Riley in Boston 8220Companies have come back from worse than this but right now they8217re still in the eye of the storm8221 he added The bank still smarting from a prolonged sales scandal in its retail banking business found inconsistencies at its auto lending and mortgage in the summer of 2017 leading to further probes by regulators To appease investors and regulators the bank overhauled its operational structure shook up its board and hired a new compliance officer But this failed to impress the US Federal Reserve which imposed restrictions in February on the bank8217s growth forbidding it to expand its balance sheet beyond 2017 levels until it makes internal changes that addressed risk management 8220A bank8217s balance sheet is the engine for profit growth8221 said Kyle Sanders analyst at Edward Jones 8220The constraints on Well8217s ability to take on deposits and make new loans will likely result in lagging earnings growth for Wells relative to peers in the nearterm8221 Wells estimates restrictions on balance sheet growth will cut annual profit by 300 million to 400 million this year Chief Executive Officer Tim Sloan repeatedly sought to reassure investors that the bank was stable despite the regulatory restrictions 8220I8217m confident that our outstanding team will continue to transform Wells Fargo into a better stronger company however we recognise that it will take time to put all of our challenges behind us8221 Sloan said in the bank8217s firstquarter results statement on Friday But as recently as last month the bank also said it was examining its wealth and investment management business for possible customer abuse including overcharging and inappropriate referrals after inquiries from government agencies PROFIT RISES REVENUE DIPS Despite its ongoing woes the bank reported a 6 percent jump in profit saying net income applicable to common stock rose to 553 billion or 112 per share in the quarter ended March 31 from 523 billion or 103 per share a year ago reutrs2HgHNMt A Wells Fargo logo is seen in New York City US January 10 2017 REUTERSStephanie KeithFile Photo Analysts on average expected 106 per share according to Thomson Reuters IBES Wells Fargo has been struggling to reduce expenses but failed to keep a leash on costs in the quarter despite Sloan8217s vow to slash 4 billion in costs by 2019 by closing hundreds of branches and taking other measures Total noninterest expenses for the first quarter rose 33 percent to 1424 billion Sloan reiterated his 2019 cost savings target and said his noninterest expense dollar target range for fullyear 2018 remains unchanged In January the company had said it remained committed to reducing its expenses by 2 billion by the end of 2018 Wells Fargo ampamp Co 5089 WFCN New York Stock Exchange 181 343 WFCN Total revenue in the quarter fell 14 percent to 2193 billion Total loans slipped 12 percent to 9473 billion hurt most by a decline in average loans in its community banking unit which includes consumer banking Noninterest income from mortgage banking an area where the bank supersedes its peers fell 239 percent due to rising interest rates Income tax expenses fell 36 percent to 137 billion following President Donald Trump8217s tax overhaul last year Reporting By Aparajita Saxena in Bengaluru Editing by Patrick Graham Bernard Orr Our Standards The Thomson Reuters Trust Principles

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<p>Jan 18 (Reuters) - Shenzhen Centralcon Investment Holding Co Ltd:</p> <p>* SAYS IT PLANS TO SET UP FUND WORTH UP TO 4.5 BILLION YUAN ($700.93 million)WITH PARTNERS Source text in Chinese: <a href="http://bit.ly/2FQvHWw" type="external">bit.ly/2FQvHWw</a> Further company coverage: ($1 = 6.4200 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN FRANCISCO (Reuters) - Concern about Facebook Inc&#8217;s ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) respect for data privacy is widening to include the information it collects about non-users, after Chief Executive Mark Zuckerberg said the world&#8217;s largest social network tracks people whether they have accounts or not.</p> FILE PHOTO: Facebook CEO Mark Zuckerberg testifies before a joint Senate Judiciary and Commerce Committees hearing regarding the company&#8217;s use and protection of user data, on Capitol Hill in Washington, DC, U.S., April 10, 2018. REUTERS/Aaron P. Bernstein/File Photo <p>Privacy concerns have swamped Facebook since it acknowledged last month that information about millions of users wrongly ended up in the hands of political consultancy Cambridge Analytica, a firm that has counted U.S. President Donald Trump&#8217;s 2016 electoral campaign among its clients.</p> <p>Zuckerberg said on Wednesday under questioning by U.S. Representative Ben Luj&#225;n that, for security reasons, Facebook also collects &#8220;data of people who have not signed up for Facebook.&#8221;</p> <p>Lawmakers and privacy advocates immediately protested the practice, with many saying Facebook needed to develop a way for non-users to find out what the company knows about them.</p> <p>&#8220;We&#8217;ve got to fix that,&#8221; Representative Luj&#225;n, a Democrat, told Zuckerberg, calling for such disclosure, a move that would have unclear effects on the company&#8217;s ability to target ads. Zuckerberg did not respond. On Friday Facebook said it had no plans to build such a tool.</p> <p>Critics said that Zuckerberg has not said enough about the extent and use of the data. &#8220;It&#8217;s not clear what Facebook is doing with that information,&#8221; said Chris Calabrese, vice president for policy at the Center for Democracy &amp;amp; Technology, a Washington advocacy group.</p> COOKIES EVERYWHERE <p>Facebook gets some data on non-users from people on its network, such as when a user uploads email addresses of friends. Other information comes from &#8220;cookies,&#8221; small files stored via a browser and used by Facebook and others to track people on the internet, sometimes to target them with ads.</p> <p>&#8220;This kind of data collection is fundamental to how the internet works,&#8221; Facebook said in a statement to Reuters.</p> <p>Asked if people could opt out, Facebook added, &#8220;There are basic things you can do to limit the use of this information for advertising, like using browser or device settings to delete cookies. This would apply to other services beyond Facebook because, as mentioned, it is standard to how the internet works.&#8221;</p> <p>Facebook often installs cookies on non-users&#8217; browsers if they visit sites with Facebook &#8220;like&#8221; and &#8220;share&#8221; buttons, whether or not a person pushes a button. Facebook said it uses browsing data to create analytics reports, including about traffic to a site.</p> <p>The company said it does not use the data to target ads, except those inviting people to join Facebook.</p> FILE PHOTO: Facebook CEO Mark Zuckerberg arrives to testify before a Senate Judiciary and Commerce Committees joint hearing regarding the company&#8217;s use and protection of user data, on Capitol Hill in Washington, DC, U.S., April 10, 2018. REUTERS/Aaron P. Bernstein/File Photo TARGETING FACEBOOK <p>Advocates and lawmakers say they are singling out Facebook because of its size, rivaled outside China only by Alphabet Inc&#8217;s ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>) Google, and because they allege Zuckerberg was not forthcoming about the extent and reasons for the tracking.</p> <p>&#8220;He&#8217;s either deliberately misunderstanding some of the questions, or he&#8217;s not clear about what&#8217;s actually happening inside Facebook&#8217;s operation,&#8221; said Daniel Kahn Gillmor, a senior staff technologist at the American Civil Liberties Union.</p> <p>Zuckerberg, for instance, said the collection was done for security purposes, without explaining further or saying whether it was also used for measurement or analytics, Gillmor said, adding that Facebook had a business incentive to use the non-user data to target ads.</p> <p>Facebook declined to comment on why Zuckerberg referred to security only.</p> <p>Gillmor said Facebook could build databases on non-users by combining web browsing history with uploaded contacts. Facebook said on Friday that it does not do so.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 164.52 FB.O Nasdaq +0.65 (+0.40%) FB.O GOOGL.O <p>The ACLU is pushing U.S. lawmakers to enact broad privacy legislation including a requirement for consent prior to data collection.</p> <p>The first regulatory challenge to Facebook&#8217;s practices for non-users may come next month when a new European Union law, known as the General Data Protection Regulation (GDPR), takes effect and requires notice and consent prior to data collection.</p> <p>At a minimum, &#8220;Facebook is going to have to think about ways to structure their technology to give that proper notice,&#8221; said Woodrow Hartzog, a Northeastern University professor of law and computer science.</p> <p>Facebook said in its statement on Friday, &#8220;Our products and services comply with applicable law and will comply with GDPR.&#8221;</p> <p>The social network would be wise to recognize at least a right to know, said Michael Froomkin, a University of Miami law professor.</p> <p>&#8220;If I&#8217;m not a Facebook user, I ought to have a right to know what data Facebook has about me,&#8221; Froomkin said.</p> <p>Reporting by David Ingram; Editing by Peter Henderson and Richard Chang</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/BEIRUT (Reuters) - Western powers will study &#8220;options&#8221; if Syria&#8217;s government again uses chemical weapons, but nothing is planned as yet, Britain&#8217;s foreign minister said on Sunday, after raids on Syrian targets triggered heated debate over their legality and effectiveness.</p> A U.S. Air Force B-1B Lancer, deployed to Al Udeid Air Base, launches a strike as part of the multinational response to Syria's use of chemical weapons is seen in this image from Al Udeid Air Base, Doha, Qatar released on April 14, 2018. U.S. Air Force/Handout via REUTERS <p>U.S., French and British missile attacks struck at the heart of Syria&#8217;s chemical weapons program on Saturday in retaliation for a suspected poison gas attack a week ago, although the restrained assault appeared unlikely to halt Syrian President Bashar al-Assad&#8217;s progress in the seven-year-old civil war.</p> <p>The bombing, denounced by Damascus and its allies as an illegal act of aggression, was the biggest intervention by Western countries against Assad and his powerful ally Russia.</p> <p>But the three countries said the strikes were limited to Syria&#8217;s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war.</p> <p>Speaking on British television, British Foreign Secretary (Minister) Boris Johnson threw his weight behind Prime Minister Theresa May&#8217;s decision to take part in the attack, saying it was the right thing to do to deter further use of chemical weapons.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-assad-russia/syrias-assad-tells-russian-lawmakers-western-strikes-were-act-of-aggression-idUSKBN1HM083" type="external">Syria's Assad tells Russian lawmakers Western strikes were act of aggression</a> <a href="/article/us-mideast-crisis-syria-britain-parliame/britain-had-to-move-quickly-on-syria-ruling-out-parliamentary-approval-johnson-idUSKBN1HM0C8" type="external">Britain had to move quickly on Syria, ruling out parliamentary approval: Johnson</a> <a href="/article/us-mideast-crisis-syria-pope/pope-deeply-disturbed-by-lack-of-efforts-to-bring-peace-to-syria-idUSKBN1HM0CE" type="external">Pope deeply disturbed by lack of efforts to bring peace to Syria</a> <p>&#8220;There is no proposal on the table at the moment for further attacks because so far thank heavens the Assad regime have not been so foolish as to launch another chemical weapons attack,&#8221; he told the BBC&#8217;s Andrew Marr show.</p> <p>&#8220;If and when such a thing were to happen, then clearly with allies we would study what the options were.&#8221;</p> <p>His comments appeared in line with those of U.S. ambassador to the United Nations, Nikki Haley, who said at an emergency meeting of the U.N. Security Council that Trump told her that if Syria uses poisonous gas again, &#8220;The United States is locked and loaded.&#8221;</p> <p>The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people. They blame Assad&#8217;s government for the attack.</p> <p>But British opposition leader Jeremy Corbyn said that the legal basis used to support the British role was debatable, adding that he would only support action backed by the United Nations Security Council.</p> &#8220;GOOD MOOD&#8221; <p>&#8220;I say to the foreign secretary, I say to the prime minister, where is the legal basis for this?&#8221; Corbyn said.</p> <p>&#8220;The legal basis ... would have to be self-defense or the authority of the U.N. Security Council. The humanitarian intervention is a legally debatable concept at the present time,&#8221; he said in an interview with the BBC on Sunday.</p> Britain's Foreign Secretary Boris Johnson attends the BBC's Marr Show in London, April 15, 2018. Jeff Overs/BBC handout via REUTERS <p>In Damascus, Assad told a group of visiting Russian lawmakers that Western missile strikes on his country were an act of aggression, Russian news agencies reported.</p> <p>The agencies quoted the lawmakers as saying Assad was in a &#8220;good mood&#8221; and had praised the Soviet-era air defense systems used by Syria to help to repel the Western attacks.</p> <p>Assad accepted an invitation to visit the Siberian region of Khanty-Mansi in Russia. It was not clear when the visit would take place.</p> <p>U.S. President Donald Trump called the operation a success.</p> <p>He proclaimed on Twitter: &#8220;Mission accomplished,&#8221; echoing former President George W. Bush, whose use of the same phrase in 2003 to describe the U.S. invasion of Iraq was widely ridiculed as violence there dragged on for years.</p> <p>&#8220;We believe that by hitting Barzeh, in particular, we&#8217;ve attacked the heart of the Syrian chemicals weapon program,&#8221; U.S. Lieutenant General Kenneth McKenzie said at the Pentagon.</p> WRECKAGE <p>However, McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future.</p> <p>Syria released video of the wreckage of a bombed-out research lab, but also of Assad arriving at work as usual, with the caption &#8220;Morning of resilience&#8221;.</p> <p>There were no immediate reports of casualties.</p> Slideshow (8 Images) <p>Late on Saturday Syria time, a large explosion was heard in a Syrian government-controlled area in a rural region south of Aleppo, according to the Britain-based war monitor, the Syrian Observatory for Human Rights. The Observatory said the cause of the explosion was unknown, as well as its target.</p> <p>Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him.</p> <p>The United States, Britain and France have all participated in the Syrian conflict for years, arming rebels, bombing Islamic State fighters and deploying troops on the ground to fight that group. But they have refrained from targeting Assad&#8217;s government, apart from a volley of U.S. missiles last year.</p> <p>Russian Foreign Minister Sergei Lavrov said the strikes were &#8220;unacceptable and lawless.&#8221;</p> <p>Syrian state media called them a &#8220;flagrant violation of international law,&#8221; while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals.</p> WEAPONS WATCHDOG <p>Washington described the strike targets as a center near Damascus for the research, development, production and testing of chemical and biological weapons; a chemical weapons storage site near the city of Homs; and another site near Homs that stored chemical weapons equipment and housed a command post.</p> <p>U.N. Secretary-General Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria, but said allegations of chemical weapons use demand an investigation.</p> <p>Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma to inspect the site of the suspected gas attack. Moscow condemned the Western states for refusing to wait for their findings.</p> <p>Russia, whose ties with the West have sunk to levels of Cold War-era hostility, denies any gas attack happened in Douma and even said Britain staged it to whip up anti-Russian hysteria.</p> <p>Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma. Damascus is still permitted to have chlorine for civilian use, although its use as a weapon is banned. Allegations of Assad&#8217;s chlorine use have been frequent during the war although, unlike nerve agents, chlorine did not produce mass casualties as seen last week.</p> <p>Reporting by Phil Stewart and Tom Perry; Additional reporting by Jeff Mason, Steve Holland, Idrees Ali, Yara Bayoumy, Matt Spetalnick and Joel Schectman in Washington; Michelle Nichols in New York; Samia Nakhoul, Tom Perry, Laila Bassam, Ellen Francis and Angus McDowall in Beirut; Kinda Makieh in Barzeh; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clercq and Matthias Blamont in Paris; Polina Ivanova in Moscow; Alison Bevege in Sydney, Writing by William Maclean; Editing; by Adrian Croft</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Just over a year ago U.S. President Donald Trump ordered a missile strike against the Syrian government for a chemical weapons attack against its own people.</p> A missile is seen crossing over Damascus, Syria April 14, 2018. SANA/Handout via REUTERS <p>Trump did the same on Friday, with allies France and Britain, in a response intended to deter Syrian President Bashar al-Assad from using chemical weapons again, but which was unlikely to change his grip on power.</p> <p>On Saturday, Trump declared: &#8220;Mission accomplished,&#8221; a phrase indelibly associated with President George W. Bush, who used it in 2003 during the Iraq war and which dogged him for the rest of his presidency.</p> <p>A chorus of voices across the American political spectrum expressed support for Trump&#8217;s latest strikes, but criticized the lack of a broader U.S. Syria strategy that could end the seven-year war - with or without Assad.</p> <p>Commentators questioned the message behind the latest strike - which signaled that Western allies would not let a chemical weapons attack go without punishment - but demurred about deeper involvement when barrel bombs by the Assad government kill far greater numbers of Syrians.</p> <p>&#8220;To succeed in the long run, we need a comprehensive strategy for Syria and the entire region,&#8221; Republican Senator John McCain said in a statement after the latest strikes.</p> U.S. President Donald Trump makes a statement about Syria at the White House in Washington, U.S., April 13, 2018. REUTERS/Yuri Gripas <p>&#8220;Air strikes disconnected from a broader strategy may be necessary, but they alone will not achieve U.S. objectives in the Middle East,&#8221; said McCain, who a year ago called for more aggressive action that would cripple Assad&#8217;s military.</p> <p>Trump has made clear he wants to withdraw the roughly 2,000 U.S. troops in Syria involved in the anti-Islamic State campaign, and his administration has suspended support for Syrian rebels, evidence of his desire to disengage from Syria.</p> <p>But he appeared to conflict that message when he said on Saturday that Western allies were prepared to &#8220;sustain this response&#8221; if Assad does not stop using prohibited chemical weapons.</p> TOUGH CONTRADICTION <p>A U.S. official said that while top aides such as Defense Secretary Jim Mattis had persuaded Trump to avoid the tougher action the president initially wanted, arguing that that would have risked escalation with Assad ally Russia, the administration is no closer to crafting a comprehensive strategy on the war in Syria.</p> <p>The official, speaking on condition of anonymity, said Trump wanted to do heavier damage to Assad&#8217;s war machine but&amp;#160;ultimately settled on degrading his chemical weapons capability in part because he was reminded that part of his domestic political base was opposed to the United States getting dragged deeper into the Syria quagmire.</p> <p>&#8220;It&#8217;s a tough contradiction for him to sort out,&#8221;&amp;#160; the official said.</p> <p>While the chemical weapons attack has put Syria fully on Trump&#8217;s radar, experts say it&#8217;s unlikely to persuade him to stay the course in Syria beyond defeating Islamic State.</p> The U.S. Navy guided-missile cruiser USS Monterey fires a Tomahawk land attack missile April 14, 2018. U.S. Navy/Lt. j.g Matthew Daniels/Handout via REUTERS <p>Several U.S. officials, speaking on condition of anonymity, said it was not a priority for the administration to push out Assad, who has survived with massive aid from Iran and Russia.</p> <p>&#8220;There is no answer to the Assad problem just yet,&#8221; said Firas Maksad, director of the Washington-based Arabia Foundation. &#8220;Assad has succeeded, at least for the foreseeable future, and he is capitalizing on that.&#8221;</p> <p>While there appears to be no immediate alternative to the so-called Geneva Process that would lead to a political transition in Syria, several senior U.S. officials, speaking on condition of anonymity, insisted it has failed and it was time to rethink.</p> <p>&#8220;The Geneva Process hasn&#8217;t worked and it&#8217;s time to find something new or change it,&#8221; said one U.S. official.</p> <p>Dennis Ross, who served as top Middle East adviser to President Barack Obama in his first term, said the missile strikes would have little effect on the overall situation in Syria.</p> <p>Trump&#8217;s approach, he said, &#8220;is not about the balance of power in Syria. It is about ISIS and deterring Assad&#8217;s use of chemical weapons.</p> <p>&#8220;The strikes may convince (Russian President Vladimir) Putin to stop further use (of chemical weapons) by Assad as it remains clear we are pulling out of Syria. The strikes don&#8217;t alter that reality,&#8221; Ross said.</p> <p>Russia has declared victory three times in Syria and thwarted international efforts for a political transition and Assad&#8217;s eventual departure, said Maksad.</p> <p>&#8220;Putin has the political will and the endurance to stay the course in Syria and he has demonstrated that for almost three years,&#8221; Maksad said.</p> <p>Additional reporting by Matt Spetalnick and Patricia Zengerle; Editing by Yara Bayoumy and and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MOSCOW (Reuters) - The United States will want to maintain a dialogue with Russia about strategic stability following Western missile strikes on Syria, Russian news agencies cited a Russian Foreign Ministry official as saying on Sunday.</p> <p>&#8220;There is every reason to believe that after the U.S. strikes on Syria, the Americans will be eager to move to a strategic dialogue,&#8221; Interfax news agency quoted Vladimir Ermakov, head of the foreign ministry&#8217;s department for non-proliferation and arms control, as saying.</p> <p>&#8220;You cannot say the Americans ... do not demonstrate a desire to lead a strategic dialogue,&#8221; he said. &#8220;In the U.S. administration there are specific people who it is possible to talk with.&#8221;</p> <p>Reporting by Jack Stubbs; Editing by Adrian Croft</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Shenzhen Centralcon Investment To Set Up Fund Worth Up To 4.5 Billion Yuan With Partners Facebook fuels broad privacy debate by tracking non-users Western powers to study options if Syria chemical weapons used again: UK Despite Trump's 'Mission accomplished', question raised over U.S. Syria strategy Russia says U.S. will want dialogue after Syria strikes: agencies

https://reuters.com/article/brief-shenzhen-centralcon-investment-to/brief-shenzhen-centralcon-investment-to-set-up-fund-worth-up-to-45-billion-yuan-with-partners-idUSL3N1PD41A

2018-01-18

2least

Jan 18 Reuters Shenzhen Centralcon Investment Holding Co Ltd SAYS IT PLANS TO SET UP FUND WORTH UP TO 45 BILLION YUAN 70093 millionWITH PARTNERS Source text in Chinese bitly2FQvHWw Further company coverage 1 64200 Chinese yuan renminbi Reporting by Hong Kong newsroom Our Standards The Thomson Reuters Trust Principles SAN FRANCISCO Reuters Concern about Facebook Inc8217s FBO respect for data privacy is widening to include the information it collects about nonusers after Chief Executive Mark Zuckerberg said the world8217s largest social network tracks people whether they have accounts or not FILE PHOTO Facebook CEO Mark Zuckerberg testifies before a joint Senate Judiciary and Commerce Committees hearing regarding the company8217s use and protection of user data on Capitol Hill in Washington DC US April 10 2018 REUTERSAaron P BernsteinFile Photo Privacy concerns have swamped Facebook since it acknowledged last month that information about millions of users wrongly ended up in the hands of political consultancy Cambridge Analytica a firm that has counted US President Donald Trump8217s 2016 electoral campaign among its clients Zuckerberg said on Wednesday under questioning by US Representative Ben Luj225n that for security reasons Facebook also collects 8220data of people who have not signed up for Facebook8221 Lawmakers and privacy advocates immediately protested the practice with many saying Facebook needed to develop a way for nonusers to find out what the company knows about them 8220We8217ve got to fix that8221 Representative Luj225n a Democrat told Zuckerberg calling for such disclosure a move that would have unclear effects on the company8217s ability to target ads Zuckerberg did not respond On Friday Facebook said it had no plans to build such a tool Critics said that Zuckerberg has not said enough about the extent and use of the data 8220It8217s not clear what Facebook is doing with that information8221 said Chris Calabrese vice president for policy at the Center for Democracy ampamp Technology a Washington advocacy group COOKIES EVERYWHERE Facebook gets some data on nonusers from people on its network such as when a user uploads email addresses of friends Other information comes from 8220cookies8221 small files stored via a browser and used by Facebook and others to track people on the internet sometimes to target them with ads 8220This kind of data collection is fundamental to how the internet works8221 Facebook said in a statement to Reuters Asked if people could opt out Facebook added 8220There are basic things you can do to limit the use of this information for advertising like using browser or device settings to delete cookies This would apply to other services beyond Facebook because as mentioned it is standard to how the internet works8221 Facebook often installs cookies on nonusers8217 browsers if they visit sites with Facebook 8220like8221 and 8220share8221 buttons whether or not a person pushes a button Facebook said it uses browsing data to create analytics reports including about traffic to a site The company said it does not use the data to target ads except those inviting people to join Facebook FILE PHOTO Facebook CEO Mark Zuckerberg arrives to testify before a Senate Judiciary and Commerce Committees joint hearing regarding the company8217s use and protection of user data on Capitol Hill in Washington DC US April 10 2018 REUTERSAaron P BernsteinFile Photo TARGETING FACEBOOK Advocates and lawmakers say they are singling out Facebook because of its size rivaled outside China only by Alphabet Inc8217s GOOGLO Google and because they allege Zuckerberg was not forthcoming about the extent and reasons for the tracking 8220He8217s either deliberately misunderstanding some of the questions or he8217s not clear about what8217s actually happening inside Facebook8217s operation8221 said Daniel Kahn Gillmor a senior staff technologist at the American Civil Liberties Union Zuckerberg for instance said the collection was done for security purposes without explaining further or saying whether it was also used for measurement or analytics Gillmor said adding that Facebook had a business incentive to use the nonuser data to target ads Facebook declined to comment on why Zuckerberg referred to security only Gillmor said Facebook could build databases on nonusers by combining web browsing history with uploaded contacts Facebook said on Friday that it does not do so Facebook Inc 16452 FBO Nasdaq 065 040 FBO GOOGLO The ACLU is pushing US lawmakers to enact broad privacy legislation including a requirement for consent prior to data collection The first regulatory challenge to Facebook8217s practices for nonusers may come next month when a new European Union law known as the General Data Protection Regulation GDPR takes effect and requires notice and consent prior to data collection At a minimum 8220Facebook is going to have to think about ways to structure their technology to give that proper notice8221 said Woodrow Hartzog a Northeastern University professor of law and computer science Facebook said in its statement on Friday 8220Our products and services comply with applicable law and will comply with GDPR8221 The social network would be wise to recognize at least a right to know said Michael Froomkin a University of Miami law professor 8220If I8217m not a Facebook user I ought to have a right to know what data Facebook has about me8221 Froomkin said Reporting by David Ingram Editing by Peter Henderson and Richard Chang Our Standards The Thomson Reuters Trust Principles LONDONBEIRUT Reuters Western powers will study 8220options8221 if Syria8217s government again uses chemical weapons but nothing is planned as yet Britain8217s foreign minister said on Sunday after raids on Syrian targets triggered heated debate over their legality and effectiveness A US Air Force B1B Lancer deployed to Al Udeid Air Base launches a strike as part of the multinational response to Syrias use of chemical weapons is seen in this image from Al Udeid Air Base Doha Qatar released on April 14 2018 US Air ForceHandout via REUTERS US French and British missile attacks struck at the heart of Syria8217s chemical weapons program on Saturday in retaliation for a suspected poison gas attack a week ago although the restrained assault appeared unlikely to halt Syrian President Bashar alAssad8217s progress in the sevenyearold civil war The bombing denounced by Damascus and its allies as an illegal act of aggression was the biggest intervention by Western countries against Assad and his powerful ally Russia But the three countries said the strikes were limited to Syria8217s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war Speaking on British television British Foreign Secretary Minister Boris Johnson threw his weight behind Prime Minister Theresa May8217s decision to take part in the attack saying it was the right thing to do to deter further use of chemical weapons Related Coverage Syrias Assad tells Russian lawmakers Western strikes were act of aggression Britain had to move quickly on Syria ruling out parliamentary approval Johnson Pope deeply disturbed by lack of efforts to bring peace to Syria 8220There is no proposal on the table at the moment for further attacks because so far thank heavens the Assad regime have not been so foolish as to launch another chemical weapons attack8221 he told the BBC8217s Andrew Marr show 8220If and when such a thing were to happen then clearly with allies we would study what the options were8221 His comments appeared in line with those of US ambassador to the United Nations Nikki Haley who said at an emergency meeting of the UN Security Council that Trump told her that if Syria uses poisonous gas again 8220The United States is locked and loaded8221 The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people They blame Assad8217s government for the attack But British opposition leader Jeremy Corbyn said that the legal basis used to support the British role was debatable adding that he would only support action backed by the United Nations Security Council 8220GOOD MOOD8221 8220I say to the foreign secretary I say to the prime minister where is the legal basis for this8221 Corbyn said 8220The legal basis would have to be selfdefense or the authority of the UN Security Council The humanitarian intervention is a legally debatable concept at the present time8221 he said in an interview with the BBC on Sunday Britains Foreign Secretary Boris Johnson attends the BBCs Marr Show in London April 15 2018 Jeff OversBBC handout via REUTERS In Damascus Assad told a group of visiting Russian lawmakers that Western missile strikes on his country were an act of aggression Russian news agencies reported The agencies quoted the lawmakers as saying Assad was in a 8220good mood8221 and had praised the Sovietera air defense systems used by Syria to help to repel the Western attacks Assad accepted an invitation to visit the Siberian region of KhantyMansi in Russia It was not clear when the visit would take place US President Donald Trump called the operation a success He proclaimed on Twitter 8220Mission accomplished8221 echoing former President George W Bush whose use of the same phrase in 2003 to describe the US invasion of Iraq was widely ridiculed as violence there dragged on for years 8220We believe that by hitting Barzeh in particular we8217ve attacked the heart of the Syrian chemicals weapon program8221 US Lieutenant General Kenneth McKenzie said at the Pentagon WRECKAGE However McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future Syria released video of the wreckage of a bombedout research lab but also of Assad arriving at work as usual with the caption 8220Morning of resilience8221 There were no immediate reports of casualties Slideshow 8 Images Late on Saturday Syria time a large explosion was heard in a Syrian governmentcontrolled area in a rural region south of Aleppo according to the Britainbased war monitor the Syrian Observatory for Human Rights The Observatory said the cause of the explosion was unknown as well as its target Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him The United States Britain and France have all participated in the Syrian conflict for years arming rebels bombing Islamic State fighters and deploying troops on the ground to fight that group But they have refrained from targeting Assad8217s government apart from a volley of US missiles last year Russian Foreign Minister Sergei Lavrov said the strikes were 8220unacceptable and lawless8221 Syrian state media called them a 8220flagrant violation of international law8221 while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals WEAPONS WATCHDOG Washington described the strike targets as a center near Damascus for the research development production and testing of chemical and biological weapons a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post UN SecretaryGeneral Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria but said allegations of chemical weapons use demand an investigation Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma to inspect the site of the suspected gas attack Moscow condemned the Western states for refusing to wait for their findings Russia whose ties with the West have sunk to levels of Cold Warera hostility denies any gas attack happened in Douma and even said Britain staged it to whip up antiRussian hysteria Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma Damascus is still permitted to have chlorine for civilian use although its use as a weapon is banned Allegations of Assad8217s chlorine use have been frequent during the war although unlike nerve agents chlorine did not produce mass casualties as seen last week Reporting by Phil Stewart and Tom Perry Additional reporting by Jeff Mason Steve Holland Idrees Ali Yara Bayoumy Matt Spetalnick and Joel Schectman in Washington Michelle Nichols in New York Samia Nakhoul Tom Perry Laila Bassam Ellen Francis and Angus McDowall in Beirut Kinda Makieh in Barzeh Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clercq and Matthias Blamont in Paris Polina Ivanova in Moscow Alison Bevege in Sydney Writing by William Maclean Editing by Adrian Croft Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Just over a year ago US President Donald Trump ordered a missile strike against the Syrian government for a chemical weapons attack against its own people A missile is seen crossing over Damascus Syria April 14 2018 SANAHandout via REUTERS Trump did the same on Friday with allies France and Britain in a response intended to deter Syrian President Bashar alAssad from using chemical weapons again but which was unlikely to change his grip on power On Saturday Trump declared 8220Mission accomplished8221 a phrase indelibly associated with President George W Bush who used it in 2003 during the Iraq war and which dogged him for the rest of his presidency A chorus of voices across the American political spectrum expressed support for Trump8217s latest strikes but criticized the lack of a broader US Syria strategy that could end the sevenyear war with or without Assad Commentators questioned the message behind the latest strike which signaled that Western allies would not let a chemical weapons attack go without punishment but demurred about deeper involvement when barrel bombs by the Assad government kill far greater numbers of Syrians 8220To succeed in the long run we need a comprehensive strategy for Syria and the entire region8221 Republican Senator John McCain said in a statement after the latest strikes US President Donald Trump makes a statement about Syria at the White House in Washington US April 13 2018 REUTERSYuri Gripas 8220Air strikes disconnected from a broader strategy may be necessary but they alone will not achieve US objectives in the Middle East8221 said McCain who a year ago called for more aggressive action that would cripple Assad8217s military Trump has made clear he wants to withdraw the roughly 2000 US troops in Syria involved in the antiIslamic State campaign and his administration has suspended support for Syrian rebels evidence of his desire to disengage from Syria But he appeared to conflict that message when he said on Saturday that Western allies were prepared to 8220sustain this response8221 if Assad does not stop using prohibited chemical weapons TOUGH CONTRADICTION A US official said that while top aides such as Defense Secretary Jim Mattis had persuaded Trump to avoid the tougher action the president initially wanted arguing that that would have risked escalation with Assad ally Russia the administration is no closer to crafting a comprehensive strategy on the war in Syria The official speaking on condition of anonymity said Trump wanted to do heavier damage to Assad8217s war machine butamp160ultimately settled on degrading his chemical weapons capability in part because he was reminded that part of his domestic political base was opposed to the United States getting dragged deeper into the Syria quagmire 8220It8217s a tough contradiction for him to sort out8221amp160 the official said While the chemical weapons attack has put Syria fully on Trump8217s radar experts say it8217s unlikely to persuade him to stay the course in Syria beyond defeating Islamic State The US Navy guidedmissile cruiser USS Monterey fires a Tomahawk land attack missile April 14 2018 US NavyLt jg Matthew DanielsHandout via REUTERS Several US officials speaking on condition of anonymity said it was not a priority for the administration to push out Assad who has survived with massive aid from Iran and Russia 8220There is no answer to the Assad problem just yet8221 said Firas Maksad director of the Washingtonbased Arabia Foundation 8220Assad has succeeded at least for the foreseeable future and he is capitalizing on that8221 While there appears to be no immediate alternative to the socalled Geneva Process that would lead to a political transition in Syria several senior US officials speaking on condition of anonymity insisted it has failed and it was time to rethink 8220The Geneva Process hasn8217t worked and it8217s time to find something new or change it8221 said one US official Dennis Ross who served as top Middle East adviser to President Barack Obama in his first term said the missile strikes would have little effect on the overall situation in Syria Trump8217s approach he said 8220is not about the balance of power in Syria It is about ISIS and deterring Assad8217s use of chemical weapons 8220The strikes may convince Russian President Vladimir Putin to stop further use of chemical weapons by Assad as it remains clear we are pulling out of Syria The strikes don8217t alter that reality8221 Ross said Russia has declared victory three times in Syria and thwarted international efforts for a political transition and Assad8217s eventual departure said Maksad 8220Putin has the political will and the endurance to stay the course in Syria and he has demonstrated that for almost three years8221 Maksad said Additional reporting by Matt Spetalnick and Patricia Zengerle Editing by Yara Bayoumy and and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles MOSCOW Reuters The United States will want to maintain a dialogue with Russia about strategic stability following Western missile strikes on Syria Russian news agencies cited a Russian Foreign Ministry official as saying on Sunday 8220There is every reason to believe that after the US strikes on Syria the Americans will be eager to move to a strategic dialogue8221 Interfax news agency quoted Vladimir Ermakov head of the foreign ministry8217s department for nonproliferation and arms control as saying 8220You cannot say the Americans do not demonstrate a desire to lead a strategic dialogue8221 he said 8220In the US administration there are specific people who it is possible to talk with8221 Reporting by Jack Stubbs Editing by Adrian Croft Our Standards The Thomson Reuters Trust Principles

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<p>Jan 24 (Reuters) - Idea Cellular Ltd:</p> * DEC QUARTER BLENDED CHURN 4.8 PERCENT <p>* SAYS CAPEX GUIDANCE FOR THE YEAR REVISED 70 BILLION RUPEES FROM 60 BILLION RUPEES EARLIER Source text: ( <a href="http://bit.ly/2Dv4Rli" type="external">bit.ly/2Dv4Rli</a>) Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - A majority of Americans, including Republicans, Democrats and gun owners want stricter laws on gun ownership and armed guards in schools, according to a Reuters/Ipsos national poll taken in early March.</p> Columbine High School student Leah Zunder holds a sign during a National School Walkout in Littleton, Colorado. REUTERS/Rick Wilking <p>Hundreds of thousands of students and their families are expected to march in cities across the United States on Saturday to demand stricter gun control, part of the response to a mass shooting at a Florida high school in February.</p> <p>The following are some of the main findings of the poll:</p> GUNS IN SCHOOLS <p>About 75 percent of adults say they want armed security guards in school, with some 53 percent in favor of publicly funding gun classes for teachers and school personnel and 45 percent saying school staff should be encouraged to carry a weapon.</p> BIPARTISAN SUPPORT FOR GUN CONTROL <p>A majority of Democrats and Republican voters support stricter gun laws, including 91 percent on both sides who say anyone with a history of mental illness should be banned from owning a gun. Eighty-four percent of Republicans believe people on the &#8220;no-fly&#8221; list should also be banned from gun ownership and 83 percent are in favor of expanding background checks. A majority of Republicans also say that assault weapons and high capacity ammunition clips should be outlawed.</p> <p>GRAPHIC: <a href="http://reut.rs/2ptFPhy" type="external">reut.rs/2ptFPhy</a></p> Washington, DC High School student Sara Durbin joins with other students walking out of classes to demand stricter gun laws outside the U.S. Capitol. REUTERS/Jim Bourg GUN OWNERS ARE MORE LIKELY TO VOTE <p>Gun owners are more politically active than others, the poll found. They are more likely to be registered to vote, and they express more interest in voting in November&#8217;s midterm elections, when one third of U.S. Senate seats and all the seats in the U.S. House of Representatives will be decided.</p> <p>Fifty percent of gun owners said they are certain to vote compared to 41 percent of people who do not own a gun.</p> GUN CONTROL IS AS IMPORTANT AS THE ECONOMY <p>Gun control is on a par with the economy as a top issue that will motivate U.S. voters in November, the poll found.</p> GUN OWNERS STILL APPROVE OF THE NRA <p>One in four adults say they own a gun and a majority of gun owners say they own more than one gun.</p> <p>Nearly 60 percent of gun owners say that the National Rifle Association gun rights advocacy group is either doing &#8220;the right amount of work&#8221; or it &#8220;doesn&#8217;t do enough&#8221; to promote the interests of gun owners. About 30 percent say the NRA is &#8220;too aggressive&#8221; in promoting gun rights, according to the poll.</p> <p>Separately, about 38 percent of gun owners also say they would like to vote in November for a congressional candidate who would oppose U.S. President Donald Trump and 39 percent say the country is on the wrong track.</p> <p>The Reuters/Ipsos poll of 2,389 U.S. adults was conducted between March 5-7 and has an overall credibility interval of 4-5 percent.</p> <p>Reporting by Maria Caspani in NEW YORK; Editing by Leela de Kretser and Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The Kremlin says Russia&#8217;s elections are free and fair. The Kremlin&#8217;s opponents say fraud and ballot-rigging are widespread.</p> FILE PHOTO: Russian President and Presidential candidate Vladimir Putin delivers a speech at his election headquarters in Moscow, Russia March 18, 2018. Sergei Chirkov/POOL via Reuters <p>Proving who is right is extraordinarily difficult, so to cut through the war of words, Reuters&#8217; Moscow bureau set out to gather hard data to show what happened during Sunday&#8217;s presidential election that gave Vladimir Putin another term as Russia&#8217;s president.</p> <p>Some of the most vivid reporting came from the southern Russian town of Ust-Djeguta where Reuters reporters recorded images of 17 people voting multiple times. Seven of them either denied voting more than once or declined to comment.</p> <p>Reuters reporters were posted at 12 polling stations across five regions of Russia, where they tracked voting without interruption from the moment polls opened at 8 a.m. until after voting finished at 8 p.m. and election officials completed the count. The objective was to witness every person who walked into a polling station and cast a ballot, and then to check that figure against the official turnout.</p> <p>Last weekend&#8217;s election was the third time Reuters used this method to cover an election in Russia. To make sure our tally was accurate, our reporters used mechanical counters, similar to the ones airline crews sometimes use to track passengers as they pass through the cabin.</p> <a href="" type="internal">To our readers, from the Editor-in-Chief Read about Reuters Backstory and the Trust Principles</a> <p>In last year&#8217;s parliamentary election, the local election commission in the Bashkortostan region in central Russia claimed that one of these counters was a radioactive device and tried to have the reporter ejected from the polling station. The reporter stood his ground.</p> <p>Because it is difficult for even the hardiest journalist to keep vigil at a polling station all day without a break, we operated in teams of three or four during the March 18 election so reporters could have an occasional respite.</p> <p>Related Story: <a href="" type="internal">Identical twins and 'carousels': Russia's fairground election</a></p> <p>Reuters reporters each took hundreds of photos of voters and shared the images via Telegram Messenger. That helped our journalists identify people who voted multiple times, most of whom did nothing to change their appearance, said Maria Tsvetkova, the Moscow reporter who spearheaded the project.</p> <p>In nine of the 12 polling stations, the discrepancies between the number of voters we recorded and official figures were 10 percent or greater.</p> <p>&#8220;We couldn&#8217;t believe our eyes: these people voted so many times that reporters were able to notice them, but election officials did not find them suspicious,&#8221; Tsvetkova said.</p> <p>Edited by Lauren Young and Toni Reinhold</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>UST-DJEGUTA, Russia (Reuters) - Ludmila Sklyarevskaya, a Russian hospital administrator, voted on Sunday in an election that gave Vladimir Putin another term as Russia&#8217;s president.</p> <p>Then she went to another polling station and voted again, according to Reuters reporters who witnessed her movements.</p> <p>Sklyarevskaya, who denied any wrongdoing, was among 17 people who were photographed by Reuters apparently casting ballots at more than one polling station Sunday in the town of Ust-Djeguta, southern Russia.</p> <p>Many appeared to be state employees, and some showed up in groups and in mini buses bearing the names of state-provided services.&amp;#160;</p> <p>An employee at the hospital where Sklyarevskaya worked&amp;#160;confirmed the woman captured in photos at the two polling stations was Sklyarevskaya and identified her as the hospital&#8217;s deputy director of health and safety.</p> <p>Voting twice is a misdemeanor under Russian law, carrying a penalty of a fine. Shown pictures of some of the people who apparently voted twice, including at Ust-Djeguta&#8217;s polling station no. 217, Leila Koichuyeva, a member of the election commission there, said: &#8220;They could be twins.&#8221;</p> <p>Sklyarevskaya, when it was pointed out she had been seen voting at polling stations 216 and 215, said &#8220;that&#8217;s not me.&#8221;&amp;#160;</p> <p>Reuters was able to speak to seven of 17 people photographed casting multiple votes. They either denied voting more than once or declined to comment.</p> <p>Kremlin spokesman Dmitry Peskov said there were established procedures for reporting election violations. &#8220;If these reports from the respected Reuters agency are backed up by corresponding statements to law enforcement agencies from the observers who were at each polling station, then it&#8217;s a worry. If they are not backed up, then it does not worry us at all.&#8221;</p> <p>Putin&#8217;s opponents, and independent election observers, say Sunday&#8217;s vote was skewed across the country by officials loyal to Putin using a variety of tricks to inflate the turnout.</p> <p>Putin is genuinely popular but a low turnout caused by apathy at a one-sided contest would have deprived him of the resounding mandate he sought. In the end, he won by a landslide and on a strong turnout of nearly 70 percent.</p> <p>As well as multiple voting in Ust-Djeguta - a practice known in Russia as a &#8220;carousel&#8221; - Reuters reporters who monitored 12 polling stations around the country witnessed other irregularities though they were mostly narrow in scale.</p> <p>In all 12 polling stations, the turnout declared by election officials exceeded a tally kept by Reuters of how many people voted. In one case in Simferopol the difference between the two figures was significant: 528 votes, or 66 percent of the votes cast.&amp;#160;</p> <p>Reuters reporters also uncovered a loophole in the voter registration system that could allow multiple voting by obtaining authorization to vote in more than one location. Under a new system designed to make it easier for people to vote when away from home, a voter can apply online to register temporarily at a different polling station. Three Reuters reporters who registered through the new system as well as at their local election office were able to vote once and then get the go-ahead by officials to vote a second time at a different polling station.</p> <p>A Central Election Commission spokeswoman didn&#8217;t respond to a request for comment.</p> MEDICAL HELP <p>On election day in Ust-Djeguta, Sklyarevskaya arrived just after 17:30 local time (10.30 a.m. ET), leading a group of eight other women and one man through the gates of polling station number 216.</p> <p>About twenty minutes later, Reuters reporters observed the same group voting again a few hundred meters away at polling station no. 215.</p> <p>Several of the women with her were wearing surgical scrubs, and the man wore a jacket with the word &#8220;ambulance&#8221; written on it. Ust-Djeguta, a town of 30,000 people and 1,500 km (930 miles) south of Moscow, has only one hospital, the state-run Central District Hospital.</p> <p>In an interview next to her office on the hospital&#8217;s fourth floor, Sklyarevskaya said she had voted only once, at a third polling station, number 217. &#8220;Who directed you to do this investigation?&#8221; she asked when approached by Reuters reporters. &#8220;You do not have the right to get involved in the electoral system.&#8221;</p> <p>Marat Shakmanov, head doctor at the hospital, said he didn&#8217;t believe anyone from the hospital violated election rules.</p> <p>Another woman, wearing sparkly heels, also appeared to vote twice on Sunday.&amp;#160;</p> Ludmila Sklyarevskaya, who denied voting multiple times, casting a ballot at polling station number 215 (L) and casting a ballot at polling station number 216, in Ust-Djeguta. REUTERS/Staff <p>When approached by Reuters in the town hall on Monday, the woman said her name was Jamila Tebueva, a social-care specialist in the town administration. She said she voted only once, and went to a second polling station to accompany friends.&amp;#160;</p> <p>When told she had been photographed with a voting slip in her hand at the second location she said: &#8220;Is it alright if I don&#8217;t reply?&#8221;</p> <p>Zukhra Chomaeva, the head election official at polling station number 217, said she could not answer for what happened outside her precinct when asked about multiple voting.</p> <p>&#8220;How do I know if they&#8217;re the same person? They might look the same.&#8221;</p> <p>Larissa Tekeyeva, head of the election commission for polling station 216, said after looking at a picture of a woman in a pink coat who voted at polling stations 216 and 217: &#8220;We all have the same mentality. We all look alike.&#8221;</p> <p>Ludmila Djukayeva, head of the town&#8217;s polling station 215, said she hadn&#8217;t witnessed any multiple voting. Ruslan Shagarov, a spokesman for the town administration, said he knew nothing about any employees breaking voting rules.&amp;#160;&amp;#160;</p> <p>Official results released on Monday showed the three polling stations had an average turnout of 81.5 percent and delivered a majority for Putin of 89.86 percent. National turnout was 67 percent, according to the central election commission.&amp;#160;</p> Slideshow (6 Images) TURNOUT DISCREPANCIES <p>Reuters reporters used mechanical counters to count everybody who cast a ballot at the 12 polling stations they monitored from open to close on Sunday.</p> <p>In some places, the discrepancies between the official count and the Reuters tally were small, with local election officials putting it down to the margin of error. But in nine of the 12 polling stations, the discrepancies were 10% or greater.</p> <p>The biggest divergence, as a share of the total vote, was in polling station number 265, inside a technical college in Simferopol, Crimea. Moscow annexed the region from Ukraine four years ago.</p> <p>Reuters reporters saw 797 voters at that station, while the official figures state that 1,325 people voted on the day and in person.</p> <p>Asked about the discrepancy, the chairwoman of the polling station&#8217;s election commission, Oksana Mediyeva, said independent monitors had watched the vote and had raised no issues.</p> <p>The three monitors, two from the governing party and one who said he would vote for Putin, didn&#8217;t appear to be keeping count of the turnout.&amp;#160;</p> <p>Typically in elections, the official turnout figures are produced when election tellers count the number of ballots cast.</p> <p>But in three polling stations, in Ust-Djeguta and in Simferopol, the election officials weren&#8217;t seen physically counting all the ballot papers.</p> Related Coverage <a href="/article/us-backstory-russiaelection/counting-votes-in-russias-presidential-election-idUSKBN1GY1BM" type="external">Counting votes in Russia's presidential election</a> <p>At Ust-Djeguta&#8217;s polling station number 216, a count revealed there were not enough ballot papers to tally with the figure for Putin votes, of 1,299, that officials there had provisionally penciled in.&amp;#160;</p> <p>After a recount produced the same outcome, the election officials said they were going home.</p> <p>When a Reuters reporter asked how they could do that without finishing the count, Tatiana Chernyaeva, the director of the school hosting the polling station, said: &#8220;You want to cast doubt on Putin&#8217;s victory.&#8221;</p> FLAWED SYSTEM <p>Under the new registration system the three Reuters reporters were able to register online to vote in one location and also obtain authorization to vote in another location by using the old procedure of going to the local election office where they are resident.&amp;#160;</p> <p>All three reporters were offered a ballot paper in their second location after they had already voted in their first, though none cast a second vote.</p> <p>Djukayeva the head of the election commission at polling station 215, where one of the reporters was offered a ballot to cast a second vote, said: &#8220;I don&#8217;t know whose mistake that was .... They gave us lists yesterday of voters who should be included and excluded.&#8221; She was in the list to be included, Djukayeva added.&amp;#160;</p> <p>Reporting by Maria Tsvetkova, Polina Nikolskaya, Tatiana Voronova and Polina Ivanova in UST-DJEGUTA; Olesya Astakhova, Olga Sichkar, Alla Afanasyeva and Kevin O'Flynn in SIMFEROPOL; Vladimir Soldatkin, Jack Stubbs and Gleb Stolyarov in KEMEROVO; Gabrielle Tetrault-Farber, Darya Korsunskaya and Anastasia Lyrchikova in ZELENODOLSK; Maxim Rodionov, Andrey Kuzmin and Andrey Ostroukh in GRYAZI.; Writing by Maria Tsvetkova and Christian Lowe; Editing by Cassell Bryan-Low</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE (Reuters) - Global tech giants including Facebook and Twitter on Thursday expressed concern about a possible Singapore plan to bring in a new law to tackle the threat of fake news, saying sufficient rules are already in place.</p> FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken in Warsaw, Poland, September 27, 2013. REUTERS/Kacper Pempel/File Photo <p>Officials of Facebook, Twitter and Google attended a parliamentary hearing on how to counter the threat that Singapore said it was particularly vulnerable to due to its size, its role as a global financial hub and its ethnic and religious mix.</p> <p>They were among 79 people asked to speak in parliament over the eight days set for the hearing.</p> <p>The wealthy city state is among the countries looking to introduce legislation, so far unspecified, to rein in fake news, a trend that has stirred concern that such laws could be used to exert government control over the media.</p> <p>&#8220;We do not believe that legislation is the best approach to addressing the issue,&#8221; Alvin Tan, Facebook&#8217;s head of public policy for Southeast Asia, said in a written submission.</p> <p>&#8220;Singapore already has a variety of existing laws and regulations which address hate speech, defamation and the spreading of false news.&#8221;</p> <p>Singapore ranks 151 among 180 countries rated by the World Press Freedom Index of Reporters Without Borders, a non-government group that promotes freedom of information.</p> FILE PHOTO: A Facebook logo is seen at the Facebook Gather conference in Brussels, Belgium, January 23, 2018. REUTERS/Yves Herman/File Photo <p>Lawmakers in the United States and Europe have called for probes into how Facebook allowed Cambridge Analytica to access data on 50 million users and use it to help the election campaign of U.S. President Donald Trump.</p> <p>Expressing the view that social media networks were not capable of regulating themselves, Singapore&#8217;s law minister, K Shanmugam, questioned Facebook official Simon Milner over how &#8220;one of the world&#8217;s most competent firms&#8221; could have breached users&#8217; trust.</p> <p>&#8220;Right now, it doesn&#8217;t feel like it,&#8221; Milner, the firm&#8217;s Asia policy chief, responded. He conceded failure to be upfront about the breach of user data, saying, &#8220;We had a moral obligation to do it (notify our users).&#8221;</p> FILE PHOTO: The Google logo is pictured atop an office building in Irvine, California, U.S. August 7, 2017. REUTERS/Mike Blake/File Photo <p>He added, &#8220;As I understand it, there was not a legal obligation.&#8221;</p> <p>Milner questioned the premise that a legal framework could be used to decide whether information was fake news, however.</p> <p>&#8220;How do you define ... what is a deliberate online falsehood and what is not? We are skeptical about that.&#8221;</p> <p>Microblogging site Twitter also shared concerns about Singapore&#8217;s plans.</p> <p>&#8220;No single company, governmental or non-governmental actor, should be the arbiter of truth,&#8221; said Kathleen Reen, Twitter&#8217;s director of Public Policy for Asia Pacific.</p> <p>Reporting by Fathin Ungku; Editing by Jack Kim and Clarence Fernandez</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Idea Cellular Says Capex Guidance For Year Revised To 70 Bln Rupees Americans want armed school guards and tighter gun laws: Reuters/Ipsos poll Counting votes in Russia's presidential election Identical twins and 'carousels': Russia's fairground election Tech giants express concern over Singapore plan to fight fake news

https://reuters.com/article/brief-idea-cellular-says-capex-guidance/brief-idea-cellular-says-capex-guidance-for-year-revised-to-70-bln-rupees-idUSFWN1PJ01S

2018-01-24

2least

Jan 24 Reuters Idea Cellular Ltd DEC QUARTER BLENDED CHURN 48 PERCENT SAYS CAPEX GUIDANCE FOR THE YEAR REVISED 70 BILLION RUPEES FROM 60 BILLION RUPEES EARLIER Source text bitly2Dv4Rli Further company coverage Our Standards The Thomson Reuters Trust Principles Reuters A majority of Americans including Republicans Democrats and gun owners want stricter laws on gun ownership and armed guards in schools according to a ReutersIpsos national poll taken in early March Columbine High School student Leah Zunder holds a sign during a National School Walkout in Littleton Colorado REUTERSRick Wilking Hundreds of thousands of students and their families are expected to march in cities across the United States on Saturday to demand stricter gun control part of the response to a mass shooting at a Florida high school in February The following are some of the main findings of the poll GUNS IN SCHOOLS About 75 percent of adults say they want armed security guards in school with some 53 percent in favor of publicly funding gun classes for teachers and school personnel and 45 percent saying school staff should be encouraged to carry a weapon BIPARTISAN SUPPORT FOR GUN CONTROL A majority of Democrats and Republican voters support stricter gun laws including 91 percent on both sides who say anyone with a history of mental illness should be banned from owning a gun Eightyfour percent of Republicans believe people on the 8220nofly8221 list should also be banned from gun ownership and 83 percent are in favor of expanding background checks A majority of Republicans also say that assault weapons and high capacity ammunition clips should be outlawed GRAPHIC reutrs2ptFPhy Washington DC High School student Sara Durbin joins with other students walking out of classes to demand stricter gun laws outside the US Capitol REUTERSJim Bourg GUN OWNERS ARE MORE LIKELY TO VOTE Gun owners are more politically active than others the poll found They are more likely to be registered to vote and they express more interest in voting in November8217s midterm elections when one third of US Senate seats and all the seats in the US House of Representatives will be decided Fifty percent of gun owners said they are certain to vote compared to 41 percent of people who do not own a gun GUN CONTROL IS AS IMPORTANT AS THE ECONOMY Gun control is on a par with the economy as a top issue that will motivate US voters in November the poll found GUN OWNERS STILL APPROVE OF THE NRA One in four adults say they own a gun and a majority of gun owners say they own more than one gun Nearly 60 percent of gun owners say that the National Rifle Association gun rights advocacy group is either doing 8220the right amount of work8221 or it 8220doesn8217t do enough8221 to promote the interests of gun owners About 30 percent say the NRA is 8220too aggressive8221 in promoting gun rights according to the poll Separately about 38 percent of gun owners also say they would like to vote in November for a congressional candidate who would oppose US President Donald Trump and 39 percent say the country is on the wrong track The ReutersIpsos poll of 2389 US adults was conducted between March 57 and has an overall credibility interval of 45 percent Reporting by Maria Caspani in NEW YORK Editing by Leela de Kretser and Grant McCool Our Standards The Thomson Reuters Trust Principles Reuters The Kremlin says Russia8217s elections are free and fair The Kremlin8217s opponents say fraud and ballotrigging are widespread FILE PHOTO Russian President and Presidential candidate Vladimir Putin delivers a speech at his election headquarters in Moscow Russia March 18 2018 Sergei ChirkovPOOL via Reuters Proving who is right is extraordinarily difficult so to cut through the war of words Reuters8217 Moscow bureau set out to gather hard data to show what happened during Sunday8217s presidential election that gave Vladimir Putin another term as Russia8217s president Some of the most vivid reporting came from the southern Russian town of UstDjeguta where Reuters reporters recorded images of 17 people voting multiple times Seven of them either denied voting more than once or declined to comment Reuters reporters were posted at 12 polling stations across five regions of Russia where they tracked voting without interruption from the moment polls opened at 8 am until after voting finished at 8 pm and election officials completed the count The objective was to witness every person who walked into a polling station and cast a ballot and then to check that figure against the official turnout Last weekend8217s election was the third time Reuters used this method to cover an election in Russia To make sure our tally was accurate our reporters used mechanical counters similar to the ones airline crews sometimes use to track passengers as they pass through the cabin To our readers from the EditorinChief Read about Reuters Backstory and the Trust Principles In last year8217s parliamentary election the local election commission in the Bashkortostan region in central Russia claimed that one of these counters was a radioactive device and tried to have the reporter ejected from the polling station The reporter stood his ground Because it is difficult for even the hardiest journalist to keep vigil at a polling station all day without a break we operated in teams of three or four during the March 18 election so reporters could have an occasional respite Related Story Identical twins and carousels Russias fairground election Reuters reporters each took hundreds of photos of voters and shared the images via Telegram Messenger That helped our journalists identify people who voted multiple times most of whom did nothing to change their appearance said Maria Tsvetkova the Moscow reporter who spearheaded the project In nine of the 12 polling stations the discrepancies between the number of voters we recorded and official figures were 10 percent or greater 8220We couldn8217t believe our eyes these people voted so many times that reporters were able to notice them but election officials did not find them suspicious8221 Tsvetkova said Edited by Lauren Young and Toni Reinhold Our Standards The Thomson Reuters Trust Principles USTDJEGUTA Russia Reuters Ludmila Sklyarevskaya a Russian hospital administrator voted on Sunday in an election that gave Vladimir Putin another term as Russia8217s president Then she went to another polling station and voted again according to Reuters reporters who witnessed her movements Sklyarevskaya who denied any wrongdoing was among 17 people who were photographed by Reuters apparently casting ballots at more than one polling station Sunday in the town of UstDjeguta southern Russia Many appeared to be state employees and some showed up in groups and in mini buses bearing the names of stateprovided servicesamp160 An employee at the hospital where Sklyarevskaya workedamp160confirmed the woman captured in photos at the two polling stations was Sklyarevskaya and identified her as the hospital8217s deputy director of health and safety Voting twice is a misdemeanor under Russian law carrying a penalty of a fine Shown pictures of some of the people who apparently voted twice including at UstDjeguta8217s polling station no 217 Leila Koichuyeva a member of the election commission there said 8220They could be twins8221 Sklyarevskaya when it was pointed out she had been seen voting at polling stations 216 and 215 said 8220that8217s not me8221amp160 Reuters was able to speak to seven of 17 people photographed casting multiple votes They either denied voting more than once or declined to comment Kremlin spokesman Dmitry Peskov said there were established procedures for reporting election violations 8220If these reports from the respected Reuters agency are backed up by corresponding statements to law enforcement agencies from the observers who were at each polling station then it8217s a worry If they are not backed up then it does not worry us at all8221 Putin8217s opponents and independent election observers say Sunday8217s vote was skewed across the country by officials loyal to Putin using a variety of tricks to inflate the turnout Putin is genuinely popular but a low turnout caused by apathy at a onesided contest would have deprived him of the resounding mandate he sought In the end he won by a landslide and on a strong turnout of nearly 70 percent As well as multiple voting in UstDjeguta a practice known in Russia as a 8220carousel8221 Reuters reporters who monitored 12 polling stations around the country witnessed other irregularities though they were mostly narrow in scale In all 12 polling stations the turnout declared by election officials exceeded a tally kept by Reuters of how many people voted In one case in Simferopol the difference between the two figures was significant 528 votes or 66 percent of the votes castamp160 Reuters reporters also uncovered a loophole in the voter registration system that could allow multiple voting by obtaining authorization to vote in more than one location Under a new system designed to make it easier for people to vote when away from home a voter can apply online to register temporarily at a different polling station Three Reuters reporters who registered through the new system as well as at their local election office were able to vote once and then get the goahead by officials to vote a second time at a different polling station A Central Election Commission spokeswoman didn8217t respond to a request for comment MEDICAL HELP On election day in UstDjeguta Sklyarevskaya arrived just after 1730 local time 1030 am ET leading a group of eight other women and one man through the gates of polling station number 216 About twenty minutes later Reuters reporters observed the same group voting again a few hundred meters away at polling station no 215 Several of the women with her were wearing surgical scrubs and the man wore a jacket with the word 8220ambulance8221 written on it UstDjeguta a town of 30000 people and 1500 km 930 miles south of Moscow has only one hospital the staterun Central District Hospital In an interview next to her office on the hospital8217s fourth floor Sklyarevskaya said she had voted only once at a third polling station number 217 8220Who directed you to do this investigation8221 she asked when approached by Reuters reporters 8220You do not have the right to get involved in the electoral system8221 Marat Shakmanov head doctor at the hospital said he didn8217t believe anyone from the hospital violated election rules Another woman wearing sparkly heels also appeared to vote twice on Sundayamp160 Ludmila Sklyarevskaya who denied voting multiple times casting a ballot at polling station number 215 L and casting a ballot at polling station number 216 in UstDjeguta REUTERSStaff When approached by Reuters in the town hall on Monday the woman said her name was Jamila Tebueva a socialcare specialist in the town administration She said she voted only once and went to a second polling station to accompany friendsamp160 When told she had been photographed with a voting slip in her hand at the second location she said 8220Is it alright if I don8217t reply8221 Zukhra Chomaeva the head election official at polling station number 217 said she could not answer for what happened outside her precinct when asked about multiple voting 8220How do I know if they8217re the same person They might look the same8221 Larissa Tekeyeva head of the election commission for polling station 216 said after looking at a picture of a woman in a pink coat who voted at polling stations 216 and 217 8220We all have the same mentality We all look alike8221 Ludmila Djukayeva head of the town8217s polling station 215 said she hadn8217t witnessed any multiple voting Ruslan Shagarov a spokesman for the town administration said he knew nothing about any employees breaking voting rulesamp160amp160 Official results released on Monday showed the three polling stations had an average turnout of 815 percent and delivered a majority for Putin of 8986 percent National turnout was 67 percent according to the central election commissionamp160 Slideshow 6 Images TURNOUT DISCREPANCIES Reuters reporters used mechanical counters to count everybody who cast a ballot at the 12 polling stations they monitored from open to close on Sunday In some places the discrepancies between the official count and the Reuters tally were small with local election officials putting it down to the margin of error But in nine of the 12 polling stations the discrepancies were 10 or greater The biggest divergence as a share of the total vote was in polling station number 265 inside a technical college in Simferopol Crimea Moscow annexed the region from Ukraine four years ago Reuters reporters saw 797 voters at that station while the official figures state that 1325 people voted on the day and in person Asked about the discrepancy the chairwoman of the polling station8217s election commission Oksana Mediyeva said independent monitors had watched the vote and had raised no issues The three monitors two from the governing party and one who said he would vote for Putin didn8217t appear to be keeping count of the turnoutamp160 Typically in elections the official turnout figures are produced when election tellers count the number of ballots cast But in three polling stations in UstDjeguta and in Simferopol the election officials weren8217t seen physically counting all the ballot papers Related Coverage Counting votes in Russias presidential election At UstDjeguta8217s polling station number 216 a count revealed there were not enough ballot papers to tally with the figure for Putin votes of 1299 that officials there had provisionally penciled inamp160 After a recount produced the same outcome the election officials said they were going home When a Reuters reporter asked how they could do that without finishing the count Tatiana Chernyaeva the director of the school hosting the polling station said 8220You want to cast doubt on Putin8217s victory8221 FLAWED SYSTEM Under the new registration system the three Reuters reporters were able to register online to vote in one location and also obtain authorization to vote in another location by using the old procedure of going to the local election office where they are residentamp160 All three reporters were offered a ballot paper in their second location after they had already voted in their first though none cast a second vote Djukayeva the head of the election commission at polling station 215 where one of the reporters was offered a ballot to cast a second vote said 8220I don8217t know whose mistake that was They gave us lists yesterday of voters who should be included and excluded8221 She was in the list to be included Djukayeva addedamp160 Reporting by Maria Tsvetkova Polina Nikolskaya Tatiana Voronova and Polina Ivanova in USTDJEGUTA Olesya Astakhova Olga Sichkar Alla Afanasyeva and Kevin OFlynn in SIMFEROPOL Vladimir Soldatkin Jack Stubbs and Gleb Stolyarov in KEMEROVO Gabrielle TetraultFarber Darya Korsunskaya and Anastasia Lyrchikova in ZELENODOLSK Maxim Rodionov Andrey Kuzmin and Andrey Ostroukh in GRYAZI Writing by Maria Tsvetkova and Christian Lowe Editing by Cassell BryanLow Our Standards The Thomson Reuters Trust Principles SINGAPORE Reuters Global tech giants including Facebook and Twitter on Thursday expressed concern about a possible Singapore plan to bring in a new law to tackle the threat of fake news saying sufficient rules are already in place FILE PHOTO People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken in Warsaw Poland September 27 2013 REUTERSKacper PempelFile Photo Officials of Facebook Twitter and Google attended a parliamentary hearing on how to counter the threat that Singapore said it was particularly vulnerable to due to its size its role as a global financial hub and its ethnic and religious mix They were among 79 people asked to speak in parliament over the eight days set for the hearing The wealthy city state is among the countries looking to introduce legislation so far unspecified to rein in fake news a trend that has stirred concern that such laws could be used to exert government control over the media 8220We do not believe that legislation is the best approach to addressing the issue8221 Alvin Tan Facebook8217s head of public policy for Southeast Asia said in a written submission 8220Singapore already has a variety of existing laws and regulations which address hate speech defamation and the spreading of false news8221 Singapore ranks 151 among 180 countries rated by the World Press Freedom Index of Reporters Without Borders a nongovernment group that promotes freedom of information FILE PHOTO A Facebook logo is seen at the Facebook Gather conference in Brussels Belgium January 23 2018 REUTERSYves HermanFile Photo Lawmakers in the United States and Europe have called for probes into how Facebook allowed Cambridge Analytica to access data on 50 million users and use it to help the election campaign of US President Donald Trump Expressing the view that social media networks were not capable of regulating themselves Singapore8217s law minister K Shanmugam questioned Facebook official Simon Milner over how 8220one of the world8217s most competent firms8221 could have breached users8217 trust 8220Right now it doesn8217t feel like it8221 Milner the firm8217s Asia policy chief responded He conceded failure to be upfront about the breach of user data saying 8220We had a moral obligation to do it notify our users8221 FILE PHOTO The Google logo is pictured atop an office building in Irvine California US August 7 2017 REUTERSMike BlakeFile Photo He added 8220As I understand it there was not a legal obligation8221 Milner questioned the premise that a legal framework could be used to decide whether information was fake news however 8220How do you define what is a deliberate online falsehood and what is not We are skeptical about that8221 Microblogging site Twitter also shared concerns about Singapore8217s plans 8220No single company governmental or nongovernmental actor should be the arbiter of truth8221 said Kathleen Reen Twitter8217s director of Public Policy for Asia Pacific Reporting by Fathin Ungku Editing by Jack Kim and Clarence Fernandez Our Standards The Thomson Reuters Trust Principles

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<p>Jan 24 (Reuters) - Marinemax Inc:</p> * RAISES FY 2018 EARNINGS PER SHARE VIEW TO $1.30 TO $1.40 <p>* Q1 EARNINGS PER SHARE VIEW $0.00 &#8212; THOMSON REUTERS I/B/E/S</p> * FULL FISCAL YEAR 2018 GUIDANCE RAISED <p>* FY2018 EARNINGS PER SHARE VIEW $1.19 &#8212; THOMSON REUTERS I/B/E/S</p> <p>* &#8205;REVENUE GREW OVER $10 MILLION, OR 4.4% TO $236.9 MILLION FOR QUARTER ENDED DECEMBER 31, 2017 FROM $226.9 MILLION IN COMPARABLE PERIOD LAST YEAR&#8203;</p> <p>* &#8205;QTRLY SAME-STORE SALES WERE FLAT AS COMPARED TO 28% SAME-STORE SALES GROWTH IN SAME PERIOD LAST YEAR</p> <p>* SAYS &#8220;TRENDS IN THE QUARTER WERE GENERALLY ENCOURAGING&#8221; Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>YANGON (Reuters) - Two Reuters reporters appeared in a Myanmar court for the 11th time on Wednesday, which marked 100 days since they were arrested in December and accused of possessing secret government papers.</p> <p>The court in Yangon is holding preliminary hearings to decide whether reporters Wa Lone, 31, and Kyaw Soe Oo, 28, will face charges under the colonial-era Officials Secrets Act, which carries a maximum penalty of 14 years in prison.</p> <p>&#8220;We have spent 100 days in prison,&#8221; Wa Lone told reporters during a break in proceedings. &#8220;Our journalism spirit was never down even after spending many days in there.&#8221;</p> <p>Wa Lone&#8217;s younger brother Thura Aung, 26, gave testimony on Wednesday, describing a police search of the family home on the evening of Dec. 13, the day after the journalists were arrested.</p> <p>Thura Aung said that police who searched the house in north Yangon did not show a warrant, identify themselves or explain the reason for the search, during which a laptop, charger and bag, a hard drive and an old notebook were seized.</p> <p>His testimony contradicted Police Major Soe Aung, who told the court two weeks ago that police had presented a warrant to Wa Lone&#8217;s family when they arrived.</p> <p>Defence lawyer Than Zaw Aung told reporters after the hearing that under Myanmar&#8217;s Criminal Procedure Code police must identify themselves and explain the reasons for their search.</p> <p>&#8220;In the criminal procedure, the search officer must show the search warrant at the search place,&#8221; he said.</p> <p>Lead prosecutor Kyaw Min Aung left the court building before Reuters was able to put questions to him after the hearing. At previous hearings he has declined to speak to reporters.</p> <p>Government and police spokespeople have declined to comment on the case, citing the ongoing court proceedings. The date of the next hearing was set for March 28.</p> RESTAURANT MEETING <p>The journalists have told relatives they were arrested almost immediately after being handed some rolled up papers after being invited to a restaurant by two police officers they had not met before.</p> <p>Wa Lone and Kyaw Soe Oo had been investigating the killing of 10 Rohingya Muslim men in a village in western Myanmar&#8217;s Rakhine state during a military crackdown in August.</p> Detained Reuters journalist Wa Lone (C) is escorted by police as he arrives for a court hearing in Yangon, Myanmar March 21, 2018. REUTERS/Stringer <p>The crackdown, which the United Nations has said was ethnic cleansing, has sent nearly 700,000 people fleeing to Bangladesh.</p> <p>After the arrests of the reporters, the military admitted its soldiers took part in the killing.</p> <p>&#8220;They have been detained in Myanmar since December 12 simply for doing their jobs as journalists,&#8221; Reuters President and Editor-in-Chief Stephen J. Adler said in a statement.</p> <p>&#8220;Wa Lone and Kyaw Soe Oo are exemplary individuals and outstanding reporters who are dedicated to their families and their craft. They should be in the newsroom, not in prison.&#8221;</p> Slideshow (6 Images) <p>Myanmar&#8217;s ambassador to the United Nations, Hau Do Suan, said last month that the journalists were not arrested for reporting a story, but were accused of &#8220;illegally possessing confidential government documents&#8221;.</p> <p>Judge Ye Lwin declined a defense attempt to submit the Reuters report describing the killings at the village of Inn Din as evidence, citing a decision at an earlier hearing not to admit the story at this stage in the proceedings.</p> <p>Senior United Nations officials, Western nations and press freedom advocates have called for the release of the journalists.</p> <p>The U.S. Embassy in Yangon tweeted: &#8220;Today is the 100th day in detention from reporters Wa Lone and Kyaw Soe Oo. Freedom of the press remains critical for Myanmar&#8217;s democratic transition.&#8221;</p> <p>Diplomats from countries including the United States, Canada, Sweden attended Wednesday&#8217;s hearing.</p> <p>The Danish embassy, which has closely monitored the case, said the pair had spent &#8220;100 days behind bars for ensuring the public&#8217;s right to information&#8221;.</p> <p>A statement from Sweden&#8217;s embassy said: &#8220;We believe they have done nothing wrong and that the charges against them should be dropped immediately.&#8221;</p> <p>EU Ambassador to Myanmar Kristian Schmidt, asked about the journalists&#8217; reporting of the Rakhine crisis, said it was imperative to establish what had taken place there.</p> <p>&#8220;We all want to find out the truth of what happened,&#8221; he said. &#8220;I fear for the moment we have not seen the full truth of what has happened.&#8221;</p> <p>Reporting by Simon Lewis and Sam Aung Moon; Additional reporting by Yimou Lee and Aye Win Myint; Editing by Lincoln Feast and Alex Richardson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - The European Commission proposed rules on Wednesday to make digital companies pay their fair share of tax, with U.S. tech giants such as Google ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>), Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) and Amazon ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) set to foot a large chunk of the bill.</p> European Economic and Financial Affairs Commissioner Pierre Moscovici holds a news conference at the EU Commission's headquarters in Brussels, Belgium, March 21, 2018. REUTERS/Francois Lenoir <p>Under the Commission&#8217;s plan, companies with significant digital revenues in Europe will pay a 3 percent tax on their turnover on various online services in the European Union, bringing in an estimated 5 billion euros ($6.1 billion).</p> <p>If backed by EU states and lawmakers, whose support is far from certain, the tax would apply to large firms with annual worldwide revenue above 750 million euros ($920.9 million) annual &#8220;taxable&#8221; EU revenues above 50 million euros.</p> <p>The tax, designed as a short-term measure before the EU finds a way to tax profits based on where they do business, could also encompass other high-profile U.S. firms such as Airbnb and Uber [UBER.UL].</p> <p>It is designed to apply to activities in which users play a role in value creation - whether via online advertising, such as in search engines or social media, via online trading or in the sale of data about users.</p> Related Coverage <a href="/article/us-eu-tax-digital-ireland/proposed-eu-online-turnover-tax-ill-judged-irish-pm-idUSKBN1GX21L" type="external">Proposed EU online turnover tax 'ill-judged': Irish PM</a> <p>The legislation comes as the United States unsettles Europe with its own tax reform and the threat of a trade war along with reports that Facebook user data was accessed by a consultancy to help President Donald Trump win the 2016 election.</p> <p>EU antitrust authorities have also been busy investigating the business practices of Amazon, Google and Apple, leading to accusations, which the Commission denies, that it is targeting Silicon Valley.</p> DEEP DIVISIONS <p>The Commission said that top digital firms, whose average revenue growth of 14 percent far exceeded that of other multinationals, faced an effective tax rate of 9.5 percent, less than half the level of traditional companies.</p> <p>The proposals require backing from the European Parliament and the 28 EU countries, but they are divided on the issue. EU tax reforms need the backing of all member states to become law.</p> Slideshow (3 Images) <p>Large EU states have accused the tech firms of paying too little tax in the bloc by routing some of their profits to low-tax member states such as Ireland and Luxembourg.</p> <p>U.S. tech companies themselves have said they are paying tax in line with national and international laws and, in some cases, that the tax should be paid in the United States on profits repatriated there.</p> <p>The proposal is to tax companies according to where their digital users are based.</p> <p>A senior EU diplomatic predicted it would be hard to push through the legislation, among the most important for the bloc, because of deep divisions between larger countries set to gain more tax income and smaller ones set to lose.</p> <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">Alphabet Inc</a> 1098.42 GOOGL.O Nasdaq +2.62 (+0.24%) GOOGL.O FB.O AMZN.O <p>Smaller countries also fear becoming less attractive to multinational firms.</p> <p>Ireland has warned that the proposals risk merely re-slicing the tax cake, rather than actually taxing more. Some countries also believe that smaller companies should also face a bill.</p> <p>Commission Vice President Valdis Dombrovskis said that the EU would prefer globally agreed rules, but that the amount of profits currently going untaxed was unacceptable.</p> <p>The tax would to apply to online advertising sales, which would bring in companies such as Google and Facebook, to platforms offering services such as interaction with other users or online sales and to those selling data generated from users.</p> <p>The tax would be collected in countries where the users are located.</p> <p>Tech industry groups have complained that it is wrong to tax revenues as that would unduly hit companies, such as Amazon, with thinner margins.</p> <p>($1 = 0.8145 euros)</p> <p>Reporting by Philip Blenkinsop; Additional reporting by Alastair Macdonald; Editing by Alison Williams</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JERUSALEM (Reuters) - Israel for the first time admitted that it bombed a suspected Syrian nuclear reactor in 2007 and said on Wednesday the strike should be a warning to Iran that it would not be allowed to develop nuclear weapons.</p> <p>The military released previously classified cockpit footage, photographs and intelligence documents about its Sept. 6, 2007, air strike on the Al-Kubar facility near Deir al-Zor in eastern Syria.</p> <p>It said the reactor was being constructed with help from North Korea and had been months away from activation. Amos Yadlin, Israel&#8217;s military intelligence chief at the time, said on Israel Radio that even with a functioning reactor, it would have taken Syria years to build a nuclear weapon.</p> <p>Reuters has been unable to immediately verify the Israeli material.</p> <p>Israel&#8217;s decision to go public comes after repeated calls in recent months by Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Iran, Syria&#8217;s ally.</p> <p>Israel&#8217;s intelligence minister, Israel Katz, said on Twitter: &#8220;The (2007) operation and its success made clear that Israel will never allow nuclear weaponry to be in the hands of those who threaten its existence - Syria then, and Iran today.&#8221;</p> <p>Iran, which says its nuclear program has only peaceful aims, signed a 2015 deal under which it accepted curbs on its nuclear program in return for sanctions relief. U.S. President Donald Trump and Netanyahu have both been critical of the deal.</p> <p>The Israeli military described in detail events leading up to the night of Sept 5-6, 2007, in which, it said, eight warplanes, F-16s and F-15s, carried out the mission after taking off from the Ramon and Hatzerim air bases.</p> <p>They flew to Deir al-Zor region, 450 km (270 miles) northwest of Damascus, and dropped 18 tonnes of munitions on the site, it said.</p> <p>Yadlin said Israel decided at the time against acknowledging the raid on the reactor so as not to provoke Syrian President Bashar al-Assad into retaliating. &#8220;No core. No war,&#8221; Yadlin said about Israel&#8217;s goal.</p> A still frame taken from video material released on March 21, 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir al-Zor on Sept 6, 2007. IDF/Handout via Reuters TV &#8220;TOP SECRET&#8221; <p>The Israeli military on Wednesday declassified internal &#8220;top secret&#8221; intelligence reports, in Hebrew, some of them partly redacted.</p> <p>One, dated March 30, 2007, said: &#8220;Syria has set up, within its territory, a nuclear reactor for the production of plutonium, through North Korea, which according to an (initial) worst-case assessment is liable to be activated in approximately another year. To our assessment [REDACTED] secretive and orderly [REDACTED] for achieving a nuclear weapon.&#8221;</p> <p>Israeli intelligence predicted that the suspected reactor &#8220;would turn operational by the end of 2007&#8221;.</p> <p>The mission to destroy the reactor started at 10.30 p.m. on Sept. 5 and ended with the return of the warplanes at 2.30 a.m. the next day, the Israeli military said.</p> Slideshow (17 Images) <p>The disclosure on Wednesday stemmed in part, Yadlin said, from years of pressure by the Israeli media on military censors to allow them to publish Israeli-sourced information about the raid and the release on Wednesday of memoirs by Ehud Olmert, the former prime minister who ordered the bombing.</p> <p>The event was first made public by Syria, which, as reported by Reuters at the time, said in the early hours of Sept. 6 that its air defenses had repelled an incursion by Israeli warplanes.</p> <p>Syria, a signatory of the 1970 nuclear Non-Proliferation Treaty (NPT), has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea.</p> <p>In his 2010 memoir &#8220;Decision Points,&#8221; former U.S. President George W. Bush disclosed he discussed intelligence about the Syrian facility with Olmert before it was destroyed but did not give him the green light for the raid.</p> <p>In 2008 the United States presented what it described as intelligence showing that North Korea had helped Syria with &#8220;covert nuclear activities.&#8221; At the time Syria dismissed the accusations as part of a campaign to discredit the Damascus government.</p> <p>The Israeli release contains a black-and-white aerial photograph captioned &#8220;before the attack&#8221; and showing a box-like structure amid desert dunes with smaller outlying buildings.</p> <p>A series of black-and-white videos, taken above the target, shows the structure in cross-hairs. A male voice is heard counting down three seconds, a cloud of black smoke rises from the structure as it explodes. Other footage appears to show the aftermath - a smoldering hole in the ground.</p> <p>&#8220;Arizona&#8221;, one pilot radioed to military headquarters in Tel Aviv, giving the code word for a successful operation.</p> <p>Writing by Dan Williams and Stephen Farrell; Editing by Janet Lawrence</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The U.S. Interior Department will hold the largest lease sale in American history in the offshore Gulf of Mexico on Wednesday, in a major test of the oil industry&#8217;s appetite for federal acreage offered by the Trump administration.</p> FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. Picture taken January 17, 2014. REUTERS/Henry Romero/File Photo <p>The auction of more than 77 million acres (31.2 million hectares), an area twice the size of Florida, is part of an effort by President Donald Trump&#8217;s administration to ramp up U.S. fossil fuels production by lowering royalty rates, opening up more public lands, and rolling back environmental protections.</p> <p>U.S. crude oil and natural gas output is already smashing records thanks to improved drilling technology that has opened up cheaper onshore reservoirs, and as Brazil and Mexico compete for drillers in their own deepwater acreage.</p> <p>The United States produces about 1.5 million barrels of oil per day from the Gulf of Mexico, about 15 percent of the national total, according to the Energy Information Administration.</p> <p>&#8220;American energy production can be competitive,&#8221; Vincent DeVito, an energy policy advisor at the Interior Department, said of the auction. &#8220;People need jobs, the Gulf Coast states need revenue, and Americans do not want to be dependent on foreign oil.&#8221;</p> <p>Others called the unusually large lease sale ill-considered.</p> <p>&#8220;Offering a nearly unrestricted supply in a low demand market with a cut rate royalty and almost no competition is bad policy and an inexcusable waste of taxpayer resources,&#8221; the Center for American Progress, a left-leaning policy think tank, said in a statement.</p> PUMPING UP INTEREST <p>The U.S. government offers Gulf of Mexico leases annually, but usually in smaller regional batches. An auction in March 2017, for example, offered up 48 million acres in the Central Gulf of Mexico planning region.</p> FILE PHOTO: Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. REUTERS/Lee Celano/File Photo <p>Wood Mackenzie energy analyst Mfon Usoro said she expected demand for the acreage to be slightly higher than in last year&#8217;s auctions thanks to higher oil prices and lower corporate taxes. But she noted it could be hurt by competition from Latin America and concerns over the impact that U.S. tariffs on steel imports could have on capital costs.</p> <p>She said she expected traditional deepwater oil and gas drillers like Royal Dutch Shell Plc and Chevron Corp to &#8220;lead the pack&#8221; at the auction.</p> <p>A spokeswoman for the American Petroleum Institute, which represents U.S. oil and gas companies, said the administration&#8217;s commitment to providing the industry broad access to the region was important.</p> <p>&#8220;Without this key access to new U.S. energy resources, we could see millions in investments, significant government revenues and thousands of jobs shift to other parts of the world,&#8221; spokeswoman Cornelia Horner said.</p> <p>She did not comment on expected demand for the acreage.</p> <p>In an effort to pump up interest, the Interior Department has said it is considering cutting the royalty rate companies must pay in offshore waters by a third to 12.5 percent.</p> <p>The administration had already cut that rate for shallow water acreage offered in a Gulf of Mexico lease sale last year, which nonetheless yielded relatively low bids on a small percentage of the acreage offered.</p> <p>A Reuters analysis of government data showed the amount of money per acre that oil companies spent in the Gulf in 2017 was about a third the levels in 2013, when oil prices were higher. Energy firms also bid for less than 1 percent of the offered acreage in 2017, compared with 4.5 percent in 2013.</p> <p>The administration is eyeing further vast lease sales offshore in the future, having proposed opening up parts of the Arctic, Atlantic and Pacific - an idea that has faced pushback from several governors in U.S. coastal states.</p> <p>Writing by Richard Valdmanis; Editing by Marguerita Choy and Paul Simao</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Marinemax Reports Q1 Earnings Per Share $0.19 Reuters reporters in court 100 days after their arrest in Myanmar EU proposes online turnover tax for big tech firms Israel admits bombing suspected Syrian nuclear reactor in 2007, warns Iran Record U.S. oil offshore lease sale to test Trump energy push

https://reuters.com/article/brief-marinemax-reports-q1-earnings-per/brief-marinemax-reports-q1-earnings-per-share-019-idUSASB0C225

2018-01-24

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Jan 24 Reuters Marinemax Inc RAISES FY 2018 EARNINGS PER SHARE VIEW TO 130 TO 140 Q1 EARNINGS PER SHARE VIEW 000 8212 THOMSON REUTERS IBES FULL FISCAL YEAR 2018 GUIDANCE RAISED FY2018 EARNINGS PER SHARE VIEW 119 8212 THOMSON REUTERS IBES 8205REVENUE GREW OVER 10 MILLION OR 44 TO 2369 MILLION FOR QUARTER ENDED DECEMBER 31 2017 FROM 2269 MILLION IN COMPARABLE PERIOD LAST YEAR8203 8205QTRLY SAMESTORE SALES WERE FLAT AS COMPARED TO 28 SAMESTORE SALES GROWTH IN SAME PERIOD LAST YEAR SAYS 8220TRENDS IN THE QUARTER WERE GENERALLY ENCOURAGING8221 Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles YANGON Reuters Two Reuters reporters appeared in a Myanmar court for the 11th time on Wednesday which marked 100 days since they were arrested in December and accused of possessing secret government papers The court in Yangon is holding preliminary hearings to decide whether reporters Wa Lone 31 and Kyaw Soe Oo 28 will face charges under the colonialera Officials Secrets Act which carries a maximum penalty of 14 years in prison 8220We have spent 100 days in prison8221 Wa Lone told reporters during a break in proceedings 8220Our journalism spirit was never down even after spending many days in there8221 Wa Lone8217s younger brother Thura Aung 26 gave testimony on Wednesday describing a police search of the family home on the evening of Dec 13 the day after the journalists were arrested Thura Aung said that police who searched the house in north Yangon did not show a warrant identify themselves or explain the reason for the search during which a laptop charger and bag a hard drive and an old notebook were seized His testimony contradicted Police Major Soe Aung who told the court two weeks ago that police had presented a warrant to Wa Lone8217s family when they arrived Defence lawyer Than Zaw Aung told reporters after the hearing that under Myanmar8217s Criminal Procedure Code police must identify themselves and explain the reasons for their search 8220In the criminal procedure the search officer must show the search warrant at the search place8221 he said Lead prosecutor Kyaw Min Aung left the court building before Reuters was able to put questions to him after the hearing At previous hearings he has declined to speak to reporters Government and police spokespeople have declined to comment on the case citing the ongoing court proceedings The date of the next hearing was set for March 28 RESTAURANT MEETING The journalists have told relatives they were arrested almost immediately after being handed some rolled up papers after being invited to a restaurant by two police officers they had not met before Wa Lone and Kyaw Soe Oo had been investigating the killing of 10 Rohingya Muslim men in a village in western Myanmar8217s Rakhine state during a military crackdown in August Detained Reuters journalist Wa Lone C is escorted by police as he arrives for a court hearing in Yangon Myanmar March 21 2018 REUTERSStringer The crackdown which the United Nations has said was ethnic cleansing has sent nearly 700000 people fleeing to Bangladesh After the arrests of the reporters the military admitted its soldiers took part in the killing 8220They have been detained in Myanmar since December 12 simply for doing their jobs as journalists8221 Reuters President and EditorinChief Stephen J Adler said in a statement 8220Wa Lone and Kyaw Soe Oo are exemplary individuals and outstanding reporters who are dedicated to their families and their craft They should be in the newsroom not in prison8221 Slideshow 6 Images Myanmar8217s ambassador to the United Nations Hau Do Suan said last month that the journalists were not arrested for reporting a story but were accused of 8220illegally possessing confidential government documents8221 Judge Ye Lwin declined a defense attempt to submit the Reuters report describing the killings at the village of Inn Din as evidence citing a decision at an earlier hearing not to admit the story at this stage in the proceedings Senior United Nations officials Western nations and press freedom advocates have called for the release of the journalists The US Embassy in Yangon tweeted 8220Today is the 100th day in detention from reporters Wa Lone and Kyaw Soe Oo Freedom of the press remains critical for Myanmar8217s democratic transition8221 Diplomats from countries including the United States Canada Sweden attended Wednesday8217s hearing The Danish embassy which has closely monitored the case said the pair had spent 8220100 days behind bars for ensuring the public8217s right to information8221 A statement from Sweden8217s embassy said 8220We believe they have done nothing wrong and that the charges against them should be dropped immediately8221 EU Ambassador to Myanmar Kristian Schmidt asked about the journalists8217 reporting of the Rakhine crisis said it was imperative to establish what had taken place there 8220We all want to find out the truth of what happened8221 he said 8220I fear for the moment we have not seen the full truth of what has happened8221 Reporting by Simon Lewis and Sam Aung Moon Additional reporting by Yimou Lee and Aye Win Myint Editing by Lincoln Feast and Alex Richardson Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters The European Commission proposed rules on Wednesday to make digital companies pay their fair share of tax with US tech giants such as Google GOOGLO Facebook FBO and Amazon AMZNO set to foot a large chunk of the bill European Economic and Financial Affairs Commissioner Pierre Moscovici holds a news conference at the EU Commissions headquarters in Brussels Belgium March 21 2018 REUTERSFrancois Lenoir Under the Commission8217s plan companies with significant digital revenues in Europe will pay a 3 percent tax on their turnover on various online services in the European Union bringing in an estimated 5 billion euros 61 billion If backed by EU states and lawmakers whose support is far from certain the tax would apply to large firms with annual worldwide revenue above 750 million euros 9209 million annual 8220taxable8221 EU revenues above 50 million euros The tax designed as a shortterm measure before the EU finds a way to tax profits based on where they do business could also encompass other highprofile US firms such as Airbnb and Uber UBERUL It is designed to apply to activities in which users play a role in value creation whether via online advertising such as in search engines or social media via online trading or in the sale of data about users Related Coverage Proposed EU online turnover tax illjudged Irish PM The legislation comes as the United States unsettles Europe with its own tax reform and the threat of a trade war along with reports that Facebook user data was accessed by a consultancy to help President Donald Trump win the 2016 election EU antitrust authorities have also been busy investigating the business practices of Amazon Google and Apple leading to accusations which the Commission denies that it is targeting Silicon Valley DEEP DIVISIONS The Commission said that top digital firms whose average revenue growth of 14 percent far exceeded that of other multinationals faced an effective tax rate of 95 percent less than half the level of traditional companies The proposals require backing from the European Parliament and the 28 EU countries but they are divided on the issue EU tax reforms need the backing of all member states to become law Slideshow 3 Images Large EU states have accused the tech firms of paying too little tax in the bloc by routing some of their profits to lowtax member states such as Ireland and Luxembourg US tech companies themselves have said they are paying tax in line with national and international laws and in some cases that the tax should be paid in the United States on profits repatriated there The proposal is to tax companies according to where their digital users are based A senior EU diplomatic predicted it would be hard to push through the legislation among the most important for the bloc because of deep divisions between larger countries set to gain more tax income and smaller ones set to lose Alphabet Inc 109842 GOOGLO Nasdaq 262 024 GOOGLO FBO AMZNO Smaller countries also fear becoming less attractive to multinational firms Ireland has warned that the proposals risk merely reslicing the tax cake rather than actually taxing more Some countries also believe that smaller companies should also face a bill Commission Vice President Valdis Dombrovskis said that the EU would prefer globally agreed rules but that the amount of profits currently going untaxed was unacceptable The tax would to apply to online advertising sales which would bring in companies such as Google and Facebook to platforms offering services such as interaction with other users or online sales and to those selling data generated from users The tax would be collected in countries where the users are located Tech industry groups have complained that it is wrong to tax revenues as that would unduly hit companies such as Amazon with thinner margins 1 08145 euros Reporting by Philip Blenkinsop Additional reporting by Alastair Macdonald Editing by Alison Williams Our Standards The Thomson Reuters Trust Principles JERUSALEM Reuters Israel for the first time admitted that it bombed a suspected Syrian nuclear reactor in 2007 and said on Wednesday the strike should be a warning to Iran that it would not be allowed to develop nuclear weapons The military released previously classified cockpit footage photographs and intelligence documents about its Sept 6 2007 air strike on the AlKubar facility near Deir alZor in eastern Syria It said the reactor was being constructed with help from North Korea and had been months away from activation Amos Yadlin Israel8217s military intelligence chief at the time said on Israel Radio that even with a functioning reactor it would have taken Syria years to build a nuclear weapon Reuters has been unable to immediately verify the Israeli material Israel8217s decision to go public comes after repeated calls in recent months by Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Iran Syria8217s ally Israel8217s intelligence minister Israel Katz said on Twitter 8220The 2007 operation and its success made clear that Israel will never allow nuclear weaponry to be in the hands of those who threaten its existence Syria then and Iran today8221 Iran which says its nuclear program has only peaceful aims signed a 2015 deal under which it accepted curbs on its nuclear program in return for sanctions relief US President Donald Trump and Netanyahu have both been critical of the deal The Israeli military described in detail events leading up to the night of Sept 56 2007 in which it said eight warplanes F16s and F15s carried out the mission after taking off from the Ramon and Hatzerim air bases They flew to Deir alZor region 450 km 270 miles northwest of Damascus and dropped 18 tonnes of munitions on the site it said Yadlin said Israel decided at the time against acknowledging the raid on the reactor so as not to provoke Syrian President Bashar alAssad into retaliating 8220No core No war8221 Yadlin said about Israel8217s goal A still frame taken from video material released on March 21 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir alZor on Sept 6 2007 IDFHandout via Reuters TV 8220TOP SECRET8221 The Israeli military on Wednesday declassified internal 8220top secret8221 intelligence reports in Hebrew some of them partly redacted One dated March 30 2007 said 8220Syria has set up within its territory a nuclear reactor for the production of plutonium through North Korea which according to an initial worstcase assessment is liable to be activated in approximately another year To our assessment REDACTED secretive and orderly REDACTED for achieving a nuclear weapon8221 Israeli intelligence predicted that the suspected reactor 8220would turn operational by the end of 20078221 The mission to destroy the reactor started at 1030 pm on Sept 5 and ended with the return of the warplanes at 230 am the next day the Israeli military said Slideshow 17 Images The disclosure on Wednesday stemmed in part Yadlin said from years of pressure by the Israeli media on military censors to allow them to publish Israelisourced information about the raid and the release on Wednesday of memoirs by Ehud Olmert the former prime minister who ordered the bombing The event was first made public by Syria which as reported by Reuters at the time said in the early hours of Sept 6 that its air defenses had repelled an incursion by Israeli warplanes Syria a signatory of the 1970 nuclear NonProliferation Treaty NPT has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea In his 2010 memoir 8220Decision Points8221 former US President George W Bush disclosed he discussed intelligence about the Syrian facility with Olmert before it was destroyed but did not give him the green light for the raid In 2008 the United States presented what it described as intelligence showing that North Korea had helped Syria with 8220covert nuclear activities8221 At the time Syria dismissed the accusations as part of a campaign to discredit the Damascus government The Israeli release contains a blackandwhite aerial photograph captioned 8220before the attack8221 and showing a boxlike structure amid desert dunes with smaller outlying buildings A series of blackandwhite videos taken above the target shows the structure in crosshairs A male voice is heard counting down three seconds a cloud of black smoke rises from the structure as it explodes Other footage appears to show the aftermath a smoldering hole in the ground 8220Arizona8221 one pilot radioed to military headquarters in Tel Aviv giving the code word for a successful operation Writing by Dan Williams and Stephen Farrell Editing by Janet Lawrence Our Standards The Thomson Reuters Trust Principles Reuters The US Interior Department will hold the largest lease sale in American history in the offshore Gulf of Mexico on Wednesday in a major test of the oil industry8217s appetite for federal acreage offered by the Trump administration FILE PHOTO A general view of the Centenario deepwater oil platform in the Gulf of Mexico off the coast of Veracruz Mexico January 17 2014 Picture taken January 17 2014 REUTERSHenry RomeroFile Photo The auction of more than 77 million acres 312 million hectares an area twice the size of Florida is part of an effort by President Donald Trump8217s administration to ramp up US fossil fuels production by lowering royalty rates opening up more public lands and rolling back environmental protections US crude oil and natural gas output is already smashing records thanks to improved drilling technology that has opened up cheaper onshore reservoirs and as Brazil and Mexico compete for drillers in their own deepwater acreage The United States produces about 15 million barrels of oil per day from the Gulf of Mexico about 15 percent of the national total according to the Energy Information Administration 8220American energy production can be competitive8221 Vincent DeVito an energy policy advisor at the Interior Department said of the auction 8220People need jobs the Gulf Coast states need revenue and Americans do not want to be dependent on foreign oil8221 Others called the unusually large lease sale illconsidered 8220Offering a nearly unrestricted supply in a low demand market with a cut rate royalty and almost no competition is bad policy and an inexcusable waste of taxpayer resources8221 the Center for American Progress a leftleaning policy think tank said in a statement PUMPING UP INTEREST The US government offers Gulf of Mexico leases annually but usually in smaller regional batches An auction in March 2017 for example offered up 48 million acres in the Central Gulf of Mexico planning region FILE PHOTO Unused oil rigs sit in the Gulf of Mexico near Port Fourchon Louisiana August 11 2010 REUTERSLee CelanoFile Photo Wood Mackenzie energy analyst Mfon Usoro said she expected demand for the acreage to be slightly higher than in last year8217s auctions thanks to higher oil prices and lower corporate taxes But she noted it could be hurt by competition from Latin America and concerns over the impact that US tariffs on steel imports could have on capital costs She said she expected traditional deepwater oil and gas drillers like Royal Dutch Shell Plc and Chevron Corp to 8220lead the pack8221 at the auction A spokeswoman for the American Petroleum Institute which represents US oil and gas companies said the administration8217s commitment to providing the industry broad access to the region was important 8220Without this key access to new US energy resources we could see millions in investments significant government revenues and thousands of jobs shift to other parts of the world8221 spokeswoman Cornelia Horner said She did not comment on expected demand for the acreage In an effort to pump up interest the Interior Department has said it is considering cutting the royalty rate companies must pay in offshore waters by a third to 125 percent The administration had already cut that rate for shallow water acreage offered in a Gulf of Mexico lease sale last year which nonetheless yielded relatively low bids on a small percentage of the acreage offered A Reuters analysis of government data showed the amount of money per acre that oil companies spent in the Gulf in 2017 was about a third the levels in 2013 when oil prices were higher Energy firms also bid for less than 1 percent of the offered acreage in 2017 compared with 45 percent in 2013 The administration is eyeing further vast lease sales offshore in the future having proposed opening up parts of the Arctic Atlantic and Pacific an idea that has faced pushback from several governors in US coastal states Writing by Richard Valdmanis Editing by Marguerita Choy and Paul Simao Our Standards The Thomson Reuters Trust Principles

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<p>Jan 25 (Reuters) - Shenzhen Emperor Technology Co Ltd :</p> <p>* Sees FY 2017 net profit to increase by 28.6 percent to 32.8 percent, or to be 77.7 million yuan to 80.2 million yuan</p> <p>* Says FY 2016 net profit was 60.4 million yuan</p> <p>* Says steady growth of main businesses as main reason for the forecast</p> <p>Source text in Chinese: <a href="https://goo.gl/afEi7M" type="external">goo.gl/afEi7M</a></p> <p>Further company coverage: (Beijing Headline News)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The United States slapped sanctions on Russian individuals and entities for U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to President Vladimir Putin, prompting lawmakers in both parties to say President Donald Trump needs to do much more.</p> <p>With the United States under pressure to act, the actions announced by the U.S. Treasury Department - targeting 19 individuals and five entities including Russian intelligence services - represented the most significant steps taken against Moscow since Trump assumed office in January 2017.</p> <p>The United States also joined Britain, Germany and France in demanding that Russia explain a military-grade nerve toxin attack in England on a former Russian double agent, and Trump said &#8220;it certainly looks like the Russians were behind&#8221; the incident.</p> <p>But congressional critics called the administration&#8217;s action a woefully inadequate retaliation for Russia interference in the 2016 U.S. election and cyber attacks stretching back two years that targeted the U.S. power grid including nuclear facilities.</p> <p>&#8220;The sanctions today are a grievous disappointment and fall far short of what is needed to respond to that attack on our democracy let alone deter Russia&#8217;s escalating aggression, which now includes a chemical weapons attack on the soil of our closest ally,&#8221; said Adam Schiff, the top Democrat on the House of Representatives Intelligence Committee.</p> <p>&#8220;Today&#8217;s action, using authorities provided by Congress, is an important step by the administration. But more must be done,&#8221; Republican House Foreign Affairs Committee Chairman Ed Royce added.</p> <p>Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions, and special counsel Robert Mueller is looking into whether Trump&#8217;s campaign colluded with the Russians, an allegation the president denies.</p> <p>Sixteen of the Russian individuals and entities sanctioned were indicted on Feb. 16 as part of Mueller&#8217;s criminal investigation.</p> <p>&#8220;They didn&#8217;t hit Putin&#8217;s power structure and they didn&#8217;t team up with Europe,&#8221; Brian O&#8217;Toole, a senior fellow at the Atlantic Council think tank and a former senior adviser at the Treasury Department&#8217;s Office of Foreign Assets Control, said of the administration&#8217;s actions.</p> <p>A senior administration official told Reuters that Trump, who campaigned on warmer ties with Putin, has grown exasperated with Russian activity.</p> <p>In Moscow, Deputy Foreign Minister Sergei Ryabkov said Russia was preparing retaliatory measures, as U.S.-Russian relations plunged again despite Trump&#8217;s stated desire for improved ties.</p> <p>Thursday&#8217;s announcement also marked the first time that the U.S. government stated publicly that Russia had attempted to break into the American energy grid, which U.S. security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries.</p> <p>The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe, Asia and the United States. The United States and Britain last month blamed Russian military for that attack.</p> FILE PHOTO: U.S. Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, U.S, April 26, 2017. REUTERS/Carlos Barria/File photo <p>Trump has frequently questioned a January 2017 finding by U.S. intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump&#8217;s favor. Russia denies interfering in the election.</p> <p>But Treasury Secretary Steven Mnuchin was unequivocal in saying that Thursday&#8217;s action by his department &#8220;counters Russia&#8217;s continuing destabilizing activities, ranging from interference in the 2016 election to conducting destructive cyber-attacks.&#8221;</p> &#8216;GET SMART&#8217; <p>&#8220;Putin constantly attacks our friends. So, President Trump, are you going to get smart about the threat Russia poses to the United States and our allies?&#8221; Senate Democratic leader Chuck Schumer said.</p> <p>Schiff said that only two new senior Russian officials with ties to military intelligence were included in Thursday&#8217;s action and the Obama administration had already imposed sanctions in December 2016 on the other named Russian intelligence entities and individuals.</p> FILE PHOTO: Voters cast their votes during the U.S. presidential election in Elyria, Ohio, U.S. November 8, 2016. REUTERS/Aaron Josefczyk/File Photo <p>Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that &#8220;it certainly looks like the Russians were behind&#8221; the use of a nerve agent to attack Sergei Skripal, a former Russian double agent in England. Trump called it &#8220;something that should never, ever happen, and we&#8217;re taking it very seriously, as I think are many others.&#8221;</p> <p>Russian government hackers since at least March 2016 &#8220;have also targeted U.S. government entities and multiple U.S. critical infrastructure sectors, including the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors,&#8221; a Treasury Department statement said.</p> <p>A senior administration told reporters on a conference call that Russian actors infiltrated parts of the U.S. energy sector.</p> <p>&#8220;We were able to identify where they were located within those business systems and remove them from those business systems,&#8221; the official said, speaking on condition of anonymity.</p> Related Coverage <a href="/article/us-usa-russia-sanctions-whitehouse/white-house-will-remain-tough-on-russia-until-its-behavior-changes-idUSKCN1GR313" type="external">White House: will remain tough on Russia until its behavior changes</a> <a href="/article/us-usa-russia-sanctions-energygrid/u-s-blames-russia-for-cyber-attacks-on-energy-grid-other-sectors-idUSKCN1GR2G3" type="external">U.S. blames Russia for cyber attacks on energy grid, other sectors</a> <a href="/article/us-usa-russia-sanctions-prigozhin/russian-businessman-prigozhin-dismisses-new-u-s-sanctions-ria-idUSKCN1GR2G7" type="external">Russian businessman Prigozhin dismisses new U.S. sanctions: RIA</a> <p>Mnuchin said there would be additional sanctions against Russian government officials and oligarchs &#8220;for their destabilizing activities.&#8221; Mnuchin did not give a time frame for those sanctions, which he said would sever the individuals&#8217; access to the U.S. financial system.</p> <p>The new sanctions include Russian intelligence services, the Federal Security Service (FSB) and Main Intelligence Directorate (GRU), and six individuals working on behalf of the GRU.</p> <p>Thursday&#8217;s action blocks all property of those targeted that is subject to U.S. jurisdiction and prohibits American citizens from engaging in transactions with them.</p> <p>Russian businessman Evgeny Prigozhin, one of those indicted by Mueller and hit with sanctions on Thursday, said in comments cited by RIA news agency that he was not worried.</p> <p>&#8220;I have been sanctioned maybe three or four times - I&#8217;m tired of counting, I can&#8217;t remember. I don&#8217;t have any business in the United States or with Americans. I&#8217;m not worried by this. Except that now I will stop going to McDonald&#8217;s,&#8221; Prigozhin was quoted as saying.</p> <p>Reporting by Steve Holland and Doina Chiacu; Additional reporting by Dustin Volz, Lesley Wroughton, Warren Strobel and James Oliphant in Washington and Polina Ivanova in Moscow; Editing by Mary Milliken and Will Dunham</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. President Donald Trump&#8217;s administration will maintain tough policies against Russia until Moscow changes its behavior, the White House said on Thursday.</p> White House Press Secretary Sarah Huckabee Sanders takes questions during a daily briefing at the White House in Washington, U.S. March 12, 2018. REUTERS/Leah Millis <p>&#8220;I think you can see from the actions we&#8217;ve taken up until this point we&#8217;re going to be tough on Russia until they decide to change their behavior,&#8221; White House spokeswoman Sarah Sanders told a regular briefing after being asked if Russian President Vladimir Putin was &#8220;playing&#8221; Trump.</p> <p>Earlier in the day, Washington slapped sanctions on Russian individuals and entities for alleged U.S. election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin, prompting U.S. lawmakers in both parties to say Trump needs to do much more.</p> <p>Reporting by Jim Oliphant; Writing by Eric Walsh; Editing by Eric Beech</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/OSLO (Reuters) - U.S. President Donald Trump has bashed international efforts to combat climate change and questioned the scientific consensus that global warming is dangerous and driven by human consumption of fossil fuels.</p> <p>But there is a disconnect between what Trump says at home and what his government does abroad. While attention has been focused on Trump&#8217;s rhetoric, State Department envoys, federal agencies, and government scientists remain active participants in international efforts to both research and fight climate change, according to U.S. and foreign representatives involved in those efforts.</p> <p>&#8220;We really don&#8217;t detect any change with the Americans,&#8221; said one of the officials, Aleksi H&#228;rk&#246;nen of Finland, who chairs the eight-nation Arctic Council&#8217;s key group of senior officials, who are charged with protecting a region warming faster than any other on Earth.</p> <p>Over the past year, the United States has helped draft the rulebook for implementing the Paris climate accord, signed international memoranda calling for global action to fight climate change, boosted funding for overseas clean energy projects, and contributed to global research on the dangers and causes of the Earth&#8217;s warming.</p> <p>While the United States&#8217; participation in international forums &#8211; including the Paris accord and the Arctic Council - has been reported, its continued, broad and constructive support for climate change efforts in these gatherings has not.</p> <p>This business-as-usual approach has surprised some of America&#8217;s foreign partners, along with some of Trump&#8217;s allies, who had expected the new administration to match its rhetoric with an obstructionist approach to combating climate change.</p> <p>&#8220;I am concerned that much of our climate policy remains on autopilot,&#8221; complained Trump&#8217;s former energy adviser Myron Ebell, now a research director at the right-leaning Competitive Enterprise Institute, who said it reflects a failure by the administration to fill key positions and replace staffers who oppose the president&#8217;s agenda.</p> <p>The U.S. efforts abroad to tackle climate change have been counter-balanced by Trump&#8217;s aggressive push at home to increase production of the fossil fuels scientists blame for global warming. He has also ordered a wide-ranging rollback of Obama-era climate regulations and appointed a self-described climate skeptic, Scott Pruitt, as the nation&#8217;s chief environmental regulator.</p> <p>And to be sure, none of the U.S. dealings in international climate efforts since last year have committed the United States to any emissions cuts that would undermine Trump&#8217;s domestic energy agenda.</p> <p>The State Department &#8211; which handles the bulk of U.S. climate policy abroad - told Reuters it was still developing its global warming policy under Trump.</p> <p>&#8220;In the meantime, we will continue to participate ... to ensure a level playing field that benefits and protects U.S. interests, and to keep all options open for the President,&#8221; State Department spokesman Ambrose Sayles said in a statement before Trump sacked Secretary of State Rex Tillerson on Tuesday.</p> <p>Tillerson&#8217;s departure leaves a question mark over the future of U.S. climate policy abroad. Tillerson was in favor of the Paris accord, while his successor, Mike Pompeo, has expressed doubts about the science of climate change. Climate advocates say they hope Pompeo will be too distracted by tensions with Iran and North Korea to change the State Department&#8217;s approach to climate change.</p> <p>White House spokesman Raj Shah did not respond to specific questions about how the U.S. was conducting its climate policy overseas, but said the administration sought to balance economic and environmental concerns.</p> <p>&#8220;The climate has changed and is always changing,&#8221; Shah said. &#8220;To address climate change as well as other risks, the United States will continue to promote access to the affordable and reliable energy needed to grow economically, and to support technology, innovation and the development of modern and efficient infrastructure that will reduce emissions and enable us to address future risks.&#8221;</p> ROLLBACK AT HOME, RULEBOOK ABROAD <p>Trump announced last year that he was withdrawing the United States from the Paris Agreement&amp;#160;to fight global warming, raising concerns among other parties to the deal that Washington might attempt to torpedo the accord or disengage from it completely.</p> <p>That hasn&#8217;t happened. Washington sent a 40-strong delegation to talks in Bonn in November to help draft rules of the road for the 200 participating nations. It was a smaller delegation than Washington had sent to past meetings, but it still won praise from fellow delegates for its work.</p> <p>For example, Andrew Rakestraw &#8211; a climate negotiator for the State Department since 2013 - co-chaired discussions on how to ensure that the pledges by signatories are comparable and use the same accounting standards - a point seen as critical to the success of the accord.</p> <p>Nazhat Shameem Khan, chief negotiator for Fiji, which presided over the talks, said the United States delegation was &#8220;constructive and helpful.&#8221;&amp;#160; The U.N.&#8217;s climate chief, Patricia Espinosa, also called the U.S. role constructive.&amp;#160;</p> Mountains stick up through a massive ice sheet covering Greenland near the eastern coast of the country, March 13, 2018. REUTERS/Lucas Jackson <p>Thomas Shannon, the State Department&#8217;s chief climate negotiator in Bonn, did not respond to requests for comment. Rakestraw also did not respond to calls and emails requesting comment.</p> <p>A U.S. source familiar with the U.S. position at the talks, who asked not to be named, said that U.S. delegates in Bonn were pushing an agenda that resembled those of past administrations &#8211; stressing that emerging economies like China follow the same rules as developed nations and meet international standards for monitoring and reporting emissions.</p> <p>There was one jarring note: Washington sponsored a side event to promote &#8220;clean coal.&#8221; Some other delegates said they were unhappy with this, as they wanted the talks to focus on renewable energies.</p> <p>Under the details of the accord, the United States cannot formally withdraw until 2020.</p> ARCTIC MELTING AND SOLAR POWER <p>The State Department&#8217;s delegations to the Arctic Council are continuing their work in much the same way they did under President Barack Obama - acknowledging that warming is real and should be countered in planning everything from new shipping routes to the protection of indigenous peoples.</p> Slideshow (7 Images) <p>Some U.S. agencies are also still bolstering international efforts to fight climate change.</p> <p>The Overseas Private Investment Corporation, which seeks to advance U.S. policy by financing foreign business ventures, doubled its support for solar projects in 2017 under a climate-friendly policy last updated by the Obama administration.</p> <p>And NASA, the U.S. space agency, continues to research climate change, publish climate change data, and contribute to international reports, spokesman Stephen Cole said.</p> <p>&amp;#160;&amp;#160;&amp;#160; Both OPIC and NASA are independent of the State Department, so would not be under Pompeo&#8217;s sway.</p> &#8216;NO CHALLENGE&#8217; <p>&amp;#160;&amp;#160;&amp;#160; Scientists representing the United States in international research say they have also been unfettered by the Trump administration, despite concerns early in the Trump presidency that the White House would seek to silence them or restrict their work.</p> <p>&#8220;There has been no pressure on U.S. authors,&#8221; said one U.S. scientist, who is now helping to write a United Nations report that will call for coal to be &#8220;phased out rapidly&#8221; to limit global warming -&amp;#160; a direct clash with Trump&#8217;s pro-coal agenda.</p> <p>The scientist asked not to be named because the draft report from the Intergovernmental Panel on Climate Change (IPCC), due to be released in October, is confidential.</p> <p>&#8220;Our U.S. colleagues know that climate change is not a hoax,&#8221; said one of the non-U.S. authors of the same report, who also spoke on condition of anonymity.</p> <p>Christopher Field, a professor of environmental studies at Stanford University who co-chaired a 2014 IPCC report on the impacts of climate change,&amp;#160;agreed:&amp;#160;&#8220;I&#8217;ve not seen any indication that the climate denialism from Trump and other members of the administration has had any influence ... on the alignment of the U.S. scientific community with the scientific consensus around the world.&#8221;</p> <p>Still, scientists worry that while the Trump administration is not interfering with their research it is ignoring it.</p> <p>The Trump administration made no move to block an assessment by 300 experts last year that outlined the threats and causes of warming in&amp;#160;the United States and concluded there is &#8220;no convincing alternative explanation&#8221; for climate change than human activity.</p> <p>&#8220;But then they haven&#8217;t acknowledged the findings, nor changed their climate science denying stance,&#8221; said the U.S. scientist involved in drafting the U.N. coal report.</p> <p>Additional reporting by Valerie Volcovici in Washington and Nichola Groom in Los Angeles; Editing by Richard Valdmanis and Ross Colvin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents, including some related to Russia, the New York Times reported on Thursday, citing two people briefed on the matter.</p> FILE PHOTO: Special Counsel Robert Mueller departs after briefing members of the U.S. Senate on his investigation into potential collusion between Russia and the Trump campaign on Capitol Hill in Washington, DC, U.S., June 21, 2017. REUTERS/Joshua Roberts/File Photo <p>Details of the subpoena were not available, the New York Times reported, but it was the first known time Mueller demanded materials directly related to U.S. President Donald Trump&#8217;s businesses.</p> <p>U.S. stock prices fell on the report, with the S&amp;amp;P 500 reaching session lows, while the dollar slipped against the euro and yen and yields on U.S. government debt moved lower.</p> <p>The White House declined to comment specifically on the report and referred questions to the Trump Organization.</p> <p>&#8220;We&#8217;re going to continue to fully cooperate. Out of respect for the special counsel, we&#8217;re not going to comment,&#8221; White House spokeswoman Sarah Sanders said during a briefing on Thursday.</p> <p>A Trump Organization spokeswoman did not immediately respond to a request for comment.</p> <p>Mueller is investigating Russian attempts to influence the 2016 U.S. election, and potential collusion by Trump aides. Russia has denied U.S. intelligence agencies&#8217; conclusion that it meddled in the election and Trump has said there was no collusion between his campaign and Moscow officials.</p> <p>Mueller has charged several Trump associates and more than a dozen Russians.</p> <p>Peter Carr, a spokesman for Mueller, declined to comment on the Times report.</p> <p>Witnesses interviewed by Mueller have been asked about a possible real estate deal in Moscow, although the Trump Organization has denied having any real estate holdings in Russia, the Times reported.</p> <p>Reporting by Karen Freifeld, Doina Chiacu and James Oliphant; editing by Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Shenzhen Emperor Technology sees FY 2017 net profit to up 28.6 pct to 32.8 pct U.S. sanctions Russians for meddling, but puts off punishing oligarchs White House: will remain tough on Russia until its behavior changes Weathering Trump's skepticism, U.S. officials still fighting global warming U.S. special counsel subpoenas Trump Organization for documents: NYT

https://reuters.com/article/brief-shenzhen-emperor-technology-sees-f/brief-shenzhen-emperor-technology-sees-fy-2017-net-profit-to-up-286-pct-to-328-pct-idUSL4N1PK27D

2018-01-25

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Jan 25 Reuters Shenzhen Emperor Technology Co Ltd Sees FY 2017 net profit to increase by 286 percent to 328 percent or to be 777 million yuan to 802 million yuan Says FY 2016 net profit was 604 million yuan Says steady growth of main businesses as main reason for the forecast Source text in Chinese googlafEi7M Further company coverage Beijing Headline News Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The United States slapped sanctions on Russian individuals and entities for US election meddling and cyber attacks but put off targeting oligarchs and government officials close to President Vladimir Putin prompting lawmakers in both parties to say President Donald Trump needs to do much more With the United States under pressure to act the actions announced by the US Treasury Department targeting 19 individuals and five entities including Russian intelligence services represented the most significant steps taken against Moscow since Trump assumed office in January 2017 The United States also joined Britain Germany and France in demanding that Russia explain a militarygrade nerve toxin attack in England on a former Russian double agent and Trump said 8220it certainly looks like the Russians were behind8221 the incident But congressional critics called the administration8217s action a woefully inadequate retaliation for Russia interference in the 2016 US election and cyber attacks stretching back two years that targeted the US power grid including nuclear facilities 8220The sanctions today are a grievous disappointment and fall far short of what is needed to respond to that attack on our democracy let alone deter Russia8217s escalating aggression which now includes a chemical weapons attack on the soil of our closest ally8221 said Adam Schiff the top Democrat on the House of Representatives Intelligence Committee 8220Today8217s action using authorities provided by Congress is an important step by the administration But more must be done8221 Republican House Foreign Affairs Committee Chairman Ed Royce added Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions and special counsel Robert Mueller is looking into whether Trump8217s campaign colluded with the Russians an allegation the president denies Sixteen of the Russian individuals and entities sanctioned were indicted on Feb 16 as part of Mueller8217s criminal investigation 8220They didn8217t hit Putin8217s power structure and they didn8217t team up with Europe8221 Brian O8217Toole a senior fellow at the Atlantic Council think tank and a former senior adviser at the Treasury Department8217s Office of Foreign Assets Control said of the administration8217s actions A senior administration official told Reuters that Trump who campaigned on warmer ties with Putin has grown exasperated with Russian activity In Moscow Deputy Foreign Minister Sergei Ryabkov said Russia was preparing retaliatory measures as USRussian relations plunged again despite Trump8217s stated desire for improved ties Thursday8217s announcement also marked the first time that the US government stated publicly that Russia had attempted to break into the American energy grid which US security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe Asia and the United States The United States and Britain last month blamed Russian military for that attack FILE PHOTO US Secretary of the Treasury Steven Mnuchin discusses the Trump administrations tax reform proposal in the White House briefing room in Washington US April 26 2017 REUTERSCarlos BarriaFile photo Trump has frequently questioned a January 2017 finding by US intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump8217s favor Russia denies interfering in the election But Treasury Secretary Steven Mnuchin was unequivocal in saying that Thursday8217s action by his department 8220counters Russia8217s continuing destabilizing activities ranging from interference in the 2016 election to conducting destructive cyberattacks8221 8216GET SMART8217 8220Putin constantly attacks our friends So President Trump are you going to get smart about the threat Russia poses to the United States and our allies8221 Senate Democratic leader Chuck Schumer said Schiff said that only two new senior Russian officials with ties to military intelligence were included in Thursday8217s action and the Obama administration had already imposed sanctions in December 2016 on the other named Russian intelligence entities and individuals FILE PHOTO Voters cast their votes during the US presidential election in Elyria Ohio US November 8 2016 REUTERSAaron JosefczykFile Photo Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that 8220it certainly looks like the Russians were behind8221 the use of a nerve agent to attack Sergei Skripal a former Russian double agent in England Trump called it 8220something that should never ever happen and we8217re taking it very seriously as I think are many others8221 Russian government hackers since at least March 2016 8220have also targeted US government entities and multiple US critical infrastructure sectors including the energy nuclear commercial facilities water aviation and critical manufacturing sectors8221 a Treasury Department statement said A senior administration told reporters on a conference call that Russian actors infiltrated parts of the US energy sector 8220We were able to identify where they were located within those business systems and remove them from those business systems8221 the official said speaking on condition of anonymity Related Coverage White House will remain tough on Russia until its behavior changes US blames Russia for cyber attacks on energy grid other sectors Russian businessman Prigozhin dismisses new US sanctions RIA Mnuchin said there would be additional sanctions against Russian government officials and oligarchs 8220for their destabilizing activities8221 Mnuchin did not give a time frame for those sanctions which he said would sever the individuals8217 access to the US financial system The new sanctions include Russian intelligence services the Federal Security Service FSB and Main Intelligence Directorate GRU and six individuals working on behalf of the GRU Thursday8217s action blocks all property of those targeted that is subject to US jurisdiction and prohibits American citizens from engaging in transactions with them Russian businessman Evgeny Prigozhin one of those indicted by Mueller and hit with sanctions on Thursday said in comments cited by RIA news agency that he was not worried 8220I have been sanctioned maybe three or four times I8217m tired of counting I can8217t remember I don8217t have any business in the United States or with Americans I8217m not worried by this Except that now I will stop going to McDonald8217s8221 Prigozhin was quoted as saying Reporting by Steve Holland and Doina Chiacu Additional reporting by Dustin Volz Lesley Wroughton Warren Strobel and James Oliphant in Washington and Polina Ivanova in Moscow Editing by Mary Milliken and Will Dunham Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US President Donald Trump8217s administration will maintain tough policies against Russia until Moscow changes its behavior the White House said on Thursday White House Press Secretary Sarah Huckabee Sanders takes questions during a daily briefing at the White House in Washington US March 12 2018 REUTERSLeah Millis 8220I think you can see from the actions we8217ve taken up until this point we8217re going to be tough on Russia until they decide to change their behavior8221 White House spokeswoman Sarah Sanders told a regular briefing after being asked if Russian President Vladimir Putin was 8220playing8221 Trump Earlier in the day Washington slapped sanctions on Russian individuals and entities for alleged US election meddling and cyber attacks but put off targeting oligarchs and government officials close to Putin prompting US lawmakers in both parties to say Trump needs to do much more Reporting by Jim Oliphant Writing by Eric Walsh Editing by Eric Beech Our Standards The Thomson Reuters Trust Principles WASHINGTONOSLO Reuters US President Donald Trump has bashed international efforts to combat climate change and questioned the scientific consensus that global warming is dangerous and driven by human consumption of fossil fuels But there is a disconnect between what Trump says at home and what his government does abroad While attention has been focused on Trump8217s rhetoric State Department envoys federal agencies and government scientists remain active participants in international efforts to both research and fight climate change according to US and foreign representatives involved in those efforts 8220We really don8217t detect any change with the Americans8221 said one of the officials Aleksi H228rk246nen of Finland who chairs the eightnation Arctic Council8217s key group of senior officials who are charged with protecting a region warming faster than any other on Earth Over the past year the United States has helped draft the rulebook for implementing the Paris climate accord signed international memoranda calling for global action to fight climate change boosted funding for overseas clean energy projects and contributed to global research on the dangers and causes of the Earth8217s warming While the United States8217 participation in international forums 8211 including the Paris accord and the Arctic Council has been reported its continued broad and constructive support for climate change efforts in these gatherings has not This businessasusual approach has surprised some of America8217s foreign partners along with some of Trump8217s allies who had expected the new administration to match its rhetoric with an obstructionist approach to combating climate change 8220I am concerned that much of our climate policy remains on autopilot8221 complained Trump8217s former energy adviser Myron Ebell now a research director at the rightleaning Competitive Enterprise Institute who said it reflects a failure by the administration to fill key positions and replace staffers who oppose the president8217s agenda The US efforts abroad to tackle climate change have been counterbalanced by Trump8217s aggressive push at home to increase production of the fossil fuels scientists blame for global warming He has also ordered a wideranging rollback of Obamaera climate regulations and appointed a selfdescribed climate skeptic Scott Pruitt as the nation8217s chief environmental regulator And to be sure none of the US dealings in international climate efforts since last year have committed the United States to any emissions cuts that would undermine Trump8217s domestic energy agenda The State Department 8211 which handles the bulk of US climate policy abroad told Reuters it was still developing its global warming policy under Trump 8220In the meantime we will continue to participate to ensure a level playing field that benefits and protects US interests and to keep all options open for the President8221 State Department spokesman Ambrose Sayles said in a statement before Trump sacked Secretary of State Rex Tillerson on Tuesday Tillerson8217s departure leaves a question mark over the future of US climate policy abroad Tillerson was in favor of the Paris accord while his successor Mike Pompeo has expressed doubts about the science of climate change Climate advocates say they hope Pompeo will be too distracted by tensions with Iran and North Korea to change the State Department8217s approach to climate change White House spokesman Raj Shah did not respond to specific questions about how the US was conducting its climate policy overseas but said the administration sought to balance economic and environmental concerns 8220The climate has changed and is always changing8221 Shah said 8220To address climate change as well as other risks the United States will continue to promote access to the affordable and reliable energy needed to grow economically and to support technology innovation and the development of modern and efficient infrastructure that will reduce emissions and enable us to address future risks8221 ROLLBACK AT HOME RULEBOOK ABROAD Trump announced last year that he was withdrawing the United States from the Paris Agreementamp160to fight global warming raising concerns among other parties to the deal that Washington might attempt to torpedo the accord or disengage from it completely That hasn8217t happened Washington sent a 40strong delegation to talks in Bonn in November to help draft rules of the road for the 200 participating nations It was a smaller delegation than Washington had sent to past meetings but it still won praise from fellow delegates for its work For example Andrew Rakestraw 8211 a climate negotiator for the State Department since 2013 cochaired discussions on how to ensure that the pledges by signatories are comparable and use the same accounting standards a point seen as critical to the success of the accord Nazhat Shameem Khan chief negotiator for Fiji which presided over the talks said the United States delegation was 8220constructive and helpful8221amp160 The UN8217s climate chief Patricia Espinosa also called the US role constructiveamp160 Mountains stick up through a massive ice sheet covering Greenland near the eastern coast of the country March 13 2018 REUTERSLucas Jackson Thomas Shannon the State Department8217s chief climate negotiator in Bonn did not respond to requests for comment Rakestraw also did not respond to calls and emails requesting comment A US source familiar with the US position at the talks who asked not to be named said that US delegates in Bonn were pushing an agenda that resembled those of past administrations 8211 stressing that emerging economies like China follow the same rules as developed nations and meet international standards for monitoring and reporting emissions There was one jarring note Washington sponsored a side event to promote 8220clean coal8221 Some other delegates said they were unhappy with this as they wanted the talks to focus on renewable energies Under the details of the accord the United States cannot formally withdraw until 2020 ARCTIC MELTING AND SOLAR POWER The State Department8217s delegations to the Arctic Council are continuing their work in much the same way they did under President Barack Obama acknowledging that warming is real and should be countered in planning everything from new shipping routes to the protection of indigenous peoples Slideshow 7 Images Some US agencies are also still bolstering international efforts to fight climate change The Overseas Private Investment Corporation which seeks to advance US policy by financing foreign business ventures doubled its support for solar projects in 2017 under a climatefriendly policy last updated by the Obama administration And NASA the US space agency continues to research climate change publish climate change data and contribute to international reports spokesman Stephen Cole said amp160amp160amp160 Both OPIC and NASA are independent of the State Department so would not be under Pompeo8217s sway 8216NO CHALLENGE8217 amp160amp160amp160 Scientists representing the United States in international research say they have also been unfettered by the Trump administration despite concerns early in the Trump presidency that the White House would seek to silence them or restrict their work 8220There has been no pressure on US authors8221 said one US scientist who is now helping to write a United Nations report that will call for coal to be 8220phased out rapidly8221 to limit global warming amp160 a direct clash with Trump8217s procoal agenda The scientist asked not to be named because the draft report from the Intergovernmental Panel on Climate Change IPCC due to be released in October is confidential 8220Our US colleagues know that climate change is not a hoax8221 said one of the nonUS authors of the same report who also spoke on condition of anonymity Christopher Field a professor of environmental studies at Stanford University who cochaired a 2014 IPCC report on the impacts of climate changeamp160agreedamp1608220I8217ve not seen any indication that the climate denialism from Trump and other members of the administration has had any influence on the alignment of the US scientific community with the scientific consensus around the world8221 Still scientists worry that while the Trump administration is not interfering with their research it is ignoring it The Trump administration made no move to block an assessment by 300 experts last year that outlined the threats and causes of warming inamp160the United States and concluded there is 8220no convincing alternative explanation8221 for climate change than human activity 8220But then they haven8217t acknowledged the findings nor changed their climate science denying stance8221 said the US scientist involved in drafting the UN coal report Additional reporting by Valerie Volcovici in Washington and Nichola Groom in Los Angeles Editing by Richard Valdmanis and Ross Colvin Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US Special Counsel Robert Mueller has subpoenaed the Trump Organization for documents including some related to Russia the New York Times reported on Thursday citing two people briefed on the matter FILE PHOTO Special Counsel Robert Mueller departs after briefing members of the US Senate on his investigation into potential collusion between Russia and the Trump campaign on Capitol Hill in Washington DC US June 21 2017 REUTERSJoshua RobertsFile Photo Details of the subpoena were not available the New York Times reported but it was the first known time Mueller demanded materials directly related to US President Donald Trump8217s businesses US stock prices fell on the report with the SampampP 500 reaching session lows while the dollar slipped against the euro and yen and yields on US government debt moved lower The White House declined to comment specifically on the report and referred questions to the Trump Organization 8220We8217re going to continue to fully cooperate Out of respect for the special counsel we8217re not going to comment8221 White House spokeswoman Sarah Sanders said during a briefing on Thursday A Trump Organization spokeswoman did not immediately respond to a request for comment Mueller is investigating Russian attempts to influence the 2016 US election and potential collusion by Trump aides Russia has denied US intelligence agencies8217 conclusion that it meddled in the election and Trump has said there was no collusion between his campaign and Moscow officials Mueller has charged several Trump associates and more than a dozen Russians Peter Carr a spokesman for Mueller declined to comment on the Times report Witnesses interviewed by Mueller have been asked about a possible real estate deal in Moscow although the Trump Organization has denied having any real estate holdings in Russia the Times reported Reporting by Karen Freifeld Doina Chiacu and James Oliphant editing by Grant McCool Our Standards The Thomson Reuters Trust Principles

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<p>(Reuters) - The real estate company of Jared Kushner, U.S. President Donald Trump&#8217;s senior adviser and son-in-law, will no longer seek $150 million from wealthy Chinese investors for a New Jersey building project, the Associated Press reported on Wednesday.</p> White House Senior adviser Jared Kushner sits behind President Trump during a cabinet meeting at the White House, November 1, 2017. REUTERS/Kevin Lamarque <p>Kushner Cos has stopped trying to raise money from Chinese investors to pay for the two-tower luxury apartment complex after criticism that it was trying to benefit from its White House ties, the AP said, citing a source. <a href="http://bit.ly/2n86G0E" type="external">bit.ly/2n86G0E</a></p> <p>The company and its partner KABR Group were trying to raise money under the EB-5 visa program that grants visas to wealthy foreigners investing in the United States, according to the AP. Most EB-5 holders are wealthy Chinese individuals.</p> <p>&#8220;Kushner Companies considers all reasonable and appropriate financing options on a project by project basis,&#8221; spokeswoman Chris Taylor told Reuters via email, without elaborating.</p> <p>KABR did not immediately respond to a request for comment.</p> <p>The Kushners&#8217; use of EB-5 visas to raise cash to finance developments gained attention in May last year, when Jared Kushner&#8217;s sister, Nicole Kushner, spoke at an event in Shanghai to attract Chinese investment into the building complex. The company later apologized for mentioning Jared Kushner&#8217;s name while wooing investors.</p> <p>Kushner Cos is being investigated by the U.S. Securities and Exchange Commission for its use of the EB-5 program, the Wall Street Journal reported earlier this month.</p> <p>Jared Kushner resigned from his role leading Kushner Cos when he joined the White House early last year but still owns a stake in parts of the business, according to the Journal.</p> <p>Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sai Sachin Ravikumar</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Conservative U.S. Supreme Court justices on Tuesday signaled sympathy for Christian-based facilities that argued that a California law requiring them to post signs disclosing the availability of state-subsidized abortions and birth control violates their right to free speech.</p> Anti-abortion rights demonstrators stand by a pile of discarded protest signs as they rally outside as the U.S. Supreme Court hears oral arguments in the abortion case National Institute of Family and Life Advocates (NIFLA) v. Becerra, in Washington, U.S. March 20, 2018. REUTERS/Jonathan Ernst <p>The court has a 5-4 conservative majority, and several of the justices expressed concerns that the law was fashioned in order to specifically target the centers, which are staunchly opposed to abortion. Even some of the liberal justices voiced concern over parts of the law during an hour-long argument in an appeal by a group of non-profit facilities called crisis pregnancy centers of a lower court ruling upholding the Democratic-backed 2015 law.</p> <p>The case represents a crossroads of two contentious issues: abortion and the breadth of the right to freedom of speech under the U.S. Constitution&#8217;s First Amendment. The Supreme Court legalized abortion in 1973, and the wider issue of abortion rights is not at issue in the case.</p> <p>Crisis pregnancy centers say they offer legitimate health services but that it is their mission to steer women with unplanned pregnancies away from abortion. They accuse California of forcing them to advertise for abortion even though they oppose it.</p> <p>California says some crisis pregnancy centers mislead women by presenting themselves as full-service reproductive healthcare facilities and the law helps ensure these clients are made aware of abortion services available elsewhere.</p> <p>The San Francisco-based 9th U.S. Circuit Court of Appeals upheld the law in 2016 after it was challenged by some of these facilities, finding the statute did not discriminate based on viewpoint.</p> <p>California&#8217;s Reproductive FACT Act, passed by a Democratic-led legislature and signed by Democratic Governor Jerry Brown, requires centers licensed as family planning facilities to post or distribute notices that the state has programs offering free or low-cost birth control and abortion services. The law requires unlicensed facilities with no medical provider on staff to disclose that fact.</p> <p>Abortion rights advocates say the roughly 2,700 U.S. anti-abortion pregnancy centers, including around 200 in California, far outnumber facilities providing abortions.</p> Anti-abortion rights demonstrators rally outside as the U.S. Supreme Court hears oral arguments in the abortion case National Institute of Family and Life Advocates (NIFLA) v. Becerra, in Washington, U.S. March 20, 2018. REUTERS/Jonathan Ernst <p>Demonstrators on both sides of the dispute rallied outside the courthouse on a rainy morning.</p> <p>Lorri Valle, a nurse at a crisis pregnancy center in Willimantic, Connecticut, said she gives her clients all the reproductive care information they seek. &#8220;I&#8217;d never remove a choice of a woman to do what she wants to do, I&#8217;d never judge,&#8221; said Valle, 54. But posting a sign about abortion is a step too far, she said, adding, &#8220;I can&#8217;t in all good conscience have a sign that says where you can kill your baby.&#8221;</p> Slideshow (4 Images) <p>Carolinn Kuebler, an architect in Washington, said she came to support the California law because to her free speech rights are also at stake for women who might be deceived by crisis pregnancy centers. &#8220;The First Amendment means being able to make an informed decision with what I do with my body,&#8221; said Kuebler, 64. &#8220;Without the correct information, I can&#8217;t do that.&#8221;</p> <p>The California challengers are the National Institute of Family and Life Advocates, an umbrella group for crisis pregnancy centers, and two such facilities in San Diego County. The plaintiffs had told the lower courts that they would not comply with the law.</p> <p>A win for them could make it harder for Democratic-governed states to impose rules on crisis pregnancy centers, but also could help abortion rights advocates challenge laws in Republican-governed states that impose certain requirements on abortion clinics.</p> <p>California said its law does not force crisis pregnancy centers to refer women for abortions, nor does it prevent them from voicing their views on abortion. The state told the justices in legal papers that some centers use incomplete or false medical advice to try to prevent women from having an abortion. Some resemble medical clinics, down to lab coats worn by staff, to try to confuse women into thinking they are at a center offering all options, the state added.</p> <p>The facilities deny using deceptive tactics.</p> <p>A ruling is due by the end of June.</p> <p>Reporting by Andrew Chung; Editing by Will Dunham</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/LONDON (Reuters) - The U.S. Federal Trade Commission is investigating Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) over its use of personal data, Bloomberg News reported on Tuesday, after a whistleblower said a political consultancy hired by Donald Trump improperly accessed information on 50 million Facebook users to sway public opinion.</p> FILE PHOTO - The Federal Trade Commission building is seen in Washington on March 4, 2012. REUTERS/Gary Cameron <p>Facebook shares dropped 4.7 percent, after falling almost 7 percent on Monday, as investors worried that the world&#8217;s largest social media network could face massive fines and that its dented reputation could scare off users and advertisers. The drop erased more than $20 billion from its market capitalization.</p> <p>Shares of Snap Inc ( <a href="/finance/stocks/overview?symbol=SNAP.N" type="external">SNAP.N</a>) and Twitter Inc ( <a href="/finance/stocks/overview?symbol=TWTR.N" type="external">TWTR.N</a>) also fell.</p> <p>U.S. and European lawmakers have demanded an explanation of how the consultancy, Cambridge Analytica, gained access to the data in 2014 and why Facebook failed to inform its users, raising broader industry questions about consumer privacy.</p> <p>The probe by the FTC, the regulatory agency in charge of consumer protection, would look into whether Facebook allowed Cambridge Analytica to receive some Facebook user data in violation of its policies, said Bloomberg, citing a person familiar with the matter.</p> <p>&#8220;We are aware of the issues that have been raised but cannot comment on whether we are investigating. We take any allegations of violations of our consent decrees very seriously as we did in 2012 in a privacy case involving Google,&#8221; an FTC spokesman said.</p> <p>In 2011, Facebook settled complaints that it disregarded its users&#8217; privacy, agreeing to set up measures to better protect its 800 million members&#8217; data and FTC officials are now looking into whether Facebook violated the 2011 agreement, Bloomberg reported.</p> <p>If the FTC finds Facebook violated terms of the consent decree, it has the power to fine the company thousands of dollars a day per violation.</p> <p>Facebook was not immediately available to comment on the reported FTC probe.</p> PERSONAL INFORMATION <p>In Britain, the Information Commission was seeking a warrant on Tuesday from a judge to search the offices of London-based Cambridge Analytica.</p> <p>On Tuesday people were seen carrying multiple plastic storage containers into and out of the building that houses Cambridge Analytica&#8217;s London office, among other companies. It was not clear which firm they were going to.</p> <p>&#8220;We are looking at whether or not Facebook secured and safeguarded personal information on the platform and whether when they found out about the loss of the data they acted robustly and whether or not people were informed,&#8221; Elizabeth Denham, the head of the Information Commission told BBC Radio.</p> <p>Created in 2013, Cambridge Analytica markets itself as a source of consumer research, targeted advertising and other data-related services to both political and corporate clients.</p> <p>According to the New York Times, it was launched with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by the-then future Trump White House adviser Steve Bannon.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 162.33 FB.O Nasdaq -10.23 (-5.93%) FB.O SNAP.N TWTR.N <p>Facebook says the data were harvested by a British academic, Aleksandr Kogan, who created an app on the platform that was downloaded by 270,000 people, providing access not only to their own personal data but also their friends&#8217;.</p> <p>Facebook said Kogan then violated its policies by passing the data to Cambridge Analytica. Facebook has since suspended both the consulting firm and SCL (Strategic Communication Laboratories), a government and military contractor.</p> <p>Facebook said it had been told that the data were destroyed.</p> <p>Kogan says he changed the terms and conditions of his personality-test app on Facebook from academic to commercial part way through the project, according to an email to Cambridge University colleagues obtained and cited by CNN.</p> <p>Kogan says Facebook made no objection, but Facebook says it was not informed of the change, CNN reported. Kogan was not immediately reachable for comment.</p> <p>&#8220;If this data still exists, it would be a grave violation of Facebook&#8217;s policies and an unacceptable violation of trust and the commitments these groups made,&#8221; Facebook said.</p> <p>Cambridge Analytica has denied all the media claims and said it deleted the data after learning the information did not adhere to data protection rules.</p> Related Video <p>&#8220;We are not alone in using data from social media sites to extract user information,&#8221; Cambridge Analytica said. &#8220;No Facebook data was used by our data science team in the 2016 presidential campaign.&#8221;</p> <p>Reporting by Kate Holton and Paul Sandle in London, and David Shephardson and Susan Heavey in Washington; Writing by Susan Thomas, Editing by Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - A student shot and critically wounded two fellow students at a Maryland high school on Tuesday morning before exchanging fire with a campus security officer, who ended the attack by wounding the shooter, the county sheriff said.</p> Law enforcement vehicles arrive at the Great Mills High School in Lexington Park, St. Mary's County, Maryland. Al Murray via REUTERS <p>The school day had barely begun when the student, who has not been identified, shot a male student and a female student at Great Mills High School in St. Mary&#8217;s County before the campus security officer intervened, county Sheriff Timothy Cameron told NBC&#8217;s Washington affiliate.</p> <p>All three students were in critical condition at hospitals.</p> <p>The officer was not harmed, and the public school&#8217;s roughly 1,600 students were later escorted off campus by police, classroom by classroom, to reunite with their parents at another high school.</p> <p>It was not clear whether the student shooter was shot by the security officer or wounded in another fashion.</p> <p>The relationship between the students and the shooter&#8217;s motivation were unclear, Cameron said.</p> <p>&#8220;You train to respond to this and you hope that you never ever have to,&#8221; he said. &#8220;This is the realization of your worst nightmare.&#8221;</p> Law enforcement officers run towards Great Mills High School in Lexington Park, St. Mary's County, Maryland, U.S., March 20, 2018 in this still image obtained from social media video. Al Murray via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT: AL MURRAY <p>The violence was the latest in a decades-long series of deadly gun attacks at American schools and colleges. It occurred amid a re-energized national debate over school shootings after 17 students and faculty were killed in a rampage on Feb. 14 at Marjory Stoneman Douglas High School in Parkland, Florida, the deadliest mass shooting at a U.S. high school.</p> <p>The Maryland school is in Great Mills, a community about 70 miles (110 km) south of Washington.</p> <p>Local law enforcement officers were joined at the school by agents from the Federal Bureau of Investigation and the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives were heading to the school, official said.</p> A law enforcement vehicle arrives at the Great Mills High School in Lexington Park, St. Mary's County, Maryland. Al Murray via REUTERS <p>&#8220;You never think it&#8217;ll be your school and then it is,&#8221; Mollie Davis, who identified herself as a student at Great Mills High School, wrote on Twitter. &#8220;Great Mills is a wonderful school and somewhere I am proud to go. Why us?&#8221;</p> <p>Following the shooting, she exchanged messages on Twitter with students from Stoneman Douglas High School, saying their activism had inspired her to spearhead a walkout against gun violence at her school. A few Parkland students expressed their sympathy and told her to be safe.</p> <p>Emma Gonzalez, a senior at Stoneman Douglas High School who survived last month&#8217;s shootings, wrote on Twitter, &#8220;We are here for you, students of Great Mills, together we can stop this from ever happening again.&#8221;</p> <p>The shooting came four days before the March For Our Lives - partly organized by student survivors of the Parkland rampage - takes place in Washington to urge lawmakers to pass tighter gun control laws.</p> <p>Republican Maryland Governor Larry Hogan said he was monitoring events at the school. &#8220;Our prayers are with students, school personnel, and first responders,&#8221; he said in a statement.</p> <p>Reporting by Jonathan Allen and Gina Cherelus in New York; Editing by Scott Malone and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NANYUKI, Kenya (Reuters) - The world&#8217;s last male northern white rhino has died, the Kenyan conservancy taking care of it said, leaving only two females of its subspecies alive in the world, although scientists still hope to save it from extinction by in vitro fertilization.</p> <p>Ol Pejeta Conservancy said it had made the decision with wildlife officials to put down the 45-year-old rhino, named Sudan on Monday, because of a rapid deterioration in his condition.</p> <p>Sudan was being treated for age-related complications that had affected his muscles and bones and also gave him extensive skin wounds.</p> <p>Sudan had previously lived at the Dver Kralove Zoo in the Czech Republic before being transported to Ol Pejeta Conservancy, about 250 km (155 miles) north of Nairobi, where he lived with the last two females of the same species, his 27-year-old daughter Najin and 17-year-old granddaughter Fatu.</p> <p>The two female rhinos were quietly grazing at the conservancy on Tuesday, where staff mourned Sudan.</p> <p>&#8220;It&#8217;s very sad to lose Sudan because it shows clearly the extent of human greed and what sort of impact humans beings can have on nature,&#8221; Samuel Mutisya, head of wildlife conservation at Ol Pejeta, told Reuters. &#8220;If we don&#8217;t take care of what we have, we will definitely continue to lose it, particularly lose other species that are currently endangered.&#8221;</p> <p>Veterinarian Dr Stephen Ngulu said doctors recommended putting the aging rhino down because he was in severe pain, with no hope of treatment to alleviate it.</p> <p>&#8220;Sunday morning, he completely was unable to wake up. His left hind foot gave in completely, he was unable to support himself on it and he was not able to raise,&#8221; he said.</p> FILE PHOTO: The last surviving male northern white rhino named 'Sudan' is seen at the Ol Pejeta Conservancy in Laikipia, Kenya June 18, 2017. REUTERS/Thomas Mukoya/File Photo <p>&#8220;We decided to evaluate the quality of life and advise stakeholders that this available option would be the better option: to alleviate pain, suffering.&#8221;</p> <p>The rhino had spent two weeks in late February and early March lying in his pen due to discomfort from a deep wound on his right hind leg, the conservancy said. &#8220;The veterinary team from the Dvur Kralove Zoo, Ol Pejeta and Kenya Wildlife Service made the decision to euthanize him.&#8221;</p> Slideshow (10 Images) <p>After all attempts at getting Sudan to mate naturally failed, conservationists last year put him on dating app Tinder, hoping to raise enough money to pay for a $9 million fertility treatment.</p> <p>Ol Pejeta said that staff had collected Sudan&#8217;s genetic material on Monday, which could be used in future to attempt reproduction of northern white rhinos. It said scientists were also seeking ways to perform in vitro fertilization.</p> <p>&#8220;The only hope for the preservation of this subspecies now lies in developing in vitro fertilization techniques using eggs from the two remaining females, stored northern white rhino semen from males and surrogate southern white rhino females,&#8221; it said.</p> <p>While there are thousand of southern white rhinos still roaming the plains of sub-Saharan Africa, decades of rampant poaching have drastically cut numbers of northern whites.</p> <p>Poachers were able to sell northern white rhino horns for $50,000 per kilo, making them more valuable than gold.</p> <p>Kenya had 20,000 rhinos in the 1970s, falling to 400 in the 1990s. It now has 650, almost all of which are black rhinos.</p> <p>Additional reporting by George Obulutsa in Nairobi; Editing by Peter Graff</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Kushners drop effort to raise Chinese cash for New Jersey project: AP U.S. high court skeptical toward California law on anti-abortion centers FTC to investigate Facebook over use of personal data: report Shooter wounds two students at Maryland school, armed officer ends attack World's last male northern white rhino dies

https://reuters.com/article/us-usa-trump-kushner/kushners-drop-effort-to-raise-chinese-cash-for-new-jersey-project-ap-idUSKBN1FD378

2018-01-24

2least

Reuters The real estate company of Jared Kushner US President Donald Trump8217s senior adviser and soninlaw will no longer seek 150 million from wealthy Chinese investors for a New Jersey building project the Associated Press reported on Wednesday White House Senior adviser Jared Kushner sits behind President Trump during a cabinet meeting at the White House November 1 2017 REUTERSKevin Lamarque Kushner Cos has stopped trying to raise money from Chinese investors to pay for the twotower luxury apartment complex after criticism that it was trying to benefit from its White House ties the AP said citing a source bitly2n86G0E The company and its partner KABR Group were trying to raise money under the EB5 visa program that grants visas to wealthy foreigners investing in the United States according to the AP Most EB5 holders are wealthy Chinese individuals 8220Kushner Companies considers all reasonable and appropriate financing options on a project by project basis8221 spokeswoman Chris Taylor told Reuters via email without elaborating KABR did not immediately respond to a request for comment The Kushners8217 use of EB5 visas to raise cash to finance developments gained attention in May last year when Jared Kushner8217s sister Nicole Kushner spoke at an event in Shanghai to attract Chinese investment into the building complex The company later apologized for mentioning Jared Kushner8217s name while wooing investors Kushner Cos is being investigated by the US Securities and Exchange Commission for its use of the EB5 program the Wall Street Journal reported earlier this month Jared Kushner resigned from his role leading Kushner Cos when he joined the White House early last year but still owns a stake in parts of the business according to the Journal Reporting by Abinaya Vijayaraghavan in Bengaluru Editing by Sai Sachin Ravikumar Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Conservative US Supreme Court justices on Tuesday signaled sympathy for Christianbased facilities that argued that a California law requiring them to post signs disclosing the availability of statesubsidized abortions and birth control violates their right to free speech Antiabortion rights demonstrators stand by a pile of discarded protest signs as they rally outside as the US Supreme Court hears oral arguments in the abortion case National Institute of Family and Life Advocates NIFLA v Becerra in Washington US March 20 2018 REUTERSJonathan Ernst The court has a 54 conservative majority and several of the justices expressed concerns that the law was fashioned in order to specifically target the centers which are staunchly opposed to abortion Even some of the liberal justices voiced concern over parts of the law during an hourlong argument in an appeal by a group of nonprofit facilities called crisis pregnancy centers of a lower court ruling upholding the Democraticbacked 2015 law The case represents a crossroads of two contentious issues abortion and the breadth of the right to freedom of speech under the US Constitution8217s First Amendment The Supreme Court legalized abortion in 1973 and the wider issue of abortion rights is not at issue in the case Crisis pregnancy centers say they offer legitimate health services but that it is their mission to steer women with unplanned pregnancies away from abortion They accuse California of forcing them to advertise for abortion even though they oppose it California says some crisis pregnancy centers mislead women by presenting themselves as fullservice reproductive healthcare facilities and the law helps ensure these clients are made aware of abortion services available elsewhere The San Franciscobased 9th US Circuit Court of Appeals upheld the law in 2016 after it was challenged by some of these facilities finding the statute did not discriminate based on viewpoint California8217s Reproductive FACT Act passed by a Democraticled legislature and signed by Democratic Governor Jerry Brown requires centers licensed as family planning facilities to post or distribute notices that the state has programs offering free or lowcost birth control and abortion services The law requires unlicensed facilities with no medical provider on staff to disclose that fact Abortion rights advocates say the roughly 2700 US antiabortion pregnancy centers including around 200 in California far outnumber facilities providing abortions Antiabortion rights demonstrators rally outside as the US Supreme Court hears oral arguments in the abortion case National Institute of Family and Life Advocates NIFLA v Becerra in Washington US March 20 2018 REUTERSJonathan Ernst Demonstrators on both sides of the dispute rallied outside the courthouse on a rainy morning Lorri Valle a nurse at a crisis pregnancy center in Willimantic Connecticut said she gives her clients all the reproductive care information they seek 8220I8217d never remove a choice of a woman to do what she wants to do I8217d never judge8221 said Valle 54 But posting a sign about abortion is a step too far she said adding 8220I can8217t in all good conscience have a sign that says where you can kill your baby8221 Slideshow 4 Images Carolinn Kuebler an architect in Washington said she came to support the California law because to her free speech rights are also at stake for women who might be deceived by crisis pregnancy centers 8220The First Amendment means being able to make an informed decision with what I do with my body8221 said Kuebler 64 8220Without the correct information I can8217t do that8221 The California challengers are the National Institute of Family and Life Advocates an umbrella group for crisis pregnancy centers and two such facilities in San Diego County The plaintiffs had told the lower courts that they would not comply with the law A win for them could make it harder for Democraticgoverned states to impose rules on crisis pregnancy centers but also could help abortion rights advocates challenge laws in Republicangoverned states that impose certain requirements on abortion clinics California said its law does not force crisis pregnancy centers to refer women for abortions nor does it prevent them from voicing their views on abortion The state told the justices in legal papers that some centers use incomplete or false medical advice to try to prevent women from having an abortion Some resemble medical clinics down to lab coats worn by staff to try to confuse women into thinking they are at a center offering all options the state added The facilities deny using deceptive tactics A ruling is due by the end of June Reporting by Andrew Chung Editing by Will Dunham Our Standards The Thomson Reuters Trust Principles WASHINGTONLONDON Reuters The US Federal Trade Commission is investigating Facebook Inc FBO over its use of personal data Bloomberg News reported on Tuesday after a whistleblower said a political consultancy hired by Donald Trump improperly accessed information on 50 million Facebook users to sway public opinion FILE PHOTO The Federal Trade Commission building is seen in Washington on March 4 2012 REUTERSGary Cameron Facebook shares dropped 47 percent after falling almost 7 percent on Monday as investors worried that the world8217s largest social media network could face massive fines and that its dented reputation could scare off users and advertisers The drop erased more than 20 billion from its market capitalization Shares of Snap Inc SNAPN and Twitter Inc TWTRN also fell US and European lawmakers have demanded an explanation of how the consultancy Cambridge Analytica gained access to the data in 2014 and why Facebook failed to inform its users raising broader industry questions about consumer privacy The probe by the FTC the regulatory agency in charge of consumer protection would look into whether Facebook allowed Cambridge Analytica to receive some Facebook user data in violation of its policies said Bloomberg citing a person familiar with the matter 8220We are aware of the issues that have been raised but cannot comment on whether we are investigating We take any allegations of violations of our consent decrees very seriously as we did in 2012 in a privacy case involving Google8221 an FTC spokesman said In 2011 Facebook settled complaints that it disregarded its users8217 privacy agreeing to set up measures to better protect its 800 million members8217 data and FTC officials are now looking into whether Facebook violated the 2011 agreement Bloomberg reported If the FTC finds Facebook violated terms of the consent decree it has the power to fine the company thousands of dollars a day per violation Facebook was not immediately available to comment on the reported FTC probe PERSONAL INFORMATION In Britain the Information Commission was seeking a warrant on Tuesday from a judge to search the offices of Londonbased Cambridge Analytica On Tuesday people were seen carrying multiple plastic storage containers into and out of the building that houses Cambridge Analytica8217s London office among other companies It was not clear which firm they were going to 8220We are looking at whether or not Facebook secured and safeguarded personal information on the platform and whether when they found out about the loss of the data they acted robustly and whether or not people were informed8221 Elizabeth Denham the head of the Information Commission told BBC Radio Created in 2013 Cambridge Analytica markets itself as a source of consumer research targeted advertising and other datarelated services to both political and corporate clients According to the New York Times it was launched with 15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by thethen future Trump White House adviser Steve Bannon Facebook Inc 16233 FBO Nasdaq 1023 593 FBO SNAPN TWTRN Facebook says the data were harvested by a British academic Aleksandr Kogan who created an app on the platform that was downloaded by 270000 people providing access not only to their own personal data but also their friends8217 Facebook said Kogan then violated its policies by passing the data to Cambridge Analytica Facebook has since suspended both the consulting firm and SCL Strategic Communication Laboratories a government and military contractor Facebook said it had been told that the data were destroyed Kogan says he changed the terms and conditions of his personalitytest app on Facebook from academic to commercial part way through the project according to an email to Cambridge University colleagues obtained and cited by CNN Kogan says Facebook made no objection but Facebook says it was not informed of the change CNN reported Kogan was not immediately reachable for comment 8220If this data still exists it would be a grave violation of Facebook8217s policies and an unacceptable violation of trust and the commitments these groups made8221 Facebook said Cambridge Analytica has denied all the media claims and said it deleted the data after learning the information did not adhere to data protection rules Related Video 8220We are not alone in using data from social media sites to extract user information8221 Cambridge Analytica said 8220No Facebook data was used by our data science team in the 2016 presidential campaign8221 Reporting by Kate Holton and Paul Sandle in London and David Shephardson and Susan Heavey in Washington Writing by Susan Thomas Editing by Nick Zieminski Our Standards The Thomson Reuters Trust Principles Reuters A student shot and critically wounded two fellow students at a Maryland high school on Tuesday morning before exchanging fire with a campus security officer who ended the attack by wounding the shooter the county sheriff said Law enforcement vehicles arrive at the Great Mills High School in Lexington Park St Marys County Maryland Al Murray via REUTERS The school day had barely begun when the student who has not been identified shot a male student and a female student at Great Mills High School in St Mary8217s County before the campus security officer intervened county Sheriff Timothy Cameron told NBC8217s Washington affiliate All three students were in critical condition at hospitals The officer was not harmed and the public school8217s roughly 1600 students were later escorted off campus by police classroom by classroom to reunite with their parents at another high school It was not clear whether the student shooter was shot by the security officer or wounded in another fashion The relationship between the students and the shooter8217s motivation were unclear Cameron said 8220You train to respond to this and you hope that you never ever have to8221 he said 8220This is the realization of your worst nightmare8221 Law enforcement officers run towards Great Mills High School in Lexington Park St Marys County Maryland US March 20 2018 in this still image obtained from social media video Al Murray via REUTERS ATTENTION EDITORS THIS IMAGE WAS PROVIDED BY A THIRD PARTY NO RESALES NO ARCHIVES MANDATORY CREDIT AL MURRAY The violence was the latest in a decadeslong series of deadly gun attacks at American schools and colleges It occurred amid a reenergized national debate over school shootings after 17 students and faculty were killed in a rampage on Feb 14 at Marjory Stoneman Douglas High School in Parkland Florida the deadliest mass shooting at a US high school The Maryland school is in Great Mills a community about 70 miles 110 km south of Washington Local law enforcement officers were joined at the school by agents from the Federal Bureau of Investigation and the US Bureau of Alcohol Tobacco Firearms and Explosives were heading to the school official said A law enforcement vehicle arrives at the Great Mills High School in Lexington Park St Marys County Maryland Al Murray via REUTERS 8220You never think it8217ll be your school and then it is8221 Mollie Davis who identified herself as a student at Great Mills High School wrote on Twitter 8220Great Mills is a wonderful school and somewhere I am proud to go Why us8221 Following the shooting she exchanged messages on Twitter with students from Stoneman Douglas High School saying their activism had inspired her to spearhead a walkout against gun violence at her school A few Parkland students expressed their sympathy and told her to be safe Emma Gonzalez a senior at Stoneman Douglas High School who survived last month8217s shootings wrote on Twitter 8220We are here for you students of Great Mills together we can stop this from ever happening again8221 The shooting came four days before the March For Our Lives partly organized by student survivors of the Parkland rampage takes place in Washington to urge lawmakers to pass tighter gun control laws Republican Maryland Governor Larry Hogan said he was monitoring events at the school 8220Our prayers are with students school personnel and first responders8221 he said in a statement Reporting by Jonathan Allen and Gina Cherelus in New York Editing by Scott Malone and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles NANYUKI Kenya Reuters The world8217s last male northern white rhino has died the Kenyan conservancy taking care of it said leaving only two females of its subspecies alive in the world although scientists still hope to save it from extinction by in vitro fertilization Ol Pejeta Conservancy said it had made the decision with wildlife officials to put down the 45yearold rhino named Sudan on Monday because of a rapid deterioration in his condition Sudan was being treated for agerelated complications that had affected his muscles and bones and also gave him extensive skin wounds Sudan had previously lived at the Dver Kralove Zoo in the Czech Republic before being transported to Ol Pejeta Conservancy about 250 km 155 miles north of Nairobi where he lived with the last two females of the same species his 27yearold daughter Najin and 17yearold granddaughter Fatu The two female rhinos were quietly grazing at the conservancy on Tuesday where staff mourned Sudan 8220It8217s very sad to lose Sudan because it shows clearly the extent of human greed and what sort of impact humans beings can have on nature8221 Samuel Mutisya head of wildlife conservation at Ol Pejeta told Reuters 8220If we don8217t take care of what we have we will definitely continue to lose it particularly lose other species that are currently endangered8221 Veterinarian Dr Stephen Ngulu said doctors recommended putting the aging rhino down because he was in severe pain with no hope of treatment to alleviate it 8220Sunday morning he completely was unable to wake up His left hind foot gave in completely he was unable to support himself on it and he was not able to raise8221 he said FILE PHOTO The last surviving male northern white rhino named Sudan is seen at the Ol Pejeta Conservancy in Laikipia Kenya June 18 2017 REUTERSThomas MukoyaFile Photo 8220We decided to evaluate the quality of life and advise stakeholders that this available option would be the better option to alleviate pain suffering8221 The rhino had spent two weeks in late February and early March lying in his pen due to discomfort from a deep wound on his right hind leg the conservancy said 8220The veterinary team from the Dvur Kralove Zoo Ol Pejeta and Kenya Wildlife Service made the decision to euthanize him8221 Slideshow 10 Images After all attempts at getting Sudan to mate naturally failed conservationists last year put him on dating app Tinder hoping to raise enough money to pay for a 9 million fertility treatment Ol Pejeta said that staff had collected Sudan8217s genetic material on Monday which could be used in future to attempt reproduction of northern white rhinos It said scientists were also seeking ways to perform in vitro fertilization 8220The only hope for the preservation of this subspecies now lies in developing in vitro fertilization techniques using eggs from the two remaining females stored northern white rhino semen from males and surrogate southern white rhino females8221 it said While there are thousand of southern white rhinos still roaming the plains of subSaharan Africa decades of rampant poaching have drastically cut numbers of northern whites Poachers were able to sell northern white rhino horns for 50000 per kilo making them more valuable than gold Kenya had 20000 rhinos in the 1970s falling to 400 in the 1990s It now has 650 almost all of which are black rhinos Additional reporting by George Obulutsa in Nairobi Editing by Peter Graff Our Standards The Thomson Reuters Trust Principles

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<p>Jan 23 (Reuters) - Johnson &amp;amp; Johnson:</p> <p>* SAYS DOES NOT EXPECT TO SEE GENERIC COMPETITION FOR ZYTIGA IN 2018</p> <p>* CFO SAYS $12 BILLION OF OVERSEAS CASH &#8220;WILL COME BACK IMMEDIATELY&#8221;</p> <p>* CFO SAYS COMPANY WILL USE REPATRIATED CASH TO FUND U.S. OPERATIONS, PAYING DOWN DEBT</p> <p>* CEO SAYS COMPANY IS ACTIVELY LOOKING AT STRATEGIC OPTIONS FOR DIABETES BUSINESS Further company coverage: (Reporting By Michael Erman)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The 23-year-old Texan blamed for a deadly Austin bombing spree described himself as a psychopath and showed no remorse in a confession he taped before blowing himself up as police closed in to arrest him, a U.S. congressman said on Saturday.</p> Law enforcement personnel investigate the home where Austin serial bomber Mark Anthony Conditt lived in Pflugerville, Texas, U.S., March 22, 2018. REUTERS/Loren Elliott <p>Authorities had not previously disclosed details of the cellphone video in which Mark Conditt admitted being behind the string of bombings that began on March 2, killing two people and wounding five others, beyond saying that it showed a troubled young man.</p> <p>&#8220;I think the best evidence we have at this point in time is the confession itself ... He did refer to himself as a psychopath. He did not show any remorse, in fact questioning himself for why he didn&#8217;t feel any remorse for what he did,&#8221; U.S. Rep. Michael McCaul told a news conference in Austin when asked about Conditt&#8217;s motive.</p> <p>&#8220;It&#8217;s hard to imagine someone whose mind is so sick that they could commit bombings like this and feel absolutely no remorse,&#8221; he said.</p> <p>McCaul said there did not appear to be anything in Conditt&#8217;s confession &#8220;that was sort of racially motivated, but I know that is still part of the ongoing investigation.&#8221;</p> Texas blast suspect Mark Anthony Conditt is seen in this undated handout photo released by Austin Community College in Austin, Texas, U.S. March 21, 2018. Austin Community College/Handout via REUTERS <p>The first several bombing victims, including the two who died, were either African-American or Hispanic.</p> <p>Federal investigators have been hunting clues about what drove Conditt, who was unemployed and lived with roommates in the Austin suburb of Pflugerville. They also want to know whether he had help building or planting the bombs.</p> <p>Three of the devices were left as parcels outside victims&#8217; homes, while another was placed on a sidewalk and attached to a trip-wire mechanism. Two more were shipped as FedEx parcels, which helped investigators unmask the bomber&#8217;s identity.</p> <p>The second and third bombs went off while the Texas state capital was hosting its annual South by Southwest music, movies and tech festival, which draws about half a million people.</p> <p>Conditt died after detonating a explosive device early on Wednesday as police ran toward his vehicle in an Austin suburb.</p> <p>Reporting by Daniel Wallis in New York</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - Almost a month after a deadly earthquake, Papua New Guinea is struggling to get aid to desperate survivors, having allocated just a fraction of its relief funds, while a rent dispute left disaster officials briefly locked out of their offices.</p> FILE PHOTO - A supplied image shows a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guinea's Southern Highlands, February 26, 2018. Jerome Kay/Handout via REUTERS/File Photo <p>The scale of the emergency is testing the finances and capacity of one of the world&#8217;s poorest countries, disaster and relief officials say, after the magnitude 7.5 quake rocked its remote mountainous highlands on Feb. 26, killing 100 people.</p> <p>(For a graphic on 'Papua New Guinea quake' click <a href="http://tmsnrt.rs/2ow1YLR" type="external">tmsnrt.rs/2ow1YLR</a>)</p> <p>Thousands of survivors have walked to remote airstrips and jungle clearings, awaiting helicopters bringing supplies of food, water and medicines, aid agencies and authorities say.</p> <p>&#8220;To date, we do not have any money to do all the necessary things,&#8221; Tom Edabe, the disaster coordinator for the hardest-hit province of Hela, said by telephone from Tari, its capital.</p> <p>&#8220;(The) government is trying to assist and have budgeted some money, but to date we have not received anything...we have only been given food, and non-food items supplied by other NGOs.&#8221;</p> <p>Continuing aftershocks rattle residents, who have to collect water brought by daily rainstorms to ensure adequate supplies, Edabe, the disaster coordinator, said.</p> <p>&#8220;The biggest thing that people need, apart from food, is water,&#8221; said James Pima, a helicopter pilot and flight manager at aviation firm HeliSolutions in the Western Highlands capital of Mt. Hagen, about 170 km (100 miles) from the disaster zone.</p> <p>&#8220;They don&#8217;t have clean water to cook or drink ... they are standing there staring. The expression on their faces is blank.&#8221;</p> <p>His firm&#8217;s three helicopters fly relief missions &#8220;fully flat-out every day,&#8221; Pima added.</p> <p>Destruction to roads and runways means authorities must rely on helicopters to fly in relief. But while nimble, the craft can only carry smaller loads than fixed-wing aircraft and cannot fly during the afternoon thunderstorms.</p> <p>The logistics problems wind all the way to PNG&#8217;s disaster center, where officials told Reuters they had been locked out of their office in Port Moresby, the capital, for two days last week after the government missed a rental payment.</p> <p>&#8220;That was correct, Monday and Tuesday,&#8221; a spokeswoman said.</p> <p>In a joint report with the United Nations published on Friday, the agency cited &#8220;lack of quality data&#8221; about food shortages, limited aircraft assets and &#8220;significant gaps&#8221; in sanitation support as being the biggest problems it faced.</p> Damage caused by an earthquake in Papua New Guinea is seen in this handout image released March 7, 2018. MAF International/Handout via REUTERS. <p>The office of Prime Minister Peter O&#8217;Neill did not respond to emailed questions from Reuters.</p> <p>On his website, O&#8217;Neill has previously said, &#8220;There will be no quick fix, the damage from this disaster will take months and years to be repaired.&#8221;</p> &#8216;POLITICAL GAMES&#8217; <p>The government had approved relief funds amounting to 450 million kina ($130 million), O&#8217;Neill said initially, but a later statement mentioned only 3 million kina in initial relief - or less than 1 percent - had been allocated to the worst-hit areas.</p> <p>In its November budget, the government made plans to rein in spending and trim debt projected to stand at 25.8 billion kina in 2018.</p> FILE PHOTO - A supplied image shows locals inspecting a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guinea's Southern Highlands, February 26, 2018. Jerome Kay/Handout via REUTERS/File Photo <p>The impoverished country is also missing its largest revenue earner, after the quake forced a shutdown of Exxon Mobil Corp&#8217;s liquefied natural gas project, which has annual sales of $3 billion at current LNG prices. The firm is still assessing quake damage at its facilities.</p> <p>O&#8217;Neill last week hit out at critics of the aid effort for playing &#8220;political games,&#8221; while thanking Australia and New Zealand for military aircraft that provided assistance beyond the capacity of PNG&#8217;s own defense forces.</p> <p>His political opponent, former Prime Minister Mekere Morauta, had called the government&#8217;s response &#8220;tardy&#8221; and inadequate.</p> <p>&#8220;Relief sources say mobile medical centers and operating theaters are needed urgently, and that only international partners can supply them,&#8221; Morauta said last week.</p> <p>Foreign aid pledges of about $49 million have come in from Australia, China, the European Union, Japan, New Zealand and the United States, says the United Nations, most of it provided by private companies.</p> <p>Exxon and its partner, Oil Search Ltd, say they have provided $6 million in cash and kind for quake relief.</p> <p>Local officials say the scale of destruction, with villages buried by landslides and provincial towns flattened, has overwhelmed authorities in Papua New Guinea, which straddles the geologically active Pacific Ring of Fire.</p> <p>&#8220;Policemen are still struggling because there is no support flying in and out,&#8221; said Naring Bongi of the quake-damaged police station in the Southern Highlands capital of Mendi.</p> <p>&#8220;There is not enough food to supply care centers, they need fresh water,&#8221; he added.</p> <p>(For an interactive graphic on 'Aftermath of Papua New Guinea's earthquake' click <a href="http://tmsnrt.rs/2Fdu74B" type="external">tmsnrt.rs/2Fdu74B</a>)</p> <p>Reporting by Tom Westbrook in SYDNEY; Editing by Clarence Fernandez</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Voter registration activists fanned out among young Americans who marched for tighter gun laws on Saturday, signing up thousands of first-time voters who vowed to eject lawmakers who oppose gun controls.</p> High school students carry a banner during a "March for Our Lives" demonstration demanding gun control in Seattle, Washington, U.S. March 24, 2018. REUTERS/Jason Redmond <p>With mid-term Congressional elections eight months away, the activists flocked to some 800 marches across the country to enroll young voters likely to back Democratic and independent candidates who tend to favor tougher firearms laws.</p> <p>In Washington, volunteers for the HeadCount voter-registration effort raised their fists and chanted &#8220;demonstration without registration leads to frustration&#8221; before heading out with clipboards to sign up some of the nation&#8217;s newest voters.</p> <p>&#8220;Parkland&#8217;s Emma Gonzalez called for more Americans to vote and that is why Headcount is here today,&#8221; volunteer Aaron Ghitelman, 26, said of the student who along with classmates forged a national, youth gun control movement following the Feb. 14 massacre at her high school in Parkland, Florida.</p> <p>Hugh Williams from Ypsilanti, Michigan, was among many 18-year-olds who answered her call.</p> <p>&#8220;The more I see people marching and standing up for a cause I believe in, I want my voice to matter, too,&#8221; he said at the Washington march, adding that gun violence was a menace in his community.</p> <p>A student survivor of the Parkland massacre had a simple message for lawmakers.</p> <p>&#8220;If there is no assault weapons ban passed, then we will vote them out,&#8221; Delaney Tarr, a senior at the school, told marchers in Washington.</p> <p>Organizers of the registration drive hoped to sign up at least 25,000 people on Saturday, a potential boost for Democrats who back stronger controls on assault-style weapons, bump stocks that let semiautomatic rifles fire like automatic weapons, and tighter access to guns for young people and the mentally ill.</p> People demonstrate during a "March For Our Lives" demonstration demanding gun control in Seattle, Washington, U.S. March 24, 2018. REUTERS/Jason Redmond <p>By 8:30 p.m. ET (0030 GMT) they had signed up 4,000 nationwide, with the number climbing as groups across the country reported.</p> <p>At a rally in Chicago, 17-year-old Kara Sharp from Island Lake, Illinois, carried a sign reading &#8220;Protect students not guns - 2020 Voter&#8221; after traveling to the event with her father, a 53-year-old machinist.</p> <p>Volunteers from a local chapter of lobbying group Indivisible435, which backs progressive political candidates, told her how to register to vote once she got home, as she did not have her driver&#8217;s license with her.</p> Slideshow (2 Images) <p>&#8220;It&#8217;s time to disarm hate. I&#8217;ll be looking at NRA ratings of politicians and also how they treat LGBQ issues,&#8221; said Sharp, a junior at Wauconda High School, referring to the grade the National Rife Association gives members of the U.S. Congress for their voting record on gun rights.</p> &#8216;TOOLS TO MAKE A CHANGE&#8217; <p>Participation in U.S. elections by young voters is often low. Registration activists are targeting the four million Americans turning 18 this year, as well as many 19- to 21-year-olds who have never voted.</p> <p>In Parkland, Florida, Sari Kaufman was among students from Marjory Stoneman Douglas High School &#8212; where the mass shooting took place &#8212; who urged peers to get involved in politics, register to vote and turf out lawmakers who did not protect them.</p> <p>&#8220;With this movement, we will ensure record-breaking turnout not just in the next presidential election, not in the next midterm election, but in all elections,&#8221; Kaufman told a crowd of thousands at a rally in Parkland.</p> <p>&#8220;We&#8217;re here today to give you the tools to make a change.&#8221;</p> <p>Additional reporting by Robert Chiarito in Chicago and Zachary Fagenson in Parkland, Florida; Writing by Andrew Hay; Editing by Daniel Wallis, Nick Zieminski and Sandra Maler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Chanting &#8220;never again,&#8221; hundreds of thousands of young Americans and their supporters answered a call to action from survivors of last month&#8217;s Florida high school massacre and rallied across the country on Saturday to demand tighter gun laws.</p> <p>In some of the biggest U.S. youth demonstrations for decades, protesters in cities nationwide called on lawmakers and President Donald Trump to confront the issue. Voter registration activists fanned out in the crowds, signing up thousands of the nation&#8217;s newest voters.</p> <p>At the largest March For Our Lives protest, demonstrators jammed Washington&#8217;s Pennsylvania Avenue where they listened to speeches from survivors of the Feb. 14 mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida.</p> <p>There were sobs as one teenage survivor, Emma Gonzalez, read the names of the 17 victims and then stood in silence. Tears ran down her cheeks as she stared out over the crowd for the rest of a speech that lasted six minutes and 20 seconds, the time it took for the gunman to slaughter them.</p> <p>The massive March For Our Lives rallies aimed to break legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one in Parkland have become frighteningly common.</p> <p>&#8220;Politicians: either represent the people or get out. Stand with us or beware, the voters are coming,&#8221; Cameron Kasky, a 17-year-old junior at Marjory Stoneman Douglas, told the crowd.</p> <p>Another survivor, David Hogg, said it was a new day.</p> <p>&#8220;We&#8217;re going to make sure the best people get in our elections to run not as politicians, but as Americans. Because this - this - is not cutting it,&#8221; he said, pointing at the white-domed Capitol behind the stage.</p> <p>Youthful marchers filled streets in cities including Atlanta, Baltimore, Boston, Chicago, Los Angeles, Miami, Minneapolis, New York, San Diego and St. Louis.</p> <p>More than 800 demonstrations were scheduled in the United States and abroad, according to coordinators, with events as far afield as London, Mauritius, Stockholm and Sydney.</p> &#8216;TAKE THEIR LIBERTY AWAY&#8217; <p>Underlining sharp differences among the American public over the issue, counter-demonstrators and supporters of gun rights were also in evidence in many U.S. cities.</p> <p>Organizers of the anti-gun rallies want Congress, many of whose members are up for re-election in November, to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers.</p> <p>On the other side of the debate, gun rights advocates cite constitutional guarantees of the right to bear arms.</p> <p>&#8220;All they&#8217;re doing is asking the government to take their liberty away from them without due process,&#8221; Brandon Howard, a 42-year-old Trump supporter, said of the protesters in the capital. He had a sign saying: &#8220;Keep your hands off my guns.&#8221;</p> <p>Wearing a red &#8220;Make America Great Again&#8221; sweatshirt, 16-year-old Connor Humphrey of San Luis Obispo, California, said: &#8220;Guns don&#8217;t kill people. People kill people.&#8221;</p> Daisy Hernandez, age 22, joins students and gun control advocates for the "March for Our Lives" event demanding gun control after recent school shootings at a rally in Washington, U.S., March 24, 2018. REUTERS/Jonathan Ernst <p>Humphrey, who was visiting Washington with his family for spring break, said he owns guns for target shooting and hunting and uses them responsibly. His school had a lockdown exercise last week.</p> <p>&#8220;I think teachers should have guns,&#8221; he said, echoing a proposal made by Trump after the Parkland killings.</p> <p>In New York City, a handful of counter-demonstrators waved placards with messages such as &#8220;Keep America Armed&#8221; and &#8220;Re-elect Trump 2020.&#8221;</p> CELEBRITIES BACK STUDENTS <p>Among those marching next to New York&#8217;s Central Park to call for tighter gun controls was pop star Paul McCartney, who said he had a personal stake in the debate.</p> Slideshow (30 Images) <p>&#8220;One of my best friends was shot not far from here,&#8221; he told CNN, referring to Beatles bandmate John Lennon, who was gunned down near the park in 1980.</p> <p>Taking aim at the National Rifle Association gun lobby, teenagers chanted, &#8220;Hey, hey, NRA, how many kids have you killed today?&#8221;</p> <p>On stage in Washington, one of the Parkland students who was shot and survived, Samantha Fuentes, was so overcome with emotion that she vomited during her speech.</p> <p>&#8220;I just threw up on international television and it feels great,&#8221; she said to loud cheers afterward.</p> <p>The young U.S. organizers have won kudos and cash from dozens of celebrities, with singers Demi Lovato and Ariana Grande, as well as &#8220;Hamilton&#8221; creator Lin-Manuel Miranda, among those performing in Washington. Actor George Clooney and his human rights attorney wife, Amal, donated $500,000 and said they would be at the Washington rally.</p> Related Coverage <a href="/article/us-usa-guns-voters/vote-them-out-thousands-register-to-vote-at-u-s-gun-control-marches-idUSKBN1H00RY" type="external">'Vote them out!': Thousands register to vote at U.S. gun-control marches</a> <p>American football team the New England Patriots loaned its plane to Marjory Stoneman Douglas High School students and their families to travel to Washington for the march.</p> <p>White House deputy press secretary Lindsay Walters said the administration applauded &#8220;the many courageous young Americans&#8221; who exercised their free-speech rights.</p> <p>&#8220;Keeping our children safe is a top priority of the president&#8217;s,&#8221; said Walters, noting that on Friday the Justice Department proposed rule changes that would effectively ban &#8220;bump stock&#8221; devices that let semi-automatic weapons fire like a machine gun.</p> <p>Also on Friday, Trump signed a $1.3-trillion spending bill including modest improvements to background checks for gun sales and grants to help schools prevent gun violence.</p> <p>Former President Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen.</p> <p>&#8220;Keep at it. You&#8217;re leading us forward. Nothing can stand in the way of millions of voices calling for change,&#8221; Obama said.</p> <p>Reporting by Ian Simpson, Lacey Johnson, Katanga Johnson and Lauren Young in Washington, Alice Popovici in New York, Phoenix Tso in Los Angeles, Zachary Fagenson in Parkland, Robert Chiarito in Chicago, and Jim Oliphant in West Palm Beach; Editing by Daniel Wallis, James Dalgleish and Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-J&J says $12 bln of overseas cash "will come back immediately" Austin bomb suspect called self a 'psychopath,' congressman says A month after PNG quake, cash-strapped government struggles to help the hardest-hit 'Vote them out!': Thousands register to vote at U.S. gun-control marches 'No more' or we vote you out: students lead huge U.S. anti-gun rallies

https://reuters.com/article/brief-jj-says-12-bln-of-overseas-cash-wi/brief-jj-says-12-bln-of-overseas-cash-will-come-back-immediately-idUSL2N1PI0UO

2018-01-23

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Jan 23 Reuters Johnson ampamp Johnson SAYS DOES NOT EXPECT TO SEE GENERIC COMPETITION FOR ZYTIGA IN 2018 CFO SAYS 12 BILLION OF OVERSEAS CASH 8220WILL COME BACK IMMEDIATELY8221 CFO SAYS COMPANY WILL USE REPATRIATED CASH TO FUND US OPERATIONS PAYING DOWN DEBT CEO SAYS COMPANY IS ACTIVELY LOOKING AT STRATEGIC OPTIONS FOR DIABETES BUSINESS Further company coverage Reporting By Michael Erman Our Standards The Thomson Reuters Trust Principles Reuters The 23yearold Texan blamed for a deadly Austin bombing spree described himself as a psychopath and showed no remorse in a confession he taped before blowing himself up as police closed in to arrest him a US congressman said on Saturday Law enforcement personnel investigate the home where Austin serial bomber Mark Anthony Conditt lived in Pflugerville Texas US March 22 2018 REUTERSLoren Elliott Authorities had not previously disclosed details of the cellphone video in which Mark Conditt admitted being behind the string of bombings that began on March 2 killing two people and wounding five others beyond saying that it showed a troubled young man 8220I think the best evidence we have at this point in time is the confession itself He did refer to himself as a psychopath He did not show any remorse in fact questioning himself for why he didn8217t feel any remorse for what he did8221 US Rep Michael McCaul told a news conference in Austin when asked about Conditt8217s motive 8220It8217s hard to imagine someone whose mind is so sick that they could commit bombings like this and feel absolutely no remorse8221 he said McCaul said there did not appear to be anything in Conditt8217s confession 8220that was sort of racially motivated but I know that is still part of the ongoing investigation8221 Texas blast suspect Mark Anthony Conditt is seen in this undated handout photo released by Austin Community College in Austin Texas US March 21 2018 Austin Community CollegeHandout via REUTERS The first several bombing victims including the two who died were either AfricanAmerican or Hispanic Federal investigators have been hunting clues about what drove Conditt who was unemployed and lived with roommates in the Austin suburb of Pflugerville They also want to know whether he had help building or planting the bombs Three of the devices were left as parcels outside victims8217 homes while another was placed on a sidewalk and attached to a tripwire mechanism Two more were shipped as FedEx parcels which helped investigators unmask the bomber8217s identity The second and third bombs went off while the Texas state capital was hosting its annual South by Southwest music movies and tech festival which draws about half a million people Conditt died after detonating a explosive device early on Wednesday as police ran toward his vehicle in an Austin suburb Reporting by Daniel Wallis in New York Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters Almost a month after a deadly earthquake Papua New Guinea is struggling to get aid to desperate survivors having allocated just a fraction of its relief funds while a rent dispute left disaster officials briefly locked out of their offices FILE PHOTO A supplied image shows a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guineas Southern Highlands February 26 2018 Jerome KayHandout via REUTERSFile Photo The scale of the emergency is testing the finances and capacity of one of the world8217s poorest countries disaster and relief officials say after the magnitude 75 quake rocked its remote mountainous highlands on Feb 26 killing 100 people For a graphic on Papua New Guinea quake click tmsnrtrs2ow1YLR Thousands of survivors have walked to remote airstrips and jungle clearings awaiting helicopters bringing supplies of food water and medicines aid agencies and authorities say 8220To date we do not have any money to do all the necessary things8221 Tom Edabe the disaster coordinator for the hardesthit province of Hela said by telephone from Tari its capital 8220The government is trying to assist and have budgeted some money but to date we have not received anythingwe have only been given food and nonfood items supplied by other NGOs8221 Continuing aftershocks rattle residents who have to collect water brought by daily rainstorms to ensure adequate supplies Edabe the disaster coordinator said 8220The biggest thing that people need apart from food is water8221 said James Pima a helicopter pilot and flight manager at aviation firm HeliSolutions in the Western Highlands capital of Mt Hagen about 170 km 100 miles from the disaster zone 8220They don8217t have clean water to cook or drink they are standing there staring The expression on their faces is blank8221 His firm8217s three helicopters fly relief missions 8220fully flatout every day8221 Pima added Destruction to roads and runways means authorities must rely on helicopters to fly in relief But while nimble the craft can only carry smaller loads than fixedwing aircraft and cannot fly during the afternoon thunderstorms The logistics problems wind all the way to PNG8217s disaster center where officials told Reuters they had been locked out of their office in Port Moresby the capital for two days last week after the government missed a rental payment 8220That was correct Monday and Tuesday8221 a spokeswoman said In a joint report with the United Nations published on Friday the agency cited 8220lack of quality data8221 about food shortages limited aircraft assets and 8220significant gaps8221 in sanitation support as being the biggest problems it faced Damage caused by an earthquake in Papua New Guinea is seen in this handout image released March 7 2018 MAF InternationalHandout via REUTERS The office of Prime Minister Peter O8217Neill did not respond to emailed questions from Reuters On his website O8217Neill has previously said 8220There will be no quick fix the damage from this disaster will take months and years to be repaired8221 8216POLITICAL GAMES8217 The government had approved relief funds amounting to 450 million kina 130 million O8217Neill said initially but a later statement mentioned only 3 million kina in initial relief or less than 1 percent had been allocated to the worsthit areas In its November budget the government made plans to rein in spending and trim debt projected to stand at 258 billion kina in 2018 FILE PHOTO A supplied image shows locals inspecting a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guineas Southern Highlands February 26 2018 Jerome KayHandout via REUTERSFile Photo The impoverished country is also missing its largest revenue earner after the quake forced a shutdown of Exxon Mobil Corp8217s liquefied natural gas project which has annual sales of 3 billion at current LNG prices The firm is still assessing quake damage at its facilities O8217Neill last week hit out at critics of the aid effort for playing 8220political games8221 while thanking Australia and New Zealand for military aircraft that provided assistance beyond the capacity of PNG8217s own defense forces His political opponent former Prime Minister Mekere Morauta had called the government8217s response 8220tardy8221 and inadequate 8220Relief sources say mobile medical centers and operating theaters are needed urgently and that only international partners can supply them8221 Morauta said last week Foreign aid pledges of about 49 million have come in from Australia China the European Union Japan New Zealand and the United States says the United Nations most of it provided by private companies Exxon and its partner Oil Search Ltd say they have provided 6 million in cash and kind for quake relief Local officials say the scale of destruction with villages buried by landslides and provincial towns flattened has overwhelmed authorities in Papua New Guinea which straddles the geologically active Pacific Ring of Fire 8220Policemen are still struggling because there is no support flying in and out8221 said Naring Bongi of the quakedamaged police station in the Southern Highlands capital of Mendi 8220There is not enough food to supply care centers they need fresh water8221 he added For an interactive graphic on Aftermath of Papua New Guineas earthquake click tmsnrtrs2Fdu74B Reporting by Tom Westbrook in SYDNEY Editing by Clarence Fernandez Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Voter registration activists fanned out among young Americans who marched for tighter gun laws on Saturday signing up thousands of firsttime voters who vowed to eject lawmakers who oppose gun controls High school students carry a banner during a March for Our Lives demonstration demanding gun control in Seattle Washington US March 24 2018 REUTERSJason Redmond With midterm Congressional elections eight months away the activists flocked to some 800 marches across the country to enroll young voters likely to back Democratic and independent candidates who tend to favor tougher firearms laws In Washington volunteers for the HeadCount voterregistration effort raised their fists and chanted 8220demonstration without registration leads to frustration8221 before heading out with clipboards to sign up some of the nation8217s newest voters 8220Parkland8217s Emma Gonzalez called for more Americans to vote and that is why Headcount is here today8221 volunteer Aaron Ghitelman 26 said of the student who along with classmates forged a national youth gun control movement following the Feb 14 massacre at her high school in Parkland Florida Hugh Williams from Ypsilanti Michigan was among many 18yearolds who answered her call 8220The more I see people marching and standing up for a cause I believe in I want my voice to matter too8221 he said at the Washington march adding that gun violence was a menace in his community A student survivor of the Parkland massacre had a simple message for lawmakers 8220If there is no assault weapons ban passed then we will vote them out8221 Delaney Tarr a senior at the school told marchers in Washington Organizers of the registration drive hoped to sign up at least 25000 people on Saturday a potential boost for Democrats who back stronger controls on assaultstyle weapons bump stocks that let semiautomatic rifles fire like automatic weapons and tighter access to guns for young people and the mentally ill People demonstrate during a March For Our Lives demonstration demanding gun control in Seattle Washington US March 24 2018 REUTERSJason Redmond By 830 pm ET 0030 GMT they had signed up 4000 nationwide with the number climbing as groups across the country reported At a rally in Chicago 17yearold Kara Sharp from Island Lake Illinois carried a sign reading 8220Protect students not guns 2020 Voter8221 after traveling to the event with her father a 53yearold machinist Volunteers from a local chapter of lobbying group Indivisible435 which backs progressive political candidates told her how to register to vote once she got home as she did not have her driver8217s license with her Slideshow 2 Images 8220It8217s time to disarm hate I8217ll be looking at NRA ratings of politicians and also how they treat LGBQ issues8221 said Sharp a junior at Wauconda High School referring to the grade the National Rife Association gives members of the US Congress for their voting record on gun rights 8216TOOLS TO MAKE A CHANGE8217 Participation in US elections by young voters is often low Registration activists are targeting the four million Americans turning 18 this year as well as many 19 to 21yearolds who have never voted In Parkland Florida Sari Kaufman was among students from Marjory Stoneman Douglas High School 8212 where the mass shooting took place 8212 who urged peers to get involved in politics register to vote and turf out lawmakers who did not protect them 8220With this movement we will ensure recordbreaking turnout not just in the next presidential election not in the next midterm election but in all elections8221 Kaufman told a crowd of thousands at a rally in Parkland 8220We8217re here today to give you the tools to make a change8221 Additional reporting by Robert Chiarito in Chicago and Zachary Fagenson in Parkland Florida Writing by Andrew Hay Editing by Daniel Wallis Nick Zieminski and Sandra Maler Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Chanting 8220never again8221 hundreds of thousands of young Americans and their supporters answered a call to action from survivors of last month8217s Florida high school massacre and rallied across the country on Saturday to demand tighter gun laws In some of the biggest US youth demonstrations for decades protesters in cities nationwide called on lawmakers and President Donald Trump to confront the issue Voter registration activists fanned out in the crowds signing up thousands of the nation8217s newest voters At the largest March For Our Lives protest demonstrators jammed Washington8217s Pennsylvania Avenue where they listened to speeches from survivors of the Feb 14 mass shooting at Marjory Stoneman Douglas High School in Parkland Florida There were sobs as one teenage survivor Emma Gonzalez read the names of the 17 victims and then stood in silence Tears ran down her cheeks as she stared out over the crowd for the rest of a speech that lasted six minutes and 20 seconds the time it took for the gunman to slaughter them The massive March For Our Lives rallies aimed to break legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one in Parkland have become frighteningly common 8220Politicians either represent the people or get out Stand with us or beware the voters are coming8221 Cameron Kasky a 17yearold junior at Marjory Stoneman Douglas told the crowd Another survivor David Hogg said it was a new day 8220We8217re going to make sure the best people get in our elections to run not as politicians but as Americans Because this this is not cutting it8221 he said pointing at the whitedomed Capitol behind the stage Youthful marchers filled streets in cities including Atlanta Baltimore Boston Chicago Los Angeles Miami Minneapolis New York San Diego and St Louis More than 800 demonstrations were scheduled in the United States and abroad according to coordinators with events as far afield as London Mauritius Stockholm and Sydney 8216TAKE THEIR LIBERTY AWAY8217 Underlining sharp differences among the American public over the issue counterdemonstrators and supporters of gun rights were also in evidence in many US cities Organizers of the antigun rallies want Congress many of whose members are up for reelection in November to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers On the other side of the debate gun rights advocates cite constitutional guarantees of the right to bear arms 8220All they8217re doing is asking the government to take their liberty away from them without due process8221 Brandon Howard a 42yearold Trump supporter said of the protesters in the capital He had a sign saying 8220Keep your hands off my guns8221 Wearing a red 8220Make America Great Again8221 sweatshirt 16yearold Connor Humphrey of San Luis Obispo California said 8220Guns don8217t kill people People kill people8221 Daisy Hernandez age 22 joins students and gun control advocates for the March for Our Lives event demanding gun control after recent school shootings at a rally in Washington US March 24 2018 REUTERSJonathan Ernst Humphrey who was visiting Washington with his family for spring break said he owns guns for target shooting and hunting and uses them responsibly His school had a lockdown exercise last week 8220I think teachers should have guns8221 he said echoing a proposal made by Trump after the Parkland killings In New York City a handful of counterdemonstrators waved placards with messages such as 8220Keep America Armed8221 and 8220Reelect Trump 20208221 CELEBRITIES BACK STUDENTS Among those marching next to New York8217s Central Park to call for tighter gun controls was pop star Paul McCartney who said he had a personal stake in the debate Slideshow 30 Images 8220One of my best friends was shot not far from here8221 he told CNN referring to Beatles bandmate John Lennon who was gunned down near the park in 1980 Taking aim at the National Rifle Association gun lobby teenagers chanted 8220Hey hey NRA how many kids have you killed today8221 On stage in Washington one of the Parkland students who was shot and survived Samantha Fuentes was so overcome with emotion that she vomited during her speech 8220I just threw up on international television and it feels great8221 she said to loud cheers afterward The young US organizers have won kudos and cash from dozens of celebrities with singers Demi Lovato and Ariana Grande as well as 8220Hamilton8221 creator LinManuel Miranda among those performing in Washington Actor George Clooney and his human rights attorney wife Amal donated 500000 and said they would be at the Washington rally Related Coverage Vote them out Thousands register to vote at US guncontrol marches American football team the New England Patriots loaned its plane to Marjory Stoneman Douglas High School students and their families to travel to Washington for the march White House deputy press secretary Lindsay Walters said the administration applauded 8220the many courageous young Americans8221 who exercised their freespeech rights 8220Keeping our children safe is a top priority of the president8217s8221 said Walters noting that on Friday the Justice Department proposed rule changes that would effectively ban 8220bump stock8221 devices that let semiautomatic weapons fire like a machine gun Also on Friday Trump signed a 13trillion spending bill including modest improvements to background checks for gun sales and grants to help schools prevent gun violence Former President Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen 8220Keep at it You8217re leading us forward Nothing can stand in the way of millions of voices calling for change8221 Obama said Reporting by Ian Simpson Lacey Johnson Katanga Johnson and Lauren Young in Washington Alice Popovici in New York Phoenix Tso in Los Angeles Zachary Fagenson in Parkland Robert Chiarito in Chicago and Jim Oliphant in West Palm Beach Editing by Daniel Wallis James Dalgleish and Nick Zieminski Our Standards The Thomson Reuters Trust Principles

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<p>Jan 25 (Reuters) - Mccormick &amp;amp; Company Inc:</p> <p>* MCCORMICK REPORTS RECORD 2017 FINANCIAL RESULTS AND STRONG GROWTH OUTLOOK FOR 2018</p> * Q4 SALES ROSE 21 PERCENT <p>* Q4 EARNINGS PER SHARE VIEW $1.51 &#8212; THOMSON REUTERS I/B/E/S</p> * SEES FY 2018 ADJUSTED EARNINGS PER SHARE $4.80 TO $4.90 <p>* SEES FY 2018 EARNINGS PER SHARE $6.89 TO $7.14 INCLUDING ITEMS</p> * Q4 EARNINGS PER SHARE $1.54 EXCLUDING ITEMS <p>* IN 2018, COMPANY EXPECTS TO GROW SALES 12% TO 14% COMPARED TO 2017</p> <p>* FY2018 EARNINGS PER SHARE VIEW $4.70, REVENUE VIEW $5.41 BILLION &#8212; THOMSON REUTERS I/B/E/S</p> <p>* WELL ON WAY TO ACHIEVING FOUR-YEAR $400 MILLION GOAL OF COST SAVINGS BY 2019</p> <p>* IN 2018, EXPECT TO EXCEED 4% TO 6% LONG-TERM CONSTANT CURRENCY OBJECTIVE FOR SALES GROWTH</p> <p>* PLAN TO ACHIEVE APPROXIMATELY $100 MILLION IN 2018 COST SAVINGS LED BY CCI PROGRAM Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Wall Street&#8217;s major indexes fell on Tuesday as the dismissal of U.S. Secretary of State Rex Tillerson and the possibility of additional U.S. import tariffs against China dragged down stocks across sectors.</p> <p>President Donald Trump fired Tillerson after a series of public rifts over issues including North Korea and Russia. Trump has appointed CIA Director Mike Pompeo, seen as loyal to the president, to replace Tillerson. To lead the CIA, the president has tapped Gina Haspel, the agency&#8217;s deputy director.</p> <p>&#8220;Any time there&#8217;s change, investors get nervous,&#8221; said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston. &#8220;They have to go back to the drawing board to figure out what the implications might be.&#8221;</p> <p>Still, Carey said, at least the nominees to lead the State Department and the CIA are familiar names.</p> <p>&#8220;I don&#8217;t think either change will be troubling to the market as people reflect on the qualifications of the people stepping into the roles,&#8221; he said.</p> <p>U.S. stocks added to losses after Politico reported that a package of tariffs targeting $30 billion a year in Chinese imports could be rolled out as soon as next week.</p> <p>&#8220;This may be upsetting the apple cart,&#8221; said Bryan Novak, senior managing director at Astor Investment Management in Chicago. &#8220;When you look at tariffs, you don&#8217;t just look in a vacuum. You look at what follows on top of (them). It&#8217;s worth watching a bit more, to see the follow-through on our side and their side, but there could be some anxiety around it.&#8221;</p> <p>The markets had opened higher after data showed U.S. consumer price growth slowed in February, an indication that an anticipated pickup in inflation probably will be only gradual.</p> Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 2, 2018. REUTERS/Andrew Kelly <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> fell 171.58 points, or 0.68 percent, to 25,007.03, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> lost 17.71 points, or 0.64 percent, to 2,765.31 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> dropped 77.31 points, or 1.02 percent, to 7,511.01.</p> <p>Tech .SPLRCT and financial .SPSY stocks were the biggest laggards among the S&amp;amp;P 500&#8217;s 11 major sectors.</p> <p>Shares of Microsoft Corp ( <a href="/finance/stocks/overview?symbol=MSFT.O" type="external">MSFT.O</a>), Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) and Alphabet Inc ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>) fell between 1.5 percent and 2.4 percent.</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 25007.03 .DJI Dow Jones Indexes -171.58 (-0.68%) .DJI .SPX .IXIC MSFT.O FB.O <p>&#8220;Technology rallied hard yesterday and last week, and there is profit-taking, but it&#8217;s just a short-term pressure,&#8221; said Ken Polcari, director of the NYSE floor division at O&#8217;Neil Securities in New York.</p> <p>Financial stocks were weighed as U.S. Treasury yields fell in response to the CPI data and Tillerson&#8217;s exit.</p> <p>Among individual stocks, General Electric Co ( <a href="/finance/stocks/overview?symbol=GE.N" type="external">GE.N</a>) fell 4.4 percent after J.P. Morgan cut its price target on the stock to $11 from $14, saying the industrial conglomerate was not a &#8220;safety stock&#8221; in a volatile market.</p> <p>Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.55-to-1 ratio favored decliners.</p> <p>The S&amp;amp;P 500 posted 43 new 52-week highs and no new lows; the Nasdaq Composite recorded 180 new highs and 24 new lows.</p> <p>Volume on U.S. exchanges was 6.89 billion shares, compared to the 7.13 billion average for the full session over the last 20 trading days.</p> <p>Additional reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur, James Dalgleish and Susan Thomas</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Oil edged up on Wednesday as strong Chinese factory activity encouraged investor inflows into industrial commodities such as copper, although fast-growing U.S. crude output tempered price gains.</p> FILE PHOTO - A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo <p>China reported a 7.2 percent year-on-year increase in industrial output in the first two months of the year, roundly beating expectations and, in a dose of support for oil bulls, the data showed crude production fell 1.9 percent.</p> <p>Copper CMCU3 and palladium XPD=, a key component in gasoline-powered vehicles, both rose around 1 percent, which in turn encouraged a bounce in the oil price.</p> <p>Brent crude LCOc1 was last up 27 cents at $64.92 a barrel, off an earlier low of $64.43, while U.S. West Texas Intermediate (WTI) futures CLc1 were up 31 cents at $61.02 a barrel.</p> <p>&#8220;We&#8217;ve seen copper breach above $7,000 (a tonne) ... and I think a lot of this is coming out of this really big beat in the Chinese industrial production, so general macro flows, I would say, are reinforcing that bullish narrative,&#8221; ING commodities strategist Oliver Nugent said.</p> <p>China is the world&#8217;s largest importer of commodities and is the world&#8217;s biggest car market.</p> <p>Chinese oil production fell 1.9 percent in January and February to a daily rate of around 3.77 million barrels per day, while the amount of crude processed by refineries rose 7.3 percent to 93.4 million bpd, implying that its import demand will remain strong.</p> <p>Brent crude has fallen by around 1 percent so far this week, as traders and investors have grown increasingly doubtful that coordinated supply cuts by OPEC and some of its partners might not be enough to offset the relentless rise in U.S. crude production.</p> <p>U.S. oil production C-OUT-T-EIA is expected to top 11 million bpd later this year.</p> <p>(For a graphic on Russia vs Saudi vs U.S. oil production click <a href="http://reut.rs/2FrFVMF" type="external">reut.rs/2FrFVMF</a>)</p> <p>Rising output, as well as seasonally low demand, mean that U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said on Tuesday.</p> <p>Seasonal demand patterns for crude and refined products mean the market may only be weeks away from a run of declines.</p> <p>&#8220;The total U.S. crude, gasoline and distillate stocks have increased in eight of the past 10 weeks, raising 24 million bl in total since the start of the year. So if inventories declined last week it will definitely be a positive turn,&#8221; SEB commodities strategist Bjarne Schieldrop said.</p> <p>&#8220;We are now only 2-4 weeks away from when weekly oil inventory data will start to draw again which should be supportive for oil prices.&#8221;</p> <p>Weekly U.S. crude production figures will be published by the Energy Information Administration (EIA) later on Wednesday.</p> <p>(For a graphic on World oil supply and demand balance click <a href="http://reut.rs/2FIxGvP" type="external">reut.rs/2FIxGvP</a>)</p> <p>Reporting by Henning Gloystein; Editing by Tom Hogue and Susan Fenton</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>DUBAI/LONDON (Reuters) - Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally as plans for an initial public offering (IPO) on an international exchange such as London or New York hang in the balance, sources close to the process said.</p> <p>The kingdom is counting on being awarded emerging market status by index complier MSCI in June to help Saudi Aramco attract Western funds, in addition to cornerstone investors from China, Japan and South Korea, the sources said.</p> <p>&#8220;I would guess it is about evens that there will be no international IPO,&#8221; said a high-level source familiar with the preparations, saying they were proving to be a disappointment.</p> <p>Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in an initial public offering that could value it at up to $2 trillion and make it the world&#8217;s biggest oil company by market capitalization.</p> <p>Saudi Energy Minister Khalid al-Falih said last week that Aramco was too important to risk listing in the United States because of litigation concerns, such as existing lawsuits against rival oil companies for their role in climate change.</p> <p>British officials have been told by Saudi counterparts London has a chance to secure the listing but only in 2019 at the earliest, according to the Financial Times, and sources told Reuters the kingdom was now focusing on a listing on the local exchange, or Tadawul.</p> <p>&#8220;The only thing we know today is that Tadawul will be the key listing location as our national exchange,&#8221; Falih told CNN.</p> <p>&#8220;We are waiting for the reforms to be in place and to join MSCI and Aramco listing in Tadawul will be catalytic for that capital market as we bring international capital to the kingdom,&#8221; he told the U.S. channel last week.</p> MSCI FLOWS <p>The initial public offering is the centerpiece of Crown Prince Mohammed bin Salman&#8217;s plan to diversify the Saudi economy beyond oil and it would also boost the kingdom&#8217;s budget which has been hit by low oil prices.</p> <p>Initially planned for 2018, preparations have been hit by rows over whether Aramco should list on major Western markets at all. An advisory council to the government asked the securities regulator this year to study the impact of a local listing amid concern a huge IPO could harm the market.</p> <p>MSCI has proposed giving its existing Saudi Arabia stock index emerging market status rather than standalone status following a series of market reforms by the kingdom such as raising caps on foreign ownership of companies.</p> <p>MSCI will give its decision in June and, if positive, the reclassification would be in two steps in May and August 2019.</p> <p>According to an update of the MSCI proposal published in February, Saudi Arabia would have a market capitalization of $124 billion in MSCI&#8217;s Emerging Markets Index, giving it an index weight of 2.3 percent, on a par with Thailand.</p> FILE PHOTO: A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo <p>Based on the assumption that another $100 billion would be added through an Aramco initial public offering, the kingdom&#8217;s weighting would rise to about 4 percent, which would be bigger than Russia&#8217;s weighting of 3.4 percent, for example.</p> <p>If MSCI grants Saudi Arabia emerging market status, it could be seen as a reason to push against an international listing, the sources close to the listing process said.</p> <p>Passive investment funds that replicate MSCI indexes would need to put 4 percent of their funds allocated to emerging market indexes into Saudi shares to match the country weighting.</p> <p>According to MSCI, $1.7 trillion of assets were benchmarked against MSCI emerging market indexes at the end of June last year, of which about a fifth was from passive investors.</p> <p>That could mean $13.6 billion could come into Saudi stocks from passive investors and if active investors also increased their Saudi exposure to the weighting following an Aramco IPO the total inflows could be $68 billion.</p> FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil &amp;amp; Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo <p>Data published in March by fund tracking firm EPFR Global Funds found evidence that investors have warmed to Saudi Arabia in recent weeks. Looking at single country equity funds, Saudi Arabia attracted record setting flows as investors looked for alternatives to Russia and Turkey, the data showed.</p> LIQUIDITY FEARS <p>With the prospect of a listing in London and New York receding, sources familiar with the IPO told Reuters that Hong Kong was now emerging as an increasingly likely compromise because Riyadh wants to help Asian nations that are expected to become cornerstone investors.</p> <p>While London is preferred over New York, the requirement by both for greater disclosure of sensitive information on Aramco than the Hong Kong exchange is viewed as a drawback by some Saudi officials and advisers, the sources said.</p> <p>Saudi Aramco said on Monday it was still reviewing its options for the initial public offering.</p> <p>A final decision will be made by Mohammed bin Salman, who oversees the kingdom&#8217;s economic and oil policies.</p> <p>Sources have told Reuters it requires a bourse at least six month to prepare for a listing so a decision would need to be taken in April for the IPO to go ahead this year.</p> <p>Tadawul&#8217;s chief said in October that his exchange hoped to be the only venue. But with a total capitalization of about $475 billion, it could struggle to absorb Aramco without the participation of foreign funds.</p> <p>Sources close to the process, however, said even with emerging market status, Aramco would struggle to raise $100 billion locally. Bankers and analysts said an Aramco float risked drowning out other shares listed on Tadawul, given daily turnover now is about $1.6 billion.</p> <p>&#8220;They can do a nominal 2 to 2.5 percent listing,&#8221; one of the sources said.</p> <p>Additional reporting by Dmitry Zhdannikov and Karin Strohecker; editing by David Clarke</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - World shares slipped for the second straight day and the dollar held near one-week lows after U.S. President Donald Trump&#8217;s threats to slap $60 billion in tariffs on Chinese imports reminded investors of the threat to world economic growth.</p> FILE PHOTO - A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, February 9, 2018. REUTERS/Toru Hanai <p>Equity markets were attempting to recover after Tuesday&#8217;s hefty losses, heartened by robust Chinese factory data, but struggled to overcome fears of a global trade war as well as the prospect of political uncertainty in the United States.</p> <p>&#8220;As long as the threat of protectionism and a trade war remains, markets will remain vigilant,&#8221; Rabobank analysts told clients.</p> <p>The tariffs, reportedly targeting Chinese tech, electronics and telecoms, were revealed by sources hours after Trump abruptly fired Secretary of State Rex Tillerson. Tillerson&#8217;s exit follows that of economic advisor Gary Cohn, a strong free trade proponent.</p> <p>Since Trump took office in 2017 as many as 35 senior officials from his administration have walked out, including Tillerson, according to Citi.</p> <p>&#8220;The market probably correctly viewed this move as weakening internal White House opposition to some of Trump&#8217;s less market-friendly policies, in particular the President&#8217;s trade policy,&#8221; Daiwa strategist Mantas Vanagas said.</p> <p>That news had sent the dollar skidding, pushed world stocks lower and bond prices higher. The moves accelerated after news broke of the planned tariffs, with Wall Street closing some 0.6-1 percent lower and hefty losses across Asia, led by technology shares <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> <a href="/finance/markets/index?symbol=.HSI" type="external">.HSI</a> <a href="/finance/markets/index?symbol=.KS11" type="external">.KS11</a>.</p> <p>The negative momentum faded somewhat in Europe, with a pan-European equity index up 0.24 percent after falling one percent on Tuesday . That left MSCI&#8217;s all-country equity index down 0.12 percent .MIWD00000PUS, its second day in the red.</p> <p>(For a graphic on the MSCI and Nikkei chart click <a href="http://reut.rs/2sSBRiD" type="external">reut.rs/2sSBRiD</a>)</p> <p>The dollar was flat after three days of losses while U.S. Treasury yields were trading just off one-week lows touched earlier in the session .DXY US10YT=RR.</p> <p>German 10-year government bond yields DE10YT=RR approached one-month lows and currently stand 20 basis points below this year&#8217;s peak at 0.60 percent.</p> <p>Futures signaled a slightly firmer open for Wall Street, reversing their earlier direction ESc1.</p> GROWTH <p>The trade war fears eclipsed strong economic data from China which showed industrial output expanding at a surprisingly faster pace at the start of the year. Fixed asset investment also beat forecasts, while retail sales improved.</p> <p>The data helped Brent oil futures up almost half a percent LCOc1 after two days of declines while copper futures jumped almost one percent.</p> <p>&#8220;(China&#8217;s) economy is well placed to weather any increase in U.S. tariff rates. In fact, the Chinese statistical bureau is tipping &#8216;relatively fast growth&#8217; for both exports and consumption in 2018, &#8220; said Craig James, Sydney-based chief economist at CommSec.</p> <p>The data highlighted the relatively robust picture of China&#8217;s and also the global economy - the latter is slated to grow this year by 3.9 percent, according to the International Monetary Fund&#8217;s forecast in January.</p> <a href="/finance/markets/index?symbol=.N225" type="external">Nikkei Inc</a> 21777.29 .N225 Nikkei Index -190.81 (-0.87%) .N225 .HSI .KS11 <p>(For a graphic on MSCI global equities index through the year click <a href="http://reut.rs/2Dqy4wO" type="external">reut.rs/2Dqy4wO</a>)</p> <p>But with inflation remaining subdued, markets do not see U.S. interest rates rising faster than currently priced in while European and Japanese rate rises remain a distant prospect.</p> <p>While a rate rise by the U.S. Federal Reserve next week is already priced in, Tuesday&#8217;s data which showed annual U.S. core inflation steady at 1.8 percent did not persuade markets the Fed could raise rates more than three times this year [nL1N1QU184].</p> <p>That, along with the trade war fears, is keeping the dollar from strengthening much against a basket of currencies .DXY and failed to make any headway against the yen to which it had briefly hit three-week highs around 107 yen. <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a></p> <p>Central banks in Japan and the euro zone also stuck with their dovish message to markets.</p> <p>The former revealed in its previous meeting&#8217;s minutes that most of its policymakers believed it should &#8220;persistently&#8221; pursue powerful monetary easing.</p> <p>The euro slipped 0.2 percent against the dollar, inching off an overnight one-month high <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> after European Central Bank President Mario Draghi said the ECB needed more evidence that inflation was rising towards its target.</p> <p>Draghi warned however of risks stemming from &#8220;possible spillovers of the new trade measures announced by the U.S. administration.&#8221;</p> <p>Reporting by Sujata Rao; additional reporting by Swati Pandey in Sydney, Editing by William Maclean</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-McCormick and Company Reports Q4 EPS Of $1.32 Wall Street slides on Tillerson exit, tariff worries Oil rises as Chinese factory data boosts commodities Saudi Aramco international listing looks increasingly difficult: sources Renewed trade war fears pummel world shares, dollar

https://reuters.com/article/brief-mccormick-and-company-reports-q4-e/brief-mccormick-and-company-reports-q4-eps-of-132-idUSASB0C2A8

2018-01-25

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Jan 25 Reuters Mccormick ampamp Company Inc MCCORMICK REPORTS RECORD 2017 FINANCIAL RESULTS AND STRONG GROWTH OUTLOOK FOR 2018 Q4 SALES ROSE 21 PERCENT Q4 EARNINGS PER SHARE VIEW 151 8212 THOMSON REUTERS IBES SEES FY 2018 ADJUSTED EARNINGS PER SHARE 480 TO 490 SEES FY 2018 EARNINGS PER SHARE 689 TO 714 INCLUDING ITEMS Q4 EARNINGS PER SHARE 154 EXCLUDING ITEMS IN 2018 COMPANY EXPECTS TO GROW SALES 12 TO 14 COMPARED TO 2017 FY2018 EARNINGS PER SHARE VIEW 470 REVENUE VIEW 541 BILLION 8212 THOMSON REUTERS IBES WELL ON WAY TO ACHIEVING FOURYEAR 400 MILLION GOAL OF COST SAVINGS BY 2019 IN 2018 EXPECT TO EXCEED 4 TO 6 LONGTERM CONSTANT CURRENCY OBJECTIVE FOR SALES GROWTH PLAN TO ACHIEVE APPROXIMATELY 100 MILLION IN 2018 COST SAVINGS LED BY CCI PROGRAM Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Wall Street8217s major indexes fell on Tuesday as the dismissal of US Secretary of State Rex Tillerson and the possibility of additional US import tariffs against China dragged down stocks across sectors President Donald Trump fired Tillerson after a series of public rifts over issues including North Korea and Russia Trump has appointed CIA Director Mike Pompeo seen as loyal to the president to replace Tillerson To lead the CIA the president has tapped Gina Haspel the agency8217s deputy director 8220Any time there8217s change investors get nervous8221 said John Carey portfolio manager at Amundi Pioneer Asset Management in Boston 8220They have to go back to the drawing board to figure out what the implications might be8221 Still Carey said at least the nominees to lead the State Department and the CIA are familiar names 8220I don8217t think either change will be troubling to the market as people reflect on the qualifications of the people stepping into the roles8221 he said US stocks added to losses after Politico reported that a package of tariffs targeting 30 billion a year in Chinese imports could be rolled out as soon as next week 8220This may be upsetting the apple cart8221 said Bryan Novak senior managing director at Astor Investment Management in Chicago 8220When you look at tariffs you don8217t just look in a vacuum You look at what follows on top of them It8217s worth watching a bit more to see the followthrough on our side and their side but there could be some anxiety around it8221 The markets had opened higher after data showed US consumer price growth slowed in February an indication that an anticipated pickup in inflation probably will be only gradual Traders work on the floor at the New York Stock Exchange NYSE in Manhattan New York City US March 2 2018 REUTERSAndrew Kelly The Dow Jones Industrial Average DJI fell 17158 points or 068 percent to 2500703 the SampampP 500 SPX lost 1771 points or 064 percent to 276531 and the Nasdaq Composite IXIC dropped 7731 points or 102 percent to 751101 Tech SPLRCT and financial SPSY stocks were the biggest laggards among the SampampP 5008217s 11 major sectors Shares of Microsoft Corp MSFTO Facebook Inc FBO and Alphabet Inc GOOGLO fell between 15 percent and 24 percent Dow Jones ampamp Company Inc 2500703 DJI Dow Jones Indexes 17158 068 DJI SPX IXIC MSFTO FBO 8220Technology rallied hard yesterday and last week and there is profittaking but it8217s just a shortterm pressure8221 said Ken Polcari director of the NYSE floor division at O8217Neil Securities in New York Financial stocks were weighed as US Treasury yields fell in response to the CPI data and Tillerson8217s exit Among individual stocks General Electric Co GEN fell 44 percent after JP Morgan cut its price target on the stock to 11 from 14 saying the industrial conglomerate was not a 8220safety stock8221 in a volatile market Declining issues outnumbered advancing ones on the NYSE by a 127to1 ratio on Nasdaq a 155to1 ratio favored decliners The SampampP 500 posted 43 new 52week highs and no new lows the Nasdaq Composite recorded 180 new highs and 24 new lows Volume on US exchanges was 689 billion shares compared to the 713 billion average for the full session over the last 20 trading days Additional reporting by Sruthi Shankar in Bengaluru Editing by Arun Koyyur James Dalgleish and Susan Thomas Our Standards The Thomson Reuters Trust Principles LONDON Reuters Oil edged up on Wednesday as strong Chinese factory activity encouraged investor inflows into industrial commodities such as copper although fastgrowing US crude output tempered price gains FILE PHOTO A pump jack is seen at sunrise near Bakersfield California October 14 2014 REUTERSLucy NicholsonFile Photo China reported a 72 percent yearonyear increase in industrial output in the first two months of the year roundly beating expectations and in a dose of support for oil bulls the data showed crude production fell 19 percent Copper CMCU3 and palladium XPD a key component in gasolinepowered vehicles both rose around 1 percent which in turn encouraged a bounce in the oil price Brent crude LCOc1 was last up 27 cents at 6492 a barrel off an earlier low of 6443 while US West Texas Intermediate WTI futures CLc1 were up 31 cents at 6102 a barrel 8220We8217ve seen copper breach above 7000 a tonne and I think a lot of this is coming out of this really big beat in the Chinese industrial production so general macro flows I would say are reinforcing that bullish narrative8221 ING commodities strategist Oliver Nugent said China is the world8217s largest importer of commodities and is the world8217s biggest car market Chinese oil production fell 19 percent in January and February to a daily rate of around 377 million barrels per day while the amount of crude processed by refineries rose 73 percent to 934 million bpd implying that its import demand will remain strong Brent crude has fallen by around 1 percent so far this week as traders and investors have grown increasingly doubtful that coordinated supply cuts by OPEC and some of its partners might not be enough to offset the relentless rise in US crude production US oil production COUTTEIA is expected to top 11 million bpd later this year For a graphic on Russia vs Saudi vs US oil production click reutrs2FrFVMF Rising output as well as seasonally low demand mean that US crude inventories rose by 12 million barrels in the week to March 9 to 428 million barrels the American Petroleum Institute said on Tuesday Seasonal demand patterns for crude and refined products mean the market may only be weeks away from a run of declines 8220The total US crude gasoline and distillate stocks have increased in eight of the past 10 weeks raising 24 million bl in total since the start of the year So if inventories declined last week it will definitely be a positive turn8221 SEB commodities strategist Bjarne Schieldrop said 8220We are now only 24 weeks away from when weekly oil inventory data will start to draw again which should be supportive for oil prices8221 Weekly US crude production figures will be published by the Energy Information Administration EIA later on Wednesday For a graphic on World oil supply and demand balance click reutrs2FIxGvP Reporting by Henning Gloystein Editing by Tom Hogue and Susan Fenton Our Standards The Thomson Reuters Trust Principles DUBAILONDON Reuters Saudi Arabia is increasingly looking to just float oil giant Saudi Aramco locally as plans for an initial public offering IPO on an international exchange such as London or New York hang in the balance sources close to the process said The kingdom is counting on being awarded emerging market status by index complier MSCI in June to help Saudi Aramco attract Western funds in addition to cornerstone investors from China Japan and South Korea the sources said 8220I would guess it is about evens that there will be no international IPO8221 said a highlevel source familiar with the preparations saying they were proving to be a disappointment Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in an initial public offering that could value it at up to 2 trillion and make it the world8217s biggest oil company by market capitalization Saudi Energy Minister Khalid alFalih said last week that Aramco was too important to risk listing in the United States because of litigation concerns such as existing lawsuits against rival oil companies for their role in climate change British officials have been told by Saudi counterparts London has a chance to secure the listing but only in 2019 at the earliest according to the Financial Times and sources told Reuters the kingdom was now focusing on a listing on the local exchange or Tadawul 8220The only thing we know today is that Tadawul will be the key listing location as our national exchange8221 Falih told CNN 8220We are waiting for the reforms to be in place and to join MSCI and Aramco listing in Tadawul will be catalytic for that capital market as we bring international capital to the kingdom8221 he told the US channel last week MSCI FLOWS The initial public offering is the centerpiece of Crown Prince Mohammed bin Salman8217s plan to diversify the Saudi economy beyond oil and it would also boost the kingdom8217s budget which has been hit by low oil prices Initially planned for 2018 preparations have been hit by rows over whether Aramco should list on major Western markets at all An advisory council to the government asked the securities regulator this year to study the impact of a local listing amid concern a huge IPO could harm the market MSCI has proposed giving its existing Saudi Arabia stock index emerging market status rather than standalone status following a series of market reforms by the kingdom such as raising caps on foreign ownership of companies MSCI will give its decision in June and if positive the reclassification would be in two steps in May and August 2019 According to an update of the MSCI proposal published in February Saudi Arabia would have a market capitalization of 124 billion in MSCI8217s Emerging Markets Index giving it an index weight of 23 percent on a par with Thailand FILE PHOTO A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016 an exhibition and conference for the refining and petrochemical industries in Manama Bahrain September 27 2016 REUTERSHamad I MohammedFile Photo Based on the assumption that another 100 billion would be added through an Aramco initial public offering the kingdom8217s weighting would rise to about 4 percent which would be bigger than Russia8217s weighting of 34 percent for example If MSCI grants Saudi Arabia emerging market status it could be seen as a reason to push against an international listing the sources close to the listing process said Passive investment funds that replicate MSCI indexes would need to put 4 percent of their funds allocated to emerging market indexes into Saudi shares to match the country weighting According to MSCI 17 trillion of assets were benchmarked against MSCI emerging market indexes at the end of June last year of which about a fifth was from passive investors That could mean 136 billion could come into Saudi stocks from passive investors and if active investors also increased their Saudi exposure to the weighting following an Aramco IPO the total inflows could be 68 billion FILE PHOTO Logo of Saudi Aramco is seen at the 20th Middle East Oil ampamp Gas Show and Conference MOES 2017 in Manama Bahrain March 7 2017 REUTERSHamad I MohammedFile Photo Data published in March by fund tracking firm EPFR Global Funds found evidence that investors have warmed to Saudi Arabia in recent weeks Looking at single country equity funds Saudi Arabia attracted record setting flows as investors looked for alternatives to Russia and Turkey the data showed LIQUIDITY FEARS With the prospect of a listing in London and New York receding sources familiar with the IPO told Reuters that Hong Kong was now emerging as an increasingly likely compromise because Riyadh wants to help Asian nations that are expected to become cornerstone investors While London is preferred over New York the requirement by both for greater disclosure of sensitive information on Aramco than the Hong Kong exchange is viewed as a drawback by some Saudi officials and advisers the sources said Saudi Aramco said on Monday it was still reviewing its options for the initial public offering A final decision will be made by Mohammed bin Salman who oversees the kingdom8217s economic and oil policies Sources have told Reuters it requires a bourse at least six month to prepare for a listing so a decision would need to be taken in April for the IPO to go ahead this year Tadawul8217s chief said in October that his exchange hoped to be the only venue But with a total capitalization of about 475 billion it could struggle to absorb Aramco without the participation of foreign funds Sources close to the process however said even with emerging market status Aramco would struggle to raise 100 billion locally Bankers and analysts said an Aramco float risked drowning out other shares listed on Tadawul given daily turnover now is about 16 billion 8220They can do a nominal 2 to 25 percent listing8221 one of the sources said Additional reporting by Dmitry Zhdannikov and Karin Strohecker editing by David Clarke Our Standards The Thomson Reuters Trust Principles LONDON Reuters World shares slipped for the second straight day and the dollar held near oneweek lows after US President Donald Trump8217s threats to slap 60 billion in tariffs on Chinese imports reminded investors of the threat to world economic growth FILE PHOTO A man walks past an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai Equity markets were attempting to recover after Tuesday8217s hefty losses heartened by robust Chinese factory data but struggled to overcome fears of a global trade war as well as the prospect of political uncertainty in the United States 8220As long as the threat of protectionism and a trade war remains markets will remain vigilant8221 Rabobank analysts told clients The tariffs reportedly targeting Chinese tech electronics and telecoms were revealed by sources hours after Trump abruptly fired Secretary of State Rex Tillerson Tillerson8217s exit follows that of economic advisor Gary Cohn a strong free trade proponent Since Trump took office in 2017 as many as 35 senior officials from his administration have walked out including Tillerson according to Citi 8220The market probably correctly viewed this move as weakening internal White House opposition to some of Trump8217s less marketfriendly policies in particular the President8217s trade policy8221 Daiwa strategist Mantas Vanagas said That news had sent the dollar skidding pushed world stocks lower and bond prices higher The moves accelerated after news broke of the planned tariffs with Wall Street closing some 061 percent lower and hefty losses across Asia led by technology shares N225 HSI KS11 The negative momentum faded somewhat in Europe with a panEuropean equity index up 024 percent after falling one percent on Tuesday That left MSCI8217s allcountry equity index down 012 percent MIWD00000PUS its second day in the red For a graphic on the MSCI and Nikkei chart click reutrs2sSBRiD The dollar was flat after three days of losses while US Treasury yields were trading just off oneweek lows touched earlier in the session DXY US10YTRR German 10year government bond yields DE10YTRR approached onemonth lows and currently stand 20 basis points below this year8217s peak at 060 percent Futures signaled a slightly firmer open for Wall Street reversing their earlier direction ESc1 GROWTH The trade war fears eclipsed strong economic data from China which showed industrial output expanding at a surprisingly faster pace at the start of the year Fixed asset investment also beat forecasts while retail sales improved The data helped Brent oil futures up almost half a percent LCOc1 after two days of declines while copper futures jumped almost one percent 8220China8217s economy is well placed to weather any increase in US tariff rates In fact the Chinese statistical bureau is tipping 8216relatively fast growth8217 for both exports and consumption in 2018 8220 said Craig James Sydneybased chief economist at CommSec The data highlighted the relatively robust picture of China8217s and also the global economy the latter is slated to grow this year by 39 percent according to the International Monetary Fund8217s forecast in January Nikkei Inc 2177729 N225 Nikkei Index 19081 087 N225 HSI KS11 For a graphic on MSCI global equities index through the year click reutrs2Dqy4wO But with inflation remaining subdued markets do not see US interest rates rising faster than currently priced in while European and Japanese rate rises remain a distant prospect While a rate rise by the US Federal Reserve next week is already priced in Tuesday8217s data which showed annual US core inflation steady at 18 percent did not persuade markets the Fed could raise rates more than three times this year nL1N1QU184 That along with the trade war fears is keeping the dollar from strengthening much against a basket of currencies DXY and failed to make any headway against the yen to which it had briefly hit threeweek highs around 107 yen JPY Central banks in Japan and the euro zone also stuck with their dovish message to markets The former revealed in its previous meeting8217s minutes that most of its policymakers believed it should 8220persistently8221 pursue powerful monetary easing The euro slipped 02 percent against the dollar inching off an overnight onemonth high EUR after European Central Bank President Mario Draghi said the ECB needed more evidence that inflation was rising towards its target Draghi warned however of risks stemming from 8220possible spillovers of the new trade measures announced by the US administration8221 Reporting by Sujata Rao additional reporting by Swati Pandey in Sydney Editing by William Maclean Our Standards The Thomson Reuters Trust Principles

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<p>Jan 18(Reuters) - Shenzhen Overseas Chinese Town Co Ltd</p> <p>* Says it set coupon rate for 5-year 2018 first tranche corporate bonds at 5.59 percent and 7-year 2018 first tranche corporate bonds at 5.7 percent</p> <p>Source text in Chinese: <a href="https://goo.gl/DdV2fv" type="external">goo.gl/DdV2fv</a></p> <p>Further company coverage: (Beijing Headline News)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - Asian share markets were mixed and oil prices fell on Monday as relief U.S.-led strikes on Syria looked unlikely to escalate was tempered by concerns at Russia&#8217;s potential reaction to new sanctions from Washington.</p> A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai <p>With the situation in the Middle East still fluid, moves were modest and in both directions. EMini futures for the S&amp;amp;P 500 ESc1 nudged up 0.38 percent, while Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> added 0.2 percent.</p> <p>Yet MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.4 percent as Chinese blue chips <a href="/finance/markets/index?symbol=.CSI300" type="external">.CSI300</a> took an early 0.7 percent dip.</p> <p>The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.</p> <p>Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions.</p> <p>But with President Donald Trump declaring mission accomplished, investors wagered the worst had been avoided.</p> <p>&#8220;Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation,&#8221; analysts at JPMorgan said in a note.</p> <p>&#8220;Stocks were concerned about a prolonged and expanded U.S. campaign toward Assad and that doesn&#8217;t look probable.&#8221;</p> <p>Safe-haven assets eased in response, with yields on U.S. 10-year Treasury debt US10YT=RR up two basis points at 2.84 percent.</p> <p>The dollar was a fraction firmer on the yen at 107.40 <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, up on last week's low around 106.62.</p> Slideshow (2 Images) <p>Dealers were keeping a wary eye on Japanese politics after a survey showed support for Japanese Prime Minister Shinzo Abe had fallen to 26.7 percent, the lowest since he took office in late 2012.</p> <p>Abe&#8217;s sliding ratings are raising doubts over whether he can win a third three-year term as ruling Liberal Democratic Party (LDP) leader in a September vote, or whether he might even resign before the party election.</p> <p>The euro was steady at $1.2330 <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a>, while the dollar index eased a touch to 89.772 .DXY.</p> <a href="/finance/markets/index?symbol=.N225" type="external">Nikkei Inc</a> 21778.74 .N225 Nikkei Index +118.46 (+0.55%) .N225 .CSI300 EARNINGS, CHINA GDP ON MENU <p>In commodity markets, gold gained 0.1 percent to $1,346.61 an ounce XAU=, but remained well short of last week&#8217;s peak at $1,365.23.</p> <p>Oil prices slipped with Brent crude futures LCOc1 off 66 cents at $71.92 a barrel, while U.S. crude CLc1 fell 56 cents to $66.83 a barrel.</p> <p>Looking ahead, the U.S. earnings season kicks into high gear this week with Thomson Reuters data predicting profits at S&amp;amp;P 500 companies increased by 18.6 percent in the first quarter from a year ago, their biggest rise in seven years.</p> <p>Yet with expectations so high, bank shares ran into profit-taking on Friday after a batch of mixed results.</p> <p>In Asia, China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 6.7 percent to 6.8 percent.</p> <p>The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week.</p> <p>Also this week, the IMF will hold its spring meetings of central bankers and finance ministers in Washington.</p> <p>Editing by Shri Navaratnam and Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE (Reuters) - Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend, and as American drilling for new production continued to rise.</p> FILE PHOTO: Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela, November 5, 2007. REUTERS/Isaac Urrutia/File Photo <p>The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.</p> <p>Brent crude oil futures LCOc1 were at $71.87 per barrel at 0124 GMT, down 71 cents, or 1 percent from their last close.</p> <p>U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 59 cents, or 0.9 percent, at $66.80 a barrel.</p> <p>Traders said markets in Asia began cautiously after the weekend strikes, while oil markets also came under pressure from a rise in U.S. oil drilling activity.</p> <p>U.S. energy companies added seven oil rigs drilling for new production in the week to April 13, bringing the total to 815, the highest since March 2015, energy services firm Baker Hughes said on Friday.</p> <p>Despite this, Brent is still up more than 16 percent from its 2018 low in February, due to healthy demand and also because of conflict and tension in the Middle East.</p> <p>Although Syria itself is not a significant oil producer itself, the wider Middle East is the world&#8217;s most important crude exporter and tension in the region tends to put oil markets on edge.</p> <p>&#8220;Investors continued to worry about the impact of a wider conflict in the Middle East,&#8221; ANZ bank said.</p> <p>Reporting by Henning Gloystein; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SCHROBENHAUSEN, Germany (Reuters) - Bauer, a big producer of construction equipment, is better placed than many German companies that invested heavily in China over the past few decades.</p> Thomas Bauer, CEO of Bavaria-based construction equipment maker Bauer AG, talks during an interview with Reuters in Schrobenhausen, Germany April 3, 2018. REUTERS/Michael Dalder <p>The Bavaria-based firm, which traces its roots back to 1790, does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin.</p> <p>And the specialist engineering machines Bauer produces there are sold in countries across Asia, shielding the group from swings in the volatile Chinese building market.</p> <p>Even so, CEO Thomas Bauer, the seventh generation in his family to run the firm, is worried about his company&#8217;s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative one-way bet.</p> <p>&#8220;Germany has put too many eggs into one basket, and that basket is China,&#8221; Bauer, a jovial 62-year-old with a thick Bavarian accent, told Reuters at the company&#8217;s headquarters in Schrobenhausen, an hour&#8217;s drive north of Munich.</p> <p>Bauer&#8217;s BSAG.DE concern points to a growing fear in Germany. For more than a decade, the country has been the growth locomotive of Europe, its economy weathering global financial turmoil, the euro zone debt crisis and a record influx of refugees.</p> <p>That resilience was based on two key drivers: Germany had innovative firms that produced high-end manufactured goods that fast-growing economies needed; and the country was better than others at profiting from an open, rules-based global trading system that rewarded competitiveness.</p> <p>China has been crucial on both fronts. Over the past decade it bought up German cars and machinery at an astonishing pace, as it gradually opened up to foreign firms. Last year alone, German manufacturers sold nearly 5 million cars in China, more than three times as many as in the United States.</p> <p>But even as the good times roll on, a radical shift is taking place in how Deutschland AG views the vast Chinese market.</p> <p>Not only has the opening of China shifted into reverse under President Xi Jinping, but Chinese firms have moved up the value chain far faster than many in Germany expected.</p> <p>Germany&#8217;s China conundrum is part of a broader challenge facing Europe: Years of inward-focused crisis fighting have left the bloc politically divided and ill-prepared to respond to looming geopolitical and economic challenges. Now the continent risks being squeezed between a more assertive Beijing and the &#8220;America First&#8221; policies of Donald Trump.</p> <p>In private, some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won&#8217;t or can&#8217;t jump out.</p> <p>Germany&#8217;s ambassador to China, Michael Clauss, warned at a meeting with industry chiefs in Berlin last month of &#8220;tectonic changes&#8221; in the relationship, according to participants.</p> <p>&#8220;We need to prepare people here for a new era in our partnership with China,&#8221; an official at Germany&#8217;s powerful BDI industry federation said. &#8220;These are still golden times. But there is a huge amount of concern about what lies ahead.&#8221;</p> <p>(GRAPHIC: Germany's China problem - <a href="https://tmsnrt.rs/2GUN6BK" type="external">tmsnrt.rs/2GUN6BK</a>)</p> ROLE OF THE STATE <p>German companies were among the first in the West to set up shop in China, giving Germany an advantage as the Chinese economy took off.</p> <p>Bilateral trade between the two countries hit a record 187 billion euros last year, dwarfing China&#8217;s trade with France and the UK, both around 70 billion. In 2017, Germany ran a trade deficit with China of 14 billion euros, tiny compared to the U.S. deficit of $375 billion, or about 346 billion euros.</p> <p>Bauer AG, which employs 11,000 workers in 70 countries, built its first production facilities in China in the mid-1990s. At the time, not a single Chinese firm could make the sophisticated drilling machines it produces &#8211; towering yellow structures used to build the foundations for skyscrapers, power stations and airports.</p> <p>By 2013 Bauer counted 36 Chinese competitors able to make such machines, a shift the CEO says was accelerated by European suppliers selling co-designed parts to the Chinese.</p> <p>A decade ago, the company&#8217;s Chinese plants generated revenues of 109 million euros. Sales slumped to less than half that amount in five of the nine years that followed.</p> <p>Today, what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy.</p> Slideshow (7 Images) <p>Last year, China introduced a cyber security law which tightened state control over internet services, including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters. More recently, some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures.</p> <p>The Bauer boss fears that Xi&#8217;s &#8220;Made in China 2025&#8221; strategy, which identifies 10 key sectors &#8211; including robotics, aerospace and clean-energy cars &#8211; where China wants to be a leader, represents a direct challenge to German manufacturing dominance.</p> <p>To keep its edge Bauer says his firm is focusing intensively on digitalization.</p> <p>&#8220;It will not be a contest against copiers. It will be one against innovative engineers who are intent on overtaking us,&#8221; he said. &#8220;If we don&#8217;t start finding answers soon, this can end very badly.&#8221;</p> TRUMP TARIFFS <p>The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs.</p> <p>But because Germany&#8217;s top firms have become so dependent on the Chinese market, the government in Berlin has avoided confronting China head-on.</p> <p>Back in February, carmaker Daimler ( <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">DAIGn.DE</a>) showed just how skittish some companies are about upsetting Beijing.</p> <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">Daimler AG</a> 65.65 DAIGn.DE Xetra +0.18 (+0.27%) DAIGn.DE 000333.SZ KU2G.DE <p>After a backlash in China over a Mercedez-Benz ad on Instagram that quoted the Dalai Lama &#8211; the Tibetan spiritual leader seen by Beijing as a separatist &#8211; Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the &#8220;hurt and grief&#8221; his company&#8217;s &#8220;negligent and insensitive mistake&#8221; had caused the Chinese people.</p> <p>&#8220;There is a huge gap between what people in Germany are saying about China and what they are really thinking,&#8221; said Bernhard Bartsch of the Bertelsmann Foundation, a German research group.</p> <p>Later this month, Bertelsmann and Berlin-based China think tank MERICS will host an Oxford Union-style debate on the motion: &#8220;In ten years&#8217; time, China will have substantially undermined Europe&#8217;s political and economic system&#8221;</p> <p>The mood among German firms operating in China is also souring.</p> <p>A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years, more than half of its members were not planning investments in new locations in China. Nearly 13 percent of German firms operating in China said they could leave within the next two years.</p> <p>For decades, Germany&#8217;s approach to China could be summed up with the motto &#8220;Wandel durch Handel&#8221; (change through trade).</p> <p>Now that strategy is in tatters and government officials joke darkly that the &#8220;win-win&#8221; relationship has a new meaning: China wins twice.</p> <p>&#8220;The hope was that closer economic ties would lead to an opening. Today it is clear this was a false hope,&#8221; said a German government official. &#8220;They tell us what we want to hear and then do the opposite.&#8221;</p> <p>Berlin is starting to push back. Last year, after Chinese firm Midea&#8217;s ( <a href="/finance/stocks/overview?symbol=000333.SZ" type="external">000333.SZ</a>) takeover of robotics maker Kuka ( <a href="/finance/stocks/overview?symbol=KU2G.DE" type="external">KU2G.DE</a>) sparked an uproar, it tightened restrictions on foreign investments and launched a push for new Europe-wide rules for screening takeovers.</p> <p>In December, Germany&#8217;s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians - a rare public rebuke that Berlin says was intended to send the Chinese a message.</p> <p>A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin, officials say.</p> <p>But they also concede that divisions within the EU and a wide gap between Europe and the go-it-alone Trump administration will make it more difficult to force change in Beijing.</p> <p>&#8220;What the Chinese are really worried about is Europe and the United States working together against them,&#8221; said the German official. &#8220;In that sense, Trump really is a gift to China.&#8221;</p> <p>Reporting by Noah Barkin; Editing by Simon Robinson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Martin Sorrell, who built WPP into the world&#8217;s biggest advertising agency through 33 years of dealmaking, quit on Saturday after an allegation of personal misconduct.</p> <p>The departure of the CEO who built a two-man outfit into one of Britain&#8217;s biggest companies with 200,000 staff in 112 countries leaves WPP without a boss at a pivotal time for the industry and when the group is under great strain.</p> <p>WPP stunned the market last week when it said it had appointed lawyers to investigate alleged misconduct by Sorrell. He denied the allegations but in a letter to WPP staff published late on Saturday he said the &#8220;current disruption&#8221; was &#8220;putting too much unnecessary pressure on the business&#8221;.</p> <p>He said he had decided that &#8220;in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside&#8221;.</p> <p>Chairman Roberto Quarta will become executive chairman until a new chief executive is found, while Mark Read, a WPP digital executive, and Andrew Scott, chief operating officer, Europe, have been appointed as joint chief operating officers.</p> <p>Read, who previously sat on WPP&#8217;s main board, is well regarded in the industry while Scott was involved in its acquisition strategy and was not involved with clients.</p> <p>The company will consider internal and external candidates for the top job in a process that could take several months.</p> <p>&#8220;Obviously I am sad to leave WPP after 33 years,&#8221; Sorrell said in a statement. &#8220;It has been a passion, focus and source of energy for so long. However, I believe it is in the best interests of the business if I step down now.&#8221;</p> <p>WPP said the investigation, which regarded financial impropriety, had concluded. It made no further comment but repeated a previous statement that the allegation did not involve amounts that were material to the company.</p> <p>A source close to Sorrell said he had been unhappy with how the investigation was handled, leaving him uncertain whether he could work with the board again.</p> <p>Analysts have speculated that the sprawling group, which was being restructured after a year of lower spending from some clients, could now sell off some assets if led by different management.</p> PASSION AND FOCUS <p>The longest-serving CEO on the FTSE 100 blue chip index, Sorrell built WPP into one of Britain&#8217;s biggest companies by three decades of relentless dealmaking. He is one of the most high profile, and best paid, executives in the country.</p> <p>In his time the group expanded to own top creative agencies including J. Walter Thompson and Young &amp;amp; Rubicam, as well as media planners and buyers, market-research firms and public relations groups such as Finsbury.</p> <p>Present in 112 countries, WPP serves clients including Ford, Unilever, P&amp;amp;G and a string of major corporations around the world.</p> <p>It largely outperformed its peers Omnicom, Publicis and IPG in the years that followed the financial crisis as the group pitched aggressively for new work. But it has been hit in the last 18 months by a downturn in spending from consumer goods groups Unilever and P&amp;amp;G, and the loss of some big accounts.</p> FILE PHOTO: Sir Martin Sorrell, Chief Executive Officer of WPP, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. REUTERS/Denis Balibouse/File Photo <p>The migration of advertising online and the encroachment into market research of consultancies such as Accenture have compounded the pressures. Its shares are down around 30 percent this year.</p> <p>The company said Sorrell would be available to assist with the transition, and the man synonymous with the British marketing group told the staff they would come through this difficult time.</p> <p>&#8220;As a founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that,&#8221; Sorrell said. &#8220;Good fortune and Godspeed to all of you. Now back to the future.&#8221;</p> <p>Reporting by Kate Holton; Editing by Kevin Liffey, Alistair Bell and Daniel Wallis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Shenzhen Overseas Chinese Town sets coupon rate for 2018 first tranche corporate bonds Asia shares mixed, oil down amid Syria fallout Oil markets tense after western strikes on Syria, but rising U.S. drilling weighs 'Boiled frog syndrome': Germany's China problem Martin Sorrell quits as head of world's biggest ad group WPP

https://reuters.com/article/brief-shenzhen-overseas-chinese-town-set/brief-shenzhen-overseas-chinese-town-sets-coupon-rate-for-2018-first-tranche-corporate-bonds-idUSL3N1PD2PX

2018-01-18

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Jan 18Reuters Shenzhen Overseas Chinese Town Co Ltd Says it set coupon rate for 5year 2018 first tranche corporate bonds at 559 percent and 7year 2018 first tranche corporate bonds at 57 percent Source text in Chinese googlDdV2fv Further company coverage Beijing Headline News Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters Asian share markets were mixed and oil prices fell on Monday as relief USled strikes on Syria looked unlikely to escalate was tempered by concerns at Russia8217s potential reaction to new sanctions from Washington A man looks at an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai With the situation in the Middle East still fluid moves were modest and in both directions EMini futures for the SampampP 500 ESc1 nudged up 038 percent while Japans Nikkei N225 added 02 percent Yet MSCIs broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS slipped 04 percent as Chinese blue chips CSI300 took an early 07 percent dip The United States France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7 Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs as Washington prepared to increase pressure on Russia with new economic sanctions But with President Donald Trump declaring mission accomplished investors wagered the worst had been avoided 8220Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation8221 analysts at JPMorgan said in a note 8220Stocks were concerned about a prolonged and expanded US campaign toward Assad and that doesn8217t look probable8221 Safehaven assets eased in response with yields on US 10year Treasury debt US10YTRR up two basis points at 284 percent The dollar was a fraction firmer on the yen at 10740 JPY up on last weeks low around 10662 Slideshow 2 Images Dealers were keeping a wary eye on Japanese politics after a survey showed support for Japanese Prime Minister Shinzo Abe had fallen to 267 percent the lowest since he took office in late 2012 Abe8217s sliding ratings are raising doubts over whether he can win a third threeyear term as ruling Liberal Democratic Party LDP leader in a September vote or whether he might even resign before the party election The euro was steady at 12330 EUR while the dollar index eased a touch to 89772 DXY Nikkei Inc 2177874 N225 Nikkei Index 11846 055 N225 CSI300 EARNINGS CHINA GDP ON MENU In commodity markets gold gained 01 percent to 134661 an ounce XAU but remained well short of last week8217s peak at 136523 Oil prices slipped with Brent crude futures LCOc1 off 66 cents at 7192 a barrel while US crude CLc1 fell 56 cents to 6683 a barrel Looking ahead the US earnings season kicks into high gear this week with Thomson Reuters data predicting profits at SampampP 500 companies increased by 186 percent in the first quarter from a year ago their biggest rise in seven years Yet with expectations so high bank shares ran into profittaking on Friday after a batch of mixed results In Asia China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 67 percent to 68 percent The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week Also this week the IMF will hold its spring meetings of central bankers and finance ministers in Washington Editing by Shri Navaratnam and Eric Meijer Our Standards The Thomson Reuters Trust Principles SINGAPORE Reuters Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend and as American drilling for new production continued to rise FILE PHOTO Oil pumping facilities are seen at Venezuelas western Maracaibo lake in Venezuela November 5 2007 REUTERSIsaac UrrutiaFile Photo The United States France and Britain launched 105 missiles on Saturday targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7 Brent crude oil futures LCOc1 were at 7187 per barrel at 0124 GMT down 71 cents or 1 percent from their last close US West Texas Intermediate WTI crude futures CLc1 were down 59 cents or 09 percent at 6680 a barrel Traders said markets in Asia began cautiously after the weekend strikes while oil markets also came under pressure from a rise in US oil drilling activity US energy companies added seven oil rigs drilling for new production in the week to April 13 bringing the total to 815 the highest since March 2015 energy services firm Baker Hughes said on Friday Despite this Brent is still up more than 16 percent from its 2018 low in February due to healthy demand and also because of conflict and tension in the Middle East Although Syria itself is not a significant oil producer itself the wider Middle East is the world8217s most important crude exporter and tension in the region tends to put oil markets on edge 8220Investors continued to worry about the impact of a wider conflict in the Middle East8221 ANZ bank said Reporting by Henning Gloystein editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles SCHROBENHAUSEN Germany Reuters Bauer a big producer of construction equipment is better placed than many German companies that invested heavily in China over the past few decades Thomas Bauer CEO of Bavariabased construction equipment maker Bauer AG talks during an interview with Reuters in Schrobenhausen Germany April 3 2018 REUTERSMichael Dalder The Bavariabased firm which traces its roots back to 1790 does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin And the specialist engineering machines Bauer produces there are sold in countries across Asia shielding the group from swings in the volatile Chinese building market Even so CEO Thomas Bauer the seventh generation in his family to run the firm is worried about his company8217s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative oneway bet 8220Germany has put too many eggs into one basket and that basket is China8221 Bauer a jovial 62yearold with a thick Bavarian accent told Reuters at the company8217s headquarters in Schrobenhausen an hour8217s drive north of Munich Bauer8217s BSAGDE concern points to a growing fear in Germany For more than a decade the country has been the growth locomotive of Europe its economy weathering global financial turmoil the euro zone debt crisis and a record influx of refugees That resilience was based on two key drivers Germany had innovative firms that produced highend manufactured goods that fastgrowing economies needed and the country was better than others at profiting from an open rulesbased global trading system that rewarded competitiveness China has been crucial on both fronts Over the past decade it bought up German cars and machinery at an astonishing pace as it gradually opened up to foreign firms Last year alone German manufacturers sold nearly 5 million cars in China more than three times as many as in the United States But even as the good times roll on a radical shift is taking place in how Deutschland AG views the vast Chinese market Not only has the opening of China shifted into reverse under President Xi Jinping but Chinese firms have moved up the value chain far faster than many in Germany expected Germany8217s China conundrum is part of a broader challenge facing Europe Years of inwardfocused crisis fighting have left the bloc politically divided and illprepared to respond to looming geopolitical and economic challenges Now the continent risks being squeezed between a more assertive Beijing and the 8220America First8221 policies of Donald Trump In private some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won8217t or can8217t jump out Germany8217s ambassador to China Michael Clauss warned at a meeting with industry chiefs in Berlin last month of 8220tectonic changes8221 in the relationship according to participants 8220We need to prepare people here for a new era in our partnership with China8221 an official at Germany8217s powerful BDI industry federation said 8220These are still golden times But there is a huge amount of concern about what lies ahead8221 GRAPHIC Germanys China problem tmsnrtrs2GUN6BK ROLE OF THE STATE German companies were among the first in the West to set up shop in China giving Germany an advantage as the Chinese economy took off Bilateral trade between the two countries hit a record 187 billion euros last year dwarfing China8217s trade with France and the UK both around 70 billion In 2017 Germany ran a trade deficit with China of 14 billion euros tiny compared to the US deficit of 375 billion or about 346 billion euros Bauer AG which employs 11000 workers in 70 countries built its first production facilities in China in the mid1990s At the time not a single Chinese firm could make the sophisticated drilling machines it produces 8211 towering yellow structures used to build the foundations for skyscrapers power stations and airports By 2013 Bauer counted 36 Chinese competitors able to make such machines a shift the CEO says was accelerated by European suppliers selling codesigned parts to the Chinese A decade ago the company8217s Chinese plants generated revenues of 109 million euros Sales slumped to less than half that amount in five of the nine years that followed Today what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy Slideshow 7 Images Last year China introduced a cyber security law which tightened state control over internet services including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters More recently some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures The Bauer boss fears that Xi8217s 8220Made in China 20258221 strategy which identifies 10 key sectors 8211 including robotics aerospace and cleanenergy cars 8211 where China wants to be a leader represents a direct challenge to German manufacturing dominance To keep its edge Bauer says his firm is focusing intensively on digitalization 8220It will not be a contest against copiers It will be one against innovative engineers who are intent on overtaking us8221 he said 8220If we don8217t start finding answers soon this can end very badly8221 TRUMP TARIFFS The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs But because Germany8217s top firms have become so dependent on the Chinese market the government in Berlin has avoided confronting China headon Back in February carmaker Daimler DAIGnDE showed just how skittish some companies are about upsetting Beijing Daimler AG 6565 DAIGnDE Xetra 018 027 DAIGnDE 000333SZ KU2GDE After a backlash in China over a MercedezBenz ad on Instagram that quoted the Dalai Lama 8211 the Tibetan spiritual leader seen by Beijing as a separatist 8211 Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the 8220hurt and grief8221 his company8217s 8220negligent and insensitive mistake8221 had caused the Chinese people 8220There is a huge gap between what people in Germany are saying about China and what they are really thinking8221 said Bernhard Bartsch of the Bertelsmann Foundation a German research group Later this month Bertelsmann and Berlinbased China think tank MERICS will host an Oxford Unionstyle debate on the motion 8220In ten years8217 time China will have substantially undermined Europe8217s political and economic system8221 The mood among German firms operating in China is also souring A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years more than half of its members were not planning investments in new locations in China Nearly 13 percent of German firms operating in China said they could leave within the next two years For decades Germany8217s approach to China could be summed up with the motto 8220Wandel durch Handel8221 change through trade Now that strategy is in tatters and government officials joke darkly that the 8220winwin8221 relationship has a new meaning China wins twice 8220The hope was that closer economic ties would lead to an opening Today it is clear this was a false hope8221 said a German government official 8220They tell us what we want to hear and then do the opposite8221 Berlin is starting to push back Last year after Chinese firm Midea8217s 000333SZ takeover of robotics maker Kuka KU2GDE sparked an uproar it tightened restrictions on foreign investments and launched a push for new Europewide rules for screening takeovers In December Germany8217s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians a rare public rebuke that Berlin says was intended to send the Chinese a message A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin officials say But they also concede that divisions within the EU and a wide gap between Europe and the goitalone Trump administration will make it more difficult to force change in Beijing 8220What the Chinese are really worried about is Europe and the United States working together against them8221 said the German official 8220In that sense Trump really is a gift to China8221 Reporting by Noah Barkin Editing by Simon Robinson Our Standards The Thomson Reuters Trust Principles LONDON Reuters Martin Sorrell who built WPP into the world8217s biggest advertising agency through 33 years of dealmaking quit on Saturday after an allegation of personal misconduct The departure of the CEO who built a twoman outfit into one of Britain8217s biggest companies with 200000 staff in 112 countries leaves WPP without a boss at a pivotal time for the industry and when the group is under great strain WPP stunned the market last week when it said it had appointed lawyers to investigate alleged misconduct by Sorrell He denied the allegations but in a letter to WPP staff published late on Saturday he said the 8220current disruption8221 was 8220putting too much unnecessary pressure on the business8221 He said he had decided that 8220in your interest in the interest of our clients in the interest of all shareowners both big and small and in the interest of all our other stakeholders it is best for me to step aside8221 Chairman Roberto Quarta will become executive chairman until a new chief executive is found while Mark Read a WPP digital executive and Andrew Scott chief operating officer Europe have been appointed as joint chief operating officers Read who previously sat on WPP8217s main board is well regarded in the industry while Scott was involved in its acquisition strategy and was not involved with clients The company will consider internal and external candidates for the top job in a process that could take several months 8220Obviously I am sad to leave WPP after 33 years8221 Sorrell said in a statement 8220It has been a passion focus and source of energy for so long However I believe it is in the best interests of the business if I step down now8221 WPP said the investigation which regarded financial impropriety had concluded It made no further comment but repeated a previous statement that the allegation did not involve amounts that were material to the company A source close to Sorrell said he had been unhappy with how the investigation was handled leaving him uncertain whether he could work with the board again Analysts have speculated that the sprawling group which was being restructured after a year of lower spending from some clients could now sell off some assets if led by different management PASSION AND FOCUS The longestserving CEO on the FTSE 100 blue chip index Sorrell built WPP into one of Britain8217s biggest companies by three decades of relentless dealmaking He is one of the most high profile and best paid executives in the country In his time the group expanded to own top creative agencies including J Walter Thompson and Young ampamp Rubicam as well as media planners and buyers marketresearch firms and public relations groups such as Finsbury Present in 112 countries WPP serves clients including Ford Unilever PampampG and a string of major corporations around the world It largely outperformed its peers Omnicom Publicis and IPG in the years that followed the financial crisis as the group pitched aggressively for new work But it has been hit in the last 18 months by a downturn in spending from consumer goods groups Unilever and PampampG and the loss of some big accounts FILE PHOTO Sir Martin Sorrell Chief Executive Officer of WPP attends the World Economic Forum WEF annual meeting in Davos Switzerland January 23 2018 REUTERSDenis BalibouseFile Photo The migration of advertising online and the encroachment into market research of consultancies such as Accenture have compounded the pressures Its shares are down around 30 percent this year The company said Sorrell would be available to assist with the transition and the man synonymous with the British marketing group told the staff they would come through this difficult time 8220As a founder I can say that WPP is not just a matter of life or death it was is and will be more important than that8221 Sorrell said 8220Good fortune and Godspeed to all of you Now back to the future8221 Reporting by Kate Holton Editing by Kevin Liffey Alistair Bell and Daniel Wallis Our Standards The Thomson Reuters Trust Principles

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<p>DAVOS, Switzerland (Reuters) - South Africa&#8217;s budget has involved making tough decisions to stabilize the country&#8217;s debt and the country will feel some pain as a result, its finance minister said on Wednesday.</p> <p>The South African economy, Africa&#8217;s second largest and most industrialized, has slowed to a near standstill.</p> <p>Finance Minister Malusi Gigaba said the upcoming budget, to be unveiled in the spring, would involve interventions in order to boost confidence and grow the economy, as part of what he described as &#8220;a difficult fiscal framework&#8221;.</p> <p>&#8220;What I will be doing at the budget will be going to announce the tough decisions to stabilize the debt but reduce the budget deficit,&#8221; he said, speaking on the sidelines of the World Economic Forum in Davos.</p> <p>&#8220;We have to announce tough decisions and South Africans will have to bear some pain (as a result) of some of the decisions we are going to have to announce in order to stabilize our debt,&#8221; he said. He did not give details of the proposals.</p> <p>President Jacob Zuma&#8217;s reign has been beset by allegations of influence-peddling in government and mismanagement of state-owned enterprises which have dented consumer and business confidence. Zuma has denied allegations that he has allowed his friends to influence the appointment of ministers.</p> <p>South Africa&#8217;s economy grew 2.5 percent in the three months to the end of June, after contracting by 0.6 percent in the first quarter and by 0.3 percent in the final quarter of 2016.</p> FILE PHOTO: South Africa's Finance Minister Malusi Gigaba poses for a photograph after speaking at the Thomson Reuters economist of the year awards at the Johannesburg Stock Exchange (JSE) offices in Sandton, South Africa, July 13, 2017. REUTERS/Siphiwe Sibeko/File Photo <p>But since South Africa emerged from its 2009 recession, growth has fallen short of the government&#8217;s target of five percent, the level economists say is needed to curb unemployment.</p> RATING <p>A Moody&#8217;s rating review could see South Africa&#8217;s rating cut to junk and the country&#8217;s bonds ejected from a key index. That could in turn cause capital to flee the country, raising bond yields and pressuring the currency.</p> <p>&#8220;We are certainly going to avoid it. I&#8217;m very confident,&#8221; Gigaba said when asked about the possibility of a downgrade.</p> <p>He said ratings agencies had previously expressed concern over political and policy certainty, as well as the government&#8217;s commitment to fighting corruption.</p> <p>Gigaba said these issues had largely been resolved after Cyril Ramaphosa won the race in December to be the new leader of the ruling African National Congress (ANC).</p> <p>Earlier this month the new ANC leader said South Africa wanted to attract foreign investors to help it kick-start economic growth and will crack down on corruption.</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - FedEx Corp will screen every package at the Texas facility where a parcel exploded on Tuesday, according to a FedEx manager, describing extraordinary steps the company is taking in response to a series of bombings in the state capital.</p> A FedEx truck is held from entering the scene of a blast at a FedEx facility in Schertz, Texas, U.S., March 20, 2018. REUTERS/Sergio Flores <p>The package delivery company will also X-ray entire truckloads of parcels at its sorting facility outside Austin, and then divert them elsewhere for sorting and delivery, said the FedEx employee who was not authorized to speak on the record. The source does not work at the sorting facility but was briefed on the situation.</p> <p>FedEx spokesman Jim McCluskey said he had no immediate comment.</p> <p>The blast at FedEx on Tuesday was one of five explosions in Texas in the past 18 days. A sixth explosion on Tuesday night did not appear related, authorities said. The five attacks have killed two people, injured others and left hundreds of federal and local investigators scrambling to find the perpetrator and a motive.</p> <p>Package screening is not routine at the nation&#8217;s big delivery companies such as FedEx, United Parcel Service Inc or the U.S. Postal Service. The industry delivers a total of around 40 million parcels in the United States each day, industry experts said. Checking every package on a regular basis would virtually paralyze their operations.</p> <p>FedEx will carry out the special screenings at the sorting facility in Schertz, Texas where the package exploded, injuring one worker, and at a second location in Austin, where another explosive device was found, the employee said. The second package was turned over to police.</p> <p>&#8220;FedEx in conjunction with the authorities are field X-raying all the packages one at a time,&#8221; the employee said. &#8220;From then on, we will be doing bulk X-rays of entire trailers.&#8221;</p> <p>Packages will likely be delayed by a day or two at the facility, and FedEx was re-routing all other packages to its hub in Houston to avoid further delays, he said.</p> <p>FedEx has provided law enforcement with &#8220;extensive evidence from our advanced technology security systems designed to protect the safety of our teammates, our customers and the communities we serve,&#8221; Chief Executive Officer Fred Smith told analysts on Tuesday after the company reported quarterly financial results.</p> <p>FedEx will provide authorities with the location where the package was picked up by the driver and the time, the employee said, providing authorities with a wealth of data.</p> <p>Satish Jindel, a founder of the delivery company that became FedEx Ground and now serves as president of ShipMatrix, which tracks on-time shipments, said it was highly unlikely that the industry would move toward routine screening. Package bombs are rare, he said, making it unrealistic to check every package, every day, considering the enormous cost.</p> <p>&#8220;They don&#8217;t, they can&#8217;t, and they shouldn&#8217;t, and it would be unreasonable and ignorant for this country and for people to expect it,&#8221; Jindel said. &#8220;It would shut the economy down.&#8221;</p> <p>For now, the industry will likely rely on employees who are trained to flag suspicious packages, Jindel said.</p> <p>UPS spokesman Glenn Zaccara said the world&#8217;s largest package delivery company has security measures in place and was cooperating with law enforcement in their investigation, but declined to comment further.</p> <p>DHL Worldwide Express said it had &#8220;standard&#8221; security and screening procedures in place and that its security teams were monitoring the situation in Texas.</p> <p>The U.S. Postal Service uses technology, targeted screening and employee training to stop suspicious packages, spokesman Dave Partenheimer said.</p> <p>The FedEx manager with knowledge of the incident said the blast appeared to have been set off by a mechanical arm that diverts packages along a conveyer belt. When the arm came out and hit the package, it exploded on the sorter just as it entered a chute, he said.</p> <p>&#8220;The good thing is it went off when it was going down the chute,&#8221; he said. &#8220;The chute actually shielded anybody below from the blast.&#8221;</p> <p>Reporting by Eric M. Johnson; Writing by Daniel Trotta; Editing by Frank McGurty and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>AUSTIN/SCHERTZ, Texas (Reuters) - A parcel packed with nails and shrapnel blew up on Tuesday at a FedEx Corp center near San Antonio, Texas, injuring a worker, before a second booby-trapped package was intercepted in Austin - the latest in a chain of bombings that have killed two people.</p> <p>The two FedEx bomb incidents hours apart on Tuesday morning brought to six the number of explosive devices - five of them detonated - that have come under investigation in Texas this month as the work of a suspected serial bomber.</p> <p>Baffled investigators have taken the extraordinary step of issuing public appeals through the media asking that whoever is responsible to at least come forward with a demand or an explanation.</p> <p>Adding to tensions, police and federal agents said that a third package they described as an &#8220;incendiary device&#8221; went off Tuesday evening in Austin, the Texas capital, injuring a man there.</p> <p>But police and the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) said they had no reason to believe that incident, reported to have occurred at a thrift shop for the charity Goodwill Industries, was related to any of the others or the act of a &#8220;copy cat.&#8221;</p> <p>All but one of incidents have occurred in Austin. The exception came early on Tuesday when a package filled with nails and metal shrapnel exploded at about 12:30 a.m. on a conveyer belt at FedEx distribution center near San Antonio, knocking a female employee off her feet, officials said.</p> <p>The package was being sent from Austin to another address in the city and passed through a sorting facility in the town of Schertz, about 65 miles (105 km) away. Authorities said the worker was treated for her injuries at the scene.</p> <p>Later in the morning, authorities were alerted to a suspicious package at a separate FedEx facility in Austin. Police and federal agents called to the scene found the package contained a bomb and it &#8220;was disrupted by law enforcement,&#8221; according to a joint statement from Austin police, the ATF and the Federal Bureau of Investigation.</p> Law enforcement personnel are seen gathering evidence outside a FedEx Store which was closed for investigation, in Austin, Texas, U.S., March 20, 2018. REUTERS/Sergio Flores <p>No injuries were reported, the statement said.</p> <p>The three agencies said investigators had determined that the two FedEx bombs &#8220;are connected&#8221; to the four other bomb blasts that occurred between March 2 and March 18 in Austin, killing two people and injuring four others.</p> <p>But ATF and police said the incident Tuesday evening in south Austin &#8220;does not appear to be related&#8221; to the previous bombings. Local emergency services officials said the victim, a man in his 30, was treated for minor burns and released.</p> Slideshow (18 Images) <p>A FedEx manager told Reuters the company would begin conducting special safety screenings of packages at its facilities in Schertz and Austin where Tuesday&#8217;s incidents occurred.</p> <p>Speaking through the media, officials have appealed to the bomber to reveal the motives for the attacks and have asked the public for any tips, offering a $115,000 reward for information leading to an arrest.</p> <p>&#8220;Somebody has to know something,&#8221; FBI spokeswoman Christina Garza said. &#8220;The person behind these explosives, please, we want to know why.&#8221;</p> Related Coverage <a href="/article/us-texas-blast-fedex/fedex-to-scan-every-parcel-at-two-texas-facilities-after-blast-idUSKBN1GX03B" type="external">FedEx to scan every parcel at two Texas facilities after blast</a> <a href="/article/us-texas-blast-changes/serial-bombings-put-texas-capital-on-edge-idUSKBN1GW35O" type="external">Serial bombings put Texas capital on edge</a> <a href="/article/us-texas-blast-whitehouse/no-known-link-to-terrorism-in-texas-bombings-white-house-idUSKBN1GW293" type="external">No known link to terrorism in Texas bombings: White House</a> <p>&#8220;This is obviously a very, very sick individual, or maybe individuals,&#8221; President Donald Trump told reporters. &#8220;These are sick people, and we will get to the bottom of it.&#8221;</p> <p>The four previous explosions killed two people and injured four others, unnerving residents of Austin, a city of some 1 million people. The first bombings occurred as the state capital was hosting the annual South By Southwest music, film and technology festival</p> <p>The first three devices were parcel bombs dropped off in front of homes in different Austin neighborhoods. The fourth went off on Sunday night on the west side of the city and was described by police as a more sophisticated device detonated through a trip wire.</p> <p>Additional reporting by Brendan O'Brien in Milwaukee, Mark Hosenball and Lisa Lambert in Washington, Andrew Hay and Eric Johnson; Writing by Daniel Trotta and Rosalba O'Brien; Editing by Tom Brown, Leslie Adler and Michael Perry</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JERUSALEM (Reuters) - The Israeli military formally acknowledged on Wednesday its destruction of a suspected Syrian nuclear reactor in 2007, saying the air strike removed a major threat to Israel and the region and was a &#8220;message&#8221; to others.</p> FILE PHOTO- This undated image released by the U.S. Government shows a building after it was bombed in Syria. U.S. Government/Handout via REUTERS/File Photo <p>Wednesday&#8217;s announcement about &#8220;Operation Out of the Box&#8221; was made after Israeli military censors lifted a more than 10-year order that had barred Israeli officials from discussing it.</p> <p>The Israeli military&#8217;s announcement was followed up by a release of newly declassified materials including photographs and cockpit video said to show the moment that an air strike destroyed the Al-Kubar facility in the desert near Deir-al-Zor, more than 480 km (300 miles) inside Syria.</p> <p>&#8220;The message from the attack on the nuclear reactor in 2007 is that the State of Israel will not allow the establishment of capabilities that threaten Israel&#8217;s existence,&#8221; the military chief, Lieutenant-General Gadi Eizencot, said in the statement issued on Wednesday.</p> <p>&#8220;This was our message in 2007, this remains our message today and will continue to be our message in the near and distant future.&#8221;</p> <p>The timing of Israel&#8217;s decision to go public and justify the strike more than a decade ago comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria&#8217;s ally, Iran.</p> FILE PHOTO- This undated image released by the U.S. Government shows a building under construction in Syria. U.S. Government/Handout via REUTERS/File Photo <p>Netanyahu has repeatedly warned that Israel will not allow Iran to develop a nuclear weapon &#8211; &#8220;not now, not in 10 years, not ever&#8221; - or to build missile factories in Syria that could threaten Israel, or provide advanced weapons for Hezbollah, the Iran-backed Shi&#8217;ite group in Lebanon.</p> <p>The Trump administration has also been locked in nuclear</p> Slideshow (6 Images) <p>brinkmanship with North Korea - which the United States has previously said it believed supplied the Al-Kubar reactor.</p> <p>The International Atomic Energy Agency has deemed it &#8220;very likely&#8221; that the site &#8220;was a nuclear reactor that should have been declared&#8221;.</p> <p>Syria, a signatory of the 1970 nuclear Non-Proliferation Treaty (NPT), has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea.</p> <p>Iran says its nuclear program is peaceful.</p> <p>Reuters could not immediately verify the authenticity of the materials released by the Israeli military on Wednesday.</p> <p>Writing by Dan Williams; Editing by Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - A hush settled over financial markets on Wednesday as investors anticipated a quarter point hike in the Federal Reserve&#8217;s policy rate and awaited guidance on how many more to expect this year, while trade war fears kept export nations&#8217; currencies on edge.</p> FILE PHOTO: A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai <p>MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.4 percent after four straight days of losses, tracking overnight gains on Wall Street.</p> <p>Chinese shares were buoyant with Hong Kong's Hang Seng index <a href="/finance/markets/index?symbol=.HSI" type="external">.HSI</a> gaining 1.3 percent. Australian and Korean <a href="/finance/markets/index?symbol=.KS11" type="external">.KS11</a> stocks were up marginally.</p> <p>The market is convinced the Fed will announce a quarter point hike at 1800 GMT, but are less sure if it will signal three or four for the year as a whole.</p> <p>&#8220;A significant weighting toward four hikes this year may well cause both equity and bond markets to sell off,&#8221; Jonathan Sheridan, analyst at FIIG Securities in Sydney, said.</p> <p>&#8220;The concerns here are that the Fed overshoots with raising rates into a faltering economy,&#8221; Sheridan added.</p> <p>&#8220;If this opinion takes hold then we may well see falling longer term rates and a flatter yield curve, and it would also be negative for equities as it increases the chances of a recession.&#8221;</p> <p>The Fed has raised rates five times since it began tightening policy in late 2015. Yet the dollar has not really responded, ending 2017 down about 10 percent against a basket of currencies. .DXY</p> <p>&#8220;We remind readers that every single FOMC rate hike this cycle has been a &#8216;dovish hike&#8217; and the USD has declined on the day(s) post the rise,&#8221; Richard Grace, chief currency strategist at Commonwealth Bank of Australia wrote in a note to clients.</p> <p>On Wednesday, the dollar index held near three-week highs around at 90.35. Against the Japanese yen <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, the greenback hovered near a one-week top at 106.5.</p> <p>(GRAPHIC: Developed market currencies against the Dollar - <a href="http://reut.rs/2FYAg0X" type="external">reut.rs/2FYAg0X</a>)</p> TRADE WAR FEARS <p>Another major overhang for financial markets is the specter of a global trade war.</p> <p>U.S. President Donald Trump is expected to unveil up to $60 billion in import duties on Chinese goods by Friday. The move comes after Trump imposed tariffs on imported steel and aluminum earlier this month.</p> <p>Investors are worried Trump&#8217;s actions could escalate into a full-blown trade war if China and other countries retaliate with similar or harsher measures, threatening global growth.</p> <p>To add to these concerns, a meeting of finance ministers and central banks of the world&#8217;s 20 biggest economies this week failed to diffuse the threat.</p> <p>The so-called G20 agreed only to stand by an ambiguous declaration on trade from 2017 and &#8220;recognized&#8221; the need for more &#8220;dialogue and actions&#8221;.</p> <a href="/finance/markets/index?symbol=.HSI" type="external">Hang Seng Indexes Co Ltd</a> 31931.05 .HSI Hong Kong Stock +381.12 (+1.21%) .HSI .KS11 <p>The currencies of export-heavy nations such as the Australian, New Zealand and Canadian dollars were on the defensive after being knocked down to multi-month lows.</p> <p>The Aussie <a href="/finance/currencies/quote?srcCurr=AUD&amp;amp;destCurr=USD" type="external">AUD=D4</a> fell to a three-month trough of $0.7679 overnight while the kiwi dollar <a href="/finance/currencies/quote?srcCurr=NZD&amp;amp;destCurr=USD" type="external">NZD=D4</a> hit the lowest since early January. The Canadian dollar <a href="/finance/currencies/quote?srcCurr=CAD&amp;amp;destCurr=USD" type="external">CAD=D4</a> held at $1.3029 from Monday's low of $1.3124, a level not seen since mid-2017.</p> <p>Equity analysts have also turned increasingly downbeat.</p> <p>&#8220;Cracks in the bull case are starting to emerge,&#8221; said Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, citing the bank&#8217;s March fund manager survey.</p> <p>&#8220;The threat of a trade war returns to the top of the list of tail risks most commonly cited by investors, followed by inflation and a slowdown in global growth,&#8221; he added.</p> <p>&#8220;Investors have yet to act on these fears, however, as rates and earnings are keeping the bulls bullish.&#8221;</p> <p>Among major commodities, oil prices were lifted by tensions in the Middle East and healthy demand. [O/R]</p> <p>U.S. crude CLcv1 rose 20 cents to $63.74 per barrel. Brent LCOcv1 gained 22 cents to $67.64.</p> <p>Spot gold climbed 0.1 percent to $1,312.81 an ounce XAU=.</p> <p>Reporting by Swati Pandey; Editing by Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

South Africa finance minister warns country will feel pain of tough budget FedEx to scan every parcel at two Texas facilities after blast Sixth Texas parcel bomb leaves U.S. investigators baffled Israel formally acknowledges destroying suspected Syrian reactor in 2007 Caution creeps into Asian trading ahead of Fed decision

https://reuters.com/article/us-davos-meeting-safrica/south-africa-finance-minister-warns-country-will-feel-pain-of-tough-budget-idUSKBN1FD2BZ

2018-01-24

2least

DAVOS Switzerland Reuters South Africa8217s budget has involved making tough decisions to stabilize the country8217s debt and the country will feel some pain as a result its finance minister said on Wednesday The South African economy Africa8217s second largest and most industrialized has slowed to a near standstill Finance Minister Malusi Gigaba said the upcoming budget to be unveiled in the spring would involve interventions in order to boost confidence and grow the economy as part of what he described as 8220a difficult fiscal framework8221 8220What I will be doing at the budget will be going to announce the tough decisions to stabilize the debt but reduce the budget deficit8221 he said speaking on the sidelines of the World Economic Forum in Davos 8220We have to announce tough decisions and South Africans will have to bear some pain as a result of some of the decisions we are going to have to announce in order to stabilize our debt8221 he said He did not give details of the proposals President Jacob Zuma8217s reign has been beset by allegations of influencepeddling in government and mismanagement of stateowned enterprises which have dented consumer and business confidence Zuma has denied allegations that he has allowed his friends to influence the appointment of ministers South Africa8217s economy grew 25 percent in the three months to the end of June after contracting by 06 percent in the first quarter and by 03 percent in the final quarter of 2016 FILE PHOTO South Africas Finance Minister Malusi Gigaba poses for a photograph after speaking at the Thomson Reuters economist of the year awards at the Johannesburg Stock Exchange JSE offices in Sandton South Africa July 13 2017 REUTERSSiphiwe SibekoFile Photo But since South Africa emerged from its 2009 recession growth has fallen short of the government8217s target of five percent the level economists say is needed to curb unemployment RATING A Moody8217s rating review could see South Africa8217s rating cut to junk and the country8217s bonds ejected from a key index That could in turn cause capital to flee the country raising bond yields and pressuring the currency 8220We are certainly going to avoid it I8217m very confident8221 Gigaba said when asked about the possibility of a downgrade He said ratings agencies had previously expressed concern over political and policy certainty as well as the government8217s commitment to fighting corruption Gigaba said these issues had largely been resolved after Cyril Ramaphosa won the race in December to be the new leader of the ruling African National Congress ANC Earlier this month the new ANC leader said South Africa wanted to attract foreign investors to help it kickstart economic growth and will crack down on corruption Our Standards The Thomson Reuters Trust Principles Reuters FedEx Corp will screen every package at the Texas facility where a parcel exploded on Tuesday according to a FedEx manager describing extraordinary steps the company is taking in response to a series of bombings in the state capital A FedEx truck is held from entering the scene of a blast at a FedEx facility in Schertz Texas US March 20 2018 REUTERSSergio Flores The package delivery company will also Xray entire truckloads of parcels at its sorting facility outside Austin and then divert them elsewhere for sorting and delivery said the FedEx employee who was not authorized to speak on the record The source does not work at the sorting facility but was briefed on the situation FedEx spokesman Jim McCluskey said he had no immediate comment The blast at FedEx on Tuesday was one of five explosions in Texas in the past 18 days A sixth explosion on Tuesday night did not appear related authorities said The five attacks have killed two people injured others and left hundreds of federal and local investigators scrambling to find the perpetrator and a motive Package screening is not routine at the nation8217s big delivery companies such as FedEx United Parcel Service Inc or the US Postal Service The industry delivers a total of around 40 million parcels in the United States each day industry experts said Checking every package on a regular basis would virtually paralyze their operations FedEx will carry out the special screenings at the sorting facility in Schertz Texas where the package exploded injuring one worker and at a second location in Austin where another explosive device was found the employee said The second package was turned over to police 8220FedEx in conjunction with the authorities are field Xraying all the packages one at a time8221 the employee said 8220From then on we will be doing bulk Xrays of entire trailers8221 Packages will likely be delayed by a day or two at the facility and FedEx was rerouting all other packages to its hub in Houston to avoid further delays he said FedEx has provided law enforcement with 8220extensive evidence from our advanced technology security systems designed to protect the safety of our teammates our customers and the communities we serve8221 Chief Executive Officer Fred Smith told analysts on Tuesday after the company reported quarterly financial results FedEx will provide authorities with the location where the package was picked up by the driver and the time the employee said providing authorities with a wealth of data Satish Jindel a founder of the delivery company that became FedEx Ground and now serves as president of ShipMatrix which tracks ontime shipments said it was highly unlikely that the industry would move toward routine screening Package bombs are rare he said making it unrealistic to check every package every day considering the enormous cost 8220They don8217t they can8217t and they shouldn8217t and it would be unreasonable and ignorant for this country and for people to expect it8221 Jindel said 8220It would shut the economy down8221 For now the industry will likely rely on employees who are trained to flag suspicious packages Jindel said UPS spokesman Glenn Zaccara said the world8217s largest package delivery company has security measures in place and was cooperating with law enforcement in their investigation but declined to comment further DHL Worldwide Express said it had 8220standard8221 security and screening procedures in place and that its security teams were monitoring the situation in Texas The US Postal Service uses technology targeted screening and employee training to stop suspicious packages spokesman Dave Partenheimer said The FedEx manager with knowledge of the incident said the blast appeared to have been set off by a mechanical arm that diverts packages along a conveyer belt When the arm came out and hit the package it exploded on the sorter just as it entered a chute he said 8220The good thing is it went off when it was going down the chute8221 he said 8220The chute actually shielded anybody below from the blast8221 Reporting by Eric M Johnson Writing by Daniel Trotta Editing by Frank McGurty and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles AUSTINSCHERTZ Texas Reuters A parcel packed with nails and shrapnel blew up on Tuesday at a FedEx Corp center near San Antonio Texas injuring a worker before a second boobytrapped package was intercepted in Austin the latest in a chain of bombings that have killed two people The two FedEx bomb incidents hours apart on Tuesday morning brought to six the number of explosive devices five of them detonated that have come under investigation in Texas this month as the work of a suspected serial bomber Baffled investigators have taken the extraordinary step of issuing public appeals through the media asking that whoever is responsible to at least come forward with a demand or an explanation Adding to tensions police and federal agents said that a third package they described as an 8220incendiary device8221 went off Tuesday evening in Austin the Texas capital injuring a man there But police and the US Bureau of Alcohol Tobacco Firearms and Explosives ATF said they had no reason to believe that incident reported to have occurred at a thrift shop for the charity Goodwill Industries was related to any of the others or the act of a 8220copy cat8221 All but one of incidents have occurred in Austin The exception came early on Tuesday when a package filled with nails and metal shrapnel exploded at about 1230 am on a conveyer belt at FedEx distribution center near San Antonio knocking a female employee off her feet officials said The package was being sent from Austin to another address in the city and passed through a sorting facility in the town of Schertz about 65 miles 105 km away Authorities said the worker was treated for her injuries at the scene Later in the morning authorities were alerted to a suspicious package at a separate FedEx facility in Austin Police and federal agents called to the scene found the package contained a bomb and it 8220was disrupted by law enforcement8221 according to a joint statement from Austin police the ATF and the Federal Bureau of Investigation Law enforcement personnel are seen gathering evidence outside a FedEx Store which was closed for investigation in Austin Texas US March 20 2018 REUTERSSergio Flores No injuries were reported the statement said The three agencies said investigators had determined that the two FedEx bombs 8220are connected8221 to the four other bomb blasts that occurred between March 2 and March 18 in Austin killing two people and injuring four others But ATF and police said the incident Tuesday evening in south Austin 8220does not appear to be related8221 to the previous bombings Local emergency services officials said the victim a man in his 30 was treated for minor burns and released Slideshow 18 Images A FedEx manager told Reuters the company would begin conducting special safety screenings of packages at its facilities in Schertz and Austin where Tuesday8217s incidents occurred Speaking through the media officials have appealed to the bomber to reveal the motives for the attacks and have asked the public for any tips offering a 115000 reward for information leading to an arrest 8220Somebody has to know something8221 FBI spokeswoman Christina Garza said 8220The person behind these explosives please we want to know why8221 Related Coverage FedEx to scan every parcel at two Texas facilities after blast Serial bombings put Texas capital on edge No known link to terrorism in Texas bombings White House 8220This is obviously a very very sick individual or maybe individuals8221 President Donald Trump told reporters 8220These are sick people and we will get to the bottom of it8221 The four previous explosions killed two people and injured four others unnerving residents of Austin a city of some 1 million people The first bombings occurred as the state capital was hosting the annual South By Southwest music film and technology festival The first three devices were parcel bombs dropped off in front of homes in different Austin neighborhoods The fourth went off on Sunday night on the west side of the city and was described by police as a more sophisticated device detonated through a trip wire Additional reporting by Brendan OBrien in Milwaukee Mark Hosenball and Lisa Lambert in Washington Andrew Hay and Eric Johnson Writing by Daniel Trotta and Rosalba OBrien Editing by Tom Brown Leslie Adler and Michael Perry Our Standards The Thomson Reuters Trust Principles JERUSALEM Reuters The Israeli military formally acknowledged on Wednesday its destruction of a suspected Syrian nuclear reactor in 2007 saying the air strike removed a major threat to Israel and the region and was a 8220message8221 to others FILE PHOTO This undated image released by the US Government shows a building after it was bombed in Syria US GovernmentHandout via REUTERSFile Photo Wednesday8217s announcement about 8220Operation Out of the Box8221 was made after Israeli military censors lifted a more than 10year order that had barred Israeli officials from discussing it The Israeli military8217s announcement was followed up by a release of newly declassified materials including photographs and cockpit video said to show the moment that an air strike destroyed the AlKubar facility in the desert near DeiralZor more than 480 km 300 miles inside Syria 8220The message from the attack on the nuclear reactor in 2007 is that the State of Israel will not allow the establishment of capabilities that threaten Israel8217s existence8221 the military chief LieutenantGeneral Gadi Eizencot said in the statement issued on Wednesday 8220This was our message in 2007 this remains our message today and will continue to be our message in the near and distant future8221 The timing of Israel8217s decision to go public and justify the strike more than a decade ago comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria8217s ally Iran FILE PHOTO This undated image released by the US Government shows a building under construction in Syria US GovernmentHandout via REUTERSFile Photo Netanyahu has repeatedly warned that Israel will not allow Iran to develop a nuclear weapon 8211 8220not now not in 10 years not ever8221 or to build missile factories in Syria that could threaten Israel or provide advanced weapons for Hezbollah the Iranbacked Shi8217ite group in Lebanon The Trump administration has also been locked in nuclear Slideshow 6 Images brinkmanship with North Korea which the United States has previously said it believed supplied the AlKubar reactor The International Atomic Energy Agency has deemed it 8220very likely8221 that the site 8220was a nuclear reactor that should have been declared8221 Syria a signatory of the 1970 nuclear NonProliferation Treaty NPT has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea Iran says its nuclear program is peaceful Reuters could not immediately verify the authenticity of the materials released by the Israeli military on Wednesday Writing by Dan Williams Editing by Simon CameronMoore Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters A hush settled over financial markets on Wednesday as investors anticipated a quarter point hike in the Federal Reserve8217s policy rate and awaited guidance on how many more to expect this year while trade war fears kept export nations8217 currencies on edge FILE PHOTO A man looks at an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai MSCI8217s broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS added 04 percent after four straight days of losses tracking overnight gains on Wall Street Chinese shares were buoyant with Hong Kongs Hang Seng index HSI gaining 13 percent Australian and Korean KS11 stocks were up marginally The market is convinced the Fed will announce a quarter point hike at 1800 GMT but are less sure if it will signal three or four for the year as a whole 8220A significant weighting toward four hikes this year may well cause both equity and bond markets to sell off8221 Jonathan Sheridan analyst at FIIG Securities in Sydney said 8220The concerns here are that the Fed overshoots with raising rates into a faltering economy8221 Sheridan added 8220If this opinion takes hold then we may well see falling longer term rates and a flatter yield curve and it would also be negative for equities as it increases the chances of a recession8221 The Fed has raised rates five times since it began tightening policy in late 2015 Yet the dollar has not really responded ending 2017 down about 10 percent against a basket of currencies DXY 8220We remind readers that every single FOMC rate hike this cycle has been a 8216dovish hike8217 and the USD has declined on the days post the rise8221 Richard Grace chief currency strategist at Commonwealth Bank of Australia wrote in a note to clients On Wednesday the dollar index held near threeweek highs around at 9035 Against the Japanese yen JPY the greenback hovered near a oneweek top at 1065 GRAPHIC Developed market currencies against the Dollar reutrs2FYAg0X TRADE WAR FEARS Another major overhang for financial markets is the specter of a global trade war US President Donald Trump is expected to unveil up to 60 billion in import duties on Chinese goods by Friday The move comes after Trump imposed tariffs on imported steel and aluminum earlier this month Investors are worried Trump8217s actions could escalate into a fullblown trade war if China and other countries retaliate with similar or harsher measures threatening global growth To add to these concerns a meeting of finance ministers and central banks of the world8217s 20 biggest economies this week failed to diffuse the threat The socalled G20 agreed only to stand by an ambiguous declaration on trade from 2017 and 8220recognized8221 the need for more 8220dialogue and actions8221 Hang Seng Indexes Co Ltd 3193105 HSI Hong Kong Stock 38112 121 HSI KS11 The currencies of exportheavy nations such as the Australian New Zealand and Canadian dollars were on the defensive after being knocked down to multimonth lows The Aussie AUDD4 fell to a threemonth trough of 07679 overnight while the kiwi dollar NZDD4 hit the lowest since early January The Canadian dollar CADD4 held at 13029 from Mondays low of 13124 a level not seen since mid2017 Equity analysts have also turned increasingly downbeat 8220Cracks in the bull case are starting to emerge8221 said Michael Hartnett chief investment strategist at Bank of America Merrill Lynch citing the bank8217s March fund manager survey 8220The threat of a trade war returns to the top of the list of tail risks most commonly cited by investors followed by inflation and a slowdown in global growth8221 he added 8220Investors have yet to act on these fears however as rates and earnings are keeping the bulls bullish8221 Among major commodities oil prices were lifted by tensions in the Middle East and healthy demand OR US crude CLcv1 rose 20 cents to 6374 per barrel Brent LCOcv1 gained 22 cents to 6764 Spot gold climbed 01 percent to 131281 an ounce XAU Reporting by Swati Pandey Editing by Simon CameronMoore Our Standards The Thomson Reuters Trust Principles

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<p>(Recasts with comments after the meeting)</p> <p>By Costas Pitas</p> <p>LONDON, Jan 22 (Reuters) - Peugeot said it would move ahead with recovery plans for its Vauxhall plants in Britain after agreeing on Monday to further talks with the UK&#8217;s biggest trade union.</p> <p>PSA-maker Peugeot acquired Vauxhall and Opel last year when it bought General Motors&#8217; loss-making European arm, and has been pursuing a restructuring plan and cutting jobs to try to return it to profitability.</p> <p>The Ellesmere Port plant in northern England builds the Astra Sports Tourer model, with the current run due to end in around 2021.</p> <p>Peugeot is due to decide as soon as this year whether to build future models at the site &#8212; a key test of Britain&#8217;s ability to remain competitive as it leaves the EU.</p> <p>The general secretary of the Unite Union, Len McCluskey, met PSA Chief Executive Carlos Tavares in Paris just two weeks after the firm said it would cut 250 jobs on top of 400 announced last year, when the site employed 1,900 people.</p> <p>&#8220;Further meetings are planned to quickly move this recovery plan for Vauxhall&#8217;s manufacturing sites to the highest level of performance, after years of degradation and in line with the PACE! recovery plan,&#8221; Peugeot said in a statement.</p> <p>Unite said Tavares had reiterated his desire not to close the British manufacturing sites, which also include a van factory in the southern English town of Luton.</p> <p>McCluskey said he wanted to work constructively with Peugeot but threatened to damage the firm&#8217;s car sales in Britain, traditionally Vauxhall/Opel&#8217;s biggest market, if the firm tried to shut a British plant.</p> <p>&#8220;I repeated our determination to safeguard the UK plants and, if needs be, our willingness to disrupt PSA&#8217;s UK market share if the company fails to support this loyal workforce,&#8221; he said in a statement.</p> <p>Peugeot has said manufacturing costs in Britain are twice those of its French plants, and that it will only be able to make a decision on investment once this has been addressed, and it has a better idea of the shape of Britain&#8217;s future trading relationship with the EU.</p> <p>Britain hopes to secure the outline of a transitional Brexit deal, which will form a bridge from its current EU membership into a new relationship with the bloc, by the end of March.</p> <p>Automakers are concerned that, without the right deal, their plants could be hit with tariffs and customs delays, putting their long-term viability at risk.</p> <p>McCluskey said he would seek to meet British Business Minister Greg Clark as soon as possible.</p> <p>&#8220;The three parties &#8211; PSA, Unite and the UK government &#8211; must work together now to give our plants a future,&#8221; he said. (Reporting by Costas Pitas; Editing by Kevin Liffey)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Starbucks Corp ( <a href="/finance/stocks/overview?symbol=SBUX.O" type="external">SBUX.O</a>) and other coffee sellers must put a cancer warning on coffee sold in California, a Los Angeles judge has ruled, possibly exposing the companies to millions of dollars in fines.</p> FILE PHOTO - A woman holds a Frappuccino at a Starbucks store inside the Tom Bradley terminal at LAX airport in Los Angeles, California, United States, October 27, 2015. REUTERS/Lucy Nicholson <p>A little-known not-for-profit group sued some 90 coffee retailers, including Starbucks, on grounds they were violating a California law requiring companies to warn consumers of chemicals in their products that could cause cancer.</p> <p>One of those chemicals is acrylamide, a byproduct of roasting coffee beans that is present in high levels in brewed coffee.</p> <p>Los Angeles Superior Court Judge Elihu Berle said in a decision dated Wednesday that Starbucks and other companies had failed to show there was no significant risk from a carcinogen produced in the coffee roasting process, court documents showed.</p> <p>Starbucks and other defendants have until April 10 to file objections to the decision.</p> <p>Starbucks declined to comment, referring reporters to a statement by the National Coffee Association (NCA) that said the industry was considering an appeal and further legal actions.</p> <p>&#8220;Cancer warning labels on coffee would be misleading. The U.S. government&#8217;s own Dietary Guidelines state that coffee can be part of a healthy lifestyle,&#8221; the NCA statement said.</p> <a href="/finance/stocks/overview?symbol=SBUX.O" type="external">Starbucks Corp</a> 57.89 SBUX.O Nasdaq -0.01 (-0.02%) SBUX.O DNKN.O MCD.N <p>In his decision, Berle said: &#8220;Defendants failed to satisfy their burden of proving by a preponderance of evidence that consumption of coffee confers a benefit to human health.&#8221;</p> <p>Officials from Dunkin&#8217; Donuts ( <a href="/finance/stocks/overview?symbol=DNKN.O" type="external">DNKN.O</a>), McDonald&#8217;s Corp ( <a href="/finance/stocks/overview?symbol=MCD.N" type="external">MCD.N</a>), Peet&#8217;s and other big coffee sellers did not immediately respond to requests for comment.</p> <p>The lawsuit was filed in 2010 by the Council for Education and Research on Toxics (CERT). It calls for fines as large as $2,500 per person for every exposure to the chemical since 2002 at the defendants&#8217; shops in California. Any civil penalties, which will be decided in a third phase of the trial, could be huge in California, which has a population of nearly 40 million.</p> <p>CERT&#8217;s lawyer Raphael Metzger did not immediately respond to a request for comment.</p> <p>Starbucks lost the first phase of the trial in which it failed to show the level of acrylamide in coffee was below that which would pose a significant risk of cancer. In the second phase of the trial, defendants failed to prove there was an acceptable &#8220;alternative&#8221; risk level for the carcinogen, court documents showed.</p> <p>Several defendants in the case settled before Wednesday&#8217;s decision, agreeing to post signage about the cancer-linked chemical and pay millions in fines, according to published reports.</p> <p>Reporting by Nate Raymond; Additional reporting by Lisa Baertlein; Writing by Andrew Hay; Editing by Richard Chang and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK/WASHINGTON (Reuters) - U.S. power company FirstEnergy Corp ( <a href="/finance/stocks/overview?symbol=FE.N" type="external">FE.N</a>) urged the federal government on Thursday to evoke little-used emergency powers to help it keep several struggling nuclear and coal-fired power plants open, a move critics blasted as an attempt at a corporate bailout.</p> FILE PHOTO - The Davis-Beese nuclear power station is seen near Oak Harbor, Ohio February 11, 2010. REUTERS/Aaron Josefczyk <p>On Wednesday, Ohio-based FirstEnergy said it would shut several nuclear plants in Ohio and Pennsylvania in the next three years without some kind of state or federal relief.</p> <p>FirstEnergy&#8217;s FirstEnergy Solutions unit called on U.S. Energy Secretary Rick Perry to use the emergency powers to order PJM Interconnection, the regional power grid operator, to negotiate a contract that would compensate owners of coal and nuclear plants for the benefits such as reliability and jobs those units provide.</p> <p>PJM, in response, rejected the need for an emergency order. &#8220;Nothing we have seen suggests there is any kind of emergency from these units retiring,&#8221; said Vincent Duane, senior vice president at PJM, calling the problem &#8220;fundamentally a corporate issue.&#8221;</p> <p>A spokesman for FirstEnergy Solutions declined to comment on Thursday about speculation the unit was headed for bankruptcy, but he directed attention to a filing the company made with the Energy Department earlier in the day. The filing included a comment made by FirstEnergy Corp&#8217;s chief executive, Charles Jones, in February that he would be &#8220;shocked&#8221; if FirstEnergy Solutions did not file for some type of bankruptcy protection by the end of March.</p> <p>Coal and nuclear power plant operators have struggled in recent years as low natural gas prices as a result of the shale boom have spurred utilities to retire dirtier coal plants. Last year, Perry proposed a plan that would subsidize coal and nuclear for providing what is known as base-load generation, which refers to units that run around the clock.</p> <p>U.S. regulators rejected that proposal in January and said they would conduct a study on grid resilience. Many grid operators, including PJM, have said they already factor in reliability of their systems and the fuel resources available to generate electricity.</p> <p>Murray Energy Corp, which supplies coal to FirstEnergy and has been lobbying elected officials to keep coal and nuclear plants operating, said it fully supports the request for emergency relief.</p> <p>&#8220;As a result of FERC&#8217;s failure, critical power plants will close, thousands of American jobs will be lost, and the reliability, resiliency, and security of our electric power grids will be forever compromised,&#8221; Murray Energy said in a statement, referring to the Federal Energy Regulatory Commission&#8217;s rejection of Perry&#8217;s resiliency proposal.</p> <p>FirstEnergy said in November 2016 that it would exit the competitive generation business overseen by FirstEnergy Solutions as natural gas has taken up a greater part of the power load.</p> <p>On Wednesday, FirstEnergy Solutions said it told PJM it would retire all of its nuclear reactors in Ohio and Pennsylvania, totaling 4,048 megawatts (MW), in 2020 and 2021.</p> <p>One megawatt is enough power for 1,000 U.S. homes.</p> <p>FirstEnergy said it wants an emergency order because the power grid&#8217;s reliability is threatened, due to the &#8220;premature retirement of plants that have many years of useful life but cannot operate profitably under current market conditions.&#8221;</p> <p>PJM said, however, that FirstEnergy&#8217;s assets &#8220;have been financially stressed for some time.&#8221;</p> <p>The Energy Department said it received FirstEnergy&#8217;s request and will go through its standard review process. It did not comment further. PJM said such a request, if granted, would effectively circumvent FERC, putting it in &#8220;uncharted waters.&#8221;</p> <p>Shares in FirstEnergy closed down 1.1 percent to $34.01 on Thursday.</p> <a href="/finance/stocks/overview?symbol=FE.N" type="external">FirstEnergy Corp</a> 34.01 FE.N New York Stock Exchange -0.38 (-1.10%) FE.N <p>The use of emergency orders related to power generation has been minimal, having been evoked only eight times since December 2000, according to the Energy Department, usually in response to natural disasters or blackouts.</p> <p>Groups that rarely agree on anything condemned FirstEnergy&#8217;s request.</p> <p>The American Petroleum Institute (API), a trade group for the oil and natural gas industry, said, &#8220;FirstEnergy&#8217;s claim that the electric grid would be in immediate danger with these power plant retirements is simply untrue.</p> <p>&#8220;PJM is responsible for the reliability of the grid and if there is an emergency, PJM already has the tools to respond,&#8221; API said in a statement</p> <p>The environmental group the Sierra Club said it would sue if Perry issues any order to bail out FirstEnergy.</p> <p>&#8220;Ratepayers and regulators have already rejected multiple attempts by (FirstEnergy) to bail out these coal and nuclear plants that can no longer compete in the marketplace,&#8221; Mary Anne Hitt, director of the Sierra Club&#8217;s Beyond Coal campaign, said in a statement.</p> <p>Other companies have sought assistance from federal, state and regional officials to keep their coal and nuclear plants in service, and some states, including New York and Illinois, have offered subsidies to nuclear plants.</p> <p>These companies argue that the diversification of fuel sources is necessary to keep the power grid operating in the most optimal way. More coal plants are expected to be decommissioned in coming years, and natural gas recently surpassed coal as the biggest source of power generation in the United States.</p> <p>Most states are also putting rules in place to boost generation through renewable sources.</p> <p>Reporting by Scott DiSavino in New York and Valerie Volcovici in Washington; editing by David Gaffen, Tom Brown and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SEOUL (Reuters) - South Korean trade officials braved snowstorms, ate instant noodles to save time and spent weeks hotel-hopping in Washington as they raced to overcome major trade hurdles with their U.S. ally ahead of high-stakes nuclear discussions with North Korea.</p> FILE PHOTO: Rolled steel are seen at a Hyundai Steel plant in Dangjin, about 130 km (81 miles) southwest of Seoul June 15, 2011. REUTERS/Lee Jae-Won <p>What was meant to be a week-long trip to Washington stretched into a four-week marathon, as dozens of Seoul officials sought to wrap up talks aimed at amending the six-year-old U.S.-Korea Free Trade Agreement known as KORUS, according to several South Korean officials with direct knowledge of the matter.</p> <p>U.S. plans announced earlier this month to impose hefty tariffs on steel and aluminum imports added urgency to the trade negotiations. As the third-largest steel exporter to the United States, South Korea had a lot to lose from 25 percent tariffs.</p> <p>Seoul also felt it couldn&#8217;t afford a protracted trade dispute with its most important ally at a time when the two need to work together to contain a nuclear-armed North Korea, the officials told Reuters.</p> <p>&#8220;This had to work well,&#8221; a senior official at South Korea&#8217;s presidential Blue House told Reuters. &#8220;It was right to settle this as soon as possible because if this remains ahead of inter-Korean talks and U.S.-North Korea talks, it could unnecessarily complicate our relationship.&#8221;</p> <p>U.S. President Donald Trump initially welcomed the breakthrough as a &#8220;great deal for American and Korean workers&#8221;, a marked turnaround from a year ago when he told Reuters he would either renegotiate or scrap what he called a &#8220;horrible&#8221; trade deal.</p> <p>But Trump said on Thursday he may hold up signing it until after an agreement is reached with North Korea on denuclearisation, saying such a deal was &#8220;a very strong card&#8221; to ensure fairness on the new trade pact.</p> <p>Trump is expected to meet with North Korea&#8217;s Kim Jong Un in May after the two Koreas hold their first summit in more than a decade in late April. All parties are expected to discuss the denuclearisation of North Korea.</p> &#8220;FINALLY WITHIN REACH&#8221; <p>Whenever South Korean President Moon Jae-in had a phone call with Trump to discuss the North Korean nuclear issue in recent months, Moon also raised the trade agenda, the Blue House official said.</p> <p>In their latest call on March 16, while the two countries&#8217; trade representatives were holding a third round of trade talks in Washington, Moon asked Trump to have a &#8220;keen interest&#8221; in the matter and work toward a speedy trade agreement before their respective summit meetings Kim, the Blue House said at the time.</p> <p>Around that time, South Korean negotiators started to see a glimmer of hope they could save the trade pact, which has seen the U.S. goods trade deficit with South Korea double since 2012 when it took effect.</p> <p>&#8220;The negotiations started to make progress around March 17, and that&#8217;s why our trade team decided to stay longer because they thought agreement was finally within reach,&#8221; said a South Korean senior trade ministry official.</p> <p>The official and another trade official said nearly 30 South Korean negotiators had to move hotels repeatedly in Washington when their trip took longer than expected, at times finding themselves crammed into one hotel room to work on their negotiation strategy for the next day.</p> <p>&#8220;We mostly lived off on instant noodles and quick seaweed rice wraps bought from Korean supermarkets to save time,&#8221; the official said.</p> <p>The efforts culminated in a revised pact the two countries announced this week that gives U.S. automakers and pharmaceuticals more access to the South Korean market.</p> <p>It also lifted the threat of a 25 percent U.S. tariff on South Korean steel in exchange for quotas that will cut imports of Korean steel by about 30 percent.</p> <p>&#8220;We swiftly removed potential conflicts between the two countries at a time when close cooperation between South Korea and the United States is more important than ever,&#8221; a second senior Blue House official said.</p> <p>All the South Korean officials interviewed by Reuters asked not to be named due to the sensitivity of the issue.</p> &#8220;AS COLD AS SIBERIA&#8221; <p>The talks didn&#8217;t get off to a good start as the United States &#8220;kept asking us to make concessions unilaterally,&#8221; South Korean Trade Minister Kim Hyun-chong said in an interview broadcast live to the Blue House&#8217;s Facebook account on Thursday.</p> <p>&#8220;When we first met to talk, the mood was as cold as Siberia and our meeting only lasted for 21 minutes,&#8221; Kim said, referring to U.S. Trade Representative Robert Lighthizer. &#8220;Later on, we got closer and our relations developed to something like a bromance.&#8221;</p> <p>From the start, South Korea saw that for the deal to survive, concessions were inevitable in autos, which made up over 70 percent of its 2017 trade surplus with the United States.</p> <p>&#8220;If the free trade deal got terminated and 8 percent tariffs revived on South Korean auto exports, that would have been an absolute nightmare. Problem was, how do we sell a deal that doesn&#8217;t do anything good for us?,&#8221; a senior South Korean government official said.</p> <p>&#8220;The steel issue effectively provided an opening. We make concessions in autos that we saw as inevitable anyway, and in return become the first country to be exempt from steel tariffs. This suddenly became a win-win.&#8221;</p> <p>(GRAPHIC: Nuclear North Korea - <a href="http://tmsnrt.rs/2lE5yjF" type="external">tmsnrt.rs/2lE5yjF</a>)</p> <p>Reporting By Jane Chung and Christine Kim. Additional reporting by Cynthia Kim. Editing by Soyoung Kim and Lincoln Feast</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Online retailing behemoth Amazon.com Inc ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) has cut ties with Washington lobbying firms Akin Gump Strauss Hauer &amp;amp; Feld LLP and Squire Patton Boggs, Bloomberg reported on Friday.</p> FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S., May 21, 2016. REUTERS/Lucy Nicholson/File Photo <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">Amazon.com Inc</a> 1447.34 AMZN.O Nasdaq +15.92 (+1.11%) AMZN.O ORCL.N <p>The changes took place about a week before U.S. President Donald Trump accused Amazon in a tweet on Thursday of not paying enough tax, taking advantage of the U.S. postal system and putting small retailers out of business.</p> <p>Amazon had cut ties from the lobbying firms last Friday and in their place hired Paul Brathwaite of Federal Street Strategies LLC and Josh Holly of Holly Strategies Inc, both of whom have previously worked as outside lobbyists for Airbnb Inc and Oracle Corp ( <a href="/finance/stocks/overview?symbol=ORCL.N" type="external">ORCL.N</a>), the report said, citing a source.</p> <p>Neither of the parties were immediately available for comment outside regular business hours.</p> <p>The e-commerce giant employs about 15 lobbyists, according to earlier disclosures submitted to the U.S. Senate, with another 15 outside lobbying firms who each assign more lobbyists to work on behalf of the company.</p> <p>The retailer spent $15.4 million in 2017 on lobbying in Washington, up from $12 million a year earlier.</p> <p>Reporting by Kanishka Singh in Bengaluru; Editing by Sunil Nair</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

UPDATE 1-Peugeot to continue Vauxhall recovery plan after talks with UK union Starbucks coffee in California must have cancer warning, judge says FirstEnergy seeks emergency lifeline for U.S. nuclear, coal plants How Seoul raced to conclude U.S. trade deal ahead of North Korea talks Amazon cuts ties with top Washington lobbying firms: Bloomberg

https://reuters.com/article/psa-vauxhall/update-1-peugeot-to-continue-vauxhall-recovery-plan-after-talks-with-uk-union-idUSL8N1PH47H

2018-01-22

2least

Recasts with comments after the meeting By Costas Pitas LONDON Jan 22 Reuters Peugeot said it would move ahead with recovery plans for its Vauxhall plants in Britain after agreeing on Monday to further talks with the UK8217s biggest trade union PSAmaker Peugeot acquired Vauxhall and Opel last year when it bought General Motors8217 lossmaking European arm and has been pursuing a restructuring plan and cutting jobs to try to return it to profitability The Ellesmere Port plant in northern England builds the Astra Sports Tourer model with the current run due to end in around 2021 Peugeot is due to decide as soon as this year whether to build future models at the site 8212 a key test of Britain8217s ability to remain competitive as it leaves the EU The general secretary of the Unite Union Len McCluskey met PSA Chief Executive Carlos Tavares in Paris just two weeks after the firm said it would cut 250 jobs on top of 400 announced last year when the site employed 1900 people 8220Further meetings are planned to quickly move this recovery plan for Vauxhall8217s manufacturing sites to the highest level of performance after years of degradation and in line with the PACE recovery plan8221 Peugeot said in a statement Unite said Tavares had reiterated his desire not to close the British manufacturing sites which also include a van factory in the southern English town of Luton McCluskey said he wanted to work constructively with Peugeot but threatened to damage the firm8217s car sales in Britain traditionally VauxhallOpel8217s biggest market if the firm tried to shut a British plant 8220I repeated our determination to safeguard the UK plants and if needs be our willingness to disrupt PSA8217s UK market share if the company fails to support this loyal workforce8221 he said in a statement Peugeot has said manufacturing costs in Britain are twice those of its French plants and that it will only be able to make a decision on investment once this has been addressed and it has a better idea of the shape of Britain8217s future trading relationship with the EU Britain hopes to secure the outline of a transitional Brexit deal which will form a bridge from its current EU membership into a new relationship with the bloc by the end of March Automakers are concerned that without the right deal their plants could be hit with tariffs and customs delays putting their longterm viability at risk McCluskey said he would seek to meet British Business Minister Greg Clark as soon as possible 8220The three parties 8211 PSA Unite and the UK government 8211 must work together now to give our plants a future8221 he said Reporting by Costas Pitas Editing by Kevin Liffey Our Standards The Thomson Reuters Trust Principles Reuters Starbucks Corp SBUXO and other coffee sellers must put a cancer warning on coffee sold in California a Los Angeles judge has ruled possibly exposing the companies to millions of dollars in fines FILE PHOTO A woman holds a Frappuccino at a Starbucks store inside the Tom Bradley terminal at LAX airport in Los Angeles California United States October 27 2015 REUTERSLucy Nicholson A littleknown notforprofit group sued some 90 coffee retailers including Starbucks on grounds they were violating a California law requiring companies to warn consumers of chemicals in their products that could cause cancer One of those chemicals is acrylamide a byproduct of roasting coffee beans that is present in high levels in brewed coffee Los Angeles Superior Court Judge Elihu Berle said in a decision dated Wednesday that Starbucks and other companies had failed to show there was no significant risk from a carcinogen produced in the coffee roasting process court documents showed Starbucks and other defendants have until April 10 to file objections to the decision Starbucks declined to comment referring reporters to a statement by the National Coffee Association NCA that said the industry was considering an appeal and further legal actions 8220Cancer warning labels on coffee would be misleading The US government8217s own Dietary Guidelines state that coffee can be part of a healthy lifestyle8221 the NCA statement said Starbucks Corp 5789 SBUXO Nasdaq 001 002 SBUXO DNKNO MCDN In his decision Berle said 8220Defendants failed to satisfy their burden of proving by a preponderance of evidence that consumption of coffee confers a benefit to human health8221 Officials from Dunkin8217 Donuts DNKNO McDonald8217s Corp MCDN Peet8217s and other big coffee sellers did not immediately respond to requests for comment The lawsuit was filed in 2010 by the Council for Education and Research on Toxics CERT It calls for fines as large as 2500 per person for every exposure to the chemical since 2002 at the defendants8217 shops in California Any civil penalties which will be decided in a third phase of the trial could be huge in California which has a population of nearly 40 million CERT8217s lawyer Raphael Metzger did not immediately respond to a request for comment Starbucks lost the first phase of the trial in which it failed to show the level of acrylamide in coffee was below that which would pose a significant risk of cancer In the second phase of the trial defendants failed to prove there was an acceptable 8220alternative8221 risk level for the carcinogen court documents showed Several defendants in the case settled before Wednesday8217s decision agreeing to post signage about the cancerlinked chemical and pay millions in fines according to published reports Reporting by Nate Raymond Additional reporting by Lisa Baertlein Writing by Andrew Hay Editing by Richard Chang and Leslie Adler Our Standards The Thomson Reuters Trust Principles NEW YORKWASHINGTON Reuters US power company FirstEnergy Corp FEN urged the federal government on Thursday to evoke littleused emergency powers to help it keep several struggling nuclear and coalfired power plants open a move critics blasted as an attempt at a corporate bailout FILE PHOTO The DavisBeese nuclear power station is seen near Oak Harbor Ohio February 11 2010 REUTERSAaron Josefczyk On Wednesday Ohiobased FirstEnergy said it would shut several nuclear plants in Ohio and Pennsylvania in the next three years without some kind of state or federal relief FirstEnergy8217s FirstEnergy Solutions unit called on US Energy Secretary Rick Perry to use the emergency powers to order PJM Interconnection the regional power grid operator to negotiate a contract that would compensate owners of coal and nuclear plants for the benefits such as reliability and jobs those units provide PJM in response rejected the need for an emergency order 8220Nothing we have seen suggests there is any kind of emergency from these units retiring8221 said Vincent Duane senior vice president at PJM calling the problem 8220fundamentally a corporate issue8221 A spokesman for FirstEnergy Solutions declined to comment on Thursday about speculation the unit was headed for bankruptcy but he directed attention to a filing the company made with the Energy Department earlier in the day The filing included a comment made by FirstEnergy Corp8217s chief executive Charles Jones in February that he would be 8220shocked8221 if FirstEnergy Solutions did not file for some type of bankruptcy protection by the end of March Coal and nuclear power plant operators have struggled in recent years as low natural gas prices as a result of the shale boom have spurred utilities to retire dirtier coal plants Last year Perry proposed a plan that would subsidize coal and nuclear for providing what is known as baseload generation which refers to units that run around the clock US regulators rejected that proposal in January and said they would conduct a study on grid resilience Many grid operators including PJM have said they already factor in reliability of their systems and the fuel resources available to generate electricity Murray Energy Corp which supplies coal to FirstEnergy and has been lobbying elected officials to keep coal and nuclear plants operating said it fully supports the request for emergency relief 8220As a result of FERC8217s failure critical power plants will close thousands of American jobs will be lost and the reliability resiliency and security of our electric power grids will be forever compromised8221 Murray Energy said in a statement referring to the Federal Energy Regulatory Commission8217s rejection of Perry8217s resiliency proposal FirstEnergy said in November 2016 that it would exit the competitive generation business overseen by FirstEnergy Solutions as natural gas has taken up a greater part of the power load On Wednesday FirstEnergy Solutions said it told PJM it would retire all of its nuclear reactors in Ohio and Pennsylvania totaling 4048 megawatts MW in 2020 and 2021 One megawatt is enough power for 1000 US homes FirstEnergy said it wants an emergency order because the power grid8217s reliability is threatened due to the 8220premature retirement of plants that have many years of useful life but cannot operate profitably under current market conditions8221 PJM said however that FirstEnergy8217s assets 8220have been financially stressed for some time8221 The Energy Department said it received FirstEnergy8217s request and will go through its standard review process It did not comment further PJM said such a request if granted would effectively circumvent FERC putting it in 8220uncharted waters8221 Shares in FirstEnergy closed down 11 percent to 3401 on Thursday FirstEnergy Corp 3401 FEN New York Stock Exchange 038 110 FEN The use of emergency orders related to power generation has been minimal having been evoked only eight times since December 2000 according to the Energy Department usually in response to natural disasters or blackouts Groups that rarely agree on anything condemned FirstEnergy8217s request The American Petroleum Institute API a trade group for the oil and natural gas industry said 8220FirstEnergy8217s claim that the electric grid would be in immediate danger with these power plant retirements is simply untrue 8220PJM is responsible for the reliability of the grid and if there is an emergency PJM already has the tools to respond8221 API said in a statement The environmental group the Sierra Club said it would sue if Perry issues any order to bail out FirstEnergy 8220Ratepayers and regulators have already rejected multiple attempts by FirstEnergy to bail out these coal and nuclear plants that can no longer compete in the marketplace8221 Mary Anne Hitt director of the Sierra Club8217s Beyond Coal campaign said in a statement Other companies have sought assistance from federal state and regional officials to keep their coal and nuclear plants in service and some states including New York and Illinois have offered subsidies to nuclear plants These companies argue that the diversification of fuel sources is necessary to keep the power grid operating in the most optimal way More coal plants are expected to be decommissioned in coming years and natural gas recently surpassed coal as the biggest source of power generation in the United States Most states are also putting rules in place to boost generation through renewable sources Reporting by Scott DiSavino in New York and Valerie Volcovici in Washington editing by David Gaffen Tom Brown and Leslie Adler Our Standards The Thomson Reuters Trust Principles SEOUL Reuters South Korean trade officials braved snowstorms ate instant noodles to save time and spent weeks hotelhopping in Washington as they raced to overcome major trade hurdles with their US ally ahead of highstakes nuclear discussions with North Korea FILE PHOTO Rolled steel are seen at a Hyundai Steel plant in Dangjin about 130 km 81 miles southwest of Seoul June 15 2011 REUTERSLee JaeWon What was meant to be a weeklong trip to Washington stretched into a fourweek marathon as dozens of Seoul officials sought to wrap up talks aimed at amending the sixyearold USKorea Free Trade Agreement known as KORUS according to several South Korean officials with direct knowledge of the matter US plans announced earlier this month to impose hefty tariffs on steel and aluminum imports added urgency to the trade negotiations As the thirdlargest steel exporter to the United States South Korea had a lot to lose from 25 percent tariffs Seoul also felt it couldn8217t afford a protracted trade dispute with its most important ally at a time when the two need to work together to contain a nucleararmed North Korea the officials told Reuters 8220This had to work well8221 a senior official at South Korea8217s presidential Blue House told Reuters 8220It was right to settle this as soon as possible because if this remains ahead of interKorean talks and USNorth Korea talks it could unnecessarily complicate our relationship8221 US President Donald Trump initially welcomed the breakthrough as a 8220great deal for American and Korean workers8221 a marked turnaround from a year ago when he told Reuters he would either renegotiate or scrap what he called a 8220horrible8221 trade deal But Trump said on Thursday he may hold up signing it until after an agreement is reached with North Korea on denuclearisation saying such a deal was 8220a very strong card8221 to ensure fairness on the new trade pact Trump is expected to meet with North Korea8217s Kim Jong Un in May after the two Koreas hold their first summit in more than a decade in late April All parties are expected to discuss the denuclearisation of North Korea 8220FINALLY WITHIN REACH8221 Whenever South Korean President Moon Jaein had a phone call with Trump to discuss the North Korean nuclear issue in recent months Moon also raised the trade agenda the Blue House official said In their latest call on March 16 while the two countries8217 trade representatives were holding a third round of trade talks in Washington Moon asked Trump to have a 8220keen interest8221 in the matter and work toward a speedy trade agreement before their respective summit meetings Kim the Blue House said at the time Around that time South Korean negotiators started to see a glimmer of hope they could save the trade pact which has seen the US goods trade deficit with South Korea double since 2012 when it took effect 8220The negotiations started to make progress around March 17 and that8217s why our trade team decided to stay longer because they thought agreement was finally within reach8221 said a South Korean senior trade ministry official The official and another trade official said nearly 30 South Korean negotiators had to move hotels repeatedly in Washington when their trip took longer than expected at times finding themselves crammed into one hotel room to work on their negotiation strategy for the next day 8220We mostly lived off on instant noodles and quick seaweed rice wraps bought from Korean supermarkets to save time8221 the official said The efforts culminated in a revised pact the two countries announced this week that gives US automakers and pharmaceuticals more access to the South Korean market It also lifted the threat of a 25 percent US tariff on South Korean steel in exchange for quotas that will cut imports of Korean steel by about 30 percent 8220We swiftly removed potential conflicts between the two countries at a time when close cooperation between South Korea and the United States is more important than ever8221 a second senior Blue House official said All the South Korean officials interviewed by Reuters asked not to be named due to the sensitivity of the issue 8220AS COLD AS SIBERIA8221 The talks didn8217t get off to a good start as the United States 8220kept asking us to make concessions unilaterally8221 South Korean Trade Minister Kim Hyunchong said in an interview broadcast live to the Blue House8217s Facebook account on Thursday 8220When we first met to talk the mood was as cold as Siberia and our meeting only lasted for 21 minutes8221 Kim said referring to US Trade Representative Robert Lighthizer 8220Later on we got closer and our relations developed to something like a bromance8221 From the start South Korea saw that for the deal to survive concessions were inevitable in autos which made up over 70 percent of its 2017 trade surplus with the United States 8220If the free trade deal got terminated and 8 percent tariffs revived on South Korean auto exports that would have been an absolute nightmare Problem was how do we sell a deal that doesn8217t do anything good for us8221 a senior South Korean government official said 8220The steel issue effectively provided an opening We make concessions in autos that we saw as inevitable anyway and in return become the first country to be exempt from steel tariffs This suddenly became a winwin8221 GRAPHIC Nuclear North Korea tmsnrtrs2lE5yjF Reporting By Jane Chung and Christine Kim Additional reporting by Cynthia Kim Editing by Soyoung Kim and Lincoln Feast Our Standards The Thomson Reuters Trust Principles Reuters Online retailing behemoth Amazoncom Inc AMZNO has cut ties with Washington lobbying firms Akin Gump Strauss Hauer ampamp Feld LLP and Squire Patton Boggs Bloomberg reported on Friday FILE PHOTO An Amazoncom Inc driver stands next to an Amazon delivery truck in Los Angeles California US May 21 2016 REUTERSLucy NicholsonFile Photo Amazoncom Inc 144734 AMZNO Nasdaq 1592 111 AMZNO ORCLN The changes took place about a week before US President Donald Trump accused Amazon in a tweet on Thursday of not paying enough tax taking advantage of the US postal system and putting small retailers out of business Amazon had cut ties from the lobbying firms last Friday and in their place hired Paul Brathwaite of Federal Street Strategies LLC and Josh Holly of Holly Strategies Inc both of whom have previously worked as outside lobbyists for Airbnb Inc and Oracle Corp ORCLN the report said citing a source Neither of the parties were immediately available for comment outside regular business hours The ecommerce giant employs about 15 lobbyists according to earlier disclosures submitted to the US Senate with another 15 outside lobbying firms who each assign more lobbyists to work on behalf of the company The retailer spent 154 million in 2017 on lobbying in Washington up from 12 million a year earlier Reporting by Kanishka Singh in Bengaluru Editing by Sunil Nair Our Standards The Thomson Reuters Trust Principles

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<p>Jan 22 (Reuters) - Putian Communication Group Ltd:</p> <p>* &#8205;TO PURCHASE ADDITIONAL OPTICAL FIBER PRODUCTION FACILITIES AT A TOTAL CONSIDERATION OF RMB15.8 MILLION&#8203;</p> <p>* A CO ESTABLISHED IN CHINA TO PROVIDE SERVICES &amp;amp; TECHNICAL SUPPORT FOR SETTING UP OF OPTICAL FIBER FACTORY AT RMB12 MILLION&#8203; Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Puerto Rico&#8217;s governor on Monday fiercely defended his administration&#8217;s right to help steer the insolvent, storm-ravaged island out of bankruptcy after a U.S. congressman said the process should be led by the island&#8217;s creditors and federally appointed oversight board.</p> Puerto Rico Governor Ricardo Rossello speaks during a Facebook live broadcast in the library of the governor's mansion, in San Juan, Puerto Rico January 24, 2018. REUTERS/Alvin Baez <p>In a scorching, 6,000-word letter delivered on Monday to U.S. Representative Rob Bishop, and seen by Reuters, Governor Ricardo Rossello accused the Republican lawmaker of turning &#8220;back the clock many decades to a time when the federal government simply imposed its will&#8221; on the U.S. territory.</p> <p>Bishop, who chairs the House of Representatives Committee on Natural Resources, was at the forefront of a 2016 federal law known as PROMESA, which moved Puerto Rico&#8217;s finances under the management of a federally appointed board.</p> <p>In a letter last week, Bishop censured the board for lack of progress on a massive planned debt restructuring in Puerto Rico, directing the board to seek more input from the island&#8217;s financial creditors on a plan to stabilize the island.</p> <p>Rossello said on Monday that flew in the face of PROMESA, which calls for the board and the governor to work together. He said the sides had made consensual progress on elements of Puerto Rico&#8217;s restructuring.</p> <p>&#8220;I cannot and will not permit you to elevate concerns of bondholders on the mainland above concern for the well-being of my constituents,&#8221; Rossello said in the 13-page rebuke. &#8220;Your letter is truly disturbing in its reckless disregard for collaboration and cooperation in favor of an anti-democratic process akin to a dictatorial regime.&#8221;</p> <p>Puerto Rico is navigating both the biggest bankruptcy in U.S. government history, with $120 billion in bond and pension debt, and its worst natural disaster in 90 years with September&#8217;s Hurricane Maria. The storm killed dozens, devastated the island&#8217;s infrastructure, and has left thousands without power more than six months later.</p> <p>Rossello&#8217;s letter, scattered with legal arguments supporting a theory that the board&#8217;s powers are limited, foreshadows the potential for litigation if his government and the oversight board cannot come to terms on a path forward for the island.</p> <p>The two sides have been collaborating on an economic forecast, called a fiscal turnaround plan, whose projections will determine, crucially, how much money the island has left over to repay its bondholders.</p> <p>But they are apart on key issues, namely demands by the board to impose pension cuts and labor reforms. The governor has said those demands constitute specific policy decisions that exceed the board&#8217;s power.</p> <p>The board has the authority to certify a plan unilaterally if it cannot reach terms with the governor, and Bishop&#8217;s letter was seen as a nod to that increasingly likely scenario. In it, Bishop essentially instructed the board to use its powers to enforce austerity measures and start collaborating with creditors rather than with just the government.</p> <p>A unilateral plan would likely perpetuate already costly litigation over Puerto Rico&#8217;s financial future, because Rossello could resist implementing the board&#8217;s plan, and the board could then sue to enforce it, a scenario that has some precedent.</p> <p>Rossello insisted his government was owed a seat at the table. &#8220;Congress did not create a control board ... with plenary policymaking power,&#8221; the governor said. &#8220;Congress expressly rejected such a model.&#8221;</p> <p>Reporting by Nick Brown; Editing by Peter Cooney</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - President Donald Trump declared as &#8220;dead&#8221; on Monday a program that protects immigrants brought to the United States illegally as children and pressed Congress to &#8220;immediately&#8221; pass legislation to secure the U.S. border with Mexico.</p> <p>Trump, who has taken a hard line toward immigration, said in September he would terminate the Deferred Action for Childhood Arrivals (DACA) program introduced by his Democratic predecessor, Barack Obama, but gave the Republican-controlled Congress until March 6 to replace it.</p> <p>Congress failed to meet that deadline, but courts have ruled the program can remain in place for now.</p> <p>&#8220;DACA is dead because the Democrats didn&#8217;t care or act, and now everyone wants to get onto the DACA bandwagon,&#8221; the Republican president said in a Twitter post.</p> <p>Senior administration officials told reporters that legislation was being prepared aimed at helping expedite some deportations of immigrants in the country illegally. They did not provide a timetable for submitting it to Congress and did not say whether provisions to help DACA recipients would be included.</p> <p>Democrats blamed Trump for the tenuous status of a program that shielded hundreds of thousands of immigrants, often called &#8220;Dreamers,&#8221; from deportation and gave them work permits.</p> Related Coverage <a href="/article/us-usa-immigration-daca-explainer/explainer-trump-muddles-daca-program-in-anti-immigrant-twitter-comments-idUSKCN1H91UM" type="external">Explainer: Trump muddles DACA program in anti-immigrant Twitter comments</a> <p>Dick Durbin, the No. 2 Senate Democrat, said in a telephone interview: &#8220;After the experience of giving this president six different bipartisan options and having him reject them all ... I don&#8217;t believe we have a reliable partner&#8221; in negotiations that are now dormant.</p> <p>Democrats had offered at one point to fully fund the wall Trump wants along the U.S.-Mexican border, but rescinded the offer in January, accusing the president of reneging on elements of a tentative agreement.</p> <p>&#8220;He walked away - not Democrats,&#8221; Democratic Senator Dianne Feinstein wrote on Twitter.</p> <p>&#8220;Congress must immediately pass Border Legislation, use Nuclear Option if necessary, to stop the massive inflow of Drugs and People ... Act now Congress, our country is being stolen!&#8221; Trump said in another Twitter post.</p> <p>Congress cannot pass any legislation immediately as lawmakers are on their second week of a spring recess, but taking a tough stance on immigration appeals to Trump&#8217;s conservative base.</p> <p>Senate Republican leaders have ignored previous calls from Trump advocating the so-called nuclear option, which would involve changing Senate rules so Republicans could more easily overcome Democratic opposition to legislation in a chamber they control with a thin majority of 51 out of 100 seats.</p> <p>Cindy Agustin, 28, a DACA recipient and immigration activist in Chicago, said the impasse over the program was breeding fear and uncertainty.</p> <p>&#8220;It&#8217;s frustrating because we&#8217;re in limbo right now,&#8221; Agustin added.</p> <p>Trump also reiterated his call for Mexico to stop people from entering the United States, after saying on Sunday he would terminate a major trade accord with Mexico if it did not do more to secure its border with the United States.</p> <p>The United States is renegotiating the North American Free Trade Agreement with Mexico and Canada.</p> BACK AGAINST THE WALL <p>Trump made building a border wall - and making Mexico pay for it - one of his top campaign pledges when he ran for president in 2016. Mexico has refused to pay.</p> <p>In the past, Trump had said he was open to a deal with congressional Democrats in which they would support funding for the border wall in exchange for protection for the Dreamers.</p> <p>But on Sunday, he indicated that the time had passed, writing on Twitter: &#8220;&#8216;Caravans&#8217; coming. Republicans must go to Nuclear Option to pass tough laws NOW. NO MORE DACA DEAL!&#8221;</p> <p>The mention of a caravan apparently referred to a group of 1,500 men, women and children from Honduras, Guatemala and El Salvador who are traveling in a &#8220;refugee caravan&#8221; organized by the U.S.-based immigration advocacy group Pueblo sin Fronteras, whose Spanish name means People Without Borders.</p> <p>By traveling together, the immigrants hope to protect themselves from the crime and extortion that makes the route through Mexico toward the U.S. border dangerous. They say some but not all of them will seek asylum if they reach the United States.</p> U.S. President Donald Trump waves to the media as he arrives with first lady Melania Trump at Joint Base Andrews in Maryland, U.S., after the Easter weekend in Palm Beach, Florida, April 1, 2018. REUTERS/Yuri Gripas <p>&#8220;The only person gaming DACA is not in the caravan. He&#8217;s in the Oval Office&#8221; of the White House, Durbin said referring to Trump.</p> <p>No immigration deal has materialized in the Republican-controlled Congress despite months of efforts. The Senate considered several immigration proposals in February but rejected all of them, including bipartisan bills and legislation tailored to Trump&#8217;s requirements.</p> <p>In light of Trump&#8217;s call for the &#8220;nuclear option,&#8221; a spokesman for Senate Majority Leader Mitch McConnell noted on Monday that Republican senators opposed changing existing rules governing the debate and passage of legislation.</p> <p>Major legislation usually needs a supermajority to pass the Senate. Without 60 votes in support, the Democratic minority can sink a bill.</p> <p>Reporting by Richard Cowan and Makini Brice; Additional reporting by Doina Chiacu and Sarah Lynch in Washington and Suzannah Gonzales in Chicago; Editing by Will Dunham and and Peter Cooney</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The Trump administration on Monday rejected an Obama-era plan to make automobiles more fuel efficient, opening up a long process to weaken current standards and putting California and the federal government on a collision course over vehicle emissions.</p> FILE PHOTO: EPA Administrator Scott Pruitt speaks during a meeting held by U.S. President Donald Trump on infrastructure at the White House in Washington, U.S., February 12, 2018. REUTERS/Kevin Lamarque/File Photo <p>Scott Pruitt, administrator of the Environmental Protection Agency, said in a statement that the standards on model year 2022 to 2025 vehicles were not appropriate and should be revised.</p> <p>The Obama administration set the average fleet-wide fuel efficiency standards &#8220;too high&#8221; and &#8220;made assumptions about the standards that didn&#8217;t comport with reality,&#8221; Pruitt said. He did not offer specifics on revising them.</p> <p>The standards called for roughly doubling by 2025 the average fuel efficiency of new vehicles sold in the United States to about 50 miles (80 km) per gallon. Proponents said they could help spur innovation in clean technologies.</p> <p>California has long been allowed by an EPA waiver to impose stricter standards than Washington does on vehicle emissions of some pollutants. And 12 other states, including New York, Pennsylvania and Massachusetts, follow California&#8217;s lead on cleaner cars.</p> <p>That has set up a battle on vehicle efficiency between California, the most populous U.S. state and a massive car market, and the administration of President Donald Trump.</p> <p>Pruitt is a big proponent of states&#8217; rights to regulate themselves, but opposes California&#8217;s push for greener cars. California&#8217;s waiver to impose its own efficiency standards is being re-examined, the EPA said.</p> <p>It is in &#8220;America&#8217;s best interest to have a national standard,&#8221; Pruitt said in the release.</p> <p>California Governor Jerry Brown blasted the EPA&#8217;s action. &#8220;This cynical and meretricious abuse of power will poison our air and jeopardize the health of all Americans,&#8221; Brown said.</p> <p>Mary Nichols, the head of the California Air Resources Board, said her state &#8220;will vigorously defend the existing clean vehicle standards.&#8221;</p> PATCHWORK OF RULES <p>Auto industry executives have not publicly sought specific reductions in the requirements negotiated with the Obama administration in 2011 as part of a bailout deal. But they have urged Pruitt and Trump to revise the Obama standards so it becomes easier and less costly to meet complex targets, which vary depending on the size of vehicles and whether they are classified as cars or trucks.</p> <p>Automakers also want to avoid a patchwork of rules that would add costs to engine manufacturing.</p> <p>&#8220;The best way to achieve our collective goals is under a single national program that provides an aggressive but achievable pathway, a variety of compliance tools, and factors in the role of customers,&#8221; said John Bozzella, president and chief executive officer of the Association of Global Automakers.</p> <p>Gloria Bergquist, a spokeswoman for the Alliance of Automobile Manufacturers, said Pruitt made the right decision and that the administration was working on a way to both increase fuel economy and &#8220;keep new vehicles affordable to more Americans.&#8221;</p> <p>Changes to the standards could affect car manufacturers, including Ford Motor Co, General Motors Co and Tesla Inc</p> <p>Auto suppliers were cautiously optimistic about the creation of a national fuel efficiency plan. Steve Handschuh, head of the Motor and Equipment Manufacturers Association, said while his group supports adjustments and flexibilities &#8220;we do not support significant changes to the standards.&#8221;</p> <p>Environmentalists decried Pruitt&#8217;s decision, saying stricter standards would slash emissions of the greenhouse gas carbon dioxide. Proponents of the corporate average fuel economy standards, or CAFE, say they have led to big gains in auto technology and that relaxing them could eventually hurt sales of U.S. cars in European and Asian countries that are moving toward mandates for electric cars.</p> <p>It would &#8220;take America backward by jeopardizing successful safeguards that are working to clean our air, save drivers money at the pump, and drive technological innovation that creates jobs,&#8221; said Luke Tonachel, a clean vehicles advocate at the Natural Resources Defense Council.</p> <p>Reporting by Timothy Gardner; Additional reporting by David Shepardson; Editing by Leslie Adler, David Gregorio and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world&#8217;s biggest economies in response to U.S. duties on imports of aluminum and steel.</p> <p>The tariffs, which take effect on Monday, were announced late on Sunday by China&#8217;s finance ministry and matched a list of possible tariffs on up to $3 billion in U.S. goods published by China on March 23.</p> <p>Soon after the announcement, an editorial in the widely read Global Times newspaper warned that if the United States had thought China would not retaliate or would only take symbolic countermeasures, it could &#8220;say goodbye to that delusion&#8221;.</p> <p>&#8220;Even though China and the U.S. have not publicly said they are in a trade war, the sparks of such a war have already started to fly,&#8221; the newspaper said.</p> <p>The Ministry of Commerce said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 U.S. goods, including fruit and ethanol. The tariffs on those products will be raised by an extra 15 percent.</p> Related Coverage <a href="/article/us-usa-trade-china-navarro/trump-trade-adviser-does-not-see-u-s-china-tariff-response-spiral-idUSKCN1H91WH" type="external">Trump trade adviser does not see U.S.-China tariff response 'spiral'</a> <a href="/article/us-usa-trade-china-whitehouse/white-house-criticizes-china-for-trade-practices-tariff-increases-idUSKCN1H91IU" type="external">White House criticizes China for trade practices, tariff increases</a> <a href="/article/us-usa-trade-china-aluminium/china-metals-group-eyeing-new-counter-measures-in-u-s-trade-row-idUSKCN1H90RG" type="external">China metals group eyeing new counter-measures in U.S. trade row</a> <p>Eight other products, including pork and scrap aluminum, would now be subject to additional tariffs of 25 percent, it said, with the measures effective starting April 2.</p> <p>&#8220;China&#8217;s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China&#8217;s interests,&#8221; the finance ministry said.</p> <p>China is moving swiftly with retaliatory action amid escalating trade tension with the United States, which has rocked global financial markets in the past week as investors fear a full-blown trade dispute between the two economic superpowers will damage world growth.</p> <p>In response to China&#8217;s move, Washington said Beijing&#8217;s subsidies and overcapacity were behind the action on steel.</p> <p>&#8220;Instead of targeting fairly traded U.S. exports, China needs to stop its unfair trading practices which are harming U.S national security and distorting global markets,&#8221; White House spokeswoman Lindsay Walters said in a statement.</p> MORE TARIFFS COMING FROM WASHINGTON <p>U.S. President Donald Trump is separately preparing to impose tariffs of more than $50 billion on Chinese goods following an investigation under Section 301 of the 1974 U.S. Trade Act.</p> <p>The U.S. administration says China has systematically misappropriated American intellectual property - allegations China denies.</p> <p>About the Section 301 investigation, China had &#8220;yet to unsheathe its sword,&#8221; the official Xinhua news agency said.</p> <p>Sometime this week, the Trump administration is expected to unveil a list of Chinese goods that could be subjected to new U.S. tariffs.</p> <p>U.S. technology industry officials said they expected the list to target products that benefit from Beijing&#8217;s &#8220;Made in China 2025&#8221; program, which aims to upgrade the domestic manufacturing base with more advanced products.</p> <p>China has repeatedly promised to open its economy further, but many foreign companies complain of unfair treatment. China warned the United States on Thursday not to open a Pandora&#8217;s Box and spark a flurry of protectionist practices across the globe.</p> <p>&#8220;There are some people in the West who think that China looks tough for the sake of a domestic audience, and would easily make concessions,&#8221; the Global Times said.</p> FILE PHOTO: Several-week-old pigs stand in a pen inside a barn at Paustian Enterprises in Walcott, Iowa, November 19, 2014. REUTERS/Daniel Acker/File Photo <p>&#8220;But they are wrong.&#8221;</p> <p>The Global Times is run by the ruling Communist Party&#8217;s official People&#8217;s Daily, although its stance does not necessarily reflect government policy.</p> <p>Reaction to China&#8217;s measures varied on social media, with some saying Chinese customers would be the ones to ultimately pay for a trade war.</p> <p>&#8220;Why not directly target soybean and planes? The tariffs that China announced today don&#8217;t sound a lot to me,&#8221; said a user on the Weibo microblog platform.</p> <p>Aircraft and soybeans were China&#8217;s biggest U.S. imports by value last year.</p> Slideshow (2 Images) <p>In a statement published on Monday morning, the commerce ministry said the United States had &#8220;seriously violated&#8221; the principles of nondiscrimination enshrined in World Trade Organization rules, and had also damaged China&#8217;s interests.</p> <p>&#8220;China&#8217;s suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization,&#8221; it said, adding that differences should be resolved through negotiation.</p> <p>Weibo prominently featured the list of U.S. goods that China is targeting among the day&#8217;s &#8220;hot&#8221; trending topics.</p> <p>&#8220;I will never buy fruit from the U.S.,&#8221; a Weibo user wrote.</p> <p>Reporting by Ben Blanchard and Tony Munroe; additional reporting by David Stanway in Shanghai and Stella Qiu and Lusha Zhang in Beijing; additional Writing by Ryan Woo; editing by Eric Meijer, Shri Navaratnam and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Putian Communication Group To Buy Additional Optical Fiber Production Facilities For RMB15.8 Mln Puerto Rico governor slams congressman over 'dictatorial' letter Trump declares DACA 'dead,' urges Congress to act on border EPA to relax fuel efficiency standards for autos China hits U.S. goods with tariffs as 'sparks' of trade war fly

https://reuters.com/article/brief-putian-communication-group-to-buy/brief-putian-communication-group-to-buy-additional-optical-fiber-production-facilities-for-rmb158-mln-idUSFWN1PE1AG

2018-01-22

2least

Jan 22 Reuters Putian Communication Group Ltd 8205TO PURCHASE ADDITIONAL OPTICAL FIBER PRODUCTION FACILITIES AT A TOTAL CONSIDERATION OF RMB158 MILLION8203 A CO ESTABLISHED IN CHINA TO PROVIDE SERVICES ampamp TECHNICAL SUPPORT FOR SETTING UP OF OPTICAL FIBER FACTORY AT RMB12 MILLION8203 Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Puerto Rico8217s governor on Monday fiercely defended his administration8217s right to help steer the insolvent stormravaged island out of bankruptcy after a US congressman said the process should be led by the island8217s creditors and federally appointed oversight board Puerto Rico Governor Ricardo Rossello speaks during a Facebook live broadcast in the library of the governors mansion in San Juan Puerto Rico January 24 2018 REUTERSAlvin Baez In a scorching 6000word letter delivered on Monday to US Representative Rob Bishop and seen by Reuters Governor Ricardo Rossello accused the Republican lawmaker of turning 8220back the clock many decades to a time when the federal government simply imposed its will8221 on the US territory Bishop who chairs the House of Representatives Committee on Natural Resources was at the forefront of a 2016 federal law known as PROMESA which moved Puerto Rico8217s finances under the management of a federally appointed board In a letter last week Bishop censured the board for lack of progress on a massive planned debt restructuring in Puerto Rico directing the board to seek more input from the island8217s financial creditors on a plan to stabilize the island Rossello said on Monday that flew in the face of PROMESA which calls for the board and the governor to work together He said the sides had made consensual progress on elements of Puerto Rico8217s restructuring 8220I cannot and will not permit you to elevate concerns of bondholders on the mainland above concern for the wellbeing of my constituents8221 Rossello said in the 13page rebuke 8220Your letter is truly disturbing in its reckless disregard for collaboration and cooperation in favor of an antidemocratic process akin to a dictatorial regime8221 Puerto Rico is navigating both the biggest bankruptcy in US government history with 120 billion in bond and pension debt and its worst natural disaster in 90 years with September8217s Hurricane Maria The storm killed dozens devastated the island8217s infrastructure and has left thousands without power more than six months later Rossello8217s letter scattered with legal arguments supporting a theory that the board8217s powers are limited foreshadows the potential for litigation if his government and the oversight board cannot come to terms on a path forward for the island The two sides have been collaborating on an economic forecast called a fiscal turnaround plan whose projections will determine crucially how much money the island has left over to repay its bondholders But they are apart on key issues namely demands by the board to impose pension cuts and labor reforms The governor has said those demands constitute specific policy decisions that exceed the board8217s power The board has the authority to certify a plan unilaterally if it cannot reach terms with the governor and Bishop8217s letter was seen as a nod to that increasingly likely scenario In it Bishop essentially instructed the board to use its powers to enforce austerity measures and start collaborating with creditors rather than with just the government A unilateral plan would likely perpetuate already costly litigation over Puerto Rico8217s financial future because Rossello could resist implementing the board8217s plan and the board could then sue to enforce it a scenario that has some precedent Rossello insisted his government was owed a seat at the table 8220Congress did not create a control board with plenary policymaking power8221 the governor said 8220Congress expressly rejected such a model8221 Reporting by Nick Brown Editing by Peter Cooney Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters President Donald Trump declared as 8220dead8221 on Monday a program that protects immigrants brought to the United States illegally as children and pressed Congress to 8220immediately8221 pass legislation to secure the US border with Mexico Trump who has taken a hard line toward immigration said in September he would terminate the Deferred Action for Childhood Arrivals DACA program introduced by his Democratic predecessor Barack Obama but gave the Republicancontrolled Congress until March 6 to replace it Congress failed to meet that deadline but courts have ruled the program can remain in place for now 8220DACA is dead because the Democrats didn8217t care or act and now everyone wants to get onto the DACA bandwagon8221 the Republican president said in a Twitter post Senior administration officials told reporters that legislation was being prepared aimed at helping expedite some deportations of immigrants in the country illegally They did not provide a timetable for submitting it to Congress and did not say whether provisions to help DACA recipients would be included Democrats blamed Trump for the tenuous status of a program that shielded hundreds of thousands of immigrants often called 8220Dreamers8221 from deportation and gave them work permits Related Coverage Explainer Trump muddles DACA program in antiimmigrant Twitter comments Dick Durbin the No 2 Senate Democrat said in a telephone interview 8220After the experience of giving this president six different bipartisan options and having him reject them all I don8217t believe we have a reliable partner8221 in negotiations that are now dormant Democrats had offered at one point to fully fund the wall Trump wants along the USMexican border but rescinded the offer in January accusing the president of reneging on elements of a tentative agreement 8220He walked away not Democrats8221 Democratic Senator Dianne Feinstein wrote on Twitter 8220Congress must immediately pass Border Legislation use Nuclear Option if necessary to stop the massive inflow of Drugs and People Act now Congress our country is being stolen8221 Trump said in another Twitter post Congress cannot pass any legislation immediately as lawmakers are on their second week of a spring recess but taking a tough stance on immigration appeals to Trump8217s conservative base Senate Republican leaders have ignored previous calls from Trump advocating the socalled nuclear option which would involve changing Senate rules so Republicans could more easily overcome Democratic opposition to legislation in a chamber they control with a thin majority of 51 out of 100 seats Cindy Agustin 28 a DACA recipient and immigration activist in Chicago said the impasse over the program was breeding fear and uncertainty 8220It8217s frustrating because we8217re in limbo right now8221 Agustin added Trump also reiterated his call for Mexico to stop people from entering the United States after saying on Sunday he would terminate a major trade accord with Mexico if it did not do more to secure its border with the United States The United States is renegotiating the North American Free Trade Agreement with Mexico and Canada BACK AGAINST THE WALL Trump made building a border wall and making Mexico pay for it one of his top campaign pledges when he ran for president in 2016 Mexico has refused to pay In the past Trump had said he was open to a deal with congressional Democrats in which they would support funding for the border wall in exchange for protection for the Dreamers But on Sunday he indicated that the time had passed writing on Twitter 82208216Caravans8217 coming Republicans must go to Nuclear Option to pass tough laws NOW NO MORE DACA DEAL8221 The mention of a caravan apparently referred to a group of 1500 men women and children from Honduras Guatemala and El Salvador who are traveling in a 8220refugee caravan8221 organized by the USbased immigration advocacy group Pueblo sin Fronteras whose Spanish name means People Without Borders By traveling together the immigrants hope to protect themselves from the crime and extortion that makes the route through Mexico toward the US border dangerous They say some but not all of them will seek asylum if they reach the United States US President Donald Trump waves to the media as he arrives with first lady Melania Trump at Joint Base Andrews in Maryland US after the Easter weekend in Palm Beach Florida April 1 2018 REUTERSYuri Gripas 8220The only person gaming DACA is not in the caravan He8217s in the Oval Office8221 of the White House Durbin said referring to Trump No immigration deal has materialized in the Republicancontrolled Congress despite months of efforts The Senate considered several immigration proposals in February but rejected all of them including bipartisan bills and legislation tailored to Trump8217s requirements In light of Trump8217s call for the 8220nuclear option8221 a spokesman for Senate Majority Leader Mitch McConnell noted on Monday that Republican senators opposed changing existing rules governing the debate and passage of legislation Major legislation usually needs a supermajority to pass the Senate Without 60 votes in support the Democratic minority can sink a bill Reporting by Richard Cowan and Makini Brice Additional reporting by Doina Chiacu and Sarah Lynch in Washington and Suzannah Gonzales in Chicago Editing by Will Dunham and and Peter Cooney Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The Trump administration on Monday rejected an Obamaera plan to make automobiles more fuel efficient opening up a long process to weaken current standards and putting California and the federal government on a collision course over vehicle emissions FILE PHOTO EPA Administrator Scott Pruitt speaks during a meeting held by US President Donald Trump on infrastructure at the White House in Washington US February 12 2018 REUTERSKevin LamarqueFile Photo Scott Pruitt administrator of the Environmental Protection Agency said in a statement that the standards on model year 2022 to 2025 vehicles were not appropriate and should be revised The Obama administration set the average fleetwide fuel efficiency standards 8220too high8221 and 8220made assumptions about the standards that didn8217t comport with reality8221 Pruitt said He did not offer specifics on revising them The standards called for roughly doubling by 2025 the average fuel efficiency of new vehicles sold in the United States to about 50 miles 80 km per gallon Proponents said they could help spur innovation in clean technologies California has long been allowed by an EPA waiver to impose stricter standards than Washington does on vehicle emissions of some pollutants And 12 other states including New York Pennsylvania and Massachusetts follow California8217s lead on cleaner cars That has set up a battle on vehicle efficiency between California the most populous US state and a massive car market and the administration of President Donald Trump Pruitt is a big proponent of states8217 rights to regulate themselves but opposes California8217s push for greener cars California8217s waiver to impose its own efficiency standards is being reexamined the EPA said It is in 8220America8217s best interest to have a national standard8221 Pruitt said in the release California Governor Jerry Brown blasted the EPA8217s action 8220This cynical and meretricious abuse of power will poison our air and jeopardize the health of all Americans8221 Brown said Mary Nichols the head of the California Air Resources Board said her state 8220will vigorously defend the existing clean vehicle standards8221 PATCHWORK OF RULES Auto industry executives have not publicly sought specific reductions in the requirements negotiated with the Obama administration in 2011 as part of a bailout deal But they have urged Pruitt and Trump to revise the Obama standards so it becomes easier and less costly to meet complex targets which vary depending on the size of vehicles and whether they are classified as cars or trucks Automakers also want to avoid a patchwork of rules that would add costs to engine manufacturing 8220The best way to achieve our collective goals is under a single national program that provides an aggressive but achievable pathway a variety of compliance tools and factors in the role of customers8221 said John Bozzella president and chief executive officer of the Association of Global Automakers Gloria Bergquist a spokeswoman for the Alliance of Automobile Manufacturers said Pruitt made the right decision and that the administration was working on a way to both increase fuel economy and 8220keep new vehicles affordable to more Americans8221 Changes to the standards could affect car manufacturers including Ford Motor Co General Motors Co and Tesla Inc Auto suppliers were cautiously optimistic about the creation of a national fuel efficiency plan Steve Handschuh head of the Motor and Equipment Manufacturers Association said while his group supports adjustments and flexibilities 8220we do not support significant changes to the standards8221 Environmentalists decried Pruitt8217s decision saying stricter standards would slash emissions of the greenhouse gas carbon dioxide Proponents of the corporate average fuel economy standards or CAFE say they have led to big gains in auto technology and that relaxing them could eventually hurt sales of US cars in European and Asian countries that are moving toward mandates for electric cars It would 8220take America backward by jeopardizing successful safeguards that are working to clean our air save drivers money at the pump and drive technological innovation that creates jobs8221 said Luke Tonachel a clean vehicles advocate at the Natural Resources Defense Council Reporting by Timothy Gardner Additional reporting by David Shepardson Editing by Leslie Adler David Gregorio and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China has increased tariffs by up to 25 percent on 128 US products from frozen pork and wine to certain fruits and nuts escalating a dispute between the world8217s biggest economies in response to US duties on imports of aluminum and steel The tariffs which take effect on Monday were announced late on Sunday by China8217s finance ministry and matched a list of possible tariffs on up to 3 billion in US goods published by China on March 23 Soon after the announcement an editorial in the widely read Global Times newspaper warned that if the United States had thought China would not retaliate or would only take symbolic countermeasures it could 8220say goodbye to that delusion8221 8220Even though China and the US have not publicly said they are in a trade war the sparks of such a war have already started to fly8221 the newspaper said The Ministry of Commerce said it was suspending its obligations to the World Trade Organization WTO to reduce tariffs on 120 US goods including fruit and ethanol The tariffs on those products will be raised by an extra 15 percent Related Coverage Trump trade adviser does not see USChina tariff response spiral White House criticizes China for trade practices tariff increases China metals group eyeing new countermeasures in US trade row Eight other products including pork and scrap aluminum would now be subject to additional tariffs of 25 percent it said with the measures effective starting April 2 8220China8217s suspension of its tariff concessions is a legitimate action adopted under WTO rules to safeguard China8217s interests8221 the finance ministry said China is moving swiftly with retaliatory action amid escalating trade tension with the United States which has rocked global financial markets in the past week as investors fear a fullblown trade dispute between the two economic superpowers will damage world growth In response to China8217s move Washington said Beijing8217s subsidies and overcapacity were behind the action on steel 8220Instead of targeting fairly traded US exports China needs to stop its unfair trading practices which are harming US national security and distorting global markets8221 White House spokeswoman Lindsay Walters said in a statement MORE TARIFFS COMING FROM WASHINGTON US President Donald Trump is separately preparing to impose tariffs of more than 50 billion on Chinese goods following an investigation under Section 301 of the 1974 US Trade Act The US administration says China has systematically misappropriated American intellectual property allegations China denies About the Section 301 investigation China had 8220yet to unsheathe its sword8221 the official Xinhua news agency said Sometime this week the Trump administration is expected to unveil a list of Chinese goods that could be subjected to new US tariffs US technology industry officials said they expected the list to target products that benefit from Beijing8217s 8220Made in China 20258221 program which aims to upgrade the domestic manufacturing base with more advanced products China has repeatedly promised to open its economy further but many foreign companies complain of unfair treatment China warned the United States on Thursday not to open a Pandora8217s Box and spark a flurry of protectionist practices across the globe 8220There are some people in the West who think that China looks tough for the sake of a domestic audience and would easily make concessions8221 the Global Times said FILE PHOTO Severalweekold pigs stand in a pen inside a barn at Paustian Enterprises in Walcott Iowa November 19 2014 REUTERSDaniel AckerFile Photo 8220But they are wrong8221 The Global Times is run by the ruling Communist Party8217s official People8217s Daily although its stance does not necessarily reflect government policy Reaction to China8217s measures varied on social media with some saying Chinese customers would be the ones to ultimately pay for a trade war 8220Why not directly target soybean and planes The tariffs that China announced today don8217t sound a lot to me8221 said a user on the Weibo microblog platform Aircraft and soybeans were China8217s biggest US imports by value last year Slideshow 2 Images In a statement published on Monday morning the commerce ministry said the United States had 8220seriously violated8221 the principles of nondiscrimination enshrined in World Trade Organization rules and had also damaged China8217s interests 8220China8217s suspension of some of its obligations to the United States is its legitimate right as a member of the World Trade Organization8221 it said adding that differences should be resolved through negotiation Weibo prominently featured the list of US goods that China is targeting among the day8217s 8220hot8221 trending topics 8220I will never buy fruit from the US8221 a Weibo user wrote Reporting by Ben Blanchard and Tony Munroe additional reporting by David Stanway in Shanghai and Stella Qiu and Lusha Zhang in Beijing additional Writing by Ryan Woo editing by Eric Meijer Shri Navaratnam and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles

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<p>ANCHORAGE, Alaska (Reuters) - The rebound in the price of crude oil in recent months that has helped producers will be temporary, and the industry must prepare for competition from energy sources elsewhere, the head of the Alaska operations of BP Plc said at an industry conference on Friday.</p> FILE PHOTO: The sun sets behind an oil drilling rig in Prudhoe Bay, Alaska on March 17, 2011. REUTERS/Lucas Jackson/File Photo - RC1C644EA560 <p>&#8220;We might be enjoying prices today that are over $70 a barrel. But when you look at the fundamentals, at BP anyway, we still think lower for even longer. And staying competitive is very important,&#8221; Janet Weiss, president of BP Exploration (Alaska) Inc., said in a speech to the Alaska Support Industry Alliance.</p> <p>&#8220;When you look at the fundamentals &#8211; and you take a look at supply and demand out in time and what is going on with renewables and what is going on with electric cars &#8211; and yes, there&#8217;s a demand for oil, but there&#8217;s a whole lot more of it out there,&#8221; she said.</p> <p>&#8220;So it&#8217;s the low-cost basins that will get to produce. Not all the barrels in Alaska are going to be produced if we don&#8217;t make them competitive.&#8221;</p> <p>Weiss was not specific in her speech but later told Reuters, &#8220;definitely not 70s. More the 50s&#8221;, referring to oil prices per barrel.</p> <p>While global oil demand is growing, she said, &#8220;there&#8217;s more oil supply than demand,&#8221; along with new non-oil energy.</p> <p>Weiss was celebrating BP&#8217;s ability to stabilize production at the ageing Prudhoe Bay field which it operates.</p> <p>Average daily production has exceeded 280,000 barrels since 2015, accomplished through operating efficiencies, new technology and extra efforts to wrest new oil from the 40-year-old field, she said in her speech.</p> <p>ConocoPhillips Alaska Inc. president, Joe Marushack, avoided any price predictions but said his company is prepared for decreases.</p> <p>&#8220;The reason you hear me talk about costs is we&#8217;ve got to survive in any price environment,&#8221; he told Reuters.</p> <p>In his speech, Marushack discussed boosting Alaska investment. ConocoPhillips this winter is embarking on its biggest North Slope exploration season since 2002, with five wells planned, four of them in the National Petroleum Reserve in Alaska (NPR-A).</p> <p>The company is expanding its CD5 field in NPR-A, which is producing more than 26,000 barrels per day, well above the predicted 16,000 per-day peak, he said.</p> <p>Higher prices might have influenced those investments, he told Reuters. However, the bigger factor &#8220;was us demonstrating that we could get our costs down,&#8221; he said.</p> <p>The Alaska Department of Revenue, in budget documents submitted last month, predicted North Slope crude prices would average $56 a barrel for the current fiscal year, which ends June 30. The department forecasts slight increases in the price over the coming years, exceeding $60 a barrel after 2020.</p> <p>Reporting by Yereth Rosen</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China will impose additional tariffs of 25 percent on 106 U.S. goods including soybeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods, the finance ministry said on Wednesday.</p> FILE PHOTO: A combine drives over stalks of soft red winter wheat during the harvest on a farm in Dixon, Illinois, July 16, 2013. REUTERS/Jim Young/File Photo <p>The products targeted by the tariffs were worth $50 billion in 2017, according to a separate statement from the commerce ministry.</p> <p>Extra tariffs will also be slapped on products such as whisky, cigars and tobacco, some types of beef, lubricants, and propane and other plastic products, the finance ministry said in its statement.</p> <p>U.S. orange juice, certain sorghum products, cotton, some types of wheat, as well as trucks, some SUVs, certain electric vehicles, will also be subject to the new duties, the finance ministry said.</p> <p>Reporting by Ryan Woo; Editing by Jacqueline Wong</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - The Trump administration heralded the government&#8217;s sale last month of U.S. drilling leases in the Gulf of Mexico as a bellwether.</p> FILE PHOTO: Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. REUTERS/Lee Celano/File Photo <p>If that is the case, a Reuters analysis of the sale&#8217;s results shows reason to worry about demand in future offshore auctions.</p> <p>The sale brought in $124.8 million, as just 1 percent of the 77 million acres (31.2 million hectares) offered found bidders. Reuters examined the acreage offered and leased, and nearly all the purchases show big drillers stuck closest to existing infrastructure, shunning the most far-flung areas.</p> <p>While U.S. crude oil production reached a record last year at more than 10 million barrels a day, most new development is in onshore shale regions. The U.S. Interior Department has said it wants to open all U.S. coasts for drilling, including the Atlantic and Pacific. But the Gulf result indicates limited interest even in already-developed areas, never mind unexplored coasts.</p> <p>The March auction included 9,088 deepwater blocks, each comprising roughly nine square miles. Only 105 of these blocks received bids and all but three of these were close to existing infrastructure and leases.</p> <p>&#8220;It kind of looks like they&#8217;re just shoring up their existing prospects right now,&#8221; said John Filostrat, a spokesman for the U.S. Bureau of Ocean Energy Management, the division of Interior that manages the auctions. Filostrat said the administration is still optimistic about future auctions and believes more auctions are needed to show the current trends.</p> <p>For a graphic on Gulf of Mexico auction, click <a href="" type="internal">here</a></p> <p>However, money for exploration is increasingly flocking to other regions, particularly Latin America, where energy reforms have attracted billions of dollars in investment from companies historically known as Gulf heavyweights. A January auction by Mexico brought in more than four times the bids as the U.S. sale.</p> <p>Of the 105 new U.S. leases in water depths of more than 656 feet (200 meters), 85 were immediately contiguous with existing leased acreage or production platforms, and another 17 were within about two miles of existing leases or infrastructure, according to the Reuters analysis.</p> <p>Among the areas where companies submitted bids were Mississippi Canyon and Green Canyon, two of the most densely leased plays in the Gulf, about 100 miles (160 km) off the Louisiana coast. Royal Dutch Shell Plc was the high bidder on two Mississippi Canyon blocks.</p> <p>Overall, Shell picked up 16 Gulf blocks including 6 adjacent to its deepwater developments known as Kakias and Stones, and 10 clustered around other actively leased areas. It told Reuters that it wanted to &#8220;acquire blocks that could potentially support future development using our existing hubs.&#8221;</p> <p>BP Plc&#8217;s most notable bids were 19 blocks in DeSoto Canyon, contiguous to a known gas field, about 100 miles from the Louisiana coast. &#8220;BP is strategic with its bids, and we use the opportunity to expand and strengthen our plays,&#8221; a company spokesman told Reuters.</p> <p>Only three blocks leased were more than a few miles from existing acreage. Those blocks were snapped up by Chevron, which declined comment.</p> <p>Bidding on parcels close to known assets increases the likelihood of finds that can be produced affordably, cutting infrastructure and supply costs.</p> <p>&#8220;There&#8217;s still interest, but it is in areas where there was already existing knowledge of the resource base, or existing development activity or existing production,&#8221; said Michael Cohen, director of commodity research at Barclays.</p> <p>&#8220;Spending a lot of money to prospect is probably not going to be looked upon with favor by investors,&#8221; he said.</p> HESITATION AMONG BIG BUYERS <p>Major oil companies remain lukewarm about pushing the boundaries of available frontiers, desiring longer leases and lower royalty rates.</p> <p>Deepwater offshore blocks currently require an 18.75 percent payment to the U.S. government, compared with 12.5 percent for shallower areas and onshore drilling. An Interior Department panel in February recommended lowering those rates.</p> <p>&#8220;It is something to look for in the August sale, possibly,&#8221; said BOEM&#8217;s Filostrat.</p> <p>Companies have also expressed a desire for longer leases to more effectively drill in unexplored areas further from the coasts. Six deepwater regions more than 200 miles off the Louisiana coast received no bids at all. The water here is generally about two miles deep. The locale makes both drilling and transporting oil to shore especially costly.</p> <p>The high cost of building underwater pipelines is another deterrent. Deepwater projects like Chevron&#8217;s Jack and St. Malo fields, more than 200 miles from the coast, required a pipeline connecting them to existing Gulf infrastructure closer to shore, approved in 2010, during a boom when U.S. crude traded at about $90 a barrel.</p> <p>Oil prices have rebounded from 2016&#8217;s lows at less than $30 a barrel, but the industry is still &#8220;in a bit of a wait and see mode,&#8221; said William Turner, a senior research analyst in Houston for Wood Mackenzie.</p> <p>Reporting By Jessica Resnick-Ault, additional reporting from Ayenat Mersie; editing by David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE/SHANGHAI (Reuters) - China on Wednesday announced plans to place a 25 percent tariff on certain U.S. aircraft, in a move expected to affect some older Boeing Co ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) narrowbody models, according to documents from China&#8217;s Ministry of Commerce and the U.S. manufacturer.</p> FILE PHOTO: Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10,000th 737 to come off the production line in Renton, Washington, U.S., March 13, 2018. REUTERS/Jason Redmond/File Photo <p>But although several analysts said China had spared the newer 737 MAX - key to future Boeing profits - the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published.</p> <p>Boeing shares fell as much as 6 percent after China hit back at U.S. tariffs with the announcement of duties on key U.S. imports including soybeans, cars, beef and chemicals, as well as planes.</p> <p>These include aircraft with an &#8220;empty weight&#8221; of between 15,000 kg and 45,000 kg, or 15 to 45 tonnes.</p> <p>Depending on how &#8220;empty weight&#8221; is defined, this leaves a question mark over the fate of Boeing&#8217;s new big-selling 737 MAX 8 jet - though the larger MAX 9 and MAX 10 could be spared.</p> <p>The stakes are high. The United States exported $15 billion of aircraft to China in 2016, ranking equally with agricultural products like soybeans as the biggest category of goods.</p> <p>Several definitions of &#8220;empty weight&#8221; are used in the aircraft industry and the ministry document gave no explanation.</p> <p>Two industry experts said the rules most likely refer to the &#8220;manufacturer&#8217;s empty weight,&#8221; or the core aircraft structure.</p> <p>But manufacturers are usually shy about publishing this number because of its commercial sensitivity, while they do give estimates for the slightly higher &#8220;operating empty weight,&#8221; which includes airline crew and some equipment, but not fuel.</p> <p>Yet even this number can vary according to an airline&#8217;s specific requirements, so it is seen as a guideline.</p> <p>Whatever category is used, the range appears comfortably to include the current-generation 737 narrowbody aircraft, which is in the midst of being replaced by the newer 737 MAX.</p> 737 MAX 8 IMPACT UNCLEAR <p>Boeing documents available online list the &#8220;operating empty weight&#8221; (OEW) of the 737-700, 737-800 and 737-900 well within the tariff zone at 37.6 to 42.9 tonnes.</p> <p>The &#8220;manufacturer&#8217;s empty weight&#8221; (MEW) would typically be about 1-1.5 tonnes lower, two airplane appraisal experts said.</p> <p>In contrast, the newer 737 MAX 8 is heavier than its predecessor, with an operating empty weight of 45,070 kg, according to a Boeing document published in August 2017.</p> <p>Depending on how rules are applied, this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative &#8220;manufacturer&#8221; scale is used.</p> <p>&#8220;I would expect a non-variable weight (MEW) to be used as the benchmark, as OEW will vary from operator to operator,&#8221; said Stuart Hatcher, chief operating officer of UK-based advisory firm IBA, adding this would pull the jet below 45 tonnes.</p> <p>Even if the more generous OEW weight format were used, not all 737 MAX 8s might escape as some use lighter layouts. &#8220;A 70kg drop is pretty easy once you get into the realms of low-cost carriers or standard single-class operations,&#8221; Hatcher added.</p> <p>Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry, nothing drastic has happened yet.</p> <a href="/finance/stocks/overview?symbol=BA.N" type="external">Boeing Co</a> 327.44 BA.N New York Stock Exchange -3.38 (-1.02%) BA.N AIR.PA 600029.SS 600115.SS GD.N <p>&#8220;We will continue in our own efforts to proactively engage both governments and build on the recent assurances by U.S. and Chinese leaders that productive talks are ongoing,&#8221; it said.</p> <p>Chinese airlines have been on a buying spree from Boeing and rival Airbus ( <a href="/finance/stocks/overview?symbol=AIR.PA" type="external">AIR.PA</a>) as air travel grows.</p> <p>Boeing and China&#8217;s Commercial Aircraft Corp of China (COMAC) are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year.</p> <p>The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version.</p> <p>However, China Southern Airlines ( <a href="/finance/stocks/overview?symbol=600029.SS" type="external">600029.SS</a>), Ruili Airlines and Okay Airways each have two 737-800s on order and Xiamen Airlines has four more, according to the Boeing order book.</p> <p>Asked if the airline&#8217;s plane buying plans could shift away from Boeing, China Eastern Airlines Corp ( <a href="/finance/stocks/overview?symbol=600115.SS" type="external">600115.SS</a>) Chief Executive Ma Xulun said on Wednesday &#8220;it&#8217;s too early to say, we will keep an eye on the situation of the China-U.S. trade war.&#8221;</p> <p>Apart from some Boeing jets, the Gulfstream G650, a large corporate jet manufactured by General Dynamics Corp ( <a href="/finance/stocks/overview?symbol=GD.N" type="external">GD.N</a>), also falls into the weight range targeted for tariffs.</p> <p>Gulfstream declined to comment.</p> <p>Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI; additional reporting by Tim Hepher in PARIS, Alwyn Scott in NEW YORK; Writing by Jamie Freed and Tim Hepher; Editing by Mark Potter, Susan Fenton and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1,300 Chinese products, but Chinese officials are holding back on taking aim at their largest American import: government debt.</p> <p>In a tit-for-tat response to the Trump administration&#8217;s plan for 25 percent duties on $50 billion of Chinese imports, China hit back with its own list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals. But officials signaled no interest for now in bringing their vast holdings of U.S. Treasuries to the fight.</p> <p>China held around $1.17 trillion of Treasuries as of the end of January, making it the largest of America's foreign creditors and the No. 2 overall owner of U.S. government bonds after the Federal Reserve. Any move by China to chop its Treasury portfolio could inflict significant harm on U.S. finances and global investors, driving bond yields higher and making it more costly to finance the federal government.(Graphic: Top U.S. trade partners &amp;amp; foreign holders of Treasuries - <a href="http://reut.rs/2CUqQB0" type="external">reut.rs/2CUqQB0</a>)</p> <a href="http://reut.rs/2CUqQB0" type="external" /> <p>Jeffrey Gundlach, the chief executive of DoubleLine Capital LP, said China can use its Treasury holdings as leverage, but only if they keep holding them.</p> <p>&#8220;It is more effective as a threat. If they sell, they have no threat,&#8221; said Gundlach, known as Wall Street&#8217;s Bond King.</p> <p>&#8220;It would only escalate the situation and eliminate their leverage.&#8221;</p> <p>Prices on benchmark 10-year U.S. Treasury notes slipped on Wednesday, giving back earlier gains on the trade news. Their yield edged up to about 2.81 percent Wednesday afternoon.</p> <p>China&#8217;s Treasury holdings have dipped in recent months, declining by about $30 billion from $1.20 trillion last August, and they are down about 11 percent from their record high above $1.3 trillion in late 2013, according to U.S government data. In all, foreign governments own $4 trillion, or more than a quarter, of the $14.7 trillion in Treasury securities outstanding.</p> <p>Asked by a reporter on Wednesday if China would reduce its U.S. Treasury holdings in retaliation, Vice Finance Minister Zhu Guangyao reiterated China&#8217;s long-standing policy regarding its foreign exchange reserves, saying it is a responsible investor and that it will safeguard their value.</p> <p>China&#8217;s foreign exchange reserves, the world&#8217;s largest, stood at about $3.13 trillion at the end of February, with roughly a third of it held in Treasuries.</p> <p>&#8220;If they wanted to pull the nuclear switch, if they committed to dumping Treasuries, it would have an immediate and temporary impact on money markets in the United States,&#8221; said Jeff Klingelhofer, a portfolio manager who oversees more than $6 billion at Thornburg Investment Management Inc. &#8220;But I think it is a bigger hit to the sustainability of what they&#8217;re trying to accomplish.&#8221;</p> <p>Brad Setser, senior fellow for international economics&amp;#160;at the Council on Foreign Relations in New York, said China can sell Treasuries and buy lower-yielding European or Japanese debt.</p> <p>But the effect would likely be to strengthen the yuan against the dollar, weakening the relative desirability of its exports, analysts said. The sale could also tank the value of the Treasuries China retains, with nothing to show for the aggression.</p> <p>More likely, if China wanted to turn up the heat it would let the yuan depreciate against the U.S. dollar, according to CFR&#8217;s Setser, a move that could kneecap the Trump administration&#8217;s goal of jump-starting U.S. manufacturing. The yuan weakened by about 0.25 percent on Wednesday but remains near its strongest in two and a half years.</p> <p>Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low, investors are sensitive to the risk any big shift would pose to world financial markets, where Treasuries are a global benchmark asset.</p> <p>A January report that China might halt its purchases of Treasuries forced yields higher, but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value.</p> <p>Reporting by Kate Duguid and Trevor Hunnicutt; Additional reporting by Jennifer Ablan; Editing by Dan Burns and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Alaska oil producers focus on efficiencies, not $70 oil China announces additional tariffs on $50 billion of U.S. goods Oil giants stay in their own backyards in U.S. auction Jet weight puzzle to determine China tariff impact on Boeing China, holding Treasuries, keeps 'nuclear option' in U.S. trade war

https://reuters.com/article/usa-alaska-oil-bp/alaska-oil-producers-focus-on-efficiencies-not-70-oil-idUSL1N1PF01F

2018-01-20

2least

ANCHORAGE Alaska Reuters The rebound in the price of crude oil in recent months that has helped producers will be temporary and the industry must prepare for competition from energy sources elsewhere the head of the Alaska operations of BP Plc said at an industry conference on Friday FILE PHOTO The sun sets behind an oil drilling rig in Prudhoe Bay Alaska on March 17 2011 REUTERSLucas JacksonFile Photo RC1C644EA560 8220We might be enjoying prices today that are over 70 a barrel But when you look at the fundamentals at BP anyway we still think lower for even longer And staying competitive is very important8221 Janet Weiss president of BP Exploration Alaska Inc said in a speech to the Alaska Support Industry Alliance 8220When you look at the fundamentals 8211 and you take a look at supply and demand out in time and what is going on with renewables and what is going on with electric cars 8211 and yes there8217s a demand for oil but there8217s a whole lot more of it out there8221 she said 8220So it8217s the lowcost basins that will get to produce Not all the barrels in Alaska are going to be produced if we don8217t make them competitive8221 Weiss was not specific in her speech but later told Reuters 8220definitely not 70s More the 50s8221 referring to oil prices per barrel While global oil demand is growing she said 8220there8217s more oil supply than demand8221 along with new nonoil energy Weiss was celebrating BP8217s ability to stabilize production at the ageing Prudhoe Bay field which it operates Average daily production has exceeded 280000 barrels since 2015 accomplished through operating efficiencies new technology and extra efforts to wrest new oil from the 40yearold field she said in her speech ConocoPhillips Alaska Inc president Joe Marushack avoided any price predictions but said his company is prepared for decreases 8220The reason you hear me talk about costs is we8217ve got to survive in any price environment8221 he told Reuters In his speech Marushack discussed boosting Alaska investment ConocoPhillips this winter is embarking on its biggest North Slope exploration season since 2002 with five wells planned four of them in the National Petroleum Reserve in Alaska NPRA The company is expanding its CD5 field in NPRA which is producing more than 26000 barrels per day well above the predicted 16000 perday peak he said Higher prices might have influenced those investments he told Reuters However the bigger factor 8220was us demonstrating that we could get our costs down8221 he said The Alaska Department of Revenue in budget documents submitted last month predicted North Slope crude prices would average 56 a barrel for the current fiscal year which ends June 30 The department forecasts slight increases in the price over the coming years exceeding 60 a barrel after 2020 Reporting by Yereth Rosen Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China will impose additional tariffs of 25 percent on 106 US goods including soybeans autos chemicals some types of aircraft and corn products among other agricultural goods the finance ministry said on Wednesday FILE PHOTO A combine drives over stalks of soft red winter wheat during the harvest on a farm in Dixon Illinois July 16 2013 REUTERSJim YoungFile Photo The products targeted by the tariffs were worth 50 billion in 2017 according to a separate statement from the commerce ministry Extra tariffs will also be slapped on products such as whisky cigars and tobacco some types of beef lubricants and propane and other plastic products the finance ministry said in its statement US orange juice certain sorghum products cotton some types of wheat as well as trucks some SUVs certain electric vehicles will also be subject to the new duties the finance ministry said Reporting by Ryan Woo Editing by Jacqueline Wong Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters The Trump administration heralded the government8217s sale last month of US drilling leases in the Gulf of Mexico as a bellwether FILE PHOTO Unused oil rigs sit in the Gulf of Mexico near Port Fourchon Louisiana August 11 2010 REUTERSLee CelanoFile Photo If that is the case a Reuters analysis of the sale8217s results shows reason to worry about demand in future offshore auctions The sale brought in 1248 million as just 1 percent of the 77 million acres 312 million hectares offered found bidders Reuters examined the acreage offered and leased and nearly all the purchases show big drillers stuck closest to existing infrastructure shunning the most farflung areas While US crude oil production reached a record last year at more than 10 million barrels a day most new development is in onshore shale regions The US Interior Department has said it wants to open all US coasts for drilling including the Atlantic and Pacific But the Gulf result indicates limited interest even in alreadydeveloped areas never mind unexplored coasts The March auction included 9088 deepwater blocks each comprising roughly nine square miles Only 105 of these blocks received bids and all but three of these were close to existing infrastructure and leases 8220It kind of looks like they8217re just shoring up their existing prospects right now8221 said John Filostrat a spokesman for the US Bureau of Ocean Energy Management the division of Interior that manages the auctions Filostrat said the administration is still optimistic about future auctions and believes more auctions are needed to show the current trends For a graphic on Gulf of Mexico auction click here However money for exploration is increasingly flocking to other regions particularly Latin America where energy reforms have attracted billions of dollars in investment from companies historically known as Gulf heavyweights A January auction by Mexico brought in more than four times the bids as the US sale Of the 105 new US leases in water depths of more than 656 feet 200 meters 85 were immediately contiguous with existing leased acreage or production platforms and another 17 were within about two miles of existing leases or infrastructure according to the Reuters analysis Among the areas where companies submitted bids were Mississippi Canyon and Green Canyon two of the most densely leased plays in the Gulf about 100 miles 160 km off the Louisiana coast Royal Dutch Shell Plc was the high bidder on two Mississippi Canyon blocks Overall Shell picked up 16 Gulf blocks including 6 adjacent to its deepwater developments known as Kakias and Stones and 10 clustered around other actively leased areas It told Reuters that it wanted to 8220acquire blocks that could potentially support future development using our existing hubs8221 BP Plc8217s most notable bids were 19 blocks in DeSoto Canyon contiguous to a known gas field about 100 miles from the Louisiana coast 8220BP is strategic with its bids and we use the opportunity to expand and strengthen our plays8221 a company spokesman told Reuters Only three blocks leased were more than a few miles from existing acreage Those blocks were snapped up by Chevron which declined comment Bidding on parcels close to known assets increases the likelihood of finds that can be produced affordably cutting infrastructure and supply costs 8220There8217s still interest but it is in areas where there was already existing knowledge of the resource base or existing development activity or existing production8221 said Michael Cohen director of commodity research at Barclays 8220Spending a lot of money to prospect is probably not going to be looked upon with favor by investors8221 he said HESITATION AMONG BIG BUYERS Major oil companies remain lukewarm about pushing the boundaries of available frontiers desiring longer leases and lower royalty rates Deepwater offshore blocks currently require an 1875 percent payment to the US government compared with 125 percent for shallower areas and onshore drilling An Interior Department panel in February recommended lowering those rates 8220It is something to look for in the August sale possibly8221 said BOEM8217s Filostrat Companies have also expressed a desire for longer leases to more effectively drill in unexplored areas further from the coasts Six deepwater regions more than 200 miles off the Louisiana coast received no bids at all The water here is generally about two miles deep The locale makes both drilling and transporting oil to shore especially costly The high cost of building underwater pipelines is another deterrent Deepwater projects like Chevron8217s Jack and St Malo fields more than 200 miles from the coast required a pipeline connecting them to existing Gulf infrastructure closer to shore approved in 2010 during a boom when US crude traded at about 90 a barrel Oil prices have rebounded from 20168217s lows at less than 30 a barrel but the industry is still 8220in a bit of a wait and see mode8221 said William Turner a senior research analyst in Houston for Wood Mackenzie Reporting By Jessica ResnickAult additional reporting from Ayenat Mersie editing by David Gregorio Our Standards The Thomson Reuters Trust Principles SINGAPORESHANGHAI Reuters China on Wednesday announced plans to place a 25 percent tariff on certain US aircraft in a move expected to affect some older Boeing Co BAN narrowbody models according to documents from China8217s Ministry of Commerce and the US manufacturer FILE PHOTO Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10000th 737 to come off the production line in Renton Washington US March 13 2018 REUTERSJason RedmondFile Photo But although several analysts said China had spared the newer 737 MAX key to future Boeing profits the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published Boeing shares fell as much as 6 percent after China hit back at US tariffs with the announcement of duties on key US imports including soybeans cars beef and chemicals as well as planes These include aircraft with an 8220empty weight8221 of between 15000 kg and 45000 kg or 15 to 45 tonnes Depending on how 8220empty weight8221 is defined this leaves a question mark over the fate of Boeing8217s new bigselling 737 MAX 8 jet though the larger MAX 9 and MAX 10 could be spared The stakes are high The United States exported 15 billion of aircraft to China in 2016 ranking equally with agricultural products like soybeans as the biggest category of goods Several definitions of 8220empty weight8221 are used in the aircraft industry and the ministry document gave no explanation Two industry experts said the rules most likely refer to the 8220manufacturer8217s empty weight8221 or the core aircraft structure But manufacturers are usually shy about publishing this number because of its commercial sensitivity while they do give estimates for the slightly higher 8220operating empty weight8221 which includes airline crew and some equipment but not fuel Yet even this number can vary according to an airline8217s specific requirements so it is seen as a guideline Whatever category is used the range appears comfortably to include the currentgeneration 737 narrowbody aircraft which is in the midst of being replaced by the newer 737 MAX 737 MAX 8 IMPACT UNCLEAR Boeing documents available online list the 8220operating empty weight8221 OEW of the 737700 737800 and 737900 well within the tariff zone at 376 to 429 tonnes The 8220manufacturer8217s empty weight8221 MEW would typically be about 115 tonnes lower two airplane appraisal experts said In contrast the newer 737 MAX 8 is heavier than its predecessor with an operating empty weight of 45070 kg according to a Boeing document published in August 2017 Depending on how rules are applied this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative 8220manufacturer8221 scale is used 8220I would expect a nonvariable weight MEW to be used as the benchmark as OEW will vary from operator to operator8221 said Stuart Hatcher chief operating officer of UKbased advisory firm IBA adding this would pull the jet below 45 tonnes Even if the more generous OEW weight format were used not all 737 MAX 8s might escape as some use lighter layouts 8220A 70kg drop is pretty easy once you get into the realms of lowcost carriers or standard singleclass operations8221 Hatcher added Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry nothing drastic has happened yet Boeing Co 32744 BAN New York Stock Exchange 338 102 BAN AIRPA 600029SS 600115SS GDN 8220We will continue in our own efforts to proactively engage both governments and build on the recent assurances by US and Chinese leaders that productive talks are ongoing8221 it said Chinese airlines have been on a buying spree from Boeing and rival Airbus AIRPA as air travel grows Boeing and China8217s Commercial Aircraft Corp of China COMAC are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version However China Southern Airlines 600029SS Ruili Airlines and Okay Airways each have two 737800s on order and Xiamen Airlines has four more according to the Boeing order book Asked if the airline8217s plane buying plans could shift away from Boeing China Eastern Airlines Corp 600115SS Chief Executive Ma Xulun said on Wednesday 8220it8217s too early to say we will keep an eye on the situation of the ChinaUS trade war8221 Apart from some Boeing jets the Gulfstream G650 a large corporate jet manufactured by General Dynamics Corp GDN also falls into the weight range targeted for tariffs Gulfstream declined to comment Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI additional reporting by Tim Hepher in PARIS Alwyn Scott in NEW YORK Writing by Jamie Freed and Tim Hepher Editing by Mark Potter Susan Fenton and Tom Brown Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1300 Chinese products but Chinese officials are holding back on taking aim at their largest American import government debt In a titfortat response to the Trump administration8217s plan for 25 percent duties on 50 billion of Chinese imports China hit back with its own list of similar duties on key American imports including soybeans planes cars beef and chemicals But officials signaled no interest for now in bringing their vast holdings of US Treasuries to the fight China held around 117 trillion of Treasuries as of the end of January making it the largest of Americas foreign creditors and the No 2 overall owner of US government bonds after the Federal Reserve Any move by China to chop its Treasury portfolio could inflict significant harm on US finances and global investors driving bond yields higher and making it more costly to finance the federal governmentGraphic Top US trade partners ampamp foreign holders of Treasuries reutrs2CUqQB0 Jeffrey Gundlach the chief executive of DoubleLine Capital LP said China can use its Treasury holdings as leverage but only if they keep holding them 8220It is more effective as a threat If they sell they have no threat8221 said Gundlach known as Wall Street8217s Bond King 8220It would only escalate the situation and eliminate their leverage8221 Prices on benchmark 10year US Treasury notes slipped on Wednesday giving back earlier gains on the trade news Their yield edged up to about 281 percent Wednesday afternoon China8217s Treasury holdings have dipped in recent months declining by about 30 billion from 120 trillion last August and they are down about 11 percent from their record high above 13 trillion in late 2013 according to US government data In all foreign governments own 4 trillion or more than a quarter of the 147 trillion in Treasury securities outstanding Asked by a reporter on Wednesday if China would reduce its US Treasury holdings in retaliation Vice Finance Minister Zhu Guangyao reiterated China8217s longstanding policy regarding its foreign exchange reserves saying it is a responsible investor and that it will safeguard their value China8217s foreign exchange reserves the world8217s largest stood at about 313 trillion at the end of February with roughly a third of it held in Treasuries 8220If they wanted to pull the nuclear switch if they committed to dumping Treasuries it would have an immediate and temporary impact on money markets in the United States8221 said Jeff Klingelhofer a portfolio manager who oversees more than 6 billion at Thornburg Investment Management Inc 8220But I think it is a bigger hit to the sustainability of what they8217re trying to accomplish8221 Brad Setser senior fellow for international economicsamp160at the Council on Foreign Relations in New York said China can sell Treasuries and buy loweryielding European or Japanese debt But the effect would likely be to strengthen the yuan against the dollar weakening the relative desirability of its exports analysts said The sale could also tank the value of the Treasuries China retains with nothing to show for the aggression More likely if China wanted to turn up the heat it would let the yuan depreciate against the US dollar according to CFR8217s Setser a move that could kneecap the Trump administration8217s goal of jumpstarting US manufacturing The yuan weakened by about 025 percent on Wednesday but remains near its strongest in two and a half years Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low investors are sensitive to the risk any big shift would pose to world financial markets where Treasuries are a global benchmark asset A January report that China might halt its purchases of Treasuries forced yields higher but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value Reporting by Kate Duguid and Trevor Hunnicutt Additional reporting by Jennifer Ablan Editing by Dan Burns and James Dalgleish Our Standards The Thomson Reuters Trust Principles

ANCHORAGE/PROPN Alaska/PROPN Reuters/PROPN The/DET rebound/NOUN in/ADP the/DET price/NOUN of/ADP crude/ADJ oil/NOUN in/ADP recent/ADJ months/NOUN that/PRON has/AUX helped/VERB producers/NOUN will/AUX be/AUX temporary/ADJ and/CCONJ the/DET industry/NOUN must/AUX prepare/VERB for/ADP competition/NOUN from/ADP energy/NOUN sources/NOUN elsewhere/ADV the/DET head/NOUN of/ADP the/DET Alaska/PROPN operations/NOUN of/ADP BP/PROPN Plc/PROPN said/VERB at/ADP an/DET industry/NOUN conference/NOUN on/ADP Friday/PROPN FILE/NOUN PHOTO/NOUN The/DET sun/NOUN sets/VERB behind/ADP an/DET oil/NOUN drilling/NOUN rig/NOUN in/ADP Prudhoe/PROPN Bay/PROPN Alaska/PROPN on/ADP March/PROPN 17/NUM 2011/NUM REUTERSLucas/PROPN JacksonFile/PROPN Photo/PROPN RC1C644EA560/ADJ 8220We/NOUN might/AUX be/AUX enjoying/VERB prices/NOUN today/NOUN that/PRON are/AUX over/ADP 70/NUM a/DET barrel/NOUN But/CCONJ when/SCONJ you/PRON look/VERB at/ADP the/DET fundamentals/NOUN at/ADP BP/PROPN anyway/INTJ we/PRON still/ADV think/VERB 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<p>Jan 22 (Reuters) - Sempra Energy:</p> <p>* SAN DIEGO GAS &amp;amp; ELECTRIC COMPANY FILES FOR M&#8205;&#8203;IXED SHELF OFFERING OF UP TO $1.5 BILLION - SEC FILING Source text: ( <a href="http://bit.ly/2G6hRzN" type="external">bit.ly/2G6hRzN</a>) Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician, Rear Admiral Ronny Jackson, to replace him in the latest turnover among Trump&#8217;s team.</p> FILE PHOTO: Secretary of the Department of Veteran Affairs David Shulkin talks with U.S. President Donald Trump during the signing of an executive order entitled "Supporting our Veterans during their Transition from Uniformed Service to Civilian Life" in the Oval Office of the White House in Washington, U.S., January 9, 2018. REUTERS/Carlos Barria/Files <p>White House officials, speaking on condition of anonymity, said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two. They said an undersecretary at the Department of Defense, Robert Wilkie, will be the acting secretary.</p> <p>Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs. It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin&#8217;s wife could travel at government expense.</p> <p>One official said the criticism of Shulkin was &#8220;making it harder for him to carry out the duties of secretary of the VA, which is something the president has made clear is a big priority for him.&#8221;</p> <p>Jackson, a rear admiral of the U.S. Navy, has been working as a presidential physician since the George W. Bush administration, and has been the lead doctor monitoring Trump&#8217;s health since Trump became president.</p> <p>Jackson gave Trump a clean bill of health early this year after giving the president a physical. He put him on a diet to lose some weight and directed him to get some exercise. Aides said Trump has been eating more fish and fewer cheeseburgers lately.</p> FILE PHOTO: U.S. President Donald Trump listens as U.S. Secretary of Veterans Affairs David Shulkin speaks during a Department of Veterans Affairs Telehealth event at the White House in Washington, U.S., August 3, 2017. REUTERS/Joshua Roberts/File Photo <p>A Texas native who has been on active duty since 1995, Jackson served during the U.S.-led war in Iraq as an emergency medicine physician in Taqaddum, Iraq.</p> <p>&#8220;Admiral Jackson is highly trained and qualified and as a service member himself, he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them,&#8221; Trump said.</p> <p>A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year.</p> <p>&#8220;The president wants somebody who gives him the best possible care to go over and give that same care to the veterans. That&#8217;s how strongly he feels about getting them represented properly,&#8221; the official said.</p> <p>Trump said he appreciated Shulkin&#8217;s work, including passage of the VA Accountability Act.&#8221;He has been a great supporter of veterans across the country and I am grateful for his service,&#8221; Trump said in a statement.</p> <p>U.S. Representative Phil Roe, a Republican who chairs the House Committee on Veterans Affairs, said he hated to see Shulkin go but respected Trump&#8217;s decision.</p> <p>&#8220;At the end of the day, cabinet secretaries serve at the pleasure of the president,&#8221; he said.</p> <p>Will Fischer, director of government relations for the VoteVets lobby group, said his group hopes Jackson will oppose any attempt to privatize the VA or its health services, a concept that Republicans talk about occasionally.</p> Slideshow (3 Images) <p>&#8220;If Dr. Jackson can do that, immediately, he will do a lot to help his chances at confirmation,&#8221; Fischer said.</p> <p>The VA oversees healthcare and benefits going to roughly 20 million U.S. military veterans. The Veterans Health Administration, the largest integrated healthcare system in the United States, provides care at more than 1,200 facilities, including 170 VA Medical Centers, to more than 9 million veterans.</p> <p>Trump praised Shulkin as &#8220;fantastic&#8221; when he chose him to head the VA in January 2017. Trump, who promised improved veterans&#8217; care during his presidential campaign, last year said the department had made &#8220;tremendous progress&#8221; under Shulkin.</p> <p>But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him.</p> <p>Shulkin said after the release of the inspector general&#8217;s report that he would comply with its recommendations, including reimbursing the government for his wife&#8217;s $4,312 airfare and paying his friend for the Wimbledon tickets. The department announced two days after the report was issued that Shulkin&#8217;s chief of staff, Vivieca Wright Simpson, would retire.</p> <p>Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017. Others include Secretary of State Rex Tillerson, Secretary of Health and Human Services Tom Price, FBI chief James Comey and FBI No. 2 Andrew McCabe, Trump&#8217;s chief strategist Steve Bannon, national security advisers H.R. McMaster and Michael Flynn, White House chief of staff Reince Priebus, communications directors Hope Hicks and Anthony Scaramucci, and economic adviser Gary Cohn.</p> <p>Reporting by Steve Holland; Editing by Leslie Adler and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Russian former double agent Sergei Skripal and his daughter were poisoned with a nerve toxin that had been left on the front door of their home in England, British counter-terrorism police said on Wednesday.</p> A police officer stands guard outside of the home of former Russian military intelligence officer Sergei Skripal, in Salisbury, Britain, March 6, 2018. REUTERS/Toby Melville <p>After the first known offensive use of a chemical weapon on European soil since World War Two, Britain blamed Russian President Vladimir Putin for the attempted assassination and the West has expelled around 130 Russian diplomats.</p> <p>Russia has denied any involvement in the attack and has said it suspects the British secret services of using the Novichok nerve agent, which was developed by the Soviet military, to frame Russia and stoke anti-Russian hysteria.</p> <p>&#8220;We believe the Skripals first came into contact with the nerve agent from their front door,&#8221; said Dean Haydon, Britain&#8217;s&#8217; senior national coordinator for counter terrorism policing.</p> <p>&#8220;Specialists have identified the highest concentration of the nerve agent, to-date, as being on the front door of the address,&#8221; Scotland Yard said in a statement.</p> <p>Skripal and his 33-year-old daughter, Yulia, have been in a critical condition since being found unconscious on a public bench in the English city of Salisbury on March 4. A British judge has said they may have suffered permanent brain damage.</p> <p>The attempted murder of Skripal, a 66-year-old former colonel in Russian military intelligence who betrayed dozens of Russian agents to Britain&#8217;s MI6 spy service, has plunged Moscow&#8217;s relations with the West to a new post-Cold War low.</p> <p>After Britain expelled 23 Russians it said were spies working under diplomatic cover, Russia followed by throwing out 23 British diplomats. The United States and other Western countries, including most member states of the European Union and NATO, expelled over 100 diplomats.</p> Police officers stand guard outside of the home of former Russian military intelligence officer Sergei Skripal, in Salisbury, Britain, March 6, 2018.REUTERS/Toby Melville &#8220;ENOUGH IS ENOUGH&#8221; <p>British Foreign Secretary Boris Johnson said the Kremlin had underestimated the Western response to the attack on Skripal and his daughter, which also injured a British policeman.</p> <p>Johnson told an audience of ambassadors in London that 27 countries have now moved to expel Russian diplomats over Moscow&#8217;s suspected involvement - which Russia denies.</p> <p>&#8220;These expulsions represent a moment when a feeling has suddenly crystallized, when years of vexation and provocation have worn the collective patience to breaking point, and when across the world &#8211; across three continents &#8211; there are countries who are willing to say enough is enough,&#8221; Johnson said.</p> <p>&#8220;If they (Russia) believed that we had become so morally weakened, so dependent on hydrocarbons, so chronically risk averse and so fearful of Russia that we would not dare to respond, then this is their answer,&#8221; he added.</p> <p>Putin, who has been dealing with a deadly shopping center fire in Siberia, has yet to respond, though Moscow has threatened to take retaliatory action against the West.</p> <p>&#8220;An analysis of all the circumstances ... leads us to think of the possible involvement in it (the poisoning) of the British intelligence services,&#8221; the Russian Foreign Ministry said in a statement on Wednesday before the announcement by British police.</p> <p>&#8220;If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens as a result of a massive political provocation.&#8221;</p> <p>A London court last week gave permission for blood samples to be taken from the Skripals for examination by chemical weapons inspectors to confirm a conclusion by Britain that the military nerve agent had been used.</p> <p>An unidentified doctor who is treating the Skripals said they were both heavily sedated and unable to communicate, and that it was not possible to assess when or to what extent either may regain mental capacity, according to the court&#8217;s ruling.</p> Slideshow (8 Images) <p>Skripal, who was turned by British spies while in Spain, ended up in Britain after a Cold War-style spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West.</p> <p>Since emerging from the John le Carre world of high espionage and betrayal, Skripal lived modestly in the English cathedral city of Salisbury and kept out of the spotlight until he was found unconscious on March 4.</p> <p>His house in Salisbury, which featured a good-luck horseshoe on the front door, was bought for 260,000 pounds ($360,000) in 2011. Skripal was listed at living there under his own name.</p> <p>In the years since he found refuge in Britain, Skripal lost both a wife and son.</p> <p>The attack on Skripal has been likened in Britain to the killing of ex-KGB agent Alexander Litvinenko, a critic of Putin, who died in London in 2006 after drinking green tea laced with radioactive polonium 210.</p> <p>Russia denied any involvement in that killing.</p> <p>An inquiry led by senior British judge Robert Owen found that former KGB bodyguard Andrei Lugovoy and another Russian, Dmitry Kovtun, carried out the killing as part of an operation probably directed by Russia&#8217;s Federal Security Service (FSB).</p> <p>British police said they would continue to focus their enquiries around Skripal&#8217;s home address as the investigation continued.</p> <p>Writing by Richard Balmforth and Guy Faulconbridge; Editing by Andrew Heavens, David Stamp and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - After most European Union states expelled Russian diplomats over the Salisbury spy poisoning, sources in Brussels expect the bloc to hold the line on Russia sanctions for now.</p> <p>EU foreign ministers will discuss the bloc&#8217;s troubled ties with Moscow on April 16, a broad debate planned long before a former Russian spy was found slumped on a public bench together with his daughter in the English town of Salisbury on March 4.</p> <p>But, diplomats and officials said, any appetite that might have been there at the turn of the year to soften the bloc&#8217;s line and seek more &#8220;selective engagement&#8221; with Moscow has dissipated after the toxin attack, which Britain, followed by the rest of the EU, blames on Moscow. [nL8N1R84DY]</p> <p>&#8220;Just several weeks ago, the Austrians were ready to join the traditional Russia doves in asking for more engagement with Russia. Now, that would not be possible,&#8221; said a senior diplomat from a country traditionally hawkish on Moscow.</p> <p>The West responded to the poisoning of Sergei Skripal and his daughter Yulia by expelling more than 100 Russians as undercover spies, including 60 sent home from the United States.</p> <p>Nineteen of the EU&#8217;s 28 states have told Russian diplomats to leave, and three others recalled their own ambassadors. Only Greece, Bulgaria, Cyprus, Portugal, Slovenia and Austria have not joined the coordinated action.</p> <p>The biggest Western expulsion of Russian diplomats since the height of the Cold War came days after the fourth anniversary of Moscow&#8217;s military annexation of the Black Sea peninsula of Crimea from Ukraine.</p> <p>Back then, the EU responded by slapping sanctions on Russia, which it stepped up as Moscow backed rebels in east Ukraine. They include curbs on doing business and a blacklist of officials.</p> <p>&#8220;The ball is now in Moscow&#8217;s court, we&#8217;ll see if they respond by kicking out as many EU diplomats,&#8221; said another senior EU person. &#8220;We will discuss accordingly but there seems to be no appetite to reopen the economic sanctions.&#8221;</p> <p>An EU official dealing with the matter said the expulsions already establish an EU &#8220;red line&#8221;, meaning the bloc would not go any further for now.</p> <p>The EU&#8217;s economic sanctions, which target Russia&#8217;s energy, defense and financial sectors, are in place until the end of July any an extension requires unanimity of all 28 EU states.</p> <p>Despite the bloc&#8217;s traditional split on how to handle Russia, most recently seen in a clash between two of the bloc&#8217;s top officials on whether to congratulate Vladimir Putin on his fourth presidential term, the sanctions have been extended every six months since first being imposed in mid-2014.</p> <p>The sources said the bloc could consider smaller changes to the sanctions regime, either looking at longer extensions of one year, or adding a few names to the EU&#8217;s blacklist over Russia&#8217;s presidential elections earlier this month, which were also held in the annexed Crimea.</p> Russia angry at 'boorish' expulsion of diplomats <p>But mostly they expected no substantial changes from the April meeting, with another senior EU diplomat saying: &#8220;We have sent a very clear and strong signal. Now we sit and wait to see what happens next.&#8221;</p> <p>Reporting by Gabriela Baczynska; Editing by Peter Graff</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MOSCOW (Reuters) - Russia said on Wednesday it would respond in kind to the mass expulsion of Russian diplomats by the West over the poisoning of former Russian double agent Sergei Skripal in the English city of Salisbury.</p> A general view shows the U.S. embassy in Moscow, Russia March 27, 2018. REUTERS/Tatyana Makeyeva <p>What began as a row between London and Moscow after Britain accused Russia of using a nerve agent to poison Skripal and his daughter has now snowballed into an international chorus of rebuke for the Kremlin, with even some friendly governments ejecting Russian diplomats.</p> <p>Adding to the list on Wednesday, Slovakia, Malta and Luxembourg each recalled their ambassador in Moscow for consultations, while Montenegro said it would expel a Russian diplomat. Slovakia and Montenegro, while both members of the U.S.-led NATO alliance, are traditionally close to Russia.</p> <p>The biggest demarche came from the United States, which on Monday said it was expelling 60 Russian diplomats. That dented Russian President Vladimir Putin&#8217;s hopes of forging a friendly relationship with U.S. President Donald Trump.</p> Related Coverage <a href="/article/us-britain-russia-police/former-russian-spy-poisoned-by-nerve-agent-on-door-of-home-in-england-police-idUSKBN1H4327" type="external">Former Russian spy poisoned by nerve agent on door of home in England: police</a> <a href="/article/us-britain-russia-johnson/britains-johnson-says-russia-underestimated-global-response-to-nerve-attack-idUSKBN1H435U" type="external">Britain's Johnson says Russia underestimated global response to nerve attack</a> <a href="/article/us-britain-russia-eu/eu-to-hold-line-on-russia-sanctions-after-diplomatic-expulsions-idUSKBN1H42IE" type="external">EU to hold line on Russia sanctions after diplomatic expulsions</a> <p>Valentina Matviyenko, a Kremlin loyalist and speaker of the upper house of parliament, said Russia would retaliate.</p> <p>&#8220;Without a doubt, Russia, as is diplomatic practice, will respond symmetrically and observe parity when it comes to the number of diplomats,&#8221; RIA news agency quoted her as saying.</p> <p>Russian Defence Minister Sergei Shoigu said a Russian military aircraft had, for the first time since the Cold War, conducted a training flight via the North Pole to North America, RIA news agency reported.</p> <p>There was no immediate indication that the flight was linked to Russia&#8217;s standoff with the West. The U.S. navy is holding a five-week training exercise in the Arctic Circle.</p> COLD WAR ECHOES <p>In total, more than 100 Russian diplomats are to be sent home from states ranging from Denmark to Australia, the biggest Western expulsion of Russian diplomats since the height of the Cold War.</p> <p>Moscow has denied being behind the attack on the Skripals and says its adversaries are using it to whip up a campaign of &#8220;Russophobia.&#8221;</p> <p>Skripal, 66, a double agent who was swapped in a spy exchange deal in 2010 and went to live in England, and Yulia Skripal, 33, were found unconscious on a public bench in a shopping center in Salisbury on March 4. They remain critically ill in hospital from the attack in which, British authorities say, a Soviet-era nerve toxin called Novichok was used.</p> <p>Russia has already expelled 23 British diplomats, a tit-for-tat response to Britain&#8217;s expulsion of the same number of staff at the Russian embassy in London.</p> <p>Adding to a drum beat of tough rhetoric coming from Moscow and London, the Russian foreign ministry raised the prospect British intelligence services had poisoned Skripal and his daughter.</p> <p>&#8220;If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens,&#8221; the ministry said in a statement.</p> <p>In Australia, whose government said on Tuesday it would expel two diplomats, the Russian ambassador, Grigory Loginov, told reporters the world will enter into a &#8220;Cold War situation&#8221; if the West persists with its bias against Russia.</p> <p>Two days after the United States announced the expulsion of Russian diplomats, there was still no sign of how exactly Russian planned to respond - an indication, perhaps, that the scale of the Western action caught Moscow off guard.</p> <p>Interfax news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying Moscow would assess the level of hostility in Washington and London before deciding how to retaliate.</p> <p>Additional reporting by Reuters bureaux; Editing by Richard Balmforth</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-San Diego Gas & Electric Files For Mixed Shelf Offering Of Up To $1.5 Bln Trump pushes out Shulkin at VA, nominates Jackson as replacement Former Russian spy poisoned by nerve agent on door of home in England: police EU to hold line on Russia sanctions after diplomatic expulsions Russia says it will respond in kind to West's expulsions

https://reuters.com/article/brief-san-diego-gas-electric-files-for-m/brief-san-diego-gas-electric-files-for-mixed-shelf-offering-of-up-to-15-bln-idUSFWN1PH15O

2018-01-22

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Jan 22 Reuters Sempra Energy SAN DIEGO GAS ampamp ELECTRIC COMPANY FILES FOR M82058203IXED SHELF OFFERING OF UP TO 15 BILLION SEC FILING Source text bitly2G6hRzN Further company coverage Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician Rear Admiral Ronny Jackson to replace him in the latest turnover among Trump8217s team FILE PHOTO Secretary of the Department of Veteran Affairs David Shulkin talks with US President Donald Trump during the signing of an executive order entitled Supporting our Veterans during their Transition from Uniformed Service to Civilian Life in the Oval Office of the White House in Washington US January 9 2018 REUTERSCarlos BarriaFiles White House officials speaking on condition of anonymity said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two They said an undersecretary at the Department of Defense Robert Wilkie will be the acting secretary Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin8217s wife could travel at government expense One official said the criticism of Shulkin was 8220making it harder for him to carry out the duties of secretary of the VA which is something the president has made clear is a big priority for him8221 Jackson a rear admiral of the US Navy has been working as a presidential physician since the George W Bush administration and has been the lead doctor monitoring Trump8217s health since Trump became president Jackson gave Trump a clean bill of health early this year after giving the president a physical He put him on a diet to lose some weight and directed him to get some exercise Aides said Trump has been eating more fish and fewer cheeseburgers lately FILE PHOTO US President Donald Trump listens as US Secretary of Veterans Affairs David Shulkin speaks during a Department of Veterans Affairs Telehealth event at the White House in Washington US August 3 2017 REUTERSJoshua RobertsFile Photo A Texas native who has been on active duty since 1995 Jackson served during the USled war in Iraq as an emergency medicine physician in Taqaddum Iraq 8220Admiral Jackson is highly trained and qualified and as a service member himself he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them8221 Trump said A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year 8220The president wants somebody who gives him the best possible care to go over and give that same care to the veterans That8217s how strongly he feels about getting them represented properly8221 the official said Trump said he appreciated Shulkin8217s work including passage of the VA Accountability Act8221He has been a great supporter of veterans across the country and I am grateful for his service8221 Trump said in a statement US Representative Phil Roe a Republican who chairs the House Committee on Veterans Affairs said he hated to see Shulkin go but respected Trump8217s decision 8220At the end of the day cabinet secretaries serve at the pleasure of the president8221 he said Will Fischer director of government relations for the VoteVets lobby group said his group hopes Jackson will oppose any attempt to privatize the VA or its health services a concept that Republicans talk about occasionally Slideshow 3 Images 8220If Dr Jackson can do that immediately he will do a lot to help his chances at confirmation8221 Fischer said The VA oversees healthcare and benefits going to roughly 20 million US military veterans The Veterans Health Administration the largest integrated healthcare system in the United States provides care at more than 1200 facilities including 170 VA Medical Centers to more than 9 million veterans Trump praised Shulkin as 8220fantastic8221 when he chose him to head the VA in January 2017 Trump who promised improved veterans8217 care during his presidential campaign last year said the department had made 8220tremendous progress8221 under Shulkin But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him Shulkin said after the release of the inspector general8217s report that he would comply with its recommendations including reimbursing the government for his wife8217s 4312 airfare and paying his friend for the Wimbledon tickets The department announced two days after the report was issued that Shulkin8217s chief of staff Vivieca Wright Simpson would retire Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017 Others include Secretary of State Rex Tillerson Secretary of Health and Human Services Tom Price FBI chief James Comey and FBI No 2 Andrew McCabe Trump8217s chief strategist Steve Bannon national security advisers HR McMaster and Michael Flynn White House chief of staff Reince Priebus communications directors Hope Hicks and Anthony Scaramucci and economic adviser Gary Cohn Reporting by Steve Holland Editing by Leslie Adler and James Dalgleish Our Standards The Thomson Reuters Trust Principles LONDON Reuters Russian former double agent Sergei Skripal and his daughter were poisoned with a nerve toxin that had been left on the front door of their home in England British counterterrorism police said on Wednesday A police officer stands guard outside of the home of former Russian military intelligence officer Sergei Skripal in Salisbury Britain March 6 2018 REUTERSToby Melville After the first known offensive use of a chemical weapon on European soil since World War Two Britain blamed Russian President Vladimir Putin for the attempted assassination and the West has expelled around 130 Russian diplomats Russia has denied any involvement in the attack and has said it suspects the British secret services of using the Novichok nerve agent which was developed by the Soviet military to frame Russia and stoke antiRussian hysteria 8220We believe the Skripals first came into contact with the nerve agent from their front door8221 said Dean Haydon Britain8217s8217 senior national coordinator for counter terrorism policing 8220Specialists have identified the highest concentration of the nerve agent todate as being on the front door of the address8221 Scotland Yard said in a statement Skripal and his 33yearold daughter Yulia have been in a critical condition since being found unconscious on a public bench in the English city of Salisbury on March 4 A British judge has said they may have suffered permanent brain damage The attempted murder of Skripal a 66yearold former colonel in Russian military intelligence who betrayed dozens of Russian agents to Britain8217s MI6 spy service has plunged Moscow8217s relations with the West to a new postCold War low After Britain expelled 23 Russians it said were spies working under diplomatic cover Russia followed by throwing out 23 British diplomats The United States and other Western countries including most member states of the European Union and NATO expelled over 100 diplomats Police officers stand guard outside of the home of former Russian military intelligence officer Sergei Skripal in Salisbury Britain March 6 2018REUTERSToby Melville 8220ENOUGH IS ENOUGH8221 British Foreign Secretary Boris Johnson said the Kremlin had underestimated the Western response to the attack on Skripal and his daughter which also injured a British policeman Johnson told an audience of ambassadors in London that 27 countries have now moved to expel Russian diplomats over Moscow8217s suspected involvement which Russia denies 8220These expulsions represent a moment when a feeling has suddenly crystallized when years of vexation and provocation have worn the collective patience to breaking point and when across the world 8211 across three continents 8211 there are countries who are willing to say enough is enough8221 Johnson said 8220If they Russia believed that we had become so morally weakened so dependent on hydrocarbons so chronically risk averse and so fearful of Russia that we would not dare to respond then this is their answer8221 he added Putin who has been dealing with a deadly shopping center fire in Siberia has yet to respond though Moscow has threatened to take retaliatory action against the West 8220An analysis of all the circumstances leads us to think of the possible involvement in it the poisoning of the British intelligence services8221 the Russian Foreign Ministry said in a statement on Wednesday before the announcement by British police 8220If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens as a result of a massive political provocation8221 A London court last week gave permission for blood samples to be taken from the Skripals for examination by chemical weapons inspectors to confirm a conclusion by Britain that the military nerve agent had been used An unidentified doctor who is treating the Skripals said they were both heavily sedated and unable to communicate and that it was not possible to assess when or to what extent either may regain mental capacity according to the court8217s ruling Slideshow 8 Images Skripal who was turned by British spies while in Spain ended up in Britain after a Cold Warstyle spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West Since emerging from the John le Carre world of high espionage and betrayal Skripal lived modestly in the English cathedral city of Salisbury and kept out of the spotlight until he was found unconscious on March 4 His house in Salisbury which featured a goodluck horseshoe on the front door was bought for 260000 pounds 360000 in 2011 Skripal was listed at living there under his own name In the years since he found refuge in Britain Skripal lost both a wife and son The attack on Skripal has been likened in Britain to the killing of exKGB agent Alexander Litvinenko a critic of Putin who died in London in 2006 after drinking green tea laced with radioactive polonium 210 Russia denied any involvement in that killing An inquiry led by senior British judge Robert Owen found that former KGB bodyguard Andrei Lugovoy and another Russian Dmitry Kovtun carried out the killing as part of an operation probably directed by Russia8217s Federal Security Service FSB British police said they would continue to focus their enquiries around Skripal8217s home address as the investigation continued Writing by Richard Balmforth and Guy Faulconbridge Editing by Andrew Heavens David Stamp and Leslie Adler Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters After most European Union states expelled Russian diplomats over the Salisbury spy poisoning sources in Brussels expect the bloc to hold the line on Russia sanctions for now EU foreign ministers will discuss the bloc8217s troubled ties with Moscow on April 16 a broad debate planned long before a former Russian spy was found slumped on a public bench together with his daughter in the English town of Salisbury on March 4 But diplomats and officials said any appetite that might have been there at the turn of the year to soften the bloc8217s line and seek more 8220selective engagement8221 with Moscow has dissipated after the toxin attack which Britain followed by the rest of the EU blames on Moscow nL8N1R84DY 8220Just several weeks ago the Austrians were ready to join the traditional Russia doves in asking for more engagement with Russia Now that would not be possible8221 said a senior diplomat from a country traditionally hawkish on Moscow The West responded to the poisoning of Sergei Skripal and his daughter Yulia by expelling more than 100 Russians as undercover spies including 60 sent home from the United States Nineteen of the EU8217s 28 states have told Russian diplomats to leave and three others recalled their own ambassadors Only Greece Bulgaria Cyprus Portugal Slovenia and Austria have not joined the coordinated action The biggest Western expulsion of Russian diplomats since the height of the Cold War came days after the fourth anniversary of Moscow8217s military annexation of the Black Sea peninsula of Crimea from Ukraine Back then the EU responded by slapping sanctions on Russia which it stepped up as Moscow backed rebels in east Ukraine They include curbs on doing business and a blacklist of officials 8220The ball is now in Moscow8217s court we8217ll see if they respond by kicking out as many EU diplomats8221 said another senior EU person 8220We will discuss accordingly but there seems to be no appetite to reopen the economic sanctions8221 An EU official dealing with the matter said the expulsions already establish an EU 8220red line8221 meaning the bloc would not go any further for now The EU8217s economic sanctions which target Russia8217s energy defense and financial sectors are in place until the end of July any an extension requires unanimity of all 28 EU states Despite the bloc8217s traditional split on how to handle Russia most recently seen in a clash between two of the bloc8217s top officials on whether to congratulate Vladimir Putin on his fourth presidential term the sanctions have been extended every six months since first being imposed in mid2014 The sources said the bloc could consider smaller changes to the sanctions regime either looking at longer extensions of one year or adding a few names to the EU8217s blacklist over Russia8217s presidential elections earlier this month which were also held in the annexed Crimea Russia angry at boorish expulsion of diplomats But mostly they expected no substantial changes from the April meeting with another senior EU diplomat saying 8220We have sent a very clear and strong signal Now we sit and wait to see what happens next8221 Reporting by Gabriela Baczynska Editing by Peter Graff Our Standards The Thomson Reuters Trust Principles MOSCOW Reuters Russia said on Wednesday it would respond in kind to the mass expulsion of Russian diplomats by the West over the poisoning of former Russian double agent Sergei Skripal in the English city of Salisbury A general view shows the US embassy in Moscow Russia March 27 2018 REUTERSTatyana Makeyeva What began as a row between London and Moscow after Britain accused Russia of using a nerve agent to poison Skripal and his daughter has now snowballed into an international chorus of rebuke for the Kremlin with even some friendly governments ejecting Russian diplomats Adding to the list on Wednesday Slovakia Malta and Luxembourg each recalled their ambassador in Moscow for consultations while Montenegro said it would expel a Russian diplomat Slovakia and Montenegro while both members of the USled NATO alliance are traditionally close to Russia The biggest demarche came from the United States which on Monday said it was expelling 60 Russian diplomats That dented Russian President Vladimir Putin8217s hopes of forging a friendly relationship with US President Donald Trump Related Coverage Former Russian spy poisoned by nerve agent on door of home in England police Britains Johnson says Russia underestimated global response to nerve attack EU to hold line on Russia sanctions after diplomatic expulsions Valentina Matviyenko a Kremlin loyalist and speaker of the upper house of parliament said Russia would retaliate 8220Without a doubt Russia as is diplomatic practice will respond symmetrically and observe parity when it comes to the number of diplomats8221 RIA news agency quoted her as saying Russian Defence Minister Sergei Shoigu said a Russian military aircraft had for the first time since the Cold War conducted a training flight via the North Pole to North America RIA news agency reported There was no immediate indication that the flight was linked to Russia8217s standoff with the West The US navy is holding a fiveweek training exercise in the Arctic Circle COLD WAR ECHOES In total more than 100 Russian diplomats are to be sent home from states ranging from Denmark to Australia the biggest Western expulsion of Russian diplomats since the height of the Cold War Moscow has denied being behind the attack on the Skripals and says its adversaries are using it to whip up a campaign of 8220Russophobia8221 Skripal 66 a double agent who was swapped in a spy exchange deal in 2010 and went to live in England and Yulia Skripal 33 were found unconscious on a public bench in a shopping center in Salisbury on March 4 They remain critically ill in hospital from the attack in which British authorities say a Sovietera nerve toxin called Novichok was used Russia has already expelled 23 British diplomats a titfortat response to Britain8217s expulsion of the same number of staff at the Russian embassy in London Adding to a drum beat of tough rhetoric coming from Moscow and London the Russian foreign ministry raised the prospect British intelligence services had poisoned Skripal and his daughter 8220If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens8221 the ministry said in a statement In Australia whose government said on Tuesday it would expel two diplomats the Russian ambassador Grigory Loginov told reporters the world will enter into a 8220Cold War situation8221 if the West persists with its bias against Russia Two days after the United States announced the expulsion of Russian diplomats there was still no sign of how exactly Russian planned to respond an indication perhaps that the scale of the Western action caught Moscow off guard Interfax news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying Moscow would assess the level of hostility in Washington and London before deciding how to retaliate Additional reporting by Reuters bureaux Editing by Richard Balmforth Our Standards The Thomson Reuters Trust Principles

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<p>FRANKFURT (Reuters) - Biotest ( <a href="/finance/stocks/overview?symbol=BIOG.DE" type="external">BIOG.DE</a>) said on Friday that it has sold its U.S. operations, allaying national security concerns by U.S. authorities and paving the way for the German company&#8217;s sale to a Chinese investor.</p> <p>The Committee on Foreign Investment in the United States (CFIUS) had initially blocked the sale of the German blood plasma products maker to the Chinese investor Creat Group Corp.</p> <p>The sale of U.S. operations, to an undisclosed buyer and for an undisclosed price, means that Biotest&#8217;s sale to Creat would proceed.</p> <p>&#8220;Thus, the last remaining condition has been met for the takeover offer,&#8221; Biotest said in a statement.</p> <a href="/finance/stocks/overview?symbol=BIOG.DE" type="external">Biotest AG</a> 28.7 BIOG.DE Xetra +0.15 (+0.53%) BIOG.DE IFXGn.DE CREE.O <p>Biotest, whose products are used to treat blood coagulation disorders, auto-immune diseases and immune deficiencies, agreed in April to be taken over by Creat in a 1.3-billion-euro ($1.59 billion) cash deal.</p> <p>But in November, Biotest disclosed that CFIUS had national security concerns about the transaction.</p> <p>The company, based in Dreieich near Frankfurt, generated around 20 percent of the group&#8217;s revenues in the United States in 2016, according to its annual report.</p> <p>It said that the U.S. business would be placed in a trust until the sale closed.</p> <p>U.S. concerns over sensitive technology falling into Chinese hands have scuppered several deals over the past couple of years. CFIUS last year also blocked German chipmaker Infineon&#8217;s ( <a href="/finance/stocks/overview?symbol=IFXGn.DE" type="external">IFXGn.DE</a>) attempts to buy Wolfspeed Power, a unit of U.S. LED lighting maker Cree ( <a href="/finance/stocks/overview?symbol=CREE.O" type="external">CREE.O</a>).</p> <p>Reporting by Tom Sims; Editing by Adrian Croft</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE/SHANGHAI (Reuters) - China on Wednesday announced plans to place a 25 percent tariff on certain U.S. aircraft, in a move expected to affect some older Boeing Co ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) narrowbody models, according to documents from China&#8217;s Ministry of Commerce and the U.S. manufacturer.</p> <p>But although several analysts said China had spared the newer 737 MAX - key to future Boeing profits - the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published.</p> <p>Boeing shares fell as much as 6 percent after China hit back at U.S. tariffs with the announcement of duties on key U.S. imports including soybeans, cars, beef and chemicals, as well as planes.</p> <p>These include aircraft with an &#8220;empty weight&#8221; of between 15,000 kg and 45,000 kg, or 15 to 45 tonnes.</p> <p>Depending on how &#8220;empty weight&#8221; is defined, this leaves a question mark over the fate of Boeing&#8217;s new big-selling 737 MAX 8 jet - though the larger MAX 9 and MAX 10 could be spared.</p> <p>The stakes are high. The United States exported $15 billion of aircraft to China in 2016, ranking equally with agricultural products like soybeans as the biggest category of goods.</p> <p>Several definitions of &#8220;empty weight&#8221; are used in the aircraft industry and the ministry document gave no explanation.</p> <p>Two industry experts said the rules most likely refer to the &#8220;manufacturer&#8217;s empty weight,&#8221; or the core aircraft structure.</p> <p>But manufacturers are usually shy about publishing this number because of its commercial sensitivity, while they do give estimates for the slightly higher &#8220;operating empty weight,&#8221; which includes airline crew and some equipment, but not fuel.</p> <p>Yet even this number can vary according to an airline&#8217;s specific requirements, so it is seen as a guideline.</p> <p>Whatever category is used, the range appears comfortably to include the current-generation 737 narrowbody aircraft, which is in the midst of being replaced by the newer 737 MAX.</p> 737 MAX 8 IMPACT UNCLEAR <p>Boeing documents available online list the &#8220;operating empty weight&#8221; (OEW) of the 737-700, 737-800 and 737-900 well within the tariff zone at 37.6 to 42.9 tonnes.</p> <p>The &#8220;manufacturer&#8217;s empty weight&#8221; (MEW) would typically be about 1-1.5 tonnes lower, two airplane appraisal experts said.</p> <p>In contrast, the newer 737 MAX 8 is heavier than its predecessor, with an operating empty weight of 45,070 kg, according to a Boeing document published in August 2017.</p> <p>Depending on how rules are applied, this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative &#8220;manufacturer&#8221; scale is used.</p> <p>&#8220;I would expect a non-variable weight (MEW) to be used as the benchmark, as OEW will vary from operator to operator,&#8221; said Stuart Hatcher, chief operating officer of UK-based advisory firm IBA, adding this would pull the jet below 45 tonnes.</p> <p>Even if the more generous OEW weight format were used, not all 737 MAX 8s might escape as some use lighter layouts. &#8220;A 70kg drop is pretty easy once you get into the realms of low-cost carriers or standard single-class operations,&#8221; Hatcher added.</p> <p>Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry, nothing drastic has happened yet.</p> FILE PHOTO: Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10,000th 737 to come off the production line in Renton, Washington, U.S., March 13, 2018. REUTERS/Jason Redmond/File Photo <p>&#8220;We will continue in our own efforts to proactively engage both governments and build on the recent assurances by U.S. and Chinese leaders that productive talks are ongoing,&#8221; it said.</p> <p>Chinese airlines have been on a buying spree from Boeing and rival Airbus ( <a href="/finance/stocks/overview?symbol=AIR.PA" type="external">AIR.PA</a>) as air travel grows.</p> <p>Boeing and China&#8217;s Commercial Aircraft Corp of China (COMAC) are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year.</p> <p>The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version.</p> <p>However, China Southern Airlines ( <a href="/finance/stocks/overview?symbol=600029.SS" type="external">600029.SS</a>), Ruili Airlines and Okay Airways each have two 737-800s on order and Xiamen Airlines has four more, according to the Boeing order book.</p> <p>Asked if the airline&#8217;s plane buying plans could shift away from Boeing, China Eastern Airlines Corp ( <a href="/finance/stocks/overview?symbol=600115.SS" type="external">600115.SS</a>) Chief Executive Ma Xulun said on Wednesday &#8220;it&#8217;s too early to say, we will keep an eye on the situation of the China-U.S. trade war.&#8221;</p> <p>Apart from some Boeing jets, the Gulfstream G650, a large corporate jet manufactured by General Dynamics Corp ( <a href="/finance/stocks/overview?symbol=GD.N" type="external">GD.N</a>), also falls into the weight range targeted for tariffs.</p> <a href="/finance/stocks/overview?symbol=BA.N" type="external">Boeing Co</a> 336.4 BA.N New York Stock Exchange +8.96 (+2.74%) BA.N AIR.PA 600029.SS 600115.SS GD.N <p>Gulfstream declined to comment.</p> <p>Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI; additional reporting by Tim Hepher in PARIS, Alwyn Scott in NEW YORK; Writing by Jamie Freed and Tim Hepher; Editing by Mark Potter, Susan Fenton and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1,300 Chinese products, but Chinese officials are holding back on taking aim at their largest American import: government debt.</p> <p>In a tit-for-tat response to the Trump administration&#8217;s plan for 25 percent duties on $50 billion of Chinese imports, China hit back with its own list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals. But officials signaled no interest for now in bringing their vast holdings of U.S. Treasuries to the fight.</p> <p>China held around $1.17 trillion of Treasuries as of the end of January, making it the largest of America's foreign creditors and the No. 2 overall owner of U.S. government bonds after the Federal Reserve. Any move by China to chop its Treasury portfolio could inflict significant harm on U.S. finances and global investors, driving bond yields higher and making it more costly to finance the federal government.(Graphic: Top U.S. trade partners &amp;amp; foreign holders of Treasuries - <a href="http://reut.rs/2CUqQB0" type="external">reut.rs/2CUqQB0</a>)</p> <a href="http://reut.rs/2CUqQB0" type="external" /> <p>Jeffrey Gundlach, the chief executive of DoubleLine Capital LP, said China can use its Treasury holdings as leverage, but only if they keep holding them.</p> <p>&#8220;It is more effective as a threat. If they sell, they have no threat,&#8221; said Gundlach, known as Wall Street&#8217;s Bond King.</p> <p>&#8220;It would only escalate the situation and eliminate their leverage.&#8221;</p> <p>Prices on benchmark 10-year U.S. Treasury notes slipped on Wednesday, giving back earlier gains on the trade news. Their yield edged up to about 2.81 percent Wednesday afternoon.</p> <p>China&#8217;s Treasury holdings have dipped in recent months, declining by about $30 billion from $1.20 trillion last August, and they are down about 11 percent from their record high above $1.3 trillion in late 2013, according to U.S government data. In all, foreign governments own $4 trillion, or more than a quarter, of the $14.7 trillion in Treasury securities outstanding.</p> <p>Asked by a reporter on Wednesday if China would reduce its U.S. Treasury holdings in retaliation, Vice Finance Minister Zhu Guangyao reiterated China&#8217;s long-standing policy regarding its foreign exchange reserves, saying it is a responsible investor and that it will safeguard their value.</p> <p>China&#8217;s foreign exchange reserves, the world&#8217;s largest, stood at about $3.13 trillion at the end of February, with roughly a third of it held in Treasuries.</p> <p>&#8220;If they wanted to pull the nuclear switch, if they committed to dumping Treasuries, it would have an immediate and temporary impact on money markets in the United States,&#8221; said Jeff Klingelhofer, a portfolio manager who oversees more than $6 billion at Thornburg Investment Management Inc. &#8220;But I think it is a bigger hit to the sustainability of what they&#8217;re trying to accomplish.&#8221;</p> <p>Brad Setser, senior fellow for international economics&amp;#160;at the Council on Foreign Relations in New York, said China can sell Treasuries and buy lower-yielding European or Japanese debt.</p> <p>But the effect would likely be to strengthen the yuan against the dollar, weakening the relative desirability of its exports, analysts said. The sale could also tank the value of the Treasuries China retains, with nothing to show for the aggression.</p> <p>More likely, if China wanted to turn up the heat it would let the yuan depreciate against the U.S. dollar, according to CFR&#8217;s Setser, a move that could kneecap the Trump administration&#8217;s goal of jump-starting U.S. manufacturing. The yuan weakened by about 0.25 percent on Wednesday but remains near its strongest in two and a half years.</p> <p>Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low, investors are sensitive to the risk any big shift would pose to world financial markets, where Treasuries are a global benchmark asset.</p> <p>A January report that China might halt its purchases of Treasuries forced yields higher, but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value.</p> <p>Reporting by Kate Duguid and Trevor Hunnicutt; Additional reporting by Jennifer Ablan; Editing by Dan Burns and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Target Corp has agreed to review its policies for screening job applicants and pay $3.74 million to settle a lawsuit claiming its use of criminal background checks kept thousands of blacks and Hispanics from obtaining employment.</p> A Target logo is seen during the going-out-of-business sale at Target Canada in Toronto, February 5, 2015. REUTERS/Mark Blinch/File Photo <p>The preliminary settlement filed on Thursday with the U.S. District Court in Manhattan requires a judge&#8217;s approval.</p> <p>It resolves claims that Target, which has performed background checks for employment in U.S. stores since 2001, &#8220;imported the racial and ethnic disparities&#8221; in U.S. criminal justice system into its hiring, in part by disqualifying job applicants for convictions unrelated to the work they sought.</p> <p>The Minneapolis-based retailer was accused of violating Title VII of the Civil Rights Act of 1964, which prohibits employers from discriminating based on race, gender and other characteristics.</p> <p>Thursday&#8217;s settlement calls for experts to review Target&#8217;s guidelines for using criminal histories in hiring, and help the retailer implement appropriate changes.</p> <p>Eligible blacks and Hispanics who were since May 2006 wrongly denied hourly and entry-level jobs such as cashiers, cart attendants, food service workers and stockers will receive $1.2 million or &#8220;priority hiring.&#8221;</p> <p>Another $600,000 will fund nonprofits that help people with criminal histories reenter the workforce, while most of the remaining payout will cover legal and other fees, the settlement said. Target did not admit wrongdoing.</p> <p>Jenna Reck, a Target spokeswoman, said the retailer no longer asks for criminal histories in job applications, but still considers convictions &#8220;important&#8221; and gathers criminal background information late in the hiring process.</p> <p>&#8220;We have a number of measures in place to ensure we&#8217;re fair and equitable in our hiring,&#8221; while &#8220;maintaining a safe and secure working and shopping environment for team members and guests,&#8221; she said.</p> <p>The plaintiffs included Carnella Times and Erving Smith, who are black and claimed they were denied stocker jobs after background checks uncovered past convictions, and The Fortune Society, which helps former prisoners reenter society.</p> <p>That group last year filed a similar discrimination charge against Macy&#8217;s Inc with the U.S. Equal Employment Opportunity Commission.</p> <p>The plaintiffs were represented by the NAACP Legal Defense and Educational Fund (&#8220;LDF&#8221;), and the law firm Outten &amp;amp; Golden.</p> <p>&#8220;Criminal background information can be a legitimate tool for screening job applicants,&#8221; but Target&#8217;s background checks were &#8220;harmful to many qualified applicants who deserved a fair shot at a good job,&#8221; LDF President Sherrilyn Ifill said in a statement.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Susan Thomas and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China has never surrendered to external pressure and it will win any trade war with the United States, the nation&#8217;s state media stressed in a series of editorials and columns in the hours after the world&#8217;s two top economies targeted each other with steep tariffs.</p> Workers transport imported soybeans at a port in Nantong, Jiangsu province, China April 4, 2018. REUTERS/Stringer <p>While China&#8217;a Ambassador to the United States Cui Tiankai stressed in comments to reporters in Washington that Beijing&#8217;s preference was to resolve the trade dispute through negotiations, Beijing&#8217;s official mouthpieces were taking a more belligerent line.</p> <p>The ruling Communist Party&#8217;s People&#8217;s Daily newspaper said Beijing&#8217;s quick counter-move had caught the Americans off guard.</p> <p>&#8220;Within 24 hours of the U.S. publishing its list, China drew its sword, and with the same strength and to the same scale, counterattacked quickly, fiercely and with determination,&#8221; the paper said in a commentary on Thursday.</p> Related Coverage <a href="/article/us-usa-trade-china-wto/china-seeks-wto-dispute-resolution-with-u-s-over-steel-aluminum-tariffs-idUSKCN1HC1I7" type="external">China seeks WTO dispute resolution with U.S. over steel, aluminum tariffs</a> <a href="/article/us-usa-trade-china-kudlow/trump-economic-adviser-says-u-s-china-trade-deal-likely-fox-business-idUSKCN1HC1OS" type="external">Trump economic adviser says U.S., China trade deal likely: Fox Business</a> <p>&#8220;The confidence to know that [China] will win the trade war comes from the scale of [China&#8217;s] consumer market,&#8221; the paper said, noting that China&#8217;s market potential is incomparable to other economies.</p> <p>Many American consumer product and industrial companies see the Chinese market as a big source for future growth given the continued rise in the number of people joining both the middle class and the wealthier levels of Chinese society.</p> <p>The United States&#8217; proposed list of $50 billion in duties on Chinese goods is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of U.S. intellectual property and forced technology transfer from U.S. companies.</p> <p>China hit back within hours with its own threatened tariffs on U.S. imports including soybeans, planes, cars, whiskey and chemicals.</p> <p>The official Xinhua news agency said late on Wednesday that the U.S. tariffs proposal would cost the United States &#8220;dearly&#8221;.</p> <p>&#8220;China will not be afraid or back down if a trade war is unavoidable. The country has never surrendered to external pressure, and it will not surrender this time either,&#8221; Xinhua said.</p> Imported soybeans are transported at a port in Nantong, Jiangsu province, China April 4, 2018. REUTERS/Stringer <p>The apparent determination not to retreat is at the polar opposite of comments by White House National Economic Council Director Larry Kudlow, who told Fox News Channel on Wednesday: &#8220;I believe that the Chinese will back down and will play ball.&#8221;</p> &#8220;BULLYING TACTICS&#8221; <p>Shortly after U.S. President Donald Trump&#8217;s administration issued its list, China&#8217;s ambassador to the World Trade Organization urged all of the trade body&#8217;s members to join with China to counter U.S. trade abuses.</p> <p>&#8220;China&#8217;s counter tariffs are a spectacular way of standing up to America&#8217;s bullying tactics, not only for itself, but for other countries threatened by the United States&#8217; new trade policies,&#8221; the nationalist Global Times said in an editorial on Thursday.</p> <p>While Beijing&#8217;s claims that Washington is the aggressor and spurring global protectionism, China&#8217;s trading partners for years have complained that it abuses WTO rules, and practices unfair industrial policies at home that lock foreign companies out of crucial sectors with the intent of creating domestic champions.</p> <p>China has repeatedly pledged that it would open up sectors such as financial services, including promises to the Trump administration last year that it would give &#8220;full and prompt market access&#8221; to U.S. payment network operators.</p> <p>But despite a 2012 WTO ruling that China was discriminating against foreign payment card companies, no U.S. firm has yet been granted a license.</p> <p>Trump has said in speeches that the United States will no longer let China take advantage of it on trade, and bipartisan support has been steadily building in Washington to address what are seen as Chinese abuses.</p> Slideshow (2 Images) <p>Washington&#8217;s some 1,300-product long list was focused on Chinese industrial technology, transport and medical products and tailored to do the least damage to U.S. consumers.</p> <p>China appeared to be angling to inflict political costs on Trump by striking at signature U.S. exports, including soybeans, frozen beef, cotton and other agricultural commodities produced in states from Iowa to Texas that voted for him in the 2016 presidential election.</p> <p>Neither lists have gone into effect. Washington will hold public comment period expected to last around two months, and Chinese officials have said its implementation will depend on U.S. action.</p> <p>Cui met with Acting U.S. Secretary of State John Sullivan in Washington on Wednesday, and later told reporters that the two countries should avoid a trade war.</p> <p>&#8220;Negotiation would still be our preference, but it takes two to tango,&#8221; Cui said.</p> <p>Reporting by Michael Martina and Engen Tham; Editing by Martin Howell</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Biotest sheds U.S. business to allay U.S. concerns of Chinese takeover Jet weight puzzle to determine China tariff impact on Boeing China, holding Treasuries, keeps 'nuclear option' in U.S. trade war Target settles claims it screened blacks, Hispanics out of jobs China says it never backs down in the face of threats after trade salvos with U.S.

https://reuters.com/article/us-biotest-m-a-creat/biotest-sheds-us-business-to-allay-us-concerns-of-chinese-takeover-idUSKBN1F82FC

2018-01-19

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FRANKFURT Reuters Biotest BIOGDE said on Friday that it has sold its US operations allaying national security concerns by US authorities and paving the way for the German company8217s sale to a Chinese investor The Committee on Foreign Investment in the United States CFIUS had initially blocked the sale of the German blood plasma products maker to the Chinese investor Creat Group Corp The sale of US operations to an undisclosed buyer and for an undisclosed price means that Biotest8217s sale to Creat would proceed 8220Thus the last remaining condition has been met for the takeover offer8221 Biotest said in a statement Biotest AG 287 BIOGDE Xetra 015 053 BIOGDE IFXGnDE CREEO Biotest whose products are used to treat blood coagulation disorders autoimmune diseases and immune deficiencies agreed in April to be taken over by Creat in a 13billioneuro 159 billion cash deal But in November Biotest disclosed that CFIUS had national security concerns about the transaction The company based in Dreieich near Frankfurt generated around 20 percent of the group8217s revenues in the United States in 2016 according to its annual report It said that the US business would be placed in a trust until the sale closed US concerns over sensitive technology falling into Chinese hands have scuppered several deals over the past couple of years CFIUS last year also blocked German chipmaker Infineon8217s IFXGnDE attempts to buy Wolfspeed Power a unit of US LED lighting maker Cree CREEO Reporting by Tom Sims Editing by Adrian Croft Our Standards The Thomson Reuters Trust Principles SINGAPORESHANGHAI Reuters China on Wednesday announced plans to place a 25 percent tariff on certain US aircraft in a move expected to affect some older Boeing Co BAN narrowbody models according to documents from China8217s Ministry of Commerce and the US manufacturer But although several analysts said China had spared the newer 737 MAX key to future Boeing profits the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published Boeing shares fell as much as 6 percent after China hit back at US tariffs with the announcement of duties on key US imports including soybeans cars beef and chemicals as well as planes These include aircraft with an 8220empty weight8221 of between 15000 kg and 45000 kg or 15 to 45 tonnes Depending on how 8220empty weight8221 is defined this leaves a question mark over the fate of Boeing8217s new bigselling 737 MAX 8 jet though the larger MAX 9 and MAX 10 could be spared The stakes are high The United States exported 15 billion of aircraft to China in 2016 ranking equally with agricultural products like soybeans as the biggest category of goods Several definitions of 8220empty weight8221 are used in the aircraft industry and the ministry document gave no explanation Two industry experts said the rules most likely refer to the 8220manufacturer8217s empty weight8221 or the core aircraft structure But manufacturers are usually shy about publishing this number because of its commercial sensitivity while they do give estimates for the slightly higher 8220operating empty weight8221 which includes airline crew and some equipment but not fuel Yet even this number can vary according to an airline8217s specific requirements so it is seen as a guideline Whatever category is used the range appears comfortably to include the currentgeneration 737 narrowbody aircraft which is in the midst of being replaced by the newer 737 MAX 737 MAX 8 IMPACT UNCLEAR Boeing documents available online list the 8220operating empty weight8221 OEW of the 737700 737800 and 737900 well within the tariff zone at 376 to 429 tonnes The 8220manufacturer8217s empty weight8221 MEW would typically be about 115 tonnes lower two airplane appraisal experts said In contrast the newer 737 MAX 8 is heavier than its predecessor with an operating empty weight of 45070 kg according to a Boeing document published in August 2017 Depending on how rules are applied this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative 8220manufacturer8221 scale is used 8220I would expect a nonvariable weight MEW to be used as the benchmark as OEW will vary from operator to operator8221 said Stuart Hatcher chief operating officer of UKbased advisory firm IBA adding this would pull the jet below 45 tonnes Even if the more generous OEW weight format were used not all 737 MAX 8s might escape as some use lighter layouts 8220A 70kg drop is pretty easy once you get into the realms of lowcost carriers or standard singleclass operations8221 Hatcher added Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry nothing drastic has happened yet FILE PHOTO Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10000th 737 to come off the production line in Renton Washington US March 13 2018 REUTERSJason RedmondFile Photo 8220We will continue in our own efforts to proactively engage both governments and build on the recent assurances by US and Chinese leaders that productive talks are ongoing8221 it said Chinese airlines have been on a buying spree from Boeing and rival Airbus AIRPA as air travel grows Boeing and China8217s Commercial Aircraft Corp of China COMAC are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version However China Southern Airlines 600029SS Ruili Airlines and Okay Airways each have two 737800s on order and Xiamen Airlines has four more according to the Boeing order book Asked if the airline8217s plane buying plans could shift away from Boeing China Eastern Airlines Corp 600115SS Chief Executive Ma Xulun said on Wednesday 8220it8217s too early to say we will keep an eye on the situation of the ChinaUS trade war8221 Apart from some Boeing jets the Gulfstream G650 a large corporate jet manufactured by General Dynamics Corp GDN also falls into the weight range targeted for tariffs Boeing Co 3364 BAN New York Stock Exchange 896 274 BAN AIRPA 600029SS 600115SS GDN Gulfstream declined to comment Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI additional reporting by Tim Hepher in PARIS Alwyn Scott in NEW YORK Writing by Jamie Freed and Tim Hepher Editing by Mark Potter Susan Fenton and Tom Brown Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1300 Chinese products but Chinese officials are holding back on taking aim at their largest American import government debt In a titfortat response to the Trump administration8217s plan for 25 percent duties on 50 billion of Chinese imports China hit back with its own list of similar duties on key American imports including soybeans planes cars beef and chemicals But officials signaled no interest for now in bringing their vast holdings of US Treasuries to the fight China held around 117 trillion of Treasuries as of the end of January making it the largest of Americas foreign creditors and the No 2 overall owner of US government bonds after the Federal Reserve Any move by China to chop its Treasury portfolio could inflict significant harm on US finances and global investors driving bond yields higher and making it more costly to finance the federal governmentGraphic Top US trade partners ampamp foreign holders of Treasuries reutrs2CUqQB0 Jeffrey Gundlach the chief executive of DoubleLine Capital LP said China can use its Treasury holdings as leverage but only if they keep holding them 8220It is more effective as a threat If they sell they have no threat8221 said Gundlach known as Wall Street8217s Bond King 8220It would only escalate the situation and eliminate their leverage8221 Prices on benchmark 10year US Treasury notes slipped on Wednesday giving back earlier gains on the trade news Their yield edged up to about 281 percent Wednesday afternoon China8217s Treasury holdings have dipped in recent months declining by about 30 billion from 120 trillion last August and they are down about 11 percent from their record high above 13 trillion in late 2013 according to US government data In all foreign governments own 4 trillion or more than a quarter of the 147 trillion in Treasury securities outstanding Asked by a reporter on Wednesday if China would reduce its US Treasury holdings in retaliation Vice Finance Minister Zhu Guangyao reiterated China8217s longstanding policy regarding its foreign exchange reserves saying it is a responsible investor and that it will safeguard their value China8217s foreign exchange reserves the world8217s largest stood at about 313 trillion at the end of February with roughly a third of it held in Treasuries 8220If they wanted to pull the nuclear switch if they committed to dumping Treasuries it would have an immediate and temporary impact on money markets in the United States8221 said Jeff Klingelhofer a portfolio manager who oversees more than 6 billion at Thornburg Investment Management Inc 8220But I think it is a bigger hit to the sustainability of what they8217re trying to accomplish8221 Brad Setser senior fellow for international economicsamp160at the Council on Foreign Relations in New York said China can sell Treasuries and buy loweryielding European or Japanese debt But the effect would likely be to strengthen the yuan against the dollar weakening the relative desirability of its exports analysts said The sale could also tank the value of the Treasuries China retains with nothing to show for the aggression More likely if China wanted to turn up the heat it would let the yuan depreciate against the US dollar according to CFR8217s Setser a move that could kneecap the Trump administration8217s goal of jumpstarting US manufacturing The yuan weakened by about 025 percent on Wednesday but remains near its strongest in two and a half years Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low investors are sensitive to the risk any big shift would pose to world financial markets where Treasuries are a global benchmark asset A January report that China might halt its purchases of Treasuries forced yields higher but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value Reporting by Kate Duguid and Trevor Hunnicutt Additional reporting by Jennifer Ablan Editing by Dan Burns and James Dalgleish Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Target Corp has agreed to review its policies for screening job applicants and pay 374 million to settle a lawsuit claiming its use of criminal background checks kept thousands of blacks and Hispanics from obtaining employment A Target logo is seen during the goingoutofbusiness sale at Target Canada in Toronto February 5 2015 REUTERSMark BlinchFile Photo The preliminary settlement filed on Thursday with the US District Court in Manhattan requires a judge8217s approval It resolves claims that Target which has performed background checks for employment in US stores since 2001 8220imported the racial and ethnic disparities8221 in US criminal justice system into its hiring in part by disqualifying job applicants for convictions unrelated to the work they sought The Minneapolisbased retailer was accused of violating Title VII of the Civil Rights Act of 1964 which prohibits employers from discriminating based on race gender and other characteristics Thursday8217s settlement calls for experts to review Target8217s guidelines for using criminal histories in hiring and help the retailer implement appropriate changes Eligible blacks and Hispanics who were since May 2006 wrongly denied hourly and entrylevel jobs such as cashiers cart attendants food service workers and stockers will receive 12 million or 8220priority hiring8221 Another 600000 will fund nonprofits that help people with criminal histories reenter the workforce while most of the remaining payout will cover legal and other fees the settlement said Target did not admit wrongdoing Jenna Reck a Target spokeswoman said the retailer no longer asks for criminal histories in job applications but still considers convictions 8220important8221 and gathers criminal background information late in the hiring process 8220We have a number of measures in place to ensure we8217re fair and equitable in our hiring8221 while 8220maintaining a safe and secure working and shopping environment for team members and guests8221 she said The plaintiffs included Carnella Times and Erving Smith who are black and claimed they were denied stocker jobs after background checks uncovered past convictions and The Fortune Society which helps former prisoners reenter society That group last year filed a similar discrimination charge against Macy8217s Inc with the US Equal Employment Opportunity Commission The plaintiffs were represented by the NAACP Legal Defense and Educational Fund 8220LDF8221 and the law firm Outten ampamp Golden 8220Criminal background information can be a legitimate tool for screening job applicants8221 but Target8217s background checks were 8220harmful to many qualified applicants who deserved a fair shot at a good job8221 LDF President Sherrilyn Ifill said in a statement Reporting by Jonathan Stempel in New York Editing by Susan Thomas and Tom Brown Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China has never surrendered to external pressure and it will win any trade war with the United States the nation8217s state media stressed in a series of editorials and columns in the hours after the world8217s two top economies targeted each other with steep tariffs Workers transport imported soybeans at a port in Nantong Jiangsu province China April 4 2018 REUTERSStringer While China8217a Ambassador to the United States Cui Tiankai stressed in comments to reporters in Washington that Beijing8217s preference was to resolve the trade dispute through negotiations Beijing8217s official mouthpieces were taking a more belligerent line The ruling Communist Party8217s People8217s Daily newspaper said Beijing8217s quick countermove had caught the Americans off guard 8220Within 24 hours of the US publishing its list China drew its sword and with the same strength and to the same scale counterattacked quickly fiercely and with determination8221 the paper said in a commentary on Thursday Related Coverage China seeks WTO dispute resolution with US over steel aluminum tariffs Trump economic adviser says US China trade deal likely Fox Business 8220The confidence to know that China will win the trade war comes from the scale of China8217s consumer market8221 the paper said noting that China8217s market potential is incomparable to other economies Many American consumer product and industrial companies see the Chinese market as a big source for future growth given the continued rise in the number of people joining both the middle class and the wealthier levels of Chinese society The United States8217 proposed list of 50 billion in duties on Chinese goods is aimed at forcing Beijing to address what Washington says is deeply entrenched theft of US intellectual property and forced technology transfer from US companies China hit back within hours with its own threatened tariffs on US imports including soybeans planes cars whiskey and chemicals The official Xinhua news agency said late on Wednesday that the US tariffs proposal would cost the United States 8220dearly8221 8220China will not be afraid or back down if a trade war is unavoidable The country has never surrendered to external pressure and it will not surrender this time either8221 Xinhua said Imported soybeans are transported at a port in Nantong Jiangsu province China April 4 2018 REUTERSStringer The apparent determination not to retreat is at the polar opposite of comments by White House National Economic Council Director Larry Kudlow who told Fox News Channel on Wednesday 8220I believe that the Chinese will back down and will play ball8221 8220BULLYING TACTICS8221 Shortly after US President Donald Trump8217s administration issued its list China8217s ambassador to the World Trade Organization urged all of the trade body8217s members to join with China to counter US trade abuses 8220China8217s counter tariffs are a spectacular way of standing up to America8217s bullying tactics not only for itself but for other countries threatened by the United States8217 new trade policies8221 the nationalist Global Times said in an editorial on Thursday While Beijing8217s claims that Washington is the aggressor and spurring global protectionism China8217s trading partners for years have complained that it abuses WTO rules and practices unfair industrial policies at home that lock foreign companies out of crucial sectors with the intent of creating domestic champions China has repeatedly pledged that it would open up sectors such as financial services including promises to the Trump administration last year that it would give 8220full and prompt market access8221 to US payment network operators But despite a 2012 WTO ruling that China was discriminating against foreign payment card companies no US firm has yet been granted a license Trump has said in speeches that the United States will no longer let China take advantage of it on trade and bipartisan support has been steadily building in Washington to address what are seen as Chinese abuses Slideshow 2 Images Washington8217s some 1300product long list was focused on Chinese industrial technology transport and medical products and tailored to do the least damage to US consumers China appeared to be angling to inflict political costs on Trump by striking at signature US exports including soybeans frozen beef cotton and other agricultural commodities produced in states from Iowa to Texas that voted for him in the 2016 presidential election Neither lists have gone into effect Washington will hold public comment period expected to last around two months and Chinese officials have said its implementation will depend on US action Cui met with Acting US Secretary of State John Sullivan in Washington on Wednesday and later told reporters that the two countries should avoid a trade war 8220Negotiation would still be our preference but it takes two to tango8221 Cui said Reporting by Michael Martina and Engen Tham Editing by Martin Howell Our Standards The Thomson Reuters Trust Principles

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<p>Jan 19 (Reuters) - Northern Trust Asset Management, a unit of Northern Trust Corp, said on Friday it has named Darek Wojnar head of funds and managed accounts.</p> <p>Wojnar, who would be based in Chicago, has most recently worked as the head of exchange-traded funds (ETFs) at Hartford Funds.</p> <p>Northern Trust Asset Management had $192.3 billion in assets under management as of Sept. 30. (Reporting by Arunima Banerjee in Bengaluru)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK/SAN FRANCISCO (Reuters) - Janet Yellen cashed in with a visit to Wall Street two months after stepping down as Federal Reserve chair, discussing the U.S. economy and interest rates at events on Monday that included a dinner for 40 at a CEO&#8217;s Manhattan penthouse.</p> FILE PHOTO: Federal Reserve Chair Janet Yellen poses for IMF Governors family photo during the IMF/World Bank annual meetings in Washington, DC, U.S., October 14, 2017. REUTERS/Yuri Gripas/File Photo <p>In a short telephone interview, Yellen, who ran the U.S. central bank the last four years, said she revealed no confidential information. A person familiar with the events hosted by investment bank Jefferies, including the evening gathering put on by CEO Richard Handler, said it was her first such engagement since leaving the Fed.</p> <p>&#8220;I talked about the economy and general perspectives on monetary policy,&#8221; Yellen said late on Wednesday. She said she was paid but declined to say how much, and did not provide details.</p> <p>The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has delivered since taking charge in early February.</p> <p>Later, over the penthouse dinner of short ribs and matzo in the trendy Tribeca neighborhood, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion.</p> <p>The discussions with billionaires Carl Icahn, Daniel Loeb and other big investors ran past sunset until the college basketball final between Villanova and Michigan tipped off on TV, the second source said. Representatives for Icahn Enterprises and for Loeb, who runs Third Point, did not comment or respond to a request.</p> <p>Cashing in after years in public service is a well-trodden path for policymakers and regulators, highlighting the demand among investors for any exclusive insights they can offer.</p> <p>In the case of former Fed chiefs, who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters, those insights could potentially move markets.</p> <p>Yellen&#8217;s predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some $250,000 for a private talk in Abu Dhabi. He followed that up with similarly-priced private dinners with investors in New York, at which he predicted rates would remain low for a long time.</p> <p>Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers, the investment bank whose collapse two years later sent the global financial crisis into high gear.</p> &#8216;AN AMAZING EVENING&#8217; <p>Under Yellen, who earned just more than $200,000 per year as chair, the Fed finally turned the corner from its crisis-era policies of near-zero interest rates and trillions of dollars of bond-buying.</p> <p>At Monday&#8217;s larger forum for Jefferies clients, she expressed the view that three or four rate rises were likely this year, and that recent U.S. tax cuts and a boost in government spending posed at least some risk of running the economy hot, according to the first source, who like the second source requested anonymity.</p> FILE PHOTO: Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting in Washington, DC, U.S., September 20, 2017. REUTERS/Joshua Roberts/File Photo <p>Reuters was not able to reach David Zervos, the Jefferies Group LLC [JGLL.UL] chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram. &#8220;An amazing evening last night hosting Janet Yellen for our clients in NY,&#8221; read the tweet, posted Tuesday.</p> <p>The third meeting on Monday was with a group of women at Jefferies at which Yellen discussed being a female leader, said the second source.</p> <p>The Fed raised rates last month at its first meeting under Powell, and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising.</p> <p>Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy. Last month she discussed her Fed tenure at University of Pennsylvania.</p> <p>In recent months she was listed as a speaker-for-hire by the Washington Speakers Bureau, which did not respond to a request for comment.</p> <p>Her profile page, alongside that of Bernanke and Greenspan, says she travels from Washington and fees vary based on event location.</p> <p>With reporting by Lawrence Delevingne in New York; editing by John Stonestreet and David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE/SHANGHAI (Reuters) - China on Wednesday announced plans to place a 25 percent tariff on certain U.S. aircraft, in a move expected to affect some older Boeing Co ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) narrowbody models, according to documents from China&#8217;s Ministry of Commerce and the U.S. manufacturer.</p> <p>But although several analysts said China had spared the newer 737 MAX - key to future Boeing profits - the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published.</p> <p>Boeing shares fell as much as 6 percent after China hit back at U.S. tariffs with the announcement of duties on key U.S. imports including soybeans, cars, beef and chemicals, as well as planes.</p> <p>These include aircraft with an &#8220;empty weight&#8221; of between 15,000 kg and 45,000 kg, or 15 to 45 tonnes.</p> <p>Depending on how &#8220;empty weight&#8221; is defined, this leaves a question mark over the fate of Boeing&#8217;s new big-selling 737 MAX 8 jet - though the larger MAX 9 and MAX 10 could be spared.</p> <p>The stakes are high. The United States exported $15 billion of aircraft to China in 2016, ranking equally with agricultural products like soybeans as the biggest category of goods.</p> <p>Several definitions of &#8220;empty weight&#8221; are used in the aircraft industry and the ministry document gave no explanation.</p> <p>Two industry experts said the rules most likely refer to the &#8220;manufacturer&#8217;s empty weight,&#8221; or the core aircraft structure.</p> <p>But manufacturers are usually shy about publishing this number because of its commercial sensitivity, while they do give estimates for the slightly higher &#8220;operating empty weight,&#8221; which includes airline crew and some equipment, but not fuel.</p> <p>Yet even this number can vary according to an airline&#8217;s specific requirements, so it is seen as a guideline.</p> <p>Whatever category is used, the range appears comfortably to include the current-generation 737 narrowbody aircraft, which is in the midst of being replaced by the newer 737 MAX.</p> 737 MAX 8 IMPACT UNCLEAR <p>Boeing documents available online list the &#8220;operating empty weight&#8221; (OEW) of the 737-700, 737-800 and 737-900 well within the tariff zone at 37.6 to 42.9 tonnes.</p> <p>The &#8220;manufacturer&#8217;s empty weight&#8221; (MEW) would typically be about 1-1.5 tonnes lower, two airplane appraisal experts said.</p> <p>In contrast, the newer 737 MAX 8 is heavier than its predecessor, with an operating empty weight of 45,070 kg, according to a Boeing document published in August 2017.</p> <p>Depending on how rules are applied, this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative &#8220;manufacturer&#8221; scale is used.</p> <p>&#8220;I would expect a non-variable weight (MEW) to be used as the benchmark, as OEW will vary from operator to operator,&#8221; said Stuart Hatcher, chief operating officer of UK-based advisory firm IBA, adding this would pull the jet below 45 tonnes.</p> <p>Even if the more generous OEW weight format were used, not all 737 MAX 8s might escape as some use lighter layouts. &#8220;A 70kg drop is pretty easy once you get into the realms of low-cost carriers or standard single-class operations,&#8221; Hatcher added.</p> <p>Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry, nothing drastic has happened yet.</p> FILE PHOTO: Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10,000th 737 to come off the production line in Renton, Washington, U.S., March 13, 2018. REUTERS/Jason Redmond/File Photo <p>&#8220;We will continue in our own efforts to proactively engage both governments and build on the recent assurances by U.S. and Chinese leaders that productive talks are ongoing,&#8221; it said.</p> <p>Chinese airlines have been on a buying spree from Boeing and rival Airbus ( <a href="/finance/stocks/overview?symbol=AIR.PA" type="external">AIR.PA</a>) as air travel grows.</p> <p>Boeing and China&#8217;s Commercial Aircraft Corp of China (COMAC) are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year.</p> <p>The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version.</p> <p>However, China Southern Airlines ( <a href="/finance/stocks/overview?symbol=600029.SS" type="external">600029.SS</a>), Ruili Airlines and Okay Airways each have two 737-800s on order and Xiamen Airlines has four more, according to the Boeing order book.</p> <p>Asked if the airline&#8217;s plane buying plans could shift away from Boeing, China Eastern Airlines Corp ( <a href="/finance/stocks/overview?symbol=600115.SS" type="external">600115.SS</a>) Chief Executive Ma Xulun said on Wednesday &#8220;it&#8217;s too early to say, we will keep an eye on the situation of the China-U.S. trade war.&#8221;</p> <p>Apart from some Boeing jets, the Gulfstream G650, a large corporate jet manufactured by General Dynamics Corp ( <a href="/finance/stocks/overview?symbol=GD.N" type="external">GD.N</a>), also falls into the weight range targeted for tariffs.</p> <a href="/finance/stocks/overview?symbol=BA.N" type="external">Boeing Co</a> 333.07 BA.N New York Stock Exchange +5.63 (+1.72%) BA.N AIR.PA 600029.SS 600115.SS GD.N <p>Gulfstream declined to comment.</p> <p>Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI; additional reporting by Tim Hepher in PARIS, Alwyn Scott in NEW YORK; Writing by Jamie Freed and Tim Hepher; Editing by Mark Potter, Susan Fenton and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1,300 Chinese products, but Chinese officials are holding back on taking aim at their largest American import: government debt.</p> <p>In a tit-for-tat response to the Trump administration&#8217;s plan for 25 percent duties on $50 billion of Chinese imports, China hit back with its own list of similar duties on key American imports including soybeans, planes, cars, beef and chemicals. But officials signaled no interest for now in bringing their vast holdings of U.S. Treasuries to the fight.</p> <p>China held around $1.17 trillion of Treasuries as of the end of January, making it the largest of America's foreign creditors and the No. 2 overall owner of U.S. government bonds after the Federal Reserve. Any move by China to chop its Treasury portfolio could inflict significant harm on U.S. finances and global investors, driving bond yields higher and making it more costly to finance the federal government.(Graphic: Top U.S. trade partners &amp;amp; foreign holders of Treasuries - <a href="http://reut.rs/2CUqQB0" type="external">reut.rs/2CUqQB0</a>)</p> <a href="http://reut.rs/2CUqQB0" type="external" /> <p>Jeffrey Gundlach, the chief executive of DoubleLine Capital LP, said China can use its Treasury holdings as leverage, but only if they keep holding them.</p> <p>&#8220;It is more effective as a threat. If they sell, they have no threat,&#8221; said Gundlach, known as Wall Street&#8217;s Bond King.</p> <p>&#8220;It would only escalate the situation and eliminate their leverage.&#8221;</p> <p>Prices on benchmark 10-year U.S. Treasury notes slipped on Wednesday, giving back earlier gains on the trade news. Their yield edged up to about 2.81 percent Wednesday afternoon.</p> <p>China&#8217;s Treasury holdings have dipped in recent months, declining by about $30 billion from $1.20 trillion last August, and they are down about 11 percent from their record high above $1.3 trillion in late 2013, according to U.S government data. In all, foreign governments own $4 trillion, or more than a quarter, of the $14.7 trillion in Treasury securities outstanding.</p> <p>Asked by a reporter on Wednesday if China would reduce its U.S. Treasury holdings in retaliation, Vice Finance Minister Zhu Guangyao reiterated China&#8217;s long-standing policy regarding its foreign exchange reserves, saying it is a responsible investor and that it will safeguard their value.</p> <p>China&#8217;s foreign exchange reserves, the world&#8217;s largest, stood at about $3.13 trillion at the end of February, with roughly a third of it held in Treasuries.</p> <p>&#8220;If they wanted to pull the nuclear switch, if they committed to dumping Treasuries, it would have an immediate and temporary impact on money markets in the United States,&#8221; said Jeff Klingelhofer, a portfolio manager who oversees more than $6 billion at Thornburg Investment Management Inc. &#8220;But I think it is a bigger hit to the sustainability of what they&#8217;re trying to accomplish.&#8221;</p> <p>Brad Setser, senior fellow for international economics&amp;#160;at the Council on Foreign Relations in New York, said China can sell Treasuries and buy lower-yielding European or Japanese debt.</p> <p>But the effect would likely be to strengthen the yuan against the dollar, weakening the relative desirability of its exports, analysts said. The sale could also tank the value of the Treasuries China retains, with nothing to show for the aggression.</p> <p>More likely, if China wanted to turn up the heat it would let the yuan depreciate against the U.S. dollar, according to CFR&#8217;s Setser, a move that could kneecap the Trump administration&#8217;s goal of jump-starting U.S. manufacturing. The yuan weakened by about 0.25 percent on Wednesday but remains near its strongest in two and a half years.</p> <p>Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low, investors are sensitive to the risk any big shift would pose to world financial markets, where Treasuries are a global benchmark asset.</p> <p>A January report that China might halt its purchases of Treasuries forced yields higher, but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value.</p> <p>Reporting by Kate Duguid and Trevor Hunnicutt; Additional reporting by Jennifer Ablan; Editing by Dan Burns and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Wall Street&#8217;s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading.</p> <p>After investors fled equities in the morning due to proposed retaliatory tariffs from China, their concerns about a potential trade war eased by the afternoon after Trump&#8217;s top economic adviser Larry Kudlow said the administration was in a &#8220;negotiation&#8221; with China rather than a trade war.</p> <p>Investors said they were comforted by the fact that any tariffs would not take effect immediately, if at all. Strategists also cited the S&amp;amp;P&#8217;s bounce above a key technical support level and said they expect equities to rise further around the first quarter earnings season, due to start in mid-April.</p> <p>&#8220;We&#8217;re starting to feel that while markets hate uncertainty, Trump&#8217;s bark is worse than his bite when it comes to trade,&#8221; said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.</p> <p>&#8220;It&#8217;s earnings that&#8217;s going to lift us off this bottom. It wouldn&#8217;t shock me if we chopped around sideways for a little bit before earnings season ... The trade stuff is really a side show. We&#8217;re waiting for real economic data like the jobs report Friday and for earnings. For now it&#8217;s going to be all about the technicals,&#8221; he said.</p> <p>The S&amp;amp;P opened below its 200-day moving average, a key technical level, but inched above it as the session progressed, and by afternoon was in positive territory.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> rose 230.94 points, or 0.96 percent, to close at 24,264.30, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 30.24 points, or 1.16 percent, to 2,644.69 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 100.83 points, or 1.45 percent, to 7,042.11.</p> <p>The turnaround marked the first time the S&amp;amp;P had showed gains for two consecutive days since early March.</p> <p>Despite big swings in stocks, trading activity in U.S. equity options was muted as expectations for strong corporate earnings quelled the urge to load up on contracts that benefit from a surge in market volatility. The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for the S&amp;amp;P 500, closed down 1.04 points at 20.06.</p> <p>The technology sector .SPLRCT rose 1.4 percent with only two of its stocks ending the day in negative territory including Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>), which was pummeled after news its chief executive would testify in Congress over a data privacy scandal. It too closed well off its session low with a 0.6 percent drop to $155.10.</p> Slideshow (7 Images) <p>Boeing ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) was the biggest drag on the Dow due to its exposure to China, and ended the day well off its session lows with a 1 percent decline to $327.44 after falling as low as $311.88.</p> <p>Farm machinery company Deere &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=DE.N" type="external">DE.N</a>) ended down 2.9 percent at $148.57 as it could be hurt by China tariffs if its customers&#8217; exports are curbed.</p> <p>After being a laggard for much of the session, the S&amp;amp;P 500&#8217;s industrials sector .SPLRCI turned positive late in the day to close 0.4 percent higher.</p> <p>Advancing issues outnumbered declining ones on the NYSE by a 2.19-to-1 ratio; on Nasdaq, a 2.95-to-1 ratio favored advancers.</p> <p>The S&amp;amp;P 500 posted one new 52-week high and eight new lows; the Nasdaq Composite recorded 40 new highs and 94 new lows.</p> <p>Volume on U.S. exchanges was 7.04 billion shares, compared with the 7.3 billion average for the last 20 trading days.</p> <p>Additional reporting by Saqib Iqbal Ahmed and Herbert Lash in New York and Sruthi Shankar in Bengaluru; Editing by Patrick Graham and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

MOVES-Northern Trust unit hires Darek Wojnar in Chicago Exclusive: Yellen gets post-Fed payday in private meetings with Wall St. elite Jet weight puzzle to determine China tariff impact on Boeing China, holding Treasuries, keeps 'nuclear option' in U.S. trade war Wall Street closes higher as China tariff fears ease

https://reuters.com/article/northern-trust-moves-darek-wojnar/moves-northern-trust-unit-hires-darek-wojnar-in-chicago-idUSL3N1PE4UB

2018-01-19

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Jan 19 Reuters Northern Trust Asset Management a unit of Northern Trust Corp said on Friday it has named Darek Wojnar head of funds and managed accounts Wojnar who would be based in Chicago has most recently worked as the head of exchangetraded funds ETFs at Hartford Funds Northern Trust Asset Management had 1923 billion in assets under management as of Sept 30 Reporting by Arunima Banerjee in Bengaluru Our Standards The Thomson Reuters Trust Principles NEW YORKSAN FRANCISCO Reuters Janet Yellen cashed in with a visit to Wall Street two months after stepping down as Federal Reserve chair discussing the US economy and interest rates at events on Monday that included a dinner for 40 at a CEO8217s Manhattan penthouse FILE PHOTO Federal Reserve Chair Janet Yellen poses for IMF Governors family photo during the IMFWorld Bank annual meetings in Washington DC US October 14 2017 REUTERSYuri GripasFile Photo In a short telephone interview Yellen who ran the US central bank the last four years said she revealed no confidential information A person familiar with the events hosted by investment bank Jefferies including the evening gathering put on by CEO Richard Handler said it was her first such engagement since leaving the Fed 8220I talked about the economy and general perspectives on monetary policy8221 Yellen said late on Wednesday She said she was paid but declined to say how much and did not provide details The program included a questionandanswer session with more than 100 Jefferies clients where according to the source she stuck close to the gradual ratehike message that her successor Jerome Powell has delivered since taking charge in early February Later over the penthouse dinner of short ribs and matzo in the trendy Tribeca neighborhood Yellen told executives from hedge funds private equity firms and other companies that she considered inflation to be in check and unlikely to spike so rates would stay relatively low according to a second person familiar with the discussion The discussions with billionaires Carl Icahn Daniel Loeb and other big investors ran past sunset until the college basketball final between Villanova and Michigan tipped off on TV the second source said Representatives for Icahn Enterprises and for Loeb who runs Third Point did not comment or respond to a request Cashing in after years in public service is a welltrodden path for policymakers and regulators highlighting the demand among investors for any exclusive insights they can offer In the case of former Fed chiefs who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters those insights could potentially move markets Yellen8217s predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some 250000 for a private talk in Abu Dhabi He followed that up with similarlypriced private dinners with investors in New York at which he predicted rates would remain low for a long time Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers the investment bank whose collapse two years later sent the global financial crisis into high gear 8216AN AMAZING EVENING8217 Under Yellen who earned just more than 200000 per year as chair the Fed finally turned the corner from its crisisera policies of nearzero interest rates and trillions of dollars of bondbuying At Monday8217s larger forum for Jefferies clients she expressed the view that three or four rate rises were likely this year and that recent US tax cuts and a boost in government spending posed at least some risk of running the economy hot according to the first source who like the second source requested anonymity FILE PHOTO Federal Reserve Chairman Janet Yellen speaks during a news conference after a twoday Federal Open Markets Committee FOMC policy meeting in Washington DC US September 20 2017 REUTERSJoshua RobertsFile Photo Reuters was not able to reach David Zervos the Jefferies Group LLC JGLLUL chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram 8220An amazing evening last night hosting Janet Yellen for our clients in NY8221 read the tweet posted Tuesday The third meeting on Monday was with a group of women at Jefferies at which Yellen discussed being a female leader said the second source The Fed raised rates last month at its first meeting under Powell and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy Last month she discussed her Fed tenure at University of Pennsylvania In recent months she was listed as a speakerforhire by the Washington Speakers Bureau which did not respond to a request for comment Her profile page alongside that of Bernanke and Greenspan says she travels from Washington and fees vary based on event location With reporting by Lawrence Delevingne in New York editing by John Stonestreet and David Gregorio Our Standards The Thomson Reuters Trust Principles SINGAPORESHANGHAI Reuters China on Wednesday announced plans to place a 25 percent tariff on certain US aircraft in a move expected to affect some older Boeing Co BAN narrowbody models according to documents from China8217s Ministry of Commerce and the US manufacturer But although several analysts said China had spared the newer 737 MAX key to future Boeing profits the impact remained uncertain because of a lack of detail in the announcement and the fact that not all airplane characteristics are published Boeing shares fell as much as 6 percent after China hit back at US tariffs with the announcement of duties on key US imports including soybeans cars beef and chemicals as well as planes These include aircraft with an 8220empty weight8221 of between 15000 kg and 45000 kg or 15 to 45 tonnes Depending on how 8220empty weight8221 is defined this leaves a question mark over the fate of Boeing8217s new bigselling 737 MAX 8 jet though the larger MAX 9 and MAX 10 could be spared The stakes are high The United States exported 15 billion of aircraft to China in 2016 ranking equally with agricultural products like soybeans as the biggest category of goods Several definitions of 8220empty weight8221 are used in the aircraft industry and the ministry document gave no explanation Two industry experts said the rules most likely refer to the 8220manufacturer8217s empty weight8221 or the core aircraft structure But manufacturers are usually shy about publishing this number because of its commercial sensitivity while they do give estimates for the slightly higher 8220operating empty weight8221 which includes airline crew and some equipment but not fuel Yet even this number can vary according to an airline8217s specific requirements so it is seen as a guideline Whatever category is used the range appears comfortably to include the currentgeneration 737 narrowbody aircraft which is in the midst of being replaced by the newer 737 MAX 737 MAX 8 IMPACT UNCLEAR Boeing documents available online list the 8220operating empty weight8221 OEW of the 737700 737800 and 737900 well within the tariff zone at 376 to 429 tonnes The 8220manufacturer8217s empty weight8221 MEW would typically be about 115 tonnes lower two airplane appraisal experts said In contrast the newer 737 MAX 8 is heavier than its predecessor with an operating empty weight of 45070 kg according to a Boeing document published in August 2017 Depending on how rules are applied this leaves it hovering close to the tariff border line and potentially still exposed to sanctions if the more conservative 8220manufacturer8221 scale is used 8220I would expect a nonvariable weight MEW to be used as the benchmark as OEW will vary from operator to operator8221 said Stuart Hatcher chief operating officer of UKbased advisory firm IBA adding this would pull the jet below 45 tonnes Even if the more generous OEW weight format were used not all 737 MAX 8s might escape as some use lighter layouts 8220A 70kg drop is pretty easy once you get into the realms of lowcost carriers or standard singleclass operations8221 Hatcher added Boeing said in a statement that while the United States and China have both outlined positions that could harm the global aerospace industry nothing drastic has happened yet FILE PHOTO Boeing employees are pictured in front of a 737 MAX 8 produced for Southwest Airlines as Boeing celebrates the 10000th 737 to come off the production line in Renton Washington US March 13 2018 REUTERSJason RedmondFile Photo 8220We will continue in our own efforts to proactively engage both governments and build on the recent assurances by US and Chinese leaders that productive talks are ongoing8221 it said Chinese airlines have been on a buying spree from Boeing and rival Airbus AIRPA as air travel grows Boeing and China8217s Commercial Aircraft Corp of China COMAC are expected to open a 737 completion center in the coastal city of Zhoushan to install interiors and paint liveries this year The bulk of published 737 orders from Chinese that have not yet been delivered are for the newer MAX version However China Southern Airlines 600029SS Ruili Airlines and Okay Airways each have two 737800s on order and Xiamen Airlines has four more according to the Boeing order book Asked if the airline8217s plane buying plans could shift away from Boeing China Eastern Airlines Corp 600115SS Chief Executive Ma Xulun said on Wednesday 8220it8217s too early to say we will keep an eye on the situation of the ChinaUS trade war8221 Apart from some Boeing jets the Gulfstream G650 a large corporate jet manufactured by General Dynamics Corp GDN also falls into the weight range targeted for tariffs Boeing Co 33307 BAN New York Stock Exchange 563 172 BAN AIRPA 600029SS 600115SS GDN Gulfstream declined to comment Reporting by Jamie Freed in SINGAPORE and Brenda Goh in SHANGHAI additional reporting by Tim Hepher in PARIS Alwyn Scott in NEW YORK Writing by Jamie Freed and Tim Hepher Editing by Mark Potter Susan Fenton and Tom Brown Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters It took China just 11 hours to retaliate against the United States for proposing tariffs on some 1300 Chinese products but Chinese officials are holding back on taking aim at their largest American import government debt In a titfortat response to the Trump administration8217s plan for 25 percent duties on 50 billion of Chinese imports China hit back with its own list of similar duties on key American imports including soybeans planes cars beef and chemicals But officials signaled no interest for now in bringing their vast holdings of US Treasuries to the fight China held around 117 trillion of Treasuries as of the end of January making it the largest of Americas foreign creditors and the No 2 overall owner of US government bonds after the Federal Reserve Any move by China to chop its Treasury portfolio could inflict significant harm on US finances and global investors driving bond yields higher and making it more costly to finance the federal governmentGraphic Top US trade partners ampamp foreign holders of Treasuries reutrs2CUqQB0 Jeffrey Gundlach the chief executive of DoubleLine Capital LP said China can use its Treasury holdings as leverage but only if they keep holding them 8220It is more effective as a threat If they sell they have no threat8221 said Gundlach known as Wall Street8217s Bond King 8220It would only escalate the situation and eliminate their leverage8221 Prices on benchmark 10year US Treasury notes slipped on Wednesday giving back earlier gains on the trade news Their yield edged up to about 281 percent Wednesday afternoon China8217s Treasury holdings have dipped in recent months declining by about 30 billion from 120 trillion last August and they are down about 11 percent from their record high above 13 trillion in late 2013 according to US government data In all foreign governments own 4 trillion or more than a quarter of the 147 trillion in Treasury securities outstanding Asked by a reporter on Wednesday if China would reduce its US Treasury holdings in retaliation Vice Finance Minister Zhu Guangyao reiterated China8217s longstanding policy regarding its foreign exchange reserves saying it is a responsible investor and that it will safeguard their value China8217s foreign exchange reserves the world8217s largest stood at about 313 trillion at the end of February with roughly a third of it held in Treasuries 8220If they wanted to pull the nuclear switch if they committed to dumping Treasuries it would have an immediate and temporary impact on money markets in the United States8221 said Jeff Klingelhofer a portfolio manager who oversees more than 6 billion at Thornburg Investment Management Inc 8220But I think it is a bigger hit to the sustainability of what they8217re trying to accomplish8221 Brad Setser senior fellow for international economicsamp160at the Council on Foreign Relations in New York said China can sell Treasuries and buy loweryielding European or Japanese debt But the effect would likely be to strengthen the yuan against the dollar weakening the relative desirability of its exports analysts said The sale could also tank the value of the Treasuries China retains with nothing to show for the aggression More likely if China wanted to turn up the heat it would let the yuan depreciate against the US dollar according to CFR8217s Setser a move that could kneecap the Trump administration8217s goal of jumpstarting US manufacturing The yuan weakened by about 025 percent on Wednesday but remains near its strongest in two and a half years Even if the likelihood of a change in Chinese policy regarding its Treasuries portfolio remains low investors are sensitive to the risk any big shift would pose to world financial markets where Treasuries are a global benchmark asset A January report that China might halt its purchases of Treasuries forced yields higher but China disputed the news and said it was only diversifying its foreign exchange reserves to safeguard their value Reporting by Kate Duguid and Trevor Hunnicutt Additional reporting by Jennifer Ablan Editing by Dan Burns and James Dalgleish Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Wall Street8217s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading After investors fled equities in the morning due to proposed retaliatory tariffs from China their concerns about a potential trade war eased by the afternoon after Trump8217s top economic adviser Larry Kudlow said the administration was in a 8220negotiation8221 with China rather than a trade war Investors said they were comforted by the fact that any tariffs would not take effect immediately if at all Strategists also cited the SampampP8217s bounce above a key technical support level and said they expect equities to rise further around the first quarter earnings season due to start in midApril 8220We8217re starting to feel that while markets hate uncertainty Trump8217s bark is worse than his bite when it comes to trade8221 said Robert Phipps a director at Per Stirling Capital Management in Austin Texas 8220It8217s earnings that8217s going to lift us off this bottom It wouldn8217t shock me if we chopped around sideways for a little bit before earnings season The trade stuff is really a side show We8217re waiting for real economic data like the jobs report Friday and for earnings For now it8217s going to be all about the technicals8221 he said The SampampP opened below its 200day moving average a key technical level but inched above it as the session progressed and by afternoon was in positive territory The Dow Jones Industrial Average DJI rose 23094 points or 096 percent to close at 2426430 the SampampP 500 SPX gained 3024 points or 116 percent to 264469 and the Nasdaq Composite IXIC added 10083 points or 145 percent to 704211 The turnaround marked the first time the SampampP had showed gains for two consecutive days since early March Despite big swings in stocks trading activity in US equity options was muted as expectations for strong corporate earnings quelled the urge to load up on contracts that benefit from a surge in market volatility The Cboe Volatility Index VIX the most widely followed barometer of expected nearterm volatility for the SampampP 500 closed down 104 points at 2006 The technology sector SPLRCT rose 14 percent with only two of its stocks ending the day in negative territory including Facebook Inc FBO which was pummeled after news its chief executive would testify in Congress over a data privacy scandal It too closed well off its session low with a 06 percent drop to 15510 Slideshow 7 Images Boeing BAN was the biggest drag on the Dow due to its exposure to China and ended the day well off its session lows with a 1 percent decline to 32744 after falling as low as 31188 Farm machinery company Deere ampamp Co DEN ended down 29 percent at 14857 as it could be hurt by China tariffs if its customers8217 exports are curbed After being a laggard for much of the session the SampampP 5008217s industrials sector SPLRCI turned positive late in the day to close 04 percent higher Advancing issues outnumbered declining ones on the NYSE by a 219to1 ratio on Nasdaq a 295to1 ratio favored advancers The SampampP 500 posted one new 52week high and eight new lows the Nasdaq Composite recorded 40 new highs and 94 new lows Volume on US exchanges was 704 billion shares compared with the 73 billion average for the last 20 trading days Additional reporting by Saqib Iqbal Ahmed and Herbert Lash in New York and Sruthi Shankar in Bengaluru Editing by Patrick Graham and James Dalgleish Our Standards The Thomson Reuters Trust Principles

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<p>WASHINGTON (Reuters) - White House budget director Mike Mulvaney said on Friday he expects an agreement will be reached in the next 24 hours to fund the U.S. government, which will shut down at midnight unless a deal is agreed upon.</p> White House budget director Mick Mulvaney talks with reporters at the White House in Washington, U.S., January 19, 2018. REUTERS/Carlos Barria <p>&#8220;I think there is a deal in the next 24 hours because of the nature of the back and forth between the House and the Senate I look at more in terms of what gets done before the offices are supposed to open on Monday,&#8221; Mulvaney told CNN.</p> <p>Reporting by Eric Beech; Editing by Eric Walsh</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - New York police officers on Wednesday shot to death a black man who pointed a metal pipe at them, after responding to emergency callers who said the man was aiming a firearm at pedestrians, a police official said.</p> <p>The man took a two-handed shooting stance and pointed an object at police in the city&#8217;s Brooklyn borough, and three plainclothes officers and one uniformed officer shot 10 times, Chief of Department Terence Monahan told a news conference.</p> <p>&#8220;This was a call of a man pointing what 911 callers and people felt was a gun at people on the street,&#8221; Monahan said. &#8220;When we encounter him, he turns with what appears to be a gun at officers.&#8221;</p> <p>Video posted to social media showed a crowd gathered on the street after the shooting. Some yelled &#8220;oppressors&#8221; as they faced off against several officers standing on the other side of police tape.</p> <p>The shooting follows a number of killings of unarmed black men by police that triggered street protests and fueled a national debate about bias in the U.S. criminal justice system.</p> <p>Police were investigating, Monahan said, adding that surveillance video obtained from stores nearby showed the man brandishing an object that looked like a firearm.</p> <p>The man, whose name and age were not immediately released, was taken to a hospital where he was declared dead.</p> Police officers stand behind a cordon tape at the scene where New York police officers shot to death a black man who pointed a metal pipe at them, in the borough of Brooklyn, New York, U.S., April 4, 2018, in this picture obtained from social media. Instagram @johnnyg1rl/via REUTERS <p>A police shooting of an unarmed black man in Sacramento, California, has sparked several days of protests.</p> <p>In that incident, officers responding to a report of someone breaking windows shot to death 22-year-old Stephon Clark in his grandmother&#8217;s backyard on March 18. The officers feared he had a gun, but he was found to have been holding a cellphone, Sacramento police have said.</p> <p>Reporting by Alex Dobuzinskis in Los Angeles; Editing by Ian Simpson in Washington</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TOKYO (Reuters) - Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-U.S. trade tensions, with investors hoping a full-blown trade war between the world&#8217;s two biggest economies can be averted.</p> FILE PHOTO: A pedestrian casts a shadow in front of an electronic stock quotation board outside a brokerage in Tokyo, Japan, November 9, 2016. REUTERS/Issei Kato <p>Sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed U.S. tariffs on $50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports.</p> <p>Major European stock futures STXEc1 FFIc1 FDXc1 FCEc1 have risen more than 1 percent, pointing to solid gains in Britain's FTSE <a href="/finance/markets/index?symbol=.FTSE" type="external">.FTSE</a>, Germany's DAX <a href="/finance/markets/index?symbol=.GDAXI" type="external">.GDAXI</a> and France's CAC40 <a href="/finance/markets/index?symbol=.FCHI" type="external">.FCHI</a>.</p> <p>MSCI&#8217;s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent, a day after it hit its lowest in almost two months.</p> <p>Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> gained 1.5 percent while markets in mainland China, and those in Hong Kong and Taiwan, are closed for the Tomb Sweeping Day holiday on Thursday.</p> <p>U.S. S&amp;amp;P 500 mini futures ESc1 rose 0.3 percent in Asia. On Wednesday, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 1.16 percent and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 1.45 percent, clawing back heavy losses of more than 1.5 percent right from earlier in the U.S. session.</p> <p>&#8220;I think that the substance of trade restrictions and their real impact will be far less than the headlines,&#8221; said Jeffery Becker, Chairman and CEO at Jennison Associates in New York. &#8220;U.S. and Chinese cross border trade has grown significantly over the last decade and economic inter-dependence runs very deep, deeper than the actual trade numbers. And both countries have a lot to lose by escalating a trade war.&#8221;</p> <p>Many investors viewed U.S. President Donald Trump&#8217;s latest tariffs plan as part of his negotiation strategy, rather than his final policy.</p> <p>Indeed, Trump&#8217;s top economic adviser, Larry Kudlow, when asked whether the latest U.S. tariffs plan may never go into effect and may be a negotiating tactic, told reporters: &#8220;Yes, it&#8217;s possible. It&#8217;s part of the process.&#8221; He called the announcements by the two countries mere opening proposals.</p> <p>The U.S. trade actions will not be carried out immediately, giving the two countries room for maneuver and providing investors with hope of a compromise.</p> <p>The proposed 25 percent U.S. tariffs on some 1,300 industrial technology, transport and medical products from China now see a public comment and consultation period that is expected to last around two months.</p> <p>&#8220;Our view on the China-U.S. trade situation is that typically, the initial headline is worse than what we expect the implementation to ultimately turn out to be. So our expectation is it will remain a tense situation but will not break out, and to an all out trade war,&#8221; said Mike Lillard, chief investment officer at PGIM Fixed Income in Newark, New Jersey.</p> <p>Many suspect Washington will likely back down on some fronts after Beijing threatened tariffs on U.S. soybeans, the top U.S. agricultural export to China.</p> <p>It is considered one of the most powerful weapons in Beijing&#8217;s trade arsenal given the impact on Iowa and other farming states that backed Trump in the election.</p> <p>&#8220;The U.S. administration will have to tread cautiously considering the risk this could hurt the election prospects,&#8221; said Yukino Yamada, senior strategist at Daiwa Securities.</p> <p>Optimists also argued that the global economy is currently running so strong that it could cope with the impact of the proposed tariffs, which cover a fraction of the world&#8217;s trade.</p> <a href="/finance/markets/index?symbol=.FTSE" type="external">FTSE International</a> 7034.01 .FTSE FT-SE International +3.55 (+0.05%) .FTSE .GDAXI .FCHI .N225 .SPX <p>U.S. economic data published on Wednesday underscored the prevailing bullish view on the economy. U.S. private payrolls increased solidly in March as hiring rose across the board, boding well for Friday&#8217;s jobs data.</p> <p>Thanks to the correction in share prices worldwide since late January, their valuations have come down from record levels early this year, attracting bargain hunters.</p> <p>MSCI ACWI .MIWD00000PUS traded at 14.77 times its forward earnings, the lowest in more than two years.</p> <p>Yet others also cautioned that uncertainties caused by fears of a trade war could result in many companies delaying capital expenditure investments in the near term.</p> <p>Concerns about trade wars could also hit some specific assets, such as U.S. soybeans Sc1 and corn Cc1. Both products licked their wounds after having fallen 2.2 percent and 1.9 percent, respectively, on Wednesday on China&#8217;s trade moves.</p> <p>Oil prices bounced back in tandem with global share prices, and on a surprise draw in U.S. crude stockpiles.</p> Beijing hits back at U.S. trade tariffs <p>U.S. crude futures CLc1 traded at $63.61 per barrel, up 0.4 percent.</p> <p>In the currency market, the recovery in risk appetite helped to boost the dollar against the yen. The U.S. currency changed hands at 106.87 yen <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, near last week's high of 107.015.</p> <p>The euro <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> was little changed at $1.2271, off Tuesday's two-week low of $1.2254.</p> <p>The Canadian dollar <a href="/finance/currencies/quote?srcCurr=CAD&amp;amp;destCurr=USD" type="external">CAD=D4</a> hit a five-week high of C$1.2745 per U.S. dollar while the Mexican peso held near a six-month high of 18.065 peso to the dollar <a href="/finance/currencies/quote?srcCurr=MXN&amp;amp;destCurr=USD" type="external">MXN=D2</a> hit the previous day, both helped by optimism over a NAFTA trade deal.</p> <p>Additional reporting by Tomo Uetake; Editing by Sam Holmes and Jacqueline Wong</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - President Donald Trump, unable to get the U.S. Congress or Mexico to fully fund his border wall, will post National Guard troops along the Mexican frontier, officials said on Wednesday, in a move that was likely to escalate tensions with a key U.S. ally.</p> <p>The Trump administration was working with the governors of the four southwestern U.S. states along the border to deploy the Guard, said Homeland Security Secretary Kirstjen Nielsen, adding that the troops would not be involved in law enforcement.</p> <p>In a supporting role, possibly for aerial reconnaissance, the Guard will help U.S. Customs and Border Protection personnel with stopping illegal immigrants from entering the country, Nielsen said at a White House briefing with reporters.</p> <p>In a memorandum laying out the new initiative, Trump directed Defense Secretary James Mattis to request the use of National Guard personnel to help the Department of Homeland Security in securing the southern border.</p> <p>He ordered Mattis, Nielsen and Attorney General Jeff Sessions to submit a report within 30 days detailing an action plan and recommendations for any other executive authorities to be invoked to protect the border.</p> Related Coverage <a href="/article/us-usa-immigration-mexico/mexico-senate-rebukes-trump-over-border-deployment-plans-idUSKCN1HC07Z" type="external">Mexico Senate rebukes Trump over border deployment plans</a> <p>The administration&#8217;s move drew criticism from Democrats. Senator Michael Bennet of Colorado said Trump has failed to engage with lawmakers on bipartisan immigration reform that would satisfy both parties&#8217; agendas on the volatile issue.</p> <p>&#8220;Unfortunately, the president failed to lead, and rather than find real solutions on immigration, he continues to stoke fear,&#8221; Bennet said in a statement.</p> <p>The Mexican government has told the United States that &#8220;if the announced deployment of the National Guard turned into a militarization of the border, that would gravely damage the bilateral relationship,&#8221; Mexico&#8217;s Foreign Ministry said.</p> <p>It said Nielsen discussed the planned National Guard deployment with Mexican Foreign Minister Luis Videgaray on Wednesday and told him the troops will not carry arms.</p> <p>In keeping with a theme he often invoked as a candidate in 2016 and has continually returned to since taking office, Republican Trump has sharpened his anti-immigrant rhetoric, warning that illegal immigrants threaten U.S. safety and jobs.</p> <p>His plan to deploy troops comes after his failure so far to persuade either the Mexican government or the U.S. Congress to fully fund a wall he wants to build along the border.</p> <p>At the same time, the Republican-controlled Congress has failed to meaningfully overhaul U.S. immigration law, despite demands from Trump for a deal. With campaigning by lawmakers for November&#8217;s midterm congressional elections getting under way, little legislative action was expected in months ahead.</p> <p>The National Guard is a reserve wing of the U.S. armed forces that is partially under the authority of governors.</p> <p>Trump&#8217;s plans were hailed as welcome and needed by the Republican governors of Arizona and Texas.</p> <p>The California National Guard will promptly review Trump&#8217;s request &#8220;to determine how best we can assist our federal partners,&#8221; said a spokesman for the state&#8217;s unit in a statement. He added he was speaking for Governor Jerry Brown, a Democrat.</p> WALL ON BASES? <p>Trump last month signed a federal spending bill that contained $1.6 billion to pay for six months of work on his wall. He had asked for $25 billion for it.</p> <p>Nielsen told reporters the administration was looking into possibly constructing some wall on border land owned by the U.S. military.</p> A general view shows San Diego, U.S. and Tijuana, Mexico (R) in this picture taken from the Mexican side of the border in Tijuana, Mexico 4, 2018. REUTERS/Jorge Duenes <p>After Nielsen spoke, a senior administration official said, &#8220;We expect personnel to be on the border quickly but at this time we don&#8217;t have a date, but that will be coming soon.&#8221;</p> <p>Many National Guard personnel are federally funded and can be put under the direction of Washington when they are carrying out federal missions. There are thousands of U.S. National Guard now serving on federal missions, including in Afghanistan.</p> <p>Nielsen did not give details on the number of the troops to be deployed to the border or the cost of the operation.</p> <p>She said the administration had drafted legislation and would be asking Congress to provide the legal authority and resources to address &#8220;this crisis at our borders.&#8221; She said the Guard could conduct aerial surveillance along the border.</p> <p>Nielsen said that despite steps taken by the administration, drug smuggling, illegal immigration and dangerous gang activity across the border were at unacceptable levels.</p> Slideshow (11 Images) <p>&#8220;Until we can have a wall and proper security we&#8217;re going to be guarding our border with the military,&#8221; Trump told reporters at the White House on Tuesday, lamenting what he called &#8220;horrible&#8221; U.S. laws that left the border poorly protected.</p> <p>On Wednesday, he said in a tweet: &#8220;Our Border Laws are very weak while those of Mexico &amp;amp; Canada are very strong. Congress must change these Obama era, and other, laws NOW!&#8221;</p> <p>While the Trump administration speaks of an immigration &#8220;crisis&#8221; on the border, U.S. Border Patrol statistics show the fewest apprehensions of illegal immigrants on the border in 46 years. In the fiscal year that ended Sept. 30, 2017, there were 303,916 such arrests, the lowest level since fiscal 1971.</p> <p>Under Republican President George W. Bush, the National Guard between 2006 and 2008 provided border-related intelligence analysis, but had no direct law enforcement role.</p> <p>In 2010, President Barack Obama sent National Guard troops to the U.S.-Mexican border to provide intelligence, surveillance and reconnaissance support to U.S. Border Patrol agents.</p> <p>Reporting by Jeff Mason, Richard Cowan and Phil Stewart in Washington, Ben Klayman in Chicago and Julia Love in Mexico City; Writing by Mohammad Zargham; Editing by Kevin Drawbaugh and Sandra Maler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN FRANCISCO (Reuters) - Facebook Inc said on Wednesday the personal information of up to 87 million users, mostly in the United States, may have been improperly shared with political consultancy Cambridge Analytica, up from a previous news media estimate of more than 50 million.</p> <p>Chief Executive Mark Zuckerberg said in a conference call with reporters that Facebook had not seen &#8220;any meaningful impact&#8221; on usage or ad sales since the scandal, although he added, &#8220;it&#8217;s not good&#8221; if people are unhappy with the company.</p> <p>Shares rose more than 3 percent after the bell.</p> <p>Zuckerberg told reporters that he accepted blame for the data leak, which has angered users, advertisers and lawmakers, while also saying he was still the right person to head the company he founded.</p> <p>&#8220;When you&#8217;re building something like Facebook that is unprecedented in the world, there are going to be things that you mess up,&#8221; Zuckerberg said, adding that the important thing was to learn from mistakes.</p> <p>He said he was not aware of any discussions on the Facebook board about him stepping down, although directors would face a challenge if they wanted to oust him because Zuckerberg is the controlling shareholder.</p> <p>He said he had not fired anyone over the scandal and did not plan to. &#8220;I&#8217;m not looking to throw anyone else under the bus for mistakes that we made here,&#8221; he said.</p> <p>Facebook first acknowledged last month that personal information about millions of users wrongly ended up in the hands of Cambridge Analytica.</p> <p>Zuckerberg will testify about the matter next Tuesday and Wednesday during two U.S. congressional hearings.</p> <p>London-based Cambridge Analytica, which has counted U.S. President Donald Trump&#8217;s 2016 campaign among its clients, disputed Facebook&#8217;s estimate of affected users. On Wednesday it said on Twitter it had received no more than 30 million records from a researcher it hired to collect data about people on Facebook.</p> <p>Zuckerberg, on the call with reporters, said Facebook should have done more to audit and oversee third-party app developers like the one that Cambridge Analytica hired in 2014.</p> <p>&#8220;Knowing what I know today, clearly we should have done more,&#8221; he said.</p> <p>Facebook was taking steps to restrict which personal data is available to third-party app developers, he said, and it might take two more years to fix Facebook's problems. ( <a href="https://bit.ly/2Ejpktb" type="external">bit.ly/2Ejpktb</a>)</p> <p>&#8220;We&#8217;re broadening our view of our responsibility,&#8221; Zuckerberg said.</p> <p>Most of the up to 87 million people whose data was shared with Cambridge Analytica were in the United States, Facebook Chief Technology Officer Mike Schroepfer wrote in a blog post. (Graphic: <a href="https://bit.ly/2q5r5pl" type="external">bit.ly/2q5r5pl</a>)</p> <p>Shares in Facebook closed down 0.6 percent on Wednesday to $155.10. They have tumbled more than 16 percent since the Cambridge Analytica scandal broke.</p> <p>The previous estimate of more than 50 million Facebook users affected by the data leak came from two newspapers, the New York Times and London&#8217;s Observer, based on their investigations of Cambridge Analytica.</p> <p>Zuckerberg said Facebook came to the higher estimate by looking at the number of people who had downloaded a personality quiz app created by Cambridge University academic Aleksandr Kogan, or about 270,000 people, and then adding in the number of friends they had.</p> <p>Cambridge Analytica has said that it engaged Kogan &#8220;in good faith&#8221; to collect Facebook data in a manner similar to how other third-party app developers have harvested personal information.</p> FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File photo <p>The scandal has kicked off investigations by Britain&#8217;s Information Commissioner&#8217;s Office, Australia&#8217;s Privacy Commissioner and the U.S. Federal Trade Commission and by some 37 U.S. state attorneys general.</p> <p>Nigeria&#8217;s government will investigate allegations of improper involvement by Cambridge Analytica in that country&#8217;s 2007 and 2015 elections, a presidency spokesman said on Monday.</p> <p>Reporting by David Ingram in San Francisco; Additional reporting by Arjun Panchadar in Bengaluru, Eric Auchard in London and Tom Westbrook in Sydney; Editing by Lisa Shumaker and Clarence Fernandez</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

White House budget director Mulvaney expects funding deal within 24 hours New York police shoot black man holding pipe after reports he had firearm Asia shares bounce from two-month lows as trade war fears ebb Trump, stymied on wall, to send troops to U.S.-Mexico border Facebook says data leak hits 87 million users, widening privacy scandal

https://reuters.com/article/us-usa-congress-shutdown-mulvaney/white-house-budget-director-mulvaney-expects-funding-deal-within-24-hours-idUSKBN1F82SR

2018-01-19

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WASHINGTON Reuters White House budget director Mike Mulvaney said on Friday he expects an agreement will be reached in the next 24 hours to fund the US government which will shut down at midnight unless a deal is agreed upon White House budget director Mick Mulvaney talks with reporters at the White House in Washington US January 19 2018 REUTERSCarlos Barria 8220I think there is a deal in the next 24 hours because of the nature of the back and forth between the House and the Senate I look at more in terms of what gets done before the offices are supposed to open on Monday8221 Mulvaney told CNN Reporting by Eric Beech Editing by Eric Walsh Our Standards The Thomson Reuters Trust Principles Reuters New York police officers on Wednesday shot to death a black man who pointed a metal pipe at them after responding to emergency callers who said the man was aiming a firearm at pedestrians a police official said The man took a twohanded shooting stance and pointed an object at police in the city8217s Brooklyn borough and three plainclothes officers and one uniformed officer shot 10 times Chief of Department Terence Monahan told a news conference 8220This was a call of a man pointing what 911 callers and people felt was a gun at people on the street8221 Monahan said 8220When we encounter him he turns with what appears to be a gun at officers8221 Video posted to social media showed a crowd gathered on the street after the shooting Some yelled 8220oppressors8221 as they faced off against several officers standing on the other side of police tape The shooting follows a number of killings of unarmed black men by police that triggered street protests and fueled a national debate about bias in the US criminal justice system Police were investigating Monahan said adding that surveillance video obtained from stores nearby showed the man brandishing an object that looked like a firearm The man whose name and age were not immediately released was taken to a hospital where he was declared dead Police officers stand behind a cordon tape at the scene where New York police officers shot to death a black man who pointed a metal pipe at them in the borough of Brooklyn New York US April 4 2018 in this picture obtained from social media Instagram johnnyg1rlvia REUTERS A police shooting of an unarmed black man in Sacramento California has sparked several days of protests In that incident officers responding to a report of someone breaking windows shot to death 22yearold Stephon Clark in his grandmother8217s backyard on March 18 The officers feared he had a gun but he was found to have been holding a cellphone Sacramento police have said Reporting by Alex Dobuzinskis in Los Angeles Editing by Ian Simpson in Washington Our Standards The Thomson Reuters Trust Principles TOKYO Reuters Asian shares bounced from twomonth lows on Thursday as world equities recovered from a selloff triggered by escalating SinoUS trade tensions with investors hoping a fullblown trade war between the world8217s two biggest economies can be averted FILE PHOTO A pedestrian casts a shadow in front of an electronic stock quotation board outside a brokerage in Tokyo Japan November 9 2016 REUTERSIssei Kato Sentiment was lifted as the United States expressed willingness to negotiate a resolution to the trade fight after the proposed US tariffs on 50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports Major European stock futures STXEc1 FFIc1 FDXc1 FCEc1 have risen more than 1 percent pointing to solid gains in Britains FTSE FTSE Germanys DAX GDAXI and Frances CAC40 FCHI MSCI8217s broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS rose 05 percent a day after it hit its lowest in almost two months Japans Nikkei N225 gained 15 percent while markets in mainland China and those in Hong Kong and Taiwan are closed for the Tomb Sweeping Day holiday on Thursday US SampampP 500 mini futures ESc1 rose 03 percent in Asia On Wednesday the SampampP 500 SPX gained 116 percent and the Nasdaq Composite IXIC added 145 percent clawing back heavy losses of more than 15 percent right from earlier in the US session 8220I think that the substance of trade restrictions and their real impact will be far less than the headlines8221 said Jeffery Becker Chairman and CEO at Jennison Associates in New York 8220US and Chinese cross border trade has grown significantly over the last decade and economic interdependence runs very deep deeper than the actual trade numbers And both countries have a lot to lose by escalating a trade war8221 Many investors viewed US President Donald Trump8217s latest tariffs plan as part of his negotiation strategy rather than his final policy Indeed Trump8217s top economic adviser Larry Kudlow when asked whether the latest US tariffs plan may never go into effect and may be a negotiating tactic told reporters 8220Yes it8217s possible It8217s part of the process8221 He called the announcements by the two countries mere opening proposals The US trade actions will not be carried out immediately giving the two countries room for maneuver and providing investors with hope of a compromise The proposed 25 percent US tariffs on some 1300 industrial technology transport and medical products from China now see a public comment and consultation period that is expected to last around two months 8220Our view on the ChinaUS trade situation is that typically the initial headline is worse than what we expect the implementation to ultimately turn out to be So our expectation is it will remain a tense situation but will not break out and to an all out trade war8221 said Mike Lillard chief investment officer at PGIM Fixed Income in Newark New Jersey Many suspect Washington will likely back down on some fronts after Beijing threatened tariffs on US soybeans the top US agricultural export to China It is considered one of the most powerful weapons in Beijing8217s trade arsenal given the impact on Iowa and other farming states that backed Trump in the election 8220The US administration will have to tread cautiously considering the risk this could hurt the election prospects8221 said Yukino Yamada senior strategist at Daiwa Securities Optimists also argued that the global economy is currently running so strong that it could cope with the impact of the proposed tariffs which cover a fraction of the world8217s trade FTSE International 703401 FTSE FTSE International 355 005 FTSE GDAXI FCHI N225 SPX US economic data published on Wednesday underscored the prevailing bullish view on the economy US private payrolls increased solidly in March as hiring rose across the board boding well for Friday8217s jobs data Thanks to the correction in share prices worldwide since late January their valuations have come down from record levels early this year attracting bargain hunters MSCI ACWI MIWD00000PUS traded at 1477 times its forward earnings the lowest in more than two years Yet others also cautioned that uncertainties caused by fears of a trade war could result in many companies delaying capital expenditure investments in the near term Concerns about trade wars could also hit some specific assets such as US soybeans Sc1 and corn Cc1 Both products licked their wounds after having fallen 22 percent and 19 percent respectively on Wednesday on China8217s trade moves Oil prices bounced back in tandem with global share prices and on a surprise draw in US crude stockpiles Beijing hits back at US trade tariffs US crude futures CLc1 traded at 6361 per barrel up 04 percent In the currency market the recovery in risk appetite helped to boost the dollar against the yen The US currency changed hands at 10687 yen JPY near last weeks high of 107015 The euro EUR was little changed at 12271 off Tuesdays twoweek low of 12254 The Canadian dollar CADD4 hit a fiveweek high of C12745 per US dollar while the Mexican peso held near a sixmonth high of 18065 peso to the dollar MXND2 hit the previous day both helped by optimism over a NAFTA trade deal Additional reporting by Tomo Uetake Editing by Sam Holmes and Jacqueline Wong Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters President Donald Trump unable to get the US Congress or Mexico to fully fund his border wall will post National Guard troops along the Mexican frontier officials said on Wednesday in a move that was likely to escalate tensions with a key US ally The Trump administration was working with the governors of the four southwestern US states along the border to deploy the Guard said Homeland Security Secretary Kirstjen Nielsen adding that the troops would not be involved in law enforcement In a supporting role possibly for aerial reconnaissance the Guard will help US Customs and Border Protection personnel with stopping illegal immigrants from entering the country Nielsen said at a White House briefing with reporters In a memorandum laying out the new initiative Trump directed Defense Secretary James Mattis to request the use of National Guard personnel to help the Department of Homeland Security in securing the southern border He ordered Mattis Nielsen and Attorney General Jeff Sessions to submit a report within 30 days detailing an action plan and recommendations for any other executive authorities to be invoked to protect the border Related Coverage Mexico Senate rebukes Trump over border deployment plans The administration8217s move drew criticism from Democrats Senator Michael Bennet of Colorado said Trump has failed to engage with lawmakers on bipartisan immigration reform that would satisfy both parties8217 agendas on the volatile issue 8220Unfortunately the president failed to lead and rather than find real solutions on immigration he continues to stoke fear8221 Bennet said in a statement The Mexican government has told the United States that 8220if the announced deployment of the National Guard turned into a militarization of the border that would gravely damage the bilateral relationship8221 Mexico8217s Foreign Ministry said It said Nielsen discussed the planned National Guard deployment with Mexican Foreign Minister Luis Videgaray on Wednesday and told him the troops will not carry arms In keeping with a theme he often invoked as a candidate in 2016 and has continually returned to since taking office Republican Trump has sharpened his antiimmigrant rhetoric warning that illegal immigrants threaten US safety and jobs His plan to deploy troops comes after his failure so far to persuade either the Mexican government or the US Congress to fully fund a wall he wants to build along the border At the same time the Republicancontrolled Congress has failed to meaningfully overhaul US immigration law despite demands from Trump for a deal With campaigning by lawmakers for November8217s midterm congressional elections getting under way little legislative action was expected in months ahead The National Guard is a reserve wing of the US armed forces that is partially under the authority of governors Trump8217s plans were hailed as welcome and needed by the Republican governors of Arizona and Texas The California National Guard will promptly review Trump8217s request 8220to determine how best we can assist our federal partners8221 said a spokesman for the state8217s unit in a statement He added he was speaking for Governor Jerry Brown a Democrat WALL ON BASES Trump last month signed a federal spending bill that contained 16 billion to pay for six months of work on his wall He had asked for 25 billion for it Nielsen told reporters the administration was looking into possibly constructing some wall on border land owned by the US military A general view shows San Diego US and Tijuana Mexico R in this picture taken from the Mexican side of the border in Tijuana Mexico 4 2018 REUTERSJorge Duenes After Nielsen spoke a senior administration official said 8220We expect personnel to be on the border quickly but at this time we don8217t have a date but that will be coming soon8221 Many National Guard personnel are federally funded and can be put under the direction of Washington when they are carrying out federal missions There are thousands of US National Guard now serving on federal missions including in Afghanistan Nielsen did not give details on the number of the troops to be deployed to the border or the cost of the operation She said the administration had drafted legislation and would be asking Congress to provide the legal authority and resources to address 8220this crisis at our borders8221 She said the Guard could conduct aerial surveillance along the border Nielsen said that despite steps taken by the administration drug smuggling illegal immigration and dangerous gang activity across the border were at unacceptable levels Slideshow 11 Images 8220Until we can have a wall and proper security we8217re going to be guarding our border with the military8221 Trump told reporters at the White House on Tuesday lamenting what he called 8220horrible8221 US laws that left the border poorly protected On Wednesday he said in a tweet 8220Our Border Laws are very weak while those of Mexico ampamp Canada are very strong Congress must change these Obama era and other laws NOW8221 While the Trump administration speaks of an immigration 8220crisis8221 on the border US Border Patrol statistics show the fewest apprehensions of illegal immigrants on the border in 46 years In the fiscal year that ended Sept 30 2017 there were 303916 such arrests the lowest level since fiscal 1971 Under Republican President George W Bush the National Guard between 2006 and 2008 provided borderrelated intelligence analysis but had no direct law enforcement role In 2010 President Barack Obama sent National Guard troops to the USMexican border to provide intelligence surveillance and reconnaissance support to US Border Patrol agents Reporting by Jeff Mason Richard Cowan and Phil Stewart in Washington Ben Klayman in Chicago and Julia Love in Mexico City Writing by Mohammad Zargham Editing by Kevin Drawbaugh and Sandra Maler Our Standards The Thomson Reuters Trust Principles SAN FRANCISCO Reuters Facebook Inc said on Wednesday the personal information of up to 87 million users mostly in the United States may have been improperly shared with political consultancy Cambridge Analytica up from a previous news media estimate of more than 50 million Chief Executive Mark Zuckerberg said in a conference call with reporters that Facebook had not seen 8220any meaningful impact8221 on usage or ad sales since the scandal although he added 8220it8217s not good8221 if people are unhappy with the company Shares rose more than 3 percent after the bell Zuckerberg told reporters that he accepted blame for the data leak which has angered users advertisers and lawmakers while also saying he was still the right person to head the company he founded 8220When you8217re building something like Facebook that is unprecedented in the world there are going to be things that you mess up8221 Zuckerberg said adding that the important thing was to learn from mistakes He said he was not aware of any discussions on the Facebook board about him stepping down although directors would face a challenge if they wanted to oust him because Zuckerberg is the controlling shareholder He said he had not fired anyone over the scandal and did not plan to 8220I8217m not looking to throw anyone else under the bus for mistakes that we made here8221 he said Facebook first acknowledged last month that personal information about millions of users wrongly ended up in the hands of Cambridge Analytica Zuckerberg will testify about the matter next Tuesday and Wednesday during two US congressional hearings Londonbased Cambridge Analytica which has counted US President Donald Trump8217s 2016 campaign among its clients disputed Facebook8217s estimate of affected users On Wednesday it said on Twitter it had received no more than 30 million records from a researcher it hired to collect data about people on Facebook Zuckerberg on the call with reporters said Facebook should have done more to audit and oversee thirdparty app developers like the one that Cambridge Analytica hired in 2014 8220Knowing what I know today clearly we should have done more8221 he said Facebook was taking steps to restrict which personal data is available to thirdparty app developers he said and it might take two more years to fix Facebooks problems bitly2Ejpktb 8220We8217re broadening our view of our responsibility8221 Zuckerberg said Most of the up to 87 million people whose data was shared with Cambridge Analytica were in the United States Facebook Chief Technology Officer Mike Schroepfer wrote in a blog post Graphic bitly2q5r5pl Shares in Facebook closed down 06 percent on Wednesday to 15510 They have tumbled more than 16 percent since the Cambridge Analytica scandal broke The previous estimate of more than 50 million Facebook users affected by the data leak came from two newspapers the New York Times and London8217s Observer based on their investigations of Cambridge Analytica Zuckerberg said Facebook came to the higher estimate by looking at the number of people who had downloaded a personality quiz app created by Cambridge University academic Aleksandr Kogan or about 270000 people and then adding in the number of friends they had Cambridge Analytica has said that it engaged Kogan 8220in good faith8221 to collect Facebook data in a manner similar to how other thirdparty app developers have harvested personal information FILE PHOTO Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28 2018 REUTERSDado RuvicIllustrationFile photo The scandal has kicked off investigations by Britain8217s Information Commissioner8217s Office Australia8217s Privacy Commissioner and the US Federal Trade Commission and by some 37 US state attorneys general Nigeria8217s government will investigate allegations of improper involvement by Cambridge Analytica in that country8217s 2007 and 2015 elections a presidency spokesman said on Monday Reporting by David Ingram in San Francisco Additional reporting by Arjun Panchadar in Bengaluru Eric Auchard in London and Tom Westbrook in Sydney Editing by Lisa Shumaker and Clarence Fernandez Our Standards The Thomson Reuters Trust Principles

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<p>Jan 22(Reuters) - Netac Technology Co Ltd</p> <p>* Sees FY 2017 net profit to increase by 20 percent to 25 percent, or to be 53.3 million yuan to 55.5 million yuan</p> <p>* Says FY 2016 net profit was 44.4 million yuan</p> <p>* Says increased income from sales, rent and patent licensing is the main reason for the forecast</p> <p>Source text in Chinese: <a href="https://goo.gl/NGH1Q8" type="external">goo.gl/NGH1Q8</a></p> <p>Further company coverage: (Beijing Headline News)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - U.S. stocks tumbled on Monday, weighed down by Amazon.com after U.S. President Donald Trump again attacked the online retailer, while the dollar slid as China raised tariffs on U.S. products in an escalating spat between the world&#8217;s two biggest economies.</p> FILE PHOTO: A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai/File Photo <p>China bumped tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, in response to U.S. duties on imports of aluminum and steel.</p> <p>Gold snapped a three-session losing streak and the dollar fell after the tariffs, which are due to take effect on Monday, were announced late Sunday by China&#8217;s finance ministry.</p> <p>Trading was light as major European markets were closed for the Easter Monday holiday. Markets in Australia and Hong Kong also were shut.</p> <p>Shares of Amazon, Microsoft, Facebook and Google parent Alphabet dominated trading on MSCI&#8217;s all-country world stock index, which fell 0.91 percent. The four companies were also the biggest drag on the benchmark S&amp;amp;P 500 index.</p> <p>Trump&#8217;s comments on Amazon weighed on the equity market but further news on U.S.-China trade later this week is drawing investor interest, said Jeffrey Kleintop, chief global investment strategist at Charles Schwab &amp;amp; Co Inc in Boston.</p> <p>&#8220;Everybody is bracing for that,&#8221; Kleintop said of expected U.S. tariffs on $50 billion to $60 billion worth of annual imports from China that will likely intensify U.S.-China tensions.</p> <p>The Trump administration will unveil by Friday a list of advanced technology Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies.</p> <p>The Dow Jones Industrial Average fell 544.13 points, or 2.26 percent, to 23,558.98, the S&amp;amp;P 500 lost 64.75 points, or 2.45 percent, to 2,576.12 and the Nasdaq Composite dropped 192.21 points, or 2.72 percent, to 6,871.24.</p> <p>Shares of Amazon.com Inc fell 4.8 percent after Trump attacked the online retailer over the pricing of its deliveries through the U.S. postal system and promised unspecified changes.</p> <p>&#8220;Only fools, or worse, are saying that our money-losing Post Office makes money with Amazon,&#8221; Trump tweeted.</p> <p>Emerging market stocks were down 0.17 percent.</p> <p>The dollar fell for a second straight session.</p> <p>The dollar index fell 0.04 percent, with the euro down 0.3 percent to $1.2284. The Japanese yen firmed 0.23 percent at 106.05 per dollar.</p> <p>Oil fell below $68 a barrel, reversing an earlier rally, as a rise in Russian production and concern about a U.S.-China trade spat offset a drop in U.S. drilling activity.</p> <p>U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output.</p> <p>U.S. crude fell $1.81 to $63.13 per barrel and Brent was last at $67.88, down $1.46 on the day.</p> <p>U.S. Treasury yields rose, with benchmark 10-year notes down 1/32 in price to yield 2.7461 percent.</p> <p>Spot gold added 1.1 percent to $1,338.04 an ounce.</p> <p>Reporting by Herbert Lash; Editing by James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Shares in U.S. technology majors sank again on Monday, wiping out the tech-heavy Nasdaq index&#8217;s gains for the year and sending the benchmark S&amp;amp;P 500 below a closely watched technical level for the first time in nearly two months.</p> FILE PHOTO - Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 29, 2018. REUTERS/Brendan McDermid <p>All the 11 major S&amp;amp;P sectors were lower, with stocks also coming under pressure over renewed fears of a trade war after China imposed additional tariffs on 128 U.S. products.</p> <p>Amazon ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) dropped nearly 5 percent after President Donald Trump launched his latest attack over the pricing of the retailer&#8217;s deliveries through the U.S. postal system and promised unspecified changes.</p> Related Coverage <a href="/article/us-usa-stocks-instant/instant-view-u-s-stocks-tumble-led-by-tech-pullback-and-trade-fears-idUSKCN1H91HA" type="external">Instant view: U.S. stocks tumble, led by tech pullback and trade fears</a> <p>Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) was down 2.6 percent, while the other &#8216;FANG&#8217; constituents Netflix ( <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">NFLX.O</a>), Google-parent Alphabet ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>) were down between 2.5 percent and 4.4 percent. The technology index .SPLRCT was down 2.7 percent.</p> <p>Tesla ( <a href="/finance/stocks/overview?symbol=TSLA.O" type="external">TSLA.O</a>) shares shed about 7 percent ahead of the electric car maker&#8217;s announcement of quarterly production numbers for its crucial Model 3 sedan.</p> <p>&#8220;There&#8217;s also a kind of negative tone over the market, the S&amp;amp;P is getting crushed,&#8221; said Ken Polcari, Director of the NYSE floor division at O&#8217;Neil Securities in New York.</p> <p>&#8220;Tesla is a high-flying growth name and growth names are getting slaughtered in the past month or so. &#8220;Makes sense that those names will be under more pressure than the broader markets.&#8221;</p> <p>At 11:50 a.m. EDT the Dow Jones industrial average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> was down 449.49 points, or 1.86 percent, at 23,653.62.</p> <p>The S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> was down 57.28 points, or 2.17 percent, at 2,583.59, falling below its 200-day moving average for the first time since during a market sell-off in early February.</p> <p>The Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> was down 189.51 points, or 2.68 percent, at 6,873.94. The index was down 0.37 percent for the year.</p> <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">Amazon.com Inc</a> 1385.88 AMZN.O Nasdaq -61.46 (-4.25%) AMZN.O FB.O NFLX.O GOOGL.O TSLA.O <p>&#8220;What you&#8217;re seeing in the market is a change in leadership, it happened at the end of last month where you had tech starting to do not so well,&#8221; said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta, Georgia.</p> <p>&#8220;...That&#8217;s happening again today as market participants are thinking, &#8216;Is this the change in leadership and what should we do about it?&#8217;&#8221;</p> <p>Among the few bright spots, Humana ( <a href="/finance/stocks/overview?symbol=HUM.N" type="external">HUM.N</a>) jumped about 5.3 percent Reuters reported Walmart ( <a href="/finance/stocks/overview?symbol=WMT.N" type="external">WMT.N</a>) was in early-stage talks with the health insurer about developing closer ties, with acquisition discussed as one possibility.</p> <p>Walmart fell more than 2 percent. UnitedHealth ( <a href="/finance/stocks/overview?symbol=UNH.N" type="external">UNH.N</a>) jumped 2.4 percent, one of only two Dow Industrials trading higher in the session.</p> <p>Declining issues outnumbered advancers on the NYSE by a 4.03-to-1 ratio. On the Nasdaq, a 4.17-to-1 ratio favored decliners.</p> <p>The S&amp;amp;P 500 index showed two new 52-week highs and 20 new lows, while the Nasdaq recorded 36 new highs and 120 new lows.</p> <p>Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - U.S. benchmark stock indexes fell sharply on Monday, undermined by weakness in the technology sector while a growing trade dispute with China has investors pulling back on concerns over economic growth.</p> Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 29, 2018. REUTERS/Brendan McDermid <p>The S&amp;amp;P 500 index <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> broke below the significant 200-day moving average for the first time since Feb. 9 and a close below would be the first since June 27, 2016.</p> <p>Amazon ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>), led the decline in the technology-heavy so-called &#8220;FANG&#8221; group of companies. The online retailing giant dropped nearly 5 percent after President Donald Trump launched his latest attack over the pricing of the retailer&#8217;s deliveries through the U.S. postal system and promised unspecified changes.</p> COMMENTS: <p>PETER KENNY, SENIOR MARKET STRATEGIST, GLOBAL MARKETS ADVISORY GROUP, NEW YORK:</p> <p>&#8220;We&#8217;re at the cusp of a fairly significant reevaluation across all market sectors, but largely focused on large cap technology. This selloff that we&#8217;re seeing in large cap technology is affecting the broader market, but as often happens when you see significant moves, that are correlated across indices and verticals, there are multiple reasons for the selloff.&#8221;</p> <p>&#8220;When this started on February 2nd, we&#8217;ve had a re-test of a likely fail, which means that going into earnings season, markets and equities generally speaking will likely be at the lowest point in terms of valuation that they&#8217;ve been in some time, which should lead to some comfort, frankly, as odd as that may sound. So earnings season will bring an alternative to what we&#8217;ve seen over the last four to six quarters.&#8221;</p> <p>DAVID KOTOK, CHAIRMAN AND CHIEF INVESTMENT OFFICER, CUMBERLAND ADVISORS, SARASOTA, FLORIDA:</p> <p>&#8220;This is a Donald Trump market reaction. The president and his behavior and his tariff trade barrier policy and his bellicose bullying are responsible for the stock market selloff. The Chinese are matching the US one-for-one and we are now engaged in a very dangerous game.&#8221;</p> <p>&#8220;The man attacks viciously, so he has attacked Jeff Bezos and Amazon, he&#8217;s attacked one of the two largest trading partners of the US, and his White House is in full disarray.&#8221;</p> <p>&#8220;Markets have broken down, so the momentum optimism has been broken; how much farther they go down remains to be seen. I&#8217;m taking advantage of these markets and am heavily overweighted financials and banks. I didn&#8217;t buy today, we&#8217;re in free-fall, but I might tomorrow.&#8221;</p> <p>&#8220;We may get to a 20 percent down bear market before this runs its course. The question is when do you take positions and what is your time horizon? And mine is 24 months and I believe we don&#8217;t get a recession, and I want to be a buyer when markets are ugly and in weakness.&#8221;</p> <p>FRITZ FOLTS, CHIEF INVESTMENT STRATEGIST, 3EDGE ASSET MANAGEMENT LP, BOSTON:</p> <a href="/finance/markets/index?symbol=.SPX" type="external">Standard &amp;amp; Poor's Corp</a> 2584.03 .SPX Chicago Board Options Exchange -56.84 (-2.15%) .SPX AMZN.O .DJI .IXIC <p>&#8220;We&#8217;ve been lightening up (equity exposure). For us it&#8217;s seeing the back-up in short yields. That&#8217;s just one of the things when we run our models we pay a lot of attention to. And credit spreads widening out. Those are two things we just take very seriously and we broke below the 200-day moving average today.&#8221;</p> <p>&#8220;2017 has left the building and I feel like it&#8217;s hard to get use to an environment that could be dramatically different from what we&#8217;ve been in for a while, and people are just trying to get their feet under themselves.&#8221;</p> MARKETS: <p>STOCKS: The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> fell 545.4 points, or 2.26 percent, to 23,557.71, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> lost 66.49 points, or 2.52 percent, to 2,574.38 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> dropped 200.98 points, or 2.85 percent, to 6,862.46.</p> <p>TREASURIES: Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.7389 percent, from 2.744 percent late on Thursday.</p> <p>The 30-year bond US30YT=RR last fell 3/32 in price to yield 2.9753 percent, from 2.971 percent late on Thursday.</p> <p>CURRENCIES: The U.S. dollar index .DXY fell 0.04 percent, with the euro <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a> down 0.25 percent to $1.229.</p> <p>The Japanese yen strengthened 0.25 percent versus the greenback at 106.01 per dollar, while Sterling <a href="/finance/currencies/quote?srcCurr=GBP&amp;amp;destCurr=USD" type="external">GBP=</a> was last trading at $1.4028, up 0.09 percent on the day.</p> <p>Reporting By Wall Street team; Editing by Daniel Bases</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JOHANNESBURG (Reuters) - Hailed as mother of the &#8216;new&#8217; South Africa, Winnie Madikizela-Mandela&#8217;s legacy as an anti-apartheid heroine was undone when she was revealed to be a ruthless ideologue prepared to sacrifice laws and lives in pursuit of revolution and redress.</p> FILE PHOTO: Winnie Madikizela Mandela, ex-wife of former South African president Nelson Mandela, gestures to supporters at the 54th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa December 16, 2017. REUTERS/Siphiwe Sibeko/File Photo <p>Her uncompromising methods and refusal to forgive contrasted sharply with the reconciliation espoused by her husband Nelson Mandela as he worked to forge a stable, pluralistic democracy from the racial division and oppression of apartheid.</p> <p>The contradiction helped kill their marriage and destroyed the esteem in which she was held by many South Africans, although the firebrand activist retained the support of radical black nationalists to the end.</p> <p>In her twilight years, Madikizela-Mandela, who died on Monday aged 81, had frequent run-ins with authority that further undermined her reputation as a fighter against the white-minority regime that ran Africa&#8217;s most advanced economy from 1948 to 1994.</p> <p>During her husband&#8217;s 27-year incarceration, Madikizela-Mandela campaigned tirelessly for his release and for the rights of black South Africans, suffering years of detention, banishment and arrest by the white authorities.</p> <p>She remained steadfast and unbowed throughout, emerging to punch the air triumphantly in the clenched-fist salute of black power as she walked hand-in-hand with Mandela out of Cape Town&#8217;s Victor Vester prison on Feb. 11, 1990.</p> <p>For husband and wife, it was a crowning moment that led four years later to the end of centuries of white domination when Mandela became South Africa&#8217;s first black president.</p> &#8220;HORRIBLY WRONG&#8221; <p>But for Madikizela-Mandela, the end of apartheid marked the start of a string of legal and political troubles that, accompanied by tales of her glamorous living, kept her in the spotlight for all the wrong reasons.</p> <p>As evidence emerged in the dying years of apartheid of the brutality of her Soweto enforcers, the &#8220;Mandela United Football Club&#8221; (MUFC), her soubriquet switched from &#8216;Mother of the Nation&#8217; to &#8216;Mugger&#8217;.</p> <p>Blamed for the killing of activist Stompie Seipei, who was found near her Soweto home with his throat cut, she was convicted in 1991 of kidnapping and assaulting the 14-year-old because he was suspected of being an informer.</p> <p>Her six-year jail term was reduced on appeal to a fine.</p> FILE PHOTO: Winnie Madikizela Mandela, former wife of Nelson Mandela, casts her vote during the South African municipal elections in Soweto, South Africa May 18, 2011. REUTERS/Siphiwe Sibeko/File Photo <p>She and Mandela separated in 1992 and her reputation slipped further when he sacked her from his cabinet in 1995 after allegations of corruption. The couple divorced a year later, after which she adopted the surname Madikizela-Mandela.</p> <p>Appearing at the Truth and Reconciliation Commission (TRC) set up to unearth atrocities committed by both sides in the anti-apartheid struggle, Madikizela-Mandela refused to show remorse for abductions and murders carried out in her name.</p> <p>Only after pleading from anguished TRC chairman Archbishop Desmond Tutu did she admit grudgingly that &#8220;things went horribly wrong&#8221;.</p> <p>In its final report, the TRC ruled that Madikizela-Mandela was &#8220;politically and morally accountable for the gross violations of human rights committed by the MUFC&#8221;.</p> <p>Four years later, she was back in court, facing fraud and theft charges in relation to an elaborate bank loan scheme.</p> <p>&#8220;Somewhere it seems that something went wrong,&#8221; magistrate Peet Johnson said as he sentenced her to five years in jail, later overturned on appeal. &#8220;You should set the example for all of us.&#8221;</p> MARRIED TO THE STRUGGLE <p>Born on Sept. 26, 1936, in Bizana, Eastern Cape province, Madikizela-Mandela became politicized at an early age in her job as a hospital social worker.</p> <p>&#8220;I started to realize the abject poverty under which most people were forced to live, the appalling conditions created by the inequalities of the system,&#8221; she once said.</p> <p>Strikingly attractive and with a steely air - her given name, Nomzamo, means &#8216;one who strives&#8217; - the 22-year-old Winnie caught the eye of Mandela at a Soweto bus-stop in 1957, starting a whirlwind romance that led to their marriage a year later.</p> <p>But with husband and wife pouring their energies into the fight against apartheid, the relationship struggled before being torn apart after six years when Mandela was arrested and sentenced to life in prison.</p> <p>Madikizela-Mandela later described her marriage as a sham and the birth of their two daughters, Zindzi and Zenani, as &#8220;quite coincidental&#8221; to her one true love - the struggle against white rule.</p> <p>&#8220;I was married to the ANC. It was the best marriage I ever had,&#8221; she often said.</p> <p>Graca Machel, who stepped into her shoes as South Africa&#8217;s first lady when she married Mandela in 1998, paid tribute to her predecessor in the years after her union.</p> Slideshow (11 Images) <p>&#8220;It&#8217;s unfortunate that in our lives we don&#8217;t interact very easily but I want to state very clearly that Winnie is my hero. Winnie is someone I respect highly,&#8221; Machel once said.</p> &#8220;I&#8217;M NOT SORRY&#8221; <p>As the years passed and Madikizela-Mandela&#8217;s public standing plummeted, her relationship with the party she loved soured. She bore the air of a troublemaker, arriving late at rallies and haranguing comrades, including Thabo Mbeki, Mandela&#8217;s successor as president.</p> <p>In 2001, a television camera caught Mbeki brushing Madikizela-Mandela away and knocking off her hat after she arrived an hour late for a rally to commemorate a 1976 anti-apartheid uprising by Soweto schoolchildren and students.</p> <p>Years later, she clashed with the next president, Jacob Zuma, becoming a political patron of renegade ANC youth leader Julius Malema, who quit the century-old movement to found his own ultra-leftist political party.</p> <p>Confirming her support for Malema and his calls for seizure of white-owned farms and banks, Madikizela-Mandela revealed her contempt in 2010 for the deal her ex-husband struck with South Africa&#8217;s white minority nearly two decades before.</p> <p>In a London newspaper interview, she attacked Mandela, who died in December 2013, saying he had gone soft in prison and sold out the black cause.</p> <p>&#8220;Mandela did go to prison and he went in there as a burning young revolutionary. But look what came out,&#8221; she said. &#8220;Mandela let us down. He agreed to a bad deal for the blacks.&#8221;</p> <p>She also dismissed Tutu, post-apartheid South Africa&#8217;s moral fulcrum, as a &#8220;cretin&#8221; and rubbished his attempts at national healing as a &#8220;religious circus&#8221;.</p> <p>&#8220;I told him a few home truths. I told him that he and his other like-minded cretins were only sitting here because of our struggle and me - because of the things I and people like me had done to get freedom,&#8221; she said.</p> <p>&#8220;I am not sorry. I will never be sorry,&#8221; she concluded. &#8220;I would do everything I did again if I had to. Everything.&#8221;</p> <p>Editing by Sonya Hepinstall and Robin Pomeroy</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Netac Technology sees FY 2017 net profit up 20 pct to 25 pct Dollar slides as China raises tariffs, U.S. stocks slip Tech stocks drag Nasdaq into losses for the year Instant view: U.S. stocks tumble, led by tech pullback and trade fears Winnie Mandela, 'mother' then 'mugger' of new South Africa, dies at 81

https://reuters.com/article/brief-netac-technology-sees-fy-2017-net/brief-netac-technology-sees-fy-2017-net-profit-up-20-pct-to-25-pct-idUSL4N1PH1HQ

2018-01-22

2least

Jan 22Reuters Netac Technology Co Ltd Sees FY 2017 net profit to increase by 20 percent to 25 percent or to be 533 million yuan to 555 million yuan Says FY 2016 net profit was 444 million yuan Says increased income from sales rent and patent licensing is the main reason for the forecast Source text in Chinese googlNGH1Q8 Further company coverage Beijing Headline News Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters US stocks tumbled on Monday weighed down by Amazoncom after US President Donald Trump again attacked the online retailer while the dollar slid as China raised tariffs on US products in an escalating spat between the world8217s two biggest economies FILE PHOTO A man looks at an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru HanaiFile Photo China bumped tariffs by up to 25 percent on 128 US products from frozen pork and wine to certain fruits and nuts in response to US duties on imports of aluminum and steel Gold snapped a threesession losing streak and the dollar fell after the tariffs which are due to take effect on Monday were announced late Sunday by China8217s finance ministry Trading was light as major European markets were closed for the Easter Monday holiday Markets in Australia and Hong Kong also were shut Shares of Amazon Microsoft Facebook and Google parent Alphabet dominated trading on MSCI8217s allcountry world stock index which fell 091 percent The four companies were also the biggest drag on the benchmark SampampP 500 index Trump8217s comments on Amazon weighed on the equity market but further news on USChina trade later this week is drawing investor interest said Jeffrey Kleintop chief global investment strategist at Charles Schwab ampamp Co Inc in Boston 8220Everybody is bracing for that8221 Kleintop said of expected US tariffs on 50 billion to 60 billion worth of annual imports from China that will likely intensify USChina tensions The Trump administration will unveil by Friday a list of advanced technology Chinese imports targeted for US tariffs to punish Beijing over technology transfer policies The Dow Jones Industrial Average fell 54413 points or 226 percent to 2355898 the SampampP 500 lost 6475 points or 245 percent to 257612 and the Nasdaq Composite dropped 19221 points or 272 percent to 687124 Shares of Amazoncom Inc fell 48 percent after Trump attacked the online retailer over the pricing of its deliveries through the US postal system and promised unspecified changes 8220Only fools or worse are saying that our moneylosing Post Office makes money with Amazon8221 Trump tweeted Emerging market stocks were down 017 percent The dollar fell for a second straight session The dollar index fell 004 percent with the euro down 03 percent to 12284 The Japanese yen firmed 023 percent at 10605 per dollar Oil fell below 68 a barrel reversing an earlier rally as a rise in Russian production and concern about a USChina trade spat offset a drop in US drilling activity US drillers cut seven oil rigs in the week to March 29 bringing the total down to 797 the first decline in three weeks The rig count is closely watched as an indicator of future US oil output US crude fell 181 to 6313 per barrel and Brent was last at 6788 down 146 on the day US Treasury yields rose with benchmark 10year notes down 132 in price to yield 27461 percent Spot gold added 11 percent to 133804 an ounce Reporting by Herbert Lash Editing by James Dalgleish Our Standards The Thomson Reuters Trust Principles Reuters Shares in US technology majors sank again on Monday wiping out the techheavy Nasdaq index8217s gains for the year and sending the benchmark SampampP 500 below a closely watched technical level for the first time in nearly two months FILE PHOTO Traders work on the floor of the New York Stock Exchange NYSE in New York US March 29 2018 REUTERSBrendan McDermid All the 11 major SampampP sectors were lower with stocks also coming under pressure over renewed fears of a trade war after China imposed additional tariffs on 128 US products Amazon AMZNO dropped nearly 5 percent after President Donald Trump launched his latest attack over the pricing of the retailer8217s deliveries through the US postal system and promised unspecified changes Related Coverage Instant view US stocks tumble led by tech pullback and trade fears Facebook FBO was down 26 percent while the other 8216FANG8217 constituents Netflix NFLXO Googleparent Alphabet GOOGLO were down between 25 percent and 44 percent The technology index SPLRCT was down 27 percent Tesla TSLAO shares shed about 7 percent ahead of the electric car maker8217s announcement of quarterly production numbers for its crucial Model 3 sedan 8220There8217s also a kind of negative tone over the market the SampampP is getting crushed8221 said Ken Polcari Director of the NYSE floor division at O8217Neil Securities in New York 8220Tesla is a highflying growth name and growth names are getting slaughtered in the past month or so 8220Makes sense that those names will be under more pressure than the broader markets8221 At 1150 am EDT the Dow Jones industrial average DJI was down 44949 points or 186 percent at 2365362 The SampampP 500 SPX was down 5728 points or 217 percent at 258359 falling below its 200day moving average for the first time since during a market selloff in early February The Nasdaq Composite IXIC was down 18951 points or 268 percent at 687394 The index was down 037 percent for the year Amazoncom Inc 138588 AMZNO Nasdaq 6146 425 AMZNO FBO NFLXO GOOGLO TSLAO 8220What you8217re seeing in the market is a change in leadership it happened at the end of last month where you had tech starting to do not so well8221 said Thomas Martin senior portfolio manager at Globalt Investments in Atlanta Georgia 8220That8217s happening again today as market participants are thinking 8216Is this the change in leadership and what should we do about it82178221 Among the few bright spots Humana HUMN jumped about 53 percent Reuters reported Walmart WMTN was in earlystage talks with the health insurer about developing closer ties with acquisition discussed as one possibility Walmart fell more than 2 percent UnitedHealth UNHN jumped 24 percent one of only two Dow Industrials trading higher in the session Declining issues outnumbered advancers on the NYSE by a 403to1 ratio On the Nasdaq a 417to1 ratio favored decliners The SampampP 500 index showed two new 52week highs and 20 new lows while the Nasdaq recorded 36 new highs and 120 new lows Reporting by Sruthi Shankar in Bengaluru Editing by Sriraj Kalluvila Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters US benchmark stock indexes fell sharply on Monday undermined by weakness in the technology sector while a growing trade dispute with China has investors pulling back on concerns over economic growth Traders work on the floor of the New York Stock Exchange NYSE in New York US March 29 2018 REUTERSBrendan McDermid The SampampP 500 index SPX broke below the significant 200day moving average for the first time since Feb 9 and a close below would be the first since June 27 2016 Amazon AMZNO led the decline in the technologyheavy socalled 8220FANG8221 group of companies The online retailing giant dropped nearly 5 percent after President Donald Trump launched his latest attack over the pricing of the retailer8217s deliveries through the US postal system and promised unspecified changes COMMENTS PETER KENNY SENIOR MARKET STRATEGIST GLOBAL MARKETS ADVISORY GROUP NEW YORK 8220We8217re at the cusp of a fairly significant reevaluation across all market sectors but largely focused on large cap technology This selloff that we8217re seeing in large cap technology is affecting the broader market but as often happens when you see significant moves that are correlated across indices and verticals there are multiple reasons for the selloff8221 8220When this started on February 2nd we8217ve had a retest of a likely fail which means that going into earnings season markets and equities generally speaking will likely be at the lowest point in terms of valuation that they8217ve been in some time which should lead to some comfort frankly as odd as that may sound So earnings season will bring an alternative to what we8217ve seen over the last four to six quarters8221 DAVID KOTOK CHAIRMAN AND CHIEF INVESTMENT OFFICER CUMBERLAND ADVISORS SARASOTA FLORIDA 8220This is a Donald Trump market reaction The president and his behavior and his tariff trade barrier policy and his bellicose bullying are responsible for the stock market selloff The Chinese are matching the US oneforone and we are now engaged in a very dangerous game8221 8220The man attacks viciously so he has attacked Jeff Bezos and Amazon he8217s attacked one of the two largest trading partners of the US and his White House is in full disarray8221 8220Markets have broken down so the momentum optimism has been broken how much farther they go down remains to be seen I8217m taking advantage of these markets and am heavily overweighted financials and banks I didn8217t buy today we8217re in freefall but I might tomorrow8221 8220We may get to a 20 percent down bear market before this runs its course The question is when do you take positions and what is your time horizon And mine is 24 months and I believe we don8217t get a recession and I want to be a buyer when markets are ugly and in weakness8221 FRITZ FOLTS CHIEF INVESTMENT STRATEGIST 3EDGE ASSET MANAGEMENT LP BOSTON Standard ampamp Poors Corp 258403 SPX Chicago Board Options Exchange 5684 215 SPX AMZNO DJI IXIC 8220We8217ve been lightening up equity exposure For us it8217s seeing the backup in short yields That8217s just one of the things when we run our models we pay a lot of attention to And credit spreads widening out Those are two things we just take very seriously and we broke below the 200day moving average today8221 82202017 has left the building and I feel like it8217s hard to get use to an environment that could be dramatically different from what we8217ve been in for a while and people are just trying to get their feet under themselves8221 MARKETS STOCKS The Dow Jones Industrial Average DJI fell 5454 points or 226 percent to 2355771 the SampampP 500 SPX lost 6649 points or 252 percent to 257438 and the Nasdaq Composite IXIC dropped 20098 points or 285 percent to 686246 TREASURIES Benchmark 10year notes US10YTRR last rose 232 in price to yield 27389 percent from 2744 percent late on Thursday The 30year bond US30YTRR last fell 332 in price to yield 29753 percent from 2971 percent late on Thursday CURRENCIES The US dollar index DXY fell 004 percent with the euro EUR down 025 percent to 1229 The Japanese yen strengthened 025 percent versus the greenback at 10601 per dollar while Sterling GBP was last trading at 14028 up 009 percent on the day Reporting By Wall Street team Editing by Daniel Bases Our Standards The Thomson Reuters Trust Principles JOHANNESBURG Reuters Hailed as mother of the 8216new8217 South Africa Winnie MadikizelaMandela8217s legacy as an antiapartheid heroine was undone when she was revealed to be a ruthless ideologue prepared to sacrifice laws and lives in pursuit of revolution and redress FILE PHOTO Winnie Madikizela Mandela exwife of former South African president Nelson Mandela gestures to supporters at the 54th National Conference of the ruling African National Congress ANC at the Nasrec Expo Centre in Johannesburg South Africa December 16 2017 REUTERSSiphiwe SibekoFile Photo Her uncompromising methods and refusal to forgive contrasted sharply with the reconciliation espoused by her husband Nelson Mandela as he worked to forge a stable pluralistic democracy from the racial division and oppression of apartheid The contradiction helped kill their marriage and destroyed the esteem in which she was held by many South Africans although the firebrand activist retained the support of radical black nationalists to the end In her twilight years MadikizelaMandela who died on Monday aged 81 had frequent runins with authority that further undermined her reputation as a fighter against the whiteminority regime that ran Africa8217s most advanced economy from 1948 to 1994 During her husband8217s 27year incarceration MadikizelaMandela campaigned tirelessly for his release and for the rights of black South Africans suffering years of detention banishment and arrest by the white authorities She remained steadfast and unbowed throughout emerging to punch the air triumphantly in the clenchedfist salute of black power as she walked handinhand with Mandela out of Cape Town8217s Victor Vester prison on Feb 11 1990 For husband and wife it was a crowning moment that led four years later to the end of centuries of white domination when Mandela became South Africa8217s first black president 8220HORRIBLY WRONG8221 But for MadikizelaMandela the end of apartheid marked the start of a string of legal and political troubles that accompanied by tales of her glamorous living kept her in the spotlight for all the wrong reasons As evidence emerged in the dying years of apartheid of the brutality of her Soweto enforcers the 8220Mandela United Football Club8221 MUFC her soubriquet switched from 8216Mother of the Nation8217 to 8216Mugger8217 Blamed for the killing of activist Stompie Seipei who was found near her Soweto home with his throat cut she was convicted in 1991 of kidnapping and assaulting the 14yearold because he was suspected of being an informer Her sixyear jail term was reduced on appeal to a fine FILE PHOTO Winnie Madikizela Mandela former wife of Nelson Mandela casts her vote during the South African municipal elections in Soweto South Africa May 18 2011 REUTERSSiphiwe SibekoFile Photo She and Mandela separated in 1992 and her reputation slipped further when he sacked her from his cabinet in 1995 after allegations of corruption The couple divorced a year later after which she adopted the surname MadikizelaMandela Appearing at the Truth and Reconciliation Commission TRC set up to unearth atrocities committed by both sides in the antiapartheid struggle MadikizelaMandela refused to show remorse for abductions and murders carried out in her name Only after pleading from anguished TRC chairman Archbishop Desmond Tutu did she admit grudgingly that 8220things went horribly wrong8221 In its final report the TRC ruled that MadikizelaMandela was 8220politically and morally accountable for the gross violations of human rights committed by the MUFC8221 Four years later she was back in court facing fraud and theft charges in relation to an elaborate bank loan scheme 8220Somewhere it seems that something went wrong8221 magistrate Peet Johnson said as he sentenced her to five years in jail later overturned on appeal 8220You should set the example for all of us8221 MARRIED TO THE STRUGGLE Born on Sept 26 1936 in Bizana Eastern Cape province MadikizelaMandela became politicized at an early age in her job as a hospital social worker 8220I started to realize the abject poverty under which most people were forced to live the appalling conditions created by the inequalities of the system8221 she once said Strikingly attractive and with a steely air her given name Nomzamo means 8216one who strives8217 the 22yearold Winnie caught the eye of Mandela at a Soweto busstop in 1957 starting a whirlwind romance that led to their marriage a year later But with husband and wife pouring their energies into the fight against apartheid the relationship struggled before being torn apart after six years when Mandela was arrested and sentenced to life in prison MadikizelaMandela later described her marriage as a sham and the birth of their two daughters Zindzi and Zenani as 8220quite coincidental8221 to her one true love the struggle against white rule 8220I was married to the ANC It was the best marriage I ever had8221 she often said Graca Machel who stepped into her shoes as South Africa8217s first lady when she married Mandela in 1998 paid tribute to her predecessor in the years after her union Slideshow 11 Images 8220It8217s unfortunate that in our lives we don8217t interact very easily but I want to state very clearly that Winnie is my hero Winnie is someone I respect highly8221 Machel once said 8220I8217M NOT SORRY8221 As the years passed and MadikizelaMandela8217s public standing plummeted her relationship with the party she loved soured She bore the air of a troublemaker arriving late at rallies and haranguing comrades including Thabo Mbeki Mandela8217s successor as president In 2001 a television camera caught Mbeki brushing MadikizelaMandela away and knocking off her hat after she arrived an hour late for a rally to commemorate a 1976 antiapartheid uprising by Soweto schoolchildren and students Years later she clashed with the next president Jacob Zuma becoming a political patron of renegade ANC youth leader Julius Malema who quit the centuryold movement to found his own ultraleftist political party Confirming her support for Malema and his calls for seizure of whiteowned farms and banks MadikizelaMandela revealed her contempt in 2010 for the deal her exhusband struck with South Africa8217s white minority nearly two decades before In a London newspaper interview she attacked Mandela who died in December 2013 saying he had gone soft in prison and sold out the black cause 8220Mandela did go to prison and he went in there as a burning young revolutionary But look what came out8221 she said 8220Mandela let us down He agreed to a bad deal for the blacks8221 She also dismissed Tutu postapartheid South Africa8217s moral fulcrum as a 8220cretin8221 and rubbished his attempts at national healing as a 8220religious circus8221 8220I told him a few home truths I told him that he and his other likeminded cretins were only sitting here because of our struggle and me because of the things I and people like me had done to get freedom8221 she said 8220I am not sorry I will never be sorry8221 she concluded 8220I would do everything I did again if I had to Everything8221 Editing by Sonya Hepinstall and Robin Pomeroy Our Standards The Thomson Reuters Trust Principles

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<p>LONDON (Reuters) - Sales driven by increased spending on marketing helped Diageo ( <a href="/finance/stocks/overview?symbol=DGE.L" type="external">DGE.L</a>), the world&#8217;s largest spirits company, to report better-than-expected first-half results.</p> <p>But the British-based maker of Johnnie Walker Scotch and Smirnoff vodka said foreign exchange rates would take a bigger-than-expected gulp out of sales and profits in the full year, due to a strengthening sterling and weak U.S. dollar.</p> <p>Diageo said organic net sales grew 4.2 percent in the six months ended in December, above what analysts said was a 3.7 percent consensus.</p> <p>Earnings per share before one-off items was 67.8 pence, 3.5 percent ahead of expectations, according to Liberum analysts.</p> <p>The company said marketing spend rose 7 percent in the period, as it works to improve performance of Scotch, its key product, and vodka in the United States, which has been weak.</p> <p>But Diageo and rivals like Pernod Ricard ( <a href="/finance/stocks/overview?symbol=PERP.PA" type="external">PERP.PA</a>) and Brown-Forman ( <a href="/finance/stocks/overview?symbol=BFb.N" type="external">BFb.N</a>) have benefited from the current popularity of cocktails, as spirits gains market share from beer.</p> <p>Like many global packaged goods companies, Diageo has adopted a plan of cost-cutting that has helped make its business more efficient, providing funds to use for generating sales.</p> <p>&#8220;Diageo is a business in change,&#8221; said Jefferies analysts, citing its new chairman, Javier Ferran, and a perceived threat of a possible takeover by companies associated with private equity firm 3G.</p> <p>&#8220;We see a perfect blend of productivity and top-line growth.&#8221;</p> YEAR OF TWO HALVES <p>Diageo&#8217;s operating profit rose 6.1 percent to 2.2 billion pounds ($3.14 billion) in the six months ended in December on net sales up 1.7 percent at 6.5 billion pounds.</p> <p>Diageo had previously warned that sales and profit growth for the current financial year, ending in June, would be driven by the second half, due to a later Chinese New Year and new restrictions on selling alcohol in India.</p> <p>The company said on Thursday that strength in its Chinese white spirits had reduced the effect of the later holiday, which pushes more of retailers&#8217; purchases into the next period.</p> <a href="/finance/stocks/overview?symbol=DGE.L" type="external">Diageo PLC</a> 2428.0 DGE.L London Stock Exchange +7.00 (+0.29%) DGE.L PERP.PA BFb.N <p>&#8220;Despite having warned of a second-half weighting to its 2018 performance, Diageo&#8217;s first-half results were good enough,&#8221; said analysts at RBC Capital Markets.</p> <p>The company stood by its goal for mid-single digit revenue growth and 175 basis points of organic operating margin improvement in the three years ending June 2019.</p> <p>&#8220;Our financial performance expectations for this year remain unchanged,&#8221; Chief Executive Ivan Menezes said.</p> <p>However, Diageo now expects currency to reduce the value of full-year sales by 460 million pounds and earnings by 60 million pounds. That compares to a previous expectation of an 80 million pound hit to sales and a 70 million pound benefit on profit.</p> <p>&#8220;In all, then, this equates to a 7 percent reduction in actual currency EBIT guidance,&#8221; RBC said.</p> <p>The company also lowered its expected 2018 tax rate to 20 percent, from 21 percent, due to changes in the U.S. corporate tax legislation.</p> <p>Diageo&#8217;s shares were up 1 percent at 0950 GMT. ($1 = 0.7006 pounds)</p> <p>Reporting by Martinne Geller; editing by Jason Neely</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - U.S. stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for U.S. companies.</p> A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 14, 2018. REUTERS/Andrew Kelly <p>The Trump administration is pressing China to cut its trade surplus with the United States by $100 billion, the White House said Wednesday.</p> <p>Trump is looking to levy tariffs on up to $60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday.</p> <p>&#8220;There&#8217;s trade war talk going on,&#8221; said Michael O&#8217;Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. &#8220;We saw people taking profit amidst the uncertainty.&#8221;</p> <p>Trump has already imposed tariffs on steel and aluminum imports as well as solar panels and washing machines, sparking threats of retaliation from some trade partners.</p> <p>Boeing Co tumbled 2.7 percent, leading the losers on the Dow.</p> <p>Stocks briefly pared some losses after economic analyst and commentator Larry Kudlow said on Wednesday he had accepted an offer to replace Gary Cohn as the White House&#8217;s top economic adviser.</p> Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., March 14, 2018. REUTERS/Andrew Kelly <p>&#8220;Larry Kudlow is very much a free trader,&#8221; said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. &#8220;This shows that Trump wants to hear the other side of the argument as well.&#8221;</p> <p>At 2:57 p.m. (1857 GMT), the Dow Jones Industrial Average fell 204.03 points, or 0.82 percent, to 24,803, the S&amp;amp;P 500 lost 11.78 points, or 0.43 percent, to 2,753.53 and the Nasdaq Composite dropped 7.84 points, or 0.1 percent, to 7,503.17.</p> <p>Also weighing on investor sentiment was data that showed U.S. retail sales fell for a third straight month in February, pointing to a slowdown in economic growth in the first quarter.</p> Slideshow (2 Images) <p>Financial stocks fell 1.3 percent, tracking a decline in U.S. bond yields.</p> <p>Signet Jewelers fell 19.7 percent after the company gave a disappointing full-year earnings forecast.</p> Related Video <p>Ford rose 2.8 percent after Morgan Stanley upgraded the stock to &#8220;overweight&#8221; from &#8220;underweight&#8221; and raised its earnings estimate on the automaker.</p> <p>Declining issues outnumbered advancing ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored decliners.</p> <p>The S&amp;amp;P 500 posted 12 new 52-week highs and five new lows; the Nasdaq Composite recorded 90 new highs and 37 new lows.</p> <p>Additional reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - OPEC on Wednesday raised&amp;#160;its&amp;#160;forecast&amp;#160;for non-member oil&amp;#160;supply&amp;#160;this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC-led output cuts and a collapse in Venezuelan production.</p> The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria September 21, 2017. REUTERS/Leonhard Foeger <p>In a monthly report, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day in 2018. That was the fourth straight rise from 870,000 bpd forecast in November.</p> <p>&#8220;For 2018, higher growth is expected on the back of the projected increase in U.S. shale production following a better price environment not only for shale producers, but also for other countries such as Canada, the UK, Brazil and China,&#8221; OPEC said of the outlook for non-OPEC supply.</p> <p>This would lead to &#8220;a higher quarterly distribution throughout the year with a record-high level projected for the fourth quarter&#8221;, OPEC said.</p> <p>OPEC, Russia and several other non-OPEC producers, but not the United States, began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018.</p> <p>The deal has helped boost oil prices LCOc1, which topped $71 a barrel this year for the first time since 2014 and were near $65 on Wednesday. But it has also encouraged a flood of shale, fuelling a debate about the curbs&#8217; effectiveness.</p> <p>Oil pared much of an earlier gain on Wednesday after the release of the OPEC report.</p> <p>The Iranian oil minister said OPEC could agree at its next meeting in June to start easing the curbs in 2019, the Wall Street Journal reported. He also said OPEC should aim for oil around $60 to contain shale growth.</p> <p>Top exporter Saudi Arabia, however, said in February it was premature to discuss an exit strategy.</p> <p>Faster-than-expected growth in demand due to a robust world economy has added a tailwind to the OPEC supply effort.</p> <p>Although OPEC in the report slightly raised its estimate of growth in world demand to 1.6 million bpd, it now projects the expansion in supply outside the group will exceed gains in demand.</p> <p>This brings OPEC&#8217;s view closer to that of the International Energy Agency, which expects a less rosy 2018 supply/demand balance.</p> VENEZUELAN PLUNGE <p>While rivals are pumping more, OPEC&#8217;s production in February fell, according to the report.</p> <p>Total output dropped by 77,000 bpd to 32.186 million bpd, led by declines in Iraq, the United Arab Emirates and Venezuela, according to figures OPEC collects from secondary sources.</p> <p>Adherence by the 12 OPEC members with output targets rose to 147 percent, according to a Reuters calculation based on the OPEC figures, higher than 137 percent in January based on last month&#8217;s report.</p> <p>The figures that OPEC members reported themselves showed some deeper declines in production.</p> <p>Venezuela, whose output is dropping amid an economic crisis, told OPEC its production sank by about 183,000 bpd to 1.586 million bpd in February. The number is believed to be the lowest in decades.</p> <p>With outside producers expected to increase supply by more than demand, OPEC cut its estimate of the global requirement for its crude in 2018 by 250,000 bpd to 32.61 million bpd.</p> <p>Should OPEC keep pumping at February&#8217;s level and other things remain equal, the market could move into a deficit of about 420,000 bpd, suggesting inventories will be drawn down. This is less than the deficit of about 560,000 bpd implied last month.</p> <p>The supply cut&#8217;s original aim was to shrink oil inventories in developed economies to their five-year average. The latest figures gave a mixed picture on stock movements.</p> <p>Stocks rose by 13.7 million barrels in January to 2.865 billion barrels, although this was only 50 million above the five-year average, the closest yet OPEC has come to the original target.</p> <p>OPEC is now talking of looking at other metrics to assess the market&#8217;s rate of return to balance.</p> <p>Editing by Dale Hudson and David Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LOS ANGELES (Reuters) - Walt Disney Co ( <a href="/finance/stocks/overview?symbol=DIS.N" type="external">DIS.N</a>) said on Wednesday it had created a new unit for its streaming video and international businesses as the company retools its traditional media operation for a world rapidly embracing online video.</p> A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid <p>Kevin Mayer, the company&#8217;s chief strategy officer, was named chairman of the new division, which will oversee the upcoming ESPN+ digital offering and the launch of a family-oriented streaming service in late 2019, Disney said in a statement.</p> <p>The move, effective immediately, comes as Disney is in the process of purchasing film, TV and international businesses from Twenty-First Century Fox Inc ( <a href="/finance/stocks/overview?symbol=FOXA.O" type="external">FOXA.O</a>).</p> <p>Regulators are reviewing the deal, which has been complicated by Comcast Corp&#8217;s ( <a href="/finance/stocks/overview?symbol=CMCSA.O" type="external">CMCSA.O</a>) offer for one of the assets, Britain&#8217;s Sky Plc ( <a href="/finance/stocks/overview?symbol=SKYB.L" type="external">SKYB.L</a>).</p> <p>Disney also combined its theme parks business with the consumer products unit that licenses characters for toys, apparel and other merchandise. Bob Chapek, who heads the parks division, will lead the combined unit.</p> <p>Media networks and the movie studio will remain separate units, Disney said.</p> <p>&#8220;We are strategically positioning our businesses for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximize shareholder value,&#8221; Disney Chief Executive Bob Iger said in a statement.</p> <p>Disney&#8217;s largest TV network, ESPN, has been losing subscribers as customers drop pay television subscriptions in favor of streaming services such as Netflix Inc ( <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">NFLX.O</a>).</p> <a href="/finance/stocks/overview?symbol=DIS.N" type="external">Walt Disney Co</a> 103.9 DIS.N New York Stock Exchange +0.17 (+0.16%) DIS.N FOXA.O CMCSA.O SKYB.L NFLX.O <p>The company is responding with its own digital push. It is pulling its first-run movies from Netflix in 2019 to offer them on the Disney-branded service.</p> <p>If the Fox deal wins approval, Disney also will expand its programming portfolio and international reach, plus own a majority stake in the Hulu streaming service.</p> <p>Disney expects to switch its financial reporting to reflect the new structure by the beginning of fiscal 2019, the company said.</p> <p>Shares of Disney rose 0.5 percent to $104.33 in afternoon trading on the New York Stock Exchange.</p> <p>Reporting by Lisa Richwine; Editing by Bernadette Baum</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. retail sales fell for a third straight month in February as households cut back on purchases of motor vehicles and other big-ticket items, prompting analysts to downgrade their first-quarter economic growth forecasts.</p> A woman shops at Brookfield Place in Lower Manhattan in New York City, U.S., December 1, 2017. REUTERS/Brendan McDermid <p>Despite signs of cooling in consumer spending, inflation pressures are steadily building, which should allow the Federal Reserve to raise interest rates next week. Other data on Wednesday showed underlying producer prices rose solidly in February, driven by strong gains in the cost of services such as hotel accommodation, airline fares and hospital inpatient care.</p> <p>The sustained decline in retail sales is surprising as consumer confidence is at a more than 17-year high in the wake of a $15 trillion income tax cut package and a labor market that continues to churn out jobs. Economists said consumers boosted spending in the fourth quarter in anticipation of the lower taxes.</p> <p>&#8220;Looking at consumer fundamentals there appears to be nothing sinister going on among America&#8217;s households,&#8221; said Ellen Zentner, chief economist at Morgan Stanley in New York. &#8220;We posit that the anticipation of the widely publicized tax cuts pulled forward spending into the fourth quarter of 2017.&#8221;</p> <p>The Commerce Department said retail sales slipped 0.1 percent last month. January data was revised to show sales dipping 0.1 percent instead of falling 0.3 percent as previously reported. It was the first time since April 2012 that retail sales have declined for three straight months.</p> <p>Economists polled by Reuters had forecast retail sales rising 0.3 percent in February. Retail sales in February increased 4.0 percent from a year ago.</p> Related Coverage <a href="/article/us-usa-economy-inventories/u-s-business-inventories-rise-sales-post-largest-drop-in-one-and-a-half-years-idUSKCN1GQ1ZX" type="external">U.S. business inventories rise; sales post largest drop in one-and-a-half years</a> <p>Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1 percent last month after being unchanged in January. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.</p> <p>As a result of the weak core retail sales at the start of the year, economists lowered their first-quarter GDP growth estimates. The Atlanta Fed slashed its forecast to a 1.9 percent annualized rate from a 2.5 percent pace.</p> <p>Data forecasting firm Macroeconomic Advisers cut its estimate by four-tenths of a percentage point to a 1.7 percent rate, also taking into account revisions to January retail inventory data.</p> <p>The economy grew at a 2.5 percent pace in the fourth quarter, the government reported last month. But revisions to December data on construction spending, factory orders and inventories have suggested the fourth-quarter growth estimate could be raised to a 3.1 percent pace. The government will publish its third estimate for fourth-quarter GDP growth later this month.</p> <p>In a separate report, the Labor Department said a key measure of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, matching January&#8217;s gain.</p> <p>That boosted the year-on-year increase in the so-called core PPI to 2.7 percent, the biggest gain since August 2014, from 2.5 percent in January. The increase in underlying wholesale prices supports views that consumer inflation will pick up this year.</p> FILE PHOTO: Customers shop at a Whole Foods store in New York City, U.S., August 28, 2017. REUTERS/Brendan McDermid/File Photo STRONG INFLATION HYPOTHESIS <p>&#8220;We firmly believe that core consumer price inflation is rising and the March CPI report will be the acid test of that hypothesis,&#8221; said John Ryding, chief economist at RDQ Economics in New York.</p> <p>U.S. financial markets largely shrugged off the weak retail sales report and investors focused instead on the wholesale inflation data. The dollar initially firmed against a basket of currencies before giving up gains to trade little changed.</p> <p>Prices for U.S. Treasuries rose. Stocks on Wall Street fell, with the Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> shedding more than 250 points as domestic manufacturers continued to suffer from worries over the impact on trade from tariffs announced last week.</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 24758.12 .DJI Dow Jones Indexes -248.91 (-1.00%) .DJI <p>The Fed has forecast three interest rate increases this year. Many economists expect the U.S. central bank will raise its projection to four rate increases because of a robust labor market and firming inflation.</p> <p>Economists believe that a tightening labor market, weak dollar and fiscal stimulus in the form of the tax cuts and increased government spending will lift inflation toward the Fed&#8217;s 2 percent target this year.</p> <p>The Fed&#8217;s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, has undershot its target since May 2012.</p> <p>The massive tax cut package is part of a Tax Cuts and Jobs Act (TCJA), which came into effect in January. Fed officials view the labor market as being near or a little beyond full employment.</p> <p>The economy added 313,000 jobs in February, giving analysts confidence that retail sales could rebound as soon as April.</p> <p>&#8220;Also keep in mind that most folks&#8217; tax withholding schedules were probably not reduced lower to reflect the TCJA rates until later in February, so that support to consumption may not be apparent until the springtime,&#8221; said Michael Feroli, an economist at JPMorgan in New York.</p> <p>Auto sales fell 0.9 percent in February after a similar drop in January. There were also declines in sales at gasoline stations, furniture, health and personal care and electronics and appliance stores.</p> <p>But there were some pockets of strength. Sales at building material stores surged 1.9 percent last month. Receipts at clothing stores gained 0.4 percent and sales at online retailers jumped 1.0 percent. Consumers also spent more at restaurants and bars and splurged on sporting goods and hobbies.</p> <p>Reporting by Lucia Mutikani; Editing by Andrea Ricci</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Diageo sales growth curbed by strengthening pound Wall St. slides as trade war worries weigh OPEC sees oil supply surge from rivals, countering its cuts Disney creates streaming video unit for digital future U.S. retail sales falter; inflation creeping higher

https://reuters.com/article/us-diageo-results/diageo-sales-growth-curbed-by-strengthening-pound-idUSKBN1FE0NQ

2018-01-25

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LONDON Reuters Sales driven by increased spending on marketing helped Diageo DGEL the world8217s largest spirits company to report betterthanexpected firsthalf results But the Britishbased maker of Johnnie Walker Scotch and Smirnoff vodka said foreign exchange rates would take a biggerthanexpected gulp out of sales and profits in the full year due to a strengthening sterling and weak US dollar Diageo said organic net sales grew 42 percent in the six months ended in December above what analysts said was a 37 percent consensus Earnings per share before oneoff items was 678 pence 35 percent ahead of expectations according to Liberum analysts The company said marketing spend rose 7 percent in the period as it works to improve performance of Scotch its key product and vodka in the United States which has been weak But Diageo and rivals like Pernod Ricard PERPPA and BrownForman BFbN have benefited from the current popularity of cocktails as spirits gains market share from beer Like many global packaged goods companies Diageo has adopted a plan of costcutting that has helped make its business more efficient providing funds to use for generating sales 8220Diageo is a business in change8221 said Jefferies analysts citing its new chairman Javier Ferran and a perceived threat of a possible takeover by companies associated with private equity firm 3G 8220We see a perfect blend of productivity and topline growth8221 YEAR OF TWO HALVES Diageo8217s operating profit rose 61 percent to 22 billion pounds 314 billion in the six months ended in December on net sales up 17 percent at 65 billion pounds Diageo had previously warned that sales and profit growth for the current financial year ending in June would be driven by the second half due to a later Chinese New Year and new restrictions on selling alcohol in India The company said on Thursday that strength in its Chinese white spirits had reduced the effect of the later holiday which pushes more of retailers8217 purchases into the next period Diageo PLC 24280 DGEL London Stock Exchange 700 029 DGEL PERPPA BFbN 8220Despite having warned of a secondhalf weighting to its 2018 performance Diageo8217s firsthalf results were good enough8221 said analysts at RBC Capital Markets The company stood by its goal for midsingle digit revenue growth and 175 basis points of organic operating margin improvement in the three years ending June 2019 8220Our financial performance expectations for this year remain unchanged8221 Chief Executive Ivan Menezes said However Diageo now expects currency to reduce the value of fullyear sales by 460 million pounds and earnings by 60 million pounds That compares to a previous expectation of an 80 million pound hit to sales and a 70 million pound benefit on profit 8220In all then this equates to a 7 percent reduction in actual currency EBIT guidance8221 RBC said The company also lowered its expected 2018 tax rate to 20 percent from 21 percent due to changes in the US corporate tax legislation Diageo8217s shares were up 1 percent at 0950 GMT 1 07006 pounds Reporting by Martinne Geller editing by Jason Neely Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters US stocks fell on Wednesday after President Donald Trump sought to impose fresh tariffs on China intensifying fears of a trade war that could raise costs and hurt overseas sales for US companies A trader works on the trading floor at the New York Stock Exchange NYSE in Manhattan New York City US March 14 2018 REUTERSAndrew Kelly The Trump administration is pressing China to cut its trade surplus with the United States by 100 billion the White House said Wednesday Trump is looking to levy tariffs on up to 60 billion of Chinese imports targeting the technology telecom and apparel sectors sources told Reuters on Tuesday 8220There8217s trade war talk going on8221 said Michael O8217Rourke chief market strategist at JonesTrading in Greenwich Connecticut 8220We saw people taking profit amidst the uncertainty8221 Trump has already imposed tariffs on steel and aluminum imports as well as solar panels and washing machines sparking threats of retaliation from some trade partners Boeing Co tumbled 27 percent leading the losers on the Dow Stocks briefly pared some losses after economic analyst and commentator Larry Kudlow said on Wednesday he had accepted an offer to replace Gary Cohn as the White House8217s top economic adviser Traders work on the trading floor at the New York Stock Exchange NYSE in Manhattan New York City US March 14 2018 REUTERSAndrew Kelly 8220Larry Kudlow is very much a free trader8221 said Stephen Massocca senior vice president at Wedbush Securities in San Francisco 8220This shows that Trump wants to hear the other side of the argument as well8221 At 257 pm 1857 GMT the Dow Jones Industrial Average fell 20403 points or 082 percent to 24803 the SampampP 500 lost 1178 points or 043 percent to 275353 and the Nasdaq Composite dropped 784 points or 01 percent to 750317 Also weighing on investor sentiment was data that showed US retail sales fell for a third straight month in February pointing to a slowdown in economic growth in the first quarter Slideshow 2 Images Financial stocks fell 13 percent tracking a decline in US bond yields Signet Jewelers fell 197 percent after the company gave a disappointing fullyear earnings forecast Related Video Ford rose 28 percent after Morgan Stanley upgraded the stock to 8220overweight8221 from 8220underweight8221 and raised its earnings estimate on the automaker Declining issues outnumbered advancing ones on the NYSE by a 133to1 ratio on Nasdaq a 149to1 ratio favored decliners The SampampP 500 posted 12 new 52week highs and five new lows the Nasdaq Composite recorded 90 new highs and 37 new lows Additional reporting by Sruthi Shankar in Bengaluru Editing by Arun Koyyur and James Dalgleish Our Standards The Thomson Reuters Trust Principles LONDON Reuters OPEC on Wednesday raisedamp160itsamp160forecastamp160for nonmember oilamp160supplyamp160this year to almost double the growth predicted four months ago as higher prices spur US shale drilling offsetting OPECled output cuts and a collapse in Venezuelan production The logo of the Organization of the Petroleum Exporting Countries OPEC is pictured at its headquarters in Vienna Austria September 21 2017 REUTERSLeonhard Foeger In a monthly report the Organization of the Petroleum Exporting Countries said nonOPEC producers would boost supply by 166 million barrels per day in 2018 That was the fourth straight rise from 870000 bpd forecast in November 8220For 2018 higher growth is expected on the back of the projected increase in US shale production following a better price environment not only for shale producers but also for other countries such as Canada the UK Brazil and China8221 OPEC said of the outlook for nonOPEC supply This would lead to 8220a higher quarterly distribution throughout the year with a recordhigh level projected for the fourth quarter8221 OPEC said OPEC Russia and several other nonOPEC producers but not the United States began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014 They have extended the pact until the end of 2018 The deal has helped boost oil prices LCOc1 which topped 71 a barrel this year for the first time since 2014 and were near 65 on Wednesday But it has also encouraged a flood of shale fuelling a debate about the curbs8217 effectiveness Oil pared much of an earlier gain on Wednesday after the release of the OPEC report The Iranian oil minister said OPEC could agree at its next meeting in June to start easing the curbs in 2019 the Wall Street Journal reported He also said OPEC should aim for oil around 60 to contain shale growth Top exporter Saudi Arabia however said in February it was premature to discuss an exit strategy Fasterthanexpected growth in demand due to a robust world economy has added a tailwind to the OPEC supply effort Although OPEC in the report slightly raised its estimate of growth in world demand to 16 million bpd it now projects the expansion in supply outside the group will exceed gains in demand This brings OPEC8217s view closer to that of the International Energy Agency which expects a less rosy 2018 supplydemand balance VENEZUELAN PLUNGE While rivals are pumping more OPEC8217s production in February fell according to the report Total output dropped by 77000 bpd to 32186 million bpd led by declines in Iraq the United Arab Emirates and Venezuela according to figures OPEC collects from secondary sources Adherence by the 12 OPEC members with output targets rose to 147 percent according to a Reuters calculation based on the OPEC figures higher than 137 percent in January based on last month8217s report The figures that OPEC members reported themselves showed some deeper declines in production Venezuela whose output is dropping amid an economic crisis told OPEC its production sank by about 183000 bpd to 1586 million bpd in February The number is believed to be the lowest in decades With outside producers expected to increase supply by more than demand OPEC cut its estimate of the global requirement for its crude in 2018 by 250000 bpd to 3261 million bpd Should OPEC keep pumping at February8217s level and other things remain equal the market could move into a deficit of about 420000 bpd suggesting inventories will be drawn down This is less than the deficit of about 560000 bpd implied last month The supply cut8217s original aim was to shrink oil inventories in developed economies to their fiveyear average The latest figures gave a mixed picture on stock movements Stocks rose by 137 million barrels in January to 2865 billion barrels although this was only 50 million above the fiveyear average the closest yet OPEC has come to the original target OPEC is now talking of looking at other metrics to assess the market8217s rate of return to balance Editing by Dale Hudson and David Evans Our Standards The Thomson Reuters Trust Principles LOS ANGELES Reuters Walt Disney Co DISN said on Wednesday it had created a new unit for its streaming video and international businesses as the company retools its traditional media operation for a world rapidly embracing online video A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange NYSE in New York US December 14 2017 REUTERSBrendan McDermid Kevin Mayer the company8217s chief strategy officer was named chairman of the new division which will oversee the upcoming ESPN digital offering and the launch of a familyoriented streaming service in late 2019 Disney said in a statement The move effective immediately comes as Disney is in the process of purchasing film TV and international businesses from TwentyFirst Century Fox Inc FOXAO Regulators are reviewing the deal which has been complicated by Comcast Corp8217s CMCSAO offer for one of the assets Britain8217s Sky Plc SKYBL Disney also combined its theme parks business with the consumer products unit that licenses characters for toys apparel and other merchandise Bob Chapek who heads the parks division will lead the combined unit Media networks and the movie studio will remain separate units Disney said 8220We are strategically positioning our businesses for the future creating a more effective global framework to serve consumers worldwide increase growth and maximize shareholder value8221 Disney Chief Executive Bob Iger said in a statement Disney8217s largest TV network ESPN has been losing subscribers as customers drop pay television subscriptions in favor of streaming services such as Netflix Inc NFLXO Walt Disney Co 1039 DISN New York Stock Exchange 017 016 DISN FOXAO CMCSAO SKYBL NFLXO The company is responding with its own digital push It is pulling its firstrun movies from Netflix in 2019 to offer them on the Disneybranded service If the Fox deal wins approval Disney also will expand its programming portfolio and international reach plus own a majority stake in the Hulu streaming service Disney expects to switch its financial reporting to reflect the new structure by the beginning of fiscal 2019 the company said Shares of Disney rose 05 percent to 10433 in afternoon trading on the New York Stock Exchange Reporting by Lisa Richwine Editing by Bernadette Baum Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US retail sales fell for a third straight month in February as households cut back on purchases of motor vehicles and other bigticket items prompting analysts to downgrade their firstquarter economic growth forecasts A woman shops at Brookfield Place in Lower Manhattan in New York City US December 1 2017 REUTERSBrendan McDermid Despite signs of cooling in consumer spending inflation pressures are steadily building which should allow the Federal Reserve to raise interest rates next week Other data on Wednesday showed underlying producer prices rose solidly in February driven by strong gains in the cost of services such as hotel accommodation airline fares and hospital inpatient care The sustained decline in retail sales is surprising as consumer confidence is at a more than 17year high in the wake of a 15 trillion income tax cut package and a labor market that continues to churn out jobs Economists said consumers boosted spending in the fourth quarter in anticipation of the lower taxes 8220Looking at consumer fundamentals there appears to be nothing sinister going on among America8217s households8221 said Ellen Zentner chief economist at Morgan Stanley in New York 8220We posit that the anticipation of the widely publicized tax cuts pulled forward spending into the fourth quarter of 20178221 The Commerce Department said retail sales slipped 01 percent last month January data was revised to show sales dipping 01 percent instead of falling 03 percent as previously reported It was the first time since April 2012 that retail sales have declined for three straight months Economists polled by Reuters had forecast retail sales rising 03 percent in February Retail sales in February increased 40 percent from a year ago Related Coverage US business inventories rise sales post largest drop in oneandahalf years Excluding automobiles gasoline building materials and food services retail sales edged up 01 percent last month after being unchanged in January These socalled core retail sales correspond most closely with the consumer spending component of gross domestic product As a result of the weak core retail sales at the start of the year economists lowered their firstquarter GDP growth estimates The Atlanta Fed slashed its forecast to a 19 percent annualized rate from a 25 percent pace Data forecasting firm Macroeconomic Advisers cut its estimate by fourtenths of a percentage point to a 17 percent rate also taking into account revisions to January retail inventory data The economy grew at a 25 percent pace in the fourth quarter the government reported last month But revisions to December data on construction spending factory orders and inventories have suggested the fourthquarter growth estimate could be raised to a 31 percent pace The government will publish its third estimate for fourthquarter GDP growth later this month In a separate report the Labor Department said a key measure of underlying producer price pressures that excludes food energy and trade services rose 04 percent last month matching January8217s gain That boosted the yearonyear increase in the socalled core PPI to 27 percent the biggest gain since August 2014 from 25 percent in January The increase in underlying wholesale prices supports views that consumer inflation will pick up this year FILE PHOTO Customers shop at a Whole Foods store in New York City US August 28 2017 REUTERSBrendan McDermidFile Photo STRONG INFLATION HYPOTHESIS 8220We firmly believe that core consumer price inflation is rising and the March CPI report will be the acid test of that hypothesis8221 said John Ryding chief economist at RDQ Economics in New York US financial markets largely shrugged off the weak retail sales report and investors focused instead on the wholesale inflation data The dollar initially firmed against a basket of currencies before giving up gains to trade little changed Prices for US Treasuries rose Stocks on Wall Street fell with the Dow Jones Industrial Average DJI shedding more than 250 points as domestic manufacturers continued to suffer from worries over the impact on trade from tariffs announced last week Dow Jones ampamp Company Inc 2475812 DJI Dow Jones Indexes 24891 100 DJI The Fed has forecast three interest rate increases this year Many economists expect the US central bank will raise its projection to four rate increases because of a robust labor market and firming inflation Economists believe that a tightening labor market weak dollar and fiscal stimulus in the form of the tax cuts and increased government spending will lift inflation toward the Fed8217s 2 percent target this year The Fed8217s preferred inflation measure the personal consumption expenditures PCE price index excluding food and energy has undershot its target since May 2012 The massive tax cut package is part of a Tax Cuts and Jobs Act TCJA which came into effect in January Fed officials view the labor market as being near or a little beyond full employment The economy added 313000 jobs in February giving analysts confidence that retail sales could rebound as soon as April 8220Also keep in mind that most folks8217 tax withholding schedules were probably not reduced lower to reflect the TCJA rates until later in February so that support to consumption may not be apparent until the springtime8221 said Michael Feroli an economist at JPMorgan in New York Auto sales fell 09 percent in February after a similar drop in January There were also declines in sales at gasoline stations furniture health and personal care and electronics and appliance stores But there were some pockets of strength Sales at building material stores surged 19 percent last month Receipts at clothing stores gained 04 percent and sales at online retailers jumped 10 percent Consumers also spent more at restaurants and bars and splurged on sporting goods and hobbies Reporting by Lucia Mutikani Editing by Andrea Ricci Our Standards The Thomson Reuters Trust Principles

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<p>I suppose there is no longer much point in debating the facts surrounding the shooting of Michael Brown. First, because Officer Darren Wilson has been cleared by a grand jury, and even the collective brilliance of a thousand bloggers pointing out the glaring inconsistencies in his version of events that August day won&#8217;t result in a different outcome. And second, because Wilson&#8217;s guilt or innocence was always somewhat secondary to the larger issue: namely, the issue of this gigantic national inkblot staring us in the face, and what we see when we look at it&#8212;and more to the point, why?</p> <p>Because it is a kind of racial Rorschach (is it not?) into which each of these cases&#8212;not just Brown but all the others, from Trayvon Martin to Sean Bell to Patrick Dorismond to Aswan Watson and beyond&#8212;inevitably and without fail morph. That we see such different things when we look upon them must mean something. That so much of white America cannot see the shapes made out so clearly by most of black America cannot be a mere coincidence, nor is it likely an inherent defect in our vision. Rather, it is a socially constructed astigmatism that blinds so many to the way in which black folks often experience law enforcement.</p> <p>Not to overdo the medical metaphors, but as with those other cases noted above, so too in this one did a disturbing number of whites manifest something of a repetitive motion disorder&#8212;a reflex nearly as automatic as the one that leads so many police (or wanna-be police) to fire their weapons at black men in the first place. It is a reflex to rationalize the event, defend the shooter, trash the dead with blatantly racist rhetoric and imagery,&amp;#160; <a href="//www.huffingtonpost.com/2014/08/18/ferguson-shooting-poll_n_5688762.html?utm_hp_ref=black-voices" type="external">and then deny</a>&amp;#160;that the incident or one&#8217;s own response to it had&amp;#160; <a href="//www.people-press.org/2014/08/18/stark-racial-divisions-in-reactions-to-ferguson-police-shooting/" type="external">anything to do with race</a>.</p> <p>Reflex: To deny that there was anything racial about sending around those phony pictures&amp;#160; <a href="//www.kctv5.com/story/26310700/kansas-city-officer-faces-review-for-michael-brown-facebook-posts" type="external">claimed to be of Mike Brown</a>&amp;#160;posing with a gun, or the one&amp;#160; <a href="//www.huffingtonpost.com/2014/09/04/darren-wilson-injury-photo-ferguson_n_5768510.html?utm_hp_ref=crime&amp;amp;ir=Crime" type="external">passed off as Darren Wilson</a>&amp;#160;in a hospital bed with his orbital socket blown out.</p> <p>Reflex: To deny that there was anything racial about how quickly&amp;#160; <a href="//www.huffingtonpost.com/ian-reifowitz/zombie-lies-about-ferguso_b_6029750.html" type="external">those pictures were believed to be genuine</a>&amp;#160;by so many who distributed them on social media, even when they weren&#8217;t, and how difficult it is for some to discern the difference between one black man and another.</p> <p>Reflex: To deny that there was anything racial about how rapidly many bought the story that Wilson had been attacked and bloodied, even as video showed him calmly standing at the scene of the shooting without injury, and even as the&amp;#160; <a href="//www.stltoday.com/online/pdf-autopsy-report-for-michael-brown/pdf_ce018d0c-5998-11e4-b700-001a4bcf6878.html" type="external">preliminary report on the incident</a>&amp;#160;made no mention of any injuries to Officer Wilson, and even as Wilson apparently <a href="//thefreethoughtproject.com/shock-video-darren-wilson-violates-1st-amendment-ill-lock-ass-up-arrests-man-filming/#oTKjLGHHgpgbyGcX.99" type="external">&amp;#160;has a history</a>&amp;#160;of power-tripping belligerence towards those with whom he interacts, and a propensity to distort the details of those encounters as well.</p> <p>Reflex: To deny that there was anything racial about Cardinals fans&amp;#160; <a href="//crooksandliars.com/2014/10/watch-how-racist-st-louis-cardinals-fans" type="external">taunting peaceful protesters</a>&amp;#160;who gathered outside a playoff game to raise the issue of Brown&#8217;s death, by calling them crackheads or telling them that it was only because of whites that blacks have any freedoms at all, or that they should &#8220;get jobs&#8221; or &#8220;pull up their pants,&#8221; or go back to Africa.</p> <p>Reflex: To deny that there was anything racial about sending money to Darren Wilson&#8217;s defense fund and then&amp;#160; <a href="//www.theguardian.com/world/2014/aug/22/gofundme-defends-ferguson-officer-fundraising-page-racist-postings" type="external">explaining one&#8217;s donation</a>&amp;#160;by saying&amp;#160; <a href="//www.salon.com/2014/08/22/darren_wilson_gofundme_campaign_has_become_hub_of_racism_and_hate/" type="external">what a service the officer had performed</a>&amp;#160;by removing a &#8220;savage&#8221; like Brown from the community, or by referring to Wilson&#8217;s actions as &#8220;animal control.&#8221;</p> <p>Reflex: To deny that there was anything racial about reaction to evidence of weed in Brown&#8217;s lifeless body, as with Trayvon&#8217;s before him, even though whites&amp;#160; <a href="https://www.aclu.org/criminal-law-reform/war-marijuana-black-and-white-report" type="external">use drugs at the same rate as blacks</a>, but rarely have that fact offered up as a reason for why we might deserve to be shot by police.</p> <p>Reflex: To deny that there was anything racial behind the belief that the head of the Missouri Highway Patrol, brought in to calm tensions in Ferguson, was&amp;#160; <a href="//www.washingtonpost.com/news/morning-mix/wp/2014/08/20/missouri-highway-patrol-capt-ron-johnson-is-not-a-gang-member-hes-just-a-kappa/" type="external">throwing up gang signs</a>&amp;#160;on camera, when actually, it was a hand sign for the black fraternity of which that officer is a member; and to deny that there is anything racial about one&#8217;s stunning ignorance as to the difference between those two things.</p> <p>Reflex: To deny that there&#8217;s anything at all racial about the way that even black&amp;#160;victims&amp;#160;of violence&#8212;like Brown, like Trayvon Martin, and dozens of others&#8212;are&amp;#160; <a href="//www.huffingtonpost.com/2014/08/14/media-black-victims_n_5673291.html?utm_hp_ref=tw" type="external">often spoken of more judgmentally</a>&amp;#160;than even the most horrific of white&amp;#160;perpetrators, the latter of whom are regularly referred to as having been nice, and quiet, and smart, and hardly the type to kill a dozen people, or cut them into little pieces, or eat their flesh after storing it in the freezer for several weeks.</p> <p>And most of all, the reflex to deny that there is anything racial about the lens through which we typically view law enforcement; to deny that being white has shaped our understanding of policing and their actions in places like Ferguson, even as being white has had&amp;#160;everything&amp;#160;to do with those matters. Racial identity shapes the way we are treated by cops, and as such, shapes the way we are likely to view them. As a general rule, nothing we do will get us shot by law enforcement: not&amp;#160; <a href="//www.valuewalk.com/2014/07/target-tells-customers-guns-please/" type="external">walking around in a big box store</a>&amp;#160;with semi-automatic weapons (though standing in one with an air rifle&amp;#160; <a href="//www.buzzfeed.com/mikehayes/the-life-and-death-of-john-crawford#1dxf09l" type="external">gets you killed</a>&amp;#160;if you&#8217;re black); not&amp;#160; <a href="//www.kmov.com/news/crime/Police-Suspect-hides-in-womans-basement-assaults-officers-271009211.html" type="external">assaulting two officers</a>, even in the St. Louis area, a mere five days after Mike Brown was killed; not&amp;#160; <a href="//www.nola.com/opinions/index.ssf/2014/04/who_points_a_gun_at_nopd_and_l.html" type="external">pointing a loaded weapon at three officers</a>&amp;#160;and demanding that they&#8212;the police&#8212;&#8221;drop their fucking guns;&#8221; not committing&amp;#160; <a href="//www.cnn.com/2012/07/20/us/colorado-theater-shooting/" type="external">mass murder in a movie theatre</a>&amp;#160;before finally being taken alive; not proceeding in the wake of that event to&amp;#160; <a href="//www.rawstory.com/rs/2014/08/teen-totes-shotgun-through-town-still-shaken-by-mass-murder-because-2nd-amendment/" type="external">walk around the same town</a>&amp;#160;in which it happened carrying a shotgun; and not killing a cop so as to spark a &#8220;revolution,&#8221; and then leading others on a two month chase through the woods before&amp;#160; <a href="//talkingpointsmemo.com/news/eric-frein-suspect-wanted-revolution" type="external">being arrested with only a few scratches</a>.</p> <p>To white America, in the main, police are the folks who help get our cats out of the tree, or who take us on ride-arounds to show us how gosh-darned exciting it is to be a cop. We experience police most often as helpful, as protectors of our lives and property. But that is not the black experience by and large; and black people know this, however much we don&#8217;t. The history of law enforcement in America, with regard to black folks, has been one of unremitting oppression. That is neither hyperbole nor opinion, but incontrovertible fact. From slave patrols to overseers to the Black Codes to lynching, it is a fact. From dozens of white-on-black riots that marked the first half of the 20th century (in which cops participated actively) to Watts to Rodney King to Abner Louima to Amadou Diallo to the railroading of the Central Park 5, it is a fact. From the New Orleans Police Department&#8217;s killings of Adolph Archie to Henry Glover to the Danziger Bridge shootings there in the wake of Katrina to stop-and-frisk in places like New York, it&#8217;s a fact. And the fact that white people don&#8217;t know this history, have never been required to learn it, and can be considered even remotely informed citizens&amp;#160;without&amp;#160;knowing it, explains a lot about what&#8217;s wrong with America. Black people have to learn everything about white people just to stay alive. They especially and quite obviously have to know what scares us, what triggers the reptilian part of our brains and convinces us that they intend to do us harm. Meanwhile, we need know nothing whatsoever about them. We don&#8217;t have to know their history, their experiences, their hopes and dreams, or&amp;#160;their&amp;#160;fears. And we can go right on being oblivious to all that without consequence. It won&#8217;t be on the test, so to speak.</p> <p>We can remain ignorant to the ubiquity of police misconduct, thinking it the paranoid fever dream of irrational &#8220;race-card&#8221; playing peoples of color, just like we did after the O.J. Simpson verdict. When most of black America responded to that verdict with cathartic relief&#8212;not because they necessarily thought Simpson innocent but because they felt there were enough questions raised about police in the case to sow reasonable doubt&#8212;most white folks concluded that black America had lost its collective mind. How could they&amp;#160;possibly&amp;#160;believe that the LAPD would plant evidence in an attempt to frame or sweeten the case against a criminal defendant? A few years later, had we been paying attention (but of course, we were not), we would have had our answer. It was then that the scandal in the city&#8217;s Ramparts division broke, implicating dozens of police in over a hundred cases of misconduct, including, in one incident, shooting a gang member at point blank range and then planting a weapon on him to make the incident appear as self-defense. So putting aside the guilt or innocence of O.J,, clearly it was not irrational for black Angelenos (and Americans) to give one the likes of Mark Fuhrman side-eye after his own racism was revealed in that case.</p> <p>I think this, more than anything, is the source of our trouble when it comes to racial division in this country. The inability of white people to hear black reality&#8212;to not even know that there is one&amp;#160;and that it differs from our own&#8212;makes it nearly impossible to move forward. But how can we expect black folks to trust law enforcement or to view it in the same heroic and selfless terms that so many of us apparently do? The law has been a weapon used&amp;#160;against&amp;#160;black bodies, not a shield intended to defend them, and for a very long time.</p> <p>In his contribution to Jill Nelson&#8217;s 2000 anthology on police brutality, scholar Robin D.G Kelley reminds us of the bill of particulars.* As Kelley notes, in colonial Virginia, slave owners were allowed to beat, burn, and even mutilate slaves without fear of punishment; and throughout the colonial period, police not only looked the other way at the commission of brutality against black folks, but were actively engaged in the forcible suppression of slave uprisings and insurrections. Later, after abolition, law enforcement regularly and repeatedly released black prisoners into the hands of lynch mobs and stood by as their bodies were hanged from trees, burned with blowtorches, body parts amputated and given out as souvenirs. In city after city, north and south, police either stood by or actively participated in pogroms against African American communities: in Wilmington, North Carolina, Atlanta, New Orleans, New York City, Akron and Birmingham, just to name a few. In one particularly egregious anti-black rampage in East St. Louis, Illinois, in 1917, police shot blacks dead in the street as part of an orgy of violence aimed at African Americans who had moved from the Deep South in search of jobs. One hundred and fifty were killed, including thirty-nine children whose skulls were crushed and whose bodies were thrown into bonfires set by white mobs. In the 1920s, it is estimated that half of all black people who were killed by whites, were killed by white police officers.</p> <p>But Kelley continues: In 1943 white police in Detroit joined with others of their racial compatriots, attacking blacks who had dared to move into previously all-white public housing, killing seventeen. In the 1960s and early &#8217;70s police killed over two dozen members of the Black Panther Party, including those like Mark Clark and Fred Hampton in Chicago, asleep in their beds at the time their apartment was raided. In 1985, Philadelphia law enforcement perpetrated an all-out assault on members of the MOVE organization, bombing their row houses from state police helicopters, killing eleven, including five children, destroying sixty-one homes and leaving hundreds homeless.</p> <p>These are but a few of the stories one could tell, and which Kelley does in his extraordinary recitation of the history&#8212;and for most whites, we are without real knowledge of any of them. But they and others like them are incidents burned into the cell memory of black America. They haven&#8217;t the luxury of forgetting, even as we apparently cannot be bothered to remember, or to learn of these things in the first place. Bull Connor, Sheriff Jim Clark, Deputy Cecil Price: these are not far-away characters for most black folks. How could they be? After all, more than a few still carry the scars inflicted by men such as they. And while few of us would think to ridicule Jews for still harboring less than warm feelings for Germans some 70 years later&#8212;we would understand the lack of trust, the wariness, even the anger&#8212;we apparently find it hard to understand the same historically embedded logic of black trepidation and contempt for law enforcement in&amp;#160;this&amp;#160;country. And this is so, even as black folks&#8217; negative experiences with police have extended well beyond the time frame of Hitler&#8217;s twelve year Reich, and even as those experiences did not stop 70 years ago, or even 70 days ago, or 70 minutes.</p> <p>Can we perhaps, just this once, admit our collective blind spot? Admit that there are things going on, and that have been going on a very long time, about which we know nothing? Might we suspend our disbelief, just long enough to gain some much needed insights about the society we share? One wonders what it will take for us to not merely listen but actually to&amp;#160;hear&amp;#160;the voices of black parents, fearful that the next time their child walks out the door may be the last, and all because someone&#8212;an officer or a self-appointed vigilante&#8212;sees them as dangerous, as disrespectful, as reaching for their gun? Might we be able to hear that without deftly pivoting to the much more comfortable (for us) topic of black crime or single-parent homes? Without deflecting the real and understandable fear of police abuse with lectures about the danger of having a victim mentality&#8212;especially ironic given that such lectures come from a people who apparently see ourselves as the always imminent victims of big black men?</p> <p>Can we just put aside all we think we know about black communities (most of which could fit in a thimble, truth be told) and imagine what it must feel like to walk through life as the embodiment of other people&#8217;s fear, as a monster that haunts their dreams the way Freddie Kreuger does in the movies? To be the physical representation of what marks a neighborhood as bad, a school as bad, not because of anything&amp;#160;you&amp;#160;have actually done, but simply because of the color of your skin? Surely that is not an inconsequential weight to bear. To go through life, every day, having to think about how to behave so as not to scare white people, or so as not to trigger our contempt&#8212;thinking about how to dress, and how to walk and how to talk and how to respond to a cop (not because you&#8217;re wanting to be polite, but because you&#8217;d like to see your mother again)&#8212;is&amp;#160;work;&amp;#160;and it&#8217;s harder than any job that any white person has ever had in this country. To be seen as a font of cultural contagion is tantamount to being a modern day leper.</p> <p>And then perhaps we might spend a few minutes considering what this does to the young black child, and how it differs from the way that white children grow up. Think about how you would respond to the world if that world told you every day how awful you were, how horrible your community was, and how pathological your family. That&#8217;s what we&#8217;re telling black people daily. Every time police call the people they are sworn to protect animals, as at least one Ferguson officer was willing to do on camera, we tell them this. Every time we shrug at the way police routinely stop and frisk young black men, we tell them this. Every time we turn away from the clear disparities in our nation&#8217;s schools, which relegate the black and brown to classrooms led by the least experienced teachers, we tell them this. Every time Bill O&#8217;Reilly pontificates about &#8220;black culture&#8221; and every time Barack Obama tells black men to be better fathers, we tell them this: that they are uniquely flawed, uniquely pathological, a cancerous mass of moral decrepitude to be feared, scorned, surveilled, incarcerated and discarded. The constant drumbeat of negativity is so normalized by now that it forms the backdrop of every conversation about black people held in white spaces when black folks themselves are not around. It is like the way your knee jumps when the doctor taps it with that little hammer thing during a check-up: a reflex by now instinctual, automatic, unthinking.</p> <p>And still we pretend that one can think these things&#8212;that vast numbers of us can&#8212;and yet be capable of treating black folks fairly in the workforce, housing market, schools or in the streets; that we can, on the one hand, view the larger black community as a chaotic maelstrom of iniquity, while still managing, on the other, to treat black loan applicants, job applicants, students or random strangers as mere individuals. That we can somehow thread the needle between our grand aspirations to equanimity as Americans and our deeply internalized biases regarding broad swaths of our nation&#8217;s people.</p> <p>But we can&#8217;t; and it is in these moments&#8212;moments like those provided by events in Ferguson&#8212;that the limits of our commitment to that aspirational America are laid bare. It is in moments like these when the chasm between our respective understandings of the world&#8212;itself opened up by the equally cavernous differences in the way we&#8217;ve experienced it&#8212;seems almost impossible to bridge. But bridge them we must, before the strain of our repetitive motion disorder does permanent and untreatable damage to our collective national body._____</p> <p>*Robin D.G. Kelley, &#8220;Slangin&#8217; Rocks&#8230;Palestinian Style,&#8221; in&amp;#160;Police Brutality: An Anthology, Jill Nelson, ed., (New York, W. W. Norton, 2000), 21-59.</p> <p>Tim Wise is an antiracism educator and author of six books on race. His website is&amp;#160; <a href="http://www.timwise.org/" type="external">www.timwise.org</a>&amp;#160;and he tweets @timjacobwise.</p>

Most White People in America Are Completely Oblivious

http://alternet.org/most-white-people-america-are-completely-oblivious

2014-11-25

4left

I suppose there is no longer much point in debating the facts surrounding the shooting of Michael Brown First because Officer Darren Wilson has been cleared by a grand jury and even the collective brilliance of a thousand bloggers pointing out the glaring inconsistencies in his version of events that August day won8217t result in a different outcome And second because Wilson8217s guilt or innocence was always somewhat secondary to the larger issue namely the issue of this gigantic national inkblot staring us in the face and what we see when we look at it8212and more to the point why Because it is a kind of racial Rorschach is it not into which each of these cases8212not just Brown but all the others from Trayvon Martin to Sean Bell to Patrick Dorismond to Aswan Watson and beyond8212inevitably and without fail morph That we see such different things when we look upon them must mean something That so much of white America cannot see the shapes made out so clearly by most of black America cannot be a mere coincidence nor is it likely an inherent defect in our vision Rather it is a socially constructed astigmatism that blinds so many to the way in which black folks often experience law enforcement Not to overdo the medical metaphors but as with those other cases noted above so too in this one did a disturbing number of whites manifest something of a repetitive motion disorder8212a reflex nearly as automatic as the one that leads so many police or wannabe police to fire their weapons at black men in the first place It is a reflex to rationalize the event defend the shooter trash the dead with blatantly racist rhetoric and imageryamp160 and then denyamp160that the incident or one8217s own response to it hadamp160 anything to do with race Reflex To deny that there was anything racial about sending around those phony picturesamp160 claimed to be of Mike Brownamp160posing with a gun or the oneamp160 passed off as Darren Wilsonamp160in a hospital bed with his orbital socket blown out Reflex To deny that there was anything racial about how quicklyamp160 those pictures were believed to be genuineamp160by so many who distributed them on social media even when they weren8217t and how difficult it is for some to discern the difference between one black man and another Reflex To deny that there was anything racial about how rapidly many bought the story that Wilson had been attacked and bloodied even as video showed him calmly standing at the scene of the shooting without injury and even as theamp160 preliminary report on the incidentamp160made no mention of any injuries to Officer Wilson and even as Wilson apparently amp160has a historyamp160of powertripping belligerence towards those with whom he interacts and a propensity to distort the details of those encounters as well Reflex To deny that there was anything racial about Cardinals fansamp160 taunting peaceful protestersamp160who gathered outside a playoff game to raise the issue of Brown8217s death by calling them crackheads or telling them that it was only because of whites that blacks have any freedoms at all or that they should 8220get jobs8221 or 8220pull up their pants8221 or go back to Africa Reflex To deny that there was anything racial about sending money to Darren Wilson8217s defense fund and thenamp160 explaining one8217s donationamp160by sayingamp160 what a service the officer had performedamp160by removing a 8220savage8221 like Brown from the community or by referring to Wilson8217s actions as 8220animal control8221 Reflex To deny that there was anything racial about reaction to evidence of weed in Brown8217s lifeless body as with Trayvon8217s before him even though whitesamp160 use drugs at the same rate as blacks but rarely have that fact offered up as a reason for why we might deserve to be shot by police Reflex To deny that there was anything racial behind the belief that the head of the Missouri Highway Patrol brought in to calm tensions in Ferguson wasamp160 throwing up gang signsamp160on camera when actually it was a hand sign for the black fraternity of which that officer is a member and to deny that there is anything racial about one8217s stunning ignorance as to the difference between those two things Reflex To deny that there8217s anything at all racial about the way that even blackamp160victimsamp160of violence8212like Brown like Trayvon Martin and dozens of others8212areamp160 often spoken of more judgmentallyamp160than even the most horrific of whiteamp160perpetrators the latter of whom are regularly referred to as having been nice and quiet and smart and hardly the type to kill a dozen people or cut them into little pieces or eat their flesh after storing it in the freezer for several weeks And most of all the reflex to deny that there is anything racial about the lens through which we typically view law enforcement to deny that being white has shaped our understanding of policing and their actions in places like Ferguson even as being white has hadamp160everythingamp160to do with those matters Racial identity shapes the way we are treated by cops and as such shapes the way we are likely to view them As a general rule nothing we do will get us shot by law enforcement notamp160 walking around in a big box storeamp160with semiautomatic weapons though standing in one with an air rifleamp160 gets you killedamp160if you8217re black notamp160 assaulting two officers even in the St Louis area a mere five days after Mike Brown was killed notamp160 pointing a loaded weapon at three officersamp160and demanding that they8212the police82128221drop their fucking guns8221 not committingamp160 mass murder in a movie theatreamp160before finally being taken alive not proceeding in the wake of that event toamp160 walk around the same townamp160in which it happened carrying a shotgun and not killing a cop so as to spark a 8220revolution8221 and then leading others on a two month chase through the woods beforeamp160 being arrested with only a few scratches To white America in the main police are the folks who help get our cats out of the tree or who take us on ridearounds to show us how goshdarned exciting it is to be a cop We experience police most often as helpful as protectors of our lives and property But that is not the black experience by and large and black people know this however much we don8217t The history of law enforcement in America with regard to black folks has been one of unremitting oppression That is neither hyperbole nor opinion but incontrovertible fact From slave patrols to overseers to the Black Codes to lynching it is a fact From dozens of whiteonblack riots that marked the first half of the 20th century in which cops participated actively to Watts to Rodney King to Abner Louima to Amadou Diallo to the railroading of the Central Park 5 it is a fact From the New Orleans Police Department8217s killings of Adolph Archie to Henry Glover to the Danziger Bridge shootings there in the wake of Katrina to stopandfrisk in places like New York it8217s a fact And the fact that white people don8217t know this history have never been required to learn it and can be considered even remotely informed citizensamp160withoutamp160knowing it explains a lot about what8217s wrong with America Black people have to learn everything about white people just to stay alive They especially and quite obviously have to know what scares us what triggers the reptilian part of our brains and convinces us that they intend to do us harm Meanwhile we need know nothing whatsoever about them We don8217t have to know their history their experiences their hopes and dreams oramp160theiramp160fears And we can go right on being oblivious to all that without consequence It won8217t be on the test so to speak We can remain ignorant to the ubiquity of police misconduct thinking it the paranoid fever dream of irrational 8220racecard8221 playing peoples of color just like we did after the OJ Simpson verdict When most of black America responded to that verdict with cathartic relief8212not because they necessarily thought Simpson innocent but because they felt there were enough questions raised about police in the case to sow reasonable doubt8212most white folks concluded that black America had lost its collective mind How could theyamp160possiblyamp160believe that the LAPD would plant evidence in an attempt to frame or sweeten the case against a criminal defendant A few years later had we been paying attention but of course we were not we would have had our answer It was then that the scandal in the city8217s Ramparts division broke implicating dozens of police in over a hundred cases of misconduct including in one incident shooting a gang member at point blank range and then planting a weapon on him to make the incident appear as selfdefense So putting aside the guilt or innocence of OJ clearly it was not irrational for black Angelenos and Americans to give one the likes of Mark Fuhrman sideeye after his own racism was revealed in that case I think this more than anything is the source of our trouble when it comes to racial division in this country The inability of white people to hear black reality8212to not even know that there is oneamp160and that it differs from our own8212makes it nearly impossible to move forward But how can we expect black folks to trust law enforcement or to view it in the same heroic and selfless terms that so many of us apparently do The law has been a weapon usedamp160againstamp160black bodies not a shield intended to defend them and for a very long time In his contribution to Jill Nelson8217s 2000 anthology on police brutality scholar Robin DG Kelley reminds us of the bill of particulars As Kelley notes in colonial Virginia slave owners were allowed to beat burn and even mutilate slaves without fear of punishment and throughout the colonial period police not only looked the other way at the commission of brutality against black folks but were actively engaged in the forcible suppression of slave uprisings and insurrections Later after abolition law enforcement regularly and repeatedly released black prisoners into the hands of lynch mobs and stood by as their bodies were hanged from trees burned with blowtorches body parts amputated and given out as souvenirs In city after city north and south police either stood by or actively participated in pogroms against African American communities in Wilmington North Carolina Atlanta New Orleans New York City Akron and Birmingham just to name a few In one particularly egregious antiblack rampage in East St Louis Illinois in 1917 police shot blacks dead in the street as part of an orgy of violence aimed at African Americans who had moved from the Deep South in search of jobs One hundred and fifty were killed including thirtynine children whose skulls were crushed and whose bodies were thrown into bonfires set by white mobs In the 1920s it is estimated that half of all black people who were killed by whites were killed by white police officers But Kelley continues In 1943 white police in Detroit joined with others of their racial compatriots attacking blacks who had dared to move into previously allwhite public housing killing seventeen In the 1960s and early 821770s police killed over two dozen members of the Black Panther Party including those like Mark Clark and Fred Hampton in Chicago asleep in their beds at the time their apartment was raided In 1985 Philadelphia law enforcement perpetrated an allout assault on members of the MOVE organization bombing their row houses from state police helicopters killing eleven including five children destroying sixtyone homes and leaving hundreds homeless These are but a few of the stories one could tell and which Kelley does in his extraordinary recitation of the history8212and for most whites we are without real knowledge of any of them But they and others like them are incidents burned into the cell memory of black America They haven8217t the luxury of forgetting even as we apparently cannot be bothered to remember or to learn of these things in the first place Bull Connor Sheriff Jim Clark Deputy Cecil Price these are not faraway characters for most black folks How could they be After all more than a few still carry the scars inflicted by men such as they And while few of us would think to ridicule Jews for still harboring less than warm feelings for Germans some 70 years later8212we would understand the lack of trust the wariness even the anger8212we apparently find it hard to understand the same historically embedded logic of black trepidation and contempt for law enforcement inamp160thisamp160country And this is so even as black folks8217 negative experiences with police have extended well beyond the time frame of Hitler8217s twelve year Reich and even as those experiences did not stop 70 years ago or even 70 days ago or 70 minutes Can we perhaps just this once admit our collective blind spot Admit that there are things going on and that have been going on a very long time about which we know nothing Might we suspend our disbelief just long enough to gain some much needed insights about the society we share One wonders what it will take for us to not merely listen but actually toamp160hearamp160the voices of black parents fearful that the next time their child walks out the door may be the last and all because someone8212an officer or a selfappointed vigilante8212sees them as dangerous as disrespectful as reaching for their gun Might we be able to hear that without deftly pivoting to the much more comfortable for us topic of black crime or singleparent homes Without deflecting the real and understandable fear of police abuse with lectures about the danger of having a victim mentality8212especially ironic given that such lectures come from a people who apparently see ourselves as the always imminent victims of big black men Can we just put aside all we think we know about black communities most of which could fit in a thimble truth be told and imagine what it must feel like to walk through life as the embodiment of other people8217s fear as a monster that haunts their dreams the way Freddie Kreuger does in the movies To be the physical representation of what marks a neighborhood as bad a school as bad not because of anythingamp160youamp160have actually done but simply because of the color of your skin Surely that is not an inconsequential weight to bear To go through life every day having to think about how to behave so as not to scare white people or so as not to trigger our contempt8212thinking about how to dress and how to walk and how to talk and how to respond to a cop not because you8217re wanting to be polite but because you8217d like to see your mother again8212isamp160workamp160and it8217s harder than any job that any white person has ever had in this country To be seen as a font of cultural contagion is tantamount to being a modern day leper And then perhaps we might spend a few minutes considering what this does to the young black child and how it differs from the way that white children grow up Think about how you would respond to the world if that world told you every day how awful you were how horrible your community was and how pathological your family That8217s what we8217re telling black people daily Every time police call the people they are sworn to protect animals as at least one Ferguson officer was willing to do on camera we tell them this Every time we shrug at the way police routinely stop and frisk young black men we tell them this Every time we turn away from the clear disparities in our nation8217s schools which relegate the black and brown to classrooms led by the least experienced teachers we tell them this Every time Bill O8217Reilly pontificates about 8220black culture8221 and every time Barack Obama tells black men to be better fathers we tell them this that they are uniquely flawed uniquely pathological a cancerous mass of moral decrepitude to be feared scorned surveilled incarcerated and discarded The constant drumbeat of negativity is so normalized by now that it forms the backdrop of every conversation about black people held in white spaces when black folks themselves are not around It is like the way your knee jumps when the doctor taps it with that little hammer thing during a checkup a reflex by now instinctual automatic unthinking And still we pretend that one can think these things8212that vast numbers of us can8212and yet be capable of treating black folks fairly in the workforce housing market schools or in the streets that we can on the one hand view the larger black community as a chaotic maelstrom of iniquity while still managing on the other to treat black loan applicants job applicants students or random strangers as mere individuals That we can somehow thread the needle between our grand aspirations to equanimity as Americans and our deeply internalized biases regarding broad swaths of our nation8217s people But we can8217t and it is in these moments8212moments like those provided by events in Ferguson8212that the limits of our commitment to that aspirational America are laid bare It is in moments like these when the chasm between our respective understandings of the world8212itself opened up by the equally cavernous differences in the way we8217ve experienced it8212seems almost impossible to bridge But bridge them we must before the strain of our repetitive motion disorder does permanent and untreatable damage to our collective national body_____ Robin DG Kelley 8220Slangin8217 Rocks8230Palestinian Style8221 inamp160Police Brutality An Anthology Jill Nelson ed New York W W Norton 2000 2159 Tim Wise is an antiracism educator and author of six books on race His website isamp160 wwwtimwiseorgamp160and he tweets timjacobwise

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<p>SAO PAULO (Reuters) - Monsanto Co has two months to present a defense of its patent on genetically modified soybeans in Brazil, a lawyer for the company told Reuters after authorities suggested the U.S. seed company&#8217;s intellectual property rights should be revoked.</p> FILE PHOTO: The Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2016. REUTERS/Brendan McDermid/File Photo <p>Luiz Henrique do Amaral, an attorney representing Monsanto, said the company would present arguments ahead of a March 22 deadline to push back against patent officials calling for annulment of the patent on Intacta seeds.</p> <p>Brazil&#8217;s solicitor general cited that re-evaluation by patent authority INPI in a case brought in November by soy producers in the state of Mato Grosso. The revised opinion could spark years of litigation in the world&#8217;s biggest soy exporter.</p> <p>&#8220;Any court ruling suspending royalty payments can be appealed by Monsanto,&#8221; Amaral said. He declined to estimate how long it would take for a final lower court ruling on the patent.</p> <p>Sidney Pereira de Souza Junior, the lawyer representing the Mato Grosso soy growers association Aprosoja, said the case &#8220;is moving fast,&#8221; and a decision could come in two years. He said that after Monsanto presents its defense, the court could issue an injunction ordering it to suspend collection of Intacta royalties while the case is being deliberated.</p> <p>Amaral said that after a 10-year patent approval process it seemed &#8220;surprising&#8221; INPI would reverse its finding in a few weeks, based on the opinions of officials who did not participate in the original review.</p> <p>INPI said in a statement it had given its technical opinion in the case on the basis of Aprosoja&#8217;s arguments, and that Monsanto had not presented counter-arguments before the court.</p> <p>Intellectual property rights are crucial to Monsanto, which also faces regulatory hurdles to gain approval for its takeover by Bayer AG, a $63.5&amp;#160;billion deal that would create the world&#8217;s largest pesticides and seeds company.</p> <p>Monsanto&#8217;s shares have been trading at a big discount to Bayer&#8217;s offer price of $128 as investors worry about antitrust reviews around the world, including in Brazil, Monsanto&#8217;s second-biggest market.</p> <p>About 96.5 percent of planted soy area in Brazil is occupied by genetically engineered beans.</p> <p>Global demand for transgenic seeds including soybean and corn is expected to rise to $36.5 billion in 2021 from $21.5 billion in 2015, according Zion Research.</p> <p>Intacta is genetically engineered to tolerate the herbicide glyphosate and to resist caterpillars. Monsanto has been collecting royalties on the Intacta seed since 2013 after receiving patent rights in 2012. Its patent protection extends through 2022.</p> <p>(This version of the story corrects paragraph 12 to say Monsanto&#8217;s Intacta patent was granted in 2012 while royalties collection started in 2013; not that Monsanto has been collecting royalties on the seed since 2012)</p> <p>Reporting by Ana Mano; Editing by David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The Trump administration is expected to unveil up to $60 billion in new tariffs on Chinese imports by Friday, targeting technology, telecommunications and intellectual property, two officials briefed on the matter said Monday.</p> <p>One business source, who has discussed the issue with the administration, said that the China tariffs may be subject to a public comment period, which would delay their effective date and allow industry groups and companies to lodge objections.</p> <p>This would be considerably different from the quick implementation of the steel and aluminum tariffs, which are set to go into effect on March 23, just 15 days after President Donald Trump signed the proclamations.</p> <p>A delayed approach could allow time for negotiations with Beijing to try to resolve trade issues related to the administration&#8217;s &#8220;Section 301&#8221; probe into China&#8217;s intellectual property practices before tariffs take effect.</p> <p>The White House declined to comment Monday. China has vowed to take retaliatory measures in response.</p> Shipping containers are seen at Nansha terminal of Guangzhou port, in Guangdong province, China June 14, 2017. Picture taken June 14, 2017. REUTERS/Stringer <p>Reuters first reported on the $60 billion in tariffs last week.</p> <p>A source who had direct knowledge of the administration&#8217;s thinking told Reuters last week that the tariffs, authorized under the 1974 U.S. Trade Act, would be chiefly targeted at information technology, consumer electronics and telecoms and other products benefiting from U.S. intellectual property. But they could be much broader and hit consumer products such as clothing and footwear, with a list eventually running to 100 products, this person said.</p> FILE PHOTO - A U.S. flag is tweaked ahead of a news conference at the Ministry of Foreign Affairs in Beijing, Wednesday, Jan. 27, 2016. REUTERS/Jacquelyn Martin/Pool <p>China runs a $375 billion trade surplus with the United States and when President Xi Jinping&#8217;s top economic adviser visited Washington recently, the administration pressed him to come up with a way of reducing that number.</p> <p>In January, Trump told Reuters he was considering a big &#8220;fine&#8221; as part of a probe into China&#8217;s alleged theft of intellectual property. Trump said the Chinese government had forced U.S. companies to transfer their intellectual property to China as a cost of doing business there.</p> <p>Expectations of the anti-China tariffs have alarmed dozens of U.S. business groups, who warned on Sunday they would raise prices for consumers, kill jobs and drive down financial markets.</p> <p>Reporting by David Shepardson and Steve Holland in Washington and David Lawder in Buenos Aires; Editing by Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - As a senior vice president at Wachovia and then Morgan Stanley during the dark months of the 2008 and 2009 financial crisis, Derek Peterson watched as colleagues lost their jobs and life savings and wondered if he was next.</p> <p>At the time, he was managing approximately $120 million in client assets, but was growing disenchanted with what he saw as a U.S. stock market driven by high-frequency trading and algorithms rather than fundamentals. He started looking for other opportunities, and soon stumbled on some of the first legal medical marijuana dispensaries that had opened in the San Francisco Bay Area.</p> <p>&#8220;I started looking at this through a finance guy&#8217;s eyes and saw that maybe there was something going on here,&#8221; he said.</p> <p>He soon discovered that dispensaries were bringing in sales of more than $4,000 per square foot, a rate higher than any U.S. retailer but Apple Inc , and more than 12 times the average $325 per square foot among all companies in the sector.</p> <p>&#8220;You had places the size of Starbucks bringing in $15 million a year, which is absurd,&#8221; Peterson said.</p> <p>He quit his day job at Morgan Stanley in late 2010, and in 2012 became chief executive officer and president of Terra Tech Corp, which is now a $247 million company that cultivates medical marijuana and whose shares trade on the over-the-counter market, making it one of the few publicly traded pot stocks.</p> <p>Peterson is not alone in the jump from Wall Street to weed.</p> <p>Ten years after the start of the financial crisis, what was once the province of shady stoners and drug cartels is now a thriving industry, with recreational marijuana legal in states ranging from California to Massachusetts. (Map: <a href="http://tmsnrt.rs/2AFalvZ" type="external">tmsnrt.rs/2AFalvZ</a>)</p> <p>Powering the expansion of the industry are former Wall Street executives like Peterson that hail from such staid firms as BlackRock Inc , Goldman Sachs Group Inc and Prudential Financial Inc, all of whom say that they might not have ever left traditional finance if not for the lingering damage of the 2008 crisis.</p> <p>There are few reliable numbers on how many former Wall Street professionals who now work in the cannabis industry, though those in the sector say that they expect the migration to accelerate as revenue growth continues to attract talent.</p> <p>Companies in the U.S. marijuana market posted revenues of approximately $6 billion in 2017, a 500 percent increase from the roughly $1 billion in 2011, according to estimates from Marijuana Business Daily, a trade publication.</p> FILE PHOTO: A billboard advertising marijuana in advance of the upcoming legalization of recreational marijuana in San Francisco, California, U.S., December 29, 2017. REUTERS/Jim Christie/File Photo <p>Approximately 250,000 people work in the sector, and both jobs and revenues are expected to double or triple over the next four years, the publication estimates.</p> <p>&#8220;The financial crisis and the stagnation of many industries in the U.S. in its aftermath have led many people to consider this a viable career,&#8221; said Chris Walsh, editorial vice president at Marijuana Business Daily.</p> Slideshow (2 Images) LINGERING FEARS OF WASHINGTON <p>Despite the growth prospects, many financial professionals are still too leery of federal law, which considers marijuana an illegal drug, to take a job in the industry until there are clear signals from Washington or a change in the makeup of government, said Ruth Epstein, a partner at San Francisco-based BGP Advisors, a business advisory firm that focuses on companies in the cannabis sector.</p> <p>In January, the Justice Department reversed a policy from the Obama administration which allowed states to legalize marijuana without fears of a federal crackdown. That has had a &#8220;chilling effect&#8221; on recruiting within the industry, Epstein said.</p> <p>&#8220;People have really been scared away from investing and to a large extent that same mentality is keeping the talent away,&#8221; said Epstein, a Harvard Business School graduate who spent nearly 10 years on the corporate finance desk at Goldman Sachs. That, in turn, has &#8220;created a massive opportunity for someone who understands finance and is willing to be out on the vanguard,&#8221; she added.</p> <p>Morgan Paxhia, co-founder of San Francisco-based Poseidon Asset Management, a $25 million hedge fund that focuses exclusively on the marijuana sector, was a trader on the municipal debt desk at UBS in New York during the financial crisis. He would pass by the Lehman Brothers building each day on the way to work, and it felt as if &#8220;the building were just cratering around you,&#8221; he said.</p> <p>He was laid off on March 9, 2009, the day that the U.S. stock market finally bottomed out. He spent a few years at a registered investment adviser before starting Poseidon with his sister, Emily, in 2013, attracted by the possibility of growth at a time when financial companies seemed to be overly cautious, he said.</p> <p>&#8220;If the financial crisis never happened we would have banks in this industry already, but they won&#8217;t push this industry forward because they&#8217;re too afraid,&#8221; he said. &#8220;It&#8217;s opened up huge opportunities for those who are willing to come in and capitalize it.&#8221;</p> <p>Peterson, the Terra Tech CEO, said that he now routinely fields calls from employees of large banks and investment firms who are looking to enter the industry. That is a steep change from his first few years in the pot sector, when it was still largely ruled by black-market growers and questionable outfits.</p> <p>&#8220;When I first started out, the fact that I had worked on Wall Street made me seem like a real outsider, to the point where people would ask, &#8220;Are you a narc?&#8217;&#8221; he said, referring to a federal narcotics officer. &#8220;It&#8217;s in the last two years that we&#8217;ve seen a tremendous influx of people from traditional business backgrounds.&#8221;</p> <p>Reporting by David Randall; Editing by Jennifer Ablan and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Toys &#8216;R&#8217; Us said at a bankruptcy court hearing on Tuesday that it was working hard to maximize payments to suppliers and lenders, as it starts to shutter 735 big-box toy stores across the United States.</p> FILE PHOTO - People pass by Toys R Us store at Times Square in New York, U.S., March 9, 2018. REUTERS/Eduardo Munoz/File Photo <p>More than 50 suppliers, including Barbie maker Mattel ( <a href="/finance/stocks/overview?symbol=MAT.O" type="external">MAT.O</a>) and Lego, have objected in some form to the proceedings by the storied toy retailer to liquidate its U.S. business, putting 30,000 jobs at risk.</p> <p>Toys &#8216;R&#8217; Us had been trying to reorganize under U.S. Chapter 11 but last week said those efforts had failed and it was quickly running out of cash. It is also winding down its U.K business, but is looking for a buyer for operations in Canada, Europe and Asia.</p> <p>Some trade vendors are demanding the company return any unpaid inventory rather than selling it and using going out of business sales to pay secured lenders and bankruptcy lawyers, at their cost, court papers showed.</p> <p>&#8220;We&#8217;re making every effort to make sure (trade vendors) will be paid in full,&#8221; Lazard&#8217;s David Kurtz, who is advising Toys &#8216;R&#8217; Us, testified at a hearing at U.S. Bankruptcy Court in Richmond, Virginia.</p> <p>The company is seeking approval for a March 26 deadline for bids for each of its foreign businesses, minus U.K., followed by an auction on March 29.</p> <p>It is also seeking approval for a series of U.S. liquidation procedures including a halt to more than $450 million in supplier payments as part of a plan that experts told Reuters could cause many small toy makers to disappear.</p> <p>Toys &#8216;R&#8217; Us was the last remaining specialty toy retailer in the United States. Hundreds of companies relied on its big-box stores as a showcase for both innovative toys as well as classics.</p> <a href="/finance/stocks/overview?symbol=MAT.O" type="external">Mattel Inc</a> 12.97 MAT.O Nasdaq -0.25 (-1.89%) MAT.O <p>Under trade agreements, vendors were required to ship goods to Toys &#8216;R&#8217; Us on unsecured trade credit.</p> <p>In a court filing, Lego said any &#8220;wind-down must be implemented in a manner that is fair and equitable to all&#8221; of the company&#8217;s creditors.</p> <p>The U.S. Trustee, a bankruptcy watchdog, has also objected, saying that while it is &#8220;resigned&#8221; to the company&#8217;s future, it is concerned about certain of the procedures and relief proposed as part of the liquidation.</p> <p>Toys &#8216;R&#8217; Us financial advisor Bill Kosturos of Alvarez &amp;amp; Marsal was also testifying at the hearing before U.S. Bankruptcy Judge Keith Phillips, which could run into Wednesday.</p> <p>Reporting by Tracy Rucinski; Editing by David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK/CHICAGO (Reuters) - U.S. film and TV studio The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of sexual harassment and assault, filed for bankruptcy on Monday and said it was ending all non-disclosure agreements that may have silenced some women.</p> <p>The filing in U.S. Bankruptcy Court in Delaware follows accusations by more than 70 women against the company&#8217;s co-founder, Harvey Weinstein, who was one of Hollywood&#8217;s most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.</p> <p>The women who spoke out against Weinstein spurred a national movement against sexual harassment, with victims sharing their stories on social media and labeling them under the hashtag #MeToo.</p> <p>Texas private equity firm Lantern Capital agreed to buy Weinstein Company out of bankruptcy for $310 million. The firm's offer, saving the studio from winding down its business, will be subject to higher and better bids in a court-supervised auction scheduled for May 2. <a href="http://bit.ly/2prGdNm" type="external">bit.ly/2prGdNm</a></p> <p>The deadline for other bids is April 30.</p> <p>Lantern had been a potential investor in former Obama administration official Maria Contreras-Sweet&#8217;s bid for the studio, which was ultimately terminated.</p> <p>The Weinstein Company&#8217;s bankruptcy will halt victim&#8217;s lawsuits against the company and any sexual misconduct claims would likely only be compensated after secured creditors are paid in full. Maria Contreras-Sweet&#8217;s bid for the studio included a $80-90 million compensation fund that would supplement any insurance payouts victims would receive.</p> <p>The Weinstein Company, which has won 28 Academy Awards, owns a film library of 277 feature films that have generated over $2 billion in aggregate box office receipts worldwide.</p> <p>Yet the company said in court papers it has lost about 25 percent of its workforce and many of its long time business partners since October 2017, when accusations against Harvey Weinstein became public.</p> <p>&#8220;It is an understatement to say that the last six months have been trying for the company,&#8221; Chief Restructuring Officer Robert Del Genio said in court papers.</p> FILE PHOTO - Harvey Weinstein speaks at the UBS 40th Annual Global Media and Communications Conference in New York, December 5, 2012. REUTERS/Carlo Allegri <p>As part of the bankruptcy filing, the Weinstein Company said it released anyone &#8220;who suffered or witnessed any form of sexual misconduct by Harvey Weinstein&#8221; from nondisclosure agreements.</p> <p>&#8220;Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those &#8216;agreements&#8217; end,&#8221; the company said in an emailed statement.</p> <p>In February, New York Attorney General Eric Schneiderman sued The Weinstein Company, Harvey Weinstein and his brother Bob Weinstein, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. Bob Weinstein co-founded the company and is the co-chairman.</p> <p>&#8220;This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace,&#8221; Schneiderman said in a statement after the company&#8217;s announcement on Monday.</p> <p>In its filing, the Weinstein Company listed $500 million to $1 billion in both liabilities and assets.</p> <p>The studio has spent months looking for a buyer or investor. Before the deal with Contreras-Sweet&#8217;s group failed, The Weinstein Company had tried securing rescue financing from other investors.</p> <p>Lions Gate Entertainment Corp had made an earlier offer for some of the company&#8217;s assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and Bob Weinstein. Both could be among potential bidders in the auction.</p> <p>Movie producer Killer Content also said bankruptcy would be the best option for the company, and that it may be interested in the studio&#8217;s assets in a bankruptcy auction.</p> <p>The Weinstein Company also won commitments from its bank lenders for a $25 million bankruptcy loan.</p> <p>Launched in October 2005, the studio produced and distributed critically acclaimed hits including &#8220;The King&#8217;s Speech&#8221; and &#8220;Silver Linings Playbook,&#8221; as well as TV series such as long-running fashion reality competition &#8220;Project Runway.&#8221;</p> <p>Reporting by Jessica DiNapoli in New York, Tracy Rucinski in Chicago and Ismail Shakil in Bengaluru; Editing by Marguerita Choy</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Monsanto to defend Brazil patent on GM soybeans: lawyers U.S. expected to impose up to $60 billion in China tariffs by Friday: sources From Wall Street to weed: How the financial crisis lit up the pot industry Toys 'R' Us says 'making every effort' to pay vendors Weinstein Co files for bankruptcy, ends all non-disclosure agreements

https://reuters.com/article/us-monsanto-brazil/monsanto-to-defend-brazil-patent-on-gm-soybeans-lawyers-idUSKBN1FD2KW

2018-01-24

2least

SAO PAULO Reuters Monsanto Co has two months to present a defense of its patent on genetically modified soybeans in Brazil a lawyer for the company told Reuters after authorities suggested the US seed company8217s intellectual property rights should be revoked FILE PHOTO The Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange NYSE in New York City US May 9 2016 REUTERSBrendan McDermidFile Photo Luiz Henrique do Amaral an attorney representing Monsanto said the company would present arguments ahead of a March 22 deadline to push back against patent officials calling for annulment of the patent on Intacta seeds Brazil8217s solicitor general cited that reevaluation by patent authority INPI in a case brought in November by soy producers in the state of Mato Grosso The revised opinion could spark years of litigation in the world8217s biggest soy exporter 8220Any court ruling suspending royalty payments can be appealed by Monsanto8221 Amaral said He declined to estimate how long it would take for a final lower court ruling on the patent Sidney Pereira de Souza Junior the lawyer representing the Mato Grosso soy growers association Aprosoja said the case 8220is moving fast8221 and a decision could come in two years He said that after Monsanto presents its defense the court could issue an injunction ordering it to suspend collection of Intacta royalties while the case is being deliberated Amaral said that after a 10year patent approval process it seemed 8220surprising8221 INPI would reverse its finding in a few weeks based on the opinions of officials who did not participate in the original review INPI said in a statement it had given its technical opinion in the case on the basis of Aprosoja8217s arguments and that Monsanto had not presented counterarguments before the court Intellectual property rights are crucial to Monsanto which also faces regulatory hurdles to gain approval for its takeover by Bayer AG a 635amp160billion deal that would create the world8217s largest pesticides and seeds company Monsanto8217s shares have been trading at a big discount to Bayer8217s offer price of 128 as investors worry about antitrust reviews around the world including in Brazil Monsanto8217s secondbiggest market About 965 percent of planted soy area in Brazil is occupied by genetically engineered beans Global demand for transgenic seeds including soybean and corn is expected to rise to 365 billion in 2021 from 215 billion in 2015 according Zion Research Intacta is genetically engineered to tolerate the herbicide glyphosate and to resist caterpillars Monsanto has been collecting royalties on the Intacta seed since 2013 after receiving patent rights in 2012 Its patent protection extends through 2022 This version of the story corrects paragraph 12 to say Monsanto8217s Intacta patent was granted in 2012 while royalties collection started in 2013 not that Monsanto has been collecting royalties on the seed since 2012 Reporting by Ana Mano Editing by David Gregorio Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The Trump administration is expected to unveil up to 60 billion in new tariffs on Chinese imports by Friday targeting technology telecommunications and intellectual property two officials briefed on the matter said Monday One business source who has discussed the issue with the administration said that the China tariffs may be subject to a public comment period which would delay their effective date and allow industry groups and companies to lodge objections This would be considerably different from the quick implementation of the steel and aluminum tariffs which are set to go into effect on March 23 just 15 days after President Donald Trump signed the proclamations A delayed approach could allow time for negotiations with Beijing to try to resolve trade issues related to the administration8217s 8220Section 3018221 probe into China8217s intellectual property practices before tariffs take effect The White House declined to comment Monday China has vowed to take retaliatory measures in response Shipping containers are seen at Nansha terminal of Guangzhou port in Guangdong province China June 14 2017 Picture taken June 14 2017 REUTERSStringer Reuters first reported on the 60 billion in tariffs last week A source who had direct knowledge of the administration8217s thinking told Reuters last week that the tariffs authorized under the 1974 US Trade Act would be chiefly targeted at information technology consumer electronics and telecoms and other products benefiting from US intellectual property But they could be much broader and hit consumer products such as clothing and footwear with a list eventually running to 100 products this person said FILE PHOTO A US flag is tweaked ahead of a news conference at the Ministry of Foreign Affairs in Beijing Wednesday Jan 27 2016 REUTERSJacquelyn MartinPool China runs a 375 billion trade surplus with the United States and when President Xi Jinping8217s top economic adviser visited Washington recently the administration pressed him to come up with a way of reducing that number In January Trump told Reuters he was considering a big 8220fine8221 as part of a probe into China8217s alleged theft of intellectual property Trump said the Chinese government had forced US companies to transfer their intellectual property to China as a cost of doing business there Expectations of the antiChina tariffs have alarmed dozens of US business groups who warned on Sunday they would raise prices for consumers kill jobs and drive down financial markets Reporting by David Shepardson and Steve Holland in Washington and David Lawder in Buenos Aires Editing by Lisa Shumaker Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters As a senior vice president at Wachovia and then Morgan Stanley during the dark months of the 2008 and 2009 financial crisis Derek Peterson watched as colleagues lost their jobs and life savings and wondered if he was next At the time he was managing approximately 120 million in client assets but was growing disenchanted with what he saw as a US stock market driven by highfrequency trading and algorithms rather than fundamentals He started looking for other opportunities and soon stumbled on some of the first legal medical marijuana dispensaries that had opened in the San Francisco Bay Area 8220I started looking at this through a finance guy8217s eyes and saw that maybe there was something going on here8221 he said He soon discovered that dispensaries were bringing in sales of more than 4000 per square foot a rate higher than any US retailer but Apple Inc and more than 12 times the average 325 per square foot among all companies in the sector 8220You had places the size of Starbucks bringing in 15 million a year which is absurd8221 Peterson said He quit his day job at Morgan Stanley in late 2010 and in 2012 became chief executive officer and president of Terra Tech Corp which is now a 247 million company that cultivates medical marijuana and whose shares trade on the overthecounter market making it one of the few publicly traded pot stocks Peterson is not alone in the jump from Wall Street to weed Ten years after the start of the financial crisis what was once the province of shady stoners and drug cartels is now a thriving industry with recreational marijuana legal in states ranging from California to Massachusetts Map tmsnrtrs2AFalvZ Powering the expansion of the industry are former Wall Street executives like Peterson that hail from such staid firms as BlackRock Inc Goldman Sachs Group Inc and Prudential Financial Inc all of whom say that they might not have ever left traditional finance if not for the lingering damage of the 2008 crisis There are few reliable numbers on how many former Wall Street professionals who now work in the cannabis industry though those in the sector say that they expect the migration to accelerate as revenue growth continues to attract talent Companies in the US marijuana market posted revenues of approximately 6 billion in 2017 a 500 percent increase from the roughly 1 billion in 2011 according to estimates from Marijuana Business Daily a trade publication FILE PHOTO A billboard advertising marijuana in advance of the upcoming legalization of recreational marijuana in San Francisco California US December 29 2017 REUTERSJim ChristieFile Photo Approximately 250000 people work in the sector and both jobs and revenues are expected to double or triple over the next four years the publication estimates 8220The financial crisis and the stagnation of many industries in the US in its aftermath have led many people to consider this a viable career8221 said Chris Walsh editorial vice president at Marijuana Business Daily Slideshow 2 Images LINGERING FEARS OF WASHINGTON Despite the growth prospects many financial professionals are still too leery of federal law which considers marijuana an illegal drug to take a job in the industry until there are clear signals from Washington or a change in the makeup of government said Ruth Epstein a partner at San Franciscobased BGP Advisors a business advisory firm that focuses on companies in the cannabis sector In January the Justice Department reversed a policy from the Obama administration which allowed states to legalize marijuana without fears of a federal crackdown That has had a 8220chilling effect8221 on recruiting within the industry Epstein said 8220People have really been scared away from investing and to a large extent that same mentality is keeping the talent away8221 said Epstein a Harvard Business School graduate who spent nearly 10 years on the corporate finance desk at Goldman Sachs That in turn has 8220created a massive opportunity for someone who understands finance and is willing to be out on the vanguard8221 she added Morgan Paxhia cofounder of San Franciscobased Poseidon Asset Management a 25 million hedge fund that focuses exclusively on the marijuana sector was a trader on the municipal debt desk at UBS in New York during the financial crisis He would pass by the Lehman Brothers building each day on the way to work and it felt as if 8220the building were just cratering around you8221 he said He was laid off on March 9 2009 the day that the US stock market finally bottomed out He spent a few years at a registered investment adviser before starting Poseidon with his sister Emily in 2013 attracted by the possibility of growth at a time when financial companies seemed to be overly cautious he said 8220If the financial crisis never happened we would have banks in this industry already but they won8217t push this industry forward because they8217re too afraid8221 he said 8220It8217s opened up huge opportunities for those who are willing to come in and capitalize it8221 Peterson the Terra Tech CEO said that he now routinely fields calls from employees of large banks and investment firms who are looking to enter the industry That is a steep change from his first few years in the pot sector when it was still largely ruled by blackmarket growers and questionable outfits 8220When I first started out the fact that I had worked on Wall Street made me seem like a real outsider to the point where people would ask 8220Are you a narc82178221 he said referring to a federal narcotics officer 8220It8217s in the last two years that we8217ve seen a tremendous influx of people from traditional business backgrounds8221 Reporting by David Randall Editing by Jennifer Ablan and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles Reuters Toys 8216R8217 Us said at a bankruptcy court hearing on Tuesday that it was working hard to maximize payments to suppliers and lenders as it starts to shutter 735 bigbox toy stores across the United States FILE PHOTO People pass by Toys R Us store at Times Square in New York US March 9 2018 REUTERSEduardo MunozFile Photo More than 50 suppliers including Barbie maker Mattel MATO and Lego have objected in some form to the proceedings by the storied toy retailer to liquidate its US business putting 30000 jobs at risk Toys 8216R8217 Us had been trying to reorganize under US Chapter 11 but last week said those efforts had failed and it was quickly running out of cash It is also winding down its UK business but is looking for a buyer for operations in Canada Europe and Asia Some trade vendors are demanding the company return any unpaid inventory rather than selling it and using going out of business sales to pay secured lenders and bankruptcy lawyers at their cost court papers showed 8220We8217re making every effort to make sure trade vendors will be paid in full8221 Lazard8217s David Kurtz who is advising Toys 8216R8217 Us testified at a hearing at US Bankruptcy Court in Richmond Virginia The company is seeking approval for a March 26 deadline for bids for each of its foreign businesses minus UK followed by an auction on March 29 It is also seeking approval for a series of US liquidation procedures including a halt to more than 450 million in supplier payments as part of a plan that experts told Reuters could cause many small toy makers to disappear Toys 8216R8217 Us was the last remaining specialty toy retailer in the United States Hundreds of companies relied on its bigbox stores as a showcase for both innovative toys as well as classics Mattel Inc 1297 MATO Nasdaq 025 189 MATO Under trade agreements vendors were required to ship goods to Toys 8216R8217 Us on unsecured trade credit In a court filing Lego said any 8220winddown must be implemented in a manner that is fair and equitable to all8221 of the company8217s creditors The US Trustee a bankruptcy watchdog has also objected saying that while it is 8220resigned8221 to the company8217s future it is concerned about certain of the procedures and relief proposed as part of the liquidation Toys 8216R8217 Us financial advisor Bill Kosturos of Alvarez ampamp Marsal was also testifying at the hearing before US Bankruptcy Judge Keith Phillips which could run into Wednesday Reporting by Tracy Rucinski Editing by David Gregorio Our Standards The Thomson Reuters Trust Principles NEW YORKCHICAGO Reuters US film and TV studio The Weinstein Company whose exChairman Harvey Weinstein has been accused of sexual harassment and assault filed for bankruptcy on Monday and said it was ending all nondisclosure agreements that may have silenced some women The filing in US Bankruptcy Court in Delaware follows accusations by more than 70 women against the company8217s cofounder Harvey Weinstein who was one of Hollywood8217s most influential men of sexual misconduct including rape Weinstein has denied having nonconsensual sex with anyone The women who spoke out against Weinstein spurred a national movement against sexual harassment with victims sharing their stories on social media and labeling them under the hashtag MeToo Texas private equity firm Lantern Capital agreed to buy Weinstein Company out of bankruptcy for 310 million The firms offer saving the studio from winding down its business will be subject to higher and better bids in a courtsupervised auction scheduled for May 2 bitly2prGdNm The deadline for other bids is April 30 Lantern had been a potential investor in former Obama administration official Maria ContrerasSweet8217s bid for the studio which was ultimately terminated The Weinstein Company8217s bankruptcy will halt victim8217s lawsuits against the company and any sexual misconduct claims would likely only be compensated after secured creditors are paid in full Maria ContrerasSweet8217s bid for the studio included a 8090 million compensation fund that would supplement any insurance payouts victims would receive The Weinstein Company which has won 28 Academy Awards owns a film library of 277 feature films that have generated over 2 billion in aggregate box office receipts worldwide Yet the company said in court papers it has lost about 25 percent of its workforce and many of its long time business partners since October 2017 when accusations against Harvey Weinstein became public 8220It is an understatement to say that the last six months have been trying for the company8221 Chief Restructuring Officer Robert Del Genio said in court papers FILE PHOTO Harvey Weinstein speaks at the UBS 40th Annual Global Media and Communications Conference in New York December 5 2012 REUTERSCarlo Allegri As part of the bankruptcy filing the Weinstein Company said it released anyone 8220who suffered or witnessed any form of sexual misconduct by Harvey Weinstein8221 from nondisclosure agreements 8220Since October it has been reported that Harvey Weinstein used nondisclosure agreements as a secret weapon to silence his accusers Effective immediately those 8216agreements8217 end8221 the company said in an emailed statement In February New York Attorney General Eric Schneiderman sued The Weinstein Company Harvey Weinstein and his brother Bob Weinstein alleging that Harvey Weinstein sexually harassed employees and the company failed to respond Bob Weinstein cofounded the company and is the cochairman 8220This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace8221 Schneiderman said in a statement after the company8217s announcement on Monday In its filing the Weinstein Company listed 500 million to 1 billion in both liabilities and assets The studio has spent months looking for a buyer or investor Before the deal with ContrerasSweet8217s group failed The Weinstein Company had tried securing rescue financing from other investors Lions Gate Entertainment Corp had made an earlier offer for some of the company8217s assets as had Qatarowned film company Miramax which was founded by Harvey Weinstein and Bob Weinstein Both could be among potential bidders in the auction Movie producer Killer Content also said bankruptcy would be the best option for the company and that it may be interested in the studio8217s assets in a bankruptcy auction The Weinstein Company also won commitments from its bank lenders for a 25 million bankruptcy loan Launched in October 2005 the studio produced and distributed critically acclaimed hits including 8220The King8217s Speech8221 and 8220Silver Linings Playbook8221 as well as TV series such as longrunning fashion reality competition 8220Project Runway8221 Reporting by Jessica DiNapoli in New York Tracy Rucinski in Chicago and Ismail Shakil in Bengaluru Editing by Marguerita Choy Our Standards The Thomson Reuters Trust Principles

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<p>(Reuters) - Freestyle skier Torin Yater-Wallace&#8217;s journey to the Pyeongchang Winter Olympics is among the most remarkable, after the American endured a sequence of trials testing his mental perseverance, physical strength and desire to compete at the top of his sport.</p> Freestyle skier Torin Yater-Wallace poses for a portrait at the U.S. Olympic Committee Media Summit in Park City, Utah, U.S. September 26, 2017. REUTERS/Lucy Nicholson <p>At the age of 22, the American has already overcome his father&#8217;s prison term, his mother&#8217;s cancer, a collapsed lung that ruined his chances in Sochi and a severe liver infection that threatened his life.</p> <p>At 15-years-old, Yater-Wallace became the Winter X Games&#8217; youngest ever medalist, with silver in the Superpipe in 2011. Yet the teenager had already faced a difficult journey to that point.</p> <p>His father John was sent to Federal Prison for white collar crimes in 2007, when Yater-Wallace was just 12-years-old. After that, his mother had to fight to provide for him and his sister, working several jobs and relying on food stamps.</p> <p>Throughout it all, his fledgling skiing career was paramount and his mother Stace was determined her son got the chance to follow his dream.</p> <p>Her sacrifices paid off when, following the X Games medal, Torin&#8217;s career blossomed and he was able to provide for his family through sponsorship deals and scholarships.</p> <p>This should have been the fairytale end to the story, with a successful professional skiing career to follow, but Torin Yater-Wallace&#8217;s tale was only just beginning.</p> SOCHI STRUGGLES <p>Before the 2014 Olympics in Sochi, Yater-Wallace was the best skier in the U.S. team and widely tipped for an Olympic medal in the halfpipe.</p> <p>Yet shortly before the Games Yater-Wallace suffered a collapsed left lung and broken ribs during a training fall. As he battled to recover in time for Sochi, worse news was yet to come.</p> <p>His mother was diagnosed with colon cancer just weeks before the Games, but she remained adamant her son should take part in the Olympics.</p> <p>&#8220;She played a massive role in getting me to where I am yet she has also had to deal with so much on her own and I can&#8217;t thank her enough for everything. She is one of the biggest parts of my entire life,&#8221; Yater-Wallace told Reuters in a telephone interview from his home town of Aspen, Colorado.</p> <p>Still battling injury and distracted by his mother&#8217;s illness, Yater-Wallace struggled to perform in Sochi, finishing 26th in the halfpipe.</p> <p>&#8220;It was one of the worst performances of my career, coming at such a big moment,&#8221; said Yater-Wallace.</p> <p>His mother eventually made a full recovery and the future looked bright for Yater-Wallace who was back healthy and on skis.</p> <p>Yet his journey was soon to take its biggest and scariest turn as he suffered a severe liver infection in 2015 that forced his organs to shut down and his lungs to fill with fluid.</p> <p>As her son lay in a medically induced state of paralysis with tubes running in and out of his body, his mother feared the worst.</p> <p>In a movie documenting Yater-Wallace&#8217;s remarkable journey entitled &#8220;Back to Life&#8221;, she says she thought her son was dying.</p> <p>Yater-Wallace eventually recovered after months in hospital.</p> <p>&#8220;There was no thought of skiing initially. It was much more about trying to stay alive and getting healthy,&#8221; he said.</p> <p>&#8220;Once things were feeling better and I was learning to walk again, then the desire to ski popped into my mind.&#8221;</p> &#8220;SAVING GRACE&#8221; <p>After months of strenuous work in the gym and physiotherapy, Yater-Wallace returned to win gold at the 2016 X Games in Oslo.</p> <p>His focus since then has been on Olympic qualification, which he achieved with a podium finish at Mammoth last weekend. The Winter Games run from Feb.9 - 25.</p> <p>He is due to compete at the X Games, his favorite event, this weekend.</p> <p>After all he has been through, it represents a staggering achievement.</p> <p>When asked whether he sees himself as unlucky, Yater-Wallace was typically thoughtful and reflective.</p> <p>&#8220;I think as a kid it was a lot more about the unlucky thoughts,&#8221; said Yater-Wallace.</p> <p>&#8220;All of these things would just keep coming up. There was the thought of &#8216;why us, why again, why are these things happening that are making it so much harder to get by&#8217;. When you have these things happening to you it is hard not to give up and you wonder why you are the person who was dealt these cards.</p> <p>&#8220;But I wouldn&#8217;t take them back because they have shaped me into the person I am today, outside of skiing and as a human being. They have made me a better person.</p> <p>&#8220;I think of it now as a saving grace, to have overcome all these things.&#8221;</p> <p>Throughout it all, skiing has been the one constant, his release from the hardships he has endured.</p> <p>&#8220;It was my place to get away from the world when I was down with family or financial stuff.&amp;#160; I could just be skiing out on the mountain in my own mindset,&#8221; he said.</p> <p>Reporting by Jack Tarrant; Editing by Toby Davis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses.</p> <p>In a volatile session, the S&amp;amp;P 500 came within a hair of its 200-day moving average, a key technical level. The benchmark index also nudged closer to its February low, which marked a correction, ending 9.9 percent lower than its Jan. 26 record.</p> <p>&#8220;There is concern what the trade war could look like. Investors want to manage their risk. If it escalates rapidly, it could be a major headwind for the market,&#8221; said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York.</p> <p>President Donald Trump&#8217;s plans for tariffs on up to $60 billion in Chinese goods moved the world&#8217;s two largest economies closer to a trade war as China declared plans to levy duties on up to $3 billion of U.S. imports including fruit and wine even as it urged the United States to &#8220;pull back from the brink.&#8221;</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> fell 424.69 points, or 1.77 percent, to 23,533.2, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22.</p> <p>The Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> dropped 174.01 points, or 2.43 percent, to 6,992.67.</p> <p>For the week, the Dow was down 5.67 percent, the S&amp;amp;P 500 was down 5.95 percent and the Nasdaq was down 6.54 percent, marking their biggest weekly percentage falls since January 2016.</p> <p>The Dow was down 11.6 percent since its Jan. 26 high, and hit its lowest close since confirming a correction in February.</p> FILE PHOTO: Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid <p>The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility in the S&amp;amp;P 500, finished up 1.53 points at 24.87, its highest close since Feb. 13.</p> <p>The S&amp;amp;P&#8217;s financial sector .SPSY was the S&amp;amp;P&#8217;s biggest percentage loser, at 3 percent, after a volatile session in which it was whip-sawed by volatile Treasury yields.</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 23533.2 .DJI Dow Jones Indexes -424.69 (-1.77%) .DJI .SPX .IXIC FB.O AMZN.O <p>Bloomberg News cited China&#8217;s ambassador to the United States saying that the country is &#8220;looking at all options&#8221; in response to tariffs, which could include scaling back purchases of U.S. Treasuries.</p> <p>Nasdaq was weighed down by declines in momentum stocks such as Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>), Amazon.com ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>), Microsoft ( <a href="/finance/stocks/overview?symbol=MSFT.O" type="external">MSFT.O</a>) and Google&#8217;s parent Alphabet ( <a href="/finance/stocks/overview?symbol=GOOGL.O" type="external">GOOGL.O</a>).</p> <p>The semiconductor sector took a fall after Micron Technology&#8217;s ( <a href="/finance/stocks/overview?symbol=MU.O" type="external">MU.O</a>) quarterly report stoked fears about falling NAND prices. The Philadelphia Semiconductor index .SOX slumped 3.3 percent.</p> <p>Declining issues outnumbered advancing ones on the NYSE by a 3.96-to-1 ratio; on Nasdaq, a 3.72-to-1 ratio favored decliners.</p> <p>The S&amp;amp;P 500 posted two new 52-week highs and 42 new lows; the Nasdaq Composite recorded 23 new highs and 93 new lows.</p> <p>Volume on U.S. exchanges was 8.11 billion shares, above the 7.3 billion average for the last 20 trading days.</p> <p>Additional reporting by Caroline Valetkevitch, Saqib Iqbal Ahmed and April Joyner in New York and Sruthi Shankar in Bengaluru Editing by Nick Zieminski and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The United States on Friday charged and sanctioned nine Iranians and an Iranian company for attempting to hack into hundreds of universities worldwide, dozens of companies and parts of the U.S. government, including its main energy regulator, on behalf of Tehran&#8217;s government.</p> <p>The cyber attacks, beginning in at least 2013, pilfered more than 31 terabytes of academic data and intellectual property from 144 U.S. universities and 176 universities in 21 other countries, the U.S. Department of Justice said, describing the campaign as one of the largest state-sponsored hacks ever prosecuted.</p> <p>The U.S. Treasury Department said that it was placing sanctions on the nine people and the Mabna Institute, a company U.S. prosecutors characterized as designed to help Iranian research organizations steal information.</p> <p>U.S. Deputy Attorney General Rod Rosenstein said the nine Iranians were considered fugitives who may face extradition in more than 100 countries if they travel outside of Iran.</p> <p>Authorities &#8220;will aggressively investigate and prosecute hostile actors who attempt to profit from America&#8217;s ideas by infiltrating our computer systems and stealing intellectual property,&#8221; Rosenstein said at a news conference.</p> <p>He said the case &#8220;will disrupt the defendants&#8217; hacking operations and deter similar crimes.&#8221;</p> <p>The hackers were not accused of being directly employed by Iran&#8217;s government. They were instead charged with criminal conduct waged primarily through the Mabna Institute on behalf of the Islamic Revolutionary Guard Corps, the elite military force assigned to defend Iran&#8217;s Shi&#8217;ite theocracy from internal and external threats.</p> <p>There was no immediate response to the charges and sanctions in Iran&#8217;s state-run media.</p> <p>The targeting of the Federal Energy Regulatory Commission, or FERC, was especially concerning, U.S. Attorney Geoffrey Berman said, because it oversees the interstate regulation of energy in the United States and holds details of some of the country&#8217;s &#8220;most sensitive infrastructure.&#8221;</p> <p>Hackers targeted email accounts of more than 100,000 professors worldwide, half located in the United States, and compromised about 8,000 of them, prosecutors said. Hackers also targeted the U.S. Labor Department, the United Nations and the computer systems of the U.S. states Hawaii and Indiana, prosecutors said.</p> <p>Friday&#8217;s actions are part of an effort by senior cyber security officials at the White House and across the U.S. government to blame foreign countries for malicious hacks.</p> <p>They were announced a day after U.S. President Donald Trump named John Bolton, a former U.S. ambassador to the United Nations who is deeply skeptical of the 2015 international nuclear accord with Iran, as his new national security adviser. Trump himself has repeatedly cast doubt on the nuclear deal, in which the U.S. and other world powers eased sanctions in exchange for Tehran putting limits on its nuclear program.</p> INTERNET FIRMS ALERTED <p>The Department of Justice on Friday privately warned major internet infrastructure companies to expect attacks from Iran, an executive at one company who received the alert said. The officials said the most likely retaliation would be denial of service attacks on websites, which are not destructive but disrupt commerce and communication.</p> U.S. Deputy Attorney General Rod Rosenstein speaks at a news conference with other law enforcement officials at the Justice Department to announce nine Iranians charged with conducting massive cyber theft campaign, in Washington, U.S., March 23, 2018. REUTERS/Yuri Gripas <p>Britain&#8217;s National Cyber Security Centre said on Twitter that the Mabna Institute was &#8220;almost certainly responsible for cyber attacks targeting universities around the world.&#8221;</p> <p>The sanctions and charges were the fourth time in the past few months that the Trump administration has blamed a foreign government for major cyber attacks, a practice that was relatively rare under the Obama administration.</p> <p>Last week, the administration accused the Russian government of cyber attacks stretching back at least two years that targeted the U.S. power grid. Washington imposed new sanctions on 19 Russians and five groups, including Moscow&#8217;s intelligence services, for meddling in the 2016 U.S. election and other cyber attacks.</p> <p>Friday&#8217;s indictment in U.S. District Court in New York said the Iranian hackers did extensive background research of university professors before sending them &#8220;spearphishing&#8221; emails tailored to their academic interests and scholarly published articles.</p> Slideshow (6 Images) <p>The emails purported to be from professors at another university and indicated the sender had read an article written by them, prosecutors said.</p> <p>The emails would then direct recipients to click on links to related articles that would direct victims to a malicious internet domain that appeared similar to the victim&#8217;s actual university portal, where they would be prompted to enter their login credentials.</p> <p>Once accounts were compromised, the hackers would steal reams of academic data and intellectual property related to science and technology, engineering, social sciences and medicine, the indictment said.</p> <p>Stolen data was obtained to benefit Iran&#8217;s Revolutionary Guard and sold within Iran through the websites Megapaper and Gigapaper to universities in Iran, prosecutors said.</p> &#8216;PASSWORD SPRAYING&#8217; <p>Hackers targeted and compromised employee email accounts for 36 U.S.-based companies and 11 companies in countries including Germany, Italy and Britain, prosecutors said. Victim companies in the United states included two media and entertainment companies, one law firm, 11 technology firms, and two bank and investment firms, among others.</p> <p>Unlike the precise targeting of professors, companies fell victim to a broad technique known as &#8220;password spraying&#8221; that involves finding lists of company email accounts online and then attempting to hack into them by using common default passwords. Once inside, the hackers would steal entire email mailboxes.</p> <p>The Treasury Department also placed sanctions on another Iranian, Behzad Mesri. Sometimes known as &#8220;Skote Vahshat,&#8221; Mesri was charged in 2017 with hacking cable TV network HBO to leak unaired episodes of the fantasy drama Game of Thrones. Mesri is still at large, officials said.</p> <p>The Obama administration in 2016 indicted seven Iranians for distributed-denial-of-service attacks on dozens of U.S. banks and for trying to shut down a New York dam. Those hackers were also accused of working on behalf of Iran&#8217;s government.</p> <p>None of the Iranians indicted in 2016 have been arrested or extradited, a Justice Department spokesman said.</p> <p>Reporting by Dustin Volz and Joseph Menn; additional reporting by Lisa Lambert, Timothy Gardner and Susan Heavey; editing by Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Dropbox Inc&#8217;s shares closed at $28.42, up more than 35 percent in their first day of trading on Friday, as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider sector languished.</p> <p>The stock opened at $29 on the Nasdaq and soared as much as 50 percent to a high of $31.60 in early trading. At the stock&#8217;s opening price, Dropbox had a market valuation of $12.67 billion, well above the $10 billion valuation it had in its last private funding round.</p> <p>Its IPO priced at $21 per share late on Thursday, $1 above the projected range of $18 to $20, and was several times oversubscribed.</p> <p>The solid first-day pop came despite weakness in the wider U.S. stock market. The S&amp;amp;P 500 slid 1.8 percent while Nasdaq dropped 2.4 percent, adding to losses of more than 2 percent each on Thursday.</p> <p>The S&amp;amp;P tech index was down 2.73 percent.</p> <p>Dropbox&#8217;s much-awaited debut ended a long dry spell in the U.S. IPO market for big tech names.</p> <p>The last so-called tech unicorn to hit the market was Snap Inc last March, and the Snapchat owner is now trading roughly 4 percent below its $17 IPO price.</p> <p>&#8220;In the case of Dropbox, investors get a chance to get exposure to a next-generation tech company, which is a proven business model,&#8221; said Tom Taulli, InvestorPlace.com analyst.</p> Dropbox Inc. co-founder Drew Houston speaks in front of co-founder Arash Ferdowsi celebrate as Dropbox (DBX) is listed for the company's initial public offering (IPO) at the Nasdaq Market Site in New York, U.S., March 23, 2018. REUTERS/Lucas Jackson <p>The pop in Dropbox&#8217;s price may bode well for Spotify, valued at roughly $19 billion in the private market. The music streaming service has filed for a direct listing and will start trading on the New York Stock Exchange on April 3.</p> <p>&#8220;Dropbox is going public at the right time. It has an attractive story to justify its need for financing and the market dynamics are good,&#8221; said Josh Lerner, professor of investment banking at Harvard Business School.</p> Slideshow (9 Images) <p>&#8220;But at the same time, the environment is also competitive&#8221;.</p> <p>The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with Alphabet Inc&#8217;s Google, Microsoft Corp and Amazon.com Inc as well as Box Inc.</p> <p>It has yet to turn a profit, which is common for startups that invest heavily in growth. As a public company Dropbox will be under pressure to quickly trim its losses.</p> <p>The 11-year old company reported revenue of $1.11 billion in 2017, up from $844.8 million a year earlier. Its net loss nearly halved from $210.2 million in 2016.</p> <p>&#8220;The strong performance of the Dropbox IPO may open the door for more technology unicorns to IPO throughout the rest of 2018,&#8221; said Sohail Prasad, co-founder and co-chief executive of Equidate, a platform for trading of shares in private technology firms.</p> <p>&#8220;If investors had bought Dropbox stock within the last six months, they&#8217;d be up over 75 percent.&#8221;</p> <p>Reporting by Sweta Singh in Bengaluru and Salvador Rodriguez in San Francisco; Additional reporting by Nikhil Subba and Diptendu Lahiri; Editing by Dan Burns and Meredith Mazzilli</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Freestyle skier Yater-Wallace overcomes trials to reach second Olympics Wall Street nosedives as investors flee on trade war fears U.S. charges, sanctions Iranians for global cyber attacks on behalf of Tehran Dropbox shares close up 35 percent in biggest tech debut since Snap

https://reuters.com/article/olympics-2018-fski-yater-wallace/olympics-freestyle-skier-yater-wallace-overcomes-trials-to-reach-second-games-idUSL8N1PI6ON

2018-01-23

2least

Reuters Freestyle skier Torin YaterWallace8217s journey to the Pyeongchang Winter Olympics is among the most remarkable after the American endured a sequence of trials testing his mental perseverance physical strength and desire to compete at the top of his sport Freestyle skier Torin YaterWallace poses for a portrait at the US Olympic Committee Media Summit in Park City Utah US September 26 2017 REUTERSLucy Nicholson At the age of 22 the American has already overcome his father8217s prison term his mother8217s cancer a collapsed lung that ruined his chances in Sochi and a severe liver infection that threatened his life At 15yearsold YaterWallace became the Winter X Games8217 youngest ever medalist with silver in the Superpipe in 2011 Yet the teenager had already faced a difficult journey to that point His father John was sent to Federal Prison for white collar crimes in 2007 when YaterWallace was just 12yearsold After that his mother had to fight to provide for him and his sister working several jobs and relying on food stamps Throughout it all his fledgling skiing career was paramount and his mother Stace was determined her son got the chance to follow his dream Her sacrifices paid off when following the X Games medal Torin8217s career blossomed and he was able to provide for his family through sponsorship deals and scholarships This should have been the fairytale end to the story with a successful professional skiing career to follow but Torin YaterWallace8217s tale was only just beginning SOCHI STRUGGLES Before the 2014 Olympics in Sochi YaterWallace was the best skier in the US team and widely tipped for an Olympic medal in the halfpipe Yet shortly before the Games YaterWallace suffered a collapsed left lung and broken ribs during a training fall As he battled to recover in time for Sochi worse news was yet to come His mother was diagnosed with colon cancer just weeks before the Games but she remained adamant her son should take part in the Olympics 8220She played a massive role in getting me to where I am yet she has also had to deal with so much on her own and I can8217t thank her enough for everything She is one of the biggest parts of my entire life8221 YaterWallace told Reuters in a telephone interview from his home town of Aspen Colorado Still battling injury and distracted by his mother8217s illness YaterWallace struggled to perform in Sochi finishing 26th in the halfpipe 8220It was one of the worst performances of my career coming at such a big moment8221 said YaterWallace His mother eventually made a full recovery and the future looked bright for YaterWallace who was back healthy and on skis Yet his journey was soon to take its biggest and scariest turn as he suffered a severe liver infection in 2015 that forced his organs to shut down and his lungs to fill with fluid As her son lay in a medically induced state of paralysis with tubes running in and out of his body his mother feared the worst In a movie documenting YaterWallace8217s remarkable journey entitled 8220Back to Life8221 she says she thought her son was dying YaterWallace eventually recovered after months in hospital 8220There was no thought of skiing initially It was much more about trying to stay alive and getting healthy8221 he said 8220Once things were feeling better and I was learning to walk again then the desire to ski popped into my mind8221 8220SAVING GRACE8221 After months of strenuous work in the gym and physiotherapy YaterWallace returned to win gold at the 2016 X Games in Oslo His focus since then has been on Olympic qualification which he achieved with a podium finish at Mammoth last weekend The Winter Games run from Feb9 25 He is due to compete at the X Games his favorite event this weekend After all he has been through it represents a staggering achievement When asked whether he sees himself as unlucky YaterWallace was typically thoughtful and reflective 8220I think as a kid it was a lot more about the unlucky thoughts8221 said YaterWallace 8220All of these things would just keep coming up There was the thought of 8216why us why again why are these things happening that are making it so much harder to get by8217 When you have these things happening to you it is hard not to give up and you wonder why you are the person who was dealt these cards 8220But I wouldn8217t take them back because they have shaped me into the person I am today outside of skiing and as a human being They have made me a better person 8220I think of it now as a saving grace to have overcome all these things8221 Throughout it all skiing has been the one constant his release from the hardships he has endured 8220It was my place to get away from the world when I was down with family or financial stuffamp160 I could just be skiing out on the mountain in my own mindset8221 he said Reporting by Jack Tarrant Editing by Toby Davis Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Wall Street tumbled on Friday with more than 1000 points knocked off the Dow in two days as investors increasingly nervous about a potential US trade war with China shied away from risk ahead of the weekend and sought shelter from further losses In a volatile session the SampampP 500 came within a hair of its 200day moving average a key technical level The benchmark index also nudged closer to its February low which marked a correction ending 99 percent lower than its Jan 26 record 8220There is concern what the trade war could look like Investors want to manage their risk If it escalates rapidly it could be a major headwind for the market8221 said Peter Kenny senior market strategist at Global Markets Advisory Group in New York President Donald Trump8217s plans for tariffs on up to 60 billion in Chinese goods moved the world8217s two largest economies closer to a trade war as China declared plans to levy duties on up to 3 billion of US imports including fruit and wine even as it urged the United States to 8220pull back from the brink8221 The Dow Jones Industrial Average DJI fell 42469 points or 177 percent to 235332 the SampampP 500 SPX lost 5543 points or 210 percent to 258826 after hitting an intraday low that was barely above its 200day moving average of 258522 The Nasdaq Composite IXIC dropped 17401 points or 243 percent to 699267 For the week the Dow was down 567 percent the SampampP 500 was down 595 percent and the Nasdaq was down 654 percent marking their biggest weekly percentage falls since January 2016 The Dow was down 116 percent since its Jan 26 high and hit its lowest close since confirming a correction in February FILE PHOTO Traders work on the floor of the New York Stock Exchange NYSE in New York US March 22 2018 REUTERSBrendan McDermid The Cboe Volatility Index VIX the most widely followed barometer of expected nearterm volatility in the SampampP 500 finished up 153 points at 2487 its highest close since Feb 13 The SampampP8217s financial sector SPSY was the SampampP8217s biggest percentage loser at 3 percent after a volatile session in which it was whipsawed by volatile Treasury yields Dow Jones ampamp Company Inc 235332 DJI Dow Jones Indexes 42469 177 DJI SPX IXIC FBO AMZNO Bloomberg News cited China8217s ambassador to the United States saying that the country is 8220looking at all options8221 in response to tariffs which could include scaling back purchases of US Treasuries Nasdaq was weighed down by declines in momentum stocks such as Facebook FBO Amazoncom AMZNO Microsoft MSFTO and Google8217s parent Alphabet GOOGLO The semiconductor sector took a fall after Micron Technology8217s MUO quarterly report stoked fears about falling NAND prices The Philadelphia Semiconductor index SOX slumped 33 percent Declining issues outnumbered advancing ones on the NYSE by a 396to1 ratio on Nasdaq a 372to1 ratio favored decliners The SampampP 500 posted two new 52week highs and 42 new lows the Nasdaq Composite recorded 23 new highs and 93 new lows Volume on US exchanges was 811 billion shares above the 73 billion average for the last 20 trading days Additional reporting by Caroline Valetkevitch Saqib Iqbal Ahmed and April Joyner in New York and Sruthi Shankar in Bengaluru Editing by Nick Zieminski and James Dalgleish Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The United States on Friday charged and sanctioned nine Iranians and an Iranian company for attempting to hack into hundreds of universities worldwide dozens of companies and parts of the US government including its main energy regulator on behalf of Tehran8217s government The cyber attacks beginning in at least 2013 pilfered more than 31 terabytes of academic data and intellectual property from 144 US universities and 176 universities in 21 other countries the US Department of Justice said describing the campaign as one of the largest statesponsored hacks ever prosecuted The US Treasury Department said that it was placing sanctions on the nine people and the Mabna Institute a company US prosecutors characterized as designed to help Iranian research organizations steal information US Deputy Attorney General Rod Rosenstein said the nine Iranians were considered fugitives who may face extradition in more than 100 countries if they travel outside of Iran Authorities 8220will aggressively investigate and prosecute hostile actors who attempt to profit from America8217s ideas by infiltrating our computer systems and stealing intellectual property8221 Rosenstein said at a news conference He said the case 8220will disrupt the defendants8217 hacking operations and deter similar crimes8221 The hackers were not accused of being directly employed by Iran8217s government They were instead charged with criminal conduct waged primarily through the Mabna Institute on behalf of the Islamic Revolutionary Guard Corps the elite military force assigned to defend Iran8217s Shi8217ite theocracy from internal and external threats There was no immediate response to the charges and sanctions in Iran8217s staterun media The targeting of the Federal Energy Regulatory Commission or FERC was especially concerning US Attorney Geoffrey Berman said because it oversees the interstate regulation of energy in the United States and holds details of some of the country8217s 8220most sensitive infrastructure8221 Hackers targeted email accounts of more than 100000 professors worldwide half located in the United States and compromised about 8000 of them prosecutors said Hackers also targeted the US Labor Department the United Nations and the computer systems of the US states Hawaii and Indiana prosecutors said Friday8217s actions are part of an effort by senior cyber security officials at the White House and across the US government to blame foreign countries for malicious hacks They were announced a day after US President Donald Trump named John Bolton a former US ambassador to the United Nations who is deeply skeptical of the 2015 international nuclear accord with Iran as his new national security adviser Trump himself has repeatedly cast doubt on the nuclear deal in which the US and other world powers eased sanctions in exchange for Tehran putting limits on its nuclear program INTERNET FIRMS ALERTED The Department of Justice on Friday privately warned major internet infrastructure companies to expect attacks from Iran an executive at one company who received the alert said The officials said the most likely retaliation would be denial of service attacks on websites which are not destructive but disrupt commerce and communication US Deputy Attorney General Rod Rosenstein speaks at a news conference with other law enforcement officials at the Justice Department to announce nine Iranians charged with conducting massive cyber theft campaign in Washington US March 23 2018 REUTERSYuri Gripas Britain8217s National Cyber Security Centre said on Twitter that the Mabna Institute was 8220almost certainly responsible for cyber attacks targeting universities around the world8221 The sanctions and charges were the fourth time in the past few months that the Trump administration has blamed a foreign government for major cyber attacks a practice that was relatively rare under the Obama administration Last week the administration accused the Russian government of cyber attacks stretching back at least two years that targeted the US power grid Washington imposed new sanctions on 19 Russians and five groups including Moscow8217s intelligence services for meddling in the 2016 US election and other cyber attacks Friday8217s indictment in US District Court in New York said the Iranian hackers did extensive background research of university professors before sending them 8220spearphishing8221 emails tailored to their academic interests and scholarly published articles Slideshow 6 Images The emails purported to be from professors at another university and indicated the sender had read an article written by them prosecutors said The emails would then direct recipients to click on links to related articles that would direct victims to a malicious internet domain that appeared similar to the victim8217s actual university portal where they would be prompted to enter their login credentials Once accounts were compromised the hackers would steal reams of academic data and intellectual property related to science and technology engineering social sciences and medicine the indictment said Stolen data was obtained to benefit Iran8217s Revolutionary Guard and sold within Iran through the websites Megapaper and Gigapaper to universities in Iran prosecutors said 8216PASSWORD SPRAYING8217 Hackers targeted and compromised employee email accounts for 36 USbased companies and 11 companies in countries including Germany Italy and Britain prosecutors said Victim companies in the United states included two media and entertainment companies one law firm 11 technology firms and two bank and investment firms among others Unlike the precise targeting of professors companies fell victim to a broad technique known as 8220password spraying8221 that involves finding lists of company email accounts online and then attempting to hack into them by using common default passwords Once inside the hackers would steal entire email mailboxes The Treasury Department also placed sanctions on another Iranian Behzad Mesri Sometimes known as 8220Skote Vahshat8221 Mesri was charged in 2017 with hacking cable TV network HBO to leak unaired episodes of the fantasy drama Game of Thrones Mesri is still at large officials said The Obama administration in 2016 indicted seven Iranians for distributeddenialofservice attacks on dozens of US banks and for trying to shut down a New York dam Those hackers were also accused of working on behalf of Iran8217s government None of the Iranians indicted in 2016 have been arrested or extradited a Justice Department spokesman said Reporting by Dustin Volz and Joseph Menn additional reporting by Lisa Lambert Timothy Gardner and Susan Heavey editing by Grant McCool Our Standards The Thomson Reuters Trust Principles Reuters Dropbox Inc8217s shares closed at 2842 up more than 35 percent in their first day of trading on Friday as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider sector languished The stock opened at 29 on the Nasdaq and soared as much as 50 percent to a high of 3160 in early trading At the stock8217s opening price Dropbox had a market valuation of 1267 billion well above the 10 billion valuation it had in its last private funding round Its IPO priced at 21 per share late on Thursday 1 above the projected range of 18 to 20 and was several times oversubscribed The solid firstday pop came despite weakness in the wider US stock market The SampampP 500 slid 18 percent while Nasdaq dropped 24 percent adding to losses of more than 2 percent each on Thursday The SampampP tech index was down 273 percent Dropbox8217s muchawaited debut ended a long dry spell in the US IPO market for big tech names The last socalled tech unicorn to hit the market was Snap Inc last March and the Snapchat owner is now trading roughly 4 percent below its 17 IPO price 8220In the case of Dropbox investors get a chance to get exposure to a nextgeneration tech company which is a proven business model8221 said Tom Taulli InvestorPlacecom analyst Dropbox Inc cofounder Drew Houston speaks in front of cofounder Arash Ferdowsi celebrate as Dropbox DBX is listed for the companys initial public offering IPO at the Nasdaq Market Site in New York US March 23 2018 REUTERSLucas Jackson The pop in Dropbox8217s price may bode well for Spotify valued at roughly 19 billion in the private market The music streaming service has filed for a direct listing and will start trading on the New York Stock Exchange on April 3 8220Dropbox is going public at the right time It has an attractive story to justify its need for financing and the market dynamics are good8221 said Josh Lerner professor of investment banking at Harvard Business School Slideshow 9 Images 8220But at the same time the environment is also competitive8221 The San Franciscobased company which started as a free service to share and store photos music and other large files competes with Alphabet Inc8217s Google Microsoft Corp and Amazoncom Inc as well as Box Inc It has yet to turn a profit which is common for startups that invest heavily in growth As a public company Dropbox will be under pressure to quickly trim its losses The 11year old company reported revenue of 111 billion in 2017 up from 8448 million a year earlier Its net loss nearly halved from 2102 million in 2016 8220The strong performance of the Dropbox IPO may open the door for more technology unicorns to IPO throughout the rest of 20188221 said Sohail Prasad cofounder and cochief executive of Equidate a platform for trading of shares in private technology firms 8220If investors had bought Dropbox stock within the last six months they8217d be up over 75 percent8221 Reporting by Sweta Singh in Bengaluru and Salvador Rodriguez in San Francisco Additional reporting by Nikhil Subba and Diptendu Lahiri Editing by Dan Burns and Meredith Mazzilli Our Standards The Thomson Reuters Trust Principles

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<p>TOKYO, Jan 18 (Reuters) - Japanese government bond prices dipped on Thursday, with the benchmark 10-year yield briefly hitting a six-month high, before reversing early losses to end flat on bargain-hunting.</p> <p>The 10-year yield rose to as high as 0.090 percent , its highest since July 12, before stepping back to 0.080 percent.</p> <p>The price of 10-year JGB futures dipped initially to 150.25, their lowest since late October, on a rally in Japanese stocks and a rise in U.S. bond yields overnight.</p> <p>But bargain-hunting in 10-year bonds helped the contract to recover from the loss to end 0.06 point higher at 150.37 .</p> <p>&#8220;Those who traded the 10-year bonds at (the six-month high of) 0.09 percent were said to be offenders for pleasure. The selling was limited and wasn&#8217;t serious at all. A few players think the Bank of Japan will change its policy target any time soon,&#8221; said a trader at a Japanese brokerage.</p> <p>Earlier this month, the BOJ reduced its buying in long-dated bonds in its regular operation earlier this month, sparking speculation the central bank may be inching towards exit from its massive stimulus.</p> <p>But a majority of market players expect the BOJ to maintain its policy target of &#8220;around zero percent&#8221; in the 10-year yield in the coming months, and not certainly before Governor Haruhiko Kuroda&#8217;s current term expires in April.</p> <p>An auction of 800 billion yen ($7.2 billion) 30-year JGB auction drew tepid demand as the tenor was currently not cheap on the yield curve. The yield spread between 10- and 30-year yields stood at 74.5 basis points, the tightest since June.</p> <p>The 30-year yield rose 0.5 basis point to 0.835 percent . The 20-year yield was steady at 0.595 percent .</p> <p>$1 = 111.12 yen Reporting by Tokyo Markets Team; Editing by Subhranshu Sahu</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - Asian share markets were mixed and oil prices fell on Monday as relief U.S.-led strikes on Syria looked unlikely to escalate was tempered by concerns at Russia&#8217;s potential reaction to new sanctions from Washington.</p> A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai <p>With the situation in the Middle East still fluid, moves were modest and in both directions. EMini futures for the S&amp;amp;P 500 ESc1 nudged up 0.38 percent, while Japan's Nikkei <a href="/finance/markets/index?symbol=.N225" type="external">.N225</a> added 0.2 percent.</p> <p>Yet MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped 0.4 percent as Chinese blue chips <a href="/finance/markets/index?symbol=.CSI300" type="external">.CSI300</a> took an early 0.7 percent dip.</p> <p>The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.</p> <p>Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions.</p> <p>But with President Donald Trump declaring mission accomplished, investors wagered the worst had been avoided.</p> <p>&#8220;Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation,&#8221; analysts at JPMorgan said in a note.</p> <p>&#8220;Stocks were concerned about a prolonged and expanded U.S. campaign toward Assad and that doesn&#8217;t look probable.&#8221;</p> <p>Safe-haven assets eased in response, with yields on U.S. 10-year Treasury debt US10YT=RR up two basis points at 2.84 percent.</p> <p>The dollar was a fraction firmer on the yen at 107.40 <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>, up on last week's low around 106.62.</p> Slideshow (2 Images) <p>Dealers were keeping a wary eye on Japanese politics after a survey showed support for Japanese Prime Minister Shinzo Abe had fallen to 26.7 percent, the lowest since he took office in late 2012.</p> <p>Abe&#8217;s sliding ratings are raising doubts over whether he can win a third three-year term as ruling Liberal Democratic Party (LDP) leader in a September vote, or whether he might even resign before the party election.</p> <p>The euro was steady at $1.2330 <a href="/finance/currencies/quote?srcCurr=EUR&amp;amp;destCurr=USD" type="external">EUR=</a>, while the dollar index eased a touch to 89.772 .DXY.</p> <a href="/finance/markets/index?symbol=.N225" type="external">Nikkei Inc</a> 21778.74 .N225 Nikkei Index +118.46 (+0.55%) .N225 .CSI300 EARNINGS, CHINA GDP ON MENU <p>In commodity markets, gold gained 0.1 percent to $1,346.61 an ounce XAU=, but remained well short of last week&#8217;s peak at $1,365.23.</p> <p>Oil prices slipped with Brent crude futures LCOc1 off 66 cents at $71.92 a barrel, while U.S. crude CLc1 fell 56 cents to $66.83 a barrel.</p> <p>Looking ahead, the U.S. earnings season kicks into high gear this week with Thomson Reuters data predicting profits at S&amp;amp;P 500 companies increased by 18.6 percent in the first quarter from a year ago, their biggest rise in seven years.</p> <p>Yet with expectations so high, bank shares ran into profit-taking on Friday after a batch of mixed results.</p> <p>In Asia, China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 6.7 percent to 6.8 percent.</p> <p>The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week.</p> <p>Also this week, the IMF will hold its spring meetings of central bankers and finance ministers in Washington.</p> <p>Editing by Shri Navaratnam and Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SCHROBENHAUSEN, Germany (Reuters) - Bauer, a big producer of construction equipment, is better placed than many German companies that invested heavily in China over the past few decades.</p> Thomas Bauer, CEO of Bavaria-based construction equipment maker Bauer AG, talks during an interview with Reuters in Schrobenhausen, Germany April 3, 2018. REUTERS/Michael Dalder <p>The Bavaria-based firm, which traces its roots back to 1790, does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin.</p> <p>And the specialist engineering machines Bauer produces there are sold in countries across Asia, shielding the group from swings in the volatile Chinese building market.</p> <p>Even so, CEO Thomas Bauer, the seventh generation in his family to run the firm, is worried about his company&#8217;s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative one-way bet.</p> <p>&#8220;Germany has put too many eggs into one basket, and that basket is China,&#8221; Bauer, a jovial 62-year-old with a thick Bavarian accent, told Reuters at the company&#8217;s headquarters in Schrobenhausen, an hour&#8217;s drive north of Munich.</p> <p>Bauer&#8217;s BSAG.DE concern points to a growing fear in Germany. For more than a decade, the country has been the growth locomotive of Europe, its economy weathering global financial turmoil, the euro zone debt crisis and a record influx of refugees.</p> <p>That resilience was based on two key drivers: Germany had innovative firms that produced high-end manufactured goods that fast-growing economies needed; and the country was better than others at profiting from an open, rules-based global trading system that rewarded competitiveness.</p> <p>China has been crucial on both fronts. Over the past decade it bought up German cars and machinery at an astonishing pace, as it gradually opened up to foreign firms. Last year alone, German manufacturers sold nearly 5 million cars in China, more than three times as many as in the United States.</p> <p>But even as the good times roll on, a radical shift is taking place in how Deutschland AG views the vast Chinese market.</p> <p>Not only has the opening of China shifted into reverse under President Xi Jinping, but Chinese firms have moved up the value chain far faster than many in Germany expected.</p> <p>Germany&#8217;s China conundrum is part of a broader challenge facing Europe: Years of inward-focused crisis fighting have left the bloc politically divided and ill-prepared to respond to looming geopolitical and economic challenges. Now the continent risks being squeezed between a more assertive Beijing and the &#8220;America First&#8221; policies of Donald Trump.</p> <p>In private, some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won&#8217;t or can&#8217;t jump out.</p> <p>Germany&#8217;s ambassador to China, Michael Clauss, warned at a meeting with industry chiefs in Berlin last month of &#8220;tectonic changes&#8221; in the relationship, according to participants.</p> <p>&#8220;We need to prepare people here for a new era in our partnership with China,&#8221; an official at Germany&#8217;s powerful BDI industry federation said. &#8220;These are still golden times. But there is a huge amount of concern about what lies ahead.&#8221;</p> <p>(GRAPHIC: Germany's China problem - <a href="https://tmsnrt.rs/2GUN6BK" type="external">tmsnrt.rs/2GUN6BK</a>)</p> ROLE OF THE STATE <p>German companies were among the first in the West to set up shop in China, giving Germany an advantage as the Chinese economy took off.</p> <p>Bilateral trade between the two countries hit a record 187 billion euros last year, dwarfing China&#8217;s trade with France and the UK, both around 70 billion. In 2017, Germany ran a trade deficit with China of 14 billion euros, tiny compared to the U.S. deficit of $375 billion, or about 346 billion euros.</p> <p>Bauer AG, which employs 11,000 workers in 70 countries, built its first production facilities in China in the mid-1990s. At the time, not a single Chinese firm could make the sophisticated drilling machines it produces &#8211; towering yellow structures used to build the foundations for skyscrapers, power stations and airports.</p> <p>By 2013 Bauer counted 36 Chinese competitors able to make such machines, a shift the CEO says was accelerated by European suppliers selling co-designed parts to the Chinese.</p> <p>A decade ago, the company&#8217;s Chinese plants generated revenues of 109 million euros. Sales slumped to less than half that amount in five of the nine years that followed.</p> <p>Today, what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy.</p> Slideshow (7 Images) <p>Last year, China introduced a cyber security law which tightened state control over internet services, including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters. More recently, some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures.</p> <p>The Bauer boss fears that Xi&#8217;s &#8220;Made in China 2025&#8221; strategy, which identifies 10 key sectors &#8211; including robotics, aerospace and clean-energy cars &#8211; where China wants to be a leader, represents a direct challenge to German manufacturing dominance.</p> <p>To keep its edge Bauer says his firm is focusing intensively on digitalization.</p> <p>&#8220;It will not be a contest against copiers. It will be one against innovative engineers who are intent on overtaking us,&#8221; he said. &#8220;If we don&#8217;t start finding answers soon, this can end very badly.&#8221;</p> TRUMP TARIFFS <p>The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs.</p> <p>But because Germany&#8217;s top firms have become so dependent on the Chinese market, the government in Berlin has avoided confronting China head-on.</p> <p>Back in February, carmaker Daimler ( <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">DAIGn.DE</a>) showed just how skittish some companies are about upsetting Beijing.</p> <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">Daimler AG</a> 65.65 DAIGn.DE Xetra +0.18 (+0.27%) DAIGn.DE 000333.SZ KU2G.DE <p>After a backlash in China over a Mercedez-Benz ad on Instagram that quoted the Dalai Lama &#8211; the Tibetan spiritual leader seen by Beijing as a separatist &#8211; Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the &#8220;hurt and grief&#8221; his company&#8217;s &#8220;negligent and insensitive mistake&#8221; had caused the Chinese people.</p> <p>&#8220;There is a huge gap between what people in Germany are saying about China and what they are really thinking,&#8221; said Bernhard Bartsch of the Bertelsmann Foundation, a German research group.</p> <p>Later this month, Bertelsmann and Berlin-based China think tank MERICS will host an Oxford Union-style debate on the motion: &#8220;In ten years&#8217; time, China will have substantially undermined Europe&#8217;s political and economic system&#8221;</p> <p>The mood among German firms operating in China is also souring.</p> <p>A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years, more than half of its members were not planning investments in new locations in China. Nearly 13 percent of German firms operating in China said they could leave within the next two years.</p> <p>For decades, Germany&#8217;s approach to China could be summed up with the motto &#8220;Wandel durch Handel&#8221; (change through trade).</p> <p>Now that strategy is in tatters and government officials joke darkly that the &#8220;win-win&#8221; relationship has a new meaning: China wins twice.</p> <p>&#8220;The hope was that closer economic ties would lead to an opening. Today it is clear this was a false hope,&#8221; said a German government official. &#8220;They tell us what we want to hear and then do the opposite.&#8221;</p> <p>Berlin is starting to push back. Last year, after Chinese firm Midea&#8217;s ( <a href="/finance/stocks/overview?symbol=000333.SZ" type="external">000333.SZ</a>) takeover of robotics maker Kuka ( <a href="/finance/stocks/overview?symbol=KU2G.DE" type="external">KU2G.DE</a>) sparked an uproar, it tightened restrictions on foreign investments and launched a push for new Europe-wide rules for screening takeovers.</p> <p>In December, Germany&#8217;s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians - a rare public rebuke that Berlin says was intended to send the Chinese a message.</p> <p>A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin, officials say.</p> <p>But they also concede that divisions within the EU and a wide gap between Europe and the go-it-alone Trump administration will make it more difficult to force change in Beijing.</p> <p>&#8220;What the Chinese are really worried about is Europe and the United States working together against them,&#8221; said the German official. &#8220;In that sense, Trump really is a gift to China.&#8221;</p> <p>Reporting by Noah Barkin; Editing by Simon Robinson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SINGAPORE (Reuters) - Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend, and as American drilling for new production continued to rise.</p> FILE PHOTO: Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela, November 5, 2007. REUTERS/Isaac Urrutia/File Photo <p>The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.</p> <p>Brent crude oil futures LCOc1 were at $71.87 per barrel at 0124 GMT, down 71 cents, or 1 percent from their last close.</p> <p>U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 59 cents, or 0.9 percent, at $66.80 a barrel.</p> <p>Traders said markets in Asia began cautiously after the weekend strikes, while oil markets also came under pressure from a rise in U.S. oil drilling activity.</p> <p>U.S. energy companies added seven oil rigs drilling for new production in the week to April 13, bringing the total to 815, the highest since March 2015, energy services firm Baker Hughes said on Friday.</p> <p>Despite this, Brent is still up more than 16 percent from its 2018 low in February, due to healthy demand and also because of conflict and tension in the Middle East.</p> <p>Although Syria itself is not a significant oil producer itself, the wider Middle East is the world&#8217;s most important crude exporter and tension in the region tends to put oil markets on edge.</p> <p>&#8220;Investors continued to worry about the impact of a wider conflict in the Middle East,&#8221; ANZ bank said.</p> <p>Reporting by Henning Gloystein; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TOKYO (Reuters) - The dollar firmed on Monday, hovering near a two-month high against the yen, after the market gained some clarity following military strikes on Syria by the United States and its allies at the weekend.</p> FILE PHOTO: U.S. Dollar and Japan Yen notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo <p>The United States, France and Britain launched missiles targeting what the Pentagon said were chemical weapons facilities in Syria on Saturday, in retaliation for a suspected poison gas attack on April 7.</p> <p>Suggesting that the military action would not be prolonged, Trump declared &#8220;mission accomplished&#8221; after the strikes.</p> <p>The greenback gained against the yen after the military intervention, although the Japanese currency usually draws demand in times of political tension and market turmoil thanks to its perceived safe-haven status.</p> <p>The U.S. currency was 0.2 percent higher at 107.515 yen. A rise above Friday&#8217;s high of 107.780 yen would take the dollar to its highest since Feb. 22.</p> <p>&#8220;The reaction in currencies have been limited as President Trump had provided advance notice about a possible strike on Syria, giving speculators ample time to brace for the actual event,&#8221; said Yukio Ishizuki, senior forex strategist at Daiwa Securities.</p> <p>&#8220;Many speculators are showing less of a response to yen-supportive factors lately, after the Bank of Japan made clear it was not going to normalise policy soon. This goes for domestic factors as well, like falling support ratings for (Japan Prime Minister Shinzo) Abe.&#8221;</p> <p>Support for Prime Minister Abe, plagued by accusations of cronyism and cover-ups, fell to 26.7 percent in a survey by private broadcaster Nippon TV released on Sunday, the lowest since he took office in December 2012.</p> <p>The dollar index against a basket of six major currencies was a shade higher at 89.807.</p> <p>The euro was nearly flat at $1.2332 after ending Friday little changed.</p> <p>The pound traded at $1.4244 after rising to a near three-month high of $1.4296 on Friday.</p> <p>Expectations of a rate rise from the Bank of England have been a major driver of sterling&#8217;s gains in recent days.</p> <p>The Australian dollar was flat at $0.7770 and the New Zealand dollar dipped 0.05 percent to $0.7348.</p> <p>The Hong Kong dollar traded at 7.8499 per dollar, continuing to hover near 7.85, the weak end of its trading band.</p> <p>The Hong Kong Monetary Authority (HKMA) stepped in last week to prop up the Hong Kong dollar, as it is obliged to intervene and keep intact a trading band of 7.75 to 7.85.</p> <p>Reporting by Shinichi Saoshiro; Editing by Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

10-year JGB yield hits 6-mth high, before steadying on bargain-hunting Asia shares mixed, oil down amid Syria fallout 'Boiled frog syndrome': Germany's China problem Oil markets tense after western strikes on Syria, but rising U.S. drilling weighs Dollar firms after Syria strikes, nears 2-mth high versus yen

https://reuters.com/article/japan-bonds/10-year-jgb-yield-hits-6-mth-high-before-steadying-on-bargain-hunting-idUSL3N1PD2K6

2018-01-18

2least

TOKYO Jan 18 Reuters Japanese government bond prices dipped on Thursday with the benchmark 10year yield briefly hitting a sixmonth high before reversing early losses to end flat on bargainhunting The 10year yield rose to as high as 0090 percent its highest since July 12 before stepping back to 0080 percent The price of 10year JGB futures dipped initially to 15025 their lowest since late October on a rally in Japanese stocks and a rise in US bond yields overnight But bargainhunting in 10year bonds helped the contract to recover from the loss to end 006 point higher at 15037 8220Those who traded the 10year bonds at the sixmonth high of 009 percent were said to be offenders for pleasure The selling was limited and wasn8217t serious at all A few players think the Bank of Japan will change its policy target any time soon8221 said a trader at a Japanese brokerage Earlier this month the BOJ reduced its buying in longdated bonds in its regular operation earlier this month sparking speculation the central bank may be inching towards exit from its massive stimulus But a majority of market players expect the BOJ to maintain its policy target of 8220around zero percent8221 in the 10year yield in the coming months and not certainly before Governor Haruhiko Kuroda8217s current term expires in April An auction of 800 billion yen 72 billion 30year JGB auction drew tepid demand as the tenor was currently not cheap on the yield curve The yield spread between 10 and 30year yields stood at 745 basis points the tightest since June The 30year yield rose 05 basis point to 0835 percent The 20year yield was steady at 0595 percent 1 11112 yen Reporting by Tokyo Markets Team Editing by Subhranshu Sahu Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters Asian share markets were mixed and oil prices fell on Monday as relief USled strikes on Syria looked unlikely to escalate was tempered by concerns at Russia8217s potential reaction to new sanctions from Washington A man looks at an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai With the situation in the Middle East still fluid moves were modest and in both directions EMini futures for the SampampP 500 ESc1 nudged up 038 percent while Japans Nikkei N225 added 02 percent Yet MSCIs broadest index of AsiaPacific shares outside Japan MIAPJ0000PUS slipped 04 percent as Chinese blue chips CSI300 took an early 07 percent dip The United States France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7 Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs as Washington prepared to increase pressure on Russia with new economic sanctions But with President Donald Trump declaring mission accomplished investors wagered the worst had been avoided 8220Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation8221 analysts at JPMorgan said in a note 8220Stocks were concerned about a prolonged and expanded US campaign toward Assad and that doesn8217t look probable8221 Safehaven assets eased in response with yields on US 10year Treasury debt US10YTRR up two basis points at 284 percent The dollar was a fraction firmer on the yen at 10740 JPY up on last weeks low around 10662 Slideshow 2 Images Dealers were keeping a wary eye on Japanese politics after a survey showed support for Japanese Prime Minister Shinzo Abe had fallen to 267 percent the lowest since he took office in late 2012 Abe8217s sliding ratings are raising doubts over whether he can win a third threeyear term as ruling Liberal Democratic Party LDP leader in a September vote or whether he might even resign before the party election The euro was steady at 12330 EUR while the dollar index eased a touch to 89772 DXY Nikkei Inc 2177874 N225 Nikkei Index 11846 055 N225 CSI300 EARNINGS CHINA GDP ON MENU In commodity markets gold gained 01 percent to 134661 an ounce XAU but remained well short of last week8217s peak at 136523 Oil prices slipped with Brent crude futures LCOc1 off 66 cents at 7192 a barrel while US crude CLc1 fell 56 cents to 6683 a barrel Looking ahead the US earnings season kicks into high gear this week with Thomson Reuters data predicting profits at SampampP 500 companies increased by 186 percent in the first quarter from a year ago their biggest rise in seven years Yet with expectations so high bank shares ran into profittaking on Friday after a batch of mixed results In Asia China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 67 percent to 68 percent The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week Also this week the IMF will hold its spring meetings of central bankers and finance ministers in Washington Editing by Shri Navaratnam and Eric Meijer Our Standards The Thomson Reuters Trust Principles SCHROBENHAUSEN Germany Reuters Bauer a big producer of construction equipment is better placed than many German companies that invested heavily in China over the past few decades Thomas Bauer CEO of Bavariabased construction equipment maker Bauer AG talks during an interview with Reuters in Schrobenhausen Germany April 3 2018 REUTERSMichael Dalder The Bavariabased firm which traces its roots back to 1790 does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin And the specialist engineering machines Bauer produces there are sold in countries across Asia shielding the group from swings in the volatile Chinese building market Even so CEO Thomas Bauer the seventh generation in his family to run the firm is worried about his company8217s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative oneway bet 8220Germany has put too many eggs into one basket and that basket is China8221 Bauer a jovial 62yearold with a thick Bavarian accent told Reuters at the company8217s headquarters in Schrobenhausen an hour8217s drive north of Munich Bauer8217s BSAGDE concern points to a growing fear in Germany For more than a decade the country has been the growth locomotive of Europe its economy weathering global financial turmoil the euro zone debt crisis and a record influx of refugees That resilience was based on two key drivers Germany had innovative firms that produced highend manufactured goods that fastgrowing economies needed and the country was better than others at profiting from an open rulesbased global trading system that rewarded competitiveness China has been crucial on both fronts Over the past decade it bought up German cars and machinery at an astonishing pace as it gradually opened up to foreign firms Last year alone German manufacturers sold nearly 5 million cars in China more than three times as many as in the United States But even as the good times roll on a radical shift is taking place in how Deutschland AG views the vast Chinese market Not only has the opening of China shifted into reverse under President Xi Jinping but Chinese firms have moved up the value chain far faster than many in Germany expected Germany8217s China conundrum is part of a broader challenge facing Europe Years of inwardfocused crisis fighting have left the bloc politically divided and illprepared to respond to looming geopolitical and economic challenges Now the continent risks being squeezed between a more assertive Beijing and the 8220America First8221 policies of Donald Trump In private some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won8217t or can8217t jump out Germany8217s ambassador to China Michael Clauss warned at a meeting with industry chiefs in Berlin last month of 8220tectonic changes8221 in the relationship according to participants 8220We need to prepare people here for a new era in our partnership with China8221 an official at Germany8217s powerful BDI industry federation said 8220These are still golden times But there is a huge amount of concern about what lies ahead8221 GRAPHIC Germanys China problem tmsnrtrs2GUN6BK ROLE OF THE STATE German companies were among the first in the West to set up shop in China giving Germany an advantage as the Chinese economy took off Bilateral trade between the two countries hit a record 187 billion euros last year dwarfing China8217s trade with France and the UK both around 70 billion In 2017 Germany ran a trade deficit with China of 14 billion euros tiny compared to the US deficit of 375 billion or about 346 billion euros Bauer AG which employs 11000 workers in 70 countries built its first production facilities in China in the mid1990s At the time not a single Chinese firm could make the sophisticated drilling machines it produces 8211 towering yellow structures used to build the foundations for skyscrapers power stations and airports By 2013 Bauer counted 36 Chinese competitors able to make such machines a shift the CEO says was accelerated by European suppliers selling codesigned parts to the Chinese A decade ago the company8217s Chinese plants generated revenues of 109 million euros Sales slumped to less than half that amount in five of the nine years that followed Today what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy Slideshow 7 Images Last year China introduced a cyber security law which tightened state control over internet services including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters More recently some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures The Bauer boss fears that Xi8217s 8220Made in China 20258221 strategy which identifies 10 key sectors 8211 including robotics aerospace and cleanenergy cars 8211 where China wants to be a leader represents a direct challenge to German manufacturing dominance To keep its edge Bauer says his firm is focusing intensively on digitalization 8220It will not be a contest against copiers It will be one against innovative engineers who are intent on overtaking us8221 he said 8220If we don8217t start finding answers soon this can end very badly8221 TRUMP TARIFFS The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs But because Germany8217s top firms have become so dependent on the Chinese market the government in Berlin has avoided confronting China headon Back in February carmaker Daimler DAIGnDE showed just how skittish some companies are about upsetting Beijing Daimler AG 6565 DAIGnDE Xetra 018 027 DAIGnDE 000333SZ KU2GDE After a backlash in China over a MercedezBenz ad on Instagram that quoted the Dalai Lama 8211 the Tibetan spiritual leader seen by Beijing as a separatist 8211 Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the 8220hurt and grief8221 his company8217s 8220negligent and insensitive mistake8221 had caused the Chinese people 8220There is a huge gap between what people in Germany are saying about China and what they are really thinking8221 said Bernhard Bartsch of the Bertelsmann Foundation a German research group Later this month Bertelsmann and Berlinbased China think tank MERICS will host an Oxford Unionstyle debate on the motion 8220In ten years8217 time China will have substantially undermined Europe8217s political and economic system8221 The mood among German firms operating in China is also souring A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years more than half of its members were not planning investments in new locations in China Nearly 13 percent of German firms operating in China said they could leave within the next two years For decades Germany8217s approach to China could be summed up with the motto 8220Wandel durch Handel8221 change through trade Now that strategy is in tatters and government officials joke darkly that the 8220winwin8221 relationship has a new meaning China wins twice 8220The hope was that closer economic ties would lead to an opening Today it is clear this was a false hope8221 said a German government official 8220They tell us what we want to hear and then do the opposite8221 Berlin is starting to push back Last year after Chinese firm Midea8217s 000333SZ takeover of robotics maker Kuka KU2GDE sparked an uproar it tightened restrictions on foreign investments and launched a push for new Europewide rules for screening takeovers In December Germany8217s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians a rare public rebuke that Berlin says was intended to send the Chinese a message A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin officials say But they also concede that divisions within the EU and a wide gap between Europe and the goitalone Trump administration will make it more difficult to force change in Beijing 8220What the Chinese are really worried about is Europe and the United States working together against them8221 said the German official 8220In that sense Trump really is a gift to China8221 Reporting by Noah Barkin Editing by Simon Robinson Our Standards The Thomson Reuters Trust Principles SINGAPORE Reuters Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend and as American drilling for new production continued to rise FILE PHOTO Oil pumping facilities are seen at Venezuelas western Maracaibo lake in Venezuela November 5 2007 REUTERSIsaac UrrutiaFile Photo The United States France and Britain launched 105 missiles on Saturday targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7 Brent crude oil futures LCOc1 were at 7187 per barrel at 0124 GMT down 71 cents or 1 percent from their last close US West Texas Intermediate WTI crude futures CLc1 were down 59 cents or 09 percent at 6680 a barrel Traders said markets in Asia began cautiously after the weekend strikes while oil markets also came under pressure from a rise in US oil drilling activity US energy companies added seven oil rigs drilling for new production in the week to April 13 bringing the total to 815 the highest since March 2015 energy services firm Baker Hughes said on Friday Despite this Brent is still up more than 16 percent from its 2018 low in February due to healthy demand and also because of conflict and tension in the Middle East Although Syria itself is not a significant oil producer itself the wider Middle East is the world8217s most important crude exporter and tension in the region tends to put oil markets on edge 8220Investors continued to worry about the impact of a wider conflict in the Middle East8221 ANZ bank said Reporting by Henning Gloystein editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles TOKYO Reuters The dollar firmed on Monday hovering near a twomonth high against the yen after the market gained some clarity following military strikes on Syria by the United States and its allies at the weekend FILE PHOTO US Dollar and Japan Yen notes are seen in this picture illustration June 2 2017 REUTERSThomas WhiteIllustrationFile Photo The United States France and Britain launched missiles targeting what the Pentagon said were chemical weapons facilities in Syria on Saturday in retaliation for a suspected poison gas attack on April 7 Suggesting that the military action would not be prolonged Trump declared 8220mission accomplished8221 after the strikes The greenback gained against the yen after the military intervention although the Japanese currency usually draws demand in times of political tension and market turmoil thanks to its perceived safehaven status The US currency was 02 percent higher at 107515 yen A rise above Friday8217s high of 107780 yen would take the dollar to its highest since Feb 22 8220The reaction in currencies have been limited as President Trump had provided advance notice about a possible strike on Syria giving speculators ample time to brace for the actual event8221 said Yukio Ishizuki senior forex strategist at Daiwa Securities 8220Many speculators are showing less of a response to yensupportive factors lately after the Bank of Japan made clear it was not going to normalise policy soon This goes for domestic factors as well like falling support ratings for Japan Prime Minister Shinzo Abe8221 Support for Prime Minister Abe plagued by accusations of cronyism and coverups fell to 267 percent in a survey by private broadcaster Nippon TV released on Sunday the lowest since he took office in December 2012 The dollar index against a basket of six major currencies was a shade higher at 89807 The euro was nearly flat at 12332 after ending Friday little changed The pound traded at 14244 after rising to a near threemonth high of 14296 on Friday Expectations of a rate rise from the Bank of England have been a major driver of sterling8217s gains in recent days The Australian dollar was flat at 07770 and the New Zealand dollar dipped 005 percent to 07348 The Hong Kong dollar traded at 78499 per dollar continuing to hover near 785 the weak end of its trading band The Hong Kong Monetary Authority HKMA stepped in last week to prop up the Hong Kong dollar as it is obliged to intervene and keep intact a trading band of 775 to 785 Reporting by Shinichi Saoshiro Editing by Eric Meijer Our Standards The Thomson Reuters Trust Principles

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<p>First Lady Michelle Obama&#8217;s remarks to the Democratic National Convention, as prepared for delivery.</p> <p /> <p>Over the past few years as First Lady, I have had the extraordinary privilege of traveling all across this country. And everywhere I&#8217;ve gone, in the people I&#8217;ve met, and the stories I&#8217;ve heard, I have seen the very best of the American spirit.</p> <p>I have seen it in the incredible kindness and warmth that people have shown me and my family, especially our girls.</p> <p>I&#8217;ve seen it in teachers in a near-bankrupt school district who vowed to keep teaching without pay.</p> <p>I&#8217;ve seen it in people who become heroes at a moment&#8217;s notice, diving into harm&#8217;s way to save others&#8230;flying across the country to put out a fire&#8230;driving for hours to bail out a flooded town.</p> <p>And I&#8217;ve seen it in our men and women in uniform and our proud military families&#8230;in wounded warriors who tell me they&#8217;re not just going to walk again, they&#8217;re going to run, and they&#8217;re going to run marathons&#8230;in the young man blinded by a bomb in Afghanistan who said, simply, &#8220;&#8230;I&#8217;d give my eyes 100 times again to have the chance to do what I have done and what I can still do.&#8221;</p> <p>Every day, the people I meet inspire me&#8230;every day, they make me proud&#8230;every day they remind me how blessed we are to live in the greatest nation on earth.</p> <p>Serving as your First Lady is an honor and a privilege&#8230;but back when we first came together four years ago, I still had some concerns about this journey we&#8217;d begun.</p> <p>While I believed deeply in my husband&#8217;s vision for this country&#8230;and I was certain he would make an extraordinary President&#8230;like any mother, I was worried about what it would mean for our girls if he got that chance.</p> <p>How would we keep them grounded under the glare of the national spotlight?</p> <p>How would they feel being uprooted from their school, their friends, and the only home they&#8217;d ever known?</p> <p>Our life before moving to Washington was filled with simple joys&#8230;Saturdays at soccer games, Sundays at grandma&#8217;s house&#8230;and a date night for Barack and me was either dinner or a movie, because as an exhausted mom, I couldn&#8217;t stay awake for both.</p> <p>And the truth is, I loved the life we had built for our girls&#8230;I deeply loved the man I had built that life with&#8230;and I didn&#8217;t want that to change if he became President.</p> <p>I loved Barack just the way he was.</p> <p>You see, even though back then Barack was a Senator and a presidential candidate&#8230;to me, he was still the guy who&#8217;d picked me up for our dates in a car that was so rusted out, I could actually see the pavement going by through a hole in the passenger side door&#8230;he was the guy whose proudest possession was a coffee table he&#8217;d found in a dumpster, and whose only pair of decent shoes was half a size too small.</p> <p>But when Barack started telling me about his family &#8211; that&#8217;s when I knew I had found a kindred spirit, someone whose values and upbringing were so much like mine.</p> <p>You see, Barack and I were both raised by families who didn&#8217;t have much in the way of money or material possessions but who had given us something far more valuable &#8211; their unconditional love, their unflinching sacrifice, and the chance to go places they had never imagined for themselves.</p> <p>My father was a pump operator at the city water plant, and he was diagnosed with Multiple Sclerosis when my brother and I were young.</p> <p>And even as a kid, I knew there were plenty of days when he was in pain&#8230;I knew there were plenty of mornings when it was a struggle for him to simply get out of bed.</p> <p>But every morning, I watched my father wake up with a smile, grab his walker, prop himself up against the bathroom sink, and slowly shave and button his uniform.</p> <p>And when he returned home after a long day&#8217;s work, my brother and I would stand at the top of the stairs to our little apartment, patiently waiting to greet him&#8230;watching as he reached down to lift one leg, and then the other, to slowly climb his way into our arms.</p> <p>But despite these challenges, my dad hardly ever missed a day of work&#8230;he and my mom were determined to give me and my brother the kind of education they could only dream of.</p> <p>And when my brother and I finally made it to college, nearly all of our tuition came from student loans and grants.</p> <p>But my dad still had to pay a tiny portion of that tuition himself.</p> <p>And every semester, he was determined to pay that bill right on time, even taking out loans when he fell short.</p> <p>He was so proud to be sending his kids to college&#8230;and he made sure we never missed a registration deadline because his check was late.</p> <p>You see, for my dad, that&#8217;s what it meant to be a man.</p> <p>Like so many of us, that was the measure of his success in life &#8211; being able to earn a decent living that allowed him to support his family.</p> <p>And as I got to know Barack, I realized that even though he&#8217;d grown up all the way across the country, he&#8217;d been brought up just like me.</p> <p>Barack was raised by a single mother who struggled to pay the bills, and by grandparents who stepped in when she needed help.</p> <p>Barack&#8217;s grandmother started out as a secretary at a community bank&#8230;and she moved quickly up the ranks&#8230;but like so many women, she hit a glass ceiling.</p> <p>And for years, men no more qualified than she was &#8211; men she had actually trained &#8211; were promoted up the ladder ahead of her, earning more and more money while Barack&#8217;s family continued to scrape by.</p> <p>But day after day, she kept on waking up at dawn to catch the bus&#8230;arriving at work before anyone else&#8230;giving her best without complaint or regret.</p> <p>And she would often tell Barack, &#8220;So long as you kids do well, Bar, that&#8217;s all that really matters.&#8221;</p> <p>Like so many American families, our families weren&#8217;t asking for much.</p> <p>They didn&#8217;t begrudge anyone else&#8217;s success or care that others had much more than they did&#8230;in fact, they admired it.</p> <p>They simply believed in that fundamental American promise that, even if you don&#8217;t start out with much, if you work hard and do what you&#8217;re supposed to do, then you should be able to build a decent life for yourself and an even better life for your kids and grandkids.</p> <p>That&#8217;s how they raised us&#8230;that&#8217;s what we learned from their example.</p> <p>We learned about dignity and decency &#8211; that how hard you work matters more than how much you make&#8230;that helping others means more than just getting ahead yourself.</p> <p>We learned about honesty and integrity &#8211; that the truth matters&#8230;that you don&#8217;t take shortcuts or play by your own set of rules&#8230;and success doesn&#8217;t count unless you earn it fair and square.</p> <p>We learned about gratitude and humility &#8211; that so many people had a hand in our success, from the teachers who inspired us to the janitors who kept our school clean&#8230;and we were taught to value everyone&#8217;s contribution and treat everyone with respect.</p> <p>Those are the values Barack and I &#8211; and so many of you &#8211; are trying to pass on to our own children.</p> <p>That&#8217;s who we are.</p> <p>And standing before you four years ago, I knew that I didn&#8217;t want any of that to change if Barack became President.</p> <p>Well, today, after so many struggles and triumphs and moments that have tested my husband in ways I never could have imagined, I have seen firsthand that being president doesn&#8217;t change who you are &#8211; it reveals who you are.</p> <p>You see, I&#8217;ve gotten to see up close and personal what being president really looks like.</p> <p>And I&#8217;ve seen how the issues that come across a President&#8217;s desk are always the hard ones &#8211; the problems where no amount of data or numbers will get you to the right answer&#8230;the judgment calls where the stakes are so high, and there is no margin for error.</p> <p>And as President, you can get all kinds of advice from all kinds of people.</p> <p>But at the end of the day, when it comes time to make that decision, as President, all you have to guide you are your values, and your vision, and the life experiences that make you who you are.</p> <p>So when it comes to rebuilding our economy, Barack is thinking about folks like my dad and like his grandmother.</p> <p>He&#8217;s thinking about the pride that comes from a hard day&#8217;s work.</p> <p>That&#8217;s why he signed the Lilly Ledbetter Fair Pay Act to help women get equal pay for equal work.</p> <p>That&#8217;s why he cut taxes for working families and small businesses and fought to get the auto industry back on its feet.</p> <p>That&#8217;s how he brought our economy from the brink of collapse to creating jobs again &#8211; jobs you can raise a family on, good jobs right here in the United States of America.</p> <p>When it comes to the health of our families, Barack refused to listen to all those folks who told him to leave health reform for another day, another president.</p> <p>He didn&#8217;t care whether it was the easy thing to do politically &#8211; that&#8217;s not how he was raised &#8211; he cared that it was the right thing to do.</p> <p>He did it because he believes that here in America, our grandparents should be able to afford their medicine&#8230;our kids should be able to see a doctor when they&#8217;re sick&#8230;and no one in this country should ever go broke because of an accident or illness.</p> <p>And he believes that women are more than capable of making our own choices about our bodies and our health care&#8230;that&#8217;s what my husband stands for.</p> <p>When it comes to giving our kids the education they deserve, Barack knows that like me and like so many of you, he never could&#8217;ve attended college without financial aid.</p> <p>And believe it or not, when we were first married, our combined monthly student loan bills were actually higher than our mortgage.</p> <p>We were so young, so in love, and so in debt.</p> <p>That&#8217;s why Barack has fought so hard to increase student aid and keep interest rates down, because he wants every young person to fulfill their promise and be able to attend college without a mountain of debt.</p> <p>So in the end, for Barack, these issues aren&#8217;t political &#8211; they&#8217;re personal.</p> <p>Because Barack knows what it means when a family struggles.</p> <p>He knows what it means to want something more for your kids and grandkids.</p> <p>Barack knows the American Dream because he&#8217;s lived it&#8230;and he wants everyone in this country to have that same opportunity, no matter who we are, or where we&#8217;re from, or what we look like, or who we love.</p> <p>And he believes that when you&#8217;ve worked hard, and done well, and walked through that doorway of opportunity&#8230;you do not slam it shut behind you&#8230;you reach back, and you give other folks the same chances that helped you succeed.</p> <p>So when people ask me whether being in the White House has changed my husband, I can honestly say that when it comes to his character, and his convictions, and his heart, Barack Obama is still the same man I fell in love with all those years ago.</p> <p>He&#8217;s the same man who started his career by turning down high paying jobs and instead working in struggling neighborhoods where a steel plant had shut down, fighting to rebuild those communities and get folks back to work&#8230;because for Barack, success isn&#8217;t about how much money you make, it&#8217;s about the difference you make in people&#8217;s lives.</p> <p>He&#8217;s the same man who, when our girls were first born, would anxiously check their cribs every few minutes to ensure they were still breathing, proudly showing them off to everyone we knew.</p> <p>That&#8217;s the man who sits down with me and our girls for dinner nearly every night, patiently answering their questions about issues in the news, and strategizing about middle school friendships.</p> <p>That&#8217;s the man I see in those quiet moments late at night, hunched over his desk, poring over the letters people have sent him.</p> <p>The letter from the father struggling to pay his bills&#8230;from the woman dying of cancer whose insurance company won&#8217;t cover her care&#8230;from the young person with so much promise but so few opportunities.</p> <p>I see the concern in his eyes&#8230;and I hear the determination in his voice as he tells me, &#8220;You won&#8217;t believe what these folks are going through, Michelle&#8230;it&#8217;s not right. We&#8217;ve got to keep working to fix this. We&#8217;ve got so much more to do.&#8221;</p> <p>I see how those stories &#8211; our collection of struggles and hopes and dreams &#8211; I see how that&#8217;s what drives Barack Obama every single day.</p> <p>And I didn&#8217;t think it was possible, but today, I love my husband even more than I did four years ago&#8230;even more than I did 23 years ago, when we first met.</p> <p>I love that he&#8217;s never forgotten how he started.</p> <p>I love that we can trust Barack to do what he says he&#8217;s going to do, even when it&#8217;s hard &#8211; especially when it&#8217;s hard.</p> <p>I love that for Barack, there is no such thing as &#8220;us&#8221; and &#8220;them&#8221; &#8211; he doesn&#8217;t care whether you&#8217;re a Democrat, a Republican, or none of the above&#8230;he knows that we all love our country&#8230;and he&#8217;s always ready to listen to good ideas&#8230;he&#8217;s always looking for the very best in everyone he meets.</p> <p>And I love that even in the toughest moments, when we&#8217;re all sweating it &#8211; when we&#8217;re worried that the bill won&#8217;t pass, and it seems like all is lost &#8211; Barack never lets himself get distracted by the chatter and the noise.</p> <p>Just like his grandmother, he just keeps getting up and moving forward&#8230;with patience and wisdom, and courage and grace.</p> <p>And he reminds me that we are playing a long game here&#8230;and that change is hard, and change is slow, and it never happens all at once.</p> <p>But eventually we get there, we always do.</p> <p>We get there because of folks like my Dad&#8230;folks like Barack&#8217;s grandmother&#8230;men and women who said to themselves, &#8220;I may not have a chance to fulfill my dreams, but maybe my children will&#8230;maybe my grandchildren will.&#8221;</p> <p>So many of us stand here tonight because of their sacrifice, and longing, and steadfast love&#8230;because time and again, they swallowed their fears and doubts and did what was hard.</p> <p>So today, when the challenges we face start to seem overwhelming &#8211; or even impossible &#8211; let us never forget that doing the impossible is the history of this nation&#8230;it&#8217;s who we are as Americans&#8230;it&#8217;s how this country was built.</p> <p>And if our parents and grandparents could toil and struggle for us&#8230;if they could raise beams of steel to the sky, send a man to the moon, and connect the world with the touch of a button&#8230;then surely we can keep on sacrificing and building for our own kids and grandkids.</p> <p>And if so many brave men and women could wear our country&#8217;s uniform and sacrifice their lives for our most fundamental rights&#8230;then surely we can do our part as citizens of this great democracy to exercise those rights&#8230;surely, we can get to the polls and make our voices heard on Election Day.</p> <p>If farmers and blacksmiths could win independence from an empire&#8230;if immigrants could leave behind everything they knew for a better life on our shores&#8230;if women could be dragged to jail for seeking the vote&#8230;if a generation could defeat a depression, and define greatness for all time&#8230;if a young preacher could lift us to the mountaintop with his righteous dream&#8230;and if proud Americans can be who they are and boldly stand at the altar with who they love&#8230;then surely, surely we can give everyone in this country a fair chance at that great American Dream.</p> <p>Because in the end, more than anything else, that is the story of this country &#8211; the story of unwavering hope grounded in unyielding struggle.</p> <p>That is what has made my story, and Barack&#8217;s story, and so many other American stories possible.</p> <p>And I say all of this tonight not just as First Lady&#8230;and not just as a wife.</p> <p>You see, at the end of the day, my most important title is still &#8220;mom-in-chief.&#8221;</p> <p>My daughters are still the heart of my heart and the center of my world.</p> <p>But today, I have none of those worries from four years ago about whether Barack and I were doing what&#8217;s best for our girls.</p> <p>Because today, I know from experience that if I truly want to leave a better world for my daughters, and all our sons and daughters&#8230;if we want to give all our children a foundation for their dreams and opportunities worthy of their promise&#8230;if we want to give them that sense of limitless possibility &#8211; that belief that here in America, there is always something better out there if you&#8217;re willing to work for it&#8230;then we must work like never before&#8230;and we must once again come together and stand together for the man we can trust to keep moving this great country forward&#8230;my husband, our President, President Barack Obama.</p> <p>Thank you, God bless you, and God bless America.</p> <p /> <p>Tagged as: <a href="" type="internal">Barack Obama</a>, <a href="" type="internal">conventions</a>, <a href="" type="internal">democratic national convention</a>, <a href="" type="internal">DNC</a>, <a href="" type="internal">frank sinatra</a>, <a href="" type="internal">human interest</a>, <a href="" type="internal">lady</a>, <a href="" type="internal">lady michelle</a>, <a href="" type="internal">madelyn dunham</a>, <a href="" type="internal">michelle</a>, <a href="" type="internal">Michelle Obama</a>, <a href="" type="internal">national convention</a>, <a href="" type="internal">obama's speech</a>, <a href="" type="internal">remark</a>, <a href="" type="internal">united states</a>, <a href="" type="internal">watches michelle</a></p> <p>Friends:</p> <p>We invite you to <a href="http://visitor.r20.constantcontact.com/manage/optin?v=001whLQo73KzGhEjdskYG07rHNy_XoDDkSBBO4INZHx6oD9kfp2yeeQAJeMQUu9oTviZa0VEl5k0rNiLifxlZsOFScMz8rVGmIaN-FFOO3GTKc%3D" type="external">sign up for our new mailing list</a>, and&amp;#160; <a href="http://feedburner.google.com/fb/a/mailverify?uri=TheNewCivilRightsMovement&amp;amp;amp;loc=en_US" type="external">subscribe to The New Civil Rights Movement via email</a> or <a href="http://feeds2.feedburner.com/thenewcivilrightsmovement" type="external">RSS</a>.</p> <p>Also, please&amp;#160; <a href="https://www.facebook.com/pages/The-New-Civil-Rights-Movement/358168880614" type="external">like us on Facebook</a>, and <a href="https://twitter.com/#!/gaycivilrights" type="external">follow us on Twitter</a>!</p>

DNC 2012: Watch Michelle Obama’s Speech And Tribute — Full Text And Videos

http://thenewcivilrightsmovement.com/dnc-2012-watch-michelle-obamas-speech-and-tribute-full-text-and-videos/politics/2012/09/04/48311

2012-09-04

4left

First Lady Michelle Obama8217s remarks to the Democratic National Convention as prepared for delivery Over the past few years as First Lady I have had the extraordinary privilege of traveling all across this country And everywhere I8217ve gone in the people I8217ve met and the stories I8217ve heard I have seen the very best of the American spirit I have seen it in the incredible kindness and warmth that people have shown me and my family especially our girls I8217ve seen it in teachers in a nearbankrupt school district who vowed to keep teaching without pay I8217ve seen it in people who become heroes at a moment8217s notice diving into harm8217s way to save others8230flying across the country to put out a fire8230driving for hours to bail out a flooded town And I8217ve seen it in our men and women in uniform and our proud military families8230in wounded warriors who tell me they8217re not just going to walk again they8217re going to run and they8217re going to run marathons8230in the young man blinded by a bomb in Afghanistan who said simply 82208230I8217d give my eyes 100 times again to have the chance to do what I have done and what I can still do8221 Every day the people I meet inspire me8230every day they make me proud8230every day they remind me how blessed we are to live in the greatest nation on earth Serving as your First Lady is an honor and a privilege8230but back when we first came together four years ago I still had some concerns about this journey we8217d begun While I believed deeply in my husband8217s vision for this country8230and I was certain he would make an extraordinary President8230like any mother I was worried about what it would mean for our girls if he got that chance How would we keep them grounded under the glare of the national spotlight How would they feel being uprooted from their school their friends and the only home they8217d ever known Our life before moving to Washington was filled with simple joys8230Saturdays at soccer games Sundays at grandma8217s house8230and a date night for Barack and me was either dinner or a movie because as an exhausted mom I couldn8217t stay awake for both And the truth is I loved the life we had built for our girls8230I deeply loved the man I had built that life with8230and I didn8217t want that to change if he became President I loved Barack just the way he was You see even though back then Barack was a Senator and a presidential candidate8230to me he was still the guy who8217d picked me up for our dates in a car that was so rusted out I could actually see the pavement going by through a hole in the passenger side door8230he was the guy whose proudest possession was a coffee table he8217d found in a dumpster and whose only pair of decent shoes was half a size too small But when Barack started telling me about his family 8211 that8217s when I knew I had found a kindred spirit someone whose values and upbringing were so much like mine You see Barack and I were both raised by families who didn8217t have much in the way of money or material possessions but who had given us something far more valuable 8211 their unconditional love their unflinching sacrifice and the chance to go places they had never imagined for themselves My father was a pump operator at the city water plant and he was diagnosed with Multiple Sclerosis when my brother and I were young And even as a kid I knew there were plenty of days when he was in pain8230I knew there were plenty of mornings when it was a struggle for him to simply get out of bed But every morning I watched my father wake up with a smile grab his walker prop himself up against the bathroom sink and slowly shave and button his uniform And when he returned home after a long day8217s work my brother and I would stand at the top of the stairs to our little apartment patiently waiting to greet him8230watching as he reached down to lift one leg and then the other to slowly climb his way into our arms But despite these challenges my dad hardly ever missed a day of work8230he and my mom were determined to give me and my brother the kind of education they could only dream of And when my brother and I finally made it to college nearly all of our tuition came from student loans and grants But my dad still had to pay a tiny portion of that tuition himself And every semester he was determined to pay that bill right on time even taking out loans when he fell short He was so proud to be sending his kids to college8230and he made sure we never missed a registration deadline because his check was late You see for my dad that8217s what it meant to be a man Like so many of us that was the measure of his success in life 8211 being able to earn a decent living that allowed him to support his family And as I got to know Barack I realized that even though he8217d grown up all the way across the country he8217d been brought up just like me Barack was raised by a single mother who struggled to pay the bills and by grandparents who stepped in when she needed help Barack8217s grandmother started out as a secretary at a community bank8230and she moved quickly up the ranks8230but like so many women she hit a glass ceiling And for years men no more qualified than she was 8211 men she had actually trained 8211 were promoted up the ladder ahead of her earning more and more money while Barack8217s family continued to scrape by But day after day she kept on waking up at dawn to catch the bus8230arriving at work before anyone else8230giving her best without complaint or regret And she would often tell Barack 8220So long as you kids do well Bar that8217s all that really matters8221 Like so many American families our families weren8217t asking for much They didn8217t begrudge anyone else8217s success or care that others had much more than they did8230in fact they admired it They simply believed in that fundamental American promise that even if you don8217t start out with much if you work hard and do what you8217re supposed to do then you should be able to build a decent life for yourself and an even better life for your kids and grandkids That8217s how they raised us8230that8217s what we learned from their example We learned about dignity and decency 8211 that how hard you work matters more than how much you make8230that helping others means more than just getting ahead yourself We learned about honesty and integrity 8211 that the truth matters8230that you don8217t take shortcuts or play by your own set of rules8230and success doesn8217t count unless you earn it fair and square We learned about gratitude and humility 8211 that so many people had a hand in our success from the teachers who inspired us to the janitors who kept our school clean8230and we were taught to value everyone8217s contribution and treat everyone with respect Those are the values Barack and I 8211 and so many of you 8211 are trying to pass on to our own children That8217s who we are And standing before you four years ago I knew that I didn8217t want any of that to change if Barack became President Well today after so many struggles and triumphs and moments that have tested my husband in ways I never could have imagined I have seen firsthand that being president doesn8217t change who you are 8211 it reveals who you are You see I8217ve gotten to see up close and personal what being president really looks like And I8217ve seen how the issues that come across a President8217s desk are always the hard ones 8211 the problems where no amount of data or numbers will get you to the right answer8230the judgment calls where the stakes are so high and there is no margin for error And as President you can get all kinds of advice from all kinds of people But at the end of the day when it comes time to make that decision as President all you have to guide you are your values and your vision and the life experiences that make you who you are So when it comes to rebuilding our economy Barack is thinking about folks like my dad and like his grandmother He8217s thinking about the pride that comes from a hard day8217s work That8217s why he signed the Lilly Ledbetter Fair Pay Act to help women get equal pay for equal work That8217s why he cut taxes for working families and small businesses and fought to get the auto industry back on its feet That8217s how he brought our economy from the brink of collapse to creating jobs again 8211 jobs you can raise a family on good jobs right here in the United States of America When it comes to the health of our families Barack refused to listen to all those folks who told him to leave health reform for another day another president He didn8217t care whether it was the easy thing to do politically 8211 that8217s not how he was raised 8211 he cared that it was the right thing to do He did it because he believes that here in America our grandparents should be able to afford their medicine8230our kids should be able to see a doctor when they8217re sick8230and no one in this country should ever go broke because of an accident or illness And he believes that women are more than capable of making our own choices about our bodies and our health care8230that8217s what my husband stands for When it comes to giving our kids the education they deserve Barack knows that like me and like so many of you he never could8217ve attended college without financial aid And believe it or not when we were first married our combined monthly student loan bills were actually higher than our mortgage We were so young so in love and so in debt That8217s why Barack has fought so hard to increase student aid and keep interest rates down because he wants every young person to fulfill their promise and be able to attend college without a mountain of debt So in the end for Barack these issues aren8217t political 8211 they8217re personal Because Barack knows what it means when a family struggles He knows what it means to want something more for your kids and grandkids Barack knows the American Dream because he8217s lived it8230and he wants everyone in this country to have that same opportunity no matter who we are or where we8217re from or what we look like or who we love And he believes that when you8217ve worked hard and done well and walked through that doorway of opportunity8230you do not slam it shut behind you8230you reach back and you give other folks the same chances that helped you succeed So when people ask me whether being in the White House has changed my husband I can honestly say that when it comes to his character and his convictions and his heart Barack Obama is still the same man I fell in love with all those years ago He8217s the same man who started his career by turning down high paying jobs and instead working in struggling neighborhoods where a steel plant had shut down fighting to rebuild those communities and get folks back to work8230because for Barack success isn8217t about how much money you make it8217s about the difference you make in people8217s lives He8217s the same man who when our girls were first born would anxiously check their cribs every few minutes to ensure they were still breathing proudly showing them off to everyone we knew That8217s the man who sits down with me and our girls for dinner nearly every night patiently answering their questions about issues in the news and strategizing about middle school friendships That8217s the man I see in those quiet moments late at night hunched over his desk poring over the letters people have sent him The letter from the father struggling to pay his bills8230from the woman dying of cancer whose insurance company won8217t cover her care8230from the young person with so much promise but so few opportunities I see the concern in his eyes8230and I hear the determination in his voice as he tells me 8220You won8217t believe what these folks are going through Michelle8230it8217s not right We8217ve got to keep working to fix this We8217ve got so much more to do8221 I see how those stories 8211 our collection of struggles and hopes and dreams 8211 I see how that8217s what drives Barack Obama every single day And I didn8217t think it was possible but today I love my husband even more than I did four years ago8230even more than I did 23 years ago when we first met I love that he8217s never forgotten how he started I love that we can trust Barack to do what he says he8217s going to do even when it8217s hard 8211 especially when it8217s hard I love that for Barack there is no such thing as 8220us8221 and 8220them8221 8211 he doesn8217t care whether you8217re a Democrat a Republican or none of the above8230he knows that we all love our country8230and he8217s always ready to listen to good ideas8230he8217s always looking for the very best in everyone he meets And I love that even in the toughest moments when we8217re all sweating it 8211 when we8217re worried that the bill won8217t pass and it seems like all is lost 8211 Barack never lets himself get distracted by the chatter and the noise Just like his grandmother he just keeps getting up and moving forward8230with patience and wisdom and courage and grace And he reminds me that we are playing a long game here8230and that change is hard and change is slow and it never happens all at once But eventually we get there we always do We get there because of folks like my Dad8230folks like Barack8217s grandmother8230men and women who said to themselves 8220I may not have a chance to fulfill my dreams but maybe my children will8230maybe my grandchildren will8221 So many of us stand here tonight because of their sacrifice and longing and steadfast love8230because time and again they swallowed their fears and doubts and did what was hard So today when the challenges we face start to seem overwhelming 8211 or even impossible 8211 let us never forget that doing the impossible is the history of this nation8230it8217s who we are as Americans8230it8217s how this country was built And if our parents and grandparents could toil and struggle for us8230if they could raise beams of steel to the sky send a man to the moon and connect the world with the touch of a button8230then surely we can keep on sacrificing and building for our own kids and grandkids And if so many brave men and women could wear our country8217s uniform and sacrifice their lives for our most fundamental rights8230then surely we can do our part as citizens of this great democracy to exercise those rights8230surely we can get to the polls and make our voices heard on Election Day If farmers and blacksmiths could win independence from an empire8230if immigrants could leave behind everything they knew for a better life on our shores8230if women could be dragged to jail for seeking the vote8230if a generation could defeat a depression and define greatness for all time8230if a young preacher could lift us to the mountaintop with his righteous dream8230and if proud Americans can be who they are and boldly stand at the altar with who they love8230then surely surely we can give everyone in this country a fair chance at that great American Dream Because in the end more than anything else that is the story of this country 8211 the story of unwavering hope grounded in unyielding struggle That is what has made my story and Barack8217s story and so many other American stories possible And I say all of this tonight not just as First Lady8230and not just as a wife You see at the end of the day my most important title is still 8220mominchief8221 My daughters are still the heart of my heart and the center of my world But today I have none of those worries from four years ago about whether Barack and I were doing what8217s best for our girls Because today I know from experience that if I truly want to leave a better world for my daughters and all our sons and daughters8230if we want to give all our children a foundation for their dreams and opportunities worthy of their promise8230if we want to give them that sense of limitless possibility 8211 that belief that here in America there is always something better out there if you8217re willing to work for it8230then we must work like never before8230and we must once again come together and stand together for the man we can trust to keep moving this great country forward8230my husband our President President Barack Obama Thank you God bless you and God bless America Tagged as Barack Obama conventions democratic national convention DNC frank sinatra human interest lady lady michelle madelyn dunham michelle Michelle Obama national convention obamas speech remark united states watches michelle Friends We invite you to sign up for our new mailing list andamp160 subscribe to The New Civil Rights Movement via email or RSS Also pleaseamp160 like us on Facebook and follow us on Twitter

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<p>As you may or may not have heard, today is our fearless leader, Amelia McDonell-Parry&#8217;s, last day as Editor-in-Chief of The Frisky&#8211;a job she has held since first founding the site eight years ago. Although she&#8217;s not leaving us entirely&#8211;in January, she&#8217;ll be taking on a new role as The Frisky&#8217;s Editor-at-Large. Still, she&#8217;s been the best EIC anyone could ask for, and we&#8217;ll miss having her around on a daily basis.</p> <p>To those who have worked here in those past eight years, Amelia hasn&#8217;t been just a bosslady, but also a friend. Thus, to celebrate her time here and wish her luck in the future, we&#8217;ve asked a bunch of Frisky staffers, old and new, to say a few words about her!</p> <p>So, Amelia McDonell-Parry&#8212;THIS IS YOUR FRISKY LIFE!</p> <p>&#8220;Last year, SpinMedia bought Death and Taxes, the site where I&#8217;d previously worked for two and a half years. A few months later I was asked if I&#8217;d like to move over to The Frisky. My response? &#8220;Holy crap yes! I love Amelia! Amelia is the best!&#8221; and was then quickly concerned that I might have been too effusive, and followed it up with &#8220;I love you guys too though, obviously.&#8221; When I started&#8211;which oddly enough, was exactly a year ago today&#8211; I wasn&#8217;t sure how I would fit, being a political writer, but the first thing she told me was that she wanted people on staff to write about the things they were passionate about. This philosophy and encouraging attitude, I think, is what has made this site awesome.</p> <p>Working with Amelia has been wonderful. She is a great&amp;#160;advocate for her staff, a great writer and editor, and even though we&#8217;ve never met in person, I honestly consider her one of my dearest friends, and someone I can pretty much tell anything to. Anyone who knows her will tell you she&#8217;s the most loyal friend on earth&#8211;she loves like a lion and kills those who fuck with her kin. She&#8217;s also possibly the only person I know who is as terrified as birds as I am. I love her guts and am sad to see her go.&#8221; &#8211; <a href="" type="internal">Robyn Pennacchia</a></p> <p>&#8220;Amelia gave me a job, has always supported my writing and is the easy-going boss that you think you&#8217;ll have when you start working, but never actually find. She&#8217;s fiercely&amp;#160;loyal to her staff and leads&amp;#160;with her gut, which is rare. She will be missed.&#8221; &#8211; <a href="" type="internal">Megan Reynolds</a></p> <p>&#8220;One of the happiest places for me in Chicago is the south-west corner of Diversey and Sheffield, because I remember, one day in early September 2014, checking a voicemail I&#8217;d received from a New York number. It was Amelia asking me if I was interested in taking a job at The Frisky, and I was so blown away that I was like breathless and crying. I had been a baby freelancer with a tiny writing resume prior to this, and Amelia took a shot with me that I don&#8217;t think any other editor would.</p> <p>She&#8217;s encouraged my shenanigans, allowed me to write long, thorough video game reviews for a site that is distinctly not video game-related (among other things), and has been a steady source of support in what&#8217;s been a kind of crazy year. She&#8217;s a lightworker, a squirrel whisperer, and the best/weirdest EIC anyone could ask for. I will miss you sorely, Amelia!&#8221;&#8211; <a href="" type="internal">Rebecca Vipond-Brink</a></p> <p>&#8220;If there was ever an editor who was kind and patient and who believed in me, it was Amelia. She gave me the opportunity to start at The Frisky a year ago and has altered my writing life so much because of her taking a chance on me. I owe her the start of my media career and so much more.</p> <p>Wait, do you have to go? Because I don&#8217;t want you to! Thanks for making little ole&#8217; me feel like a huge special big deal. Please &amp;#160;continue to give me Chad and Lucca updates all the time or I will be upset.&#8221;&#8211; <a href="" type="internal">Katrin Higher</a></p> <p>&#8220;I only started working with The Frisky in the past few months in both a freelance capacity, and recently a more regular basis. From the very get-go Amelia has been incredibly warm and welcoming, she&#8217;s given me freedom to try ideas that range from outright silly to sobering, and has never made me feel stupid when I pitch something that&#8217;s not a fit.</p> <p>It&#8217;s obvious in the ways she writes and interacts with other writers that Amelia&#8217;s an intelligent and hilarious woman who genuinely values creating a platform where women (and cool select men) can share ideas and experiences.</p> <p>Also, HAVE YOU SEEN HER WEAVING? She is a weaver, and she sometimes posts photos of her weaves online and they look like ice cream was transformed into yarn. Delicious.</p> <p>Anyways, I&#8217;m sad that I just started writing here and won&#8217;t be able to interact with Amelia as much, but I&#8217;m excited for her next season and to read the contributions she continues to publish on here!&#8221;&#8211; <a href="" type="internal">Bronwyn Isaac</a></p> <p>&#8220;Amelia McDonell-Parry, simply put, is one of the greatest blessings I have had come into my life. When I interviewed for a job working under her at The Frisky back in 2008, I had no idea that seven years later she would be a sister, a mentor and a champion.Amelia, you are truly a special person and Turner hit the jackpot when they hired you to create The Frisky. Most people don&#8217;t understand the all-consuming amount of work you have always done, both on the web site and the emotional labor for which you were not expressly being paid. You have given so, so much to others and you deserve it 10-fold in return.When I worked for you, especially in the earlier years, I always just wanted to be your friend. I wanted to be like you when I &#8220;grew up,&#8221; and now, I sort of am!</p> <p>You taught me how to be better at being myself. You taught me that as a feminist and a woman in the media, I could think independently, disagree with the crowd, and that I didn&#8217;t need to kiss ass to be more successful. Through your own example (and a lot of hand-holding), you taught me that whenever I get knocked down, I can pick myself up again. You shared good music and good books and let me sleep on your couch more than a few times. You showed me that shame and fear did not need to govern my life. You showed a template for bravery. You were soft when I needed someone to listen and hard when I needed a kick in the butt (even though I was a very sensitive flower for, well, an embarrassing long time). I am better, and happier, for having known. Simply put, I cannot imagine what life would have been like without you. More boring, probably, and certainly without Lucca&#8217;s fur all over my clothes. All my love, Amelia. I will always have your back.&#8221;&#8211; <a href="" type="internal">Jessica Wakeman</a></p> <p>&#8220;Amelia, SA, Smell, there are literally too many fond memories of my Frisky days for me to choose one to highlight. It was life-changing and so much fun to be part of the Frisky team for almost 5 years. That&#8217;s way oversimplifying it, of course. But I don&#8217;t want to highjack this tribute to you.</p> <p>Here&#8217;s what I remember most: I think belly laughed almost every day, but never harder than when you received a &#8220;promotional&#8221; Halloween costume in the mail from American Apparel that included a hot-pink crop top . You were eating lunch, a sandwich I believe, when you opened the package. After some debate about what the costume was &#8220;supposed to be&#8221; (a gym rat from the &#8217;70&#8217;s, a mall food court employee from the &#8217;80s?) we all lost interest and you tossed the costume aside on your desk. Moments later, you took a big bite of your sandwich and got some mustard on your face. You searched around for a napkin, but couldn&#8217;t find one. What did you do? You used the crop top as a napkin&#8230;and continued to do so for the next two years. Because this still makes me laugh when I think about it, and for so, so many other reasons, I love you. Good luck with whatever comes next for you. Lots of great stuff, I know it!&#8221;&#8211; <a href="" type="internal">Ami Angelowicz</a></p> <p>&#8220;It&#8217;s hard to fully explain how Amelia&#8217;s impacted my life. That may sound kinda weird to her, cause I&#8217;m not sure I ever really told her that directly, but it&#8217;s so very true. As a young person just starting out in the big bad Real World, the Frisky ladies were my first and best example of what it means to be an amazing woman in the professional world. When I first met her, I saw in her (and still do!) someone I wanted to be someday&#8211;someone who kicks ass at their job, who is an amazing writer, who goes through life with an open heart, who is resilient, who is unafraid to be honest about who she is and what she believes, and, ahem, has great taste in clothes.</p> <p>She&#8217;s such a role model to me and shows me all the time what it means to be a feminist, a caring boss and a person who stops at nothing to build the kind of life she wants. She went far, far out of her way to be much more than just a manager to the Frisky staff. In rough patches in my own life, she gave me more advice and support than anyone could ever hope to expect from a coworker. Corny as it is (OMG Amelia I&#8217;m kind of embarrassed that I&#8217;m getting so sappy on you now), I feel like I was meant to cross paths with her at the point that I did in my life, because her example and advice shaped so much of my own path, and I have to imagine that so many of her other writers feel exactly the same way I do, because she has a knack for making everyone she meets feel intensely valued. Oh, and she&#8217;s basically the best dog mom ever.&#8221;&#8211; <a href="" type="internal">Claire Hannum</a></p> <p>&#8220;Amelia is so many things wrapped up in one gorgeous human: she is a brilliant writer, a loyal friend, an artist, a savvy bizness lady, and an unrepentant nerd. What is extra special about Amelia is that these parts of herself aren&#8217;t kept compartmentalized, they all overlap and inform the way she is in the world. For example, the loyalty she shows her friends and family isn&#8217;t checked at the door when she puts on her editor hat. My favorite thing about working for her was that she was so ridiculously loyal to her writers. There were countless times she stood up for me in situations that were sometimes silly (ahem, when Buzzfeed accused me of plagiarizing a GIFicle about goats) and sometimes very serious. But every single time meant so much to me. Because I knew &#8212; without a doubt &#8212; that Amelia always had my back. That&#8217;s a rare feeling in the world of writing and the world in general.</p> <p>I want to thank Amelia for that, and I want her to know that even though we may not have had as many chances to stand up for her as she did for us, every single person who&#8217;s ever worked for/with her appreciates that loyalty and will return it in any way we can, any time. Seriously, I would THROW DOWN for Amelia. I adore her.</p> <p>Amelia, you built something really special with The Frisky. You created a community of writers and gave us a place to share our stories and voices. You gave me hours of hilarious gchat Star Trek discussions (which I miss SO much by the way). You facilitated friendships and memories, steered us through some tough times and celebrated some amazing ones. I&#8217;m so proud of you for taking this step toward a new chapter of your life, and I have no doubt it will be just as amazing (or maybe more so!).</p> <p>And if you need anything, anytime, dude, I&#8217;ve got your back.&#8221; &#8211; <a href="" type="internal">Winona Dimeo-Ediger</a></p> <p>&#8220;In 2008, I was broke, working as a waitress, and living in Norfolk, VA. At one point, I paid my rent by digging coins out of the ashtray of the $2,000 Chevy Caprice I&#8217;d bought with a lien on it. In the early morning hours when I&#8217;d get home from work to my one-bedroom apartment, I&#8217;d sit in my car, put my hands over my face, and weep. I was stuck, a failed writer, relegated to scraping other people&#8217;s half-eaten food off plates I couldn&#8217;t afford. Through serendipity, I ended up applying for a job at The Frisky, and, eventually, getting it. That changed everything. It turned me back into a writer, it got me out of debt, and it helped me get back on my feet. Thanks to Amelia for giving me a chance. I&#8217;ll always be grateful.&#8211; <a href="" type="internal">Susannah Breslin</a></p> <p>I have never had as supportive an editor as Amelia, and anything I ever wrote that was worth reading for The Frisky was because of her. I have more to say, but I&#8217;ll just tell her IRL because she lives down the street from me.&#8211; <a href="" type="internal">John DeVore</a></p> <p>&#8220;I&#8217;ve admired Amelia&#8217;s courage and openness since we first met.&amp;#160; As the General Manager of The Frisky from 2009 -2012, I watched as she fearlessly shared the most private moments of her life (e.g.the breakup of her engagement with you-know-who) to and celebrated the&amp;#160;positive happenings as well.</p> <p>Her stories were always smart, funny, straight from the heart and so full of surprises.&amp;#160; I remember spending hours on the phone justifying how the penis-shaped cloud on the homepage is &#8220;appropriate&#8221; and nowhere near offensive. All the while, trying hard to keep a straight face, because I agree, Amelia, at the end of the day it&#8217;s just a penis.&amp;#160; It&#8217;s those posts, those moments that makes The Frisky so special.&amp;#160; Amelia led the team to be themselves and enabled our readers to be themselves.&amp;#160; That is why The Frisky was more than a female lifestyle site. To me and our readers, it was almost family.</p> <p>I am going to miss following you on The Frisky but I can&#8217;t wait to see you in the next chapter of your life. Hugs.&#8221; &#8211;Mina Lux</p> <p>&#8220;I only wish the readers of The Frisky had the chance to peak behind the digital curtain and see the incredible woman behind it all. We all love to read Amelia&#8217;s essays because of her authenticity. You can feel her laughter, sadness, and anger as you read her work. Those of us lucky enough to work along side her, know this type of passion isn&#8217;t contained to her work at The Frisky.</p> <p>With every exhale she exudes it into the world around her. I will always remember Amelia&#8217;s wholehearted support when challenging authority, standing by my side against the status quo, and demanding recognition for myself and others. She has taught me that being passionate about what you do is a strength that should be worn like a badge. Amelia, I thank you for everyday we worked together and wish you (and Luca) the best on your next adventure.&#8221; &#8212; Sophie Leon-Argue</p> <p>&#8220;I worked with Amelia and the Frisky for three years and have had the privilege of calling her my friend for even longer than that.</p> <p>Amelia is the rare person in a workplace that leads with her convictions and her values. It&#8217;s really important to have people like that in leadership, showing others how to be strong, powerful, and forthright. Because of it, The Frisky has been able to delve deeper into content areas that other sites might have run away from. Now that I&#8217;m a manager, I think a lot about how I can help the people I work with to be strong and push themselves the way she did me.</p> <p>Also, on another note, you can&#8217;t work at a place like TF without at least crying in front of everyone once (or, like, a million times). Amelia has always treated me with compassion and kindness, even on my hardest, worst days. And for that I&#8217;ll aways be grateful.&#8221; &#8211; <a href="" type="internal">Julie Gerstein</a></p> <p>&#8220;I was the Turner New Products executive in charge of developing The Frisky before it even had its name. So basically, I wrote a concept for a site that would be revolutionary for young women. I interviewed 30 or 40 editors to lead the initiative. The moment I read Amelia&#8217;s edit test and interviewed her (I think we talked about Zac Efron), I knew she was &#8220;the one.&#8221; She MADE The Frisky. She made it more than I, or anyone else involved in those early days, could have ever imagined. Thank you, Amelia, for sharing your world with us and changing the lives of so many women (the ones who read The Frisky and those who have worked on it). Plus, I still get to be your friend, which pretty much rocks.&#8221; &#8211; Lea Ann Leming</p> <p>&#8220;I was lucky enough to get to hire Amelia way back in the fall of 2007. Somehow fate had tasked me with finding an editor for an all-new women&#8217;s brand (a task for which I was uniquely unqualified) and one morning we met for coffee in a cramped Starbucks on Columbus Circle. It&#8217;s been so long that the details are fuzzy, but I do remember a rainbow scarf, lots of salty language and pointed, spot-on critique of the vacuousness of Cosmo &#8211; and we were off to the races. We all soon learned that Amelia&#8217;s passion, determination, and work ethic are beyond compare, and I have never had more fun arguing about sweeping gender-based generalizations than I did with her. Good luck Amelia on your next step &#8211; no doubt you will, as always, rock it fiercely.&#8211;John Wooden</p> <p>Thanks so much, Amelia, from all of us!</p>

A Fond Farewell To The Fabulous Amelia McDonell-Parry, From Frisky Staffers Past And Present

http://thefrisky.com/2015-12-18/a-fond-farewell-to-the-fabulous-amelia-mcdonell-parry-from-frisky-staffers-past-and-present/?utm_source%3Dsc-fb%26utm_medium%3Dref%26utm_campaign%3Dgoodbyes

2018-10-07

4left

As you may or may not have heard today is our fearless leader Amelia McDonellParry8217s last day as EditorinChief of The Frisky8211a job she has held since first founding the site eight years ago Although she8217s not leaving us entirely8211in January she8217ll be taking on a new role as The Frisky8217s EditoratLarge Still she8217s been the best EIC anyone could ask for and we8217ll miss having her around on a daily basis To those who have worked here in those past eight years Amelia hasn8217t been just a bosslady but also a friend Thus to celebrate her time here and wish her luck in the future we8217ve asked a bunch of Frisky staffers old and new to say a few words about her So Amelia McDonellParry8212THIS IS YOUR FRISKY LIFE 8220Last year SpinMedia bought Death and Taxes the site where I8217d previously worked for two and a half years A few months later I was asked if I8217d like to move over to The Frisky My response 8220Holy crap yes I love Amelia Amelia is the best8221 and was then quickly concerned that I might have been too effusive and followed it up with 8220I love you guys too though obviously8221 When I started8211which oddly enough was exactly a year ago today8211 I wasn8217t sure how I would fit being a political writer but the first thing she told me was that she wanted people on staff to write about the things they were passionate about This philosophy and encouraging attitude I think is what has made this site awesome Working with Amelia has been wonderful She is a greatamp160advocate for her staff a great writer and editor and even though we8217ve never met in person I honestly consider her one of my dearest friends and someone I can pretty much tell anything to Anyone who knows her will tell you she8217s the most loyal friend on earth8211she loves like a lion and kills those who fuck with her kin She8217s also possibly the only person I know who is as terrified as birds as I am I love her guts and am sad to see her go8221 8211 Robyn Pennacchia 8220Amelia gave me a job has always supported my writing and is the easygoing boss that you think you8217ll have when you start working but never actually find She8217s fiercelyamp160loyal to her staff and leadsamp160with her gut which is rare She will be missed8221 8211 Megan Reynolds 8220One of the happiest places for me in Chicago is the southwest corner of Diversey and Sheffield because I remember one day in early September 2014 checking a voicemail I8217d received from a New York number It was Amelia asking me if I was interested in taking a job at The Frisky and I was so blown away that I was like breathless and crying I had been a baby freelancer with a tiny writing resume prior to this and Amelia took a shot with me that I don8217t think any other editor would She8217s encouraged my shenanigans allowed me to write long thorough video game reviews for a site that is distinctly not video gamerelated among other things and has been a steady source of support in what8217s been a kind of crazy year She8217s a lightworker a squirrel whisperer and the bestweirdest EIC anyone could ask for I will miss you sorely Amelia82218211 Rebecca VipondBrink 8220If there was ever an editor who was kind and patient and who believed in me it was Amelia She gave me the opportunity to start at The Frisky a year ago and has altered my writing life so much because of her taking a chance on me I owe her the start of my media career and so much more Wait do you have to go Because I don8217t want you to Thanks for making little ole8217 me feel like a huge special big deal Please amp160continue to give me Chad and Lucca updates all the time or I will be upset82218211 Katrin Higher 8220I only started working with The Frisky in the past few months in both a freelance capacity and recently a more regular basis From the very getgo Amelia has been incredibly warm and welcoming she8217s given me freedom to try ideas that range from outright silly to sobering and has never made me feel stupid when I pitch something that8217s not a fit It8217s obvious in the ways she writes and interacts with other writers that Amelia8217s an intelligent and hilarious woman who genuinely values creating a platform where women and cool select men can share ideas and experiences Also HAVE YOU SEEN HER WEAVING She is a weaver and she sometimes posts photos of her weaves online and they look like ice cream was transformed into yarn Delicious Anyways I8217m sad that I just started writing here and won8217t be able to interact with Amelia as much but I8217m excited for her next season and to read the contributions she continues to publish on here82218211 Bronwyn Isaac 8220Amelia McDonellParry simply put is one of the greatest blessings I have had come into my life When I interviewed for a job working under her at The Frisky back in 2008 I had no idea that seven years later she would be a sister a mentor and a championAmelia you are truly a special person and Turner hit the jackpot when they hired you to create The Frisky Most people don8217t understand the allconsuming amount of work you have always done both on the web site and the emotional labor for which you were not expressly being paid You have given so so much to others and you deserve it 10fold in returnWhen I worked for you especially in the earlier years I always just wanted to be your friend I wanted to be like you when I 8220grew up8221 and now I sort of am You taught me how to be better at being myself You taught me that as a feminist and a woman in the media I could think independently disagree with the crowd and that I didn8217t need to kiss ass to be more successful Through your own example and a lot of handholding you taught me that whenever I get knocked down I can pick myself up again You shared good music and good books and let me sleep on your couch more than a few times You showed me that shame and fear did not need to govern my life You showed a template for bravery You were soft when I needed someone to listen and hard when I needed a kick in the butt even though I was a very sensitive flower for well an embarrassing long time I am better and happier for having known Simply put I cannot imagine what life would have been like without you More boring probably and certainly without Lucca8217s fur all over my clothes All my love Amelia I will always have your back82218211 Jessica Wakeman 8220Amelia SA Smell there are literally too many fond memories of my Frisky days for me to choose one to highlight It was lifechanging and so much fun to be part of the Frisky team for almost 5 years That8217s way oversimplifying it of course But I don8217t want to highjack this tribute to you Here8217s what I remember most I think belly laughed almost every day but never harder than when you received a 8220promotional8221 Halloween costume in the mail from American Apparel that included a hotpink crop top You were eating lunch a sandwich I believe when you opened the package After some debate about what the costume was 8220supposed to be8221 a gym rat from the 8217708217s a mall food court employee from the 821780s we all lost interest and you tossed the costume aside on your desk Moments later you took a big bite of your sandwich and got some mustard on your face You searched around for a napkin but couldn8217t find one What did you do You used the crop top as a napkin8230and continued to do so for the next two years Because this still makes me laugh when I think about it and for so so many other reasons I love you Good luck with whatever comes next for you Lots of great stuff I know it82218211 Ami Angelowicz 8220It8217s hard to fully explain how Amelia8217s impacted my life That may sound kinda weird to her cause I8217m not sure I ever really told her that directly but it8217s so very true As a young person just starting out in the big bad Real World the Frisky ladies were my first and best example of what it means to be an amazing woman in the professional world When I first met her I saw in her and still do someone I wanted to be someday8211someone who kicks ass at their job who is an amazing writer who goes through life with an open heart who is resilient who is unafraid to be honest about who she is and what she believes and ahem has great taste in clothes She8217s such a role model to me and shows me all the time what it means to be a feminist a caring boss and a person who stops at nothing to build the kind of life she wants She went far far out of her way to be much more than just a manager to the Frisky staff In rough patches in my own life she gave me more advice and support than anyone could ever hope to expect from a coworker Corny as it is OMG Amelia I8217m kind of embarrassed that I8217m getting so sappy on you now I feel like I was meant to cross paths with her at the point that I did in my life because her example and advice shaped so much of my own path and I have to imagine that so many of her other writers feel exactly the same way I do because she has a knack for making everyone she meets feel intensely valued Oh and she8217s basically the best dog mom ever82218211 Claire Hannum 8220Amelia is so many things wrapped up in one gorgeous human she is a brilliant writer a loyal friend an artist a savvy bizness lady and an unrepentant nerd What is extra special about Amelia is that these parts of herself aren8217t kept compartmentalized they all overlap and inform the way she is in the world For example the loyalty she shows her friends and family isn8217t checked at the door when she puts on her editor hat My favorite thing about working for her was that she was so ridiculously loyal to her writers There were countless times she stood up for me in situations that were sometimes silly ahem when Buzzfeed accused me of plagiarizing a GIFicle about goats and sometimes very serious But every single time meant so much to me Because I knew 8212 without a doubt 8212 that Amelia always had my back That8217s a rare feeling in the world of writing and the world in general I want to thank Amelia for that and I want her to know that even though we may not have had as many chances to stand up for her as she did for us every single person who8217s ever worked forwith her appreciates that loyalty and will return it in any way we can any time Seriously I would THROW DOWN for Amelia I adore her Amelia you built something really special with The Frisky You created a community of writers and gave us a place to share our stories and voices You gave me hours of hilarious gchat Star Trek discussions which I miss SO much by the way You facilitated friendships and memories steered us through some tough times and celebrated some amazing ones I8217m so proud of you for taking this step toward a new chapter of your life and I have no doubt it will be just as amazing or maybe more so And if you need anything anytime dude I8217ve got your back8221 8211 Winona DimeoEdiger 8220In 2008 I was broke working as a waitress and living in Norfolk VA At one point I paid my rent by digging coins out of the ashtray of the 2000 Chevy Caprice I8217d bought with a lien on it In the early morning hours when I8217d get home from work to my onebedroom apartment I8217d sit in my car put my hands over my face and weep I was stuck a failed writer relegated to scraping other people8217s halfeaten food off plates I couldn8217t afford Through serendipity I ended up applying for a job at The Frisky and eventually getting it That changed everything It turned me back into a writer it got me out of debt and it helped me get back on my feet Thanks to Amelia for giving me a chance I8217ll always be grateful8211 Susannah Breslin I have never had as supportive an editor as Amelia and anything I ever wrote that was worth reading for The Frisky was because of her I have more to say but I8217ll just tell her IRL because she lives down the street from me8211 John DeVore 8220I8217ve admired Amelia8217s courage and openness since we first metamp160 As the General Manager of The Frisky from 2009 2012 I watched as she fearlessly shared the most private moments of her life egthe breakup of her engagement with youknowwho to and celebrated theamp160positive happenings as well Her stories were always smart funny straight from the heart and so full of surprisesamp160 I remember spending hours on the phone justifying how the penisshaped cloud on the homepage is 8220appropriate8221 and nowhere near offensive All the while trying hard to keep a straight face because I agree Amelia at the end of the day it8217s just a penisamp160 It8217s those posts those moments that makes The Frisky so specialamp160 Amelia led the team to be themselves and enabled our readers to be themselvesamp160 That is why The Frisky was more than a female lifestyle site To me and our readers it was almost family I am going to miss following you on The Frisky but I can8217t wait to see you in the next chapter of your life Hugs8221 8211Mina Lux 8220I only wish the readers of The Frisky had the chance to peak behind the digital curtain and see the incredible woman behind it all We all love to read Amelia8217s essays because of her authenticity You can feel her laughter sadness and anger as you read her work Those of us lucky enough to work along side her know this type of passion isn8217t contained to her work at The Frisky With every exhale she exudes it into the world around her I will always remember Amelia8217s wholehearted support when challenging authority standing by my side against the status quo and demanding recognition for myself and others She has taught me that being passionate about what you do is a strength that should be worn like a badge Amelia I thank you for everyday we worked together and wish you and Luca the best on your next adventure8221 8212 Sophie LeonArgue 8220I worked with Amelia and the Frisky for three years and have had the privilege of calling her my friend for even longer than that Amelia is the rare person in a workplace that leads with her convictions and her values It8217s really important to have people like that in leadership showing others how to be strong powerful and forthright Because of it The Frisky has been able to delve deeper into content areas that other sites might have run away from Now that I8217m a manager I think a lot about how I can help the people I work with to be strong and push themselves the way she did me Also on another note you can8217t work at a place like TF without at least crying in front of everyone once or like a million times Amelia has always treated me with compassion and kindness even on my hardest worst days And for that I8217ll aways be grateful8221 8211 Julie Gerstein 8220I was the Turner New Products executive in charge of developing The Frisky before it even had its name So basically I wrote a concept for a site that would be revolutionary for young women I interviewed 30 or 40 editors to lead the initiative The moment I read Amelia8217s edit test and interviewed her I think we talked about Zac Efron I knew she was 8220the one8221 She MADE The Frisky She made it more than I or anyone else involved in those early days could have ever imagined Thank you Amelia for sharing your world with us and changing the lives of so many women the ones who read The Frisky and those who have worked on it Plus I still get to be your friend which pretty much rocks8221 8211 Lea Ann Leming 8220I was lucky enough to get to hire Amelia way back in the fall of 2007 Somehow fate had tasked me with finding an editor for an allnew women8217s brand a task for which I was uniquely unqualified and one morning we met for coffee in a cramped Starbucks on Columbus Circle It8217s been so long that the details are fuzzy but I do remember a rainbow scarf lots of salty language and pointed spoton critique of the vacuousness of Cosmo 8211 and we were off to the races We all soon learned that Amelia8217s passion determination and work ethic are beyond compare and I have never had more fun arguing about sweeping genderbased generalizations than I did with her Good luck Amelia on your next step 8211 no doubt you will as always rock it fiercely8211John Wooden Thanks so much Amelia from all of us

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<p>Jan 24 (Reuters) - Kbr Inc:</p> <p>* KBR AWARDED CONTRACT BY INDORAMA FOR AMMONIA PLANT IN NIGERIA</p> <p>* KBR INC - TO PROVIDE TECHNOLOGY LICENSING, BASIC ENGINEERING DESIGN, PROPRIETARY EQUIPMENT AND CATALYST TO INDORAMA FOR AMMONIA PLANT</p> <p>* KBR - &#8205;REVENUE RELATED TO PROJECT WAS BOOKED IN BACKLOG OF UNFILLED ORDERS FOR KBR&#8217;S TECHNOLOGY &amp;amp; CONSULTING BUSINESS SEGMENT IN Q4 2017&#8203;</p> <p>* KBR - WON CONTRACT FROM INDORAMA ELEME FERTILIZER &amp;amp; CHEMICALS, TOYO ENGINEERING FOR TRAIN 2 AMMONIA PLANT AT INDORAMA&#8217;S PORT HARCOURT SITE IN NIGERIA&#8203; Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - A rise in oil prices to a six-week high helped reverse a day-long decline in world equity markets Wednesday ahead of a likely increase in U.S. interest rates and guidance on how many more to expect for this year.</p> <p>Energy stocks .SPNY in the S&amp;amp;P 500 gained 2.5 percent after a surprise decline in U.S. oil inventories and as worries persisted over rising tensions in the Middle East.</p> <p>The Dow Jones Industrial Average <a href="/finance/markets/index?symbol=.DJI" type="external">.DJI</a> rose 92.19 points, or 0.37 percent, to 24,819.46, the S&amp;amp;P 500 <a href="/finance/markets/index?symbol=.SPX" type="external">.SPX</a> gained 9.28 points, or 0.34 percent, to 2,726.22 and the Nasdaq Composite <a href="/finance/markets/index?symbol=.IXIC" type="external">.IXIC</a> added 19.46 points, or 0.26 percent, to 7,383.76.</p> <p>World markets had traded lower earlier after the Wall Street Journal reported that China was planning counter-measures against U.S. trade tariffs. European shares fell and investors scurried for the safety of German government bonds and the Japanese yen.</p> <p>Shares of Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) rebounded 2.2 percent after two days of steep losses that had wiped some $50 billion off the value of shares of the social media company. Those declines, caused by uproar over the alleged misuse of user data, filtered through the tech sector, with technology companies .SPLRCT in the benchmark S&amp;amp;P 500 down 2 percent for the week to date.</p> <p>A pan-European equity index was off 0.2 percent after the WSJ report on China. The yen, typically bought during times of stress, rose to the day's high versus the dollar around 106.26 yen <a href="/finance/currencies/quote?srcCurr=JPY&amp;amp;destCurr=USD" type="external">JPY=</a>.</p> <p>&#8220;So far, we have seen low-level (trade) skirmishes, which are not material enough to affect the world economy. But if we see retaliation, and significant trade disruptions, it&#8217;s a different order or magnitude (which) could begin to affect global growth forecasts,&#8221; said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.</p> <p>The tech selloff was a serious setback to markets just as they recovered from an early-February selloff, Milligan said, noting tech had been &#8220;the leading light of U.S. and Asian equity markets for over a year.&#8221;</p> Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 21, 2018. REUTERS/Lucas Jackson <p>The U.S. central bank has raised borrowing costs five times since late 2015. Markets are pricing in three rate increases this year, but some worry policymakers might squeeze in a fourth, which could trigger a bond and equity selloff.</p> <p>Expectations of further rate hikes sent the dollar to nearly three-week highs on Tuesday, but it eased back a quarter percent against a basket of currencies .DXY on Wednesday, having lost almost half a percent this month.</p> <a href="/finance/markets/index?symbol=.DJI" type="external">Dow Jones &amp;amp; Company Inc</a> 24839.93 .DJI Dow Jones Indexes +112.66 (+0.46%) .DJI .SPX .IXIC FB.O TRADE WAR FEARS <p>The WSJ report on potential Chinese tariffs comes as U.S. President Donald Trump prepares to announce on Friday up to $60 billion in import duties on Chinese goods. He imposed tariffs on imported steel and aluminum earlier this month.</p> <p>This week&#8217;s meeting of finance ministers and central bankers of the world&#8217;s 20 biggest economies failed to defuse tensions, with the G20 saying only that it recognized the need for more &#8220;dialogue and actions.&#8221;</p> <p>Fears of a trade war have also weighed on commodity prices, though tensions in the Middle East supported oil.</p> <p>U.S. crude CLcv1 rose 2.34 percent to $65.03 per barrel and Brent LCOcv1 was at $69.16, up 2.58 percent.</p> <p>Benchmark 10-year U.S. Treasury notes US10YT=RR last fell 6/32 in price to yield 2.9014 percent, from 2.881 percent late on Tuesday.</p> <p>Editing by Bernadette Baum and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MOSCOW/FRANKFURT (Reuters) - The psychologist at the center of a scandal over the misuse of millions of Facebook users&#8217; personal data worked with Russian researchers on a study of toxic personality traits.</p> FILE PHOTO: The sun rises behind the entrance sign to Facebook headquarters in Menlo Park before the company's IPO launch, May 18, 2012. REUTERS/Beck Diefenbach/File Photo <p>Aleksandr Kogan advised a team at St Petersburg State University that was exploring whether psychopathy, narcissism and machiavellianism - dubbed the &#8216;dark triad&#8217; by psychologists - were linked to abusive online behavior, said Yanina Ledovaya, senior lecturer at the university&#8217;s department of psychology.</p> <p>&#8220;We wanted to detect (internet) trolls in order to improve in some way the lives of people suffering from trolling,&#8221; Ledovaya told Reuters.</p> <p>Kogan, a lecturer at Britain&#8217;s Cambridge University who also goes by the married name of Spectre, has come under fire for passing data culled via a Facebook personality quiz to political consultancy Cambridge Analytica.</p> <p>The test was taken by a few hundred thousand people but the app on which it ran also collected details about all of their Facebook &#8216;friends&#8217; without their knowledge or consent.</p> <p>That data was then used in a targeted digital ad campaign in support of Donald Trump&#8217;s successful run for the U.S. presidency, Cambridge Analytica&#8217;s CEO Alexander Nix told an undercover reporter from Britain&#8217;s Channel Four news.</p> <p>Nix was suspended on Tuesday in a spiraling scandal over how the data came into his company&#8217;s hands, in violation of Facebook&#8217;s own rules. The saga has wiped nearly $50 billion off the social network&#8217;s market value.</p> <p>Kogan did not respond to an emailed request to comment on his work in St Petersburg, but told the BBC on Wednesday he was being made a scapegoat by both Facebook and Cambridge Analytica. The latter firm has no link to the university.</p> NO DATA LEAK <p>Ledovaya said Kogan had advised the St Petersburg team on the project - which was funded by a university grant - between 2015 and 2017, visiting rarely and mainly interacting from abroad.</p> <p>The team built a Facebook app using a 61-question survey for Russian-speaking users that sought to determine to what degree they had the &#8216;dark triad&#8217; traits.</p> <p>The app collected answers, as well as the public data of respondents, after securing their consent. Separately, the researchers analyzed the text of users&#8217; public Facebook posts.</p> <p>Ledovaya said the data gathered was not passed to anyone outside the five-member research team - nor was it shared with Kogan.</p> <p>&#8220;We don&#8217;t have the right to share the data of these 10,000 or so people with anyone - it&#8217;s a matter of ethics and we are sticking to it,&#8221; she said.</p> <p>Research into personality traits viewed as malevolent goes back at least to Sigmund Freud, the Viennese pioneer of psychiatry who identified narcissism - or excessive self-love.</p> <p>Machiavellianism, named after the Italian diplomat and writer of the Renaissance era, represents manipulative behavior, while psychopathy manifests a lack of empathy.</p> <p>Ledovaya said one goal of the project was to ascertain the mental wellbeing of the respondents and, as appropriate, offer free counseling.</p> RUSSIAN CONNECTION <p>The emergence of Kogan&#8217;s St Petersburg connection comes as relations between Moscow and the West plumb new lows. Kogan, a U.S. citizen, was born in the former-Soviet republic of Moldova but moved to the United States as a child, Britain&#8217;s Guardian newspaper said.</p> <p>U.S. Special Counsel Robert Mueller has indicted 13 Russian individuals and three Russian companies for criminal and espionage conspiracy to tamper with the U.S. presidential campaign.</p> <p>One line of inquiry being pursued by Mueller is the suspected use of targeted Facebook messages by Russian groups - including the St Petersburg-based Internet Research Bureau.</p> <p>The St Petersburg State University research team has nothing to do with the Internet Research Bureau, said Ledovaya.</p> <p>&#8220;I know the people involved in the research project very well - they are the last people I can imagine taking part somehow in such an activity,&#8221; said Vladimir Volkhonsky, who worked at the psychology faculty until 2011.</p> <p>Cambridge University said Kogan had correctly sought the permission of the head of the psychology department to do the work with St Petersburg.</p> <p>&#8220;It was understood that this work and any associated grants would be in a private capacity, separate to his work at the university,&#8221; it said in a statement.</p> <p>Writing by Douglas Busvine; editing by John Stonestreet</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK/LONDON (Reuters) - A U.S. resident has sued Facebook and a British-based political consultancy for obtaining data from millions of the social media site&#8217;s users without their permission, while an academic at the center of the storm accused both firms of scapegoating him.</p> <p>The complaint filed at the U.S. District Court in San Jose, California, marked the first of what may be many lawsuits seeking damages over Facebook&#8217;s ability to protect user data, and exploitation of the information by the Cambridge Analytica consultancy to help President Donald Trump&#8217;s election campaign.</p> <p>Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) has been rocked this week by a whistleblower who said Cambridge Analytica, which Trump hired for the 2016 campaign, improperly accessed information on Facebook users to build detailed profiles on American voters.</p> <p>This revelation has knocked nearly $50 billion off Facebook&#8217;s stock market value in two days and hit the shares of Twitter and Snap over fears that a failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation.</p> <p>Mark Zuckerberg, Facebook&#8217;s founder and chief executive, who has been quiet on the controversy, is to address the revelations later on Wednesday, a source at the company told Reuters.</p> <p>The proposed class-action complaint was filed late on Tuesday by Lauren Price, a Maryland resident. &#8220;Every Facebook user has an interest in this lawsuit, and the enforcement of their privacy rights,&#8221; John Yanchunis, a lawyer for Price, told Reuters on Wednesday. The complaint seeks unspecified damages, including possible punitive damages.</p> <p>Facebook and Cambridge Analytica did not immediately respond on Wednesday to requests for comment.</p> <p>A former Facebook manager who was responsible for policing the network&#8217;s data handling procedures in 2011-2012 said he had warned senior executives about the issue.</p> <p>The manager, Sandy Parakilas, said he had told them that Facebook&#8217;s failure to police how outside software developers used its data put the company at risk of major data breaches. &#8220;There was very little detection or enforcement,&#8221; he told a British parliamentary committee via videolink.</p> SWING VOTERS <p>The academic who provided the data, psychologist Aleksandr Kogan, told the BBC that Cambridge Analytica had greatly exaggerated its role in Trump&#8217;s victory.</p> <p>Facebook and Cambridge Analytica have both blamed Kogan, who gathered the data by running a survey app on Facebook. Kogan combines the roles of an academic at Cambridge University and a web entrepreneur based in San Francisco.</p> <p>U.S. political campaigns collect large amounts of data, hoping to target swing voters sympathetic to their message. Cambridge Analytica stood out for the scale of claims in its marketing materials to &#8220;collect up to 5,000 data points on over 220 million Americans&#8221; in all its activities.</p> <p>It uses techniques based on personality traits and then applies analytic tools to pinpoint supporters.</p> <p>However, Kogan said the services provided by the consultancy had been greatly exaggerated.</p> <p>&#8220;I think what Cambridge Analytica has tried to sell is magic, and they&#8217;ve made claims that this is incredibly accurate and it tells you everything there is to tell about you. But I think the reality is it&#8217;s not that,&#8221; he said.</p> Slideshow (5 Images) <p>Arron Banks, who campaigned for Britain to leave the European Union in a 2016 referendum, also questioned the value of psychologically-based data.</p> <p>Banks told Reuters that Cambridge Analytica had unsuccessfully pitched for work with his Leave.eu campaign group. &#8220;I think they are nothing more than a company that places Facebook ads and shrouds in a sort of mystery,&#8221; he said.</p> <p>Kogan&#8217;s application, &#8220;thisisyourdigitallife,&#8221; offered a personality prediction and billed itself on Facebook as &#8220;a research app used by psychologists&#8221;.</p> <p>Kogan said he had gathered the data in 2014. He was then approached by Cambridge Analytica who provided the legal advice around its use, he added.</p> <p>Facebook says Kogan then violated its policies by passing the data to Cambridge Analytica for commercial use, saying on Friday he &#8220;lied to us&#8221;. Cambridge Analytica said it destroyed the data once it realized the information did not adhere to data protection rules.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 171.275 FB.O Nasdaq +3.12 (+1.86%) FB.O <p>&#8220;My view is that I&#8217;m being basically used as a scapegoat by both Facebook and Cambridge Analytica,&#8221; said Kogan. &#8220;We were assured by Cambridge Analytica that everything was perfectly legal and within the limits of the terms of service.&#8221;</p> <p>Cambridge Analytica has denied various allegations made about its business practices in recent media reports.</p> <p>British Prime Minister Theresa May said she backed an investigation into the consultancy, while the German government also expressed its concern.</p> <p>In Europe the tax affairs of tech giants have become a hot political issue. On Wednesday the European Commission proposed rules to make digital companies pay their fair share of tax, with Facebook and its peers set to foot much of the bill.</p> PERSONALITY TEST <p>Alexander Nix, the head of Cambridge Analytica, said in a secretly recorded video broadcast on Tuesday that his company had played a decisive role in Trump&#8217;s election victory. He was suspended by the company shortly before the video was shown on Britain&#8217;s Channel 4 News.</p> <p>Around 270,000 people downloaded the app, Facebook said. The app scored the results of each quiz and gathered up data from test-takers&#8217; Facebook accounts. However, it also pulled down the data of their Facebook friends, vastly increasing the size of the sample.</p> <p>Kogan put the number of app users as closer to 200,000.</p> <p>The researcher said, in total, he passed the data of around 30 million American Facebook users to SCL, a government and military contractor that is the parent of Cambridge Analytica. Media reports have put the total number of Facebook profiles collected at around 50 million users.</p> <p>U.S. and European lawmakers have demanded an explanation of how Cambridge Analytica gained access to user data in 2014 and why Facebook failed to inform its users.</p> Related Coverage <a href="/article/us-facebook-cambridge-analytica-leave-eu/what-are-the-links-between-cambridge-analytica-and-a-brexit-campaign-group-idUSKBN1GX2IO" type="external">What are the links between Cambridge Analytica and a Brexit campaign group?</a> <a href="/article/us-facebook-cambridge-analytica-kogan/academic-in-facebook-storm-worked-on-russian-dark-personality-project-idUSKBN1GX2F6" type="external">Academic in Facebook storm worked on Russian 'dark' personality project</a> <a href="/article/us-facebook-cambridge-analytica-britain/uk-had-three-contracts-with-cambridge-analytica-parent-company-idUSKBN1GX2ES" type="external">UK had three contracts with Cambridge Analytica parent company</a> <p>Facebook said it had been told by the Federal Trade Commission, the leading U.S. consumer regulator, that it would receive a letter this week with questions about the data acquired by Cambridge Analytica. It said it had no indication of a formal investigation.</p> <p>Additional reporting by Dustin Volz in Washington; Editing by Guy Faulconbridge, David Stamp and Janet Lawrence</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - German conglomerate Bayer won EU antitrust approval on Wednesday for its $62.5 billion buy of U.S. peer Monsanto, the latest in a trio of mega mergers that will reshape the agrochemicals industry.</p> <p>The tie-up is set to create a company with control of more than a quarter of the world&#8217;s seed and pesticides market.</p> <p>Driven by shifting weather patterns, competition in grain exports and a faltering global farm economy, Dow and Dupont, and ChemChina [CNNCC.UL] and Syngenta had earlier led a wave of consolidation in the sector.</p> <p>Both deals secured EU approval only after the companies offered substantial asset sales to boost rivals.</p> <p>Environmental and farming groups have opposed all three deals, worried about their power and their advantage in digital farming data, which can tell farmers how and when to till, sow, spray, fertilize and pick crops based on algorithms.</p> <p>The European Commission said Bayer addressed its concerns with its offer to sell a swathe of assets to boost rival BASF, confirming a Reuters story on Feb. 28.</p> <p>&#8220;Our decision ensures that there will be effective competition and innovation in seeds, pesticides and digital agriculture markets also after this merger,&#8221; European Competition Commissioner Margrethe Vestager said in a statement.</p> <p>&#8220;In particular, we have made sure that the number of global players actively competing in these markets stays the same.&#8221;</p> European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission's headquarters in Brussels, Belgium, March 21, 2018. REUTERS/Francois Lenoir <p>Vestager said the Commission, which received more than a million petitions concerning the deal, had been thorough by examining more than 2,000 different product markets and 2.7 million internal documents to produce a 1,285-page ruling.</p> <p>Bayer has already reached a deal to sell certain seed and herbicide assets for 5.9 billion euros ($7.2 billion) to BASF and to give it a license to its global digital farming data. It will also divest its vegetable seeds business to BASF.</p> <p>The Commission is due to rule on the BASF deal by April 16.</p> Slideshow (3 Images) <p>Online campaigns group Avaaz criticized the EU approval.</p> <p>&#8220;This is a marriage made in hell. The Commission ignored a million people who called on them to block this deal, and caved in to lobbying to create a mega-corporation which will dominate our food supply,&#8221; Avaaz legal director Nick Flynn said.</p> <p>U.S.-incorporated Avaaz, funded by its members, is active in climate change, poverty, conflict and corruption issues.</p> Related Coverage <a href="/article/us-monsanto-m-a-bayer-usa/u-s-says-it-is-still-reviewing-bayers-planned-monsanto-acquisition-idUSKBN1GX2HZ" type="external">U.S. says it is still reviewing Bayer's planned Monsanto acquisition</a> <p>The Greens grouping in the European Parliament echoed the sentiment, saying smaller players in the agriculture industry needed to be helped too.</p> <p>&#8220;The agriculture industry is already far too concentrated, giving a handful of massive firms a stranglehold on food production. Merging two of the biggest players only makes a bad situation worse,&#8221; Greens spokesman Bart Staes said.</p> <p>China has given conditional approval to the Bayer, Monsanto deal, which has won a green light in Brazil. It is currently being reviewed by U.S. and Russian antitrust authorities.</p> <p>Reporting by Foo Yun Chee, editing by Robin Emmott and David Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-KBR Awarded Contract By Indorama For Ammonia Plant In Nigeria Energy lifts stocks despite jitters on Fed, trade, tech Academic in Facebook storm worked on Russian 'dark' personality project Facebook and UK political consultancy sued in data storm Bayer wins EU approval for $62.5 billion Monsanto buy

https://reuters.com/article/brief-kbr-awarded-contract-by-indorama-f/brief-kbr-awarded-contract-by-indorama-for-ammonia-plant-in-nigeria-idUSFWN1PJ0L8

2018-01-24

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Jan 24 Reuters Kbr Inc KBR AWARDED CONTRACT BY INDORAMA FOR AMMONIA PLANT IN NIGERIA KBR INC TO PROVIDE TECHNOLOGY LICENSING BASIC ENGINEERING DESIGN PROPRIETARY EQUIPMENT AND CATALYST TO INDORAMA FOR AMMONIA PLANT KBR 8205REVENUE RELATED TO PROJECT WAS BOOKED IN BACKLOG OF UNFILLED ORDERS FOR KBR8217S TECHNOLOGY ampamp CONSULTING BUSINESS SEGMENT IN Q4 20178203 KBR WON CONTRACT FROM INDORAMA ELEME FERTILIZER ampamp CHEMICALS TOYO ENGINEERING FOR TRAIN 2 AMMONIA PLANT AT INDORAMA8217S PORT HARCOURT SITE IN NIGERIA8203 Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters A rise in oil prices to a sixweek high helped reverse a daylong decline in world equity markets Wednesday ahead of a likely increase in US interest rates and guidance on how many more to expect for this year Energy stocks SPNY in the SampampP 500 gained 25 percent after a surprise decline in US oil inventories and as worries persisted over rising tensions in the Middle East The Dow Jones Industrial Average DJI rose 9219 points or 037 percent to 2481946 the SampampP 500 SPX gained 928 points or 034 percent to 272622 and the Nasdaq Composite IXIC added 1946 points or 026 percent to 738376 World markets had traded lower earlier after the Wall Street Journal reported that China was planning countermeasures against US trade tariffs European shares fell and investors scurried for the safety of German government bonds and the Japanese yen Shares of Facebook Inc FBO rebounded 22 percent after two days of steep losses that had wiped some 50 billion off the value of shares of the social media company Those declines caused by uproar over the alleged misuse of user data filtered through the tech sector with technology companies SPLRCT in the benchmark SampampP 500 down 2 percent for the week to date A panEuropean equity index was off 02 percent after the WSJ report on China The yen typically bought during times of stress rose to the days high versus the dollar around 10626 yen JPY 8220So far we have seen lowlevel trade skirmishes which are not material enough to affect the world economy But if we see retaliation and significant trade disruptions it8217s a different order or magnitude which could begin to affect global growth forecasts8221 said Andrew Milligan head of global strategy at Aberdeen Standard Investments The tech selloff was a serious setback to markets just as they recovered from an earlyFebruary selloff Milligan said noting tech had been 8220the leading light of US and Asian equity markets for over a year8221 Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York US March 21 2018 REUTERSLucas Jackson The US central bank has raised borrowing costs five times since late 2015 Markets are pricing in three rate increases this year but some worry policymakers might squeeze in a fourth which could trigger a bond and equity selloff Expectations of further rate hikes sent the dollar to nearly threeweek highs on Tuesday but it eased back a quarter percent against a basket of currencies DXY on Wednesday having lost almost half a percent this month Dow Jones ampamp Company Inc 2483993 DJI Dow Jones Indexes 11266 046 DJI SPX IXIC FBO TRADE WAR FEARS The WSJ report on potential Chinese tariffs comes as US President Donald Trump prepares to announce on Friday up to 60 billion in import duties on Chinese goods He imposed tariffs on imported steel and aluminum earlier this month This week8217s meeting of finance ministers and central bankers of the world8217s 20 biggest economies failed to defuse tensions with the G20 saying only that it recognized the need for more 8220dialogue and actions8221 Fears of a trade war have also weighed on commodity prices though tensions in the Middle East supported oil US crude CLcv1 rose 234 percent to 6503 per barrel and Brent LCOcv1 was at 6916 up 258 percent Benchmark 10year US Treasury notes US10YTRR last fell 632 in price to yield 29014 percent from 2881 percent late on Tuesday Editing by Bernadette Baum and James Dalgleish Our Standards The Thomson Reuters Trust Principles MOSCOWFRANKFURT Reuters The psychologist at the center of a scandal over the misuse of millions of Facebook users8217 personal data worked with Russian researchers on a study of toxic personality traits FILE PHOTO The sun rises behind the entrance sign to Facebook headquarters in Menlo Park before the companys IPO launch May 18 2012 REUTERSBeck DiefenbachFile Photo Aleksandr Kogan advised a team at St Petersburg State University that was exploring whether psychopathy narcissism and machiavellianism dubbed the 8216dark triad8217 by psychologists were linked to abusive online behavior said Yanina Ledovaya senior lecturer at the university8217s department of psychology 8220We wanted to detect internet trolls in order to improve in some way the lives of people suffering from trolling8221 Ledovaya told Reuters Kogan a lecturer at Britain8217s Cambridge University who also goes by the married name of Spectre has come under fire for passing data culled via a Facebook personality quiz to political consultancy Cambridge Analytica The test was taken by a few hundred thousand people but the app on which it ran also collected details about all of their Facebook 8216friends8217 without their knowledge or consent That data was then used in a targeted digital ad campaign in support of Donald Trump8217s successful run for the US presidency Cambridge Analytica8217s CEO Alexander Nix told an undercover reporter from Britain8217s Channel Four news Nix was suspended on Tuesday in a spiraling scandal over how the data came into his company8217s hands in violation of Facebook8217s own rules The saga has wiped nearly 50 billion off the social network8217s market value Kogan did not respond to an emailed request to comment on his work in St Petersburg but told the BBC on Wednesday he was being made a scapegoat by both Facebook and Cambridge Analytica The latter firm has no link to the university NO DATA LEAK Ledovaya said Kogan had advised the St Petersburg team on the project which was funded by a university grant between 2015 and 2017 visiting rarely and mainly interacting from abroad The team built a Facebook app using a 61question survey for Russianspeaking users that sought to determine to what degree they had the 8216dark triad8217 traits The app collected answers as well as the public data of respondents after securing their consent Separately the researchers analyzed the text of users8217 public Facebook posts Ledovaya said the data gathered was not passed to anyone outside the fivemember research team nor was it shared with Kogan 8220We don8217t have the right to share the data of these 10000 or so people with anyone it8217s a matter of ethics and we are sticking to it8221 she said Research into personality traits viewed as malevolent goes back at least to Sigmund Freud the Viennese pioneer of psychiatry who identified narcissism or excessive selflove Machiavellianism named after the Italian diplomat and writer of the Renaissance era represents manipulative behavior while psychopathy manifests a lack of empathy Ledovaya said one goal of the project was to ascertain the mental wellbeing of the respondents and as appropriate offer free counseling RUSSIAN CONNECTION The emergence of Kogan8217s St Petersburg connection comes as relations between Moscow and the West plumb new lows Kogan a US citizen was born in the formerSoviet republic of Moldova but moved to the United States as a child Britain8217s Guardian newspaper said US Special Counsel Robert Mueller has indicted 13 Russian individuals and three Russian companies for criminal and espionage conspiracy to tamper with the US presidential campaign One line of inquiry being pursued by Mueller is the suspected use of targeted Facebook messages by Russian groups including the St Petersburgbased Internet Research Bureau The St Petersburg State University research team has nothing to do with the Internet Research Bureau said Ledovaya 8220I know the people involved in the research project very well they are the last people I can imagine taking part somehow in such an activity8221 said Vladimir Volkhonsky who worked at the psychology faculty until 2011 Cambridge University said Kogan had correctly sought the permission of the head of the psychology department to do the work with St Petersburg 8220It was understood that this work and any associated grants would be in a private capacity separate to his work at the university8221 it said in a statement Writing by Douglas Busvine editing by John Stonestreet Our Standards The Thomson Reuters Trust Principles NEW YORKLONDON Reuters A US resident has sued Facebook and a Britishbased political consultancy for obtaining data from millions of the social media site8217s users without their permission while an academic at the center of the storm accused both firms of scapegoating him The complaint filed at the US District Court in San Jose California marked the first of what may be many lawsuits seeking damages over Facebook8217s ability to protect user data and exploitation of the information by the Cambridge Analytica consultancy to help President Donald Trump8217s election campaign Facebook FBO has been rocked this week by a whistleblower who said Cambridge Analytica which Trump hired for the 2016 campaign improperly accessed information on Facebook users to build detailed profiles on American voters This revelation has knocked nearly 50 billion off Facebook8217s stock market value in two days and hit the shares of Twitter and Snap over fears that a failure by big tech firms to protect personal data could deter advertisers and users and invite tougher regulation Mark Zuckerberg Facebook8217s founder and chief executive who has been quiet on the controversy is to address the revelations later on Wednesday a source at the company told Reuters The proposed classaction complaint was filed late on Tuesday by Lauren Price a Maryland resident 8220Every Facebook user has an interest in this lawsuit and the enforcement of their privacy rights8221 John Yanchunis a lawyer for Price told Reuters on Wednesday The complaint seeks unspecified damages including possible punitive damages Facebook and Cambridge Analytica did not immediately respond on Wednesday to requests for comment A former Facebook manager who was responsible for policing the network8217s data handling procedures in 20112012 said he had warned senior executives about the issue The manager Sandy Parakilas said he had told them that Facebook8217s failure to police how outside software developers used its data put the company at risk of major data breaches 8220There was very little detection or enforcement8221 he told a British parliamentary committee via videolink SWING VOTERS The academic who provided the data psychologist Aleksandr Kogan told the BBC that Cambridge Analytica had greatly exaggerated its role in Trump8217s victory Facebook and Cambridge Analytica have both blamed Kogan who gathered the data by running a survey app on Facebook Kogan combines the roles of an academic at Cambridge University and a web entrepreneur based in San Francisco US political campaigns collect large amounts of data hoping to target swing voters sympathetic to their message Cambridge Analytica stood out for the scale of claims in its marketing materials to 8220collect up to 5000 data points on over 220 million Americans8221 in all its activities It uses techniques based on personality traits and then applies analytic tools to pinpoint supporters However Kogan said the services provided by the consultancy had been greatly exaggerated 8220I think what Cambridge Analytica has tried to sell is magic and they8217ve made claims that this is incredibly accurate and it tells you everything there is to tell about you But I think the reality is it8217s not that8221 he said Slideshow 5 Images Arron Banks who campaigned for Britain to leave the European Union in a 2016 referendum also questioned the value of psychologicallybased data Banks told Reuters that Cambridge Analytica had unsuccessfully pitched for work with his Leaveeu campaign group 8220I think they are nothing more than a company that places Facebook ads and shrouds in a sort of mystery8221 he said Kogan8217s application 8220thisisyourdigitallife8221 offered a personality prediction and billed itself on Facebook as 8220a research app used by psychologists8221 Kogan said he had gathered the data in 2014 He was then approached by Cambridge Analytica who provided the legal advice around its use he added Facebook says Kogan then violated its policies by passing the data to Cambridge Analytica for commercial use saying on Friday he 8220lied to us8221 Cambridge Analytica said it destroyed the data once it realized the information did not adhere to data protection rules Facebook Inc 171275 FBO Nasdaq 312 186 FBO 8220My view is that I8217m being basically used as a scapegoat by both Facebook and Cambridge Analytica8221 said Kogan 8220We were assured by Cambridge Analytica that everything was perfectly legal and within the limits of the terms of service8221 Cambridge Analytica has denied various allegations made about its business practices in recent media reports British Prime Minister Theresa May said she backed an investigation into the consultancy while the German government also expressed its concern In Europe the tax affairs of tech giants have become a hot political issue On Wednesday the European Commission proposed rules to make digital companies pay their fair share of tax with Facebook and its peers set to foot much of the bill PERSONALITY TEST Alexander Nix the head of Cambridge Analytica said in a secretly recorded video broadcast on Tuesday that his company had played a decisive role in Trump8217s election victory He was suspended by the company shortly before the video was shown on Britain8217s Channel 4 News Around 270000 people downloaded the app Facebook said The app scored the results of each quiz and gathered up data from testtakers8217 Facebook accounts However it also pulled down the data of their Facebook friends vastly increasing the size of the sample Kogan put the number of app users as closer to 200000 The researcher said in total he passed the data of around 30 million American Facebook users to SCL a government and military contractor that is the parent of Cambridge Analytica Media reports have put the total number of Facebook profiles collected at around 50 million users US and European lawmakers have demanded an explanation of how Cambridge Analytica gained access to user data in 2014 and why Facebook failed to inform its users Related Coverage What are the links between Cambridge Analytica and a Brexit campaign group Academic in Facebook storm worked on Russian dark personality project UK had three contracts with Cambridge Analytica parent company Facebook said it had been told by the Federal Trade Commission the leading US consumer regulator that it would receive a letter this week with questions about the data acquired by Cambridge Analytica It said it had no indication of a formal investigation Additional reporting by Dustin Volz in Washington Editing by Guy Faulconbridge David Stamp and Janet Lawrence Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters German conglomerate Bayer won EU antitrust approval on Wednesday for its 625 billion buy of US peer Monsanto the latest in a trio of mega mergers that will reshape the agrochemicals industry The tieup is set to create a company with control of more than a quarter of the world8217s seed and pesticides market Driven by shifting weather patterns competition in grain exports and a faltering global farm economy Dow and Dupont and ChemChina CNNCCUL and Syngenta had earlier led a wave of consolidation in the sector Both deals secured EU approval only after the companies offered substantial asset sales to boost rivals Environmental and farming groups have opposed all three deals worried about their power and their advantage in digital farming data which can tell farmers how and when to till sow spray fertilize and pick crops based on algorithms The European Commission said Bayer addressed its concerns with its offer to sell a swathe of assets to boost rival BASF confirming a Reuters story on Feb 28 8220Our decision ensures that there will be effective competition and innovation in seeds pesticides and digital agriculture markets also after this merger8221 European Competition Commissioner Margrethe Vestager said in a statement 8220In particular we have made sure that the number of global players actively competing in these markets stays the same8221 European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commissions headquarters in Brussels Belgium March 21 2018 REUTERSFrancois Lenoir Vestager said the Commission which received more than a million petitions concerning the deal had been thorough by examining more than 2000 different product markets and 27 million internal documents to produce a 1285page ruling Bayer has already reached a deal to sell certain seed and herbicide assets for 59 billion euros 72 billion to BASF and to give it a license to its global digital farming data It will also divest its vegetable seeds business to BASF The Commission is due to rule on the BASF deal by April 16 Slideshow 3 Images Online campaigns group Avaaz criticized the EU approval 8220This is a marriage made in hell The Commission ignored a million people who called on them to block this deal and caved in to lobbying to create a megacorporation which will dominate our food supply8221 Avaaz legal director Nick Flynn said USincorporated Avaaz funded by its members is active in climate change poverty conflict and corruption issues Related Coverage US says it is still reviewing Bayers planned Monsanto acquisition The Greens grouping in the European Parliament echoed the sentiment saying smaller players in the agriculture industry needed to be helped too 8220The agriculture industry is already far too concentrated giving a handful of massive firms a stranglehold on food production Merging two of the biggest players only makes a bad situation worse8221 Greens spokesman Bart Staes said China has given conditional approval to the Bayer Monsanto deal which has won a green light in Brazil It is currently being reviewed by US and Russian antitrust authorities Reporting by Foo Yun Chee editing by Robin Emmott and David Evans Our Standards The Thomson Reuters Trust Principles

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<p>PARIS (Reuters) - French uranium mining and nuclear fuel group Areva rebranded itself as Orano on Tuesday, closing the book on a years-long restructuring but still facing an uncertain future, with uranium prices at decade lows and the nuclear industry in the doldrums.</p> The logo with the new company name "Orano" of the French nuclear fuel group Areva is seen on the Areva Tower in La Defense near Paris, France, January 23, 2018. REUTERS/Philippe Wojazer <p>Chief Executive Philippe Knoche said a new name and logo were necessary to start another chapter in the history of the state-owned company, which was split in two and recapitalized in 2017 after years of losses wiped out its equity.</p> <p>&#8220;We had to change our name - we are a new company with a different perimeter, focused on the fuel cycle,&#8221; Knoche said at a presentation of the new brand.</p> <p>Orano refers to uranium, the core of the firm&#8217;s business, and its new circular yellow logo references the yellowcake uranium concentrate that it extracts from the ore.</p> <p>To mark the change - and reduce real estate costs by 10 million euros (8.78 million pounds) a year - Orano will move out of its prestigious Paris headquarters, a distinctive black-slab skyscraper inspired by the monolith in Stanley Kubrick&#8217;s &#8220;2001: A Space Odyssey&#8221;.</p> <p>The move is part of a plan to cut costs by about 250 million euros in the 2018-2020 period.</p> <p>With its nuclear reactor building unit sold to fellow state-owned utility EDF last year, Orano goes back to being a pure nuclear fuel company, similar to its predecessor Cogema, before it was merged into Areva.</p> <p>Orano has net debt of close to 3 billion euros and by 2025 plans to invest about 2 billion euros in its plants and a similar amount in its mines, Knoche said.</p> The logo with the new company name "Orano" of the French nuclear fuel group Areva is seen on the Areva Tower in La Defense near Paris, France, January 23, 2018. REUTERS/Philippe Wojazer <p>The company aims to be cash-flow positive from this year, but Knoche said nothing about profit targets and admitted that market prices for uranium are too low to invest in new mines.</p> <p>He said long-term contract prices for uranium were about $10 per pound higher than spot prices, but declined to say what price Orano needed to operate profitably in the long run.</p> Slideshow (4 Images) <p>Uranium prices are down 80 percent from a decade ago as Japan&#8217;s 2011 Fukushima disaster has led to a slowdown in reactor newbuilds and countries such as Germany abandon nuclear.</p> <p>Knoche said Orano was banking on nuclear growth in Asia. He expects the firm to earn 30 percent of its turnover there by 2020, up from 20 percent last year.</p> <p>Talks about selling a nuclear fuel reprocessing plant to China were &#8220;accelerating&#8221;, Knoche said, but would not give a deadline. Discussions about the project have been going on for a decade, while the price the firm hopes to get has fallen to around 10 billion euros from 15 billion euros.</p> <p>He said the reprocessing plant deal was not essential for Orano&#8217;s survival. This month, Finance Minister Bruno Le Maire said the operation could &#8220;save&#8221; the French nuclear industry.</p> <p>With an order book worth nearly eight years of turnover and solid business in service and maintenance for a large part of the world&#8217;s more than 400 nuclear reactors, Orano faces the prospect of rebuilding a profitable operation.</p> <p>&#8220;We will do it with humility. That is why the name is written in lower case,&#8221; Knoche said.</p> <p>Reporting by Geert De Clercq and Benjamin Mallet; Editing by Sudip Kar-Gupta and Dale Hudson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Crude prices rose on Friday, hitting their highest since late January after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019, and as concerns grew over the future of Iranian crude exports.</p> <p>Brent crude futures LCOc1 jumped $1.54, or 2.2 percent, to settle at $70.45 a barrel. For the week, Brent was up about 6.4 percent, its strongest weekly rise since July.</p> <p>U.S. West Texas Intermediate (WTI) crude futures also had their biggest weekly gain since July, at 5.5 percent. WTI CLc1 settled at $65.88 a barrel, up $1.58, or 2.5 percent.</p> <p>U.S. hedge funds and other money managers raised their bullish bets on WTI in the week to March 20 by 34,488 contracts to 488,438, the U.S. Commodity Futures Trading Commission (CFTC) said.</p> <p>&#8220;There are a number of bullish things to hang the hat of the rally on this week; be it the inventory report ... or the tariff news, or the heightened tensions between Saudi and Iran,&#8221; said Matt Smith, director of commodity research&amp;#160;at Clipper Data in Louisville, Kentucky.</p> <p>President Donald Trump&#8217;s decision to replace national security adviser H.R. McMaster with John Bolton, who is seen as more hawkish on Iran, also supported prices, Smith said.</p> FILE PHOTO: A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen <p>Global stock markets fell as investors worried about a trade stand-off between the United States and China. Trade jitters could also hit oil markets, but most analysts said other bullish factors outweighed them for now.</p> <p>U.S. energy companies added four oil rigs in the week to March 23 General Electric Co&#8217;s ( <a href="/finance/stocks/overview?symbol=GE.N" type="external">GE.N</a>) Baker Hughes energy services firm reported. That brought the total number of rigs to 804, the highest in three years.</p> <a href="/finance/stocks/overview?symbol=GE.N" type="external">General Electric Co</a> 13.07 GE.N New York Stock Exchange -0.28 (-2.10%) GE.N <p>While U.S. production keeps rising, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers have curbed output. Saudi Energy Minister Khalid al-Falih told Reuters the curbs, instituted in January 2017, would need to continue into 2019 to reduce global inventories.</p> <p>The demand outlook also supported oil.</p> <p>&#8220;We&#8217;re continuing to see signs that demand is really healthy; total U.S. demand is more than 1 million barrels a day more than it was a year ago,&#8221; said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.</p> <p>&#8220;As the fundamental picture continues to tighten, that&#8217;s going to attract further length in the market,&#8221; he said.</p> <p>Morgan Stanley predicted Brent would hit $75 a barrel in the third quarter as seasonal demand picks up. It noted the market is &#8220;only three-four weeks away from peak refinery maintenance, after which crude and product demand should accelerate ... Global inventories are already at the bottom end of the five-year range.&#8221;</p> <p>Additional reporting by Shadia Nasralla, Henning Gloystein and Roslan Khasawneh; Editing by David Gregorio and Phil Berlowitz</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - China&#8217;s crude oil futures, to be launched on Monday, will be a major step in Beijing&#8217;s years-long push to win greater sway over oil pricing, but for western traders it will likely bring frustration as well as opportunity.</p> Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province, China January 18, 2018. REUTERS/Stringer <p>Shanghai Crude aims to rival the world&#8217;s two crude benchmarks, luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian, U.S. and European markets.</p> <p>However, the contract will also come with quirks that traders used to London&#8217;s Brent or U.S. West Texas Intermediate (WTI) may find less appealing, including shorter business hours, unique Chinese trading habits and extended holiday breaks.</p> <p>Yuan-denominated trading and a blend of new rules and regulatory burdens will also likely hamper initial take-up on the Shanghai International Energy Exchange (INE), executives at a dozen banks and brokers and experts involved in the launch told Reuters.</p> <p>&#8220;The rules around trading methodology will be unfamiliar for western houses,&#8221; said John Browning, chief operating officer of Hong Kong-based futures broker Bands Financial Ltd, which is an approved overseas intermediary for the INE.</p> Related Coverage <a href="/article/us-china-oil-futures-explainer/explainer-china-aims-to-challenge-brent-wti-oil-with-crude-futures-launch-idUSKBN1GY0S9" type="external">Explainer: China aims to challenge Brent, WTI oil with crude futures launch</a> <p>&#8220;They&#8217;ll have to get to grips with a different set of trading parameters, including initial margin calculation, rolling between months, order cancellations ratios, etc. It&#8217;s all very different.&#8221;</p> <p>So far, China has opened more than 6,000 trading accounts, including the country&#8217;s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including J.P.Morgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.</p> <p>Last-minute changes are still being made to entice overseas users. On Tuesday, the government said it would waive income taxes for foreign investors for the first three years.</p> CHINESE CHARACTERISTICS <p>Specific issues for traders include Shanghai&#8217;s shorter trading hours, split into three slots, with the afternoon session ending at 3:00 p.m. local time (0700 GMT), just before London ramps up.</p> <p>Although the exchange will have an overnight trading session to match late European and early U.S. trading, it will close for more than six hours before trade resumes in Beijing.</p> Slideshow (4 Images) <p>This could mean the contract risks having to play catch-up each morning to the moods and swings of Europe and America, rather than setting its own price, several senior futures traders said.</p> <p>Chinese trading habits may also be a shock to foreign users, they said.</p> <p>Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal, due to a different cost structure. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.</p> <a href="/finance/stocks/overview?symbol=ICE.N" type="external">Intercontinental Exchange Inc</a> 70.32 ICE.N New York Stock Exchange -1.41 (-1.97%) ICE.N CME.O 601857.SS 600028.SS <p>These and other factors mean the contract may have a &#8220;hard time&#8221; building correlations with Brent and WTI that would make arbitrage possible, said Albert Helmig, chief executive of financial consultancy Grey House and a former vice chairman of NYMEX.</p> <p>&#8220;It&#8217;s a China market, with Chinese characteristics,&#8221; said Helmig.</p> FUTURE PLANS <p>Still, China offers the potential for a deep, liquid market, buoyed by an explosion of interest from mom-and-pop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai, Zhengzhou and Dalian.</p> <p>In 2017, the total traded value of ShFE&#8217;s steel derivatives contracts was $4.4 trillion from domestic investors. This compares with global turnover of more than $10 trillion in international oil futures, the world&#8217;s biggest commodity market.</p> <p>Previous attempts at an Asia benchmark have foundered. Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI, traded on the Intercontinental Exchange ( <a href="/finance/stocks/overview?symbol=ICE.N" type="external">ICE.N</a>) and the New York Mercantile Exchange (NYMEX) owned by CME Group ( <a href="/finance/stocks/overview?symbol=CME.O" type="external">CME.O</a>).</p> <p>China hopes it can do better: with state-controlled oil majors like PetroChina ( <a href="/finance/stocks/overview?symbol=601857.SS" type="external">601857.SS</a>) and Sinopec ( <a href="/finance/stocks/overview?symbol=600028.SS" type="external">600028.SS</a>) expected to provide liquidity, analysts said the contract has a chance of succeeding even if it faces short-term caution.</p> <p>&#8220;Launching a new exchange is enormously complex, so if the initial uptake for the contract isn&#8217;t that strong, it isn&#8217;t necessarily a bad thing,&#8221; said Bands&#8217; Browning.</p> <p>Reporting by Josephine Mason, Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN DIEGO (Reuters) - Qualcomm Inc ( <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">QCOM.O</a>) re-elected its board of directors on Friday with weak support from shareholders, who grilled the U.S. chipmaker over its strategy following its successful defense against a $117-billion hostile bid from Broadcom Ltd ( <a href="/finance/stocks/overview?symbol=AVGO.O" type="external">AVGO.O</a>).</p> FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo <p>Qualcomm has been under pressure to defend its decision to take Broadcom&#8217;s bid to a U.S. national security panel for review. This resulted in U.S. President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology.</p> <p>The re-election of Qualcomm&#8217;s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm&#8217;s board and withdraw its nominees. However, the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed.</p> <p>Some of the directors were elected with more than 50 percent of the vote. The rest, including Qualcomm Chief Executive Steve Mollenkopf, received support in the range of 40 percent to 50 percent, according to sources familiar with preliminary results of the shareholder vote.</p> <p>&#8220;Anything below 80 percent to 90 percent of votes cast is kind of questionable, 40 percent is very questionable. (Trump)has created some breathing room for Qualcomm. Hopefully, they will use it wisely and improve both their Board and company,&#8221; said Kevin McManus, vice president and director of proxy services for Egan-Jones Proxy Services.</p> <p>Ahead of Friday&#8217;s meeting, Institutional Shareholder Services Inc, a shareholder advisory firm, had urged investors to lodge protest votes for Broadcom&#8217;s withdrawn board nominees, even though they would not be counted under the company&#8217;s rules.</p> <p>Mollenkopf told investors following the company&#8217;s rejection of Broadcom&#8217;s bid that he could achieve earnings per share of $6.75 to $7.50 in fiscal 2019, through a number of measures, including a $1-billion cost reduction program and the resolution of licensing disputes, including with Apple Inc ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>).</p> <p>One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders &#8220;who have seen the shares go up to $80 and now is at $55&#8221; but &#8220;have been faithful. How about a little of that (cash)?&#8221;</p> <p>Qualcomm CFO George Davis said the company&#8217;s offshore cash was already earmarked for use in the company&#8217;s $44-billion acquisition of chip maker NXP Semiconductors NV ( <a href="/finance/stocks/overview?symbol=NXPI.O" type="external">NXPI.O</a>), which is pending clearance from Chinese regulator MOFCOM.</p> <p>&#8220;That doesn&#8217;t sound close to $80,&#8221; the shareholder responded. Davis pointed to the company&#8217;s earnings goal for its fiscal 2019. &#8220;That probably sounds more like $80,&#8221; Davis said.</p> SMALLER BOARD <p>Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs, the son of Qualcomm&#8217;s co-founder, would not be renominated for the board after disclosing his intention to pursue a long-shot bid to take the company private.</p> <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">Qualcomm Inc</a> 53.66 QCOM.O Nasdaq -1.92 (-3.45%) QCOM.O AVGO.O AAPL.O NXPI.O <p>Qualcomm shares closed down 1.9 percent on Friday at $53.66. NXP shares ended down 0.7 percent at $120.19, their lowest level since Qualcomm revised its NXP bid last week, amid investor concerns that China will block the deal.</p> <p>In response to a shareholder question about MOFCOM&#8217;s delay in approving the NXP deal, Don Rosenberg, Qualcomm&#8217;s legal chief, said that Qualcomm had been &#8220;actively engaged&#8221; with Chinese regulators &#8220;as recently as this week.&#8221;</p> <p>Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting. But in response to separate shareholder question about U.S.-China relations, he said Qualcomm has little visibility into broader trends between the two nations.</p> <p>&#8220;This is a little bit of uncharted territory for all of us,&#8221; Mollenkopf said. &#8220;We have developed a strong China-friendly, U.S.-friendly business model.&#8221;</p> <p>On Friday, Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States. The company is hoping this will make its future acquisitions exempt from reviews from the U.S. security panel, known as the Committee on Foreign Investment in the United States.</p> <p>However, Trump&#8217;s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States.</p> <p>Reporting by Stephen Nellis; editing by Bill Rigby and Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - Apple Inc&#8217;s Chief Executive Tim Cook on Saturday called for &#8220;calm heads&#8221; and more open trade, amid rising fears of a trade war between the United States and China.</p> Apple Inc's Chief Executive Officer Tim Cook speaks at the China Development Forum in Beijing, China March 24, 2018. REUTERS/Stringer <p>Trade tension between China and the United States flared this week when President Donald Trump unveiled plans on Thursday to slap tariffs on potentially up to $60 billion in Chinese goods.</p> <p>China&#8217;s Commerce Ministry on Friday urged the United States to &#8220;pull back from the brink&#8221;, saying it was not afraid to engage in a trade war.</p> <p>&#8220;I&#8217;m cognizant that in both the U.S. and China, there have been cases where everyone hasn&#8217;t benefited, where the benefit hasn&#8217;t been balanced,&#8221; Cook said.</p> <p>Speaking at the annual China Development Forum in Beijing, Cook said he hoped &#8220;calm heads&#8221; would prevail.</p> <p>The sparring has cast a spotlight on hardware makers such as Apple, which assemble the majority of their products in China for export to other countries. Electrical goods and tech are the largest U.S. import item from China.</p> <p>In the past year, Apple and other foreign tech firms have grappled with a string of new regulatory requirements in China, including a controversial law requiring firms to house user data in data centers overseen by Chinese firms.</p> <p>Last month, Apple officially moved to store keys for its iCloud data in China, provoking intense criticism from rights groups who say the decision makes it easier for Chinese officials to tap and collect private data.</p> <p>Despite challenges, the company has sought to expand its services in China, its third-largest market, where roughly 1.8 million developers use its platform.</p> <p>&#8220;My belief is that businesses should be engaged with governments in countries where they are doing business, whether they agree or disagree,&#8221; Cook said.</p> <p>Cook has come to China several times in the past year, and was among executives who met Chinese President Xi Jinping last October.</p> Related Video <p>&#8220;My belief is that one plus one equals three. The pie gets larger, working together,&#8221; Cook said.</p> <p>Others attending the three-day forum include the chief executives of IBM Group , Google Inc and Qualcomm Inc.</p> <p>Cook, who this year co-chaired the event, also attended last year when he called for China to increase trade and continue opening itself up to the world.</p> <p>Reporting by Matthew Miller and Cate Cadell; editing by Richard Pullin and Clarence Fernandez</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

France's Areva rebrands to Orano in dire uranium market Oil rises as Saudi backs extending output cuts into 2019 China's oil futures: frazzle or dazzle for foreign traders? Qualcomm re-elects board of directors with tepid support Apple's Tim Cook calls for calm heads on China, U.S. trade

https://reuters.com/article/areva-strategy/update-1-frances-areva-rebrands-to-orano-in-dire-uranium-market-idUSL8N1PI51F

2018-01-23

2least

PARIS Reuters French uranium mining and nuclear fuel group Areva rebranded itself as Orano on Tuesday closing the book on a yearslong restructuring but still facing an uncertain future with uranium prices at decade lows and the nuclear industry in the doldrums The logo with the new company name Orano of the French nuclear fuel group Areva is seen on the Areva Tower in La Defense near Paris France January 23 2018 REUTERSPhilippe Wojazer Chief Executive Philippe Knoche said a new name and logo were necessary to start another chapter in the history of the stateowned company which was split in two and recapitalized in 2017 after years of losses wiped out its equity 8220We had to change our name we are a new company with a different perimeter focused on the fuel cycle8221 Knoche said at a presentation of the new brand Orano refers to uranium the core of the firm8217s business and its new circular yellow logo references the yellowcake uranium concentrate that it extracts from the ore To mark the change and reduce real estate costs by 10 million euros 878 million pounds a year Orano will move out of its prestigious Paris headquarters a distinctive blackslab skyscraper inspired by the monolith in Stanley Kubrick8217s 82202001 A Space Odyssey8221 The move is part of a plan to cut costs by about 250 million euros in the 20182020 period With its nuclear reactor building unit sold to fellow stateowned utility EDF last year Orano goes back to being a pure nuclear fuel company similar to its predecessor Cogema before it was merged into Areva Orano has net debt of close to 3 billion euros and by 2025 plans to invest about 2 billion euros in its plants and a similar amount in its mines Knoche said The logo with the new company name Orano of the French nuclear fuel group Areva is seen on the Areva Tower in La Defense near Paris France January 23 2018 REUTERSPhilippe Wojazer The company aims to be cashflow positive from this year but Knoche said nothing about profit targets and admitted that market prices for uranium are too low to invest in new mines He said longterm contract prices for uranium were about 10 per pound higher than spot prices but declined to say what price Orano needed to operate profitably in the long run Slideshow 4 Images Uranium prices are down 80 percent from a decade ago as Japan8217s 2011 Fukushima disaster has led to a slowdown in reactor newbuilds and countries such as Germany abandon nuclear Knoche said Orano was banking on nuclear growth in Asia He expects the firm to earn 30 percent of its turnover there by 2020 up from 20 percent last year Talks about selling a nuclear fuel reprocessing plant to China were 8220accelerating8221 Knoche said but would not give a deadline Discussions about the project have been going on for a decade while the price the firm hopes to get has fallen to around 10 billion euros from 15 billion euros He said the reprocessing plant deal was not essential for Orano8217s survival This month Finance Minister Bruno Le Maire said the operation could 8220save8221 the French nuclear industry With an order book worth nearly eight years of turnover and solid business in service and maintenance for a large part of the world8217s more than 400 nuclear reactors Orano faces the prospect of rebuilding a profitable operation 8220We will do it with humility That is why the name is written in lower case8221 Knoche said Reporting by Geert De Clercq and Benjamin Mallet Editing by Sudip KarGupta and Dale Hudson Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Crude prices rose on Friday hitting their highest since late January after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019 and as concerns grew over the future of Iranian crude exports Brent crude futures LCOc1 jumped 154 or 22 percent to settle at 7045 a barrel For the week Brent was up about 64 percent its strongest weekly rise since July US West Texas Intermediate WTI crude futures also had their biggest weekly gain since July at 55 percent WTI CLc1 settled at 6588 a barrel up 158 or 25 percent US hedge funds and other money managers raised their bullish bets on WTI in the week to March 20 by 34488 contracts to 488438 the US Commodity Futures Trading Commission CFTC said 8220There are a number of bullish things to hang the hat of the rally on this week be it the inventory report or the tariff news or the heightened tensions between Saudi and Iran8221 said Matt Smith director of commodity researchamp160at Clipper Data in Louisville Kentucky President Donald Trump8217s decision to replace national security adviser HR McMaster with John Bolton who is seen as more hawkish on Iran also supported prices Smith said FILE PHOTO A natural gas flare on an oil well pad burns as the sun sets outside Watford City North Dakota January 21 2016 REUTERSAndrew Cullen Global stock markets fell as investors worried about a trade standoff between the United States and China Trade jitters could also hit oil markets but most analysts said other bullish factors outweighed them for now US energy companies added four oil rigs in the week to March 23 General Electric Co8217s GEN Baker Hughes energy services firm reported That brought the total number of rigs to 804 the highest in three years General Electric Co 1307 GEN New York Stock Exchange 028 210 GEN While US production keeps rising the Organization of the Petroleum Exporting Countries OPEC and allied producers have curbed output Saudi Energy Minister Khalid alFalih told Reuters the curbs instituted in January 2017 would need to continue into 2019 to reduce global inventories The demand outlook also supported oil 8220We8217re continuing to see signs that demand is really healthy total US demand is more than 1 million barrels a day more than it was a year ago8221 said Gene McGillian manager of market research at Tradition Energy in Stamford Connecticut 8220As the fundamental picture continues to tighten that8217s going to attract further length in the market8221 he said Morgan Stanley predicted Brent would hit 75 a barrel in the third quarter as seasonal demand picks up It noted the market is 8220only threefour weeks away from peak refinery maintenance after which crude and product demand should accelerate Global inventories are already at the bottom end of the fiveyear range8221 Additional reporting by Shadia Nasralla Henning Gloystein and Roslan Khasawneh Editing by David Gregorio and Phil Berlowitz Our Standards The Thomson Reuters Trust Principles BEIJING Reuters China8217s crude oil futures to be launched on Monday will be a major step in Beijing8217s yearslong push to win greater sway over oil pricing but for western traders it will likely bring frustration as well as opportunity Workers are seen on an offshore oil platform surrounded by icy waters in Liaodong bay off Liaoning province China January 18 2018 REUTERSStringer Shanghai Crude aims to rival the world8217s two crude benchmarks luring overseas traders with the promise of a deep pool of liquidity and the chance for arbitrage between Asian US and European markets However the contract will also come with quirks that traders used to London8217s Brent or US West Texas Intermediate WTI may find less appealing including shorter business hours unique Chinese trading habits and extended holiday breaks Yuandenominated trading and a blend of new rules and regulatory burdens will also likely hamper initial takeup on the Shanghai International Energy Exchange INE executives at a dozen banks and brokers and experts involved in the launch told Reuters 8220The rules around trading methodology will be unfamiliar for western houses8221 said John Browning chief operating officer of Hong Kongbased futures broker Bands Financial Ltd which is an approved overseas intermediary for the INE Related Coverage Explainer China aims to challenge Brent WTI oil with crude futures launch 8220They8217ll have to get to grips with a different set of trading parameters including initial margin calculation rolling between months order cancellations ratios etc It8217s all very different8221 So far China has opened more than 6000 trading accounts including the country8217s oil majors and about 150 brokerages Ten foreign intermediaries have registered including JPMorgan Bands Financial Straits Financial Services and other Hong Kong based affiliates of domestic brokerages Lastminute changes are still being made to entice overseas users On Tuesday the government said it would waive income taxes for foreign investors for the first three years CHINESE CHARACTERISTICS Specific issues for traders include Shanghai8217s shorter trading hours split into three slots with the afternoon session ending at 300 pm local time 0700 GMT just before London ramps up Although the exchange will have an overnight trading session to match late European and early US trading it will close for more than six hours before trade resumes in Beijing Slideshow 4 Images This could mean the contract risks having to play catchup each morning to the moods and swings of Europe and America rather than setting its own price several senior futures traders said Chinese trading habits may also be a shock to foreign users they said Chinese commodity futures investors do not typically trade steadily over the months but instead pick specific months in which they deal due to a different cost structure That could complicate efforts to trade spreads between Brent WTI and Shanghai Intercontinental Exchange Inc 7032 ICEN New York Stock Exchange 141 197 ICEN CMEO 601857SS 600028SS These and other factors mean the contract may have a 8220hard time8221 building correlations with Brent and WTI that would make arbitrage possible said Albert Helmig chief executive of financial consultancy Grey House and a former vice chairman of NYMEX 8220It8217s a China market with Chinese characteristics8221 said Helmig FUTURE PLANS Still China offers the potential for a deep liquid market buoyed by an explosion of interest from momandpop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai Zhengzhou and Dalian In 2017 the total traded value of ShFE8217s steel derivatives contracts was 44 trillion from domestic investors This compares with global turnover of more than 10 trillion in international oil futures the world8217s biggest commodity market Previous attempts at an Asia benchmark have foundered Contracts set up by the Dubai Mercantile Exchange a decade ago have not matched Brent or WTI traded on the Intercontinental Exchange ICEN and the New York Mercantile Exchange NYMEX owned by CME Group CMEO China hopes it can do better with statecontrolled oil majors like PetroChina 601857SS and Sinopec 600028SS expected to provide liquidity analysts said the contract has a chance of succeeding even if it faces shortterm caution 8220Launching a new exchange is enormously complex so if the initial uptake for the contract isn8217t that strong it isn8217t necessarily a bad thing8221 said Bands8217 Browning Reporting by Josephine Mason Meng Meng and Tom Daly in BEIJING and Henning Gloystein in SINGAPORE editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles SAN DIEGO Reuters Qualcomm Inc QCOMO reelected its board of directors on Friday with weak support from shareholders who grilled the US chipmaker over its strategy following its successful defense against a 117billion hostile bid from Broadcom Ltd AVGOO FILE PHOTO A sign on the Qualcomm campus is seen in San Diego California US November 6 2017 REUTERSMike BlakeFile Photo Qualcomm has been under pressure to defend its decision to take Broadcom8217s bid to a US national security panel for review This resulted in US President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology The reelection of Qualcomm8217s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm8217s board and withdraw its nominees However the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed Some of the directors were elected with more than 50 percent of the vote The rest including Qualcomm Chief Executive Steve Mollenkopf received support in the range of 40 percent to 50 percent according to sources familiar with preliminary results of the shareholder vote 8220Anything below 80 percent to 90 percent of votes cast is kind of questionable 40 percent is very questionable Trumphas created some breathing room for Qualcomm Hopefully they will use it wisely and improve both their Board and company8221 said Kevin McManus vice president and director of proxy services for EganJones Proxy Services Ahead of Friday8217s meeting Institutional Shareholder Services Inc a shareholder advisory firm had urged investors to lodge protest votes for Broadcom8217s withdrawn board nominees even though they would not be counted under the company8217s rules Mollenkopf told investors following the company8217s rejection of Broadcom8217s bid that he could achieve earnings per share of 675 to 750 in fiscal 2019 through a number of measures including a 1billion cost reduction program and the resolution of licensing disputes including with Apple Inc AAPLO One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders 8220who have seen the shares go up to 80 and now is at 558221 but 8220have been faithful How about a little of that cash8221 Qualcomm CFO George Davis said the company8217s offshore cash was already earmarked for use in the company8217s 44billion acquisition of chip maker NXP Semiconductors NV NXPIO which is pending clearance from Chinese regulator MOFCOM 8220That doesn8217t sound close to 808221 the shareholder responded Davis pointed to the company8217s earnings goal for its fiscal 2019 8220That probably sounds more like 808221 Davis said SMALLER BOARD Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs the son of Qualcomm8217s cofounder would not be renominated for the board after disclosing his intention to pursue a longshot bid to take the company private Qualcomm Inc 5366 QCOMO Nasdaq 192 345 QCOMO AVGOO AAPLO NXPIO Qualcomm shares closed down 19 percent on Friday at 5366 NXP shares ended down 07 percent at 12019 their lowest level since Qualcomm revised its NXP bid last week amid investor concerns that China will block the deal In response to a shareholder question about MOFCOM8217s delay in approving the NXP deal Don Rosenberg Qualcomm8217s legal chief said that Qualcomm had been 8220actively engaged8221 with Chinese regulators 8220as recently as this week8221 Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting But in response to separate shareholder question about USChina relations he said Qualcomm has little visibility into broader trends between the two nations 8220This is a little bit of uncharted territory for all of us8221 Mollenkopf said 8220We have developed a strong Chinafriendly USfriendly business model8221 On Friday Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States The company is hoping this will make its future acquisitions exempt from reviews from the US security panel known as the Committee on Foreign Investment in the United States However Trump8217s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States Reporting by Stephen Nellis editing by Bill Rigby and Nick Zieminski Our Standards The Thomson Reuters Trust Principles BEIJING Reuters Apple Inc8217s Chief Executive Tim Cook on Saturday called for 8220calm heads8221 and more open trade amid rising fears of a trade war between the United States and China Apple Incs Chief Executive Officer Tim Cook speaks at the China Development Forum in Beijing China March 24 2018 REUTERSStringer Trade tension between China and the United States flared this week when President Donald Trump unveiled plans on Thursday to slap tariffs on potentially up to 60 billion in Chinese goods China8217s Commerce Ministry on Friday urged the United States to 8220pull back from the brink8221 saying it was not afraid to engage in a trade war 8220I8217m cognizant that in both the US and China there have been cases where everyone hasn8217t benefited where the benefit hasn8217t been balanced8221 Cook said Speaking at the annual China Development Forum in Beijing Cook said he hoped 8220calm heads8221 would prevail The sparring has cast a spotlight on hardware makers such as Apple which assemble the majority of their products in China for export to other countries Electrical goods and tech are the largest US import item from China In the past year Apple and other foreign tech firms have grappled with a string of new regulatory requirements in China including a controversial law requiring firms to house user data in data centers overseen by Chinese firms Last month Apple officially moved to store keys for its iCloud data in China provoking intense criticism from rights groups who say the decision makes it easier for Chinese officials to tap and collect private data Despite challenges the company has sought to expand its services in China its thirdlargest market where roughly 18 million developers use its platform 8220My belief is that businesses should be engaged with governments in countries where they are doing business whether they agree or disagree8221 Cook said Cook has come to China several times in the past year and was among executives who met Chinese President Xi Jinping last October Related Video 8220My belief is that one plus one equals three The pie gets larger working together8221 Cook said Others attending the threeday forum include the chief executives of IBM Group Google Inc and Qualcomm Inc Cook who this year cochaired the event also attended last year when he called for China to increase trade and continue opening itself up to the world Reporting by Matthew Miller and Cate Cadell editing by Richard Pullin and Clarence Fernandez Our Standards The Thomson Reuters Trust Principles

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<p>NEW YORK (Reuters) - Goldman Sachs Group Inc ( <a href="/finance/stocks/overview?symbol=GS.N" type="external">GS.N</a>) has led a $38 million investment round by large banks in Visible Alpha, a young New York-based company that helps investment managers better value the equity research services they receive from brokers.</p> FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. REUTERS/Lucas Jackson/File Photo <p>Wells Fargo &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=WFC.N" type="external">WFC.N</a>), Banco Santander SA ( <a href="/finance/stocks/overview?symbol=SAN.MC" type="external">SAN.MC</a>), Exane BNP Paribas, Macquarie Group Ltd ( <a href="/finance/stocks/overview?symbol=MQG.AX" type="external">MQG.AX</a>) and Royal Bank of Canada ( <a href="/finance/stocks/overview?symbol=RY.TO" type="external">RY.TO</a>) participated in the strategic investment round, the company said on Thursday.</p> <p>Visible Alpha&#8217;s existing investors including Bank of America Corp ( <a href="/finance/stocks/overview?symbol=BAC.N" type="external">BAC.N</a>), Citigroup Inc ( <a href="/finance/stocks/overview?symbol=C.N" type="external">C.N</a>) and Morgan Stanley ( <a href="/finance/stocks/overview?symbol=MS.N" type="external">MS.N</a>) also joined.</p> <p>The startup said it will use the injection of cash to expand globally and ensure that its offering keeps up with client demand.</p> FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo <p>Launched in early 2017, Visible Alpha uses technology to help fund managers keep track of the amount and value of equity research and corporate access that they receive from their brokers. It also offers tool that aggregate data from analysts to make it easier to use and more valuable for investors.</p> <p>It is among a growing group of financial technology companies that are hoping to take advantage of regulatory changes in Europe and pressure on asset management fees that are driving changes in the equity research business model.</p> <a href="/finance/stocks/overview?symbol=GS.N" type="external">Goldman Sachs Group Inc</a> 255.92 GS.N New York Stock Exchange -3.67 (-1.41%) GS.N WFC.N SAN.MC MQG.AX RY.TO <p>New rules in the European Union&#8217;s revised Markets in Financial Instruments Directive (Mifid II), an overhaul of the region&#8217;s trading rulebook that came into force this month, require asset managers to pay for research out of their own pocket. This has increased demand for tools that can help them gauge the quality of research. Large brokers have traditionally &#8220;bundled&#8221; research fees together with what they charge to execute trades.</p> <p>Over the past few years asset managers have also been under pressure to cut fees due to lackluster returns, driving them to be more aware about how they spend their research dollars.</p> <p>These trends have &#8220;increased the amount of pressure to have analysts demonstrate&#8221; the value they are providing, said in an interview Scott Rosen, the CEO of Visible Alpha.</p> <p>The company says it works with around 450 research providers and has more than 100 buy-side firms as clients which manage a combined $16 trillion in assets. It mainly operates in the United States and plans to expand further into Europe, Asia and Latin America, Rosen said.</p> <p>Reporting by Anna Irrera; Editing by Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BANGKOK (Reuters) - Thailand&#8217;s iTruemart, a unit of mobile phone operator True Corp Plc, said on Saturday it has fixed a data leak that led to information on some of its customers, including their ID and passport data, becoming public.</p> <p>The files of customers buying &#8220;TrueMove H&#8221; mobile packages had been &#8216;hacked&#8217;, it said in a statement following reports of the leak.</p> <p>It was the first known instance of a major data leak from a mobile operator in Thailand.</p> <p>Niall Merrigan, a Norway-based security researcher, detailed on his personal blog on Friday that he was able to access 32 gigabytes of True&#8217;s customer data, including identification cards and passports.</p> <p>Merrigan told Reuters the data was &#8220;public facing&#8221; and that he notified True of the leak in March.</p> <p>The company said it would alert the customers affected by the hacking on measures it is taking to protect their data. It did not say how many customers or data files had been affected.</p> <p>Thailand&#8217;s National Broadcasting and Telecommunications Commission (NBTC) asked the company to clarify the matter on Tuesday before taking any action, Secretary-General Takorn Tantasith said on Saturday.</p> <p>True Corp is Thailand&#8217;s second biggest mobile operator and a flagship company of billionaire Dhanin Chearavanont&#8217;s Charoen Pokphand Group.</p> <p>Reporting by Chayut Setboonsarng; additional reporting by Papitcha Tanakasempipat; Editing by Clelia Oziel</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>GAZA (Reuters) - The Palestinian Islamic Jihad militant group said four of its members were killed in an apparent accidental blast in the Gaza Strip on Saturday.</p> A Palestinian man looks at the scene of an explosion in the southern Gaza Strip, April 14, 2018. REUTERS/Ibraheem Abu Mustafa <p>The group said in a statement that it was &#8220;mourning its fighters who were martyred during preparations&#8221;.</p> <p>It usually employs those terms to refer to casualties caused by the accidental detonation of weapons or explosives used in attacks against Israel.</p> Palestinians react at a hospital following an explosion in the southern Gaza Strip, April 14, 2018. REUTERS/Ibraheem Abu Mustafa <p>The Gaza Health Ministry confirmed four fatalities in the incident. Medics at the scene in the Rafah area said the explosion was caused by Israel. But an Israeli military spokesman said the army was not involved.</p> <p>&#8220;Contrary to reports currently circulating I can tell you that the IDF (Israel Defence Forces) is not aware of any IDF fire in the area surrounding Rafah,&#8221; the spokesman said.</p> <p>Violence has flared in the Gaza Strip since March 30, when Palestinians began protests along the border area with Israel.</p> Slideshow (2 Images) <p>Israeli troops have shot dead 31 Gaza Palestinians and wounded hundreds since the protests began, drawing international criticism of their lethal tactics.</p> <p>The border area remained largely quiet on Saturday.</p> <p>Protesters have set up tented camps near the frontier as a protest dubbed &#8220;The Great March of Return&#8221; - evoking a longtime call for refugees to regain ancestral homes in what is now Israel - moved into its third week.</p> <p>Israel has declared a no-go zone close to the Gaza border fence.</p> <p>Israel withdrew its troops and settlers from Gaza in 2005. The Palestinian enclave is ruled by the Islamist Hamas movement, designated by Israel and the West as a terrorist group.</p> <p>Citing security concerns, Israel maintains a naval blockade of the coastal territory, keeping tight restrictions on the movement of Palestinians and goods across the frontier.</p> <p>Egypt, battling an Islamist insurgency in neighboring Sinai, keeps its border with Gaza largely closed.</p> <p>Reporting by Nidal al-Mughrabi; writing by Maayan Lubell; editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/GENEVA (Reuters) - Britain&#8217;s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar, after a judge rejected a request for their case to be dismissed.</p> Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang <p>Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its &#8220;commitment to media freedom&#8221; while the U.N. special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone, 32, and Kyaw Soe Oo, 28, gave rise to &#8220;grave concern for investigative journalism&#8221;.</p> <p>A Myanmar government spokesman could not immediately be reached for comment.</p> <p>A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.</p> <p>Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters, who have been held since December, for lack of evidence. The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed, according to defence lawyer Khin Maung Zaw.</p> <p>On Tuesday, seven Myanmar soldiers were sentenced to 10 years &#8220;with hard labor in a remote area&#8221; for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September, the army said.</p> <p>Yanghee Lee, U.N. special rapporteur on Myanmar, and David Kaye, U.N. special rapporteur on the right to freedom of opinion and expression, noted the journalists could be sentenced to longer terms if found guilty.</p> <p>&#8220;The perpetrators of a massacre that was, in part, the subject of Wa Lone and Kyaw Soe Oo&#8217;s reporting have been sentenced to 10 years imprisonment. And yet these two reporters face a possible 14 years imprisonment. The absurdity of this trial and the wrongfulness of their detention and prosecution are clear,&#8221; they said in a joint statement.</p> <p>Special rapporteurs are independent experts appointed by the U.N..</p> <p>The country&#8217;s ambassador to the U.N., Hau Do Suan, said last month that the journalists were not arrested for reporting a story, but were accused of &#8220;illegally possessing confidential government documents&#8221;.</p> Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang ARMY CRACKDOWN <p>An army crackdown, unleashed in response to Rohingya militant attacks on security forces in August, has been beset by allegations of murder, rape, arson and looting. The U.N. and United States described it as ethnic cleansing - an accusation which Myanmar denies.</p> <p>Nearly 700,000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then.</p> <p>After the U.N. experts made their comments, Johnson took to Twitter on the case. &#8220;Very disappointed to hear Burmese @Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial,&#8221; he said. &#8220;Reiterate my calls for their release: Burmese authorities must show their commitment to media freedom.&#8221;</p> <p>At this stage the prosecutor is trying to persuade the court to file charges. The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial.</p> <p>Reporting by Stephanie Nebehay and William James; editing by David Stamp</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIRUT (Reuters) - Western powers said on Saturday their missile attacks struck at the heart of Syria&#8217;s chemical weapons program, but the restrained assault appeared unlikely to halt Syrian President Bashar al-Assad&#8217;s progress in the 7-year-old civil war.</p> <p>The United States, France and Britain launched 105 missiles overnight in retaliation for a suspected poison gas attack in Syria a week ago, targeting what the Pentagon said were three chemical weapons facilities, including a research and development center in Damascus&#8217; Barzeh district and two installations near Homs.</p> <p>The bombing was the biggest intervention by Western countries against Assad and his superpower ally Russia, but the three countries said the strikes were limited to Syria&#8217;s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war.</p> <p>The air attack, denounced by Damascus and its allies as an illegal act of aggression, was unlikely to alter the course of a multisided war that has killed at least half a million people.</p> <p>U.S. President Donald Trump called the operation a success.</p> <p>He proclaimed on Twitter: &#8220;Mission accomplished,&#8221; echoing former President George W. Bush, whose use of the same phrase in 2003 to describe the U.S. invasion of Iraq was widely ridiculed as violence there dragged on for years.</p> <p>&#8220;We believe that by hitting Barzeh in particular we&#8217;ve attacked the heart of the Syrian chemicals weapon program,&#8221; U.S. Lieutenant General Kenneth McKenzie said at the Pentagon.</p> <p>However, McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-sarin/u-s-official-says-information-points-to-sarin-chlorine-use-in-syria-attack-idUSKBN1HL172" type="external">U.S. official says 'information' points to sarin, chlorine use in Syria attack</a> <a href="/article/us-mideast-crisis-syria-idlib/france-warns-of-humanitarian-disaster-in-syrian-city-idlib-idUSKBN1HL1C2" type="external">France warns of humanitarian disaster in Syrian city Idlib</a> <a href="/article/us-mideast-crisis-syria-un/russia-fails-in-u-n-bid-to-condemn-u-s-led-strikes-on-syria-idUSKBN1HL0S9" type="external">Russia fails in U.N. bid to condemn U.S.-led strikes on Syria</a> <p>The U.S. ambassador to the United Nations, Nikki Haley, said at an emergency meeting of the U.N. Security Council that Trump told her that if Syria uses poisonous gas again, &#8220;The United States is locked and loaded.&#8221;</p> <p>The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people. They blame Assad&#8217;s government for the attack.</p> <p>In Washington, a senior administration official said on Saturday that &#8220;while the available information is much greater on the chlorine use, we do have significant information that also points to sarin use&#8221; in the attack.</p> <p>Speaking at a summit in Peru, U.S. Vice President Mike Pence seemed less sure of the use of sarin, saying that Washington may well determine that it was used along with chlorine.</p> ASSAD &#8216;RESILIENCE&#8217; <p>Ten hours after the missiles hit, smoke was still rising from the remains of five destroyed buildings of the Syrian Scientific Research Center in Barzeh, where a Syrian employee said medical components were developed.</p> <p>There were no immediate reports of casualties.</p> <p>Syria released video of the wreckage of a bombed-out research lab, but also of Assad arriving at work as usual, with the caption &#8220;Morning of resilience&#8221;.</p> <p>Late on Saturday Syria time, a large explosion was heard in a Syrian government-controlled area in a rural region south of Aleppo, according to the Britain-based war monitor The Syrian Observatory for Human Rights. The Observatory said the cause of the explosion was unknown, as well as its target.</p> <p>Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him.</p> <p>The United States, Britain and France have all participated in the Syrian conflict for years, arming rebels, bombing Islamic State fighters and deploying troops on the ground to fight that group. But they have refrained from targeting Assad&#8217;s government, apart from a volley of U.S. missiles last year.</p> <p>Although the Western countries have all said for seven years that Assad must leave power, they held back in the past from striking his government, lacking a wider strategy to defeat him.</p> <p>Syria and its allies also made clear that they considered the attack a one-off, unlikely to do meaningful harm to Assad.</p> <p>A senior official in a regional alliance that backs Damascus told Reuters the sites that were targeted had been evacuated days ago thanks to a warning from Russia.</p> <p>Russian Foreign Minister Sergei Lavrov said the strikes were &#8220;unacceptable and lawless.&#8221;</p> <p>Syrian state media called them a &#8220;flagrant violation of international law,&#8221; while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals.</p> <p>Russia had promised to respond to any attack on its ally, but the Pentagon said no Russian air defense systems were used. Syria fired 40 unguided surface-to-air missiles - but only after the Western strikes had ended, the Pentagon said.</p> <p>&#8220;We are confident that all of our missiles reached their targets,&#8221; McKenzie said.</p> <p>British Prime Minister Theresa May described the strike as &#8220;limited and targeted,&#8221; with no intention of toppling Assad or intervening more widely in the war.</p> <p>Washington described the strike targets as a center near Damascus for the research, development, production and testing of chemical and biological weapons; a chemical weapons storage site near the city of Homs; and another site near Homs that stored chemical weapons equipment and housed a command post.</p> <p>The Pentagon said there had been chemical weapons agents at one of the targets, and that the strikes had significantly crippled Syria&#8217;s ability to produce such weapons.</p> <p>Trump spoke to May and French President Emmanuel Macron to discuss results of the strikes, the leaders&#8217; offices said.</p> A U.S. Air Force B-1B Lancer, deployed to Al Udeid Air Base, launches a strike as part of the multinational response to Syria's use of chemical weapons is seen in this image from Al Udeid Air Base, Doha, Qatar released on April 14, 2018. U.S. Air Force/Handout via REUTERS <p>U.N. Secretary-General Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria, but said allegations of chemical weapons use demand an investigation.</p> WEAPONS INSPECTIONS <p>Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma on Saturday to inspect the site of the suspected gas attack. Moscow condemned the Western states for refusing to wait for their findings.</p> <p>Russia, whose relations with the West have deteriorated to levels of Cold War-era hostility, has denied any gas attack took place in Douma and even accused Britain of staging it to whip up anti-Russian hysteria.</p> <p>The Western countries took precautions to avoid unexpected conflict with Russia. French Defence Minister Florence Parly said Russians was warned beforehand to avert conflict.</p> <p>Dmitry Belik, a Russian member of parliament who was in Damascus and witnessed the strikes, told Reuters: &#8220;The attack was more of a psychological nature rather than practical. Luckily there are no substantial losses or damages.&#8221;</p> <p>In Douma, site of the suspected gas attack, the last buses were due on Saturday to transport out rebels and their families who agreed to surrender the town, state TV reported. That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta, marking one of the biggest victories for Assad&#8217;s government of the war.</p> <p>The Western assault involved more missiles than a U.S. attack last year but struck targets limited to Syria&#8217;s chemical weapons facilities. The U.S. intervention last year had effectively no impact on the war.</p> Slideshow (18 Images) <p>Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma. Damascus is still permitted to have chlorine for civilian use, although its use as a weapon is banned. Allegations of Assad&#8217;s chlorine use have been frequent during the war although, unlike nerve agents, chlorine did not produce mass casualties as seen last week.</p> <p>Reporting by Phil Stewart and Tom Perry; additional reporting by Jeff Mason, Steve Holland, Idrees Ali, Yara Bayoumy, Matt Spetalnick and Joel Schectman in Washington; Michelle Nichols in New York; Samia Nakhoul, Tom Perry, Laila Bassam, Ellen Francis and Angus McDowall in Beirut; Kinda Makieh in Barzeh; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clerq and Matthias Blamont in Paris; Polina Ivanova in Moscow; writing by Doina Chiacu; editing by Yara Bayoumy, Alistair Bell and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Goldman Sachs, Wells Fargo and others invest $38 million in research tech startup Unit of Thai telco True says customers' data leakage fixed Four Palestinian militants dead in Gaza blast U.N. experts, Britain demand release of Reuters reporters in Myanmar U.S. says air strikes cripple Syria chemical weapons program

https://reuters.com/article/banks-fintech/goldman-sachs-wells-fargo-and-others-invest-38-million-in-research-tech-startup-idUSL1N1PC27V

2018-01-18

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NEW YORK Reuters Goldman Sachs Group Inc GSN has led a 38 million investment round by large banks in Visible Alpha a young New Yorkbased company that helps investment managers better value the equity research services they receive from brokers FILE PHOTO A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York US on January 24 2014 REUTERSLucas JacksonFile Photo Wells Fargo ampamp Co WFCN Banco Santander SA SANMC Exane BNP Paribas Macquarie Group Ltd MQGAX and Royal Bank of Canada RYTO participated in the strategic investment round the company said on Thursday Visible Alpha8217s existing investors including Bank of America Corp BACN Citigroup Inc CN and Morgan Stanley MSN also joined The startup said it will use the injection of cash to expand globally and ensure that its offering keeps up with client demand FILE PHOTO A Wells Fargo branch is seen in the Chicago suburb of Evanston Illinois US February 10 2015 REUTERSJim YoungFile Photo Launched in early 2017 Visible Alpha uses technology to help fund managers keep track of the amount and value of equity research and corporate access that they receive from their brokers It also offers tool that aggregate data from analysts to make it easier to use and more valuable for investors It is among a growing group of financial technology companies that are hoping to take advantage of regulatory changes in Europe and pressure on asset management fees that are driving changes in the equity research business model Goldman Sachs Group Inc 25592 GSN New York Stock Exchange 367 141 GSN WFCN SANMC MQGAX RYTO New rules in the European Union8217s revised Markets in Financial Instruments Directive Mifid II an overhaul of the region8217s trading rulebook that came into force this month require asset managers to pay for research out of their own pocket This has increased demand for tools that can help them gauge the quality of research Large brokers have traditionally 8220bundled8221 research fees together with what they charge to execute trades Over the past few years asset managers have also been under pressure to cut fees due to lackluster returns driving them to be more aware about how they spend their research dollars These trends have 8220increased the amount of pressure to have analysts demonstrate8221 the value they are providing said in an interview Scott Rosen the CEO of Visible Alpha The company says it works with around 450 research providers and has more than 100 buyside firms as clients which manage a combined 16 trillion in assets It mainly operates in the United States and plans to expand further into Europe Asia and Latin America Rosen said Reporting by Anna Irrera Editing by Lisa Shumaker Our Standards The Thomson Reuters Trust Principles BANGKOK Reuters Thailand8217s iTruemart a unit of mobile phone operator True Corp Plc said on Saturday it has fixed a data leak that led to information on some of its customers including their ID and passport data becoming public The files of customers buying 8220TrueMove H8221 mobile packages had been 8216hacked8217 it said in a statement following reports of the leak It was the first known instance of a major data leak from a mobile operator in Thailand Niall Merrigan a Norwaybased security researcher detailed on his personal blog on Friday that he was able to access 32 gigabytes of True8217s customer data including identification cards and passports Merrigan told Reuters the data was 8220public facing8221 and that he notified True of the leak in March The company said it would alert the customers affected by the hacking on measures it is taking to protect their data It did not say how many customers or data files had been affected Thailand8217s National Broadcasting and Telecommunications Commission NBTC asked the company to clarify the matter on Tuesday before taking any action SecretaryGeneral Takorn Tantasith said on Saturday True Corp is Thailand8217s second biggest mobile operator and a flagship company of billionaire Dhanin Chearavanont8217s Charoen Pokphand Group Reporting by Chayut Setboonsarng additional reporting by Papitcha Tanakasempipat Editing by Clelia Oziel Our Standards The Thomson Reuters Trust Principles GAZA Reuters The Palestinian Islamic Jihad militant group said four of its members were killed in an apparent accidental blast in the Gaza Strip on Saturday A Palestinian man looks at the scene of an explosion in the southern Gaza Strip April 14 2018 REUTERSIbraheem Abu Mustafa The group said in a statement that it was 8220mourning its fighters who were martyred during preparations8221 It usually employs those terms to refer to casualties caused by the accidental detonation of weapons or explosives used in attacks against Israel Palestinians react at a hospital following an explosion in the southern Gaza Strip April 14 2018 REUTERSIbraheem Abu Mustafa The Gaza Health Ministry confirmed four fatalities in the incident Medics at the scene in the Rafah area said the explosion was caused by Israel But an Israeli military spokesman said the army was not involved 8220Contrary to reports currently circulating I can tell you that the IDF Israel Defence Forces is not aware of any IDF fire in the area surrounding Rafah8221 the spokesman said Violence has flared in the Gaza Strip since March 30 when Palestinians began protests along the border area with Israel Slideshow 2 Images Israeli troops have shot dead 31 Gaza Palestinians and wounded hundreds since the protests began drawing international criticism of their lethal tactics The border area remained largely quiet on Saturday Protesters have set up tented camps near the frontier as a protest dubbed 8220The Great March of Return8221 evoking a longtime call for refugees to regain ancestral homes in what is now Israel moved into its third week Israel has declared a nogo zone close to the Gaza border fence Israel withdrew its troops and settlers from Gaza in 2005 The Palestinian enclave is ruled by the Islamist Hamas movement designated by Israel and the West as a terrorist group Citing security concerns Israel maintains a naval blockade of the coastal territory keeping tight restrictions on the movement of Palestinians and goods across the frontier Egypt battling an Islamist insurgency in neighboring Sinai keeps its border with Gaza largely closed Reporting by Nidal alMughrabi writing by Maayan Lubell editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles LONDONGENEVA Reuters Britain8217s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar after a judge rejected a request for their case to be dismissed Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its 8220commitment to media freedom8221 while the UN special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone 32 and Kyaw Soe Oo 28 gave rise to 8220grave concern for investigative journalism8221 A Myanmar government spokesman could not immediately be reached for comment A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonialera Official Secrets Act which carries a maximum penalty of 14 years in prison Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters who have been held since December for lack of evidence The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed according to defence lawyer Khin Maung Zaw On Tuesday seven Myanmar soldiers were sentenced to 10 years 8220with hard labor in a remote area8221 for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September the army said Yanghee Lee UN special rapporteur on Myanmar and David Kaye UN special rapporteur on the right to freedom of opinion and expression noted the journalists could be sentenced to longer terms if found guilty 8220The perpetrators of a massacre that was in part the subject of Wa Lone and Kyaw Soe Oo8217s reporting have been sentenced to 10 years imprisonment And yet these two reporters face a possible 14 years imprisonment The absurdity of this trial and the wrongfulness of their detention and prosecution are clear8221 they said in a joint statement Special rapporteurs are independent experts appointed by the UN The country8217s ambassador to the UN Hau Do Suan said last month that the journalists were not arrested for reporting a story but were accused of 8220illegally possessing confidential government documents8221 Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang ARMY CRACKDOWN An army crackdown unleashed in response to Rohingya militant attacks on security forces in August has been beset by allegations of murder rape arson and looting The UN and United States described it as ethnic cleansing an accusation which Myanmar denies Nearly 700000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then After the UN experts made their comments Johnson took to Twitter on the case 8220Very disappointed to hear Burmese Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial8221 he said 8220Reiterate my calls for their release Burmese authorities must show their commitment to media freedom8221 At this stage the prosecutor is trying to persuade the court to file charges The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial Reporting by Stephanie Nebehay and William James editing by David Stamp Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIRUT Reuters Western powers said on Saturday their missile attacks struck at the heart of Syria8217s chemical weapons program but the restrained assault appeared unlikely to halt Syrian President Bashar alAssad8217s progress in the 7yearold civil war The United States France and Britain launched 105 missiles overnight in retaliation for a suspected poison gas attack in Syria a week ago targeting what the Pentagon said were three chemical weapons facilities including a research and development center in Damascus8217 Barzeh district and two installations near Homs The bombing was the biggest intervention by Western countries against Assad and his superpower ally Russia but the three countries said the strikes were limited to Syria8217s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war The air attack denounced by Damascus and its allies as an illegal act of aggression was unlikely to alter the course of a multisided war that has killed at least half a million people US President Donald Trump called the operation a success He proclaimed on Twitter 8220Mission accomplished8221 echoing former President George W Bush whose use of the same phrase in 2003 to describe the US invasion of Iraq was widely ridiculed as violence there dragged on for years 8220We believe that by hitting Barzeh in particular we8217ve attacked the heart of the Syrian chemicals weapon program8221 US Lieutenant General Kenneth McKenzie said at the Pentagon However McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future Related Coverage US official says information points to sarin chlorine use in Syria attack France warns of humanitarian disaster in Syrian city Idlib Russia fails in UN bid to condemn USled strikes on Syria The US ambassador to the United Nations Nikki Haley said at an emergency meeting of the UN Security Council that Trump told her that if Syria uses poisonous gas again 8220The United States is locked and loaded8221 The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people They blame Assad8217s government for the attack In Washington a senior administration official said on Saturday that 8220while the available information is much greater on the chlorine use we do have significant information that also points to sarin use8221 in the attack Speaking at a summit in Peru US Vice President Mike Pence seemed less sure of the use of sarin saying that Washington may well determine that it was used along with chlorine ASSAD 8216RESILIENCE8217 Ten hours after the missiles hit smoke was still rising from the remains of five destroyed buildings of the Syrian Scientific Research Center in Barzeh where a Syrian employee said medical components were developed There were no immediate reports of casualties Syria released video of the wreckage of a bombedout research lab but also of Assad arriving at work as usual with the caption 8220Morning of resilience8221 Late on Saturday Syria time a large explosion was heard in a Syrian governmentcontrolled area in a rural region south of Aleppo according to the Britainbased war monitor The Syrian Observatory for Human Rights The Observatory said the cause of the explosion was unknown as well as its target Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him The United States Britain and France have all participated in the Syrian conflict for years arming rebels bombing Islamic State fighters and deploying troops on the ground to fight that group But they have refrained from targeting Assad8217s government apart from a volley of US missiles last year Although the Western countries have all said for seven years that Assad must leave power they held back in the past from striking his government lacking a wider strategy to defeat him Syria and its allies also made clear that they considered the attack a oneoff unlikely to do meaningful harm to Assad A senior official in a regional alliance that backs Damascus told Reuters the sites that were targeted had been evacuated days ago thanks to a warning from Russia Russian Foreign Minister Sergei Lavrov said the strikes were 8220unacceptable and lawless8221 Syrian state media called them a 8220flagrant violation of international law8221 while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals Russia had promised to respond to any attack on its ally but the Pentagon said no Russian air defense systems were used Syria fired 40 unguided surfacetoair missiles but only after the Western strikes had ended the Pentagon said 8220We are confident that all of our missiles reached their targets8221 McKenzie said British Prime Minister Theresa May described the strike as 8220limited and targeted8221 with no intention of toppling Assad or intervening more widely in the war Washington described the strike targets as a center near Damascus for the research development production and testing of chemical and biological weapons a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post The Pentagon said there had been chemical weapons agents at one of the targets and that the strikes had significantly crippled Syria8217s ability to produce such weapons Trump spoke to May and French President Emmanuel Macron to discuss results of the strikes the leaders8217 offices said A US Air Force B1B Lancer deployed to Al Udeid Air Base launches a strike as part of the multinational response to Syrias use of chemical weapons is seen in this image from Al Udeid Air Base Doha Qatar released on April 14 2018 US Air ForceHandout via REUTERS UN SecretaryGeneral Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria but said allegations of chemical weapons use demand an investigation WEAPONS INSPECTIONS Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma on Saturday to inspect the site of the suspected gas attack Moscow condemned the Western states for refusing to wait for their findings Russia whose relations with the West have deteriorated to levels of Cold Warera hostility has denied any gas attack took place in Douma and even accused Britain of staging it to whip up antiRussian hysteria The Western countries took precautions to avoid unexpected conflict with Russia French Defence Minister Florence Parly said Russians was warned beforehand to avert conflict Dmitry Belik a Russian member of parliament who was in Damascus and witnessed the strikes told Reuters 8220The attack was more of a psychological nature rather than practical Luckily there are no substantial losses or damages8221 In Douma site of the suspected gas attack the last buses were due on Saturday to transport out rebels and their families who agreed to surrender the town state TV reported That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta marking one of the biggest victories for Assad8217s government of the war The Western assault involved more missiles than a US attack last year but struck targets limited to Syria8217s chemical weapons facilities The US intervention last year had effectively no impact on the war Slideshow 18 Images Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma Damascus is still permitted to have chlorine for civilian use although its use as a weapon is banned Allegations of Assad8217s chlorine use have been frequent during the war although unlike nerve agents chlorine did not produce mass casualties as seen last week Reporting by Phil Stewart and Tom Perry additional reporting by Jeff Mason Steve Holland Idrees Ali Yara Bayoumy Matt Spetalnick and Joel Schectman in Washington Michelle Nichols in New York Samia Nakhoul Tom Perry Laila Bassam Ellen Francis and Angus McDowall in Beirut Kinda Makieh in Barzeh Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clerq and Matthias Blamont in Paris Polina Ivanova in Moscow writing by Doina Chiacu editing by Yara Bayoumy Alistair Bell and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles

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<p>Photo: Chris Buck | Cartoon by Steve Brodner</p> <p /> <p>First, Deborah Landvik-Fellner&#8217;s hair started falling out. Then her speech began to slur and her memory grew unreliable. Her heart started fluttering, and her hands shook. One day she walked out of the supermarket and woke up surrounded by a crowd of people. She&#8217;d collapsed in the parking lot for no apparent reason. Landvik-Fellner, then 45, went to one doctor, then another, and another. None could figure out what was wrong. Finally, in 2004, after five years of weird symptoms, her husband Mike saw a TV show about a man who was poisoning his business partner with mercury, a potent toxin that can damage the heart, nervous system, and kidneys. The business partner&#8217;s symptoms&#8212;shaky hands, staggering gait&#8212;reminded Mike of his wife&#8217;s. On a lark, he suggested that she have her blood tested. When the results came back, they were both stunned: 48 parts per billion of mercury, nearly 10 times what the <a href="http://www.epa.gov/mercury/" type="external">Environmental Protection Agency</a> says is safe.</p> <p>A few Google searches later, the Fellners, who own an auto shop in <a href="http://www.city-data.com/city/Rockaway-New-Jersey.html" type="external">Rockaway, New Jersey</a>, had solved Deborah&#8217;s health mystery. For some 12 years, she&#8217;d been eating a can of albacore tuna every day, because it was one of the few foods that didn&#8217;t exacerbate her <a href="http://digestive.niddk.nih.gov/ddiseases/pubs/crohns/" type="external">Crohn&#8217;s disease</a>. (Her family, of Norwegian extraction, consumed a lot of fish anyway. &#8220;We&#8217;d think nothing of putting a piece of cod on a piece of flatbread for breakfast.&#8221;) She&#8217;d never realized that most tuna sold in the United States is contaminated with the toxic heavy metal&#8212;some up to double the epa&#8216;s safety benchmark.</p> <p>Landvik-Fellner stopped eating tuna, and within about a year, her symptoms began to subside. But by now she was angry, and confused. If eating tuna could make your hair fall out, shouldn&#8217;t the label tell you so? In 2006, she filed a lawsuit against <a href="http://goliath.ecnext.com/coms2/product-compint-0000208055-page.html" type="external">Tri-Union Seafoods</a>, parent company of <a href="http://www.chickenofthesea.com/company.aspx" type="external">Chicken of the Sea</a>, alleging that the company had violated the <a href="http://www.state.nj.us/oag/ca/ocp/ocplaw.htm" type="external">New Jersey Consumer Fraud Act</a> by failing to disclose that its product contained mercury.</p> <p>&#8220;Toxic tort&#8221; cases are notoriously hard to win, and Landvik-Fellner faced long odds against the deep-pocketed industry. That much she knew. What she didn&#8217;t anticipate was that her biggest obstacle would turn out to be the US Food and Drug Administration&#8212;the very agency responsible for protecting the public from mercury in the first place.</p> <p>&amp;#160;</p> <p>tuna is big business. Americans eat nearly three pounds of canned tuna per capita every year, making it the nation&#8217;s second most popular seafood (behind shrimp). The government promotes it via school lunch programs, wic (the federal food program for <a href="http://www.fns.usda.gov/wic/" type="external">poor women and children</a>), and even in the fda and US Department of Agriculture <a href="http://www.mypyramid.gov/" type="external">dietary recommendations</a>. It&#8217;s a staple of low-carb diets. Bodybuilders binge on it. Low in fat, high in protein, canned tuna contains lots of omega-3 fatty acids that are thought to protect against heart disease and boost brain development early in life. Some tuna cans come stamped with the American Heart Association seal of approval.</p> <p>But thanks to emissions from power plants and garbage incinerators, tuna also absorbs significant amounts of methylmercury, a form of mercury that concentrates in the fatty tissues of big fish and humans. Fatal in high doses, mercury at lower levels has been linked to heart disease in older men and developmental problems in babies. Tuna is not the highest-mercury fish we eat&#8212;that honor belongs to swordfish and tilefish&#8212;but it is by far the most widely consumed. &#8220;Tuna is the largest source of mercury in the diet because people eat so much of it,&#8221; says <a href="http://www.mercurypolicy.org/new/documents/Dec_6_2005_%20Release_Oceana.pdf" type="external">Edward Groth</a>, a scientist who has written a report on mercury in fish for the environmental groups Oceana and Mercury Policy Project.</p> <p>None of this is news to federal regulators. In 1970, a New York chemistry professor tested a can of tuna in his pantry and discovered that it contained significantly more mercury than what the fda then considered safe. After running tests of its own, the agency recalled nearly 1 million cans of tuna. It also issued an &#8220;action level&#8221; under which fish with more than 0.5 parts per million (ppm) of methylmercury could be pulled from the market.</p> <p>An action level is not a regulation. It doesn&#8217;t require anyone to do anything. Even so, the fishing industry found the new benchmark so intolerable that it sued the fda. In 1979, drawing mostly on a <a href="http://www.nmfs.noaa.gov/" type="external">National Marine Fisheries Service</a> assessment that relaxing the guideline would &#8220;provide economic benefit&#8221; to industry, the fda doubled the level to 1 ppm, making it twice as high as what the epa (which issues mercury advisories for anglers) and the European Union consider safe. The action level in China is 0.3 ppm&#8212;more than three times more stringent than the fda&#8216;s. (Tuna often exceeds even the weak US standard: In 2006, for instance, the group <a href="http://www.defenders.org/index.php" type="external">Defenders of Wildlife</a> tested cans of tuna straight out of grocery stores and found that 1 in 20, particularly those imported from Latin America, had mercury above the fda action level and could, in theory, be pulled from the shelves.)</p> <p>After its initial burst of activity in the 1970s, the fda seemed to lose interest in tuna. In the 1990s, it even stopped its occasional tests of store-bought fish. But after years of criticism from environmental groups and scientists, it drafted an advisory in 2000 that warned pregnant women about mercury. The original draft listed canned tuna as a high-mercury product. But then, fda officials met privately with representatives of the country&#8217;s three largest tuna companies (Bumble Bee, Tri-Union, and StarKist), the <a href="http://www.tunafacts.com/" type="external">US Tuna Foundation</a>, and the National Food Processors Association.</p> <p>The companies were very worried. The Tuna Foundation had warned the agency in private meetings that including canned tuna in the mercury advisory could cause sales to plummet nearly 25 percent, and that seafood producers &#8220;would face the distinct possibility of numerous class action lawsuits.&#8221; fda focus groups also suggested that tuna consumption would fall. Sure enough, the final advisory&#8212;released after President Bush had taken office&#8212;didn&#8217;t include canned tuna.</p> <p>When the fda failed to come through on tougher regulations, some states stepped up with more stringent warnings. Washington, for example, warns that children under six should eat no more than half a can of albacore a week. Scientists, doctors, and environmental groups also continued to urge the fda to adopt more stringent federal warnings based on the epa&#8216;s reference dose for safe mercury exposure.</p> <p>In 2003, the fda did revise the mercury advisory for several kinds of fish, but again it bent the science to accommodate the industry&#8217;s interests. Clark Carrington, an fda official, told the agency&#8217;s Food Advisory Committee that in drawing up three categories for fish&#8212;high, medium, and low mercury&#8212;agency staffers had crafted the boundaries so that canned light tuna would end up in the low mercury group &#8220;in order to keep the market share at a reasonable level.&#8221; (Canned light represents some 75 percent of the US tuna market; the rest is albacore, or white tuna, which tends to be higher in mercury.)</p> <p>The new fda advisory warned pregnant and nursing women to eat no more than 6 ounces of albacore, and no more than 12 ounces of chunk light tuna, per week. The fda recommended following the same guidelines for children, with the vague suggestion that they eat &#8220;smaller portions.&#8221; A 44-pound preschooler who follows the fda guideline would consume four times the mercury the epa considers safe.</p> <p>The fda relayed its advisory mostly through brochures in doctors&#8217; offices, never requiring warnings in stores or on tuna cans. Still, the industry has blamed the advisory for a 10 percent drop in sales within a year, and it&#8217;s worked hard to mute the message. In 2005, the tuna companies launched a <a href="http://money.cnn.com/2005/08/19/news/midcaps/tuna/index.htm" type="external">$25 million campaign</a> to counteract the fda&#8216;s advisory, with full-page newspaper ads touting the brain-building benefits of omega-3 fatty acids (&#8220;Tuna: A Smart Catch&#8221;) and reassuring women that &#8220;No government study has ever found unsafe levels of mercury in women or young children who eat canned tuna.&#8221; (True, but none has ever looked.) David Burney, then the executive director of the US Tuna Foundation, told the New York Times in 2005 that his wife ate a can of albacore tuna almost every day while pregnant, and that his nine-year-old triplets ate several cans of albacore a week.</p> <p>The US Tuna Foundation (which recently merged with the National Fisheries Institute) also enlisted spokespeople such as celebrity pediatrician <a href="http://www.ucomparehealthcare.com/drs/maryland/pediatrics/Beard_Lillian.html" type="external">Dr. Lillian Beard</a>, who earned $6,000 a month for two days of work promoting canned tuna, plus $10,000 to serve on a nutrition advisory council for six months. In October 2004, Beard wrote a column in Pediatric News that suggested giving children &#8220;a little warm milk or tuna fish before bedtime&#8221; to help make them sleepy. She made no mention of her industry ties.</p> <p>The US Tuna Foundation also underwrote science to help make its case, in one instance picking up nearly the entire $500,000 cost of a 2005 Harvard Center for Risk Analysis study and using the results to suggest that Americans weren&#8217;t eating enough fish. The Center for Consumer Freedom, a nonprofit founded by the tobacco industry to fight restaurant smoking bans, similarly rose in tuna&#8217;s defense, creating a website, FishScam.com, that claims the fda standards are actually overcautious.</p> <p>Meanwhile, reporters who have written about mercury in tuna have found themselves in hot water with the industry. The National Fisheries Institute and the US Tuna Foundation have waged aggressive and public attacks on people like <a href="http://topics.nytimes.com/top/reference/timestopics/people/b/marian_burros/index.html" type="external">Marian Burros</a> at the New York Times (who earlier this year published a story warning of mercury in sushi tuna) and Larry Wheeler at USA Today. When I contacted the Fisheries Institute, its spokesman, Gavin Gibbons, first grilled me about whether this story had been prompted by an environmental group (it wasn&#8217;t) and then warned that all our conversations would be recorded and the transcripts posted on the organization&#8217;s website, along with any correspondence. In response to my specific questions, Gibbons emailed that linking high blood mercury levels to any kind of symptoms &#8220;is an unproven assertion that flies in the face of independent and proven scientific knowledge about canned tuna and all seafood&#8217;s proven benefits&#8230;It is irresponsible to perpetuate anecdotal tales of high seafood consumption causing health concerns when those types of stories contradict published science showing the health benefits of eating fish at least twice per week.&#8221;</p> <p>&amp;#160;</p> <p>luke lindley is one of the people Gibbons says it would be irresponsible to write about. As an undergrad at Stanford, the now-24-year-old medical student was &#8220;deeply immersed&#8221; in bodybuilding, so he ate &#8220;tuna for breakfast, tuna for lunch, tuna for dinner&#8221; for years. In 2003, he began having trouble with his memory. His hair fell out and he suffered gastrointestinal problems so severe he ended up taking a year off med school. Finally&#8212;after seeing a news report on mercury in tuna&#8212;he asked his doctor to test a sample of his hair. According to another doctor who reviewed the records, it had mercury levels higher than in any patient the doctor had ever seen. &#8220;I thought I was eating a low-fat, healthy diet,&#8221; says Lindley. &#8220;As it turned out, I was ingesting enough mercury to make my hair fall out.&#8221;</p> <p><a href="http://www.ucomparehealthcare.com/drs/california/internal_medicine/Hightower_Jane.html" type="external">Dr. Jane Hightower</a> has made something of a cottage industry out of treating fish consumers suffering from elevated mercury levels. In 2003 the San Francisco physician published a paper in Environmental Health Perspectives after surveying her entire patient load and testing more than 100 people whose questionnaires suggested they consumed a lot of fish. The majority had blood mercury levels well above what the epa considers safe. One was a 10-year-old named Matthew Davis who suffered serious neurological problems his doctors suspected were from the three to six ounces of canned albacore he ate daily. His fingers curled involuntarily, and his hands shook when he tried to write. The problems mostly resolved after he quit eating tuna.</p> <p>Dr. Michael Gochfeld, a professor in environmental and occupational health sciences at the <a href="http://rwjms.umdnj.edu/" type="external">Robert Wood Johnson Medical School</a> in New Jersey, says that mercury poisoning from fish is probably underreported because doctors don&#8217;t know to look for it. His clinic at the medical school, he says, has been seeing more cases&#8212;at least half a dozen a year. People come in complaining of slurred speech, clumsiness, and vision problems. &#8220;It is usually related to fish,&#8221; he says.</p> <p>Yet, like the tuna industry, the fda says there&#8217;s nothing to worry about. &#8220;There are no confirmed cases of adverse effects from methylmercury in commercial fish in the United States,&#8221; says Stephanie Kwisnek, an fda spokeswoman. &#8220;There are infrequent anecdotal reports in the media that are virtually impossible to confirm. The fda does not track them on any kind of a formal basis.&#8221;</p> <p>&amp;#160;</p> <p>deborah landvik-fellner&#8217;s Chicken of the Sea lawsuit should have been fairly straightforward. That she ate a lot of canned tuna is indisputable, as is the fact that she had steeply elevated levels of mercury in her blood. Whether mercury caused all of her symptoms, whether Tri-Union ought to be held responsible for the effects of what they call her &#8220;abnormal consumption,&#8221; even the definition of &#8220;abnormal,&#8221; are the kind of disputed facts usually left to a jury. But so far, Landvik-Fellner hasn&#8217;t come anywhere near a jury&#8212;in good part because the Bush fda has worked to protect industry from claims like hers.</p> <p>In the Landvik-Fellner case, Tri-Union has used an increasingly popular legal strategy, arguing that her claim was &#8220;preempted&#8221; by federal law. The argument goes like this: If a product is regulated by the federal government, however weakly, consumers shouldn&#8217;t be allowed to sue&#8212;and states should be prohibited from passing regulations or issuing health and safety warnings more stringent than the feds&#8217;.</p> <p>But Tri-Union went one step further. It argued that Landvik-Fellner&#8217;s case was preempted because the fda had refused to require warning labels on tuna&#8212;in other words, when the feds fail to regulate a product, that, too, can preempt state law. It was an argument familiar to top officials at the fda. In fact, Daniel Troy, the agency&#8217;s chief counsel from 2001 to 2004, was a lawyer who&#8217;d spent most of his career in the private sector suing the fda on behalf of drug and food companies. Troy, who was a leading proponent of the preemption doctrine, essentially ran the agency for more than a year before President Bush appointed Lester Crawford, a former vice president of the National Food Processors Association, as fda commissioner. During his tenure, Troy invited big companies to bring him cases in which the agency could help defeat anti-industry lawsuits using the preemption argument. One of those cases involved a suit by the California attorney general&#8217;s office seeking to force tuna companies to disclose their product&#8217;s mercury content on the label. A lawyer representing the companies suggested to Troy that a letter from Crawford might help the industry&#8217;s preemption argument. The lawyer helpfully enclosed a lengthy memo outlining the points the commissioner should include.</p> <p>In August 2005, a letter precisely hitting all of the tuna lawyer&#8217;s points arrived on the desk of California attorney general Bill Lockyer. Tuna companies quickly introduced it in court. Barely a month later, Crawford resigned from the fda in connection with criminal charges that he&#8217;d misreported his ownership of stock in fda-regulated companies.</p> <p>But his letter lived on in the courts: In the California case, a lengthy trial featuring various industry spokespeople&#8212;including pediatrician Beard, who was paid $5,000 to testify that if people got worried about mercury in tuna, they might eat more junk food&#8212;ended with the judge citing Crawford&#8217;s letter as a key factor in ruling for the tuna companies. And the letter made another appearance in Landvik-Fellner&#8217;s case: Tri-Union&#8217;s lawyers have brought it up as evidence that her lawsuit is preempted by federal regulations. After a year of legal wrangling, in January 2007 a US District Court judge agreed with the industry&#8212;and once again the ruling cited what the judge called Crawford&#8217;s &#8220;persuasive&#8221; letter.</p> <p>Fellner appealed the case to the 3rd Circuit Court of Appeals, and on August 19, just after this story was published in our print edition, the court handed down a remarkable decision in her favor. A three-judge panel agreed with her arguments that a letter from the FDA commissioner written at the behest of the tuna company&#8217;s lawyers was not the sort of federal action that could trump the state law. The court also scoffed at the notion that the FDA&#8217;s advisory on mercury in fish qualified as a federal regulation, which requires formal proceedings, public criticism, and other serious vetting. &#8220;[W]e fail to see how an educational campaign might preempt Fellner&#8217;s lawsuit,&#8221; the panel wrote.</p> <p>In fact, the court found that the New Jersey laws that Fellner sued under complemented, rather than conflicted with, the federal guidelines on mercury. And in a conclusion that is no doubt giving the tuna industry fits, the court noted that contrary to the industry&#8217;s pleas, it would be fairly simple to come up with a warning label that would comply with both the FDA and New Jersey law. That last point may have implications beyond Fellner&#8217;s case.</p> <p>The original Proposition 65 litigation in California, brought by the state attorney general to force the tuna companies to put warning labels on tuna cans, is currently on appeal in the California state courts. Oral arguments haven&#8217;t been scheduled yet, but lawyers in the attorney general&#8217;s office have already alerted the appellate court of the decision in the Fellner case. The California courts don&#8217;t have to follow the federal ones, but they usually give them quite a bit of deference. If the California courts do align with the 3rd Circuit, they could open the door to states requiring warning labels about mercury on tuna cans. Fellner, for her part, is thrilled with the outcome. &#8220;People are feeding their children tuna fish. There are still a lot of people out there who don&#8217;t know,&#8221; she says.</p> <p />

Why Mercury Tuna Is Still Legal

https://motherjones.com/politics/2008/09/why-mercury-tuna-still-legal/

2018-09-01

4left

Photo Chris Buck Cartoon by Steve Brodner First Deborah LandvikFellner8217s hair started falling out Then her speech began to slur and her memory grew unreliable Her heart started fluttering and her hands shook One day she walked out of the supermarket and woke up surrounded by a crowd of people She8217d collapsed in the parking lot for no apparent reason LandvikFellner then 45 went to one doctor then another and another None could figure out what was wrong Finally in 2004 after five years of weird symptoms her husband Mike saw a TV show about a man who was poisoning his business partner with mercury a potent toxin that can damage the heart nervous system and kidneys The business partner8217s symptoms8212shaky hands staggering gait8212reminded Mike of his wife8217s On a lark he suggested that she have her blood tested When the results came back they were both stunned 48 parts per billion of mercury nearly 10 times what the Environmental Protection Agency says is safe A few Google searches later the Fellners who own an auto shop in Rockaway New Jersey had solved Deborah8217s health mystery For some 12 years she8217d been eating a can of albacore tuna every day because it was one of the few foods that didn8217t exacerbate her Crohn8217s disease Her family of Norwegian extraction consumed a lot of fish anyway 8220We8217d think nothing of putting a piece of cod on a piece of flatbread for breakfast8221 She8217d never realized that most tuna sold in the United States is contaminated with the toxic heavy metal8212some up to double the epa8216s safety benchmark LandvikFellner stopped eating tuna and within about a year her symptoms began to subside But by now she was angry and confused If eating tuna could make your hair fall out shouldn8217t the label tell you so In 2006 she filed a lawsuit against TriUnion Seafoods parent company of Chicken of the Sea alleging that the company had violated the New Jersey Consumer Fraud Act by failing to disclose that its product contained mercury 8220Toxic tort8221 cases are notoriously hard to win and LandvikFellner faced long odds against the deeppocketed industry That much she knew What she didn8217t anticipate was that her biggest obstacle would turn out to be the US Food and Drug Administration8212the very agency responsible for protecting the public from mercury in the first place amp160 tuna is big business Americans eat nearly three pounds of canned tuna per capita every year making it the nation8217s second most popular seafood behind shrimp The government promotes it via school lunch programs wic the federal food program for poor women and children and even in the fda and US Department of Agriculture dietary recommendations It8217s a staple of lowcarb diets Bodybuilders binge on it Low in fat high in protein canned tuna contains lots of omega3 fatty acids that are thought to protect against heart disease and boost brain development early in life Some tuna cans come stamped with the American Heart Association seal of approval But thanks to emissions from power plants and garbage incinerators tuna also absorbs significant amounts of methylmercury a form of mercury that concentrates in the fatty tissues of big fish and humans Fatal in high doses mercury at lower levels has been linked to heart disease in older men and developmental problems in babies Tuna is not the highestmercury fish we eat8212that honor belongs to swordfish and tilefish8212but it is by far the most widely consumed 8220Tuna is the largest source of mercury in the diet because people eat so much of it8221 says Edward Groth a scientist who has written a report on mercury in fish for the environmental groups Oceana and Mercury Policy Project None of this is news to federal regulators In 1970 a New York chemistry professor tested a can of tuna in his pantry and discovered that it contained significantly more mercury than what the fda then considered safe After running tests of its own the agency recalled nearly 1 million cans of tuna It also issued an 8220action level8221 under which fish with more than 05 parts per million ppm of methylmercury could be pulled from the market An action level is not a regulation It doesn8217t require anyone to do anything Even so the fishing industry found the new benchmark so intolerable that it sued the fda In 1979 drawing mostly on a National Marine Fisheries Service assessment that relaxing the guideline would 8220provide economic benefit8221 to industry the fda doubled the level to 1 ppm making it twice as high as what the epa which issues mercury advisories for anglers and the European Union consider safe The action level in China is 03 ppm8212more than three times more stringent than the fda8216s Tuna often exceeds even the weak US standard In 2006 for instance the group Defenders of Wildlife tested cans of tuna straight out of grocery stores and found that 1 in 20 particularly those imported from Latin America had mercury above the fda action level and could in theory be pulled from the shelves After its initial burst of activity in the 1970s the fda seemed to lose interest in tuna In the 1990s it even stopped its occasional tests of storebought fish But after years of criticism from environmental groups and scientists it drafted an advisory in 2000 that warned pregnant women about mercury The original draft listed canned tuna as a highmercury product But then fda officials met privately with representatives of the country8217s three largest tuna companies Bumble Bee TriUnion and StarKist the US Tuna Foundation and the National Food Processors Association The companies were very worried The Tuna Foundation had warned the agency in private meetings that including canned tuna in the mercury advisory could cause sales to plummet nearly 25 percent and that seafood producers 8220would face the distinct possibility of numerous class action lawsuits8221 fda focus groups also suggested that tuna consumption would fall Sure enough the final advisory8212released after President Bush had taken office8212didn8217t include canned tuna When the fda failed to come through on tougher regulations some states stepped up with more stringent warnings Washington for example warns that children under six should eat no more than half a can of albacore a week Scientists doctors and environmental groups also continued to urge the fda to adopt more stringent federal warnings based on the epa8216s reference dose for safe mercury exposure In 2003 the fda did revise the mercury advisory for several kinds of fish but again it bent the science to accommodate the industry8217s interests Clark Carrington an fda official told the agency8217s Food Advisory Committee that in drawing up three categories for fish8212high medium and low mercury8212agency staffers had crafted the boundaries so that canned light tuna would end up in the low mercury group 8220in order to keep the market share at a reasonable level8221 Canned light represents some 75 percent of the US tuna market the rest is albacore or white tuna which tends to be higher in mercury The new fda advisory warned pregnant and nursing women to eat no more than 6 ounces of albacore and no more than 12 ounces of chunk light tuna per week The fda recommended following the same guidelines for children with the vague suggestion that they eat 8220smaller portions8221 A 44pound preschooler who follows the fda guideline would consume four times the mercury the epa considers safe The fda relayed its advisory mostly through brochures in doctors8217 offices never requiring warnings in stores or on tuna cans Still the industry has blamed the advisory for a 10 percent drop in sales within a year and it8217s worked hard to mute the message In 2005 the tuna companies launched a 25 million campaign to counteract the fda8216s advisory with fullpage newspaper ads touting the brainbuilding benefits of omega3 fatty acids 8220Tuna A Smart Catch8221 and reassuring women that 8220No government study has ever found unsafe levels of mercury in women or young children who eat canned tuna8221 True but none has ever looked David Burney then the executive director of the US Tuna Foundation told the New York Times in 2005 that his wife ate a can of albacore tuna almost every day while pregnant and that his nineyearold triplets ate several cans of albacore a week The US Tuna Foundation which recently merged with the National Fisheries Institute also enlisted spokespeople such as celebrity pediatrician Dr Lillian Beard who earned 6000 a month for two days of work promoting canned tuna plus 10000 to serve on a nutrition advisory council for six months In October 2004 Beard wrote a column in Pediatric News that suggested giving children 8220a little warm milk or tuna fish before bedtime8221 to help make them sleepy She made no mention of her industry ties The US Tuna Foundation also underwrote science to help make its case in one instance picking up nearly the entire 500000 cost of a 2005 Harvard Center for Risk Analysis study and using the results to suggest that Americans weren8217t eating enough fish The Center for Consumer Freedom a nonprofit founded by the tobacco industry to fight restaurant smoking bans similarly rose in tuna8217s defense creating a website FishScamcom that claims the fda standards are actually overcautious Meanwhile reporters who have written about mercury in tuna have found themselves in hot water with the industry The National Fisheries Institute and the US Tuna Foundation have waged aggressive and public attacks on people like Marian Burros at the New York Times who earlier this year published a story warning of mercury in sushi tuna and Larry Wheeler at USA Today When I contacted the Fisheries Institute its spokesman Gavin Gibbons first grilled me about whether this story had been prompted by an environmental group it wasn8217t and then warned that all our conversations would be recorded and the transcripts posted on the organization8217s website along with any correspondence In response to my specific questions Gibbons emailed that linking high blood mercury levels to any kind of symptoms 8220is an unproven assertion that flies in the face of independent and proven scientific knowledge about canned tuna and all seafood8217s proven benefits8230It is irresponsible to perpetuate anecdotal tales of high seafood consumption causing health concerns when those types of stories contradict published science showing the health benefits of eating fish at least twice per week8221 amp160 luke lindley is one of the people Gibbons says it would be irresponsible to write about As an undergrad at Stanford the now24yearold medical student was 8220deeply immersed8221 in bodybuilding so he ate 8220tuna for breakfast tuna for lunch tuna for dinner8221 for years In 2003 he began having trouble with his memory His hair fell out and he suffered gastrointestinal problems so severe he ended up taking a year off med school Finally8212after seeing a news report on mercury in tuna8212he asked his doctor to test a sample of his hair According to another doctor who reviewed the records it had mercury levels higher than in any patient the doctor had ever seen 8220I thought I was eating a lowfat healthy diet8221 says Lindley 8220As it turned out I was ingesting enough mercury to make my hair fall out8221 Dr Jane Hightower has made something of a cottage industry out of treating fish consumers suffering from elevated mercury levels In 2003 the San Francisco physician published a paper in Environmental Health Perspectives after surveying her entire patient load and testing more than 100 people whose questionnaires suggested they consumed a lot of fish The majority had blood mercury levels well above what the epa considers safe One was a 10yearold named Matthew Davis who suffered serious neurological problems his doctors suspected were from the three to six ounces of canned albacore he ate daily His fingers curled involuntarily and his hands shook when he tried to write The problems mostly resolved after he quit eating tuna Dr Michael Gochfeld a professor in environmental and occupational health sciences at the Robert Wood Johnson Medical School in New Jersey says that mercury poisoning from fish is probably underreported because doctors don8217t know to look for it His clinic at the medical school he says has been seeing more cases8212at least half a dozen a year People come in complaining of slurred speech clumsiness and vision problems 8220It is usually related to fish8221 he says Yet like the tuna industry the fda says there8217s nothing to worry about 8220There are no confirmed cases of adverse effects from methylmercury in commercial fish in the United States8221 says Stephanie Kwisnek an fda spokeswoman 8220There are infrequent anecdotal reports in the media that are virtually impossible to confirm The fda does not track them on any kind of a formal basis8221 amp160 deborah landvikfellner8217s Chicken of the Sea lawsuit should have been fairly straightforward That she ate a lot of canned tuna is indisputable as is the fact that she had steeply elevated levels of mercury in her blood Whether mercury caused all of her symptoms whether TriUnion ought to be held responsible for the effects of what they call her 8220abnormal consumption8221 even the definition of 8220abnormal8221 are the kind of disputed facts usually left to a jury But so far LandvikFellner hasn8217t come anywhere near a jury8212in good part because the Bush fda has worked to protect industry from claims like hers In the LandvikFellner case TriUnion has used an increasingly popular legal strategy arguing that her claim was 8220preempted8221 by federal law The argument goes like this If a product is regulated by the federal government however weakly consumers shouldn8217t be allowed to sue8212and states should be prohibited from passing regulations or issuing health and safety warnings more stringent than the feds8217 But TriUnion went one step further It argued that LandvikFellner8217s case was preempted because the fda had refused to require warning labels on tuna8212in other words when the feds fail to regulate a product that too can preempt state law It was an argument familiar to top officials at the fda In fact Daniel Troy the agency8217s chief counsel from 2001 to 2004 was a lawyer who8217d spent most of his career in the private sector suing the fda on behalf of drug and food companies Troy who was a leading proponent of the preemption doctrine essentially ran the agency for more than a year before President Bush appointed Lester Crawford a former vice president of the National Food Processors Association as fda commissioner During his tenure Troy invited big companies to bring him cases in which the agency could help defeat antiindustry lawsuits using the preemption argument One of those cases involved a suit by the California attorney general8217s office seeking to force tuna companies to disclose their product8217s mercury content on the label A lawyer representing the companies suggested to Troy that a letter from Crawford might help the industry8217s preemption argument The lawyer helpfully enclosed a lengthy memo outlining the points the commissioner should include In August 2005 a letter precisely hitting all of the tuna lawyer8217s points arrived on the desk of California attorney general Bill Lockyer Tuna companies quickly introduced it in court Barely a month later Crawford resigned from the fda in connection with criminal charges that he8217d misreported his ownership of stock in fdaregulated companies But his letter lived on in the courts In the California case a lengthy trial featuring various industry spokespeople8212including pediatrician Beard who was paid 5000 to testify that if people got worried about mercury in tuna they might eat more junk food8212ended with the judge citing Crawford8217s letter as a key factor in ruling for the tuna companies And the letter made another appearance in LandvikFellner8217s case TriUnion8217s lawyers have brought it up as evidence that her lawsuit is preempted by federal regulations After a year of legal wrangling in January 2007 a US District Court judge agreed with the industry8212and once again the ruling cited what the judge called Crawford8217s 8220persuasive8221 letter Fellner appealed the case to the 3rd Circuit Court of Appeals and on August 19 just after this story was published in our print edition the court handed down a remarkable decision in her favor A threejudge panel agreed with her arguments that a letter from the FDA commissioner written at the behest of the tuna company8217s lawyers was not the sort of federal action that could trump the state law The court also scoffed at the notion that the FDA8217s advisory on mercury in fish qualified as a federal regulation which requires formal proceedings public criticism and other serious vetting 8220We fail to see how an educational campaign might preempt Fellner8217s lawsuit8221 the panel wrote In fact the court found that the New Jersey laws that Fellner sued under complemented rather than conflicted with the federal guidelines on mercury And in a conclusion that is no doubt giving the tuna industry fits the court noted that contrary to the industry8217s pleas it would be fairly simple to come up with a warning label that would comply with both the FDA and New Jersey law That last point may have implications beyond Fellner8217s case The original Proposition 65 litigation in California brought by the state attorney general to force the tuna companies to put warning labels on tuna cans is currently on appeal in the California state courts Oral arguments haven8217t been scheduled yet but lawyers in the attorney general8217s office have already alerted the appellate court of the decision in the Fellner case The California courts don8217t have to follow the federal ones but they usually give them quite a bit of deference If the California courts do align with the 3rd Circuit they could open the door to states requiring warning labels about mercury on tuna cans Fellner for her part is thrilled with the outcome 8220People are feeding their children tuna fish There are still a lot of people out there who don8217t know8221 she says

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<p>&#8220;Venezuelans oppose Ch&#225;vez attempt to nationalize private food company&#8221; is the headline over <a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/07/08/AR2010070802795.html" type="external">a Washington Post story</a> about the disastrous socialist economic policies of Hugo Ch&#225;vez in Venezuela. The article is about the employees of the company who &#8220;oppose the government intervention because they think workers have fared badly at nationalized companies, where they have faced reduced wages and been unable to bargain collectively.&#8221;</p> <p>These kinds of stories are appearing more frequently, as it is getting tough for the media to ignore the popular opposition to the Marxist Ch&#225;vez regime. This is why it is so bizarre for Hollywood director Oliver Stone to be releasing his pro-Ch&#225;vez documentary at this time and speaking utter nonsense about the would-be dictator on programs such as CNN&#8217;s Larry King Live.</p> <p>As AIM editor Cliff Kincaid reported in <a href="../../../../../aim-column/hugo-chavez-oliver-stone-give-socialism-a-bad-name/" type="external">a recent column</a>, Ch&#225;vez&#8217;s policies are so atrocious, in the realm of economics and human rights, that the Socialist International (SI) has seen fit to denounce him. The SI reports that Ch&#225;vez is mismanaging the economy, destroying human rights, and threatening peace in the region.</p> <p>In perhaps the most blatant indication of how badly things are going in Venezuela, the oil-rich nation is suffering rotting food in warehouses and the government is staging raids to seize food supplies that are not rotting. It is more evidence of how &#8220;21st Century Socialism,&#8221; as Ch&#225;vez calls it, is proving to be just as much of a failure as the older version. Sector after sector is being taken over and devastated by the incompetent and/or corrupt Ch&#225;vez regime.</p> <p>But thanks to the media, some of the truth is starting to get out!</p> <p>Last month Reuters had <a href="http://www.cnbc.com/id/37786852" type="external">a devastating piece</a> about the deteriorating situation in Ch&#225;vez&#8217;s modern Venezuela: &#8220;Mountains of rotting food found at a government warehouse, soaring prices and soldiers raiding wholesalers accused of hoarding: Food supply is the latest battle in President Hugo Ch&#225;vez&#8217;s socialist revolution.&#8221; It points out that in oil-rich Venezuela, food prices have increased by 41% in the past year, during an already deep recession.</p> <p>But Oliver Stone makes the rounds of American TV, sounding, well, stoned on Ch&#225;vez.</p> <p>However, despite his many media appearances, the public reaction here has not been overwhelming. Cliff watched the film in Virginia in a movie house that had seats for 300 but only 15 people showed up. When I saw it in the same theater, there were a total of six people.</p> <p>U.S. Media Wake Up</p> <p>The real surprise has been the critical reporting that is being seen more regularly in the major media. The New York Times went so far as to run an <a href="http://www.nytimes.com/2010/06/26/movies/26stone.html" type="external">article</a> documenting some of the misinformation about Venezuela found in Stone&#8217;s &#8220;documentary.&#8221;</p> <p>The Ch&#225;vez campaign against the media is a logical topic. This is where, of course, we would expect some coverage. After all, American reporters should naturally have some sympathy for their colleagues &#8220;South of the Border,&#8221; which is the name of the Stone film.</p> <p>But in Stone&#8217;s film, reporters here and abroad who report critically about Ch&#225;vez are the villains. Stone attacks Fox News almost as much as he does the Venezuelan media.</p> <p>The situation under Ch&#225;vez is dire. The Wall Street Journal recently <a href="http://online.wsj.com/article/SB10001424052748703513604575311192210445612.html?mod=WSJ_World_LEFTSecondNews" type="external">reported</a> that &#8220;The principal owner of Venezuela&#8217;s last remaining opposition television station has fled the country, as President Hugo Ch&#225;vez continues to ratchet up the pressure on his rivals months ahead of crucial September legislative elections.&#8221; This is part of a pattern carried out by Ch&#225;vez to help stay in power.</p> <p>The article said that Guillermo Zuloaga, the principal owner of Globovision, was arrested last March &#8220;for saying on a television show that the nation lacked freedom of expression. But he was released after an international outcry.&#8221;</p> <p>In recent years, Ch&#225;vez &#8220;has moved to take over the airwaves, opening a plethora of state-run channels that give the president fawning coverage.&#8221; He forced the biggest and most outspoken broadcaster, RCTV off the air and off the cable systems by not renewing its license.</p> <p>&#8220;Other TV broadcasters, cowed by the government, softened their coverage of the government,&#8221; according to the Journal. &#8220;But Globovision has remained the exception, infuriating Ch&#225;vez officials.&#8221;</p> <p>In another surprise, The Times has also reported in detail on Cuba&#8217;s growing influence in Venezuela, and Ch&#225;vez&#8217;s efforts to suppress any opposition media there. The paper <a href="http://www.nytimes.com/2009/05/30/world/americas/30venez.html" type="external">reported</a> that Cuba has a growing military force inside Venezuela to help create an internal force structure to control the increasingly unhappy electorate, and to preserve Ch&#225;vez&#8217;s socialist regime.</p> <p>The Times said that &#8220;In a rare public critique, a former aide to Mr. Ch&#225;vez has lambasted the role of Cuban advisers in delicate areas that he says include military intelligence, weapons training, strategic planning and the logistics of Mr. Ch&#225;vez himself, who often travels on a Cuban plane.&#8221;</p> <p>&#8220;&#8216;We are at the mercy of meddling in areas of national security by a Cuban regime, which wants Ch&#225;vez to remain in power because Ch&#225;vez gives them oil,&#8217; the former aide, Antonio Rivero, a brigadier general who retired this year, said in an interview.&#8221;</p> <p>&#8220;The Cuban advisers are there to exert pressure,&#8221; he added, &#8220;and they often claim to speak on the president&#8217;s behalf as if they were his emissaries.&#8221;</p> <p>According to the Times <a href="http://www.nytimes.com/2009/05/30/world/americas/30venez.html" type="external">article</a> by Simon Romero, &#8220;Mr. Ch&#225;vez has already taken steps to politicize the armed forces, culling hundreds of officers deemed disloyal and promoting those who support him. He changed the army&#8217;s name to the Bolivarian Armed Forces, and at military functions requires soldiers to shout the slogan &#8216;Homeland, socialism or death!&#8217;&#8221;</p> <p>The Times makes it sound, with good reason, like a fascistic military force paying homage to a deadly ideology being promoted by a power-mad ruler.</p> <p>Stone Sees No Evil</p> <p>Nevertheless, Oliver Stone&#8217;s so-called &#8220;documentary,&#8221; which premiered in Venice last year, makes Ch&#225;vez out to be a victim of Yankee imperialism, while at the same time a liberator to his population and a force for good in Latin America. It is laughably absurd.</p> <p>Though Time magazine liked parts of the film, it concluded that it was &#8220;amateur night as cinema, as lopsided and cheerleadery as its worldview.&#8221; In other words, the film is reminiscent of a Nazi or Soviet propaganda film.</p> <p>As my colleague Cliff Kincaid said, after seeing it, &#8220;One would have to be deaf, dumb, and blind not to notice the heavy-handed propaganda, which is extreme to the point of being embarrassing.&#8221;</p> <p>But rather than be embarrassed over the finished product, Stone is going on various TV programs defending Ch&#225;vez and his film. He was on Larry King Live, joined by Jesse Ventura, the former governor of Minnesota, who said the propaganda film &#8220;should be mandatory viewing for every high school senior in the United States.&#8221;</p> <p>Connie Mack, the U.S. Representative from Florida, was on as well, to provide a counter view&#8212;and a few facts.</p> <p>Here is part of that exchange between King and Stone:</p> <p>KING: This is a documentary that&#8217;s pro- Ch&#225;vez. Is there anything in it that is critical of him?</p> <p>STONE: Yes, quite a bit actually. There&#8217;s 20 percent of it is filled with anger at him. We show some of the Venezuelans. We show certainly the American media goes crazy about him. They have distorted the truth.</p> <p>&amp;#160;</p> <p>KING: Do you like him?</p> <p>STONE: Personally, very much, like you do, I saw &#8211;</p> <p>KING: You have to. He&#8217;s hard not to like as a person.</p> <p>&amp;#160;</p> <p>That 20 percent Stone refers to is meant to marginalize and ridicule Ch&#225;vez&#8217;s opponents, not to present their views in a balanced fashion. In fact, the popularity ratings for Ch&#225;vez have fallen below 50 percent, similar to the fate of another leader on the world stage.</p> <p>Stone mentioned his three other documentaries, two on Cuba&#8217;s long-time Communist dictator Fidel Castro, one on the now deceased Palestinian terrorist and the other on the head of the Palestinian Authority Yasser Arafat. These are people who Stone finds worthy of his praise, as he thinks they are all &#8220;demonized&#8221; by the U.S. government and media.</p> <p>And this is where Stone is perhaps at his worst&#8212;in defending the suppression of private and independent media, here and abroad. In fact, Stone himself in the film denounces the &#8220;private media&#8221; in Venezuela when these news organizations and outlets are struggling for their very survival and under constant threat when not actually being taken off the air or abolished by the regime.</p> <p>Even Larry King, with an obvious understanding of what freedom of the press is supposed to mean, balked at this ruthless approach. After Stone defended Ch&#225;vez shutting down media in Venezuela for &#8220;calling for the overthrow of his government,&#8221; King replied that you can do that in our country. Here was their exchange:</p> <p>KING: He [Ch&#225;vez] comes down tough on free media, though. You wouldn&#8217;t call this an absolute democracy, would you?</p> <p>STONE: Every democracy is relative, but on the other hand any dictator would not tolerate the degree of opposition in the media. It&#8217;s very vocal. It&#8217;s like Fox News on steroids down there. You have no idea what it&#8217;s like. I mean, they insult Ch&#225;vez every day, the newspaper headlines, plus the TV stations. Except when you call for the overthrow of the government and that&#8217;s when he got upset. And in our country we wouldn&#8217;t allow that. We wouldn&#8217;t allow that &#8211;</p> <p>KING: Oh, you could call for the overthrow of the government.</p> <p>STONE: No, you can&#8217;t.</p> <p>KING: You couldn&#8217;t?</p> <p>&amp;#160;</p> <p>STONE: It&#8217;s called the Fairness Doctrine. It used to exist, and it still does. There&#8217;s such a thing as hate speech. You cannot do that in this country.</p> <p>With these comments, Stone has demonstrated his ignorance on this subject. The Fairness Doctrine required balanced coverage and no longer exists. It was abused, however, by Democratic Administrations which sought to use it to suppress speech by conservatives.</p> <p>While there is such a thing as hate speech, it is not illegal in this country, except if it can be viewed by law enforcement as integral to a physical assault. What&#8217;s more, &#8220;hate speech&#8221; has become a catch-phrase that is used mostly by the liberals in this country to label things said by conservatives. As such, it has become another effort to intimidate and silence.</p> <p>When Stone said &#8220;You cannot do that in this country,&#8221; he must have meant calling &#8220;for the overthrow of the government,&#8221; rather than hate speech. He may have been referring to the support of some media figures for a 2002 coup against Ch&#225;vez, but we can now see, in retrospect, that the removal of the would-be dictator would have saved the people of Venezuela&#8212;and indeed, the people of the world&#8212;from the impact of a dangerous despot. And we do not know, at this point, what he will do next.</p> <p>It is, of course, perfectly legal to call for the overthrow of the U.S. Government, as evidenced by the proliferation of Marxist and Communist groups which do so. It only becomes illegal when the talk is translated into action that involves force of arms and imminent criminal conduct.</p> <p>But this talk from Stone about hate speech and so forth was extremely odd, to say the least. <a href="http://www.youtube.com/watch?v=ojWOWyHWj6M" type="external">A movie fantasizing about the assassination of President Bush</a> was not only allowed, but praised by many on the left.</p> <p>Demonstrating that his pandering to communists knows no bounds, Stone&#8217;s film also includes a kid-glove interview with Raul Castro, Fidel&#8217;s brother and current dictator of Cuba, who took over in 2008 after Fidel suffered failing health.</p> <p>For his part, Larry King had interviewed Ch&#225;vez last September, an interview that included this exchange about Castro:</p> <p>King: Your friendship with Fidel Castro, very close?</p> <p>CH&#193;VEZ: Profound, very, extremely close. He&#8217;s like a father to me, like a father, a political father. I admire him enormously. He is one of the greatest men of the 20th and the 21st century of this hemisphere and of the world.</p> <p>KING: And he is a communist.</p> <p>CH&#193;VEZ: And what&#8217;s wrong about that?</p> <p>KING: You&#8217;d like &#8211; you&#8217;re not a communist. You don&#8217;t support.</p> <p>CH&#193;VEZ: I am a socialist. Now, I prefer him as a communist than to the capitalist. I have friends who are capitalists. I&#8217;m not going to condemn them because they are capitalists.</p> <p>Oliver Stone&#8217;s praise of despicable characters such as Ch&#225;vez and Castro shows that he is blinded by his ideology, and demonstrates his failure to use his great talents on behalf of those suffering under these regimes.</p> <p>In April I interviewed Maria Conchita Alonso for AIM&#8217;s Internet radio show, &#8220; <a href="" type="internal">Take AIM</a>,&#8221; in order to provide quite a different version of what is happening.</p> <p>Ms. Alonso, a former Miss Venezuela, became a popular actress and singer in Latin America and then in the U.S.&amp;#160; In March <a href="http://www.nydailynews.com/gossip/2010/03/29/2010-03-29_maria_conchita_alonso_writes_open_letter_to_sean_penn_to_end_his_support_for_hug.html" type="external">she wrote a public letter to Sean Penn</a> for his public comments in praise of Hugo Ch&#225;vez. Alonso, who was born in Cuba, but fled along with her family from the Castro regime, to Venezuela, where some of her family still resides, had a lot to say about both countries and how the media and Hollywood portray them.</p> <p>Ironically, Stone used her image in his documentary, speaking on the Fox News Channel, when he was highlighting what he viewed as wild and erroneous anti-Ch&#225;vez rhetoric on American television. What he should have done was research her well-founded charges and information.</p> <p>&#8220;We left Cuba because my parents didn&#8217;t want us to be brainwashed,&#8221; Ms. Alonso told AIM, &#8220;which is what they do in Communist countries, and it&#8217;s what they&#8217;re now doing in public schools in Venezuela&#8230;So you can imagine what&#8212;for me it&#8217;s hard, but it&#8217;s even harder for the generation of my parents and grandparents because they&#8217;re going through this a second time.&#8221;</p> <p>Alonso also pointed out in her letter to Penn that he, Penn, has a Jewish father, and that Jews are oppressed in Ch&#225;vez&#8217;s Venezuela. Alonso also asked why he has a &#8220;fascination with a government that has overtly stated its hatred against the Jewish community worldwide, to the extent that the State of Israel condemned anti-Semitic attacks in Venezuela?&amp;#160; Do you think it&#8217;s fair that many Jewish-Venezuelan families have emigrated because the Ch&#225;vez government robbed their personal files when their temples and offices were under attack in 2008?&#8221;</p> <p>Ch&#225;vez <a href="http://www.google.com/hostednews/ap/article/ALeqM5iJsjurK37Q37LDkuhV3Rx9Fq4wZgD9GJTG2O0" type="external">makes no secret</a> of his ties to Iran and Syria, and his contempt for Israel, saying that &#8220;Someday the genocidal state of Israel will be put in its place, in the proper place and hopefully a real democratic state will be born. But it has become the murderous arm of the Yankee empire&#8212;who can doubt it?&#8212;which threatens all of us.&#8221;</p> <p>You can listen to the entire interview or read the complete transcript <a href="../../../../../podcast/take-aim-maria-conchita-alonso-on-hugo-chavez/" type="external">here</a>.</p> <p>Connie Mack Offers a Dose of Sanity</p> <p>Fortunately, Rep. Connie Mack of Florida was also on the Larry King program, expressing disbelief over Stone and Ventura&#8217;s praise of Ch&#225;vez. Rep. Mack, who sits on the House Foreign Affairs Committee, brought up Ch&#225;vez&#8217;s support for terrorist groups, ties to Iran and Cuba, and drug trafficking. Stone&#8217;s reaction was either to deny it or to defend Ch&#225;vez. Connie Mack offered to show evidence, but Stone was not interested.</p> <p>Mack&#8217;s office provided AIM with a <a href="http://assets.opencrs.com/rpts/R41215_20100430.pdf" type="external">Congressional Research Service report</a> titled &#8220;Latin America and the Caribbean: Illicit Drug Trafficking and U.S. Counterdrug Programs&#8221; from April 2010, which stated that &#8220;As U.S. counternarcotics cooperation with Venezuela has diminished since 2005, Venezuela has become a major transit point for drug flights through the Caribbean&#8212;particularly Haiti and the Dominican Republic&#8212;into the United States as well as to Europe.&#8221;</p> <p>Mack&#8217;s office also produced a <a href="http://mack.house.gov/index.cfm?p=PressReleases&amp;amp;ContentRecord_id=aadc3668-f460-4982-ac06-0232954b972e&amp;amp;ContentType_id=8c55a72b-64f8-4cba-990c-ec1ed2a9de24&amp;amp;Group_id=b3c463ca-96b6-41ff-94e5-a945437bc123&amp;amp;YearDisplay=2007" type="external">press release</a> from 2007 following passage of a bipartisan House resolution &#8220;expressing the House of Representatives&#8217; growing concerns over the national security implications regarding Iran&#8217;s growing relationships in Latin America.&#8221;</p> <p>As we have seen&#8212;and the media are now reporting&#8212;Ch&#225;vez has close ties to Iran and is trying to help spread Iranian influence throughout the region. He also supports the terrorists in Colombia.</p> <p>In another media appearance, Stone was on Real Time with Bill Maher on HBO, again singing the praises of Ch&#225;vez. Maher, wanting nobody to think he opposed what the regime in Venezuela is doing, chimed in with the politically-correct statement that &#8220;I&#8217;m not anti-Hugo Ch&#225;vez. I believe as you do that we have demonized him.&#8221;</p> <p>But what if he is being demonized for good reason? What else explains his single-minded devotion to spreading the failed ideology of Marxism around the world in the name of anti-Americanism?</p> <p>Maher went on to say, &#8220;I understand what you&#8217;re saying about Hugo Ch&#225;vez, because America always does seem to need an enemy.&#8221; He asked Stone why that is, and Stone rambled on about all the terrible things America is supposedly doing in the world, and then added, &#8220;Since we became unilateral, since the fall of the Soviet Union, the United States has dictated the terms around the world.&#8221;</p> <p>Except that, in the case of Obama, as Stone himself acknowledges in the film, there seems to be an understanding between the U.S. President and the Venezuelan ruler. Obama has agreed not to do anything to help the cause of freedom in Venezuela. Stone calls that &#8220;destabilizing&#8221; Venezuela.</p> <p>If Maher had bothered to take a cursory look at the stories about what is really happening in Venezuela, as reported even by such establishment organs as The Washington Post and The New York Times, he would understand that the people of that country are suffering greatly, and that Ch&#225;vez is producing that suffering, perhaps deliberately.</p> <p>Ch&#225;vez is, in short, a dangerous tyrant who threatens the security of the United States.</p> <p>Stone is correct that &#8220;private media&#8221; can sometimes behave irresponsibly, but the private media that should be held to account in this case include a director in Hollywood and a personality on HBO who apologize and even defend an ideology that has throughout history produced only more misery, suffering and death.</p> <p>But Stone and Maher are apparently too &#8220;stoned&#8221; on Ch&#225;vez to see the truth and reality on the ground in Venezuela.</p>

Stoned on Chávez

http://aim.org/aim-column/stoned-on-chavez/

2010-07-09

0right

8220Venezuelans oppose Ch225vez attempt to nationalize private food company8221 is the headline over a Washington Post story about the disastrous socialist economic policies of Hugo Ch225vez in Venezuela The article is about the employees of the company who 8220oppose the government intervention because they think workers have fared badly at nationalized companies where they have faced reduced wages and been unable to bargain collectively8221 These kinds of stories are appearing more frequently as it is getting tough for the media to ignore the popular opposition to the Marxist Ch225vez regime This is why it is so bizarre for Hollywood director Oliver Stone to be releasing his proCh225vez documentary at this time and speaking utter nonsense about the wouldbe dictator on programs such as CNN8217s Larry King Live As AIM editor Cliff Kincaid reported in a recent column Ch225vez8217s policies are so atrocious in the realm of economics and human rights that the Socialist International SI has seen fit to denounce him The SI reports that Ch225vez is mismanaging the economy destroying human rights and threatening peace in the region In perhaps the most blatant indication of how badly things are going in Venezuela the oilrich nation is suffering rotting food in warehouses and the government is staging raids to seize food supplies that are not rotting It is more evidence of how 822021st Century Socialism8221 as Ch225vez calls it is proving to be just as much of a failure as the older version Sector after sector is being taken over and devastated by the incompetent andor corrupt Ch225vez regime But thanks to the media some of the truth is starting to get out Last month Reuters had a devastating piece about the deteriorating situation in Ch225vez8217s modern Venezuela 8220Mountains of rotting food found at a government warehouse soaring prices and soldiers raiding wholesalers accused of hoarding Food supply is the latest battle in President Hugo Ch225vez8217s socialist revolution8221 It points out that in oilrich Venezuela food prices have increased by 41 in the past year during an already deep recession But Oliver Stone makes the rounds of American TV sounding well stoned on Ch225vez However despite his many media appearances the public reaction here has not been overwhelming Cliff watched the film in Virginia in a movie house that had seats for 300 but only 15 people showed up When I saw it in the same theater there were a total of six people US Media Wake Up The real surprise has been the critical reporting that is being seen more regularly in the major media The New York Times went so far as to run an article documenting some of the misinformation about Venezuela found in Stone8217s 8220documentary8221 The Ch225vez campaign against the media is a logical topic This is where of course we would expect some coverage After all American reporters should naturally have some sympathy for their colleagues 8220South of the Border8221 which is the name of the Stone film But in Stone8217s film reporters here and abroad who report critically about Ch225vez are the villains Stone attacks Fox News almost as much as he does the Venezuelan media The situation under Ch225vez is dire The Wall Street Journal recently reported that 8220The principal owner of Venezuela8217s last remaining opposition television station has fled the country as President Hugo Ch225vez continues to ratchet up the pressure on his rivals months ahead of crucial September legislative elections8221 This is part of a pattern carried out by Ch225vez to help stay in power The article said that Guillermo Zuloaga the principal owner of Globovision was arrested last March 8220for saying on a television show that the nation lacked freedom of expression But he was released after an international outcry8221 In recent years Ch225vez 8220has moved to take over the airwaves opening a plethora of staterun channels that give the president fawning coverage8221 He forced the biggest and most outspoken broadcaster RCTV off the air and off the cable systems by not renewing its license 8220Other TV broadcasters cowed by the government softened their coverage of the government8221 according to the Journal 8220But Globovision has remained the exception infuriating Ch225vez officials8221 In another surprise The Times has also reported in detail on Cuba8217s growing influence in Venezuela and Ch225vez8217s efforts to suppress any opposition media there The paper reported that Cuba has a growing military force inside Venezuela to help create an internal force structure to control the increasingly unhappy electorate and to preserve Ch225vez8217s socialist regime The Times said that 8220In a rare public critique a former aide to Mr Ch225vez has lambasted the role of Cuban advisers in delicate areas that he says include military intelligence weapons training strategic planning and the logistics of Mr Ch225vez himself who often travels on a Cuban plane8221 82208216We are at the mercy of meddling in areas of national security by a Cuban regime which wants Ch225vez to remain in power because Ch225vez gives them oil8217 the former aide Antonio Rivero a brigadier general who retired this year said in an interview8221 8220The Cuban advisers are there to exert pressure8221 he added 8220and they often claim to speak on the president8217s behalf as if they were his emissaries8221 According to the Times article by Simon Romero 8220Mr Ch225vez has already taken steps to politicize the armed forces culling hundreds of officers deemed disloyal and promoting those who support him He changed the army8217s name to the Bolivarian Armed Forces and at military functions requires soldiers to shout the slogan 8216Homeland socialism or death82178221 The Times makes it sound with good reason like a fascistic military force paying homage to a deadly ideology being promoted by a powermad ruler Stone Sees No Evil Nevertheless Oliver Stone8217s socalled 8220documentary8221 which premiered in Venice last year makes Ch225vez out to be a victim of Yankee imperialism while at the same time a liberator to his population and a force for good in Latin America It is laughably absurd Though Time magazine liked parts of the film it concluded that it was 8220amateur night as cinema as lopsided and cheerleadery as its worldview8221 In other words the film is reminiscent of a Nazi or Soviet propaganda film As my colleague Cliff Kincaid said after seeing it 8220One would have to be deaf dumb and blind not to notice the heavyhanded propaganda which is extreme to the point of being embarrassing8221 But rather than be embarrassed over the finished product Stone is going on various TV programs defending Ch225vez and his film He was on Larry King Live joined by Jesse Ventura the former governor of Minnesota who said the propaganda film 8220should be mandatory viewing for every high school senior in the United States8221 Connie Mack the US Representative from Florida was on as well to provide a counter view8212and a few facts Here is part of that exchange between King and Stone KING This is a documentary that8217s pro Ch225vez Is there anything in it that is critical of him STONE Yes quite a bit actually There8217s 20 percent of it is filled with anger at him We show some of the Venezuelans We show certainly the American media goes crazy about him They have distorted the truth amp160 KING Do you like him STONE Personally very much like you do I saw 8211 KING You have to He8217s hard not to like as a person amp160 That 20 percent Stone refers to is meant to marginalize and ridicule Ch225vez8217s opponents not to present their views in a balanced fashion In fact the popularity ratings for Ch225vez have fallen below 50 percent similar to the fate of another leader on the world stage Stone mentioned his three other documentaries two on Cuba8217s longtime Communist dictator Fidel Castro one on the now deceased Palestinian terrorist and the other on the head of the Palestinian Authority Yasser Arafat These are people who Stone finds worthy of his praise as he thinks they are all 8220demonized8221 by the US government and media And this is where Stone is perhaps at his worst8212in defending the suppression of private and independent media here and abroad In fact Stone himself in the film denounces the 8220private media8221 in Venezuela when these news organizations and outlets are struggling for their very survival and under constant threat when not actually being taken off the air or abolished by the regime Even Larry King with an obvious understanding of what freedom of the press is supposed to mean balked at this ruthless approach After Stone defended Ch225vez shutting down media in Venezuela for 8220calling for the overthrow of his government8221 King replied that you can do that in our country Here was their exchange KING He Ch225vez comes down tough on free media though You wouldn8217t call this an absolute democracy would you STONE Every democracy is relative but on the other hand any dictator would not tolerate the degree of opposition in the media It8217s very vocal It8217s like Fox News on steroids down there You have no idea what it8217s like I mean they insult Ch225vez every day the newspaper headlines plus the TV stations Except when you call for the overthrow of the government and that8217s when he got upset And in our country we wouldn8217t allow that We wouldn8217t allow that 8211 KING Oh you could call for the overthrow of the government STONE No you can8217t KING You couldn8217t amp160 STONE It8217s called the Fairness Doctrine It used to exist and it still does There8217s such a thing as hate speech You cannot do that in this country With these comments Stone has demonstrated his ignorance on this subject The Fairness Doctrine required balanced coverage and no longer exists It was abused however by Democratic Administrations which sought to use it to suppress speech by conservatives While there is such a thing as hate speech it is not illegal in this country except if it can be viewed by law enforcement as integral to a physical assault What8217s more 8220hate speech8221 has become a catchphrase that is used mostly by the liberals in this country to label things said by conservatives As such it has become another effort to intimidate and silence When Stone said 8220You cannot do that in this country8221 he must have meant calling 8220for the overthrow of the government8221 rather than hate speech He may have been referring to the support of some media figures for a 2002 coup against Ch225vez but we can now see in retrospect that the removal of the wouldbe dictator would have saved the people of Venezuela8212and indeed the people of the world8212from the impact of a dangerous despot And we do not know at this point what he will do next It is of course perfectly legal to call for the overthrow of the US Government as evidenced by the proliferation of Marxist and Communist groups which do so It only becomes illegal when the talk is translated into action that involves force of arms and imminent criminal conduct But this talk from Stone about hate speech and so forth was extremely odd to say the least A movie fantasizing about the assassination of President Bush was not only allowed but praised by many on the left Demonstrating that his pandering to communists knows no bounds Stone8217s film also includes a kidglove interview with Raul Castro Fidel8217s brother and current dictator of Cuba who took over in 2008 after Fidel suffered failing health For his part Larry King had interviewed Ch225vez last September an interview that included this exchange about Castro King Your friendship with Fidel Castro very close CH193VEZ Profound very extremely close He8217s like a father to me like a father a political father I admire him enormously He is one of the greatest men of the 20th and the 21st century of this hemisphere and of the world KING And he is a communist CH193VEZ And what8217s wrong about that KING You8217d like 8211 you8217re not a communist You don8217t support CH193VEZ I am a socialist Now I prefer him as a communist than to the capitalist I have friends who are capitalists I8217m not going to condemn them because they are capitalists Oliver Stone8217s praise of despicable characters such as Ch225vez and Castro shows that he is blinded by his ideology and demonstrates his failure to use his great talents on behalf of those suffering under these regimes In April I interviewed Maria Conchita Alonso for AIM8217s Internet radio show 8220 Take AIM8221 in order to provide quite a different version of what is happening Ms Alonso a former Miss Venezuela became a popular actress and singer in Latin America and then in the USamp160 In March she wrote a public letter to Sean Penn for his public comments in praise of Hugo Ch225vez Alonso who was born in Cuba but fled along with her family from the Castro regime to Venezuela where some of her family still resides had a lot to say about both countries and how the media and Hollywood portray them Ironically Stone used her image in his documentary speaking on the Fox News Channel when he was highlighting what he viewed as wild and erroneous antiCh225vez rhetoric on American television What he should have done was research her wellfounded charges and information 8220We left Cuba because my parents didn8217t want us to be brainwashed8221 Ms Alonso told AIM 8220which is what they do in Communist countries and it8217s what they8217re now doing in public schools in Venezuela8230So you can imagine what8212for me it8217s hard but it8217s even harder for the generation of my parents and grandparents because they8217re going through this a second time8221 Alonso also pointed out in her letter to Penn that he Penn has a Jewish father and that Jews are oppressed in Ch225vez8217s Venezuela Alonso also asked why he has a 8220fascination with a government that has overtly stated its hatred against the Jewish community worldwide to the extent that the State of Israel condemned antiSemitic attacks in Venezuelaamp160 Do you think it8217s fair that many JewishVenezuelan families have emigrated because the Ch225vez government robbed their personal files when their temples and offices were under attack in 20088221 Ch225vez makes no secret of his ties to Iran and Syria and his contempt for Israel saying that 8220Someday the genocidal state of Israel will be put in its place in the proper place and hopefully a real democratic state will be born But it has become the murderous arm of the Yankee empire8212who can doubt it8212which threatens all of us8221 You can listen to the entire interview or read the complete transcript here Connie Mack Offers a Dose of Sanity Fortunately Rep Connie Mack of Florida was also on the Larry King program expressing disbelief over Stone and Ventura8217s praise of Ch225vez Rep Mack who sits on the House Foreign Affairs Committee brought up Ch225vez8217s support for terrorist groups ties to Iran and Cuba and drug trafficking Stone8217s reaction was either to deny it or to defend Ch225vez Connie Mack offered to show evidence but Stone was not interested Mack8217s office provided AIM with a Congressional Research Service report titled 8220Latin America and the Caribbean Illicit Drug Trafficking and US Counterdrug Programs8221 from April 2010 which stated that 8220As US counternarcotics cooperation with Venezuela has diminished since 2005 Venezuela has become a major transit point for drug flights through the Caribbean8212particularly Haiti and the Dominican Republic8212into the United States as well as to Europe8221 Mack8217s office also produced a press release from 2007 following passage of a bipartisan House resolution 8220expressing the House of Representatives8217 growing concerns over the national security implications regarding Iran8217s growing relationships in Latin America8221 As we have seen8212and the media are now reporting8212Ch225vez has close ties to Iran and is trying to help spread Iranian influence throughout the region He also supports the terrorists in Colombia In another media appearance Stone was on Real Time with Bill Maher on HBO again singing the praises of Ch225vez Maher wanting nobody to think he opposed what the regime in Venezuela is doing chimed in with the politicallycorrect statement that 8220I8217m not antiHugo Ch225vez I believe as you do that we have demonized him8221 But what if he is being demonized for good reason What else explains his singleminded devotion to spreading the failed ideology of Marxism around the world in the name of antiAmericanism Maher went on to say 8220I understand what you8217re saying about Hugo Ch225vez because America always does seem to need an enemy8221 He asked Stone why that is and Stone rambled on about all the terrible things America is supposedly doing in the world and then added 8220Since we became unilateral since the fall of the Soviet Union the United States has dictated the terms around the world8221 Except that in the case of Obama as Stone himself acknowledges in the film there seems to be an understanding between the US President and the Venezuelan ruler Obama has agreed not to do anything to help the cause of freedom in Venezuela Stone calls that 8220destabilizing8221 Venezuela If Maher had bothered to take a cursory look at the stories about what is really happening in Venezuela as reported even by such establishment organs as The Washington Post and The New York Times he would understand that the people of that country are suffering greatly and that Ch225vez is producing that suffering perhaps deliberately Ch225vez is in short a dangerous tyrant who threatens the security of the United States Stone is correct that 8220private media8221 can sometimes behave irresponsibly but the private media that should be held to account in this case include a director in Hollywood and a personality on HBO who apologize and even defend an ideology that has throughout history produced only more misery suffering and death But Stone and Maher are apparently too 8220stoned8221 on Ch225vez to see the truth and reality on the ground in Venezuela

8220Venezuelans/NUM oppose/VERB Ch225vez/NUM attempt/NOUN to/PART nationalize/VERB private/ADJ food/NOUN company8221/PROPN is/AUX the/DET headline/NOUN over/ADP a/DET Washington/PROPN Post/PROPN story/NOUN about/ADP the/DET disastrous/ADJ socialist/ADJ economic/ADJ policies/NOUN of/ADP Hugo/PROPN Ch225vez/PROPN in/ADP Venezuela/PROPN The/DET article/NOUN is/AUX about/ADP the/DET employees/NOUN of/ADP the/DET company/NOUN who/PRON 8220oppose/VERB the/DET government/NOUN intervention/NOUN because/SCONJ they/PRON think/VERB workers/NOUN have/AUX fared/VERB badly/ADV at/ADP nationalized/VERB companies/NOUN where/SCONJ they/PRON have/AUX faced/VERB reduced/VERB wages/NOUN and/CCONJ been/AUX unable/ADJ to/PART bargain/VERB collectively8221/PROPN These/DET kinds/NOUN of/ADP stories/NOUN are/AUX appearing/VERB more/ADV frequently/ADV as/SCONJ it/PRON is/AUX getting/VERB tough/ADJ for/SCONJ the/DET media/NOUN to/PART ignore/VERB the/DET popular/ADJ opposition/NOUN to/ADP the/DET Marxist/PROPN Ch225vez/PROPN regime/NOUN This/PRON is/AUX why/SCONJ it/PRON is/AUX so/ADV bizarre/ADJ for/SCONJ Hollywood/PROPN director/NOUN Oliver/PROPN Stone/PROPN to/PART be/AUX releasing/VERB his/PRON proCh225vez/PROPN documentary/NOUN at/ADP this/DET time/NOUN and/CCONJ speaking/VERB utter/ADJ nonsense/NOUN about/ADP the/DET wouldbe/NOUN dictator/NOUN on/ADP programs/NOUN such/ADJ as/ADP CNN8217s/NOUN Larry/PROPN King/PROPN Live/ADV As/SCONJ AIM/PROPN editor/NOUN Cliff/PROPN Kincaid/PROPN reported/VERB in/ADP a/DET recent/ADJ column/NOUN Ch225vez8217s/PROPN policies/NOUN are/AUX so/ADV atrocious/ADJ in/ADP the/DET realm/NOUN of/ADP economics/NOUN and/CCONJ human/ADJ rights/NOUN that/PRON the/DET Socialist/PROPN International/PROPN SI/PROPN has/AUX seen/VERB fit/ADJ to/PART denounce/VERB him/PRON The/DET SI/PROPN reports/VERB that/SCONJ Ch225vez/PROPN is/AUX mismanaging/VERB the/DET economy/NOUN destroying/VERB human/ADJ rights/NOUN and/CCONJ threatening/VERB peace/NOUN in/ADP the/DET region/NOUN In/ADP perhaps/ADV the/DET most/ADV blatant/ADJ indication/NOUN of/ADP how/SCONJ badly/ADV things/NOUN are/AUX going/VERB in/ADP Venezuela/PROPN the/DET oilrich/NOUN nation/NOUN is/AUX suffering/VERB rotting/VERB food/NOUN in/ADP warehouses/NOUN and/CCONJ the/DET government/NOUN is/AUX staging/VERB raids/NOUN to/PART seize/VERB food/NOUN supplies/NOUN that/PRON are/AUX not/PART rotting/VERB It/PRON is/AUX more/ADJ evidence/NOUN of/ADP how/SCONJ 822021st/ADJ Century/PROPN Socialism8221/PROPN as/SCONJ Ch225vez/PROPN calls/VERB it/PRON is/AUX proving/VERB to/PART be/AUX just/ADV as/ADV much/ADJ of/ADP a/DET failure/NOUN as/ADP the/DET older/ADJ version/NOUN Sector/PROPN after/SCONJ sector/NOUN is/AUX being/AUX taken/VERB over/ADP and/CCONJ devastated/VERB by/ADP the/DET incompetent/ADJ andor/PROPN corrupt/ADJ Ch225vez/PROPN regime/NOUN But/CCONJ thanks/NOUN to/ADP the/DET media/NOUN some/PRON of/ADP the/DET truth/NOUN is/AUX starting/VERB to/PART get/VERB out/ADP Last/ADJ month/NOUN Reuters/PROPN had/VERB a/DET devastating/ADJ piece/NOUN about/ADP the/DET deteriorating/VERB situation/NOUN in/ADP Ch225vez8217s/PROPN modern/ADJ Venezuela/PROPN 8220Mountains/NUM of/ADP rotting/VERB food/NOUN found/VERB at/ADP a/DET government/NOUN warehouse/NOUN soaring/VERB prices/NOUN and/CCONJ soldiers/NOUN raiding/VERB wholesalers/NOUN accused/VERB of/ADP hoarding/VERB Food/PROPN supply/NOUN is/AUX the/DET latest/ADJ battle/NOUN in/ADP President/PROPN Hugo/PROPN Ch225vez8217s/PROPN socialist/ADJ revolution8221/PROPN It/PRON points/VERB out/ADP that/SCONJ in/ADP oilrich/NOUN Venezuela/PROPN food/NOUN prices/NOUN have/AUX increased/VERB by/ADP 41/NUM in/ADP the/DET past/ADJ year/NOUN during/ADP an/DET already/ADV deep/ADJ recession/NOUN But/CCONJ Oliver/PROPN Stone/PROPN makes/VERB the/DET rounds/NOUN of/ADP American/ADJ TV/NOUN sounding/VERB well/ADV stoned/VERB on/ADP Ch225vez/PUNCT However/ADV despite/SCONJ his/PRON many/ADJ media/NOUN appearances/VERB the/DET public/ADJ reaction/NOUN here/ADV has/AUX not/PART been/AUX overwhelming/ADJ Cliff/PROPN watched/VERB the/DET film/NOUN in/ADP Virginia/PROPN in/ADP a/DET movie/NOUN house/NOUN that/PRON had/VERB seats/NOUN for/ADP 300/NUM but/CCONJ only/ADV 15/NUM people/NOUN showed/VERB up/ADP When/SCONJ I/PRON saw/VERB it/PRON in/ADP the/DET same/ADJ theater/NOUN there/PRON were/VERB a/DET total/NOUN of/ADP six/NUM people/NOUN US/PROPN Media/PROPN Wake/PROPN Up/ADP The/DET real/ADJ surprise/NOUN has/AUX been/AUX the/DET critical/ADJ reporting/NOUN that/PRON is/AUX being/AUX seen/VERB more/ADV regularly/ADV in/ADP the/DET major/ADJ media/NOUN The/DET New/PROPN York/PROPN Times/PROPN went/VERB so/ADV far/ADV as/SCONJ to/PART run/VERB an/DET article/NOUN documenting/VERB some/PRON of/ADP the/DET misinformation/NOUN about/ADP Venezuela/PROPN found/VERB in/ADP Stone8217s/PROPN 8220documentary8221/PRON The/DET Ch225vez/PROPN campaign/NOUN against/ADP the/DET media/NOUN is/AUX a/DET logical/ADJ topic/NOUN 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<p>NEW YORK (Reuters) - Goldman Sachs Group Inc ( <a href="/finance/stocks/overview?symbol=GS.N" type="external">GS.N</a>) has led a $38 million investment round by large banks in Visible Alpha, a young New York-based company that helps investment managers better value the equity research services they receive from brokers.</p> FILE PHOTO - A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York, U.S. on January 24, 2014. REUTERS/Lucas Jackson/File Photo <p>Wells Fargo &amp;amp; Co ( <a href="/finance/stocks/overview?symbol=WFC.N" type="external">WFC.N</a>), Banco Santander SA ( <a href="/finance/stocks/overview?symbol=SAN.MC" type="external">SAN.MC</a>), Exane BNP Paribas, Macquarie Group Ltd ( <a href="/finance/stocks/overview?symbol=MQG.AX" type="external">MQG.AX</a>) and Royal Bank of Canada ( <a href="/finance/stocks/overview?symbol=RY.TO" type="external">RY.TO</a>) participated in the strategic investment round, the company said on Thursday.</p> <p>Visible Alpha&#8217;s existing investors including Bank of America Corp ( <a href="/finance/stocks/overview?symbol=BAC.N" type="external">BAC.N</a>), Citigroup Inc ( <a href="/finance/stocks/overview?symbol=C.N" type="external">C.N</a>) and Morgan Stanley ( <a href="/finance/stocks/overview?symbol=MS.N" type="external">MS.N</a>) also joined.</p> <p>The startup said it will use the injection of cash to expand globally and ensure that its offering keeps up with client demand.</p> FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo <p>Launched in early 2017, Visible Alpha uses technology to help fund managers keep track of the amount and value of equity research and corporate access that they receive from their brokers. It also offers tool that aggregate data from analysts to make it easier to use and more valuable for investors.</p> <p>It is among a growing group of financial technology companies that are hoping to take advantage of regulatory changes in Europe and pressure on asset management fees that are driving changes in the equity research business model.</p> <a href="/finance/stocks/overview?symbol=GS.N" type="external">Goldman Sachs Group Inc</a> 255.92 GS.N New York Stock Exchange -3.67 (-1.41%) GS.N WFC.N SAN.MC MQG.AX RY.TO <p>New rules in the European Union&#8217;s revised Markets in Financial Instruments Directive (Mifid II), an overhaul of the region&#8217;s trading rulebook that came into force this month, require asset managers to pay for research out of their own pocket. This has increased demand for tools that can help them gauge the quality of research. Large brokers have traditionally &#8220;bundled&#8221; research fees together with what they charge to execute trades.</p> <p>Over the past few years asset managers have also been under pressure to cut fees due to lackluster returns, driving them to be more aware about how they spend their research dollars.</p> <p>These trends have &#8220;increased the amount of pressure to have analysts demonstrate&#8221; the value they are providing, said in an interview Scott Rosen, the CEO of Visible Alpha.</p> <p>The company says it works with around 450 research providers and has more than 100 buy-side firms as clients which manage a combined $16 trillion in assets. It mainly operates in the United States and plans to expand further into Europe, Asia and Latin America, Rosen said.</p> <p>Reporting by Anna Irrera; Editing by Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BANGKOK (Reuters) - Thailand&#8217;s iTruemart, a unit of mobile phone operator True Corp Plc, said on Saturday it has fixed a data leak that led to information on some of its customers, including their ID and passport data, becoming public.</p> <p>The files of customers buying &#8220;TrueMove H&#8221; mobile packages had been &#8216;hacked&#8217;, it said in a statement following reports of the leak.</p> <p>It was the first known instance of a major data leak from a mobile operator in Thailand.</p> <p>Niall Merrigan, a Norway-based security researcher, detailed on his personal blog on Friday that he was able to access 32 gigabytes of True&#8217;s customer data, including identification cards and passports.</p> <p>Merrigan told Reuters the data was &#8220;public facing&#8221; and that he notified True of the leak in March.</p> <p>The company said it would alert the customers affected by the hacking on measures it is taking to protect their data. It did not say how many customers or data files had been affected.</p> <p>Thailand&#8217;s National Broadcasting and Telecommunications Commission (NBTC) asked the company to clarify the matter on Tuesday before taking any action, Secretary-General Takorn Tantasith said on Saturday.</p> <p>True Corp is Thailand&#8217;s second biggest mobile operator and a flagship company of billionaire Dhanin Chearavanont&#8217;s Charoen Pokphand Group.</p> <p>Reporting by Chayut Setboonsarng; additional reporting by Papitcha Tanakasempipat; Editing by Clelia Oziel</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>GAZA (Reuters) - The Palestinian Islamic Jihad militant group said four of its members were killed in an apparent accidental blast in the Gaza Strip on Saturday.</p> A Palestinian man looks at the scene of an explosion in the southern Gaza Strip, April 14, 2018. REUTERS/Ibraheem Abu Mustafa <p>The group said in a statement that it was &#8220;mourning its fighters who were martyred during preparations&#8221;.</p> <p>It usually employs those terms to refer to casualties caused by the accidental detonation of weapons or explosives used in attacks against Israel.</p> Palestinians react at a hospital following an explosion in the southern Gaza Strip, April 14, 2018. REUTERS/Ibraheem Abu Mustafa <p>The Gaza Health Ministry confirmed four fatalities in the incident. Medics at the scene in the Rafah area said the explosion was caused by Israel. But an Israeli military spokesman said the army was not involved.</p> <p>&#8220;Contrary to reports currently circulating I can tell you that the IDF (Israel Defence Forces) is not aware of any IDF fire in the area surrounding Rafah,&#8221; the spokesman said.</p> <p>Violence has flared in the Gaza Strip since March 30, when Palestinians began protests along the border area with Israel.</p> Slideshow (2 Images) <p>Israeli troops have shot dead 31 Gaza Palestinians and wounded hundreds since the protests began, drawing international criticism of their lethal tactics.</p> <p>The border area remained largely quiet on Saturday.</p> <p>Protesters have set up tented camps near the frontier as a protest dubbed &#8220;The Great March of Return&#8221; - evoking a longtime call for refugees to regain ancestral homes in what is now Israel - moved into its third week.</p> <p>Israel has declared a no-go zone close to the Gaza border fence.</p> <p>Israel withdrew its troops and settlers from Gaza in 2005. The Palestinian enclave is ruled by the Islamist Hamas movement, designated by Israel and the West as a terrorist group.</p> <p>Citing security concerns, Israel maintains a naval blockade of the coastal territory, keeping tight restrictions on the movement of Palestinians and goods across the frontier.</p> <p>Egypt, battling an Islamist insurgency in neighboring Sinai, keeps its border with Gaza largely closed.</p> <p>Reporting by Nidal al-Mughrabi; writing by Maayan Lubell; editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/GENEVA (Reuters) - Britain&#8217;s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar, after a judge rejected a request for their case to be dismissed.</p> Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang <p>Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its &#8220;commitment to media freedom&#8221; while the U.N. special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone, 32, and Kyaw Soe Oo, 28, gave rise to &#8220;grave concern for investigative journalism&#8221;.</p> <p>A Myanmar government spokesman could not immediately be reached for comment.</p> <p>A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.</p> <p>Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters, who have been held since December, for lack of evidence. The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed, according to defence lawyer Khin Maung Zaw.</p> <p>On Tuesday, seven Myanmar soldiers were sentenced to 10 years &#8220;with hard labor in a remote area&#8221; for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September, the army said.</p> <p>Yanghee Lee, U.N. special rapporteur on Myanmar, and David Kaye, U.N. special rapporteur on the right to freedom of opinion and expression, noted the journalists could be sentenced to longer terms if found guilty.</p> <p>&#8220;The perpetrators of a massacre that was, in part, the subject of Wa Lone and Kyaw Soe Oo&#8217;s reporting have been sentenced to 10 years imprisonment. And yet these two reporters face a possible 14 years imprisonment. The absurdity of this trial and the wrongfulness of their detention and prosecution are clear,&#8221; they said in a joint statement.</p> <p>Special rapporteurs are independent experts appointed by the U.N..</p> <p>The country&#8217;s ambassador to the U.N., Hau Do Suan, said last month that the journalists were not arrested for reporting a story, but were accused of &#8220;illegally possessing confidential government documents&#8221;.</p> Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang ARMY CRACKDOWN <p>An army crackdown, unleashed in response to Rohingya militant attacks on security forces in August, has been beset by allegations of murder, rape, arson and looting. The U.N. and United States described it as ethnic cleansing - an accusation which Myanmar denies.</p> <p>Nearly 700,000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then.</p> <p>After the U.N. experts made their comments, Johnson took to Twitter on the case. &#8220;Very disappointed to hear Burmese @Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial,&#8221; he said. &#8220;Reiterate my calls for their release: Burmese authorities must show their commitment to media freedom.&#8221;</p> <p>At this stage the prosecutor is trying to persuade the court to file charges. The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial.</p> <p>Reporting by Stephanie Nebehay and William James; editing by David Stamp</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIRUT (Reuters) - Western powers said on Saturday their missile attacks struck at the heart of Syria&#8217;s chemical weapons program, but the restrained assault appeared unlikely to halt Syrian President Bashar al-Assad&#8217;s progress in the 7-year-old civil war.</p> <p>The United States, France and Britain launched 105 missiles overnight in retaliation for a suspected poison gas attack in Syria a week ago, targeting what the Pentagon said were three chemical weapons facilities, including a research and development center in Damascus&#8217; Barzeh district and two installations near Homs.</p> <p>The bombing was the biggest intervention by Western countries against Assad and his superpower ally Russia, but the three countries said the strikes were limited to Syria&#8217;s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war.</p> <p>The air attack, denounced by Damascus and its allies as an illegal act of aggression, was unlikely to alter the course of a multisided war that has killed at least half a million people.</p> <p>U.S. President Donald Trump called the operation a success.</p> <p>He proclaimed on Twitter: &#8220;Mission accomplished,&#8221; echoing former President George W. Bush, whose use of the same phrase in 2003 to describe the U.S. invasion of Iraq was widely ridiculed as violence there dragged on for years.</p> <p>&#8220;We believe that by hitting Barzeh in particular we&#8217;ve attacked the heart of the Syrian chemicals weapon program,&#8221; U.S. Lieutenant General Kenneth McKenzie said at the Pentagon.</p> <p>However, McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-sarin/u-s-official-says-information-points-to-sarin-chlorine-use-in-syria-attack-idUSKBN1HL172" type="external">U.S. official says 'information' points to sarin, chlorine use in Syria attack</a> <a href="/article/us-mideast-crisis-syria-idlib/france-warns-of-humanitarian-disaster-in-syrian-city-idlib-idUSKBN1HL1C2" type="external">France warns of humanitarian disaster in Syrian city Idlib</a> <a href="/article/us-mideast-crisis-syria-un/russia-fails-in-u-n-bid-to-condemn-u-s-led-strikes-on-syria-idUSKBN1HL0S9" type="external">Russia fails in U.N. bid to condemn U.S.-led strikes on Syria</a> <p>The U.S. ambassador to the United Nations, Nikki Haley, said at an emergency meeting of the U.N. Security Council that Trump told her that if Syria uses poisonous gas again, &#8220;The United States is locked and loaded.&#8221;</p> <p>The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people. They blame Assad&#8217;s government for the attack.</p> <p>In Washington, a senior administration official said on Saturday that &#8220;while the available information is much greater on the chlorine use, we do have significant information that also points to sarin use&#8221; in the attack.</p> <p>Speaking at a summit in Peru, U.S. Vice President Mike Pence seemed less sure of the use of sarin, saying that Washington may well determine that it was used along with chlorine.</p> ASSAD &#8216;RESILIENCE&#8217; <p>Ten hours after the missiles hit, smoke was still rising from the remains of five destroyed buildings of the Syrian Scientific Research Center in Barzeh, where a Syrian employee said medical components were developed.</p> <p>There were no immediate reports of casualties.</p> <p>Syria released video of the wreckage of a bombed-out research lab, but also of Assad arriving at work as usual, with the caption &#8220;Morning of resilience&#8221;.</p> <p>Late on Saturday Syria time, a large explosion was heard in a Syrian government-controlled area in a rural region south of Aleppo, according to the Britain-based war monitor The Syrian Observatory for Human Rights. The Observatory said the cause of the explosion was unknown, as well as its target.</p> <p>Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him.</p> <p>The United States, Britain and France have all participated in the Syrian conflict for years, arming rebels, bombing Islamic State fighters and deploying troops on the ground to fight that group. But they have refrained from targeting Assad&#8217;s government, apart from a volley of U.S. missiles last year.</p> <p>Although the Western countries have all said for seven years that Assad must leave power, they held back in the past from striking his government, lacking a wider strategy to defeat him.</p> <p>Syria and its allies also made clear that they considered the attack a one-off, unlikely to do meaningful harm to Assad.</p> <p>A senior official in a regional alliance that backs Damascus told Reuters the sites that were targeted had been evacuated days ago thanks to a warning from Russia.</p> <p>Russian Foreign Minister Sergei Lavrov said the strikes were &#8220;unacceptable and lawless.&#8221;</p> <p>Syrian state media called them a &#8220;flagrant violation of international law,&#8221; while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals.</p> <p>Russia had promised to respond to any attack on its ally, but the Pentagon said no Russian air defense systems were used. Syria fired 40 unguided surface-to-air missiles - but only after the Western strikes had ended, the Pentagon said.</p> <p>&#8220;We are confident that all of our missiles reached their targets,&#8221; McKenzie said.</p> <p>British Prime Minister Theresa May described the strike as &#8220;limited and targeted,&#8221; with no intention of toppling Assad or intervening more widely in the war.</p> <p>Washington described the strike targets as a center near Damascus for the research, development, production and testing of chemical and biological weapons; a chemical weapons storage site near the city of Homs; and another site near Homs that stored chemical weapons equipment and housed a command post.</p> <p>The Pentagon said there had been chemical weapons agents at one of the targets, and that the strikes had significantly crippled Syria&#8217;s ability to produce such weapons.</p> <p>Trump spoke to May and French President Emmanuel Macron to discuss results of the strikes, the leaders&#8217; offices said.</p> A U.S. Air Force B-1B Lancer, deployed to Al Udeid Air Base, launches a strike as part of the multinational response to Syria's use of chemical weapons is seen in this image from Al Udeid Air Base, Doha, Qatar released on April 14, 2018. U.S. Air Force/Handout via REUTERS <p>U.N. Secretary-General Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria, but said allegations of chemical weapons use demand an investigation.</p> WEAPONS INSPECTIONS <p>Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma on Saturday to inspect the site of the suspected gas attack. Moscow condemned the Western states for refusing to wait for their findings.</p> <p>Russia, whose relations with the West have deteriorated to levels of Cold War-era hostility, has denied any gas attack took place in Douma and even accused Britain of staging it to whip up anti-Russian hysteria.</p> <p>The Western countries took precautions to avoid unexpected conflict with Russia. French Defence Minister Florence Parly said Russians was warned beforehand to avert conflict.</p> <p>Dmitry Belik, a Russian member of parliament who was in Damascus and witnessed the strikes, told Reuters: &#8220;The attack was more of a psychological nature rather than practical. Luckily there are no substantial losses or damages.&#8221;</p> <p>In Douma, site of the suspected gas attack, the last buses were due on Saturday to transport out rebels and their families who agreed to surrender the town, state TV reported. That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta, marking one of the biggest victories for Assad&#8217;s government of the war.</p> <p>The Western assault involved more missiles than a U.S. attack last year but struck targets limited to Syria&#8217;s chemical weapons facilities. The U.S. intervention last year had effectively no impact on the war.</p> Slideshow (18 Images) <p>Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma. Damascus is still permitted to have chlorine for civilian use, although its use as a weapon is banned. Allegations of Assad&#8217;s chlorine use have been frequent during the war although, unlike nerve agents, chlorine did not produce mass casualties as seen last week.</p> <p>Reporting by Phil Stewart and Tom Perry; additional reporting by Jeff Mason, Steve Holland, Idrees Ali, Yara Bayoumy, Matt Spetalnick and Joel Schectman in Washington; Michelle Nichols in New York; Samia Nakhoul, Tom Perry, Laila Bassam, Ellen Francis and Angus McDowall in Beirut; Kinda Makieh in Barzeh; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clerq and Matthias Blamont in Paris; Polina Ivanova in Moscow; writing by Doina Chiacu; editing by Yara Bayoumy, Alistair Bell and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Goldman Sachs, Wells Fargo and others invest $38 million in research tech startup Unit of Thai telco True says customers' data leakage fixed Four Palestinian militants dead in Gaza blast U.N. experts, Britain demand release of Reuters reporters in Myanmar U.S. says air strikes cripple Syria chemical weapons program

https://reuters.com/article/us-banks-fintech/goldman-sachs-wells-fargo-and-others-invest-38-million-in-research-tech-startup-idUSKBN1F71J5

2018-01-18

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NEW YORK Reuters Goldman Sachs Group Inc GSN has led a 38 million investment round by large banks in Visible Alpha a young New Yorkbased company that helps investment managers better value the equity research services they receive from brokers FILE PHOTO A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York US on January 24 2014 REUTERSLucas JacksonFile Photo Wells Fargo ampamp Co WFCN Banco Santander SA SANMC Exane BNP Paribas Macquarie Group Ltd MQGAX and Royal Bank of Canada RYTO participated in the strategic investment round the company said on Thursday Visible Alpha8217s existing investors including Bank of America Corp BACN Citigroup Inc CN and Morgan Stanley MSN also joined The startup said it will use the injection of cash to expand globally and ensure that its offering keeps up with client demand FILE PHOTO A Wells Fargo branch is seen in the Chicago suburb of Evanston Illinois US February 10 2015 REUTERSJim YoungFile Photo Launched in early 2017 Visible Alpha uses technology to help fund managers keep track of the amount and value of equity research and corporate access that they receive from their brokers It also offers tool that aggregate data from analysts to make it easier to use and more valuable for investors It is among a growing group of financial technology companies that are hoping to take advantage of regulatory changes in Europe and pressure on asset management fees that are driving changes in the equity research business model Goldman Sachs Group Inc 25592 GSN New York Stock Exchange 367 141 GSN WFCN SANMC MQGAX RYTO New rules in the European Union8217s revised Markets in Financial Instruments Directive Mifid II an overhaul of the region8217s trading rulebook that came into force this month require asset managers to pay for research out of their own pocket This has increased demand for tools that can help them gauge the quality of research Large brokers have traditionally 8220bundled8221 research fees together with what they charge to execute trades Over the past few years asset managers have also been under pressure to cut fees due to lackluster returns driving them to be more aware about how they spend their research dollars These trends have 8220increased the amount of pressure to have analysts demonstrate8221 the value they are providing said in an interview Scott Rosen the CEO of Visible Alpha The company says it works with around 450 research providers and has more than 100 buyside firms as clients which manage a combined 16 trillion in assets It mainly operates in the United States and plans to expand further into Europe Asia and Latin America Rosen said Reporting by Anna Irrera Editing by Lisa Shumaker Our Standards The Thomson Reuters Trust Principles BANGKOK Reuters Thailand8217s iTruemart a unit of mobile phone operator True Corp Plc said on Saturday it has fixed a data leak that led to information on some of its customers including their ID and passport data becoming public The files of customers buying 8220TrueMove H8221 mobile packages had been 8216hacked8217 it said in a statement following reports of the leak It was the first known instance of a major data leak from a mobile operator in Thailand Niall Merrigan a Norwaybased security researcher detailed on his personal blog on Friday that he was able to access 32 gigabytes of True8217s customer data including identification cards and passports Merrigan told Reuters the data was 8220public facing8221 and that he notified True of the leak in March The company said it would alert the customers affected by the hacking on measures it is taking to protect their data It did not say how many customers or data files had been affected Thailand8217s National Broadcasting and Telecommunications Commission NBTC asked the company to clarify the matter on Tuesday before taking any action SecretaryGeneral Takorn Tantasith said on Saturday True Corp is Thailand8217s second biggest mobile operator and a flagship company of billionaire Dhanin Chearavanont8217s Charoen Pokphand Group Reporting by Chayut Setboonsarng additional reporting by Papitcha Tanakasempipat Editing by Clelia Oziel Our Standards The Thomson Reuters Trust Principles GAZA Reuters The Palestinian Islamic Jihad militant group said four of its members were killed in an apparent accidental blast in the Gaza Strip on Saturday A Palestinian man looks at the scene of an explosion in the southern Gaza Strip April 14 2018 REUTERSIbraheem Abu Mustafa The group said in a statement that it was 8220mourning its fighters who were martyred during preparations8221 It usually employs those terms to refer to casualties caused by the accidental detonation of weapons or explosives used in attacks against Israel Palestinians react at a hospital following an explosion in the southern Gaza Strip April 14 2018 REUTERSIbraheem Abu Mustafa The Gaza Health Ministry confirmed four fatalities in the incident Medics at the scene in the Rafah area said the explosion was caused by Israel But an Israeli military spokesman said the army was not involved 8220Contrary to reports currently circulating I can tell you that the IDF Israel Defence Forces is not aware of any IDF fire in the area surrounding Rafah8221 the spokesman said Violence has flared in the Gaza Strip since March 30 when Palestinians began protests along the border area with Israel Slideshow 2 Images Israeli troops have shot dead 31 Gaza Palestinians and wounded hundreds since the protests began drawing international criticism of their lethal tactics The border area remained largely quiet on Saturday Protesters have set up tented camps near the frontier as a protest dubbed 8220The Great March of Return8221 evoking a longtime call for refugees to regain ancestral homes in what is now Israel moved into its third week Israel has declared a nogo zone close to the Gaza border fence Israel withdrew its troops and settlers from Gaza in 2005 The Palestinian enclave is ruled by the Islamist Hamas movement designated by Israel and the West as a terrorist group Citing security concerns Israel maintains a naval blockade of the coastal territory keeping tight restrictions on the movement of Palestinians and goods across the frontier Egypt battling an Islamist insurgency in neighboring Sinai keeps its border with Gaza largely closed Reporting by Nidal alMughrabi writing by Maayan Lubell editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles LONDONGENEVA Reuters Britain8217s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar after a judge rejected a request for their case to be dismissed Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its 8220commitment to media freedom8221 while the UN special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone 32 and Kyaw Soe Oo 28 gave rise to 8220grave concern for investigative journalism8221 A Myanmar government spokesman could not immediately be reached for comment A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonialera Official Secrets Act which carries a maximum penalty of 14 years in prison Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters who have been held since December for lack of evidence The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed according to defence lawyer Khin Maung Zaw On Tuesday seven Myanmar soldiers were sentenced to 10 years 8220with hard labor in a remote area8221 for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September the army said Yanghee Lee UN special rapporteur on Myanmar and David Kaye UN special rapporteur on the right to freedom of opinion and expression noted the journalists could be sentenced to longer terms if found guilty 8220The perpetrators of a massacre that was in part the subject of Wa Lone and Kyaw Soe Oo8217s reporting have been sentenced to 10 years imprisonment And yet these two reporters face a possible 14 years imprisonment The absurdity of this trial and the wrongfulness of their detention and prosecution are clear8221 they said in a joint statement Special rapporteurs are independent experts appointed by the UN The country8217s ambassador to the UN Hau Do Suan said last month that the journalists were not arrested for reporting a story but were accused of 8220illegally possessing confidential government documents8221 Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang ARMY CRACKDOWN An army crackdown unleashed in response to Rohingya militant attacks on security forces in August has been beset by allegations of murder rape arson and looting The UN and United States described it as ethnic cleansing an accusation which Myanmar denies Nearly 700000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then After the UN experts made their comments Johnson took to Twitter on the case 8220Very disappointed to hear Burmese Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial8221 he said 8220Reiterate my calls for their release Burmese authorities must show their commitment to media freedom8221 At this stage the prosecutor is trying to persuade the court to file charges The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial Reporting by Stephanie Nebehay and William James editing by David Stamp Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIRUT Reuters Western powers said on Saturday their missile attacks struck at the heart of Syria8217s chemical weapons program but the restrained assault appeared unlikely to halt Syrian President Bashar alAssad8217s progress in the 7yearold civil war The United States France and Britain launched 105 missiles overnight in retaliation for a suspected poison gas attack in Syria a week ago targeting what the Pentagon said were three chemical weapons facilities including a research and development center in Damascus8217 Barzeh district and two installations near Homs The bombing was the biggest intervention by Western countries against Assad and his superpower ally Russia but the three countries said the strikes were limited to Syria8217s chemical weapons capabilities and not aimed at toppling Assad or intervening in the civil war The air attack denounced by Damascus and its allies as an illegal act of aggression was unlikely to alter the course of a multisided war that has killed at least half a million people US President Donald Trump called the operation a success He proclaimed on Twitter 8220Mission accomplished8221 echoing former President George W Bush whose use of the same phrase in 2003 to describe the US invasion of Iraq was widely ridiculed as violence there dragged on for years 8220We believe that by hitting Barzeh in particular we8217ve attacked the heart of the Syrian chemicals weapon program8221 US Lieutenant General Kenneth McKenzie said at the Pentagon However McKenzie acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future Related Coverage US official says information points to sarin chlorine use in Syria attack France warns of humanitarian disaster in Syrian city Idlib Russia fails in UN bid to condemn USled strikes on Syria The US ambassador to the United Nations Nikki Haley said at an emergency meeting of the UN Security Council that Trump told her that if Syria uses poisonous gas again 8220The United States is locked and loaded8221 The Western countries said the strikes were aimed at preventing more Syrian chemical weapons attacks after a suspected poison gas attack in Douma on April 7 killed up to 75 people They blame Assad8217s government for the attack In Washington a senior administration official said on Saturday that 8220while the available information is much greater on the chlorine use we do have significant information that also points to sarin use8221 in the attack Speaking at a summit in Peru US Vice President Mike Pence seemed less sure of the use of sarin saying that Washington may well determine that it was used along with chlorine ASSAD 8216RESILIENCE8217 Ten hours after the missiles hit smoke was still rising from the remains of five destroyed buildings of the Syrian Scientific Research Center in Barzeh where a Syrian employee said medical components were developed There were no immediate reports of casualties Syria released video of the wreckage of a bombedout research lab but also of Assad arriving at work as usual with the caption 8220Morning of resilience8221 Late on Saturday Syria time a large explosion was heard in a Syrian governmentcontrolled area in a rural region south of Aleppo according to the Britainbased war monitor The Syrian Observatory for Human Rights The Observatory said the cause of the explosion was unknown as well as its target Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him The United States Britain and France have all participated in the Syrian conflict for years arming rebels bombing Islamic State fighters and deploying troops on the ground to fight that group But they have refrained from targeting Assad8217s government apart from a volley of US missiles last year Although the Western countries have all said for seven years that Assad must leave power they held back in the past from striking his government lacking a wider strategy to defeat him Syria and its allies also made clear that they considered the attack a oneoff unlikely to do meaningful harm to Assad A senior official in a regional alliance that backs Damascus told Reuters the sites that were targeted had been evacuated days ago thanks to a warning from Russia Russian Foreign Minister Sergei Lavrov said the strikes were 8220unacceptable and lawless8221 Syrian state media called them a 8220flagrant violation of international law8221 while Iranian Supreme Leader Ayatollah Ali Khamenei called it a crime and the Western leaders criminals Russia had promised to respond to any attack on its ally but the Pentagon said no Russian air defense systems were used Syria fired 40 unguided surfacetoair missiles but only after the Western strikes had ended the Pentagon said 8220We are confident that all of our missiles reached their targets8221 McKenzie said British Prime Minister Theresa May described the strike as 8220limited and targeted8221 with no intention of toppling Assad or intervening more widely in the war Washington described the strike targets as a center near Damascus for the research development production and testing of chemical and biological weapons a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post The Pentagon said there had been chemical weapons agents at one of the targets and that the strikes had significantly crippled Syria8217s ability to produce such weapons Trump spoke to May and French President Emmanuel Macron to discuss results of the strikes the leaders8217 offices said A US Air Force B1B Lancer deployed to Al Udeid Air Base launches a strike as part of the multinational response to Syrias use of chemical weapons is seen in this image from Al Udeid Air Base Doha Qatar released on April 14 2018 US Air ForceHandout via REUTERS UN SecretaryGeneral Antonio Guterres urged all Security Council members to exercise restraint and avoid escalation in Syria but said allegations of chemical weapons use demand an investigation WEAPONS INSPECTIONS Inspectors from the global chemical weapons watchdog OPCW were due to try to visit Douma on Saturday to inspect the site of the suspected gas attack Moscow condemned the Western states for refusing to wait for their findings Russia whose relations with the West have deteriorated to levels of Cold Warera hostility has denied any gas attack took place in Douma and even accused Britain of staging it to whip up antiRussian hysteria The Western countries took precautions to avoid unexpected conflict with Russia French Defence Minister Florence Parly said Russians was warned beforehand to avert conflict Dmitry Belik a Russian member of parliament who was in Damascus and witnessed the strikes told Reuters 8220The attack was more of a psychological nature rather than practical Luckily there are no substantial losses or damages8221 In Douma site of the suspected gas attack the last buses were due on Saturday to transport out rebels and their families who agreed to surrender the town state TV reported That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta marking one of the biggest victories for Assad8217s government of the war The Western assault involved more missiles than a US attack last year but struck targets limited to Syria8217s chemical weapons facilities The US intervention last year had effectively no impact on the war Slideshow 18 Images Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma Damascus is still permitted to have chlorine for civilian use although its use as a weapon is banned Allegations of Assad8217s chlorine use have been frequent during the war although unlike nerve agents chlorine did not produce mass casualties as seen last week Reporting by Phil Stewart and Tom Perry additional reporting by Jeff Mason Steve Holland Idrees Ali Yara Bayoumy Matt Spetalnick and Joel Schectman in Washington Michelle Nichols in New York Samia Nakhoul Tom Perry Laila Bassam Ellen Francis and Angus McDowall in Beirut Kinda Makieh in Barzeh Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clerq and Matthias Blamont in Paris Polina Ivanova in Moscow writing by Doina Chiacu editing by Yara Bayoumy Alistair Bell and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles

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<p>BEIJING (Reuters) - China&#8217;s aluminum production rebounded in December to its highest since June, reversing five months of declines, as state-owned Chinalco launched new capacity even as Beijing curbed its private rivals, lifting 2017 output to a record.</p> FILE PHOTO: An employee looks at an aluminium foil roll being lifted at a plant in Binzhou, Shandong province, China May 16, 2017. Picture taken May 16, 2017. REUTERS/Stringer <p>The world&#8217;s top aluminum producer churned out 2.71 million tonnes of the metal last month, up 15.3 percent from 2.35 million tonnes in November, although it was down 1.8 percent from a year ago, the National Bureau of Statistics (NBS) reported on Thursday.</p> <p>For the full year, China produced 32.27 million tonnes of aluminum, a rise of 1.6 percent from 2016, the data showed.</p> <p>November output fell 7.8 percent from October as production cuts of as much as 30 percent at some Chinese aluminum smelters began kicking in fully by the middle of the month as part of a government crackdown on air pollution.</p> <p>December&#8217;s monthly jump reflects the start up late last year of new smelting capacity in Inner Mongolia by Aluminum Corp of China (Chinalco) and in the southern province of Guangxi, regions that were not required to cut capacity under the pollution crackdown, analysts said.</p> <p>Paul Adkins, managing director of consultancy AZ China, said 357,000 tonnes of annual smelting capacity came on line last month. He also pointed out that December has one more day than November, which means 3 percent, or 87,000 tonnes, more metal production.</p> <p>The data will likely stir the debate about the government&#8217;s years-long push to get rid of excess capacity, and could raise tensions with rival producers, like the United States and Europe, which accuse China of exporting its unwanted metal onto the international market.</p> <p>AZ China&#8217;s own estimate for China&#8217;s December production is 2.975 million tonnes, 10 percent higher than the official NBS number, and 36 million tonnes for the year. Many analysts consider the NBS data to be conservative.</p> <p>CLSA&#8217;s Victor You estimates another 3.6 million tonnes of new aluminum smelting capacity could come on stream in China in 2018, equivalent to over 11 percent of last year&#8217;s production.</p> <p>China&#8217;s overall non-ferrous metals output &#8212; including copper, aluminum, lead, zinc and nickel &#8212; rose to 4.72 million tonnes in December, up 9.3 percent from 4.32 million tonnes in November, to the highest level since June and up 2.8 percent from a year earlier.</p> <p>Full-year nonferrous production stood at 53.78 million tonnes, up 3 percent from 2016, to set a new annual record.</p> <p>Reporting by Tom Daly; Editing by Richard Pullin and Christian Schmollinger</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SEOUL (Reuters) - South Korea&#8217;s March crude oil imports from Iran dropped 39.3 percent from a year earlier on slowing demand for Iranian oil, the country&#8217;s customs data showed on Sunday.</p> <p>In March, the world&#8217;s fifth-biggest crude oil importer, imported 1.37 million tonnes of Iranian crude, or 324,612 barrels per day (bpd), from 2.26 million tonnes from the previous year when the import volume hit a record high, according the customs data.</p> <p>South Korea, one of Asia&#8217;s major Iranian oil customers, mainly buys condensate, or an utlra-light oil, but its data does not provide a breakdown of imports by types.</p> <p>Seoul has reduced its purchases of Tehran&#8217;s oil in recent months compared to last year&#8217;s levels, despite the Middle Eastern country&#8217;s efforts to retain its Asian buyers by cutting official selling prices.</p> <p>That came as the National Iranian Oil Company had cut supplies to South Korea by 3 million barrels each month from the start of this month due to lower production and a start of a new splitter, according to three sources.</p> <p>South Korean condensate buyers were also seeking to diversify supplies should the United States impose new sanctions against Iran.</p> <p>For the first quarter of 2018, South Korea&#8217;s imports from Iran fell 39.4 percent to 3.45 million tonnes, or 280,736 bpd, versus 5.69 million tonnes over the same period last year, according to the data.</p> <p>Meanwhile, crude imports from Qatar in January-March of this year were 2.19 million tonnes, or 178,652 bpd, up 2.4 percent from 2.14 million tonnes during the same period last year. South Korea typically switches to Qatari condensate to replace Iranian one.</p> <p>Overall, South Korea&#8217;s March crude oil imports were 10.91 million tonnes, or 2.58 million bpd, down 14 percent from 12.68 million tonnes from last year, according to the data.</p> <p>In the first three months of this year, South Korea imported 36.70 million tonnes of crude, or nearly 3 million bpd, down 0.4 percent from 36.88 million tonnes from the previous year.</p> <p>The country&#8217;s final data for March crude imports data will be released by state-run Korea National Oil Corp (KNOC) later this month.</p> <p>Reporting by Jane Chung; Editing by Sam Holmes</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SCHROBENHAUSEN, Germany (Reuters) - Bauer, a big producer of construction equipment, is better placed than many German companies that invested heavily in China over the past few decades.</p> Thomas Bauer, CEO of Bavaria-based construction equipment maker Bauer AG, talks during an interview with Reuters in Schrobenhausen, Germany April 3, 2018. REUTERS/Michael Dalder <p>The Bavaria-based firm, which traces its roots back to 1790, does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin.</p> <p>And the specialist engineering machines Bauer produces there are sold in countries across Asia, shielding the group from swings in the volatile Chinese building market.</p> <p>Even so, CEO Thomas Bauer, the seventh generation in his family to run the firm, is worried about his company&#8217;s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative one-way bet.</p> <p>&#8220;Germany has put too many eggs into one basket, and that basket is China,&#8221; Bauer, a jovial 62-year-old with a thick Bavarian accent, told Reuters at the company&#8217;s headquarters in Schrobenhausen, an hour&#8217;s drive north of Munich.</p> <p>Bauer&#8217;s BSAG.DE concern points to a growing fear in Germany. For more than a decade, the country has been the growth locomotive of Europe, its economy weathering global financial turmoil, the euro zone debt crisis and a record influx of refugees.</p> <p>That resilience was based on two key drivers: Germany had innovative firms that produced high-end manufactured goods that fast-growing economies needed; and the country was better than others at profiting from an open, rules-based global trading system that rewarded competitiveness.</p> <p>China has been crucial on both fronts. Over the past decade it bought up German cars and machinery at an astonishing pace, as it gradually opened up to foreign firms. Last year alone, German manufacturers sold nearly 5 million cars in China, more than three times as many as in the United States.</p> <p>But even as the good times roll on, a radical shift is taking place in how Deutschland AG views the vast Chinese market.</p> <p>Not only has the opening of China shifted into reverse under President Xi Jinping, but Chinese firms have moved up the value chain far faster than many in Germany expected.</p> <p>Germany&#8217;s China conundrum is part of a broader challenge facing Europe: Years of inward-focused crisis fighting have left the bloc politically divided and ill-prepared to respond to looming geopolitical and economic challenges. Now the continent risks being squeezed between a more assertive Beijing and the &#8220;America First&#8221; policies of Donald Trump.</p> <p>In private, some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won&#8217;t or can&#8217;t jump out.</p> <p>Germany&#8217;s ambassador to China, Michael Clauss, warned at a meeting with industry chiefs in Berlin last month of &#8220;tectonic changes&#8221; in the relationship, according to participants.</p> <p>&#8220;We need to prepare people here for a new era in our partnership with China,&#8221; an official at Germany&#8217;s powerful BDI industry federation said. &#8220;These are still golden times. But there is a huge amount of concern about what lies ahead.&#8221;</p> <p>(GRAPHIC: Germany's China problem - <a href="https://tmsnrt.rs/2GUN6BK" type="external">tmsnrt.rs/2GUN6BK</a>)</p> ROLE OF THE STATE <p>German companies were among the first in the West to set up shop in China, giving Germany an advantage as the Chinese economy took off.</p> <p>Bilateral trade between the two countries hit a record 187 billion euros last year, dwarfing China&#8217;s trade with France and the UK, both around 70 billion. In 2017, Germany ran a trade deficit with China of 14 billion euros, tiny compared to the U.S. deficit of $375 billion, or about 346 billion euros.</p> <p>Bauer AG, which employs 11,000 workers in 70 countries, built its first production facilities in China in the mid-1990s. At the time, not a single Chinese firm could make the sophisticated drilling machines it produces &#8211; towering yellow structures used to build the foundations for skyscrapers, power stations and airports.</p> <p>By 2013 Bauer counted 36 Chinese competitors able to make such machines, a shift the CEO says was accelerated by European suppliers selling co-designed parts to the Chinese.</p> <p>A decade ago, the company&#8217;s Chinese plants generated revenues of 109 million euros. Sales slumped to less than half that amount in five of the nine years that followed.</p> <p>Today, what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy.</p> Slideshow (7 Images) <p>Last year, China introduced a cyber security law which tightened state control over internet services, including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters. More recently, some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures.</p> <p>The Bauer boss fears that Xi&#8217;s &#8220;Made in China 2025&#8221; strategy, which identifies 10 key sectors &#8211; including robotics, aerospace and clean-energy cars &#8211; where China wants to be a leader, represents a direct challenge to German manufacturing dominance.</p> <p>To keep its edge Bauer says his firm is focusing intensively on digitalization.</p> <p>&#8220;It will not be a contest against copiers. It will be one against innovative engineers who are intent on overtaking us,&#8221; he said. &#8220;If we don&#8217;t start finding answers soon, this can end very badly.&#8221;</p> TRUMP TARIFFS <p>The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs.</p> <p>But because Germany&#8217;s top firms have become so dependent on the Chinese market, the government in Berlin has avoided confronting China head-on.</p> <p>Back in February, carmaker Daimler ( <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">DAIGn.DE</a>) showed just how skittish some companies are about upsetting Beijing.</p> <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">Daimler AG</a> 65.65 DAIGn.DE Xetra +0.18 (+0.27%) DAIGn.DE 000333.SZ KU2G.DE <p>After a backlash in China over a Mercedez-Benz ad on Instagram that quoted the Dalai Lama &#8211; the Tibetan spiritual leader seen by Beijing as a separatist &#8211; Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the &#8220;hurt and grief&#8221; his company&#8217;s &#8220;negligent and insensitive mistake&#8221; had caused the Chinese people.</p> <p>&#8220;There is a huge gap between what people in Germany are saying about China and what they are really thinking,&#8221; said Bernhard Bartsch of the Bertelsmann Foundation, a German research group.</p> <p>Later this month, Bertelsmann and Berlin-based China think tank MERICS will host an Oxford Union-style debate on the motion: &#8220;In ten years&#8217; time, China will have substantially undermined Europe&#8217;s political and economic system&#8221;</p> <p>The mood among German firms operating in China is also souring.</p> <p>A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years, more than half of its members were not planning investments in new locations in China. Nearly 13 percent of German firms operating in China said they could leave within the next two years.</p> <p>For decades, Germany&#8217;s approach to China could be summed up with the motto &#8220;Wandel durch Handel&#8221; (change through trade).</p> <p>Now that strategy is in tatters and government officials joke darkly that the &#8220;win-win&#8221; relationship has a new meaning: China wins twice.</p> <p>&#8220;The hope was that closer economic ties would lead to an opening. Today it is clear this was a false hope,&#8221; said a German government official. &#8220;They tell us what we want to hear and then do the opposite.&#8221;</p> <p>Berlin is starting to push back. Last year, after Chinese firm Midea&#8217;s ( <a href="/finance/stocks/overview?symbol=000333.SZ" type="external">000333.SZ</a>) takeover of robotics maker Kuka ( <a href="/finance/stocks/overview?symbol=KU2G.DE" type="external">KU2G.DE</a>) sparked an uproar, it tightened restrictions on foreign investments and launched a push for new Europe-wide rules for screening takeovers.</p> <p>In December, Germany&#8217;s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians - a rare public rebuke that Berlin says was intended to send the Chinese a message.</p> <p>A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin, officials say.</p> <p>But they also concede that divisions within the EU and a wide gap between Europe and the go-it-alone Trump administration will make it more difficult to force change in Beijing.</p> <p>&#8220;What the Chinese are really worried about is Europe and the United States working together against them,&#8221; said the German official. &#8220;In that sense, Trump really is a gift to China.&#8221;</p> <p>Reporting by Noah Barkin; Editing by Simon Robinson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(This version of the April 13th story corrects title of Scott Morris as senior fellow of Center for Global Development)</p> <p>By David Lawder</p> <p>WASHINGTON (Reuters) - The Trump administration is expected to support a $13 billion capital increase for the World Bank in a deal that will reform the development bank&#8217;s lending rules and increase China&#8217;s shareholding, three people close to the matter said on Friday.</p> <p>U.S. Treasury Secretary Steven Mnuchin is expected to lend his support for the plan at next week&#8217;s World Bank and International Monetary Fund spring meetings, the sources said. But the deal will need an endorsement from the World Bank&#8217;s shareholders and approval from its board of directors.</p> <p>&#8220;Barring unforeseen challenges, there will be a capital increase,&#8221; one of the sources told Reuters.</p> <p>U.S. backing for the capital increase was first reported by the Financial Times.</p> <p>The Trump administration was initially skeptical of the World Bank&#8217;s long-running effort to boost its capital, proposing major cuts to multilateral development banks last year.</p> <p>U.S. Treasury Undersecretary David Malpass has long criticized multilateral development banks for contributing to the build-up of debt in poor countries, and has chided the World Bank&#8217;s lending to higher income countries such as China, saying they should &#8220;graduate&#8221; to non-concessional loans.</p> <p>&#8220;When the World Bank does not graduate these countries, less funding is available to reach countries with greater development needs and there is an excess burden placed on shareholder capital,&#8221; Malpass, who heads international affairs at the Treasury, said in congressional testimony last year.</p> <p>The sources, who spoke on condition of anonymity because the plan has not been formally announced, said it would include reforms that would raise financing costs for higher-income countries.</p> <p>Scott Morris, a former Treasury official who now is a senior fellow at the Center for Global Development, said the capital increase deal is a victory for World Bank President Jim Yong Kim, an Obama administration nominee who has cultivated a relationship with the Trump administration, launching a women&#8217;s empowerment fund in cooperation with President Donald Trump&#8217;s daughter Ivanka.</p> <p>Morris said the increase in shareholding for China &#8220;reflects reality of the global economy&#8221; with China&#8217;s growing economic clout. But it is unclear how Mnuchin will characterize the shift given Trump&#8217;s threats to impose steep tariffs on Chinese goods over China&#8217;s intellectual property practices, he added.</p> <p>Under terms of the deal, according to the sources familiar with it, China&#8217;s shareholding in the World Bank would rise to about six percent from 4.68 percent currently. China would still be in third place behind the United States and Japan.</p> <p>About $7.5 billion of the capital increase would go to the World Bank&#8217;s main concessional lending arm, the International Bank for Reconstruction and Development, with $5.5 billion going to the International Finance Corp, the group&#8217;s private sector lending arm.</p> <p>A U.S. Treasury spokesman declined to comment, while a World Bank spokesman could not immediately be reached for comment.</p> <p>Additional reporting by Lucia Mutikani; Editing by Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Two multi-billion dollar takeovers of semiconductor makers are being stalled by Chinese regulatory reviews amid rising U.S.-China trade tensions, the Wall Street Journal reported on Saturday, citing people familiar with the matter.</p> FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo <p>Qualcomm Inc&#8217;s ( <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">QCOM.O</a>) proposed $44 billion purchase of Dutch chip maker NXP Semiconductors NV ( <a href="/finance/stocks/overview?symbol=NXPI.O" type="external">NXPI.O</a>) could be at risk due to the delayed review. China is the only country that has not yet signed off on the deal, or on Toshiba Corp&#8217;s ( <a href="/finance/stocks/overview?symbol=6502.T" type="external">6502.T</a>) planned $19 billion sale of its chip unit to a Bain Capital consortium, according to the newspaper.</p> Slideshow (2 Images) <p>Qualcomm&#8217;s merger agreement with NXP was extended for a second time in January, giving the two until to April 25, although the parties could decide to extend the deadline.</p> <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">Qualcomm Inc</a> 55.73 QCOM.O Nasdaq +0.53 (+0.96%) QCOM.O NXPI.O 6502.T <p>China&#8217;s Vice President, Wang Qishan, last month assured Qualcomm Chief Executive Steve Mollenkopf that the review would not be affected by politics, the newspaper said.</p> <p>Qualcomm and Toshiba did not immediately respond to requests for comment.</p> <p>In a move to force China to lower its $375 billion trade surplus with the U.S., the Trump administration this month unveiled tariffs representing about $50 billion on Chinese technology, transport and medical products, drawing an immediate threat of retaliatory action from Beijing.</p> <p>At the same time, China pledged to further open the country&#8217;s economy and lower import tariffs on certain products, moves it said were unrelated to the trade spat.</p> <p>Reporting by Gary McWilliams; editing by Diane Craft</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

China ramps up aluminum output in Dec amid new capacity launches South Korea's March Iranian crude oil imports down 39.3 percent year-on-year 'Boiled frog syndrome': Germany's China problem U.S. to back $13 billion World Bank capital increase: sources China slows review of chip company mergers amid trade tensions: WSJ

https://reuters.com/article/us-china-economy-output-aluminium/china-ramps-up-aluminum-output-in-dec-amid-new-capacity-launches-idUSKBN1F7167

2018-01-18

2least

BEIJING Reuters China8217s aluminum production rebounded in December to its highest since June reversing five months of declines as stateowned Chinalco launched new capacity even as Beijing curbed its private rivals lifting 2017 output to a record FILE PHOTO An employee looks at an aluminium foil roll being lifted at a plant in Binzhou Shandong province China May 16 2017 Picture taken May 16 2017 REUTERSStringer The world8217s top aluminum producer churned out 271 million tonnes of the metal last month up 153 percent from 235 million tonnes in November although it was down 18 percent from a year ago the National Bureau of Statistics NBS reported on Thursday For the full year China produced 3227 million tonnes of aluminum a rise of 16 percent from 2016 the data showed November output fell 78 percent from October as production cuts of as much as 30 percent at some Chinese aluminum smelters began kicking in fully by the middle of the month as part of a government crackdown on air pollution December8217s monthly jump reflects the start up late last year of new smelting capacity in Inner Mongolia by Aluminum Corp of China Chinalco and in the southern province of Guangxi regions that were not required to cut capacity under the pollution crackdown analysts said Paul Adkins managing director of consultancy AZ China said 357000 tonnes of annual smelting capacity came on line last month He also pointed out that December has one more day than November which means 3 percent or 87000 tonnes more metal production The data will likely stir the debate about the government8217s yearslong push to get rid of excess capacity and could raise tensions with rival producers like the United States and Europe which accuse China of exporting its unwanted metal onto the international market AZ China8217s own estimate for China8217s December production is 2975 million tonnes 10 percent higher than the official NBS number and 36 million tonnes for the year Many analysts consider the NBS data to be conservative CLSA8217s Victor You estimates another 36 million tonnes of new aluminum smelting capacity could come on stream in China in 2018 equivalent to over 11 percent of last year8217s production China8217s overall nonferrous metals output 8212 including copper aluminum lead zinc and nickel 8212 rose to 472 million tonnes in December up 93 percent from 432 million tonnes in November to the highest level since June and up 28 percent from a year earlier Fullyear nonferrous production stood at 5378 million tonnes up 3 percent from 2016 to set a new annual record Reporting by Tom Daly Editing by Richard Pullin and Christian Schmollinger Our Standards The Thomson Reuters Trust Principles SEOUL Reuters South Korea8217s March crude oil imports from Iran dropped 393 percent from a year earlier on slowing demand for Iranian oil the country8217s customs data showed on Sunday In March the world8217s fifthbiggest crude oil importer imported 137 million tonnes of Iranian crude or 324612 barrels per day bpd from 226 million tonnes from the previous year when the import volume hit a record high according the customs data South Korea one of Asia8217s major Iranian oil customers mainly buys condensate or an utlralight oil but its data does not provide a breakdown of imports by types Seoul has reduced its purchases of Tehran8217s oil in recent months compared to last year8217s levels despite the Middle Eastern country8217s efforts to retain its Asian buyers by cutting official selling prices That came as the National Iranian Oil Company had cut supplies to South Korea by 3 million barrels each month from the start of this month due to lower production and a start of a new splitter according to three sources South Korean condensate buyers were also seeking to diversify supplies should the United States impose new sanctions against Iran For the first quarter of 2018 South Korea8217s imports from Iran fell 394 percent to 345 million tonnes or 280736 bpd versus 569 million tonnes over the same period last year according to the data Meanwhile crude imports from Qatar in JanuaryMarch of this year were 219 million tonnes or 178652 bpd up 24 percent from 214 million tonnes during the same period last year South Korea typically switches to Qatari condensate to replace Iranian one Overall South Korea8217s March crude oil imports were 1091 million tonnes or 258 million bpd down 14 percent from 1268 million tonnes from last year according to the data In the first three months of this year South Korea imported 3670 million tonnes of crude or nearly 3 million bpd down 04 percent from 3688 million tonnes from the previous year The country8217s final data for March crude imports data will be released by staterun Korea National Oil Corp KNOC later this month Reporting by Jane Chung Editing by Sam Holmes Our Standards The Thomson Reuters Trust Principles SCHROBENHAUSEN Germany Reuters Bauer a big producer of construction equipment is better placed than many German companies that invested heavily in China over the past few decades Thomas Bauer CEO of Bavariabased construction equipment maker Bauer AG talks during an interview with Reuters in Schrobenhausen Germany April 3 2018 REUTERSMichael Dalder The Bavariabased firm which traces its roots back to 1790 does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin And the specialist engineering machines Bauer produces there are sold in countries across Asia shielding the group from swings in the volatile Chinese building market Even so CEO Thomas Bauer the seventh generation in his family to run the firm is worried about his company8217s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative oneway bet 8220Germany has put too many eggs into one basket and that basket is China8221 Bauer a jovial 62yearold with a thick Bavarian accent told Reuters at the company8217s headquarters in Schrobenhausen an hour8217s drive north of Munich Bauer8217s BSAGDE concern points to a growing fear in Germany For more than a decade the country has been the growth locomotive of Europe its economy weathering global financial turmoil the euro zone debt crisis and a record influx of refugees That resilience was based on two key drivers Germany had innovative firms that produced highend manufactured goods that fastgrowing economies needed and the country was better than others at profiting from an open rulesbased global trading system that rewarded competitiveness China has been crucial on both fronts Over the past decade it bought up German cars and machinery at an astonishing pace as it gradually opened up to foreign firms Last year alone German manufacturers sold nearly 5 million cars in China more than three times as many as in the United States But even as the good times roll on a radical shift is taking place in how Deutschland AG views the vast Chinese market Not only has the opening of China shifted into reverse under President Xi Jinping but Chinese firms have moved up the value chain far faster than many in Germany expected Germany8217s China conundrum is part of a broader challenge facing Europe Years of inwardfocused crisis fighting have left the bloc politically divided and illprepared to respond to looming geopolitical and economic challenges Now the continent risks being squeezed between a more assertive Beijing and the 8220America First8221 policies of Donald Trump In private some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won8217t or can8217t jump out Germany8217s ambassador to China Michael Clauss warned at a meeting with industry chiefs in Berlin last month of 8220tectonic changes8221 in the relationship according to participants 8220We need to prepare people here for a new era in our partnership with China8221 an official at Germany8217s powerful BDI industry federation said 8220These are still golden times But there is a huge amount of concern about what lies ahead8221 GRAPHIC Germanys China problem tmsnrtrs2GUN6BK ROLE OF THE STATE German companies were among the first in the West to set up shop in China giving Germany an advantage as the Chinese economy took off Bilateral trade between the two countries hit a record 187 billion euros last year dwarfing China8217s trade with France and the UK both around 70 billion In 2017 Germany ran a trade deficit with China of 14 billion euros tiny compared to the US deficit of 375 billion or about 346 billion euros Bauer AG which employs 11000 workers in 70 countries built its first production facilities in China in the mid1990s At the time not a single Chinese firm could make the sophisticated drilling machines it produces 8211 towering yellow structures used to build the foundations for skyscrapers power stations and airports By 2013 Bauer counted 36 Chinese competitors able to make such machines a shift the CEO says was accelerated by European suppliers selling codesigned parts to the Chinese A decade ago the company8217s Chinese plants generated revenues of 109 million euros Sales slumped to less than half that amount in five of the nine years that followed Today what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy Slideshow 7 Images Last year China introduced a cyber security law which tightened state control over internet services including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters More recently some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures The Bauer boss fears that Xi8217s 8220Made in China 20258221 strategy which identifies 10 key sectors 8211 including robotics aerospace and cleanenergy cars 8211 where China wants to be a leader represents a direct challenge to German manufacturing dominance To keep its edge Bauer says his firm is focusing intensively on digitalization 8220It will not be a contest against copiers It will be one against innovative engineers who are intent on overtaking us8221 he said 8220If we don8217t start finding answers soon this can end very badly8221 TRUMP TARIFFS The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs But because Germany8217s top firms have become so dependent on the Chinese market the government in Berlin has avoided confronting China headon Back in February carmaker Daimler DAIGnDE showed just how skittish some companies are about upsetting Beijing Daimler AG 6565 DAIGnDE Xetra 018 027 DAIGnDE 000333SZ KU2GDE After a backlash in China over a MercedezBenz ad on Instagram that quoted the Dalai Lama 8211 the Tibetan spiritual leader seen by Beijing as a separatist 8211 Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the 8220hurt and grief8221 his company8217s 8220negligent and insensitive mistake8221 had caused the Chinese people 8220There is a huge gap between what people in Germany are saying about China and what they are really thinking8221 said Bernhard Bartsch of the Bertelsmann Foundation a German research group Later this month Bertelsmann and Berlinbased China think tank MERICS will host an Oxford Unionstyle debate on the motion 8220In ten years8217 time China will have substantially undermined Europe8217s political and economic system8221 The mood among German firms operating in China is also souring A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years more than half of its members were not planning investments in new locations in China Nearly 13 percent of German firms operating in China said they could leave within the next two years For decades Germany8217s approach to China could be summed up with the motto 8220Wandel durch Handel8221 change through trade Now that strategy is in tatters and government officials joke darkly that the 8220winwin8221 relationship has a new meaning China wins twice 8220The hope was that closer economic ties would lead to an opening Today it is clear this was a false hope8221 said a German government official 8220They tell us what we want to hear and then do the opposite8221 Berlin is starting to push back Last year after Chinese firm Midea8217s 000333SZ takeover of robotics maker Kuka KU2GDE sparked an uproar it tightened restrictions on foreign investments and launched a push for new Europewide rules for screening takeovers In December Germany8217s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians a rare public rebuke that Berlin says was intended to send the Chinese a message A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin officials say But they also concede that divisions within the EU and a wide gap between Europe and the goitalone Trump administration will make it more difficult to force change in Beijing 8220What the Chinese are really worried about is Europe and the United States working together against them8221 said the German official 8220In that sense Trump really is a gift to China8221 Reporting by Noah Barkin Editing by Simon Robinson Our Standards The Thomson Reuters Trust Principles This version of the April 13th story corrects title of Scott Morris as senior fellow of Center for Global Development By David Lawder WASHINGTON Reuters The Trump administration is expected to support a 13 billion capital increase for the World Bank in a deal that will reform the development bank8217s lending rules and increase China8217s shareholding three people close to the matter said on Friday US Treasury Secretary Steven Mnuchin is expected to lend his support for the plan at next week8217s World Bank and International Monetary Fund spring meetings the sources said But the deal will need an endorsement from the World Bank8217s shareholders and approval from its board of directors 8220Barring unforeseen challenges there will be a capital increase8221 one of the sources told Reuters US backing for the capital increase was first reported by the Financial Times The Trump administration was initially skeptical of the World Bank8217s longrunning effort to boost its capital proposing major cuts to multilateral development banks last year US Treasury Undersecretary David Malpass has long criticized multilateral development banks for contributing to the buildup of debt in poor countries and has chided the World Bank8217s lending to higher income countries such as China saying they should 8220graduate8221 to nonconcessional loans 8220When the World Bank does not graduate these countries less funding is available to reach countries with greater development needs and there is an excess burden placed on shareholder capital8221 Malpass who heads international affairs at the Treasury said in congressional testimony last year The sources who spoke on condition of anonymity because the plan has not been formally announced said it would include reforms that would raise financing costs for higherincome countries Scott Morris a former Treasury official who now is a senior fellow at the Center for Global Development said the capital increase deal is a victory for World Bank President Jim Yong Kim an Obama administration nominee who has cultivated a relationship with the Trump administration launching a women8217s empowerment fund in cooperation with President Donald Trump8217s daughter Ivanka Morris said the increase in shareholding for China 8220reflects reality of the global economy8221 with China8217s growing economic clout But it is unclear how Mnuchin will characterize the shift given Trump8217s threats to impose steep tariffs on Chinese goods over China8217s intellectual property practices he added Under terms of the deal according to the sources familiar with it China8217s shareholding in the World Bank would rise to about six percent from 468 percent currently China would still be in third place behind the United States and Japan About 75 billion of the capital increase would go to the World Bank8217s main concessional lending arm the International Bank for Reconstruction and Development with 55 billion going to the International Finance Corp the group8217s private sector lending arm A US Treasury spokesman declined to comment while a World Bank spokesman could not immediately be reached for comment Additional reporting by Lucia Mutikani Editing by Leslie Adler Our Standards The Thomson Reuters Trust Principles Reuters Two multibillion dollar takeovers of semiconductor makers are being stalled by Chinese regulatory reviews amid rising USChina trade tensions the Wall Street Journal reported on Saturday citing people familiar with the matter FILE PHOTO A sign on the Qualcomm campus is seen in San Diego California US November 6 2017 REUTERSMike BlakeFile Photo Qualcomm Inc8217s QCOMO proposed 44 billion purchase of Dutch chip maker NXP Semiconductors NV NXPIO could be at risk due to the delayed review China is the only country that has not yet signed off on the deal or on Toshiba Corp8217s 6502T planned 19 billion sale of its chip unit to a Bain Capital consortium according to the newspaper Slideshow 2 Images Qualcomm8217s merger agreement with NXP was extended for a second time in January giving the two until to April 25 although the parties could decide to extend the deadline Qualcomm Inc 5573 QCOMO Nasdaq 053 096 QCOMO NXPIO 6502T China8217s Vice President Wang Qishan last month assured Qualcomm Chief Executive Steve Mollenkopf that the review would not be affected by politics the newspaper said Qualcomm and Toshiba did not immediately respond to requests for comment In a move to force China to lower its 375 billion trade surplus with the US the Trump administration this month unveiled tariffs representing about 50 billion on Chinese technology transport and medical products drawing an immediate threat of retaliatory action from Beijing At the same time China pledged to further open the country8217s economy and lower import tariffs on certain products moves it said were unrelated to the trade spat Reporting by Gary McWilliams editing by Diane Craft Our Standards The Thomson Reuters Trust Principles

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<p>Miles Bridges had 22 points, Nick Ward supplied 18 points and 13 rebounds, and No. 9 Michigan State crushed Indiana 85-57 on Friday night.</p> <p>Matt McQuaid tossed in 11 points, Jaren Jackson Jr. added 10 points, six rebounds, three assists and three blocks, and Cassius Winston chipped in 10 points and eight assists for Michigan State (17-3 overall, 5-2 Big Ten).</p> <p>Robert Johnson topped Indiana with 21 points and seven rebounds. Josh Newkirk added 14 points but shot 5-for-17 from the field for the Hoosiers (11-8, 4-3), who saw their three-game win streak snapped.</p> <p>Michigan State shot 54 percent from the field and held Indiana to 34 percent shooting. The Spartans overwhelmed the Hoosiers on the boards, holding a 45-27 advantage in that category. Michigan State had a 17-6 advantage in second-chance points. The Spartans also outscored the Hoosiers 38-18 in the paint.</p> <p>Michigan State had lost two of its last three games, including an 82-72 home loss to rival Michigan, but came out strong and led the Hoosiers for over 37 minutes.</p> <p>The Spartans have won six of the last seven meetings. The 28-point difference was the largest margin of victory against the Hoosiers since March 2008, when the Spartans won in East Lansing 103-74.</p> <p>Bridges scored 13 first-half points as the Spartans raced to a 42-23 halftime lead. Michigan State outscored Indiana 12-0 in points off turnovers and 18-4 in the paint.</p> <p>Michigan State took command with 18 unanswered points in the first half. McQuaid and Winston scored five points apiece during that outburst while Bridges and Jackson contributed threes. The Hoosiers missed five field goal attempts and two free throws and also committed two turnovers during that span.</p> <p>A Bridges 3-pointer pushed the Spartans&#8217; lead to 20 at 37-17 with 6:14 remaining in the half. It was still a 19-point spread at the half even though Michigan State didn&#8217;t have a field goal in the final 5:31.</p> <p>The Spartans led by double digits throughout the second half.</p> <p>The teams play again at Bloomington, Ind. on Feb. 3.</p> <p>&#8212;Field Level Media</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN FRANCISCO (Reuters) - An Iranian-born woman who blogged about surviving in a world filled with &#8220;injustice and diseases&#8221; opened fire at YouTube&#8217;s California headquarters because she was angry at a site she believed was suppressing her videos, police said on Wednesday.</p> <p>In Persian and English-language online postings, Nasim Najafi Aghdam, 39, had railed against the video-sharing site owned by Alphabet Inc&#8217;s Google before wounding three people and killing herself on Tuesday at its offices in San Bruno, just south of San Francisco.</p> <p>In an English-language video posted to her YouTube account before the channel was deleted on Tuesday, Aghdam said, &#8220;I am being discriminated. I am being filtered on YouTube.&#8221;</p> <p>&#8220;We know that she was upset with YouTube ... that&#8217;s the motivation,&#8221; San Bruno Police Chief Ed Barberini told reporters. &#8220;Whether that rises to the level of terrorism hopefully will be determined in the next couple of weeks.&#8221;</p> <p>The shooting on the corporate campus in California&#8217;s Silicon Valley came days after Aghdam had a dispute with her family that caused her to leave her San Diego home. On Monday, they reported her missing, police said.</p> <p>Early the next day, Mountain View police found Aghdam sleeping in her car a few miles from Alphabet&#8217;s headquarters. She was &#8220;calm and cooperative&#8221; with the officers she spoke with, made no mention of YouTube and gave no indication she would harm anyone, Mountain View police said.</p> <p>The San Jose Mercury News quoted Aghdam&#8217;s father, Ismail Aghdam, as saying he told police that his daughter might go to YouTube&#8217;s headquarters because she hated the company but Mountain view police disputed that account.</p> <p>Police said officers had twice spoken with the family after finding her. In an initial call, Aghdam&#8217;s father said nothing about his daughter posing a threat but then called back to say she had posted vegan videos to YouTube and was angry about something that had been done to them, police said.</p> <p>&#8220;At no point did her father or brother mention anything about potential acts of violence,&#8221; the statement said.</p> <p>Efforts to reach Aghdam&#8217;s relatives by phone were unsuccessful.</p> <p>However, Los Angeles television station KTLA and other media reported on Wednesday that Aghdam&#8217;s family in a statement expressed sorrow over the shooting and support for the victims.</p> <p>&#8220;Our family is in absolute shock and can&#8217;t make sense of what has happened yesterday,&#8221; the family said, according to KTLA.</p> <p>Aghdam entered the YouTube parking garage and walked to an open-air plaza, where she opened fire. But she was not able to walk into the building itself, YouTube said in a statement on Wednesday.</p> Nasim Najafi Aghdam appears in a handout photo provided by the San Bruno Police Department, April 4, 2018. San Bruno Police Department/Handout via REUTERS <p>YouTube is &#8220;revisiting this incident in detail&#8221; and will increase security at its offices worldwide, the company said.</p> <p>Aghdam did not appear to have targeted particular victims when she opened fire with a legally purchased Smith &amp;amp; Wesson 9mm semiautomatic handgun, the San Bruno police chief said.</p> <p>Aghdam had visited an area gun range that morning, police said.</p> <p>In some online posts before the attack, Aghdam spoke about herself in heroic terms for surviving in a hostile world.</p> <p>&#8220;I think I am doing a great job,&#8221; she wrote in Persian on her Instagram account. &#8220;I have never fallen in love and have never got married. I have no physical and psychological diseases. But I live on a planet that is full of injustice and diseases.&#8221;</p> Slideshow (2 Images) <p>In videos posted on her YouTube channels, which were taken down on Tuesday, Aghdam alternately bemoaned animal cruelty, promoted what appeared to be handmade jewelry and demonstrated exercise techniques. She offered few specifics about what she believed had been suppressed, other than to complain that her workout videos had been flagged as adults-only content.</p> <p>YouTube has long faced complaints about alleged censorship on its site, and says it attempts to balance its mission of fostering free speech while providing an appropriate and lawful environment for users.</p> <p>One of her three victims, a man in his 30s, remained in San Francisco General Hospital in serious condition on Wednesday, the hospital said. Two others were released Tuesday night, it said.</p> <p>Reporting by Paresh Dave and Heather Somerville; additional reporting by Parisa Hafezi in ANKARA, Gina Cherelus in NEW YORK, Ben Klayman in ANN ARBOR, Michigan, and Alex Dobuzinskis in LOS ANGELES,; Writing by Rich McKay and Scott Malone; Editing by Bill Trott, James Dalgleish and Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - An affluent Chicago suburb has banned the possession, sale and manufacture of &#8220;assault weapons&#8221; and &#8220;large-capacity magazines&#8221; in response to the massacre at a Florida high school and other recent mass shootings in the United States.</p> FILE PHOTO - AR-15 rifles are displayed for sale at the Guntoberfest gun show in Oaks, Pennsylvania, U.S., October 6, 2017. REUTERS/Joshua Roberts <p>Residents of Democratic-leaning Deerfield, located about 25 miles north of Chicago, have until June 13 to remove any firearms and magazines that fall outside the new restrictions or face a fine of between $250 and $1,000 per day, according to the ordinance passed by the town board on Monday night.</p> <p>The ban quickly drew a legal challenge from gun-rights group Guns Save Life, with support from the National Rifle Association, on grounds it violated Americans&#8217; Constitutional rights to own firearms.</p> <p>The Deerfield ordinance said the ban was a direct response to the Feb. 14 killing of 17 people at Marjory Stoneman Douglas High School in Parkland, Florida, and the student-led campaign for tighter restrictions on guns inspired by the mass shooting.</p> <p>&#8220;We hope that our local decision helps spur state and national leaders to take steps to make our communities safer,&#8221; Deerfield Mayor Harriet Rosenthal said in a statement.</p> <p>The ban follows a similar 2013 measure enacted by the nearby suburb of Highland Park, located on Chicago&#8217;s North Shore, which withstood a challenge that went all the way to the U.S. Supreme Court.</p> <p>Opponents were quick to take issue with the ban.</p> <p>&#8220;Every law-abiding villager of Deerfield has the right to protect themselves, their homes, and their loved ones with the firearm that best suits their needs,&#8221; Chris Cox, head of the NRA&#8217;s lobbying arm, said in a statement.</p> <p>Opponents of the ban said they fear Deerfield will try to outlaw other firearms.</p> <p>&#8220;First it&#8217;s going to be assault rifles. There will be new bans in the future. It&#8217;s just a matter of time,&#8221; Deerfield resident Larry Nordal told the Chicago Tribune. Nordal did not immediately respond to a request for further comment.</p> <p>The ban defines assault weapons as a range of firearms such as semiautomatic rifles like the AR-15, a gun similar to the one used in the Florida massacre. High-capacity magazines are defined as those holding more than 10 rounds.</p> <p>Deerfield High School senior Ariella Kharasch, who supported the legislation, wants more action on local and national levels.</p> <p>&#8220;This is our generation&#8217;s fight. We&#8217;re going to keep fighting and this is part of it,&#8221; Kharasch told the Chicago Tribune. &#8220;Change happens gradually step by step.&#8221;</p> <p>Reporting by Andrew Hay; Editing by Lisa Shumaker and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN FRANCISCO (Reuters) - Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) said on Wednesday that the personal information of up to 87 million users, mostly in the United States, may have been improperly shared with political consultancy Cambridge Analytica, up from a previous news media estimate of more than 50 million.</p> <p>Chief Executive Mark Zuckerberg said in a conference call with reporters that Facebook had not seen &#8220;any meaningful impact&#8221; on usage or ad sales since the scandal, although he added, &#8220;it&#8217;s not good&#8221; if people are unhappy with the company.</p> <p>Shares rose more than 3 percent after the bell.</p> <p>Zuckerberg told reporters that he accepted blame for the data leak, which has angered users, advertisers and lawmakers, while also saying he was still the right person to head the company he founded.</p> <p>&#8220;When you&#8217;re building something like Facebook that is unprecedented in the world, there are going to be things that you mess up,&#8221; Zuckerberg said, adding that the important thing was to learn from mistakes.</p> <p>He said he was not aware of any discussions on the Facebook board about him stepping down, although directors would face a challenge if they wanted to oust him because Zuckerberg is the controlling shareholder.</p> <p>He said he had not fired anyone over the scandal and did not plan to. &#8220;I&#8217;m not looking to throw anyone else under the bus for mistakes that we made here,&#8221; he said.</p> <p>Facebook first acknowledged last month that personal information about millions of users wrongly ended up in the hands of Cambridge Analytica.</p> <p>Zuckerberg will testify about the matter next week before the U.S. House Energy and Commerce Committee.</p> <p>London-based Cambridge Analytica, which has counted U.S. President Donald Trump&#8217;s 2016 campaign among its clients, disputed Facebook&#8217;s estimate of affected users. It said in a tweet on Wednesday that it received no more than 30 million records from a researcher it hired to collect data about people on Facebook.</p> <p>Zuckerberg, on the call with reporters, said Facebook should have done more to audit and oversee third-party app developers like the one that Cambridge Analytica hired in 2014.</p> <p>&#8220;Knowing what I know today, clearly we should have done more,&#8221; he said.</p> <p>Going forward, he said, Facebook was taking steps to restrict which personal data is available to third-party app developers, and he said it might take two more years to fix Facebook's problems. ( <a href="https://bit.ly/2Ejpktb" type="external">bit.ly/2Ejpktb</a>)</p> FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File photo <p>&#8220;We&#8217;re broadening our view of our responsibility,&#8221; Zuckerberg said.</p> <p>Most of the up to 87 million people whose data was shared with Cambridge Analytica were in the United States, Facebook Chief Technology Officer Mike Schroepfer wrote in a blog post. (Graphic: <a href="https://bit.ly/2q5r5pl" type="external">bit.ly/2q5r5pl</a>)</p> <p>Shares in Facebook closed down 0.6 percent on Wednesday to $155.10. They have tumbled more than 16 percent since the Cambridge Analytica scandal broke.</p> <p>The previous estimate of more than 50 million Facebook users affected by the data leak came from two newspapers, the New York Times and London&#8217;s Observer, based on their investigations of Cambridge Analytica.</p> <p>Zuckerberg said Facebook came to the higher estimate by looking at the number of people who had downloaded a personality quiz app created by Cambridge University academic Aleksandr Kogan, or about 270,000 people, and then adding in the number of friends they had.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 155.1 FB.O Nasdaq -1.01 (-0.65%) FB.O <p>Cambridge Analytica has said that it engaged Kogan &#8220;in good faith&#8221; to collect Facebook data in a manner similar to how other third-party app developers have harvested personal information.</p> <p>The scandal has kicked off investigations by Britain&#8217;s Information Commissioner&#8217;s Office, the U.S. Federal Trade Commission and by some 37 U.S. state attorneys general.</p> <p>Nigeria&#8217;s government will investigate allegations of improper involvement by Cambridge Analytica in that country&#8217;s 2007 and 2015 elections, a presidency spokesman said on Monday.</p> <p>Reporting by David Ingram in San Francisco; Additional reporting by Arjun Panchadar in Bengaluru and Eric Auchard in London; Editing by Lisa Shumaker</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRASILIA (Reuters) - Brazil&#8217;s Supreme Court was on the verge of rejecting on Wednesday former president Luiz Inacio Lula da Silva&#8217;s plea to remain out of prison while he appeals a corruption conviction, a case that has sharply divided the country, cast a shadow over this year&#8217;s presidential election and stirred rumblings in the army.</p> Supporters of former Brazil president Luiz Inacio Lula da Silva react during justice Rosa Weber's session of the Supreme Court to issue a final decision about Lula's habeas corpus plea, in Brasilia, Brazil April 4, 2018. REUTERS/Ueslei Marcelino <p>The leftist leader is still Brazil&#8217;s most popular politician, despite his conviction and six separate pending corruption trials. He is the front-runner in all polling for the presidential election in October, though his conviction will likely bar him from running.</p> <p>The Supreme Court is split on Lula&#8217;s request to be allowed to exhaust his appeals before beginning to serve a 12-year prison sentence for taking bribes.</p> <p>A pivotal vote was cast late Wednesday by justice Rosa Weber, who voted against Lula&#8217;s request to avoid jail. Weber was seen as a swing vote, and her decision likely means a majority will vote that the leader can be sent to prison.</p> <p>However, six justices still must weigh in, and the final result could be delayed until Thursday, or put off indefinitely if any remaining justice requests more time to make a decision.</p> <p>Lower court judges, the country&#8217;s top prosecutor and business groups have urged the court to abide by its own 2016 ruling that defendants can be jailed if a conviction is upheld on a first appeal, as Lula&#8217;s was earlier this year.</p> <p>Before that ruling, appeals in Brazil&#8217;s complex and badly backlogged legal system could stretched out for several years, guaranteeing impunity for those rich enough to afford lawyers who could launch countless technical appeals.</p> MILITARY WEIGHS IN <p>Brazilian society remains deeply divided one and a half years after President Dilma Rousseff was impeached and removed from office amid a corruption scandal and economic crisis.</p> <p>Tensions increased on Tuesday when the commander of Brazil&#8217;s army weighed in with tweets calling on the court to stand guard against impunity. That rattled nerves across Brazil, which endured a 1964-85 military dictatorships and has a long history of coups interrupting democratic regimes.</p> Slideshow (15 Images) <p>General Eduardo Villas Boas wrote that the army along with &#8220;all good citizens, repudiates impunity and respects the Constitution, social peace and democracy.&#8221;</p> <p>Villas Boas wrote that the army would stick to its constitutional role. But retired officers have warned that the military would not take lightly to the Supreme Court, which has rejected nearly all similar appeals in the past two years, ruling that Lula could remain free on appeal.</p> <p>Army reserve general Luiz Lessa told the Estado de S.Paulo newspaper on Tuesday the military would have to intervene if Lula was allowed to become a candidate in the election. The army said that was his personal opinion.</p> <p>A decision in favor of Lula would be a boost for the efforts of Brazil&#8217;s first working-class president to save his political career from the corruption scandals that have rocked the political establishment and especially his Workers Party, which held the presidency from 2003 until mid-2016.</p> <a href="/finance/stocks/overview?symbol=PETR4.SA" type="external">Petroleo Brasileiro SA Petrobras</a> 20.38 PETR4.SA Sao Paulo Stock Exchange -0.33 (-1.59%) PETR4.SA <p>But it would not free Lula to run for president in October. Under Brazil&#8217;s election laws, a conviction upheld on appeal bars a candidate from seeking elected office for eight years. Some exemptions have been made in the past, and the ultimate decision in Lula&#8217;s case would be made by the nation&#8217;s top electoral court if and when Lula official files to be a candidate.</p> <p>Lula oversaw years of robust growth and falling inequality during a commodity boom and has said he wants to run again for the presidency in October.</p> <p>His supporters see the conviction as a ploy to stop him returning to power. The Workers Party said the Army commander&#8217;s comments widely reported by Brazilian media had brought undue pressure to bear on the Supreme Court to rule against him.</p> <p>Lula was found guilty in August and sentenced to 10 years in prison for accepting bribes worth 3.7 million reais ($1 million) from engineering firm OAS, the amount of money prosecutors said OAS spent refurbishing a beach apartment for Lula in return for his help winning contracts with state-run oil company Petroleo Brasileiro ( <a href="/finance/stocks/overview?symbol=PETR4.SA" type="external">PETR4.SA</a>).</p> <p>In January, an appeals court unanimously upheld his conviction and increased the prison sentence to 12 years.</p> <p>Reporting by Anthony Boadle; Additional reporting by Brad Brooks in Sao Paulo; Editing by Alistair Bell and Rosalba O'Brien</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

No. 9 Michigan State romps vs. Indiana Video blogger who opened fire at YouTube was angry with company, police say Chicago suburb bans 'assault weapons' after Florida massacre Facebook says data leak hits 87 million users, widening privacy scandal Brazil's Supreme Court close to rejecting Lula's plea to avoid jail

https://reuters.com/article/basketball-ncaa-msu-ind-recap/no-9-michigan-state-romps-vs-indiana-idUSMTZEE1KU10MFJ

2018-01-20

2least

Miles Bridges had 22 points Nick Ward supplied 18 points and 13 rebounds and No 9 Michigan State crushed Indiana 8557 on Friday night Matt McQuaid tossed in 11 points Jaren Jackson Jr added 10 points six rebounds three assists and three blocks and Cassius Winston chipped in 10 points and eight assists for Michigan State 173 overall 52 Big Ten Robert Johnson topped Indiana with 21 points and seven rebounds Josh Newkirk added 14 points but shot 5for17 from the field for the Hoosiers 118 43 who saw their threegame win streak snapped Michigan State shot 54 percent from the field and held Indiana to 34 percent shooting The Spartans overwhelmed the Hoosiers on the boards holding a 4527 advantage in that category Michigan State had a 176 advantage in secondchance points The Spartans also outscored the Hoosiers 3818 in the paint Michigan State had lost two of its last three games including an 8272 home loss to rival Michigan but came out strong and led the Hoosiers for over 37 minutes The Spartans have won six of the last seven meetings The 28point difference was the largest margin of victory against the Hoosiers since March 2008 when the Spartans won in East Lansing 10374 Bridges scored 13 firsthalf points as the Spartans raced to a 4223 halftime lead Michigan State outscored Indiana 120 in points off turnovers and 184 in the paint Michigan State took command with 18 unanswered points in the first half McQuaid and Winston scored five points apiece during that outburst while Bridges and Jackson contributed threes The Hoosiers missed five field goal attempts and two free throws and also committed two turnovers during that span A Bridges 3pointer pushed the Spartans8217 lead to 20 at 3717 with 614 remaining in the half It was still a 19point spread at the half even though Michigan State didn8217t have a field goal in the final 531 The Spartans led by double digits throughout the second half The teams play again at Bloomington Ind on Feb 3 8212Field Level Media Our Standards The Thomson Reuters Trust Principles SAN FRANCISCO Reuters An Iranianborn woman who blogged about surviving in a world filled with 8220injustice and diseases8221 opened fire at YouTube8217s California headquarters because she was angry at a site she believed was suppressing her videos police said on Wednesday In Persian and Englishlanguage online postings Nasim Najafi Aghdam 39 had railed against the videosharing site owned by Alphabet Inc8217s Google before wounding three people and killing herself on Tuesday at its offices in San Bruno just south of San Francisco In an Englishlanguage video posted to her YouTube account before the channel was deleted on Tuesday Aghdam said 8220I am being discriminated I am being filtered on YouTube8221 8220We know that she was upset with YouTube that8217s the motivation8221 San Bruno Police Chief Ed Barberini told reporters 8220Whether that rises to the level of terrorism hopefully will be determined in the next couple of weeks8221 The shooting on the corporate campus in California8217s Silicon Valley came days after Aghdam had a dispute with her family that caused her to leave her San Diego home On Monday they reported her missing police said Early the next day Mountain View police found Aghdam sleeping in her car a few miles from Alphabet8217s headquarters She was 8220calm and cooperative8221 with the officers she spoke with made no mention of YouTube and gave no indication she would harm anyone Mountain View police said The San Jose Mercury News quoted Aghdam8217s father Ismail Aghdam as saying he told police that his daughter might go to YouTube8217s headquarters because she hated the company but Mountain view police disputed that account Police said officers had twice spoken with the family after finding her In an initial call Aghdam8217s father said nothing about his daughter posing a threat but then called back to say she had posted vegan videos to YouTube and was angry about something that had been done to them police said 8220At no point did her father or brother mention anything about potential acts of violence8221 the statement said Efforts to reach Aghdam8217s relatives by phone were unsuccessful However Los Angeles television station KTLA and other media reported on Wednesday that Aghdam8217s family in a statement expressed sorrow over the shooting and support for the victims 8220Our family is in absolute shock and can8217t make sense of what has happened yesterday8221 the family said according to KTLA Aghdam entered the YouTube parking garage and walked to an openair plaza where she opened fire But she was not able to walk into the building itself YouTube said in a statement on Wednesday Nasim Najafi Aghdam appears in a handout photo provided by the San Bruno Police Department April 4 2018 San Bruno Police DepartmentHandout via REUTERS YouTube is 8220revisiting this incident in detail8221 and will increase security at its offices worldwide the company said Aghdam did not appear to have targeted particular victims when she opened fire with a legally purchased Smith ampamp Wesson 9mm semiautomatic handgun the San Bruno police chief said Aghdam had visited an area gun range that morning police said In some online posts before the attack Aghdam spoke about herself in heroic terms for surviving in a hostile world 8220I think I am doing a great job8221 she wrote in Persian on her Instagram account 8220I have never fallen in love and have never got married I have no physical and psychological diseases But I live on a planet that is full of injustice and diseases8221 Slideshow 2 Images In videos posted on her YouTube channels which were taken down on Tuesday Aghdam alternately bemoaned animal cruelty promoted what appeared to be handmade jewelry and demonstrated exercise techniques She offered few specifics about what she believed had been suppressed other than to complain that her workout videos had been flagged as adultsonly content YouTube has long faced complaints about alleged censorship on its site and says it attempts to balance its mission of fostering free speech while providing an appropriate and lawful environment for users One of her three victims a man in his 30s remained in San Francisco General Hospital in serious condition on Wednesday the hospital said Two others were released Tuesday night it said Reporting by Paresh Dave and Heather Somerville additional reporting by Parisa Hafezi in ANKARA Gina Cherelus in NEW YORK Ben Klayman in ANN ARBOR Michigan and Alex Dobuzinskis in LOS ANGELES Writing by Rich McKay and Scott Malone Editing by Bill Trott James Dalgleish and Lisa Shumaker Our Standards The Thomson Reuters Trust Principles Reuters An affluent Chicago suburb has banned the possession sale and manufacture of 8220assault weapons8221 and 8220largecapacity magazines8221 in response to the massacre at a Florida high school and other recent mass shootings in the United States FILE PHOTO AR15 rifles are displayed for sale at the Guntoberfest gun show in Oaks Pennsylvania US October 6 2017 REUTERSJoshua Roberts Residents of Democraticleaning Deerfield located about 25 miles north of Chicago have until June 13 to remove any firearms and magazines that fall outside the new restrictions or face a fine of between 250 and 1000 per day according to the ordinance passed by the town board on Monday night The ban quickly drew a legal challenge from gunrights group Guns Save Life with support from the National Rifle Association on grounds it violated Americans8217 Constitutional rights to own firearms The Deerfield ordinance said the ban was a direct response to the Feb 14 killing of 17 people at Marjory Stoneman Douglas High School in Parkland Florida and the studentled campaign for tighter restrictions on guns inspired by the mass shooting 8220We hope that our local decision helps spur state and national leaders to take steps to make our communities safer8221 Deerfield Mayor Harriet Rosenthal said in a statement The ban follows a similar 2013 measure enacted by the nearby suburb of Highland Park located on Chicago8217s North Shore which withstood a challenge that went all the way to the US Supreme Court Opponents were quick to take issue with the ban 8220Every lawabiding villager of Deerfield has the right to protect themselves their homes and their loved ones with the firearm that best suits their needs8221 Chris Cox head of the NRA8217s lobbying arm said in a statement Opponents of the ban said they fear Deerfield will try to outlaw other firearms 8220First it8217s going to be assault rifles There will be new bans in the future It8217s just a matter of time8221 Deerfield resident Larry Nordal told the Chicago Tribune Nordal did not immediately respond to a request for further comment The ban defines assault weapons as a range of firearms such as semiautomatic rifles like the AR15 a gun similar to the one used in the Florida massacre Highcapacity magazines are defined as those holding more than 10 rounds Deerfield High School senior Ariella Kharasch who supported the legislation wants more action on local and national levels 8220This is our generation8217s fight We8217re going to keep fighting and this is part of it8221 Kharasch told the Chicago Tribune 8220Change happens gradually step by step8221 Reporting by Andrew Hay Editing by Lisa Shumaker and Leslie Adler Our Standards The Thomson Reuters Trust Principles SAN FRANCISCO Reuters Facebook Inc FBO said on Wednesday that the personal information of up to 87 million users mostly in the United States may have been improperly shared with political consultancy Cambridge Analytica up from a previous news media estimate of more than 50 million Chief Executive Mark Zuckerberg said in a conference call with reporters that Facebook had not seen 8220any meaningful impact8221 on usage or ad sales since the scandal although he added 8220it8217s not good8221 if people are unhappy with the company Shares rose more than 3 percent after the bell Zuckerberg told reporters that he accepted blame for the data leak which has angered users advertisers and lawmakers while also saying he was still the right person to head the company he founded 8220When you8217re building something like Facebook that is unprecedented in the world there are going to be things that you mess up8221 Zuckerberg said adding that the important thing was to learn from mistakes He said he was not aware of any discussions on the Facebook board about him stepping down although directors would face a challenge if they wanted to oust him because Zuckerberg is the controlling shareholder He said he had not fired anyone over the scandal and did not plan to 8220I8217m not looking to throw anyone else under the bus for mistakes that we made here8221 he said Facebook first acknowledged last month that personal information about millions of users wrongly ended up in the hands of Cambridge Analytica Zuckerberg will testify about the matter next week before the US House Energy and Commerce Committee Londonbased Cambridge Analytica which has counted US President Donald Trump8217s 2016 campaign among its clients disputed Facebook8217s estimate of affected users It said in a tweet on Wednesday that it received no more than 30 million records from a researcher it hired to collect data about people on Facebook Zuckerberg on the call with reporters said Facebook should have done more to audit and oversee thirdparty app developers like the one that Cambridge Analytica hired in 2014 8220Knowing what I know today clearly we should have done more8221 he said Going forward he said Facebook was taking steps to restrict which personal data is available to thirdparty app developers and he said it might take two more years to fix Facebooks problems bitly2Ejpktb FILE PHOTO Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28 2018 REUTERSDado RuvicIllustrationFile photo 8220We8217re broadening our view of our responsibility8221 Zuckerberg said Most of the up to 87 million people whose data was shared with Cambridge Analytica were in the United States Facebook Chief Technology Officer Mike Schroepfer wrote in a blog post Graphic bitly2q5r5pl Shares in Facebook closed down 06 percent on Wednesday to 15510 They have tumbled more than 16 percent since the Cambridge Analytica scandal broke The previous estimate of more than 50 million Facebook users affected by the data leak came from two newspapers the New York Times and London8217s Observer based on their investigations of Cambridge Analytica Zuckerberg said Facebook came to the higher estimate by looking at the number of people who had downloaded a personality quiz app created by Cambridge University academic Aleksandr Kogan or about 270000 people and then adding in the number of friends they had Facebook Inc 1551 FBO Nasdaq 101 065 FBO Cambridge Analytica has said that it engaged Kogan 8220in good faith8221 to collect Facebook data in a manner similar to how other thirdparty app developers have harvested personal information The scandal has kicked off investigations by Britain8217s Information Commissioner8217s Office the US Federal Trade Commission and by some 37 US state attorneys general Nigeria8217s government will investigate allegations of improper involvement by Cambridge Analytica in that country8217s 2007 and 2015 elections a presidency spokesman said on Monday Reporting by David Ingram in San Francisco Additional reporting by Arjun Panchadar in Bengaluru and Eric Auchard in London Editing by Lisa Shumaker Our Standards The Thomson Reuters Trust Principles BRASILIA Reuters Brazil8217s Supreme Court was on the verge of rejecting on Wednesday former president Luiz Inacio Lula da Silva8217s plea to remain out of prison while he appeals a corruption conviction a case that has sharply divided the country cast a shadow over this year8217s presidential election and stirred rumblings in the army Supporters of former Brazil president Luiz Inacio Lula da Silva react during justice Rosa Webers session of the Supreme Court to issue a final decision about Lulas habeas corpus plea in Brasilia Brazil April 4 2018 REUTERSUeslei Marcelino The leftist leader is still Brazil8217s most popular politician despite his conviction and six separate pending corruption trials He is the frontrunner in all polling for the presidential election in October though his conviction will likely bar him from running The Supreme Court is split on Lula8217s request to be allowed to exhaust his appeals before beginning to serve a 12year prison sentence for taking bribes A pivotal vote was cast late Wednesday by justice Rosa Weber who voted against Lula8217s request to avoid jail Weber was seen as a swing vote and her decision likely means a majority will vote that the leader can be sent to prison However six justices still must weigh in and the final result could be delayed until Thursday or put off indefinitely if any remaining justice requests more time to make a decision Lower court judges the country8217s top prosecutor and business groups have urged the court to abide by its own 2016 ruling that defendants can be jailed if a conviction is upheld on a first appeal as Lula8217s was earlier this year Before that ruling appeals in Brazil8217s complex and badly backlogged legal system could stretched out for several years guaranteeing impunity for those rich enough to afford lawyers who could launch countless technical appeals MILITARY WEIGHS IN Brazilian society remains deeply divided one and a half years after President Dilma Rousseff was impeached and removed from office amid a corruption scandal and economic crisis Tensions increased on Tuesday when the commander of Brazil8217s army weighed in with tweets calling on the court to stand guard against impunity That rattled nerves across Brazil which endured a 196485 military dictatorships and has a long history of coups interrupting democratic regimes Slideshow 15 Images General Eduardo Villas Boas wrote that the army along with 8220all good citizens repudiates impunity and respects the Constitution social peace and democracy8221 Villas Boas wrote that the army would stick to its constitutional role But retired officers have warned that the military would not take lightly to the Supreme Court which has rejected nearly all similar appeals in the past two years ruling that Lula could remain free on appeal Army reserve general Luiz Lessa told the Estado de SPaulo newspaper on Tuesday the military would have to intervene if Lula was allowed to become a candidate in the election The army said that was his personal opinion A decision in favor of Lula would be a boost for the efforts of Brazil8217s first workingclass president to save his political career from the corruption scandals that have rocked the political establishment and especially his Workers Party which held the presidency from 2003 until mid2016 Petroleo Brasileiro SA Petrobras 2038 PETR4SA Sao Paulo Stock Exchange 033 159 PETR4SA But it would not free Lula to run for president in October Under Brazil8217s election laws a conviction upheld on appeal bars a candidate from seeking elected office for eight years Some exemptions have been made in the past and the ultimate decision in Lula8217s case would be made by the nation8217s top electoral court if and when Lula official files to be a candidate Lula oversaw years of robust growth and falling inequality during a commodity boom and has said he wants to run again for the presidency in October His supporters see the conviction as a ploy to stop him returning to power The Workers Party said the Army commander8217s comments widely reported by Brazilian media had brought undue pressure to bear on the Supreme Court to rule against him Lula was found guilty in August and sentenced to 10 years in prison for accepting bribes worth 37 million reais 1 million from engineering firm OAS the amount of money prosecutors said OAS spent refurbishing a beach apartment for Lula in return for his help winning contracts with staterun oil company Petroleo Brasileiro PETR4SA In January an appeals court unanimously upheld his conviction and increased the prison sentence to 12 years Reporting by Anthony Boadle Additional reporting by Brad Brooks in Sao Paulo Editing by Alistair Bell and Rosalba OBrien Our Standards The Thomson Reuters Trust Principles

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<p>William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. Black was a central figure in exposing Congressional corruption during the Savings and Loan Crisis.</p> <p /> <p /> <p /> <p /> AARON MATE: It's The Real News. I'm Aaron Mate. The consumer credit reporting giant Equifax is in hot water after one of the largest data breaches in years. Equifax says hackers have gained access to the personal information of more than 143 million people. That's just under half the entire U.S. population. The compromised info includes credit card and Social Security numbers, addresses and birth dates. In a video statement, Equifax CEO Rick Smith apologized. <p />RICK SMITH: This is clearly a disappointing event, and one that strikes at the heart of who we are and what we do. I deeply regret this incident. I apologize to every affected consumer and all of our partners. We all know that the threats to data security are growing by the day, and while we've made significant investments in cybersecurity, we have more to do, and we will. <p />AARON MATE: The controversy continues beyond the breach itself. It took more than a month for Equifax to publicly disclose it, and during that time, just days after it happened, three company executives sold nearly $2 million worth of stock. Equifax claims they were unaware the intrusion had occurred. <p /> Now meanwhile, people who sign up for an Equifax help site are being told they forfeit their right to sue or take part in a class action. That means if you want to find out if your data was stolen, you can't take legal action against the company that lost it. New York Attorney General Eric Schneiderman has opened a probe of Equifax and told the company to remove that language. <p /> Bill Black is a white-collar criminologist, Associate Professor of Economics and Law at the University of Missouri Kansas City, and the author of the book "The Best Way to Rob a Bank is to Own One." Professor Black, welcome. <p />BILL BLACK: Thank you. <p />AARON MATE: As I said, we're talking about the data of about half the U.S. population. First off, tell us, how bad is this, Professor Black? <p />BILL BLACK: The experts in cybersecurity say on a scale of 1 to 10, where 10 is the worst, that this is a 10, and it's almost comically bad. It's another demonstration of our family rule that it's impossible to compete with unintentional self-parody, and that's certainly what the executives of Equifax have demonstrated in this scandal. <p />AARON MATE: How so? <p />BILL BLACK: First, this is the third major breach in about two years, so they had plenty of warning that their security, cybersecurity, was incompetent, and they obviously didn't fix it. Second, they now say that the breach began in May and that they didn't detect it 'til July, while they were, as you said, stealing at least 142 million people's worth of data, probably multiple times. Along the way, by the way, they said proudly, "Ah, but there was no breach of our core system." Before you ever get to the core, 142 million customers are thrown under the bus. God only knows what the core is. Presumably their own personal data is what they consider the core. <p /> Once they did discover, finally, the breach, the very first thing that happened, you mentioned part of it, which is three senior executives sold roughly $2 million-ish in shares, including the chief financial officer, who they're now claiming wasn't told of the breach. Now, this would be the number-two person, typically, or number-three person in the entire corporation. If they didn't tell the senior ranks about the breach, when they discovered one of the largest and most destructive breaches in history, you know, well, you can choose to believe that. No one else does. <p /> On top of that, there was also an immediate ... in the same time period that these senior executives were selling their stock, there was a massive increase in sales of stock options compared to the normal for Equifax, and that almost certainly was again because people had been tipped about what had happened in the breach. <p /> You began to describe what happened after the breach, so first, you might think if Equifax screwed up, instead of just apologizing in this generic fashion, it might actually notify us that our information had been breached, and tell us what we ought to do to minimize it, and say that they would conduct all of those things automatically absent our objection at their own cost. None of that occurred. You can access their site and apparently maybe it will tell you that they don't think you were a victim, but again, the onus shouldn't be put on us. They are the ones that screwed up. They're the ones that should be notifying us. They're the ones who at their own expense should be fixing it. That's what all of us would do if we ran a mom-and-pop grocery store, much less one of the three largest, as you say, credit rating agencies. <p /> On top of that, they immediately saw an opportunity, A, to protect themselves, that you talked about, and B, to make a profit. As you say, they said, "We will provide you with one year of protection." Now first, the information lost, in addition to the types that you talked about, included Social Security numbers, which of course do not change normally, so that information will be commercially valuable to other frauds for 10 to 30 years, so one year of protection, A, doesn't do it. B, as you said, they said ... "they" being Equifax ... "If you ... " and this is in the fine print, mind you, "If you sign up for this protection, you have to give up any right to bring a class action suit." <p /> Now, the Consumer Finance Protection Bureau has been trying to ban these things. Simultaneously the Republicans, virtually all elected Republicans at the national level, including the Trump administration, are trying to eliminate the CFPB protection against this. In addition, Attorney General Schneiderman wrote and said, "What you're doing is unlawful and misleading, remove this." They didn't. Instead, they, Equifax, said, "Oh, if you want to get out of the arbitration-only clause," which effectively denies you all legal rights, "then you have to inform us officially that you want that, and you have to provide us with most of your Social Security number," not just the last four digits either. <p /> You have to compound the potential breach, and again, they know that if they put the onus on the 142 million people, maybe 2 million, you know, might opt out of this thing. This is an absolutely cynical approach to not only cheat us, allow other people to steal our information, but to make sure that they have no effective liability. <p /> That isn't it, because they also said, "Hey, this is a chance to make money on the victims." It turns out, if you sign up for this one-year of free protection, it's automatically renewed, and they charge you for it after year one. Again, they know that if they do this to some tens of millions of people, that most people will simply not track that it's a year later and that they have to kill this protection, and so they've turned this massive abuse, this greed upon greed upon greed, into yet another opportunity to make money off the customers who they're treating in the most atrocious fashion possible. This is like a bad novel that someone wrote who hated corporations, except all of it's coming from the senior leadership of the corporation. <p />AARON MATE: Professor Black, you mentioned a lot there, but let's just underline the last thing you said. If you sign up for this one year of free credit monitoring to supposedly help consumers who may have been affected, if you don't cancel after that year, then Equifax starts charging you. You mentioned fine print, so let me read it. If you sign up for the service, it says, "In the event you wish to continue your membership beyond the trial period, do nothing, and your membership will automatically continue without interruption, and we will begin billing you via the payment source you provided when you signed up for the free trial." Let me also go to more of Equifax CEO Rick Smith from his video to consumers, where he talked about the help that the company is supposedly providing. <p />RICK SMITH: I know you all agree that our first priority must be to support consumers. To that end, we're taking the unprecedented step of offering every U.S. consumer in the country a comprehensive package of identity theft protection and credit file monitoring at no cost. We also opened a special call center and launched a dedicated website to provide consumers with information they need to manage their personal situation. <p />AARON MATE: It's interesting, Professor Black. All of these clauses and opportunities, business opportunities that you mentioned before, were not mentioned in Rick Smith's apology video. You also mentioned before this thing about the mandatory arbitration rule with the Consumer Financial Protection Bureau, which Republicans are now trying to repeal. It's said now that because of this incident, that effort by Republicans will probably be killed. Can you talk a bit more about what that is, and what the Equifax situation means for it? <p />BILL BLACK: Well, first, there are many arrows and many tactics that they're going to use to try to destroy it. In particular they're going to try to use the court, if the rule ever becomes effective law, and they've had a very good record with extremely conservative judges in overturning these rules. Something analogous, they've also just been overturning the rules in the context of sexual harassment, where you would have to give up your right to sue or even to give notice to other people about the sexual harassment to be able to get a settlement. Pervasively, the senior Republican leadership, the rank-and-file Congressional leadership and the President of the United States, are trying to gut all of these rules that make it possible for victims to get remedies. <p /> You are correct that this is such an incredible example of how abusive these rules are, how immediately, the very first thought at Equifax, after of course making money by selling stock, was, "How can we compound this abuse? How can we rip off our customers even more? How can we make more money out of this and simultaneously prevent them from having any effective rule of law?" The Supreme Court has been very bad on this as well, in general upholding arbitration clauses where you have absolutely no ability as a consumer to negotiate. It's a take-it-or-leave-it type deal, and it is becoming absolutely pervasive in corporate life. <p />AARON MATE: Just to stress one thing, so if Equifax lost the data of half the U.S. population, obviously not anywhere near that amount are actual paid customers, voluntary customers, of Equifax, so they lost the data of a lot more people than signed up for their service. Yet, this forced arbitration that they're subjecting people to if they want to get help, if they want to find out if their data was compromised, would affect everybody, even people who weren't even voluntarily signed up with them before, right? <p />BILL BLACK: Yeah. It's like the old movie, that the lizards invade and they have these masks on, and there's not a reveal until the third episode when they take the masks off and you see that it's actually a crocodile-like thing that loves to eat humans. That's what PR departments are all about. They create this false front. They make it appear, "Oh, look what we're doing voluntarily, epic, unprecedented, to help you," and it's exactly the opposite. It's a ripoff. <p /> To be a little more nuanced in all of this, we of course know Equifax as a credit rating agency, but Equifax has a number of other business lines, and one of the business lines it has is it sells this recovery service. You lose ... you forget your password and such, they have these questions that you've prompted yourself to ask and answer. That means that folks they never had data on through their credit rating function, they have enormous information, actually far more detailed, far more commercially-valuable-to-hacker information, in these other corporate capacities. <p /> It appears that that may have been the particular entry point of this breach. They have not told us the nature of the breach, even though of course the bad guys know, but the public doesn't know about the nature, the actual nature of the security screwup, which as I've said, is the third one in about 18 months to two years, third huge one, by Equifax <p />AARON MATE: Right. The "Washington Post" has a piece talking about how now Equifax is asking people for even more information than is normally requested. Normally if you're trying to verify your personal info, you put in sometimes the last four digits of your Social Security number, but now Equifax is asking for the last six digits, suggesting that the four were compromised en masse. The piece raised the question, well, if all that was compromised, it's going to be harder now. How do we now securely verify our personal information if the digits of so many people are out there, have been breached? <p />BILL BLACK: Right, and again this is the point, is all of these things have massive effects on the entire population, or virtually the entire population, but they're secret, right? There is no real regulation of these matters. There's nothing that really forces these companies to be honest with us about the scope of the breach and the risk that they have now inflicted upon us. That is outrageous, but it is again not just the norm. It's becoming virtually the only situation that exists. <p />AARON MATE: You mentioned earlier that there might have been some people tipped off to the breach on the inside, and that's why they sold off stock. If that can be proven, what are the criminal implications of that? <p />BILL BLACK: Well, that is a crime, insider trading. Again, it's not just the sale of stock. There was the sale of stock. Three senior officials, including the chief financial officer, did sell, and they sold a lot of stock collectively, well over a million. On top of that, there was very suspicious trading, massively greater than the norm, in options, that the value of the option is driven by the stock price, and it was right after ... it was right at the same time, basically, that these senior officers were doing the stock sales. Those option sales are probably much bigger in terms of the profits that they generated, and also of course suggest that there was a broader network of people who were tipped off. Again, their very first instinct was, "Okay, we've already shafted our customers, what can we do to our shareholders?" <p />AARON MATE: Finally, Professor Black, I'm wondering if you can offer us some guidance here on two levels. On a personal level, what you think someone out there should do if they're concerned about their data being breached, what steps they should take, what they should be concerned about, and also on a broader level, what policy implications that you think this massive data breach has. <p />BILL BLACK: All right, let me start with the second one, because the danger ... you read a publication like "Wired" about this, and it gives you the steps it suggests to take. Maybe 2 percent of the population would do that. We can't fix this if we put the onus on 142 million Americans to become computer-literate and credit-literate and such. It will never work, so don't let's be pushed towards, "Well, you know, you should have taken care of it because, hey, I took care of it, and so screw the other 140 million people that were left unprotected." <p /> Again, to do that, you're going to have to actually have regulatory disclosure requirements. You're going to have to have an office at the federal level that is in charge of investigating these kinds of breaches, like when a plane crashes. Find out what the hell happened, publish it, so that people know and draw generalities in terms of here are the kinds of exposures to look at. Even if you breach a company, they should never be able to come away with the crown jewels as they did at Equifax, much less the crown jewels on 142 million Americans. <p /> Now, beyond that, if you are savvy and such, you can put a hold on your credit rating system if you want. You can do that in these circumstances. You can put a fraud warning on it. You can post those things. Those protections are absolutely minimal, and if you freeze it and your credit would have been improving, then it may hurt you if you have to turn around and buy a home. <p /> The practical thing you can do is the usual stuff about identity fraud. Look at your statements. If you see things that you haven't actually purchased, if you see withdrawals from your accounts that you didn't make, immediately get in touch with the company. The best single thing you can do as a person is to really peruse your statements on a monthly basis. <p />AARON MATE: Bill Black, white collar criminologist, Associate Professor of Economics and Law at University of Missouri Kansas City, author of the book "The Best Way to Rob a Bank is to Own One." Professor Black, thanks very much. <p />BILL BLACK: Thank you. <p />AARON MATE: Thank you for joining us on The Real News.

Equifax Data Breach is a 10 out of 10 Scandal

http://therealnews.com/t2/story%3A19960%3AEquifax-Data-Breach-is-a-10-out-of-10-Scandal

2017-09-08

4left

William K Black author of THE BEST WAY TO ROB A BANK IS TO OWN ONE teaches economics and law at the University of Missouri Kansas City UMKC He was the Executive Director of the Institute for Fraud Prevention from 20052007 Black was a central figure in exposing Congressional corruption during the Savings and Loan Crisis AARON MATE Its The Real News Im Aaron Mate The consumer credit reporting giant Equifax is in hot water after one of the largest data breaches in years Equifax says hackers have gained access to the personal information of more than 143 million people Thats just under half the entire US population The compromised info includes credit card and Social Security numbers addresses and birth dates In a video statement Equifax CEO Rick Smith apologized RICK SMITH This is clearly a disappointing event and one that strikes at the heart of who we are and what we do I deeply regret this incident I apologize to every affected consumer and all of our partners We all know that the threats to data security are growing by the day and while weve made significant investments in cybersecurity we have more to do and we will AARON MATE The controversy continues beyond the breach itself It took more than a month for Equifax to publicly disclose it and during that time just days after it happened three company executives sold nearly 2 million worth of stock Equifax claims they were unaware the intrusion had occurred Now meanwhile people who sign up for an Equifax help site are being told they forfeit their right to sue or take part in a class action That means if you want to find out if your data was stolen you cant take legal action against the company that lost it New York Attorney General Eric Schneiderman has opened a probe of Equifax and told the company to remove that language Bill Black is a whitecollar criminologist Associate Professor of Economics and Law at the University of Missouri Kansas City and the author of the book The Best Way to Rob a Bank is to Own One Professor Black welcome BILL BLACK Thank you AARON MATE As I said were talking about the data of about half the US population First off tell us how bad is this Professor Black BILL BLACK The experts in cybersecurity say on a scale of 1 to 10 where 10 is the worst that this is a 10 and its almost comically bad Its another demonstration of our family rule that its impossible to compete with unintentional selfparody and thats certainly what the executives of Equifax have demonstrated in this scandal AARON MATE How so BILL BLACK First this is the third major breach in about two years so they had plenty of warning that their security cybersecurity was incompetent and they obviously didnt fix it Second they now say that the breach began in May and that they didnt detect it til July while they were as you said stealing at least 142 million peoples worth of data probably multiple times Along the way by the way they said proudly Ah but there was no breach of our core system Before you ever get to the core 142 million customers are thrown under the bus God only knows what the core is Presumably their own personal data is what they consider the core Once they did discover finally the breach the very first thing that happened you mentioned part of it which is three senior executives sold roughly 2 millionish in shares including the chief financial officer who theyre now claiming wasnt told of the breach Now this would be the numbertwo person typically or numberthree person in the entire corporation If they didnt tell the senior ranks about the breach when they discovered one of the largest and most destructive breaches in history you know well you can choose to believe that No one else does On top of that there was also an immediate in the same time period that these senior executives were selling their stock there was a massive increase in sales of stock options compared to the normal for Equifax and that almost certainly was again because people had been tipped about what had happened in the breach You began to describe what happened after the breach so first you might think if Equifax screwed up instead of just apologizing in this generic fashion it might actually notify us that our information had been breached and tell us what we ought to do to minimize it and say that they would conduct all of those things automatically absent our objection at their own cost None of that occurred You can access their site and apparently maybe it will tell you that they dont think you were a victim but again the onus shouldnt be put on us They are the ones that screwed up Theyre the ones that should be notifying us Theyre the ones who at their own expense should be fixing it Thats what all of us would do if we ran a momandpop grocery store much less one of the three largest as you say credit rating agencies On top of that they immediately saw an opportunity A to protect themselves that you talked about and B to make a profit As you say they said We will provide you with one year of protection Now first the information lost in addition to the types that you talked about included Social Security numbers which of course do not change normally so that information will be commercially valuable to other frauds for 10 to 30 years so one year of protection A doesnt do it B as you said they said they being Equifax If you and this is in the fine print mind you If you sign up for this protection you have to give up any right to bring a class action suit Now the Consumer Finance Protection Bureau has been trying to ban these things Simultaneously the Republicans virtually all elected Republicans at the national level including the Trump administration are trying to eliminate the CFPB protection against this In addition Attorney General Schneiderman wrote and said What youre doing is unlawful and misleading remove this They didnt Instead they Equifax said Oh if you want to get out of the arbitrationonly clause which effectively denies you all legal rights then you have to inform us officially that you want that and you have to provide us with most of your Social Security number not just the last four digits either You have to compound the potential breach and again they know that if they put the onus on the 142 million people maybe 2 million you know might opt out of this thing This is an absolutely cynical approach to not only cheat us allow other people to steal our information but to make sure that they have no effective liability That isnt it because they also said Hey this is a chance to make money on the victims It turns out if you sign up for this oneyear of free protection its automatically renewed and they charge you for it after year one Again they know that if they do this to some tens of millions of people that most people will simply not track that its a year later and that they have to kill this protection and so theyve turned this massive abuse this greed upon greed upon greed into yet another opportunity to make money off the customers who theyre treating in the most atrocious fashion possible This is like a bad novel that someone wrote who hated corporations except all of its coming from the senior leadership of the corporation AARON MATE Professor Black you mentioned a lot there but lets just underline the last thing you said If you sign up for this one year of free credit monitoring to supposedly help consumers who may have been affected if you dont cancel after that year then Equifax starts charging you You mentioned fine print so let me read it If you sign up for the service it says In the event you wish to continue your membership beyond the trial period do nothing and your membership will automatically continue without interruption and we will begin billing you via the payment source you provided when you signed up for the free trial Let me also go to more of Equifax CEO Rick Smith from his video to consumers where he talked about the help that the company is supposedly providing RICK SMITH I know you all agree that our first priority must be to support consumers To that end were taking the unprecedented step of offering every US consumer in the country a comprehensive package of identity theft protection and credit file monitoring at no cost We also opened a special call center and launched a dedicated website to provide consumers with information they need to manage their personal situation AARON MATE Its interesting Professor Black All of these clauses and opportunities business opportunities that you mentioned before were not mentioned in Rick Smiths apology video You also mentioned before this thing about the mandatory arbitration rule with the Consumer Financial Protection Bureau which Republicans are now trying to repeal Its said now that because of this incident that effort by Republicans will probably be killed Can you talk a bit more about what that is and what the Equifax situation means for it BILL BLACK Well first there are many arrows and many tactics that theyre going to use to try to destroy it In particular theyre going to try to use the court if the rule ever becomes effective law and theyve had a very good record with extremely conservative judges in overturning these rules Something analogous theyve also just been overturning the rules in the context of sexual harassment where you would have to give up your right to sue or even to give notice to other people about the sexual harassment to be able to get a settlement Pervasively the senior Republican leadership the rankandfile Congressional leadership and the President of the United States are trying to gut all of these rules that make it possible for victims to get remedies You are correct that this is such an incredible example of how abusive these rules are how immediately the very first thought at Equifax after of course making money by selling stock was How can we compound this abuse How can we rip off our customers even more How can we make more money out of this and simultaneously prevent them from having any effective rule of law The Supreme Court has been very bad on this as well in general upholding arbitration clauses where you have absolutely no ability as a consumer to negotiate Its a takeitorleaveit type deal and it is becoming absolutely pervasive in corporate life AARON MATE Just to stress one thing so if Equifax lost the data of half the US population obviously not anywhere near that amount are actual paid customers voluntary customers of Equifax so they lost the data of a lot more people than signed up for their service Yet this forced arbitration that theyre subjecting people to if they want to get help if they want to find out if their data was compromised would affect everybody even people who werent even voluntarily signed up with them before right BILL BLACK Yeah Its like the old movie that the lizards invade and they have these masks on and theres not a reveal until the third episode when they take the masks off and you see that its actually a crocodilelike thing that loves to eat humans Thats what PR departments are all about They create this false front They make it appear Oh look what were doing voluntarily epic unprecedented to help you and its exactly the opposite Its a ripoff To be a little more nuanced in all of this we of course know Equifax as a credit rating agency but Equifax has a number of other business lines and one of the business lines it has is it sells this recovery service You lose you forget your password and such they have these questions that youve prompted yourself to ask and answer That means that folks they never had data on through their credit rating function they have enormous information actually far more detailed far more commerciallyvaluabletohacker information in these other corporate capacities It appears that that may have been the particular entry point of this breach They have not told us the nature of the breach even though of course the bad guys know but the public doesnt know about the nature the actual nature of the security screwup which as Ive said is the third one in about 18 months to two years third huge one by Equifax AARON MATE Right The Washington Post has a piece talking about how now Equifax is asking people for even more information than is normally requested Normally if youre trying to verify your personal info you put in sometimes the last four digits of your Social Security number but now Equifax is asking for the last six digits suggesting that the four were compromised en masse The piece raised the question well if all that was compromised its going to be harder now How do we now securely verify our personal information if the digits of so many people are out there have been breached BILL BLACK Right and again this is the point is all of these things have massive effects on the entire population or virtually the entire population but theyre secret right There is no real regulation of these matters Theres nothing that really forces these companies to be honest with us about the scope of the breach and the risk that they have now inflicted upon us That is outrageous but it is again not just the norm Its becoming virtually the only situation that exists AARON MATE You mentioned earlier that there might have been some people tipped off to the breach on the inside and thats why they sold off stock If that can be proven what are the criminal implications of that BILL BLACK Well that is a crime insider trading Again its not just the sale of stock There was the sale of stock Three senior officials including the chief financial officer did sell and they sold a lot of stock collectively well over a million On top of that there was very suspicious trading massively greater than the norm in options that the value of the option is driven by the stock price and it was right after it was right at the same time basically that these senior officers were doing the stock sales Those option sales are probably much bigger in terms of the profits that they generated and also of course suggest that there was a broader network of people who were tipped off Again their very first instinct was Okay weve already shafted our customers what can we do to our shareholders AARON MATE Finally Professor Black Im wondering if you can offer us some guidance here on two levels On a personal level what you think someone out there should do if theyre concerned about their data being breached what steps they should take what they should be concerned about and also on a broader level what policy implications that you think this massive data breach has BILL BLACK All right let me start with the second one because the danger you read a publication like Wired about this and it gives you the steps it suggests to take Maybe 2 percent of the population would do that We cant fix this if we put the onus on 142 million Americans to become computerliterate and creditliterate and such It will never work so dont lets be pushed towards Well you know you should have taken care of it because hey I took care of it and so screw the other 140 million people that were left unprotected Again to do that youre going to have to actually have regulatory disclosure requirements Youre going to have to have an office at the federal level that is in charge of investigating these kinds of breaches like when a plane crashes Find out what the hell happened publish it so that people know and draw generalities in terms of here are the kinds of exposures to look at Even if you breach a company they should never be able to come away with the crown jewels as they did at Equifax much less the crown jewels on 142 million Americans Now beyond that if you are savvy and such you can put a hold on your credit rating system if you want You can do that in these circumstances You can put a fraud warning on it You can post those things Those protections are absolutely minimal and if you freeze it and your credit would have been improving then it may hurt you if you have to turn around and buy a home The practical thing you can do is the usual stuff about identity fraud Look at your statements If you see things that you havent actually purchased if you see withdrawals from your accounts that you didnt make immediately get in touch with the company The best single thing you can do as a person is to really peruse your statements on a monthly basis AARON MATE Bill Black white collar criminologist Associate Professor of Economics and Law at University of Missouri Kansas City author of the book The Best Way to Rob a Bank is to Own One Professor Black thanks very much BILL BLACK Thank you AARON MATE Thank you for joining us on The Real News

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<p>BRUSSELS (Reuters) - Social media companies Facebook, Twitter and Google&#8217;s YouTube have accelerated removals of online hate speech in the face of a potential European Union crackdown.</p> FILE PHOTO: A man reads tweets on his phone in front of a displayed Twitter logo in Bordeaux, southwestern France, March 10, 2016. REUTERS/Regis Duvignau/Illustration/File Photo <p>The EU has gone as far as to threaten social media companies with new legislation unless they increase efforts to fight the proliferation of extremist content and hate speech on their platforms.</p> <p>Microsoft, Twitter, Facebook and YouTube signed a code of conduct with the EU in May 2016 to review most complaints within a 24-hour timeframe. Instagram and Google+ will also sign up to the code, the European Commission said.</p> <p>The companies managed to review complaints within a day in 81 percent of cases during monitoring of a six-week period towards the end of last year, EU figures released on Friday show, compared with 51 percent in May 2017 when the Commission last examined compliance with the code of conduct.</p> <p>On average, the companies removed 70 percent of the content flagged to them, up from 59.2 percent in May last year.</p> <p>EU Justice Commissioner Vera Jourova has said that she does not want to see a 100 percent removal rate because that could impinge on free speech.</p> <p>She has also said she is not in favor of legislating as Germany has done. A law providing for fines of up to 50 million euros ($61.4 million) for social media companies that do not remove hate speech quickly enough went into force in Germany this year.</p> <p>Jourova said the results unveiled on Friday made it less likely that she would push for legislation on the removal of illegal hate speech.</p> &#8216;NO FREE PASS&#8217; <p>&#8220;The fact that our collaborative approach on illegal hate speech brings good results does not mean I want to give a free pass to the tech giants,&#8221; she told a news conference.</p> <p>Facebook reviewed complaints in less than 24 hours in 89.3 percent of cases, YouTube in 62.7 percent of cases and Twitter in 80.2 percent of cases.</p> <p>&#8220;These latest results and the success of the code of conduct are further evidence that the Commission&#8217;s current self-regulatory approach is effective and the correct path forward.&#8221; said Stephen Turner, Twitter&#8217;s head of public policy.</p> <p>Of the hate speech flagged to the companies, almost half of it was found on Facebook, the figures show, while 24 percent was on YouTube and 26 percent on Twitter.</p> <p>The most common ground for hatred identified by the Commission was ethnic origin, followed by anti-Muslim hatred and xenophobia, including expressions of hatred against migrants and refugees.</p> <p>Pressure from several European governments has prompted social media companies to step up efforts to tackle extremist online content, including through the use of artificial intelligence.</p> <p>YouTube said it was training machine learning models to flag hateful content at scale.</p> <p>&#8220;Over the last two years we&#8217;ve consistently improved our review and action times for this type of content on YouTube, showing that our policies and processes are effective, and getting better over time,&#8221; said Nicklas Lundblad, Google&#8217;s vice president of public policy in EMEA.</p> <p>&#8220;We&#8217;ve learned valuable lessons from the process, but there is still more we can do.&#8221;</p> <p>The Commission is likely to issue a recommendation at the end of February on how companies should take down extremist content related to militant groups, an EU official said.</p> <p>Reporting by Julia Fioretti; Additional reporting by Foo Yun Chee; Editing by Grant McCool and David Goodman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SHANGHAI/SINGAPORE (Reuters) - When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin &#8220;mules&#8221; and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators&#8217; watchful eyes.</p> A woman using her mobile phone is reflected on an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. REUTERS/Kim Hong-Ji <p>Li, a Canada-based Chinese banker in his 20s, is one of these underground traders. He buys cryptocurrencies in other markets and sells them at a premium to investors in China, who cannot otherwise get them.</p> <p>At the height of the frenzied demand for bitcoins in January, when prices of the digital currency were hovering close to $20,000 after a 20-fold jump during 2017, Li and other traders were able to sell bitcoins in China for 30 to 40 percent more than they cost elsewhere.</p> <p>But in a matter of months, the premium for bitcoins in China has fallen to around 7 percent or less as a flood of bitcoin mules, who physically carry cash across borders for the trades, has swamped the arbitrage business. Cryptocurrency funds and individual computer-assisted traders have also piled into the market.</p> <p>The boom has eaten away the spreads and shown how fast the galloping cryptocurrency markets can change course.</p> <p>&#8220;The market&#8217;s kind of taken a downturn; there is less general appetite in this space,&#8221; said John DeCleene, an assistant fund manager running the fintech and cryptocurrency investments at Overseas Chinese Investment Management.</p> <p>&#8220;It is too many players entering this market, but also less of the hype we saw in December-January, when people were paying a 30 percent premium because they expected 10 times gains overnight.&#8221;</p> <p>DeCleene launched a $5 million Singapore-based global fund in November to invest in cryptocurrencies, blockchain-related equities and some exploratory arbitrage trading. He said it has generated a 58 percent return so far.</p> BITCOIN MULES <p>Bitcoin arbitrage thrived last year as the cryptocurrency grew more volatile and some governments stepped in with rules to curtail trading.</p> <p>The simplest geographical arbitrage involved buying bitcoin in unregulated markets such as Thailand, or ones that have legalised bitcoin trading such as Japan, and selling them in banned markets such as South Korea, China or India.</p> <p>A second form occurred between exchanges, when nimble-footed traders bought cryptocurrencies cheaply on lesser-known exchanges and sold them for a profit on more liquid and widely used platforms.</p> <p>There were huge price differences to exploit.</p> <p>In early January, when the price of bitcoin was $17,600 on Bitstamp, the Luxembourg-based digital currency exchange, it was being quoted at 25 million won ($23,630) in South Korea, implying a 34 percent &#8220;kimchi premium&#8221;.</p> <p>As China&#8217;s ban expanded from an initial prohibition on issuing new cryptocurrency to a shutdown of exchanges, premiums rose and traders quickly found new ways of doing business.</p> <p>At first, it was limited to closed groups on the popular messaging platform WeChat and meetings at bars, where potential bitcoin buyers could meet sellers.</p> <p>Then peer-to-peer platforms such as CoinCola, websites belonging to former Chinese exchanges Huobi and OKCoin, and even the retail platform Taobao became hubs for &#8220;over-the-counter&#8221; (OTC) cryptocurrency trading, conducted outside of formal exchanges and far more difficult for regulators to police.</p> <p>&#8220;The big Chinese traders are all using CoinCola or going direct to each other through other OTC platforms,&#8221; like WeChat or AliPay, said Christian Grewell, a professor of business and interactive media arts at NYU in Shanghai who has lectured extensively on cryptocurrencies and blockchain technology.</p> <p>AliPay is China&#8217;s leading online payment platform.</p> <p>Another option, bank transfers between buyers and sellers, is &#8220;almost untraceable&#8221;, Grewell added, as it is difficult to prove that a transfer is related to a cryptocurrency transaction.</p> <p>A trader in her 20s in Shanghai said she buys bitcoins in the United States to sell over the counter in China. On each trip to the U.S., she illegally carries $30,000 to $40,000 in cash, she added.</p> <p>&#8220;Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao,&#8221; said the trader.</p> BIG COMPETITION <p>Hedge funds that can execute arbitrage trades quickly and at a fraction of the cost are squeezing individual traders, said Ramani Ramachandran, the chief executive of digital exchange Zenprivex.</p> <p>Peter Kim of KIT Trading, part of Vulpes Investment Management, manages a $10 million cryptocurrency arbitrage operation.</p> <p>&#8220;In the beginning, when there is 30 percent arbitrage, obviously you can travel to Thailand, buy bitcoins, send them to China, Japan, Korea and sell them. That&#8217;s easy,&#8221; said Kim, who was formerly an options arbitrage trader.</p> <p>&#8220;But that opportunity is not going to last very long. And even though it is not as blatantly there, there are still many ways to profit from it, especially for someone like me who is used to making 3 basis points on a trade,&#8221; he added.</p> <p>The arbitrage funds operate much like retail traders, buying and selling cryptocurrencies simultaneously on two different platforms, but on a much larger scale. That allows them to profit from smaller spreads.</p> <p>Some retail traders, including Li, have turned to lesser-known cryptocurrencies such as Tether, which bills itself as being pegged to the U.S. dollar.</p> <p>Tether is popular with Chinese seeking to move their cash discreetly overseas, as it is not volatile. That demand means it trades at a 2.5 percent to 3.5 percent premium in China, although the number was as high as 10 percent in January.</p> <p>Li said his arbitrage activity nets him about $18,000 a month on a trading volume of about half a million dollars.</p> <p>Although that is a tidy sum, it is far less than what frantic traders made late last year.</p> <p>&#8220;The easy arbitrage is going to be much less prevalent now than it used to be,&#8221; Kim said.</p> <p>Reporting and writing by Vidya Ranganathan; Additional reporting by Cynthia Kim in SEOUL; Editing by Gerry Doyle</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Shares of Facebook Inc rose as much as 4.2 percent on Thursday after Chief Executive Officer Mark Zuckerberg said the social network had not seen any meaningful impact on usage or ad sales in the wake of a data privacy scandal.</p> <p>The company&#8217;s shares have sunk 16 percent, wiping more than $80 billion from its market value since March 16, when the New York Times and London&#8217;s Observer newspaper broke news of the use of its data by political consultancy Cambridge Analytica.</p> <p>Some investors see the chaos as a chance to snap up shares in a service for which there is scarce alternative, despite rising public scrutiny and the prospect of a grilling from U.S. legislators when Zuckerberg testifies before Congress next week.</p> <p>Canada&#8217;s province of British Columbia and Canada&#8217;s federal government combined investigations on Thursday, saying they had launched a joint probe into Facebook and Canadian data firm AggregateIQ, while Australian authorities said they were exploring whether the social media company had breached user privacy laws.</p> <p>The California State Teachers&#8217; Retirement System, with nearly $1 billion in Facebook stock as of last year, on Thursday also said it would question the company about privacy protections.</p> <p>Despite the probes and celebrities including singer Cher, actor Will Ferrell and Tesla Chief Elon Musk deleting their accounts, Facebook&#8217;s social app downloads improved on a monthly basis both in the United States and globally, according to Evercore ISI.</p> <p>Facebook expanded its share of social app downloads in March by 33.2 percent from 30.1 percent, Evercore data showed.</p> <p>Several Wall Street analysts said the stock&#8217;s decline presented a good opportunity to buy into the social network&#8217;s previously high-flying shares, although they cautioned that much will depend on Zuckerberg&#8217;s testimony to Congress.</p> <p>&#8220;We suspect that looking back a year from now, if not sooner, this episode will have been a uniquely compelling buying opportunity in the mega-cap internet space,&#8221; Deutsche Bank analysts said.</p> <p>Facebook's chief operating officer, Sheryl Sandberg, told Bloomberg in an interview on Thursday that a few advertisers had paused spending in the wake of the incident, but that the company was having reassuring conversations about how it has built privacy into its system. ( <a href="https://bloom.bg/2q89KMt" type="external">bloom.bg/2q89KMt</a>)</p> <p>Companies including U.S. auto parts retailer Pep Boys, internet company Mozilla and German bank Commerzbank AG have suspended advertisement on the platform.</p> <p>Sandberg also said a tool that allowed a researcher to gain access to personal information of up to 87 million users, complied with a privacy agreement the company signed with the U.S. Federal Trade Commission (FTC) in 2011.</p> <p>Her comments followed reports that the FTC was investigating the company over a possible violation of that agreement, which demands it to get user consent before sharing their information.</p> <p>&#8220;While it&#8217;s clear that investor sentiment has been materially impacted by (the) Cambridge Analytica revelations, we believe FB is acting proactively and aggressively to tighten its privacy controls and increase the level of transparency into its practices,&#8221; Wells Fargo analyst Ken Sena said.</p> <p>Zuckerberg, who will testify about the scandal next week in front of committees in the U.S. House and Senate, may face calls from legislators for more oversight.</p> <p>Sandberg, in a separate interview with PBS, said: &#8220;We&#8217;re not just open to regulations, we&#8217;re moving ahead of it,&#8221; and had built a tool which would be live before the next U.S. election and which would show details of who paid for election ads and demographics of the audience.</p> FILE PHOTO: Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco, California, U.S., April 12, 2016. REUTERS/Stephen Lam/File Photo <p>Facebook shares closed up 2.7 percent at $159.35.</p> <p>Reporting by Supantha Mukherjee, Sonam Rai and Arjun Panchadar in Bengaluru; Mohammad Zargham in Washington; editing by Peter Henderson, Bernard Orr and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MEXICO CITY/SAN FRANCISCO (Reuters) - Chinese ride-hailing company Didi Chuxing has publicly launched in Mexico with a website advertising its service to drivers and passengers, setting the stage for a potentially expensive showdown with rival Uber.</p> FILE PHOTO: The logo of Didi Chuxing is seen at its headquarters in Beijing, China, May 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo <p>A spokesman for Didi Chuxing Technology Co told Reuters that the company will launch first in Toluca, an urban hub located around 60 kilometers (37 miles) from the country&#8217;s capital. Didi has an operations hub in the trendy Juarez neighborhood in Mexico City.</p> <p>Didi settled on Toluca, the capital of the central state of Mexico, because it is a &#8220;robust regional commercial and cultural&#8221; center, said the spokesman, who declined to be named. Its priority will be to learn from local communities about their transportation needs, the spokesman said.</p> <p>The app will go live later this month, according to a source familiar with the plans.</p> <p>The Didi spokesman declined to comment on the timeline. Didi&#8217;s Mexico website says the company will begin operations &#8220;very soon,&#8221; without providing a date.</p> <p>Meanwhile, Didi is working to quickly recruit drivers with the promise of higher earnings than competitors are offering. The new Didi website says the company will take no cut of fares until June 17, and is offering bonuses to drivers who recruit other drivers and passengers, a common tactic for ride-hailing companies vying to gain market share.</p> <p>After mid-June, Didi is planning to take a 20 percent cut of fares, below the 25 percent commission on rides in Mexico charged by its biggest rival, Uber Technologies Inc [UBER.UL].</p> <p>Late last year, Didi started laying plans for Mexico, Reuters reported, in what will be the company&#8217;s first launch outside Asia. Mexico&#8217;s clogged streets, underdeveloped public transit system and growing base of smartphone users make the country ripe for app-based ride services.</p> UBER RIVALRY <p>In Mexico, Didi will for the first time put its own service up against Uber, its chief international rival.</p> FILE PHOTO: An Uber driver checks the route on a mobile phone inside his car in Mexico City, Mexico February 6, 2018. Picture taken on February 6, 2018. REUTERS/Carlos Jasso/File Photo <p>Uber is the ride-hailing leader in Mexico, where it has seven million users in more than three dozen cities. Uber held 87 percent of the market in Mexico in August, its highest share in Latin America, according to Dalia Research, a Berlin-based consumer research firm.</p> <p>A spokesman for Uber declined to comment.</p> <p>Didi says it aims to attract drivers and passengers by promoting a safe service. The company has created a security button on its app that will connect drivers and passengers with police and other emergency contacts if they find themselves in danger, its website said. The company is also staffing a safety task force to respond to issues around-the-clock.</p> <p>Didi will start off with a car service, although two sources said the company was also considering other modes of transportation such as scooters, motorcycles and bike-sharing.</p> <p>While Mexico City and certain Mexican states have taken a strict approach to ride-hailing rules, the state of Mexico offers a friendly regulatory landscape, said Carlos Martinez, head of the Center for Citizens and Consumers.</p> <p>&#8220;One of the principal reasons (to launch in Toluca) is the regulation in the state of Mexico, which is more or less lax, and the other is that Toluca has lots of economic activity,&#8221; he said.</p> <p>A new train between Toluca and Mexico City set to open soon will also provide opportunities for Didi to shuttle commuters from their homes to the station, Martinez said.</p> <p>Reporting by Julia Love and Heather Somerville; editing by Jason Neely and Rosalba O'Brien</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) has confirmed that the data of 2.7 million EU citizens were among those improperly used by political consultancy Cambridge Analytica, the EU executive said on Friday.</p> <p>The European Commission said it received a letter from the social media giant late on Thursday and that it would press for more details, piling pressure on the firm that has lost more than $100 billion in market value in the last 10 days.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 157.2 FB.O Nasdaq -2.14 (-1.34%) FB.O Related Coverage <a href="/article/us-facebook-italy-probe/italy-antitrust-opens-probe-into-facebooks-collection-use-of-data-idUSKCN1HD1SA" type="external">Italy Antitrust opens probe into Facebook's collection, use of data</a> <p>&#8220;Facebook confirmed to us that the data of overall up to 2.7 million Europeans or people in the EU to be more precise may have been improperly shared with Cambridge Analytica,&#8221; a Commission spokesman said.</p> <p>&#8220;The letter also explains the steps Facebook has taken in response since.&#8221;</p> <p>Reporting by Alissa de Carbonnel @AdeCar; Editing by Robert-Jan Bartunek</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Social media companies accelerate removals of online hate speech: EU Asia's cryptocurrency arbitrage boom fizzles, but profits persist Facebook shares rise as Zuckerberg soothes investors Chinese Uber rival Didi launches in Mexico, recruits drivers EU says Facebook confirmed data of 2.7 million Europeans 'improperly shared'

https://reuters.com/article/us-eu-hatespeech/social-media-companies-accelerate-removals-of-online-hate-speech-eu-idUSKBN1F806X

2018-01-19

2least

BRUSSELS Reuters Social media companies Facebook Twitter and Google8217s YouTube have accelerated removals of online hate speech in the face of a potential European Union crackdown FILE PHOTO A man reads tweets on his phone in front of a displayed Twitter logo in Bordeaux southwestern France March 10 2016 REUTERSRegis DuvignauIllustrationFile Photo The EU has gone as far as to threaten social media companies with new legislation unless they increase efforts to fight the proliferation of extremist content and hate speech on their platforms Microsoft Twitter Facebook and YouTube signed a code of conduct with the EU in May 2016 to review most complaints within a 24hour timeframe Instagram and Google will also sign up to the code the European Commission said The companies managed to review complaints within a day in 81 percent of cases during monitoring of a sixweek period towards the end of last year EU figures released on Friday show compared with 51 percent in May 2017 when the Commission last examined compliance with the code of conduct On average the companies removed 70 percent of the content flagged to them up from 592 percent in May last year EU Justice Commissioner Vera Jourova has said that she does not want to see a 100 percent removal rate because that could impinge on free speech She has also said she is not in favor of legislating as Germany has done A law providing for fines of up to 50 million euros 614 million for social media companies that do not remove hate speech quickly enough went into force in Germany this year Jourova said the results unveiled on Friday made it less likely that she would push for legislation on the removal of illegal hate speech 8216NO FREE PASS8217 8220The fact that our collaborative approach on illegal hate speech brings good results does not mean I want to give a free pass to the tech giants8221 she told a news conference Facebook reviewed complaints in less than 24 hours in 893 percent of cases YouTube in 627 percent of cases and Twitter in 802 percent of cases 8220These latest results and the success of the code of conduct are further evidence that the Commission8217s current selfregulatory approach is effective and the correct path forward8221 said Stephen Turner Twitter8217s head of public policy Of the hate speech flagged to the companies almost half of it was found on Facebook the figures show while 24 percent was on YouTube and 26 percent on Twitter The most common ground for hatred identified by the Commission was ethnic origin followed by antiMuslim hatred and xenophobia including expressions of hatred against migrants and refugees Pressure from several European governments has prompted social media companies to step up efforts to tackle extremist online content including through the use of artificial intelligence YouTube said it was training machine learning models to flag hateful content at scale 8220Over the last two years we8217ve consistently improved our review and action times for this type of content on YouTube showing that our policies and processes are effective and getting better over time8221 said Nicklas Lundblad Google8217s vice president of public policy in EMEA 8220We8217ve learned valuable lessons from the process but there is still more we can do8221 The Commission is likely to issue a recommendation at the end of February on how companies should take down extremist content related to militant groups an EU official said Reporting by Julia Fioretti Additional reporting by Foo Yun Chee Editing by Grant McCool and David Goodman Our Standards The Thomson Reuters Trust Principles SHANGHAISINGAPORE Reuters When China closed its local cryptocurrency exchanges late last year an underground ecosystem of bitcoin 8220mules8221 and peertopeer platforms sprung up to allow bitcoin trading to thrive away from regulators8217 watchful eyes A woman using her mobile phone is reflected on an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul South Korea January 11 2018 REUTERSKim HongJi Li a Canadabased Chinese banker in his 20s is one of these underground traders He buys cryptocurrencies in other markets and sells them at a premium to investors in China who cannot otherwise get them At the height of the frenzied demand for bitcoins in January when prices of the digital currency were hovering close to 20000 after a 20fold jump during 2017 Li and other traders were able to sell bitcoins in China for 30 to 40 percent more than they cost elsewhere But in a matter of months the premium for bitcoins in China has fallen to around 7 percent or less as a flood of bitcoin mules who physically carry cash across borders for the trades has swamped the arbitrage business Cryptocurrency funds and individual computerassisted traders have also piled into the market The boom has eaten away the spreads and shown how fast the galloping cryptocurrency markets can change course 8220The market8217s kind of taken a downturn there is less general appetite in this space8221 said John DeCleene an assistant fund manager running the fintech and cryptocurrency investments at Overseas Chinese Investment Management 8220It is too many players entering this market but also less of the hype we saw in DecemberJanuary when people were paying a 30 percent premium because they expected 10 times gains overnight8221 DeCleene launched a 5 million Singaporebased global fund in November to invest in cryptocurrencies blockchainrelated equities and some exploratory arbitrage trading He said it has generated a 58 percent return so far BITCOIN MULES Bitcoin arbitrage thrived last year as the cryptocurrency grew more volatile and some governments stepped in with rules to curtail trading The simplest geographical arbitrage involved buying bitcoin in unregulated markets such as Thailand or ones that have legalised bitcoin trading such as Japan and selling them in banned markets such as South Korea China or India A second form occurred between exchanges when nimblefooted traders bought cryptocurrencies cheaply on lesserknown exchanges and sold them for a profit on more liquid and widely used platforms There were huge price differences to exploit In early January when the price of bitcoin was 17600 on Bitstamp the Luxembourgbased digital currency exchange it was being quoted at 25 million won 23630 in South Korea implying a 34 percent 8220kimchi premium8221 As China8217s ban expanded from an initial prohibition on issuing new cryptocurrency to a shutdown of exchanges premiums rose and traders quickly found new ways of doing business At first it was limited to closed groups on the popular messaging platform WeChat and meetings at bars where potential bitcoin buyers could meet sellers Then peertopeer platforms such as CoinCola websites belonging to former Chinese exchanges Huobi and OKCoin and even the retail platform Taobao became hubs for 8220overthecounter8221 OTC cryptocurrency trading conducted outside of formal exchanges and far more difficult for regulators to police 8220The big Chinese traders are all using CoinCola or going direct to each other through other OTC platforms8221 like WeChat or AliPay said Christian Grewell a professor of business and interactive media arts at NYU in Shanghai who has lectured extensively on cryptocurrencies and blockchain technology AliPay is China8217s leading online payment platform Another option bank transfers between buyers and sellers is 8220almost untraceable8221 Grewell added as it is difficult to prove that a transfer is related to a cryptocurrency transaction A trader in her 20s in Shanghai said she buys bitcoins in the United States to sell over the counter in China On each trip to the US she illegally carries 30000 to 40000 in cash she added 8220Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao8221 said the trader BIG COMPETITION Hedge funds that can execute arbitrage trades quickly and at a fraction of the cost are squeezing individual traders said Ramani Ramachandran the chief executive of digital exchange Zenprivex Peter Kim of KIT Trading part of Vulpes Investment Management manages a 10 million cryptocurrency arbitrage operation 8220In the beginning when there is 30 percent arbitrage obviously you can travel to Thailand buy bitcoins send them to China Japan Korea and sell them That8217s easy8221 said Kim who was formerly an options arbitrage trader 8220But that opportunity is not going to last very long And even though it is not as blatantly there there are still many ways to profit from it especially for someone like me who is used to making 3 basis points on a trade8221 he added The arbitrage funds operate much like retail traders buying and selling cryptocurrencies simultaneously on two different platforms but on a much larger scale That allows them to profit from smaller spreads Some retail traders including Li have turned to lesserknown cryptocurrencies such as Tether which bills itself as being pegged to the US dollar Tether is popular with Chinese seeking to move their cash discreetly overseas as it is not volatile That demand means it trades at a 25 percent to 35 percent premium in China although the number was as high as 10 percent in January Li said his arbitrage activity nets him about 18000 a month on a trading volume of about half a million dollars Although that is a tidy sum it is far less than what frantic traders made late last year 8220The easy arbitrage is going to be much less prevalent now than it used to be8221 Kim said Reporting and writing by Vidya Ranganathan Additional reporting by Cynthia Kim in SEOUL Editing by Gerry Doyle Our Standards The Thomson Reuters Trust Principles Reuters Shares of Facebook Inc rose as much as 42 percent on Thursday after Chief Executive Officer Mark Zuckerberg said the social network had not seen any meaningful impact on usage or ad sales in the wake of a data privacy scandal The company8217s shares have sunk 16 percent wiping more than 80 billion from its market value since March 16 when the New York Times and London8217s Observer newspaper broke news of the use of its data by political consultancy Cambridge Analytica Some investors see the chaos as a chance to snap up shares in a service for which there is scarce alternative despite rising public scrutiny and the prospect of a grilling from US legislators when Zuckerberg testifies before Congress next week Canada8217s province of British Columbia and Canada8217s federal government combined investigations on Thursday saying they had launched a joint probe into Facebook and Canadian data firm AggregateIQ while Australian authorities said they were exploring whether the social media company had breached user privacy laws The California State Teachers8217 Retirement System with nearly 1 billion in Facebook stock as of last year on Thursday also said it would question the company about privacy protections Despite the probes and celebrities including singer Cher actor Will Ferrell and Tesla Chief Elon Musk deleting their accounts Facebook8217s social app downloads improved on a monthly basis both in the United States and globally according to Evercore ISI Facebook expanded its share of social app downloads in March by 332 percent from 301 percent Evercore data showed Several Wall Street analysts said the stock8217s decline presented a good opportunity to buy into the social network8217s previously highflying shares although they cautioned that much will depend on Zuckerberg8217s testimony to Congress 8220We suspect that looking back a year from now if not sooner this episode will have been a uniquely compelling buying opportunity in the megacap internet space8221 Deutsche Bank analysts said Facebooks chief operating officer Sheryl Sandberg told Bloomberg in an interview on Thursday that a few advertisers had paused spending in the wake of the incident but that the company was having reassuring conversations about how it has built privacy into its system bloombg2q89KMt Companies including US auto parts retailer Pep Boys internet company Mozilla and German bank Commerzbank AG have suspended advertisement on the platform Sandberg also said a tool that allowed a researcher to gain access to personal information of up to 87 million users complied with a privacy agreement the company signed with the US Federal Trade Commission FTC in 2011 Her comments followed reports that the FTC was investigating the company over a possible violation of that agreement which demands it to get user consent before sharing their information 8220While it8217s clear that investor sentiment has been materially impacted by the Cambridge Analytica revelations we believe FB is acting proactively and aggressively to tighten its privacy controls and increase the level of transparency into its practices8221 Wells Fargo analyst Ken Sena said Zuckerberg who will testify about the scandal next week in front of committees in the US House and Senate may face calls from legislators for more oversight Sandberg in a separate interview with PBS said 8220We8217re not just open to regulations we8217re moving ahead of it8221 and had built a tool which would be live before the next US election and which would show details of who paid for election ads and demographics of the audience FILE PHOTO Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco California US April 12 2016 REUTERSStephen LamFile Photo Facebook shares closed up 27 percent at 15935 Reporting by Supantha Mukherjee Sonam Rai and Arjun Panchadar in Bengaluru Mohammad Zargham in Washington editing by Peter Henderson Bernard Orr and James Dalgleish Our Standards The Thomson Reuters Trust Principles MEXICO CITYSAN FRANCISCO Reuters Chinese ridehailing company Didi Chuxing has publicly launched in Mexico with a website advertising its service to drivers and passengers setting the stage for a potentially expensive showdown with rival Uber FILE PHOTO The logo of Didi Chuxing is seen at its headquarters in Beijing China May 18 2016 REUTERSKim KyungHoonFile Photo A spokesman for Didi Chuxing Technology Co told Reuters that the company will launch first in Toluca an urban hub located around 60 kilometers 37 miles from the country8217s capital Didi has an operations hub in the trendy Juarez neighborhood in Mexico City Didi settled on Toluca the capital of the central state of Mexico because it is a 8220robust regional commercial and cultural8221 center said the spokesman who declined to be named Its priority will be to learn from local communities about their transportation needs the spokesman said The app will go live later this month according to a source familiar with the plans The Didi spokesman declined to comment on the timeline Didi8217s Mexico website says the company will begin operations 8220very soon8221 without providing a date Meanwhile Didi is working to quickly recruit drivers with the promise of higher earnings than competitors are offering The new Didi website says the company will take no cut of fares until June 17 and is offering bonuses to drivers who recruit other drivers and passengers a common tactic for ridehailing companies vying to gain market share After midJune Didi is planning to take a 20 percent cut of fares below the 25 percent commission on rides in Mexico charged by its biggest rival Uber Technologies Inc UBERUL Late last year Didi started laying plans for Mexico Reuters reported in what will be the company8217s first launch outside Asia Mexico8217s clogged streets underdeveloped public transit system and growing base of smartphone users make the country ripe for appbased ride services UBER RIVALRY In Mexico Didi will for the first time put its own service up against Uber its chief international rival FILE PHOTO An Uber driver checks the route on a mobile phone inside his car in Mexico City Mexico February 6 2018 Picture taken on February 6 2018 REUTERSCarlos JassoFile Photo Uber is the ridehailing leader in Mexico where it has seven million users in more than three dozen cities Uber held 87 percent of the market in Mexico in August its highest share in Latin America according to Dalia Research a Berlinbased consumer research firm A spokesman for Uber declined to comment Didi says it aims to attract drivers and passengers by promoting a safe service The company has created a security button on its app that will connect drivers and passengers with police and other emergency contacts if they find themselves in danger its website said The company is also staffing a safety task force to respond to issues aroundtheclock Didi will start off with a car service although two sources said the company was also considering other modes of transportation such as scooters motorcycles and bikesharing While Mexico City and certain Mexican states have taken a strict approach to ridehailing rules the state of Mexico offers a friendly regulatory landscape said Carlos Martinez head of the Center for Citizens and Consumers 8220One of the principal reasons to launch in Toluca is the regulation in the state of Mexico which is more or less lax and the other is that Toluca has lots of economic activity8221 he said A new train between Toluca and Mexico City set to open soon will also provide opportunities for Didi to shuttle commuters from their homes to the station Martinez said Reporting by Julia Love and Heather Somerville editing by Jason Neely and Rosalba OBrien Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters Facebook FBO has confirmed that the data of 27 million EU citizens were among those improperly used by political consultancy Cambridge Analytica the EU executive said on Friday The European Commission said it received a letter from the social media giant late on Thursday and that it would press for more details piling pressure on the firm that has lost more than 100 billion in market value in the last 10 days Facebook Inc 1572 FBO Nasdaq 214 134 FBO Related Coverage Italy Antitrust opens probe into Facebooks collection use of data 8220Facebook confirmed to us that the data of overall up to 27 million Europeans or people in the EU to be more precise may have been improperly shared with Cambridge Analytica8221 a Commission spokesman said 8220The letter also explains the steps Facebook has taken in response since8221 Reporting by Alissa de Carbonnel AdeCar Editing by RobertJan Bartunek Our Standards The Thomson Reuters Trust Principles

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<p>BRUSSELS (Reuters) - Social media companies Facebook, Twitter and Google&#8217;s YouTube have accelerated removals of online hate speech in the face of a potential European Union crackdown.</p> FILE PHOTO: A man reads tweets on his phone in front of a displayed Twitter logo in Bordeaux, southwestern France, March 10, 2016. REUTERS/Regis Duvignau/Illustration/File Photo <p>The EU has gone as far as to threaten social media companies with new legislation unless they increase efforts to fight the proliferation of extremist content and hate speech on their platforms.</p> <p>Microsoft, Twitter, Facebook and YouTube signed a code of conduct with the EU in May 2016 to review most complaints within a 24-hour timeframe. Instagram and Google+ will also sign up to the code, the European Commission said.</p> <p>The companies managed to review complaints within a day in 81 percent of cases during monitoring of a six-week period towards the end of last year, EU figures released on Friday show, compared with 51 percent in May 2017 when the Commission last examined compliance with the code of conduct.</p> <p>On average, the companies removed 70 percent of the content flagged to them, up from 59.2 percent in May last year.</p> <p>EU Justice Commissioner Vera Jourova has said that she does not want to see a 100 percent removal rate because that could impinge on free speech.</p> <p>She has also said she is not in favor of legislating as Germany has done. A law providing for fines of up to 50 million euros ($61.4 million) for social media companies that do not remove hate speech quickly enough went into force in Germany this year.</p> <p>Jourova said the results unveiled on Friday made it less likely that she would push for legislation on the removal of illegal hate speech.</p> &#8216;NO FREE PASS&#8217; <p>&#8220;The fact that our collaborative approach on illegal hate speech brings good results does not mean I want to give a free pass to the tech giants,&#8221; she told a news conference.</p> <p>Facebook reviewed complaints in less than 24 hours in 89.3 percent of cases, YouTube in 62.7 percent of cases and Twitter in 80.2 percent of cases.</p> <p>&#8220;These latest results and the success of the code of conduct are further evidence that the Commission&#8217;s current self-regulatory approach is effective and the correct path forward.&#8221; said Stephen Turner, Twitter&#8217;s head of public policy.</p> <p>Of the hate speech flagged to the companies, almost half of it was found on Facebook, the figures show, while 24 percent was on YouTube and 26 percent on Twitter.</p> <p>The most common ground for hatred identified by the Commission was ethnic origin, followed by anti-Muslim hatred and xenophobia, including expressions of hatred against migrants and refugees.</p> <p>Pressure from several European governments has prompted social media companies to step up efforts to tackle extremist online content, including through the use of artificial intelligence.</p> <p>YouTube said it was training machine learning models to flag hateful content at scale.</p> <p>&#8220;Over the last two years we&#8217;ve consistently improved our review and action times for this type of content on YouTube, showing that our policies and processes are effective, and getting better over time,&#8221; said Nicklas Lundblad, Google&#8217;s vice president of public policy in EMEA.</p> <p>&#8220;We&#8217;ve learned valuable lessons from the process, but there is still more we can do.&#8221;</p> <p>The Commission is likely to issue a recommendation at the end of February on how companies should take down extremist content related to militant groups, an EU official said.</p> <p>Reporting by Julia Fioretti; Additional reporting by Foo Yun Chee; Editing by Grant McCool and David Goodman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SHANGHAI/SINGAPORE (Reuters) - When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin &#8220;mules&#8221; and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators&#8217; watchful eyes.</p> A woman using her mobile phone is reflected on an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, South Korea, January 11, 2018. REUTERS/Kim Hong-Ji <p>Li, a Canada-based Chinese banker in his 20s, is one of these underground traders. He buys cryptocurrencies in other markets and sells them at a premium to investors in China, who cannot otherwise get them.</p> <p>At the height of the frenzied demand for bitcoins in January, when prices of the digital currency were hovering close to $20,000 after a 20-fold jump during 2017, Li and other traders were able to sell bitcoins in China for 30 to 40 percent more than they cost elsewhere.</p> <p>But in a matter of months, the premium for bitcoins in China has fallen to around 7 percent or less as a flood of bitcoin mules, who physically carry cash across borders for the trades, has swamped the arbitrage business. Cryptocurrency funds and individual computer-assisted traders have also piled into the market.</p> <p>The boom has eaten away the spreads and shown how fast the galloping cryptocurrency markets can change course.</p> <p>&#8220;The market&#8217;s kind of taken a downturn; there is less general appetite in this space,&#8221; said John DeCleene, an assistant fund manager running the fintech and cryptocurrency investments at Overseas Chinese Investment Management.</p> <p>&#8220;It is too many players entering this market, but also less of the hype we saw in December-January, when people were paying a 30 percent premium because they expected 10 times gains overnight.&#8221;</p> <p>DeCleene launched a $5 million Singapore-based global fund in November to invest in cryptocurrencies, blockchain-related equities and some exploratory arbitrage trading. He said it has generated a 58 percent return so far.</p> BITCOIN MULES <p>Bitcoin arbitrage thrived last year as the cryptocurrency grew more volatile and some governments stepped in with rules to curtail trading.</p> <p>The simplest geographical arbitrage involved buying bitcoin in unregulated markets such as Thailand, or ones that have legalised bitcoin trading such as Japan, and selling them in banned markets such as South Korea, China or India.</p> <p>A second form occurred between exchanges, when nimble-footed traders bought cryptocurrencies cheaply on lesser-known exchanges and sold them for a profit on more liquid and widely used platforms.</p> <p>There were huge price differences to exploit.</p> <p>In early January, when the price of bitcoin was $17,600 on Bitstamp, the Luxembourg-based digital currency exchange, it was being quoted at 25 million won ($23,630) in South Korea, implying a 34 percent &#8220;kimchi premium&#8221;.</p> <p>As China&#8217;s ban expanded from an initial prohibition on issuing new cryptocurrency to a shutdown of exchanges, premiums rose and traders quickly found new ways of doing business.</p> <p>At first, it was limited to closed groups on the popular messaging platform WeChat and meetings at bars, where potential bitcoin buyers could meet sellers.</p> <p>Then peer-to-peer platforms such as CoinCola, websites belonging to former Chinese exchanges Huobi and OKCoin, and even the retail platform Taobao became hubs for &#8220;over-the-counter&#8221; (OTC) cryptocurrency trading, conducted outside of formal exchanges and far more difficult for regulators to police.</p> <p>&#8220;The big Chinese traders are all using CoinCola or going direct to each other through other OTC platforms,&#8221; like WeChat or AliPay, said Christian Grewell, a professor of business and interactive media arts at NYU in Shanghai who has lectured extensively on cryptocurrencies and blockchain technology.</p> <p>AliPay is China&#8217;s leading online payment platform.</p> <p>Another option, bank transfers between buyers and sellers, is &#8220;almost untraceable&#8221;, Grewell added, as it is difficult to prove that a transfer is related to a cryptocurrency transaction.</p> <p>A trader in her 20s in Shanghai said she buys bitcoins in the United States to sell over the counter in China. On each trip to the U.S., she illegally carries $30,000 to $40,000 in cash, she added.</p> <p>&#8220;Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao,&#8221; said the trader.</p> BIG COMPETITION <p>Hedge funds that can execute arbitrage trades quickly and at a fraction of the cost are squeezing individual traders, said Ramani Ramachandran, the chief executive of digital exchange Zenprivex.</p> <p>Peter Kim of KIT Trading, part of Vulpes Investment Management, manages a $10 million cryptocurrency arbitrage operation.</p> <p>&#8220;In the beginning, when there is 30 percent arbitrage, obviously you can travel to Thailand, buy bitcoins, send them to China, Japan, Korea and sell them. That&#8217;s easy,&#8221; said Kim, who was formerly an options arbitrage trader.</p> <p>&#8220;But that opportunity is not going to last very long. And even though it is not as blatantly there, there are still many ways to profit from it, especially for someone like me who is used to making 3 basis points on a trade,&#8221; he added.</p> <p>The arbitrage funds operate much like retail traders, buying and selling cryptocurrencies simultaneously on two different platforms, but on a much larger scale. That allows them to profit from smaller spreads.</p> <p>Some retail traders, including Li, have turned to lesser-known cryptocurrencies such as Tether, which bills itself as being pegged to the U.S. dollar.</p> <p>Tether is popular with Chinese seeking to move their cash discreetly overseas, as it is not volatile. That demand means it trades at a 2.5 percent to 3.5 percent premium in China, although the number was as high as 10 percent in January.</p> <p>Li said his arbitrage activity nets him about $18,000 a month on a trading volume of about half a million dollars.</p> <p>Although that is a tidy sum, it is far less than what frantic traders made late last year.</p> <p>&#8220;The easy arbitrage is going to be much less prevalent now than it used to be,&#8221; Kim said.</p> <p>Reporting and writing by Vidya Ranganathan; Additional reporting by Cynthia Kim in SEOUL; Editing by Gerry Doyle</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Shares of Facebook Inc rose as much as 4.2 percent on Thursday after Chief Executive Officer Mark Zuckerberg said the social network had not seen any meaningful impact on usage or ad sales in the wake of a data privacy scandal.</p> <p>The company&#8217;s shares have sunk 16 percent, wiping more than $80 billion from its market value since March 16, when the New York Times and London&#8217;s Observer newspaper broke news of the use of its data by political consultancy Cambridge Analytica.</p> <p>Some investors see the chaos as a chance to snap up shares in a service for which there is scarce alternative, despite rising public scrutiny and the prospect of a grilling from U.S. legislators when Zuckerberg testifies before Congress next week.</p> <p>Canada&#8217;s province of British Columbia and Canada&#8217;s federal government combined investigations on Thursday, saying they had launched a joint probe into Facebook and Canadian data firm AggregateIQ, while Australian authorities said they were exploring whether the social media company had breached user privacy laws.</p> <p>The California State Teachers&#8217; Retirement System, with nearly $1 billion in Facebook stock as of last year, on Thursday also said it would question the company about privacy protections.</p> <p>Despite the probes and celebrities including singer Cher, actor Will Ferrell and Tesla Chief Elon Musk deleting their accounts, Facebook&#8217;s social app downloads improved on a monthly basis both in the United States and globally, according to Evercore ISI.</p> <p>Facebook expanded its share of social app downloads in March by 33.2 percent from 30.1 percent, Evercore data showed.</p> <p>Several Wall Street analysts said the stock&#8217;s decline presented a good opportunity to buy into the social network&#8217;s previously high-flying shares, although they cautioned that much will depend on Zuckerberg&#8217;s testimony to Congress.</p> <p>&#8220;We suspect that looking back a year from now, if not sooner, this episode will have been a uniquely compelling buying opportunity in the mega-cap internet space,&#8221; Deutsche Bank analysts said.</p> <p>Facebook's chief operating officer, Sheryl Sandberg, told Bloomberg in an interview on Thursday that a few advertisers had paused spending in the wake of the incident, but that the company was having reassuring conversations about how it has built privacy into its system. ( <a href="https://bloom.bg/2q89KMt" type="external">bloom.bg/2q89KMt</a>)</p> <p>Companies including U.S. auto parts retailer Pep Boys, internet company Mozilla and German bank Commerzbank AG have suspended advertisement on the platform.</p> <p>Sandberg also said a tool that allowed a researcher to gain access to personal information of up to 87 million users, complied with a privacy agreement the company signed with the U.S. Federal Trade Commission (FTC) in 2011.</p> <p>Her comments followed reports that the FTC was investigating the company over a possible violation of that agreement, which demands it to get user consent before sharing their information.</p> <p>&#8220;While it&#8217;s clear that investor sentiment has been materially impacted by (the) Cambridge Analytica revelations, we believe FB is acting proactively and aggressively to tighten its privacy controls and increase the level of transparency into its practices,&#8221; Wells Fargo analyst Ken Sena said.</p> <p>Zuckerberg, who will testify about the scandal next week in front of committees in the U.S. House and Senate, may face calls from legislators for more oversight.</p> <p>Sandberg, in a separate interview with PBS, said: &#8220;We&#8217;re not just open to regulations, we&#8217;re moving ahead of it,&#8221; and had built a tool which would be live before the next U.S. election and which would show details of who paid for election ads and demographics of the audience.</p> FILE PHOTO: Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco, California, U.S., April 12, 2016. REUTERS/Stephen Lam/File Photo <p>Facebook shares closed up 2.7 percent at $159.35.</p> <p>Reporting by Supantha Mukherjee, Sonam Rai and Arjun Panchadar in Bengaluru; Mohammad Zargham in Washington; editing by Peter Henderson, Bernard Orr and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MEXICO CITY/SAN FRANCISCO (Reuters) - Chinese ride-hailing company Didi Chuxing has publicly launched in Mexico with a website advertising its service to drivers and passengers, setting the stage for a potentially expensive showdown with rival Uber.</p> FILE PHOTO: The logo of Didi Chuxing is seen at its headquarters in Beijing, China, May 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo <p>A spokesman for Didi Chuxing Technology Co told Reuters that the company will launch first in Toluca, an urban hub located around 60 kilometers (37 miles) from the country&#8217;s capital. Didi has an operations hub in the trendy Juarez neighborhood in Mexico City.</p> <p>Didi settled on Toluca, the capital of the central state of Mexico, because it is a &#8220;robust regional commercial and cultural&#8221; center, said the spokesman, who declined to be named. Its priority will be to learn from local communities about their transportation needs, the spokesman said.</p> <p>The app will go live later this month, according to a source familiar with the plans.</p> <p>The Didi spokesman declined to comment on the timeline. Didi&#8217;s Mexico website says the company will begin operations &#8220;very soon,&#8221; without providing a date.</p> <p>Meanwhile, Didi is working to quickly recruit drivers with the promise of higher earnings than competitors are offering. The new Didi website says the company will take no cut of fares until June 17, and is offering bonuses to drivers who recruit other drivers and passengers, a common tactic for ride-hailing companies vying to gain market share.</p> <p>After mid-June, Didi is planning to take a 20 percent cut of fares, below the 25 percent commission on rides in Mexico charged by its biggest rival, Uber Technologies Inc [UBER.UL].</p> <p>Late last year, Didi started laying plans for Mexico, Reuters reported, in what will be the company&#8217;s first launch outside Asia. Mexico&#8217;s clogged streets, underdeveloped public transit system and growing base of smartphone users make the country ripe for app-based ride services.</p> UBER RIVALRY <p>In Mexico, Didi will for the first time put its own service up against Uber, its chief international rival.</p> FILE PHOTO: An Uber driver checks the route on a mobile phone inside his car in Mexico City, Mexico February 6, 2018. Picture taken on February 6, 2018. REUTERS/Carlos Jasso/File Photo <p>Uber is the ride-hailing leader in Mexico, where it has seven million users in more than three dozen cities. Uber held 87 percent of the market in Mexico in August, its highest share in Latin America, according to Dalia Research, a Berlin-based consumer research firm.</p> <p>A spokesman for Uber declined to comment.</p> <p>Didi says it aims to attract drivers and passengers by promoting a safe service. The company has created a security button on its app that will connect drivers and passengers with police and other emergency contacts if they find themselves in danger, its website said. The company is also staffing a safety task force to respond to issues around-the-clock.</p> <p>Didi will start off with a car service, although two sources said the company was also considering other modes of transportation such as scooters, motorcycles and bike-sharing.</p> <p>While Mexico City and certain Mexican states have taken a strict approach to ride-hailing rules, the state of Mexico offers a friendly regulatory landscape, said Carlos Martinez, head of the Center for Citizens and Consumers.</p> <p>&#8220;One of the principal reasons (to launch in Toluca) is the regulation in the state of Mexico, which is more or less lax, and the other is that Toluca has lots of economic activity,&#8221; he said.</p> <p>A new train between Toluca and Mexico City set to open soon will also provide opportunities for Didi to shuttle commuters from their homes to the station, Martinez said.</p> <p>Reporting by Julia Love and Heather Somerville; editing by Jason Neely and Rosalba O'Brien</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - Facebook ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) has confirmed that the data of 2.7 million EU citizens were among those improperly used by political consultancy Cambridge Analytica, the EU executive said on Friday.</p> <p>The European Commission said it received a letter from the social media giant late on Thursday and that it would press for more details, piling pressure on the firm that has lost more than $100 billion in market value in the last 10 days.</p> <a href="/finance/stocks/overview?symbol=FB.O" type="external">Facebook Inc</a> 157.2 FB.O Nasdaq -2.14 (-1.34%) FB.O Related Coverage <a href="/article/us-facebook-italy-probe/italy-antitrust-opens-probe-into-facebooks-collection-use-of-data-idUSKCN1HD1SA" type="external">Italy Antitrust opens probe into Facebook's collection, use of data</a> <p>&#8220;Facebook confirmed to us that the data of overall up to 2.7 million Europeans or people in the EU to be more precise may have been improperly shared with Cambridge Analytica,&#8221; a Commission spokesman said.</p> <p>&#8220;The letter also explains the steps Facebook has taken in response since.&#8221;</p> <p>Reporting by Alissa de Carbonnel @AdeCar; Editing by Robert-Jan Bartunek</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Social media companies accelerate removals of online hate speech: EU Asia's cryptocurrency arbitrage boom fizzles, but profits persist Facebook shares rise as Zuckerberg soothes investors Chinese Uber rival Didi launches in Mexico, recruits drivers EU says Facebook confirmed data of 2.7 million Europeans 'improperly shared'

https://reuters.com/article/eu-hatespeech/update-2-social-media-companies-accelerate-removals-of-online-hate-speech-eu-idUSL8N1PE27H

2018-01-19

2least

BRUSSELS Reuters Social media companies Facebook Twitter and Google8217s YouTube have accelerated removals of online hate speech in the face of a potential European Union crackdown FILE PHOTO A man reads tweets on his phone in front of a displayed Twitter logo in Bordeaux southwestern France March 10 2016 REUTERSRegis DuvignauIllustrationFile Photo The EU has gone as far as to threaten social media companies with new legislation unless they increase efforts to fight the proliferation of extremist content and hate speech on their platforms Microsoft Twitter Facebook and YouTube signed a code of conduct with the EU in May 2016 to review most complaints within a 24hour timeframe Instagram and Google will also sign up to the code the European Commission said The companies managed to review complaints within a day in 81 percent of cases during monitoring of a sixweek period towards the end of last year EU figures released on Friday show compared with 51 percent in May 2017 when the Commission last examined compliance with the code of conduct On average the companies removed 70 percent of the content flagged to them up from 592 percent in May last year EU Justice Commissioner Vera Jourova has said that she does not want to see a 100 percent removal rate because that could impinge on free speech She has also said she is not in favor of legislating as Germany has done A law providing for fines of up to 50 million euros 614 million for social media companies that do not remove hate speech quickly enough went into force in Germany this year Jourova said the results unveiled on Friday made it less likely that she would push for legislation on the removal of illegal hate speech 8216NO FREE PASS8217 8220The fact that our collaborative approach on illegal hate speech brings good results does not mean I want to give a free pass to the tech giants8221 she told a news conference Facebook reviewed complaints in less than 24 hours in 893 percent of cases YouTube in 627 percent of cases and Twitter in 802 percent of cases 8220These latest results and the success of the code of conduct are further evidence that the Commission8217s current selfregulatory approach is effective and the correct path forward8221 said Stephen Turner Twitter8217s head of public policy Of the hate speech flagged to the companies almost half of it was found on Facebook the figures show while 24 percent was on YouTube and 26 percent on Twitter The most common ground for hatred identified by the Commission was ethnic origin followed by antiMuslim hatred and xenophobia including expressions of hatred against migrants and refugees Pressure from several European governments has prompted social media companies to step up efforts to tackle extremist online content including through the use of artificial intelligence YouTube said it was training machine learning models to flag hateful content at scale 8220Over the last two years we8217ve consistently improved our review and action times for this type of content on YouTube showing that our policies and processes are effective and getting better over time8221 said Nicklas Lundblad Google8217s vice president of public policy in EMEA 8220We8217ve learned valuable lessons from the process but there is still more we can do8221 The Commission is likely to issue a recommendation at the end of February on how companies should take down extremist content related to militant groups an EU official said Reporting by Julia Fioretti Additional reporting by Foo Yun Chee Editing by Grant McCool and David Goodman Our Standards The Thomson Reuters Trust Principles SHANGHAISINGAPORE Reuters When China closed its local cryptocurrency exchanges late last year an underground ecosystem of bitcoin 8220mules8221 and peertopeer platforms sprung up to allow bitcoin trading to thrive away from regulators8217 watchful eyes A woman using her mobile phone is reflected on an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul South Korea January 11 2018 REUTERSKim HongJi Li a Canadabased Chinese banker in his 20s is one of these underground traders He buys cryptocurrencies in other markets and sells them at a premium to investors in China who cannot otherwise get them At the height of the frenzied demand for bitcoins in January when prices of the digital currency were hovering close to 20000 after a 20fold jump during 2017 Li and other traders were able to sell bitcoins in China for 30 to 40 percent more than they cost elsewhere But in a matter of months the premium for bitcoins in China has fallen to around 7 percent or less as a flood of bitcoin mules who physically carry cash across borders for the trades has swamped the arbitrage business Cryptocurrency funds and individual computerassisted traders have also piled into the market The boom has eaten away the spreads and shown how fast the galloping cryptocurrency markets can change course 8220The market8217s kind of taken a downturn there is less general appetite in this space8221 said John DeCleene an assistant fund manager running the fintech and cryptocurrency investments at Overseas Chinese Investment Management 8220It is too many players entering this market but also less of the hype we saw in DecemberJanuary when people were paying a 30 percent premium because they expected 10 times gains overnight8221 DeCleene launched a 5 million Singaporebased global fund in November to invest in cryptocurrencies blockchainrelated equities and some exploratory arbitrage trading He said it has generated a 58 percent return so far BITCOIN MULES Bitcoin arbitrage thrived last year as the cryptocurrency grew more volatile and some governments stepped in with rules to curtail trading The simplest geographical arbitrage involved buying bitcoin in unregulated markets such as Thailand or ones that have legalised bitcoin trading such as Japan and selling them in banned markets such as South Korea China or India A second form occurred between exchanges when nimblefooted traders bought cryptocurrencies cheaply on lesserknown exchanges and sold them for a profit on more liquid and widely used platforms There were huge price differences to exploit In early January when the price of bitcoin was 17600 on Bitstamp the Luxembourgbased digital currency exchange it was being quoted at 25 million won 23630 in South Korea implying a 34 percent 8220kimchi premium8221 As China8217s ban expanded from an initial prohibition on issuing new cryptocurrency to a shutdown of exchanges premiums rose and traders quickly found new ways of doing business At first it was limited to closed groups on the popular messaging platform WeChat and meetings at bars where potential bitcoin buyers could meet sellers Then peertopeer platforms such as CoinCola websites belonging to former Chinese exchanges Huobi and OKCoin and even the retail platform Taobao became hubs for 8220overthecounter8221 OTC cryptocurrency trading conducted outside of formal exchanges and far more difficult for regulators to police 8220The big Chinese traders are all using CoinCola or going direct to each other through other OTC platforms8221 like WeChat or AliPay said Christian Grewell a professor of business and interactive media arts at NYU in Shanghai who has lectured extensively on cryptocurrencies and blockchain technology AliPay is China8217s leading online payment platform Another option bank transfers between buyers and sellers is 8220almost untraceable8221 Grewell added as it is difficult to prove that a transfer is related to a cryptocurrency transaction A trader in her 20s in Shanghai said she buys bitcoins in the United States to sell over the counter in China On each trip to the US she illegally carries 30000 to 40000 in cash she added 8220Selling and buying bitcoins on those OTC websites is the same as shopping on Taobao8221 said the trader BIG COMPETITION Hedge funds that can execute arbitrage trades quickly and at a fraction of the cost are squeezing individual traders said Ramani Ramachandran the chief executive of digital exchange Zenprivex Peter Kim of KIT Trading part of Vulpes Investment Management manages a 10 million cryptocurrency arbitrage operation 8220In the beginning when there is 30 percent arbitrage obviously you can travel to Thailand buy bitcoins send them to China Japan Korea and sell them That8217s easy8221 said Kim who was formerly an options arbitrage trader 8220But that opportunity is not going to last very long And even though it is not as blatantly there there are still many ways to profit from it especially for someone like me who is used to making 3 basis points on a trade8221 he added The arbitrage funds operate much like retail traders buying and selling cryptocurrencies simultaneously on two different platforms but on a much larger scale That allows them to profit from smaller spreads Some retail traders including Li have turned to lesserknown cryptocurrencies such as Tether which bills itself as being pegged to the US dollar Tether is popular with Chinese seeking to move their cash discreetly overseas as it is not volatile That demand means it trades at a 25 percent to 35 percent premium in China although the number was as high as 10 percent in January Li said his arbitrage activity nets him about 18000 a month on a trading volume of about half a million dollars Although that is a tidy sum it is far less than what frantic traders made late last year 8220The easy arbitrage is going to be much less prevalent now than it used to be8221 Kim said Reporting and writing by Vidya Ranganathan Additional reporting by Cynthia Kim in SEOUL Editing by Gerry Doyle Our Standards The Thomson Reuters Trust Principles Reuters Shares of Facebook Inc rose as much as 42 percent on Thursday after Chief Executive Officer Mark Zuckerberg said the social network had not seen any meaningful impact on usage or ad sales in the wake of a data privacy scandal The company8217s shares have sunk 16 percent wiping more than 80 billion from its market value since March 16 when the New York Times and London8217s Observer newspaper broke news of the use of its data by political consultancy Cambridge Analytica Some investors see the chaos as a chance to snap up shares in a service for which there is scarce alternative despite rising public scrutiny and the prospect of a grilling from US legislators when Zuckerberg testifies before Congress next week Canada8217s province of British Columbia and Canada8217s federal government combined investigations on Thursday saying they had launched a joint probe into Facebook and Canadian data firm AggregateIQ while Australian authorities said they were exploring whether the social media company had breached user privacy laws The California State Teachers8217 Retirement System with nearly 1 billion in Facebook stock as of last year on Thursday also said it would question the company about privacy protections Despite the probes and celebrities including singer Cher actor Will Ferrell and Tesla Chief Elon Musk deleting their accounts Facebook8217s social app downloads improved on a monthly basis both in the United States and globally according to Evercore ISI Facebook expanded its share of social app downloads in March by 332 percent from 301 percent Evercore data showed Several Wall Street analysts said the stock8217s decline presented a good opportunity to buy into the social network8217s previously highflying shares although they cautioned that much will depend on Zuckerberg8217s testimony to Congress 8220We suspect that looking back a year from now if not sooner this episode will have been a uniquely compelling buying opportunity in the megacap internet space8221 Deutsche Bank analysts said Facebooks chief operating officer Sheryl Sandberg told Bloomberg in an interview on Thursday that a few advertisers had paused spending in the wake of the incident but that the company was having reassuring conversations about how it has built privacy into its system bloombg2q89KMt Companies including US auto parts retailer Pep Boys internet company Mozilla and German bank Commerzbank AG have suspended advertisement on the platform Sandberg also said a tool that allowed a researcher to gain access to personal information of up to 87 million users complied with a privacy agreement the company signed with the US Federal Trade Commission FTC in 2011 Her comments followed reports that the FTC was investigating the company over a possible violation of that agreement which demands it to get user consent before sharing their information 8220While it8217s clear that investor sentiment has been materially impacted by the Cambridge Analytica revelations we believe FB is acting proactively and aggressively to tighten its privacy controls and increase the level of transparency into its practices8221 Wells Fargo analyst Ken Sena said Zuckerberg who will testify about the scandal next week in front of committees in the US House and Senate may face calls from legislators for more oversight Sandberg in a separate interview with PBS said 8220We8217re not just open to regulations we8217re moving ahead of it8221 and had built a tool which would be live before the next US election and which would show details of who paid for election ads and demographics of the audience FILE PHOTO Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco California US April 12 2016 REUTERSStephen LamFile Photo Facebook shares closed up 27 percent at 15935 Reporting by Supantha Mukherjee Sonam Rai and Arjun Panchadar in Bengaluru Mohammad Zargham in Washington editing by Peter Henderson Bernard Orr and James Dalgleish Our Standards The Thomson Reuters Trust Principles MEXICO CITYSAN FRANCISCO Reuters Chinese ridehailing company Didi Chuxing has publicly launched in Mexico with a website advertising its service to drivers and passengers setting the stage for a potentially expensive showdown with rival Uber FILE PHOTO The logo of Didi Chuxing is seen at its headquarters in Beijing China May 18 2016 REUTERSKim KyungHoonFile Photo A spokesman for Didi Chuxing Technology Co told Reuters that the company will launch first in Toluca an urban hub located around 60 kilometers 37 miles from the country8217s capital Didi has an operations hub in the trendy Juarez neighborhood in Mexico City Didi settled on Toluca the capital of the central state of Mexico because it is a 8220robust regional commercial and cultural8221 center said the spokesman who declined to be named Its priority will be to learn from local communities about their transportation needs the spokesman said The app will go live later this month according to a source familiar with the plans The Didi spokesman declined to comment on the timeline Didi8217s Mexico website says the company will begin operations 8220very soon8221 without providing a date Meanwhile Didi is working to quickly recruit drivers with the promise of higher earnings than competitors are offering The new Didi website says the company will take no cut of fares until June 17 and is offering bonuses to drivers who recruit other drivers and passengers a common tactic for ridehailing companies vying to gain market share After midJune Didi is planning to take a 20 percent cut of fares below the 25 percent commission on rides in Mexico charged by its biggest rival Uber Technologies Inc UBERUL Late last year Didi started laying plans for Mexico Reuters reported in what will be the company8217s first launch outside Asia Mexico8217s clogged streets underdeveloped public transit system and growing base of smartphone users make the country ripe for appbased ride services UBER RIVALRY In Mexico Didi will for the first time put its own service up against Uber its chief international rival FILE PHOTO An Uber driver checks the route on a mobile phone inside his car in Mexico City Mexico February 6 2018 Picture taken on February 6 2018 REUTERSCarlos JassoFile Photo Uber is the ridehailing leader in Mexico where it has seven million users in more than three dozen cities Uber held 87 percent of the market in Mexico in August its highest share in Latin America according to Dalia Research a Berlinbased consumer research firm A spokesman for Uber declined to comment Didi says it aims to attract drivers and passengers by promoting a safe service The company has created a security button on its app that will connect drivers and passengers with police and other emergency contacts if they find themselves in danger its website said The company is also staffing a safety task force to respond to issues aroundtheclock Didi will start off with a car service although two sources said the company was also considering other modes of transportation such as scooters motorcycles and bikesharing While Mexico City and certain Mexican states have taken a strict approach to ridehailing rules the state of Mexico offers a friendly regulatory landscape said Carlos Martinez head of the Center for Citizens and Consumers 8220One of the principal reasons to launch in Toluca is the regulation in the state of Mexico which is more or less lax and the other is that Toluca has lots of economic activity8221 he said A new train between Toluca and Mexico City set to open soon will also provide opportunities for Didi to shuttle commuters from their homes to the station Martinez said Reporting by Julia Love and Heather Somerville editing by Jason Neely and Rosalba OBrien Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters Facebook FBO has confirmed that the data of 27 million EU citizens were among those improperly used by political consultancy Cambridge Analytica the EU executive said on Friday The European Commission said it received a letter from the social media giant late on Thursday and that it would press for more details piling pressure on the firm that has lost more than 100 billion in market value in the last 10 days Facebook Inc 1572 FBO Nasdaq 214 134 FBO Related Coverage Italy Antitrust opens probe into Facebooks collection use of data 8220Facebook confirmed to us that the data of overall up to 27 million Europeans or people in the EU to be more precise may have been improperly shared with Cambridge Analytica8221 a Commission spokesman said 8220The letter also explains the steps Facebook has taken in response since8221 Reporting by Alissa de Carbonnel AdeCar Editing by RobertJan Bartunek Our Standards The Thomson Reuters Trust Principles

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<p>&amp;lt;a href="http://commons.wikimedia.org/wiki/File:New-York-Jan2005.jpg"&amp;gt;Bernd Untiedt&amp;lt;/a&amp;gt;/WikiMedia Commons</p> <p>This <a href="http://www.tomdispatch.com/blog/175828/" type="external">story</a> first appeared on the <a href="http://www.tomdispatch.com/" type="external">TomDispatch</a> website.</p> <p>Things are heating up inside Wall Street&#8217;s new rental empire.</p> <p><a href="http://www.tomdispatch.com" type="external" /></p> <p>Over the last few years, giant private equity firms have bet big on the housing market, buying up more than 200,000 cheap homes across the country. Their plan is to rent the houses back to families&#8211;sometimes the very same people who were displaced during the foreclosure crisis&#8211; while waiting for the home values to rise. But it wouldn&#8217;t be Wall Street not to have a short-term trick up its sleeve, so the private equity firms are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as &#8220;rental-backed securities.&#8221; (Remember that toxic &#8220;mortgage-backed securities&#8221; are widely blamed for crashing the global economy in 2007-2008.)</p> <p>All this got me thinking: Have private equity firms gambled with rental housing somewhere else before? If so, what happened?</p> <p>It turns out that the real estate market in my New York City backyard has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.</p> <p>&#8220;They&#8217;re Warm Wherever They Are&#8221;</p> <p>In the Bronx, Benjamin Warren fears that he and other residents could burn to death in a fire because management has blocked both sides of the passageways between buildings designed to offer ways out of the massive apartment complex. (Warren has called the city and management multiple times to complain, but the routes remain shut.) Nearby, Liza Ash found herself intimidated by nearly a dozen hired men when she and other residents of her building, which had heat or hot water only sporadically this past winter, attempted to organize a tenants&#8217; meeting in the lobby. A little farther south, Khamoni Cooper and her neighbors receive a constant stream of fake eviction notices ordering them to vacate their apartments within five days, even though all of them have paid their rent.</p> <p /> <p>Read more MoJo coverage of how <a href="" type="internal">investment firms are playing landlord</a> and bundling their rental homes into new securities.</p> <p>These three tenants&#8211;and nearly 1,600 more families in 42 buildings&#8211;are living through one of the largest single foreclosures to hit New York City since the financial crisis began seven years ago. But here&#8217;s the twist. The owner of these buildings is far from a traditional landlord. It&#8217;s actually a conglomerate of private equity firms that bet it would be able to squeeze more money out of these buildings than it ultimately could&#8211;and ended up unable to pay back the $133 million mortgage.</p> <p>The problem is that, when things go bust, the tenants, far more than these private equity owners, end up shouldering the costs.</p> <p>&#8220;They don&#8217;t care if we freeze,&#8221; said Khamoni Cooper, speaking of the owners, Normandy Real Estate Partners, Vantage Properties, Westbrook Partners, and Colonial Management, who have consistently failed to pay for even basic necessities, including heat and hot water, throughout the winter. Cooper had just learned from a neighbor that management cut off all the water in her building, a move she and others believed was retaliation for a protest they had helped to organize at City Hall earlier that day. &#8220;They&#8217;re warm wherever they are,&#8221; she added bitterly.</p> <p>Around 2005, private equity firms began amassing real estate mini-empires across the city, chasing outlandish projections of future profit. And when these deals started to fall apart, it was tenants, public pension funds, or the city that took the hit, while the private equity owners sometimes succeeded in walking away from the financial wreckage with cash in hand. The story of how those private equity players bet so wrong on housing in New York City is one that, despite the quirks of real estate in the Big Apple, is important to understand now that private equity has taken its rental market show on the road nationwide, and may soon be coming to a town near you.</p> <p>The Buying Frenzy</p> <p>Today, private equity firms like the Blackstone Group, now the largest owner of single-family rental homes in the nation, believe the money to be made in the housing market lies in snapping up cheap homes in the cities where housing prices crashed most spectacularly. Back in the early 2000s, in the eyes of private equity, New York City&#8217;s comparable corner of the market was &#8220;affordable housing.&#8221;</p> <p>In that city, hundreds of thousands of apartment units were still designated as &#8220;rent regulated,&#8221; meaning that landlords were prohibited from dramatically raising the rent. The only significant way around that constraint for a landlord was to wait for a long-time tenant to move out. Then the rent could be raised to whatever the market would bear.</p> <p>To private equity firms, this dynamic seemed to offer a profit opportunity. All they had to do was buy up rent-regulated buildings and replace the current tenants with higher paying ones. (In industry-speak, this was called &#8220;transitioning&#8221; the building.) About a decade ago, private equity firms or private equity-backed developers began gobbling up rent-regulated buildings across the city at extraordinarily overvalued prices. One of the most aggressive players in the game was the private equity-backed firm Vantage. Between 2006 and 2007, it spent about $2 billion buying 125 buildings city-wide, including a share of the 42-building portfolio in which Khamoni Cooper, Lisa Warren, and Benjamin Ash live. Within three years, private equity firms or developers backed by private equity money had scarfed up <a href="http://www.anhd.org/resources/The%20sub%20prime%20loan%20crisis%20in%20ny%20apartment%20housing.pdf" type="external">90,000 rent-regulated apartments</a>, a full 10% of the total stock, according to the Association for Neighborhood and Housing Development.</p> <p>In their spreadsheets, everything looked good. The buildings were saddled with huge mortgages, but the companies also calculated big rental income increases once they were &#8220;transitioned.&#8221; In some cases, the projections reported on corporate filings were downright extraordinary. In 2005, for instance, the Rockpoint Group, a private equity real estate firm, bought a complex of apartment buildings in Harlem known as the Riverton Houses. To justify the whopping $225 million mortgage, the company projected that it would be able to <a href="http://www.anhd.org/resources/The%20sub%20prime%20loan%20crisis%20in%20ny%20apartment%20housing.pdf" type="external">more than triple</a> the rental income from $5.2 million to $23.6 million by forcing out half of the rent-regulated tenants within five years.</p> <p>There was only one big miscalculation, not just in the Riverton deal, but in almost all of them. Inside the apartment buildings were actual, live tenants who didn&#8217;t want to be &#8220;transitioned&#8221; out and fought like hell to stay.</p> <p>Complete Criminality</p> <p>Big money and cutthroat landlords have never been strangers to New York&#8217;s real estate market. But the descent of private equity firms on the city in the early years of this century was so striking that housing advocates dubbed the practice &#8220;predatory equity.&#8221; The name refers to the tactics these companies resorted to once it became clear that longtime tenants weren&#8217;t going to leave.</p> <p><a href="http://www.amazon.com/dp/1884519210/ref=nosim/?tag=tomdispatch-20" type="external" />Generally, the average turnover rate for rent-regulated apartments is close to 5% a year. Landlords whose business plan depends on tripling that figure soon find themselves orchestrating a host of harassment tactics, some of them quite illegal, to get people to move, including mailing fake eviction notices, cutting off the heat or water, and allowing vermin infestations to take hold.</p> <p>&#8220;You don&#8217;t get 30% of tenants to move out without harassing them and committing some type of fraud,&#8221; <a href="http://opencuny.org/desireefields/wp-content/uploads/2013/07/preprint-Contesting-the-Financialization-of-Urban-Space1.pdf" type="external">explained</a> Desiree Fields, an assistant professor of urban studies at Queens College. As an example, she points out how Vantage sent out so many fake eviction notices to the tenants at a collection of buildings in Queens that the borough court gave the company its own day on the housing court docket. Vantage was later sued by the New York Attorney General&#8217;s office for illegally harassing tenants in what the New York Times <a href="http://www.nytimes.com/2010/01/29/nyregion/29vantage.html" type="external">called</a> &#8220;a systematic effort to force their departure to create vacancies for higher-paying tenants.&#8221;</p> <p>For tenants, these private equity purchases were essentially a lose-lose situation. For the deal to succeed, tenants had to be forced out. If, on the other hand, the deal failed and tenants got to stay, landlords immediately disinvested from the buildings, making the living conditions worse than ever.</p> <p>The most infamous case of this type of predatory equity abuse was perpetrated by a real estate company named Ocelot Capital Group. In 2007, backed by an Israeli private equity firm, it bought 25 rent-regulated apartments in the Bronx. Deutsche Bank issued the $29 million in financing, later purchased by Fannie Mae. Soon after, the situation started to deteriorate. The buildings had only sporadic heat or hot water. Pipes burst. Ceilings caved in. As Ocelot realized it wasn&#8217;t going to make any money, it only withdrew further.</p> <p>In a 2011 article for Shelter Force magazine, Dina Levy, former director of the Urban Homesteading Assistance Board who now works with the Attorney General&#8217;s office, <a href="http://www.shelterforce.org/article/2177/fighting_predatory_equity/" type="external">described</a> one visit to the buildings:</p> <p>&#8220;Organizers found a single mother caring for three small children who had been living without a working bathroom for more than three months. Her makeshift toilet consisted of a bucket and a hose she managed to connect to the leaky kitchen sink. She explained that she had not moved out because the local housing authority that provided her monthly rental assistance subsidy would not approve her for a transfer to a new apartment.&#8221;</p> <p>Housing advocates suggest that the aggressive level often employed by private equity players in these years has set the tone for the broader market, especially in neighborhoods where the rents are rising fastest. In February, a landlord of a rent-regulated building in the Brooklyn neighborhood of Bushwick made headlines by hiring construction workers to take sledge hammers into the bathrooms and kitchens of his tenants&#8217; apartments and just start tearing them apart.</p> <p>&#8220;It&#8217;s complete criminality,&#8221; said Adam Meyers, a lawyer with Brooklyn Legal Services Corporation A who works with the tenants at one of this landlord&#8217;s other buildings, where the boiler and pipes in the basement were recently destroyed. As far as Meyers knows, this landlord doesn&#8217;t have private equity backing, but he is typical in believing that the level of harassment reflects the entry of private equity money and manners into the rental marketplace. &#8220;You don&#8217;t have to go through many steps to see Wall Street financiers driving this process,&#8221; Meyers says.</p> <p>Fantasy and Greed</p> <p>As early as 2008, it became clear that there was something seriously wrong with the financial calculations underneath these private equity purchases, not just for the tenants, but for the broader market.</p> <p>&#8220;The entire predatory equity enterprise is a house of cards built on a foundation of fantasy and greed,&#8221; Senator Charles Schumer (D-NY) announced in December 2008.</p> <p>By that time, the private equity owner of Riverton Houses was already in danger of falling into default. Other deals would soon sour. The biggest was the unprecedented $5.4 billion purchase of two Manhattan complexes, Stuyvesant Town and Peter Cooper Village, by private equity giant BlackRock Realty and real estate company Tishman Speyer Properties in 2006. By 2010, BlackRock and Tishman had defaulted on the mortgage and walked away from the properties.</p> <p>As the financial crisis set in, it became clear how significant the role lenders played in the whole predatory equity scheme had been. None of these overly aggressive deals would have been possible without the easy access private equity firms had to mortgage loans, which in turn was enabled by the process of securitization (the banks&#8217; practice of bundling and selling off these loans to investors in order to reduce their own risk).</p> <p>Looking back, nothing may be more striking than the fact that when these predatory equity purchases blow up, the private equity firms themselves rarely seemed to lose all that much. In the collapse of the Stuyvesant Town deal, for example, Black Rock lost only $112 million. In other cases, the firms appear to have made money even though the deals failed.</p> <p>In 2006, Vantage and its financial partner AREA Property Partners bought a complex of seven buildings in Manhattan called Delano Village for $175 million. (Its current name is Savoy Park.) Most of the price was covered by a $128.7 million mortgage. The following year, Vantage refinanced it, securing $367.5 million in new loans. While the bank bundled the majority of this loan into a security and sold it off to investors, Vantage used the financing to pay off the first mortgage, repaid itself for the original investment, and put aside some money for reserves. At the end of the day, however, Vantage and AREA Property Partners were left holding about $105 million in cash, according to the New York Times. What they did with that money, no one is quite sure. By 2010, the loan was delinquent. In 2012, Vantage sold off the complex for enough to pay off the outstanding mortgage.</p> <p>Writing in the New York Times in 2011, a year before Vantage unloaded the complex to cover the outstanding mortgage, Charles Bagli <a href="http://www.nytimes.com/2011/06/10/nyregion/in-harlem-buildings-reminders-of-a-bubble-and-a-collapse.html?pagewanted=1&amp;amp;_r=0" type="external">summarized</a> the Delano Village deal and another similar one: &#8220;In each case, they have not exactly suffered: despite plunging the buildings into financial despair, each has been able to take tens of millions of dollars in cash out of the properties.&#8221;</p> <p>But that doesn&#8217;t mean some players didn&#8217;t lose big, even if these aren&#8217;t always the high-flying, risk-taking investors that you might expect. In the Stuyvesant Town deal, for instance, the California public employees&#8217; pension fund lost <a href="http://www.nytimes.com/2010/01/26/nyregion/26stuy.html?pagewanted=all" type="external">more than $500 million.</a> The California teacher&#8217;s retirement fund lost $100 million, and a Florida pension fund lost $250 million.</p> <p>To Kerri White, director of organizing and policy at the non-profit housing organization the Urban Homesteading Assistance Board, what&#8217;s questionable about public pension funds investing in these types of doomed deals is not just the losses they suffer. It&#8217;s also the fact that these pension funds are sometimes actively financing deals that will fuel the possible displacement of some of their own members from their apartments.</p> <p>She remembers the first time she and her co-workers ran across a predatory equity scheme. Tenants were complaining of harassment and abuse at a collection of buildings in upper Manhattan that had long been part of the city&#8217;s Mitchell-Lama affordable housing program. In 2007, at the height of the bubble, a management company backed by a Morgan Stanley-created investment firm bought the buildings for $918 million, one of the largest Manhattan real estate deals in history. Following the purchase, the management company sent out a barrage of eviction notices&#8211; <a href="http://www.nytimes.com/2008/10/16/nyregion/16building.html?pagewanted=print" type="external">633</a> in one building alone.</p> <p>But what really caused controversy was that both the city and state pension funds had money wrapped up in the deal, and city workers were often residents of Mitchell-Lama-designated buildings. &#8220;Their own pension funds were going to finance deals that were hoping to push them out,&#8221; says White.</p> <p>Things Fall Apart</p> <p>Today, private equity firms are playing a different game in the national single-family rental market.&amp;#160;But some housing advocates believe that private equity&#8217;s disastrous decade in New York can offer a&amp;#160;test case of what might happen across the country.&amp;#160;In both cases, aggressive Wall Street investors quickly buy up an enormous number of rental properties with&amp;#160;projections of short-term profits that, to economists and housing advocates, seem more than a little optimistic. In New York, they assumed that they could flip rent-regulated buildings. Nationally, they&#8217;re betting that they can profit off buying and renting out homes in cities hardest hit by the housing crisis&#8211;a plan that relies on their ability to repair, manage and lease tens of thousands of houses nationwide and on a scale far larger than anyone or any company has ever attempted in the United States.&amp;#160;In both cases, if projected profit margins aren&#8217;t met, the deals collapse,&amp;#160;threatening the stability of tenants&#8217; lives and the success of complex financial products that impact the broader market (even if the private equity firms are able to escape with relatively little of their own money lost).</p> <p>There are already signs of storm clouds on the horizon for these new rental empires. The private equity giant Blackstone, the leader of the new industry, saw its collected rents <a href="http://www.salon.com/2014/04/02/wall_streets_wily_front_group_inside_story_of_a_rental_schemes_secret_facelift/" type="external">decrease</a> 7.6% in the last quarter of 2013. As with the predatory equity deals in New York City, the key for Blackstone is being able to collect the necessary amount of rent. Otherwise, the whole plan crumbles.</p> <p>Back in the Bronx, Khamoni Cooper is continuing to pay her monthly $1,300 rent check, even as her group of private equity owners is being foreclosed on and her building falls apart. Her neighbors say that they can&#8217;t drink the tap water because the pipes are so old that the water sometimes comes out black. Others report thick, black mold or mushrooms growing in their bathrooms. Cooper herself is glad to have hers working at all. This winter, management destroyed her bathroom, while tearing up her floors. For two months, she had to use a bathroom in a vacant apartment and greeted her downstairs neighbors each morning by simply waving through the gaps in her kitchen floor.</p> <p>&#8220;They use us like we&#8217;re an ATM machine&#8221; is how she describes it. Like tens of thousands of other New Yorkers living in rent-regulated buildings controlled by Wall Street investors, she insists that she&#8217;d leave if she could, but has found nowhere else to go.</p> <p>&#8220;It feels like I&#8217;m being punished,&#8221; she says and wonders about her building&#8217;s owners: &#8220;What did I ever do to you people?&#8221;</p> <p>To Kerim Odekon, who spent seven years working as a policy analyst for New York&#8217;s Department for Housing Preservation and Development, Cooper&#8217;s is the type of story he heard about inside the agency on almost a daily basis.</p> <p>&#8220;It&#8217;s a crisis,&#8221; he says. &#8220;There should be a truth and reconciliation commission for the tenants of New York.&#8221;</p> <p><a href="http://www.tomdispatch.com/blog/175777/laura_gottesdiener_wall_street's_rental_empire" type="external">TomDispatch regular</a> Laura Gottesdiener is a journalist and the author of&amp;#160; <a href="http://www.amazon.com/dp/1884519210/ref=nosim/?tag=tomdispatch-20" type="external">A Dream Foreclosed: Black America and the Fight for a Place to Call Home</a>. She is an editor for&amp;#160; <a href="http://www.wagingnonviolence.org/" type="external">Waging Nonviolence</a>&amp;#160;and has written for&amp;#160;Playboy,&amp;#160;Al Jazeera America, RollingStone.com,&amp;#160;Ms., the Huffington Post, and other publications. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.com <a href="http://tomdispatch.us2.list-manage.com/subscribe?u=6cb39ff0b1f670c349f828c73&amp;amp;id=1e41682ade" type="external">here</a>.</p>

How Wall Street Screwed Over Tenants in New York City

https://motherjones.com/politics/2014/04/predatory-equity-wall-street-screwed-over-renters-new-york-city/

2014-04-08

4left

amplta hrefhttpcommonswikimediaorgwikiFileNewYorkJan2005jpgampgtBernd UntiedtampltaampgtWikiMedia Commons This story first appeared on the TomDispatch website Things are heating up inside Wall Street8217s new rental empire Over the last few years giant private equity firms have bet big on the housing market buying up more than 200000 cheap homes across the country Their plan is to rent the houses back to families8211sometimes the very same people who were displaced during the foreclosure crisis8211 while waiting for the home values to rise But it wouldn8217t be Wall Street not to have a shortterm trick up its sleeve so the private equity firms are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as 8220rentalbacked securities8221 Remember that toxic 8220mortgagebacked securities8221 are widely blamed for crashing the global economy in 20072008 All this got me thinking Have private equity firms gambled with rental housing somewhere else before If so what happened It turns out that the real estate market in my New York City backyard has been a private equity playground for the last decade and the result unsurprisingly has been a disaster for tenants and the market alike 8220They8217re Warm Wherever They Are8221 In the Bronx Benjamin Warren fears that he and other residents could burn to death in a fire because management has blocked both sides of the passageways between buildings designed to offer ways out of the massive apartment complex Warren has called the city and management multiple times to complain but the routes remain shut Nearby Liza Ash found herself intimidated by nearly a dozen hired men when she and other residents of her building which had heat or hot water only sporadically this past winter attempted to organize a tenants8217 meeting in the lobby A little farther south Khamoni Cooper and her neighbors receive a constant stream of fake eviction notices ordering them to vacate their apartments within five days even though all of them have paid their rent Read more MoJo coverage of how investment firms are playing landlord and bundling their rental homes into new securities These three tenants8211and nearly 1600 more families in 42 buildings8211are living through one of the largest single foreclosures to hit New York City since the financial crisis began seven years ago But here8217s the twist The owner of these buildings is far from a traditional landlord It8217s actually a conglomerate of private equity firms that bet it would be able to squeeze more money out of these buildings than it ultimately could8211and ended up unable to pay back the 133 million mortgage The problem is that when things go bust the tenants far more than these private equity owners end up shouldering the costs 8220They don8217t care if we freeze8221 said Khamoni Cooper speaking of the owners Normandy Real Estate Partners Vantage Properties Westbrook Partners and Colonial Management who have consistently failed to pay for even basic necessities including heat and hot water throughout the winter Cooper had just learned from a neighbor that management cut off all the water in her building a move she and others believed was retaliation for a protest they had helped to organize at City Hall earlier that day 8220They8217re warm wherever they are8221 she added bitterly Around 2005 private equity firms began amassing real estate miniempires across the city chasing outlandish projections of future profit And when these deals started to fall apart it was tenants public pension funds or the city that took the hit while the private equity owners sometimes succeeded in walking away from the financial wreckage with cash in hand The story of how those private equity players bet so wrong on housing in New York City is one that despite the quirks of real estate in the Big Apple is important to understand now that private equity has taken its rental market show on the road nationwide and may soon be coming to a town near you The Buying Frenzy Today private equity firms like the Blackstone Group now the largest owner of singlefamily rental homes in the nation believe the money to be made in the housing market lies in snapping up cheap homes in the cities where housing prices crashed most spectacularly Back in the early 2000s in the eyes of private equity New York City8217s comparable corner of the market was 8220affordable housing8221 In that city hundreds of thousands of apartment units were still designated as 8220rent regulated8221 meaning that landlords were prohibited from dramatically raising the rent The only significant way around that constraint for a landlord was to wait for a longtime tenant to move out Then the rent could be raised to whatever the market would bear To private equity firms this dynamic seemed to offer a profit opportunity All they had to do was buy up rentregulated buildings and replace the current tenants with higher paying ones In industryspeak this was called 8220transitioning8221 the building About a decade ago private equity firms or private equitybacked developers began gobbling up rentregulated buildings across the city at extraordinarily overvalued prices One of the most aggressive players in the game was the private equitybacked firm Vantage Between 2006 and 2007 it spent about 2 billion buying 125 buildings citywide including a share of the 42building portfolio in which Khamoni Cooper Lisa Warren and Benjamin Ash live Within three years private equity firms or developers backed by private equity money had scarfed up 90000 rentregulated apartments a full 10 of the total stock according to the Association for Neighborhood and Housing Development In their spreadsheets everything looked good The buildings were saddled with huge mortgages but the companies also calculated big rental income increases once they were 8220transitioned8221 In some cases the projections reported on corporate filings were downright extraordinary In 2005 for instance the Rockpoint Group a private equity real estate firm bought a complex of apartment buildings in Harlem known as the Riverton Houses To justify the whopping 225 million mortgage the company projected that it would be able to more than triple the rental income from 52 million to 236 million by forcing out half of the rentregulated tenants within five years There was only one big miscalculation not just in the Riverton deal but in almost all of them Inside the apartment buildings were actual live tenants who didn8217t want to be 8220transitioned8221 out and fought like hell to stay Complete Criminality Big money and cutthroat landlords have never been strangers to New York8217s real estate market But the descent of private equity firms on the city in the early years of this century was so striking that housing advocates dubbed the practice 8220predatory equity8221 The name refers to the tactics these companies resorted to once it became clear that longtime tenants weren8217t going to leave Generally the average turnover rate for rentregulated apartments is close to 5 a year Landlords whose business plan depends on tripling that figure soon find themselves orchestrating a host of harassment tactics some of them quite illegal to get people to move including mailing fake eviction notices cutting off the heat or water and allowing vermin infestations to take hold 8220You don8217t get 30 of tenants to move out without harassing them and committing some type of fraud8221 explained Desiree Fields an assistant professor of urban studies at Queens College As an example she points out how Vantage sent out so many fake eviction notices to the tenants at a collection of buildings in Queens that the borough court gave the company its own day on the housing court docket Vantage was later sued by the New York Attorney General8217s office for illegally harassing tenants in what the New York Times called 8220a systematic effort to force their departure to create vacancies for higherpaying tenants8221 For tenants these private equity purchases were essentially a loselose situation For the deal to succeed tenants had to be forced out If on the other hand the deal failed and tenants got to stay landlords immediately disinvested from the buildings making the living conditions worse than ever The most infamous case of this type of predatory equity abuse was perpetrated by a real estate company named Ocelot Capital Group In 2007 backed by an Israeli private equity firm it bought 25 rentregulated apartments in the Bronx Deutsche Bank issued the 29 million in financing later purchased by Fannie Mae Soon after the situation started to deteriorate The buildings had only sporadic heat or hot water Pipes burst Ceilings caved in As Ocelot realized it wasn8217t going to make any money it only withdrew further In a 2011 article for Shelter Force magazine Dina Levy former director of the Urban Homesteading Assistance Board who now works with the Attorney General8217s office described one visit to the buildings 8220Organizers found a single mother caring for three small children who had been living without a working bathroom for more than three months Her makeshift toilet consisted of a bucket and a hose she managed to connect to the leaky kitchen sink She explained that she had not moved out because the local housing authority that provided her monthly rental assistance subsidy would not approve her for a transfer to a new apartment8221 Housing advocates suggest that the aggressive level often employed by private equity players in these years has set the tone for the broader market especially in neighborhoods where the rents are rising fastest In February a landlord of a rentregulated building in the Brooklyn neighborhood of Bushwick made headlines by hiring construction workers to take sledge hammers into the bathrooms and kitchens of his tenants8217 apartments and just start tearing them apart 8220It8217s complete criminality8221 said Adam Meyers a lawyer with Brooklyn Legal Services Corporation A who works with the tenants at one of this landlord8217s other buildings where the boiler and pipes in the basement were recently destroyed As far as Meyers knows this landlord doesn8217t have private equity backing but he is typical in believing that the level of harassment reflects the entry of private equity money and manners into the rental marketplace 8220You don8217t have to go through many steps to see Wall Street financiers driving this process8221 Meyers says Fantasy and Greed As early as 2008 it became clear that there was something seriously wrong with the financial calculations underneath these private equity purchases not just for the tenants but for the broader market 8220The entire predatory equity enterprise is a house of cards built on a foundation of fantasy and greed8221 Senator Charles Schumer DNY announced in December 2008 By that time the private equity owner of Riverton Houses was already in danger of falling into default Other deals would soon sour The biggest was the unprecedented 54 billion purchase of two Manhattan complexes Stuyvesant Town and Peter Cooper Village by private equity giant BlackRock Realty and real estate company Tishman Speyer Properties in 2006 By 2010 BlackRock and Tishman had defaulted on the mortgage and walked away from the properties As the financial crisis set in it became clear how significant the role lenders played in the whole predatory equity scheme had been None of these overly aggressive deals would have been possible without the easy access private equity firms had to mortgage loans which in turn was enabled by the process of securitization the banks8217 practice of bundling and selling off these loans to investors in order to reduce their own risk Looking back nothing may be more striking than the fact that when these predatory equity purchases blow up the private equity firms themselves rarely seemed to lose all that much In the collapse of the Stuyvesant Town deal for example Black Rock lost only 112 million In other cases the firms appear to have made money even though the deals failed In 2006 Vantage and its financial partner AREA Property Partners bought a complex of seven buildings in Manhattan called Delano Village for 175 million Its current name is Savoy Park Most of the price was covered by a 1287 million mortgage The following year Vantage refinanced it securing 3675 million in new loans While the bank bundled the majority of this loan into a security and sold it off to investors Vantage used the financing to pay off the first mortgage repaid itself for the original investment and put aside some money for reserves At the end of the day however Vantage and AREA Property Partners were left holding about 105 million in cash according to the New York Times What they did with that money no one is quite sure By 2010 the loan was delinquent In 2012 Vantage sold off the complex for enough to pay off the outstanding mortgage Writing in the New York Times in 2011 a year before Vantage unloaded the complex to cover the outstanding mortgage Charles Bagli summarized the Delano Village deal and another similar one 8220In each case they have not exactly suffered despite plunging the buildings into financial despair each has been able to take tens of millions of dollars in cash out of the properties8221 But that doesn8217t mean some players didn8217t lose big even if these aren8217t always the highflying risktaking investors that you might expect In the Stuyvesant Town deal for instance the California public employees8217 pension fund lost more than 500 million The California teacher8217s retirement fund lost 100 million and a Florida pension fund lost 250 million To Kerri White director of organizing and policy at the nonprofit housing organization the Urban Homesteading Assistance Board what8217s questionable about public pension funds investing in these types of doomed deals is not just the losses they suffer It8217s also the fact that these pension funds are sometimes actively financing deals that will fuel the possible displacement of some of their own members from their apartments She remembers the first time she and her coworkers ran across a predatory equity scheme Tenants were complaining of harassment and abuse at a collection of buildings in upper Manhattan that had long been part of the city8217s MitchellLama affordable housing program In 2007 at the height of the bubble a management company backed by a Morgan Stanleycreated investment firm bought the buildings for 918 million one of the largest Manhattan real estate deals in history Following the purchase the management company sent out a barrage of eviction notices8211 633 in one building alone But what really caused controversy was that both the city and state pension funds had money wrapped up in the deal and city workers were often residents of MitchellLamadesignated buildings 8220Their own pension funds were going to finance deals that were hoping to push them out8221 says White Things Fall Apart Today private equity firms are playing a different game in the national singlefamily rental marketamp160But some housing advocates believe that private equity8217s disastrous decade in New York can offer aamp160test case of what might happen across the countryamp160In both cases aggressive Wall Street investors quickly buy up an enormous number of rental properties withamp160projections of shortterm profits that to economists and housing advocates seem more than a little optimistic In New York they assumed that they could flip rentregulated buildings Nationally they8217re betting that they can profit off buying and renting out homes in cities hardest hit by the housing crisis8211a plan that relies on their ability to repair manage and lease tens of thousands of houses nationwide and on a scale far larger than anyone or any company has ever attempted in the United Statesamp160In both cases if projected profit margins aren8217t met the deals collapseamp160threatening the stability of tenants8217 lives and the success of complex financial products that impact the broader market even if the private equity firms are able to escape with relatively little of their own money lost There are already signs of storm clouds on the horizon for these new rental empires The private equity giant Blackstone the leader of the new industry saw its collected rents decrease 76 in the last quarter of 2013 As with the predatory equity deals in New York City the key for Blackstone is being able to collect the necessary amount of rent Otherwise the whole plan crumbles Back in the Bronx Khamoni Cooper is continuing to pay her monthly 1300 rent check even as her group of private equity owners is being foreclosed on and her building falls apart Her neighbors say that they can8217t drink the tap water because the pipes are so old that the water sometimes comes out black Others report thick black mold or mushrooms growing in their bathrooms Cooper herself is glad to have hers working at all This winter management destroyed her bathroom while tearing up her floors For two months she had to use a bathroom in a vacant apartment and greeted her downstairs neighbors each morning by simply waving through the gaps in her kitchen floor 8220They use us like we8217re an ATM machine8221 is how she describes it Like tens of thousands of other New Yorkers living in rentregulated buildings controlled by Wall Street investors she insists that she8217d leave if she could but has found nowhere else to go 8220It feels like I8217m being punished8221 she says and wonders about her building8217s owners 8220What did I ever do to you people8221 To Kerim Odekon who spent seven years working as a policy analyst for New York8217s Department for Housing Preservation and Development Cooper8217s is the type of story he heard about inside the agency on almost a daily basis 8220It8217s a crisis8221 he says 8220There should be a truth and reconciliation commission for the tenants of New York8221 TomDispatch regular Laura Gottesdiener is a journalist and the author ofamp160 A Dream Foreclosed Black America and the Fight for a Place to Call Home She is an editor foramp160 Waging Nonviolenceamp160and has written foramp160Playboyamp160Al Jazeera America RollingStonecomamp160Ms the Huffington Post and other publications To stay on top of important articles like these sign up to receive the latest updates from TomDispatchcom here

amplta/PROPN hrefhttpcommonswikimediaorgwikiFileNewYorkJan2005jpgampgtBernd/PROPN UntiedtampltaampgtWikiMedia/PROPN Commons/PROPN This/DET story/NOUN first/ADV appeared/VERB on/ADP the/DET TomDispatch/PROPN website/NOUN Things/NOUN are/AUX heating/VERB up/ADP inside/ADP Wall/PROPN Street8217s/PROPN new/ADJ rental/ADJ empire/NOUN Over/ADP the/DET last/ADJ few/ADJ years/NOUN giant/ADJ private/ADJ equity/NOUN firms/NOUN have/AUX bet/VERB big/ADJ on/ADP the/DET housing/NOUN market/NOUN buying/VERB up/ADP more/ADJ than/ADP 200000/NUM cheap/ADJ homes/NOUN across/ADP the/DET country/NOUN Their/PRON plan/NOUN is/AUX to/PART rent/VERB the/DET houses/NOUN back/ADV to/ADP families8211sometimes/NOUN the/DET very/ADV same/ADJ people/NOUN who/PRON were/AUX displaced/VERB during/ADP the/DET foreclosure/NOUN crisis8211/PROPN while/SCONJ waiting/VERB for/ADP the/DET home/NOUN values/NOUN to/PART rise/VERB But/CCONJ it/PRON wouldn8217/PROPN t/NOUN be/AUX Wall/PROPN Street/PROPN not/PART to/PART 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<p>&#8220;Objective journalism is one of the main reasons that American politics has been allowed to be so corrupt for so long&#8221;</p> <p>&#8211; Hunter S. Thompson</p> <p>The non-profit journalistic and publishing organization&amp;#160;WikiLeaks released&amp;#160;on&amp;#160;22nd July&amp;#160;19,252 emails and 8,034 attachments&amp;#160;sent from or received by Democratic National Committee (DNC) personnel.&amp;#160;&amp;#160;&amp;#160;The emails exposed&amp;#160; <a href="" type="internal">numerous instances</a> of unprofessional, unethical and possibly illegal behaviour, including concerted attempts to undercut&amp;#160;Bernie Sanders&amp;#160;as well as&amp;#160;clear favouritism toward Hillary Clinton.</p> <p>Specifically the emails exposed &#8211; among thousands of other things &#8211; the DNC conspiring to create false Trump information and release it with Reuters; DNC Hillary supporters infiltrating the&amp;#160;Sanders campaign; a super PAC paying young voters to push back online Sanders supporters;&amp;#160;a mole working inside the Sanders campaign; bringing up Sanders&#8217; religion to scare southern voters; possible money laundering by moving money back and forth to bypass legal limits; a Politico writer sending his stories to the DNC before he sends them to his editor; feeding CNN the questions they want to be asked in interviews; and the&amp;#160;DNC requesting&amp;#160;the pull of&amp;#160;an MSNBC commentary segment.</p> <p>It will come as no surprise therefore that the US establishment has <a href="" type="internal">brought forth enormous pressure</a> on the government of Ecuador to force Julian Assange &#8211; the founder and editor-in-chief of WikiLeaks &#8211; out of the Ecuadorean embassy in London, an act that&amp;#160;would&amp;#160;lead to his&amp;#160;certain arrest at the hands of the UK authorities.&amp;#160; To its credit, Ecuador has reaffirmed its commitment to providing political asylum to Assange.</p> <p>At the same time, after four years of stalling, Swedish prosecutors have this week <a href="" type="internal">expressed their intention</a> to question Assange within the embassy, something they could have easily done at any time.&amp;#160; Indeed, those believing that (Swedish prosecutor) Marianne Ny&amp;#160;really has at heart&amp;#160;the best interests of the two women involved in the case must now ask themselves why&amp;#160;she would therefore allow some of&amp;#160;her investigations into allegations of sexual assault to be <a href="" type="internal">dropped</a> &#8211; as they were last year &#8211;&amp;#160;because the deadline for bringing charges expired.&amp;#160; Given that Sweden is now willing to interview Assange in the embassy, why could they have not done this sooner for the sake of the women involved?&amp;#160; The only possible conclusion is that this &#8211; as long stated by several serious analysts &#8211; is a purely political investigation and that Assange is right to fear for his security.</p> <p>Along with a few other journalists, <a href="http://johnpilger.com/articles/the-siege-of-julian-assange-is-a-farce-a-special-investigation" type="external">most notably</a> John Pilger, we&amp;#160;have&amp;#160; <a href="" type="internal">exposed</a> on several occasions the farcical case against Julian Assange.&amp;#160; In June 2014, to mark the second anniversary of Assange&#8217;s embassy refuge, this I&amp;#160;noted the following:</p> <p>Readers who are open to the possibility that they may have been misled on this issue should first follow these links and read/watch in full:</p> <p>A FAQ <a href="http://justice4assange.com/" type="external">here</a> explains some of the general circumstances of the case.</p> <p>This short animated <a href="" type="internal">video</a> also provides a clear, informative summary.</p> <p>More:</p> <p>Perhaps the most perplexing aspect of the often hostile public reaction to the plight of Julian Assange is the assumption by so many of benign intent on the part of the US and its close allies, the UK and Sweden. Despite the mass intrusive surveillance apparatus exposed by Edward Snowden, under the umbrella of which <a href="" type="internal">strategies reminiscent of the East German Stasi</a> have been laid out for the world to see; despite the long documented history of illegal, covert operations undertaken by agencies of the United States like <a href="http://en.wikipedia.org/wiki/COINTELPRO" type="external">COINTELPRO</a>, <a href="http://en.wikipedia.org/wiki/Operation_Mockingbird" type="external">Operation Mockingbird</a>, <a href="http://en.wikipedia.org/wiki/Operation_CHAOS" type="external">Operation CHAOS</a> and many others; despite dozens of illegal interventions and bombings of foreign sovereign nations; despite multiple CIA-sponsored coup d&#8217;etats that replaced democratically elected leaders with murderous dictators; despite the numerous <a href="" type="internal">fake FBI terror plots</a> to justify the&amp;#160;[] dedication of [vast] resources to the &#8216;war on terror&#8217;; despite the quite insane <a href="" type="internal">double standards</a> displayed in the &#8216;intelligence&#8217; arena&#8230;despite all these documented realities, perplexing it is indeed that any serious person could assume any benign intent whatsoever. Indeed, given the above list, an intelligent person would surely assume the precise opposite.</p> <p>One major&amp;#160;PR strategy adopted by the Clinton campaign in response to the DNC&amp;#160;leaks has been to blanket &#8216;blame Russia&#8217;.&amp;#160; Given the extensive links to the major media&amp;#160;organizations exposed within the leaks, it will come as no surprise that pet&amp;#160;journalists and pundits have been parroting the same line.&amp;#160; This &#8216;shock-and-awe&#8217; strategy is effective in that it feeds off the already strong anti-Russia feelings that have been whipped up in recent years on multiple fronts&amp;#160;while simultaneously deflecting attention from where it belongs (the substance of the leaked emails) onto a tried and tested smear target: Vladimir Putin.</p> <p>A&amp;#160;notable aspect of this furore is the highlighting of the reflexive response of mainstream and establishment figures to actions that expose the endemic corruption of the system upon&amp;#160;which they symbiotically depend to exist.&amp;#160; Corporate media journalists tend to make much of their &#8216;objectivity&#8217; &#8211;&amp;#160;the perceived lack of bias in their reporting.&amp;#160; At the same time, they deride other media organizations like Russia Today or TeleSur, especially when they carry stories that run counter to the official Western narratives that they personally sustain.</p> <p>The standard tactic for enforcing this objectivity and lack of bias is to introduce a story in a calm, professional manner aided by high-quality graphics and studio designs along with &#8211; when necessary &#8211;&amp;#160;ominous, breaking-news sound effects. Deeper analysis is then supplied&amp;#160;with the help of two or more pundits or &#8216;experts&#8217;, some holding conflicting views.&amp;#160; In the case of the DNC leaks, for example, a Clinton campaign staffer could feature against a Trump spokesman.&amp;#160; In this way, the advertised and&amp;#160;guaranteed objectivity (&#8216;fair and balanced&#8217;)&amp;#160;is upheld as two&amp;#160;differing&amp;#160;perspectives are aired.</p> <p>To casual news viewers, this approach&amp;#160;will&amp;#160;(falsely) appear unbiased and objective.&amp;#160; In the DNC-leak&amp;#160;scenario, while the two pundits may hold conflicting &#8211;&amp;#160;even opposing &#8211; views, they will&amp;#160;both nonetheless reside comfortably within the neoliberal consensus.&amp;#160; The Clinton side will blame (without evidence)&amp;#160;Russia for the leak; the Trump side will say (correctly) that such an assertion is an attempt to deflect attention from the substance of the emails.&amp;#160; Neither side will ever address the deep corruption that exists&amp;#160;in both of the main parties, and indeed at all levels of government; nor will they express any suggestion that there&amp;#160;may be&amp;#160;other ways of running democratic elections &#8211; or indeed societies &#8211;&amp;#160;beyond the sick two-party duopoly; the utterly discredited status quo.</p> <p>This is pseudo-journalism, in that&amp;#160;it does not challenge power or hold it to account.&amp;#160; It merely discusses topics of current interest within a neoliberal framework that is never questioned.&amp;#160; On the rare occasions more&amp;#160;radical voices do reach the mainstream, they are habitually <a href="" type="internal">smeared</a> or simply sidelined&amp;#160;or ignored.&amp;#160; This is further played out on social media, with even polite&amp;#160;radical dissent or suggestions of alternative approaches&amp;#160;met&amp;#160;with scornful, derisive and&amp;#160;sometimes contemptuous dismissals by mainstream journalists.</p> <p>And all the while, ad revenues must be maintained with manufactured conflict and exaggeration.</p> <p>News plus one &#8211; a slick product for sale.&amp;#160; A tool incapable of engendering progressive change; used instead to promote and entrench the aims and needs&amp;#160;of profit and power.</p> <p>This unshakable faith within the establishment/corporate media clique in its own objectivity and the contempt it holds for Russia Today and other Western-narrative-challenging outlets&amp;#160;is laughable&amp;#160;with several serious studies&amp;#160;proving severe&amp;#160;systemic bias.&amp;#160; Only this week a BBC Trust report <a href="" type="internal">found</a> that &#8216;[t]he BBC has a &#8220;high dependency&#8221; on the governing party for statistics, with Conservatives&amp;#160;representing nearly three-quarters of all statistics it cites from politicians, according to a report by the corporation&#8217;s governing body.&amp;#160; [The report]&amp;#160;also said that the corporation&#8217;s journalism needed to do more to &#8220;go beyond the headlines&#8221; and be more wary of reporting figures &#8220;straight from a press release&#8221;.&#8217;&amp;#160; Other studies &#8216; <a href="http://www.middleeasteye.net/columns/studies-continually-show-strong-pro-israel-bias-western-media-881718416" type="external">continually show</a> a strong pro-Israeli bias&#8217; in reporting of the Middle East conflict within Western media.&amp;#160;&amp;#160;Still more&amp;#160;have <a href="" type="internal">found</a> &#8216;persistent&#8217; bias against Jeremy Corbyn at the BBC and other outlets.&amp;#160; And few&amp;#160;supporters of Scottish independence will have fond memories of the <a href="" type="internal">coverage provided</a> in the run-up to the referendum.</p> <p>Ironic it is then that the media treatment of Julian Assange and WikiLeaks is such a fine example of this fake objectivity.&amp;#160;&amp;#160;Although all react to&amp;#160;accusations of bias or&amp;#160;(self)-censorship with indignation or even anger,&amp;#160;professing strong independence of their editors, and&amp;#160;the certainty that they have the&amp;#160;freedom to write what they like,&amp;#160;corporate media journalists almost without exception <a href="" type="internal">trip over themselves</a> to demean, ridicule and personally insult&amp;#160;Assange&amp;#160;and his plight, thereby doing a&amp;#160;fine job for the instigators of the epic crimes exposed by WikiLeaks by deflecting attention from them&amp;#160;to such an&amp;#160;easy target.&amp;#160; While some&amp;#160;journalists&amp;#160;may express an acceptance of the need for organizations that protect whistleblowers, they nevertheless&amp;#160;faithfully serve imperial interests by pushing the debate towards trivial matters of personal dislike: even a cursory internet search will yield hundreds of catty articles focusing on petty, personal concerns&amp;#160;while ignoring the elephant in the room &#8211; the&amp;#160;exposed criminality.</p> <p>A simple thought experiment.&amp;#160;A mysterious&amp;#160;file&amp;#160;containing the DNC emails&amp;#160;is surreptitiously&amp;#160;slipped onto&amp;#160;the desk of a journalist (let&#8217;s call him Jack Smith)&amp;#160;at a major corporate media outlet like the New York Times.&amp;#160; How will Jack react when&amp;#160;he picks up the file and discovers its contents?</p> <p>Once verified as genuine, the first words&amp;#160;entering our hero&#8217;s head&amp;#160;are&amp;#160;likely to&amp;#160;be: &#8216;epic shitstorm on a galactic scale&#8217;.&amp;#160;&amp;#160;Jack would realise instantly&amp;#160;the implications&amp;#160;of dropping a bomb like this into the middle of Hillary Clinton&#8217;s campaign at such a crucial juncture; the enormous damage that could be caused to one of the most powerful and&amp;#160;connected people in the world.&amp;#160; Does anyone seriously believe that&amp;#160;Jack would go ahead and write an expose &#8211;&amp;#160;the scoop of the year &#8211;&amp;#160;all the while dreaming of Pulitzers?</p> <p>First, he knows that he has to get past the bosses in full awareness of the fact&amp;#160;that editors at the NYT don&#8217;t get there by being political imbeciles.&amp;#160; Does he go rogue and write independently,&amp;#160;finding an alternative publisher?&amp;#160; He&#8217;s seen the contents &#8211;&amp;#160;the emails contain&amp;#160;clear, smoking-gun evidence&amp;#160;of systemic corruption and favouritism at the DNC.&amp;#160; There is no question that this is in the public interest, particularly in light of the fact that Clinton is the clear bookies&#8217; favourite to win the presidency.&amp;#160; The people of America surely need to know what their potential president and her party machine have done to deliberately sabotage the only serious opposition, Bernie Sanders, who enthused and inspired&amp;#160;millions of especially young people disillusioned with the neoliberal order.</p> <p>Jack remembers why he entered journalism.&amp;#160; The people&#8217;s right to know.&amp;#160; Truth to power, and holding it to account.&amp;#160; However, this is surely too much of a hot potato.&amp;#160; He has a mortgage, kids in private schools, medical bills, a great&amp;#160;job at the most famous newspaper in the world&#8230;and he knows all too well what can happen to journalists who upset the wrong people.&amp;#160; A very early retirement to spend more time with the family and&amp;#160;likely future blanket&amp;#160;ostracism from corporate media is a real possibility&#8230;perhaps even worse.</p> <p>No, Jack decides to pass this one on to his bosses and let them handle it&#8230;and then goes back to his detailed&amp;#160;analysis of the outlandish pronouncements of Donald Trump.&amp;#160; After all, Jack reasons, the public&amp;#160;also needs to know about the dangers of a Trump presidency.</p> <p>Fortunately we don&#8217;t need&amp;#160;a thought experiment to know <a href="" type="internal">what NYT editors do with politically embarrassing information</a>, especially if it could hamstring an establishment candidate, and even if the information is essential for public viewing before the election:</p> <p>A column by New York Times public editor Byron Calame August 13 [2006] reveals that the newspaper withheld a story about the Bush administration&#8217;s program of illegal domestic spying until after the 2004 election, and then lied about it.</p> <p>On December 16, 2005, the Times reported that President Bush had authorized the National Security Agency (NSA) to monitor thousands of telephone conversations and e-mails in the US without court approval. At the time, the Times acknowledged that it had, at the urging of the Bush administration, withheld publication of the story, saying it held its expos&#233; back &#8220;for a year.&#8221; This time frame suggested that the newspaper made the decision to withhold publication of the story after the 2004 presidential election.</p> <p>Such a delay was, in itself, unpardonable, and provoked angry criticism. Now we learn, from an interview with Executive Editor Bill Keller conducted by Calame, that internal discussions at the Times about drafts of the eventual article had been &#8220;dragging on for weeks&#8221; before the November 2, 2004, election, which resulted in a victory for Bush.</p> <p>&#8220;The process,&#8221; the public editor notes, &#8220;had included talks with the Bush administration.&#8221; A fresh draft was the subject of discussion at the newspaper &#8220;less than a week&#8221; before the election.</p> <p>Involved here is not a trivial sex scandal or some moral peccadillo committed by one or another of the major candidates. At issue was a major policy question&#8212;one that goes to the core of constitutionally guaranteed civil liberties and basic democratic rights.</p> <p>The electorate had the right to know that the incumbent president was systematically breaking the law in order to secretly wiretap, without court warrants, the communications of American citizens. As the Times was well aware, similar illegalities&#8212;although on a smaller scale&#8212;were among the charges leveled against Richard Nixon in the second article of impeachment, entitled &#8220;Abuse of Power,&#8221; approved by the Judiciary Committee of the House of Representatives in July 1974, leading to Nixon&#8217;s resignation the following month.</p> <p>Consider now what an independent journalist (John Smith)&amp;#160;would do?&amp;#160; To a large degree it would depend on his courage, as John would&amp;#160;publish this story&amp;#160;knowing that&amp;#160;revealing such information would trigger a deluge of smears and false accusations.&amp;#160; He would almost certainly face calls for criminal investigation for hacking, not to mention the inevitable accusations of &#8216;working for the Russians&#8217;.&amp;#160; Charges of &#8216;interfering in democracy&#8217; would be levelled.&amp;#160; Fellow journalists would run a mile, either refusing to comment or roundly denouncing&amp;#160;him and his perceived motives, of which money will be&amp;#160;prominently aired.&amp;#160; All evidence-free of course.&amp;#160; A brave journalist will go ahead anyway, or perhaps take a more prudent route and send the files anonymously to an organization like WikiLeaks.</p> <p>This thought experiment demonstrates why WikiLeaks is so essential for true transparency and sometimes accountability&#8230;and why corporate media journalists stay exactly&amp;#160;where they are, sometimes&amp;#160;carving out glittering, prize-filled careers and automatic access to the rich, famous and powerful.</p> <p>The John Smith&amp;#160;scenario may sound familiar.&amp;#160; Julian Assange has experienced almost all&amp;#160;these smears and false accusations&amp;#160;since releasing the information, as a quick glance at the replies to the tweets on the <a href="https://twitter.com/wikileaks" type="external">WikiLeaks twitter feed</a> will demonstrate.</p> <p>Despite claims by US &#8216;experts&#8217; to the contrary, there is no evidence that Russia is the source of the leak, and indeed no such evidence has been presented by the US, despite NSA whistleblower Edward Snowden recently <a href="" type="internal">commenting</a> that&amp;#160;it would be easy to provide.&amp;#160; Others accuse Assange of a personal vendetta against Clinton, and that he is using the leak to damage her campaign, thereby putting the &#8216;objectivity&#8217; of WikiLeaks in jeopardy.</p> <p>Assange has made no secret of the fact that he has no love for Clinton, and has openly admitted that the leak was timed for maximum impact. However, it is this second&amp;#160;accusation that so clearly demonstrates the deep infection into the public consciousness of the neoliberal pathology.&amp;#160; Those making such an accusation have lost their perspective.&amp;#160; They instinctively&amp;#160;grope for the fake objectivity requirement manufactured by&amp;#160;and utilized by the corporate media&amp;#160;for decades.&amp;#160; Here we have information that seriously puts into question the suitability of a major candidate for the highest possible&amp;#160;office, from which&amp;#160;she will&amp;#160;wield vast executive power over 300 million plus Americans&amp;#160;as well as&amp;#160;significant influence over the lives of billions of people around the world.&amp;#160; But to these accusers, this information requires &#8216;balance&#8217;.&amp;#160; Calls to hack Donald Trump&#8217;s tax returns and bewilderment at why Assange is &#8216;standing in the way of the one person who can stop Trump&#8217; abound among both the <a href="" type="internal">liberal commentariat</a> and large numbers of ordinary citizens.</p> <p>To any right-thinking person,&amp;#160;it is self-evident that&amp;#160;this information must be publicised before the election, and that it also must reach as many people as possible.&amp;#160; The best way to do that is to publish at a time when the eyes and ears of the world are fixed upon the subject of the leaks.&amp;#160; Balance has nothing to do with it.&amp;#160;&amp;#160;It is source material that all are free to read&amp;#160;themselves&amp;#160;containing essential information that is&amp;#160;clearly&amp;#160;in the public interest.&amp;#160; Are Assange&#8217;s accusers actually suggesting that he should have hung on to such explosive information until after Hillary is safely ensconced in the White House?</p> <p>Those doing so&amp;#160;should seriously consider a career in corporate journalism:</p> <p>&#8220;Circus dogs jump when the trainer cracks his whip. But the really well-trained dog is the one that turns his somersault when there is no whip&#8221;. &#8211; George Orwell, 1944</p> <p>These words of Orwell can, it seems, be applied not&amp;#160;only to journalists, but&amp;#160;now also&amp;#160;to millions of &#8216;consumers&#8217; of the corporate media.</p> <p>For anyone&amp;#160;who believes that Assange is a &#8216;rapist&#8217; who is &#8216;evading justice&#8217; and is &#8216;holed up at the embassy&#8217; because he is a &#8216;coward&#8217;; indeed, anyone who focuses on the actions and personality of Assange instead of the content of the leaks published by his organization&#8230;for you the message&amp;#160;is this: You will not realise it&amp;#160;(yet)&amp;#160;but you have been successfully co-opted into the propaganda efforts to deflect attention from the numerous, horrific, documented crimes of imperial interests and the deep corruption of major institutions and their top officials.&amp;#160; The people responsible for disseminating this propaganda&amp;#160;will laugh&amp;#160;at how&amp;#160;they&amp;#160;have successfully&amp;#160;transformed&amp;#160;you into a pack of animals baying for the blood of one man whose &#8216;crime&#8217; has been to shine a spotlight on the corruption they are paid well to obscure.&amp;#160; They&amp;#160;will chortle with delight at your almost complete lack of interest in the decades upon decades of&amp;#160;mass murder, torture, rapes, oppression and illegal coups that have been carried out in your name with your taxes and&amp;#160;with the help of&amp;#160;officials you have voted for, while you focus your ire instead&amp;#160;on one of the most obvious set-ups (that of Assange) ever&#8230;along with all the other tried-and-tested distractions.&amp;#160; The only thing that may&amp;#160;astound even them&amp;#160;is how easy it&amp;#160;has been&amp;#160;to manipulate you.</p> <p>In the internet age, ignorance really&amp;#160;is a choice &#8211; the&amp;#160;choice&amp;#160;between being&amp;#160;a manipulated dupe&amp;#160;and a free thinker.&amp;#160; Quite literally, millions of lives depend on it.&amp;#160; What will it be?</p> <p>Simon Wood&#8217;s writing can be found on&amp;#160; <a href="http://daily99998271.blogspot.com" type="external">The Daily 99.99998271%</a></p> <p>&amp;#160;</p>

Persecuting Assange: the Mainstreaming of Neoliberal Pathology

https://counterpunch.org/2016/08/18/persecuting-assange-the-mainstreaming-of-neoliberal-pathology/

2016-08-18

4left

8220Objective journalism is one of the main reasons that American politics has been allowed to be so corrupt for so long8221 8211 Hunter S Thompson The nonprofit journalistic and publishing organizationamp160WikiLeaks releasedamp160onamp16022nd Julyamp16019252 emails and 8034 attachmentsamp160sent from or received by Democratic National Committee DNC personnelamp160amp160amp160The emails exposedamp160 numerous instances of unprofessional unethical and possibly illegal behaviour including concerted attempts to undercutamp160Bernie Sandersamp160as well asamp160clear favouritism toward Hillary Clinton Specifically the emails exposed 8211 among thousands of other things 8211 the DNC conspiring to create false Trump information and release it with Reuters DNC Hillary supporters infiltrating theamp160Sanders campaign a super PAC paying young voters to push back online Sanders supportersamp160a mole working inside the Sanders campaign bringing up Sanders8217 religion to scare southern voters possible money laundering by moving money back and forth to bypass legal limits a Politico writer sending his stories to the DNC before he sends them to his editor feeding CNN the questions they want to be asked in interviews and theamp160DNC requestingamp160the pull ofamp160an MSNBC commentary segment It will come as no surprise therefore that the US establishment has brought forth enormous pressure on the government of Ecuador to force Julian Assange 8211 the founder and editorinchief of WikiLeaks 8211 out of the Ecuadorean embassy in London an act thatamp160wouldamp160lead to hisamp160certain arrest at the hands of the UK authoritiesamp160 To its credit Ecuador has reaffirmed its commitment to providing political asylum to Assange At the same time after four years of stalling Swedish prosecutors have this week expressed their intention to question Assange within the embassy something they could have easily done at any timeamp160 Indeed those believing that Swedish prosecutor Marianne Nyamp160really has at heartamp160the best interests of the two women involved in the case must now ask themselves whyamp160she would therefore allow some ofamp160her investigations into allegations of sexual assault to be dropped 8211 as they were last year 8211amp160because the deadline for bringing charges expiredamp160 Given that Sweden is now willing to interview Assange in the embassy why could they have not done this sooner for the sake of the women involvedamp160 The only possible conclusion is that this 8211 as long stated by several serious analysts 8211 is a purely political investigation and that Assange is right to fear for his security Along with a few other journalists most notably John Pilger weamp160haveamp160 exposed on several occasions the farcical case against Julian Assangeamp160 In June 2014 to mark the second anniversary of Assange8217s embassy refuge this Iamp160noted the following Readers who are open to the possibility that they may have been misled on this issue should first follow these links and readwatch in full A FAQ here explains some of the general circumstances of the case This short animated video also provides a clear informative summary More Perhaps the most perplexing aspect of the often hostile public reaction to the plight of Julian Assange is the assumption by so many of benign intent on the part of the US and its close allies the UK and Sweden Despite the mass intrusive surveillance apparatus exposed by Edward Snowden under the umbrella of which strategies reminiscent of the East German Stasi have been laid out for the world to see despite the long documented history of illegal covert operations undertaken by agencies of the United States like COINTELPRO Operation Mockingbird Operation CHAOS and many others despite dozens of illegal interventions and bombings of foreign sovereign nations despite multiple CIAsponsored coup d8217etats that replaced democratically elected leaders with murderous dictators despite the numerous fake FBI terror plots to justify theamp160 dedication of vast resources to the 8216war on terror8217 despite the quite insane double standards displayed in the 8216intelligence8217 arena8230despite all these documented realities perplexing it is indeed that any serious person could assume any benign intent whatsoever Indeed given the above list an intelligent person would surely assume the precise opposite One majoramp160PR strategy adopted by the Clinton campaign in response to the DNCamp160leaks has been to blanket 8216blame Russia8217amp160 Given the extensive links to the major mediaamp160organizations exposed within the leaks it will come as no surprise that petamp160journalists and pundits have been parroting the same lineamp160 This 8216shockandawe8217 strategy is effective in that it feeds off the already strong antiRussia feelings that have been whipped up in recent years on multiple frontsamp160while simultaneously deflecting attention from where it belongs the substance of the leaked emails onto a tried and tested smear target Vladimir Putin Aamp160notable aspect of this furore is the highlighting of the reflexive response of mainstream and establishment figures to actions that expose the endemic corruption of the system uponamp160which they symbiotically depend to existamp160 Corporate media journalists tend to make much of their 8216objectivity8217 8211amp160the perceived lack of bias in their reportingamp160 At the same time they deride other media organizations like Russia Today or TeleSur especially when they carry stories that run counter to the official Western narratives that they personally sustain The standard tactic for enforcing this objectivity and lack of bias is to introduce a story in a calm professional manner aided by highquality graphics and studio designs along with 8211 when necessary 8211amp160ominous breakingnews sound effects Deeper analysis is then suppliedamp160with the help of two or more pundits or 8216experts8217 some holding conflicting viewsamp160 In the case of the DNC leaks for example a Clinton campaign staffer could feature against a Trump spokesmanamp160 In this way the advertised andamp160guaranteed objectivity 8216fair and balanced8217amp160is upheld as twoamp160differingamp160perspectives are aired To casual news viewers this approachamp160willamp160falsely appear unbiased and objectiveamp160 In the DNCleakamp160scenario while the two pundits may hold conflicting 8211amp160even opposing 8211 views they willamp160both nonetheless reside comfortably within the neoliberal consensusamp160 The Clinton side will blame without evidenceamp160Russia for the leak the Trump side will say correctly that such an assertion is an attempt to deflect attention from the substance of the emailsamp160 Neither side will ever address the deep corruption that existsamp160in both of the main parties and indeed at all levels of government nor will they express any suggestion that thereamp160may beamp160other ways of running democratic elections 8211 or indeed societies 8211amp160beyond the sick twoparty duopoly the utterly discredited status quo This is pseudojournalism in thatamp160it does not challenge power or hold it to accountamp160 It merely discusses topics of current interest within a neoliberal framework that is never questionedamp160 On the rare occasions moreamp160radical voices do reach the mainstream they are habitually smeared or simply sidelinedamp160or ignoredamp160 This is further played out on social media with even politeamp160radical dissent or suggestions of alternative approachesamp160metamp160with scornful derisive andamp160sometimes contemptuous dismissals by mainstream journalists And all the while ad revenues must be maintained with manufactured conflict and exaggeration News plus one 8211 a slick product for saleamp160 A tool incapable of engendering progressive change used instead to promote and entrench the aims and needsamp160of profit and power This unshakable faith within the establishmentcorporate media clique in its own objectivity and the contempt it holds for Russia Today and other Westernnarrativechallenging outletsamp160is laughableamp160with several serious studiesamp160proving severeamp160systemic biasamp160 Only this week a BBC Trust report found that 8216the BBC has a 8220high dependency8221 on the governing party for statistics with Conservativesamp160representing nearly threequarters of all statistics it cites from politicians according to a report by the corporation8217s governing bodyamp160 The reportamp160also said that the corporation8217s journalism needed to do more to 8220go beyond the headlines8221 and be more wary of reporting figures 8220straight from a press release82218217amp160 Other studies 8216 continually show a strong proIsraeli bias8217 in reporting of the Middle East conflict within Western mediaamp160amp160Still moreamp160have found 8216persistent8217 bias against Jeremy Corbyn at the BBC and other outletsamp160 And fewamp160supporters of Scottish independence will have fond memories of the coverage provided in the runup to the referendum Ironic it is then that the media treatment of Julian Assange and WikiLeaks is such a fine example of this fake objectivityamp160amp160Although all react toamp160accusations of bias oramp160selfcensorship with indignation or even angeramp160professing strong independence of their editors andamp160the certainty that they have theamp160freedom to write what they likeamp160corporate media journalists almost without exception trip over themselves to demean ridicule and personally insultamp160Assangeamp160and his plight thereby doing aamp160fine job for the instigators of the epic crimes exposed by WikiLeaks by deflecting attention from themamp160to such anamp160easy targetamp160 While someamp160journalistsamp160may express an acceptance of the need for organizations that protect whistleblowers they neverthelessamp160faithfully serve imperial interests by pushing the debate towards trivial matters of personal dislike even a cursory internet search will yield hundreds of catty articles focusing on petty personal concernsamp160while ignoring the elephant in the room 8211 theamp160exposed criminality A simple thought experimentamp160A mysteriousamp160fileamp160containing the DNC emailsamp160is surreptitiouslyamp160slipped ontoamp160the desk of a journalist let8217s call him Jack Smithamp160at a major corporate media outlet like the New York Timesamp160 How will Jack react whenamp160he picks up the file and discovers its contents Once verified as genuine the first wordsamp160entering our hero8217s headamp160areamp160likely toamp160be 8216epic shitstorm on a galactic scale8217amp160amp160Jack would realise instantlyamp160the implicationsamp160of dropping a bomb like this into the middle of Hillary Clinton8217s campaign at such a crucial juncture the enormous damage that could be caused to one of the most powerful andamp160connected people in the worldamp160 Does anyone seriously believe thatamp160Jack would go ahead and write an expose 8211amp160the scoop of the year 8211amp160all the while dreaming of Pulitzers First he knows that he has to get past the bosses in full awareness of the factamp160that editors at the NYT don8217t get there by being political imbecilesamp160 Does he go rogue and write independentlyamp160finding an alternative publisheramp160 He8217s seen the contents 8211amp160the emails containamp160clear smokinggun evidenceamp160of systemic corruption and favouritism at the DNCamp160 There is no question that this is in the public interest particularly in light of the fact that Clinton is the clear bookies8217 favourite to win the presidencyamp160 The people of America surely need to know what their potential president and her party machine have done to deliberately sabotage the only serious opposition Bernie Sanders who enthused and inspiredamp160millions of especially young people disillusioned with the neoliberal order Jack remembers why he entered journalismamp160 The people8217s right to knowamp160 Truth to power and holding it to accountamp160 However this is surely too much of a hot potatoamp160 He has a mortgage kids in private schools medical bills a greatamp160job at the most famous newspaper in the world8230and he knows all too well what can happen to journalists who upset the wrong peopleamp160 A very early retirement to spend more time with the family andamp160likely future blanketamp160ostracism from corporate media is a real possibility8230perhaps even worse No Jack decides to pass this one on to his bosses and let them handle it8230and then goes back to his detailedamp160analysis of the outlandish pronouncements of Donald Trumpamp160 After all Jack reasons the publicamp160also needs to know about the dangers of a Trump presidency Fortunately we don8217t needamp160a thought experiment to know what NYT editors do with politically embarrassing information especially if it could hamstring an establishment candidate and even if the information is essential for public viewing before the election A column by New York Times public editor Byron Calame August 13 2006 reveals that the newspaper withheld a story about the Bush administration8217s program of illegal domestic spying until after the 2004 election and then lied about it On December 16 2005 the Times reported that President Bush had authorized the National Security Agency NSA to monitor thousands of telephone conversations and emails in the US without court approval At the time the Times acknowledged that it had at the urging of the Bush administration withheld publication of the story saying it held its expos233 back 8220for a year8221 This time frame suggested that the newspaper made the decision to withhold publication of the story after the 2004 presidential election Such a delay was in itself unpardonable and provoked angry criticism Now we learn from an interview with Executive Editor Bill Keller conducted by Calame that internal discussions at the Times about drafts of the eventual article had been 8220dragging on for weeks8221 before the November 2 2004 election which resulted in a victory for Bush 8220The process8221 the public editor notes 8220had included talks with the Bush administration8221 A fresh draft was the subject of discussion at the newspaper 8220less than a week8221 before the election Involved here is not a trivial sex scandal or some moral peccadillo committed by one or another of the major candidates At issue was a major policy question8212one that goes to the core of constitutionally guaranteed civil liberties and basic democratic rights The electorate had the right to know that the incumbent president was systematically breaking the law in order to secretly wiretap without court warrants the communications of American citizens As the Times was well aware similar illegalities8212although on a smaller scale8212were among the charges leveled against Richard Nixon in the second article of impeachment entitled 8220Abuse of Power8221 approved by the Judiciary Committee of the House of Representatives in July 1974 leading to Nixon8217s resignation the following month Consider now what an independent journalist John Smithamp160would doamp160 To a large degree it would depend on his courage as John wouldamp160publish this storyamp160knowing thatamp160revealing such information would trigger a deluge of smears and false accusationsamp160 He would almost certainly face calls for criminal investigation for hacking not to mention the inevitable accusations of 8216working for the Russians8217amp160 Charges of 8216interfering in democracy8217 would be levelledamp160 Fellow journalists would run a mile either refusing to comment or roundly denouncingamp160him and his perceived motives of which money will beamp160prominently airedamp160 All evidencefree of courseamp160 A brave journalist will go ahead anyway or perhaps take a more prudent route and send the files anonymously to an organization like WikiLeaks This thought experiment demonstrates why WikiLeaks is so essential for true transparency and sometimes accountability8230and why corporate media journalists stay exactlyamp160where they are sometimesamp160carving out glittering prizefilled careers and automatic access to the rich famous and powerful The John Smithamp160scenario may sound familiaramp160 Julian Assange has experienced almost allamp160these smears and false accusationsamp160since releasing the information as a quick glance at the replies to the tweets on the WikiLeaks twitter feed will demonstrate Despite claims by US 8216experts8217 to the contrary there is no evidence that Russia is the source of the leak and indeed no such evidence has been presented by the US despite NSA whistleblower Edward Snowden recently commenting thatamp160it would be easy to provideamp160 Others accuse Assange of a personal vendetta against Clinton and that he is using the leak to damage her campaign thereby putting the 8216objectivity8217 of WikiLeaks in jeopardy Assange has made no secret of the fact that he has no love for Clinton and has openly admitted that the leak was timed for maximum impact However it is this secondamp160accusation that so clearly demonstrates the deep infection into the public consciousness of the neoliberal pathologyamp160 Those making such an accusation have lost their perspectiveamp160 They instinctivelyamp160grope for the fake objectivity requirement manufactured byamp160and utilized by the corporate mediaamp160for decadesamp160 Here we have information that seriously puts into question the suitability of a major candidate for the highest possibleamp160office from whichamp160she willamp160wield vast executive power over 300 million plus Americansamp160as well asamp160significant influence over the lives of billions of people around the worldamp160 But to these accusers this information requires 8216balance8217amp160 Calls to hack Donald Trump8217s tax returns and bewilderment at why Assange is 8216standing in the way of the one person who can stop Trump8217 abound among both the liberal commentariat and large numbers of ordinary citizens To any rightthinking personamp160it is selfevident thatamp160this information must be publicised before the election and that it also must reach as many people as possibleamp160 The best way to do that is to publish at a time when the eyes and ears of the world are fixed upon the subject of the leaksamp160 Balance has nothing to do with itamp160amp160It is source material that all are free to readamp160themselvesamp160containing essential information that isamp160clearlyamp160in the public interestamp160 Are Assange8217s accusers actually suggesting that he should have hung on to such explosive information until after Hillary is safely ensconced in the White House Those doing soamp160should seriously consider a career in corporate journalism 8220Circus dogs jump when the trainer cracks his whip But the really welltrained dog is the one that turns his somersault when there is no whip8221 8211 George Orwell 1944 These words of Orwell can it seems be applied notamp160only to journalists butamp160now alsoamp160to millions of 8216consumers8217 of the corporate media For anyoneamp160who believes that Assange is a 8216rapist8217 who is 8216evading justice8217 and is 8216holed up at the embassy8217 because he is a 8216coward8217 indeed anyone who focuses on the actions and personality of Assange instead of the content of the leaks published by his organization8230for you the messageamp160is this You will not realise itamp160yetamp160but you have been successfully coopted into the propaganda efforts to deflect attention from the numerous horrific documented crimes of imperial interests and the deep corruption of major institutions and their top officialsamp160 The people responsible for disseminating this propagandaamp160will laughamp160at howamp160theyamp160have successfullyamp160transformedamp160you into a pack of animals baying for the blood of one man whose 8216crime8217 has been to shine a spotlight on the corruption they are paid well to obscureamp160 Theyamp160will chortle with delight at your almost complete lack of interest in the decades upon decades ofamp160mass murder torture rapes oppression and illegal coups that have been carried out in your name with your taxes andamp160with the help ofamp160officials you have voted for while you focus your ire insteadamp160on one of the most obvious setups that of Assange ever8230along with all the other triedandtested distractionsamp160 The only thing that mayamp160astound even themamp160is how easy itamp160has beenamp160to manipulate you In the internet age ignorance reallyamp160is a choice 8211 theamp160choiceamp160between beingamp160a manipulated dupeamp160and a free thinkeramp160 Quite literally millions of lives depend on itamp160 What will it be Simon Wood8217s writing can be found onamp160 The Daily 9999998271 amp160

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<p>Seif Da'na is Professor and Chair of the Sociology and Anthropology Department at the University of Wisconsin-Parkside. He specializes in the Middle East and North Africa.</p> <p /> <p /> <p /> <p /> SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. Last week the U.S. suspended almost $200 million in aid and reduced another 96 million to Egypt. In response, the Egyptian government announced that it was going to cancel a meeting with Jared Kushner, who is President Trump's son-in-law, who is also the special envoy for the Middle East peace talks. Eventually the meeting did take place on Wednesday, but without a joint statement. President Trump was reportedly phoning President al-Sisi to smooth things over. Now joining us to talk about all of this is Professor Seif Da'na. He is Professor and Chair of the Sociology and Anthropology Department at the University of Wisconsin Parkside. He specializes in Middle East and North Africa. Thank you so much for joining us today, Professor. <p />SEIF DA'NA: Thank you, Sharmini, for having me. <p />SHARMINI PERIES: So Professor, human rights are clearly not the reason for suspending aid by the Trump administration. What is this all about? <p />SEIF DA'NA: Well, it's very difficult to accept the human rights argument here. I mean, al-Sisi's regime violation of human rights and any criticism notwithstanding, there are actually other issues. Two main issues, particularly. The first issue, which I would talk about fast because it's not really very important I think, it's a critique, a criticism by the United States regarding an Egyptian and North Korean dialog on weapons development. It seems that somebody at the State Department was upset that the Egyptians met with the North Koreans, or there was an Egyptian delegation that met with a North Korean delegation regarding weapons development. <p /> The second issue is what is called Law 70 that basically prohibits or regulates the functions and the working of civil society organizations and NGOs, or non-governmental organizations. Now this is a bit tricky here, because while that is the reason that is used as cover for the human rights issue or for the human rights argument, but most people in the region and most governments in the region are actually very critical of the role of the NGOs in particular, and to a large extent most of the research shows that some of the NGOs are actually GOs or governmental organizations in some sense. <p /> The Egyptian government has been very sensitive to this since Mubarak's time, because any foreign aid supported organization they assume will be implementing a foreign agenda. And that's what NGOs do according to them. So on May 24, basically President Sisi ratified the law that was passed by the Egyptian Parliament about six months ago or seven months ago, and I think he did that because he assumed that the American administration is not going to criticize him for this. The reason being he waited over six months because of the criticisms that came from Europe and other places, but after he met with President Trump there was some miscalculation it seems. He did not see that division or the disagreement between the White House and the State Department regarding this law. The assumption that probably there was a good personal relationship between President Trump and President Sisi, he assumed that this is not going to be an issue. That's why he moved after he met with President Trump. He moved on and ratified the law, making it into a law of course after signing it as the President. <p /> So that's really the real issue now, the role of the non-governmental organizations in Egypt. And I think the State Department ... that's the concern that the State Department has, mainly. From the point of view of the Egyptian government and many Egyptian actually people, non-governmental organizations are foreign tools that implement foreign agenda and promote foreign ideologies. So in that sense, that's really the core issue is the role of the non-governmental organizations. Because if we want to talk about human rights violations, just look next door. Israel violates the rights of the Palestinians on a daily basis, refuse to implement the Security Council resolutions, tons of Security Council resolutions. Look at the other side, Saudi Arabia the same thing, at least what they are doing in Yemen, for example, let alone what they are doing inside Saudi Arabia. So it's not really human rights violations here as much as it's a question of foreign policy regarding North Korea and the second issue is this new law that would regulate ... would heavily actually regulate ... many of the non-governmental organizations that are supported and financed by the West, by western countries primarily. <p />SHARMINI PERIES: Now, Professor, what you mentioned about Egypt and North Korea, what exactly is the relationship between Egypt and North Korea, what are they involved in that the U.S. is objecting to? <p />SEIF DA'NA: Well, there isn't really a strong relations between Egypt and North Korea, but recently there was a military delegation that met to discuss weapons development, and that ... I think that was planned before the latest Security Council resolution against North Korea. But the Egyptian delegation nonetheless went ahead and held the meeting with the North Koreans, and the State Department expressed concerns and actually was angry, criticized the Egyptian move to meet with the North Koreans. They assume that the Egyptians will obey the Security Council resolution. Now the Egyptians might say that this is not really detailed in the Security Council resolution, such meetings are not prohibited by the Security Council resolution, but that's really one of the issues. <p /> Again, there has been serious miscalculation by the Egyptian government here, and by the Egyptian administration. After the ... supposedly the very good meeting between President Trump and President Sisi, there were many mistaken assumptions that the Egyptians held about what they can do and what they cannot do. To the extent that they actually after the ratification of the Law 70 regarding the non-governmental organizations, actually the Egyptian Foreign Ministry sent the State Department a letter specifying what they expect the new ... what the NGOs ... how would the NGOs adapt to the new Egyptian law. When the State Department did not reply to their letter, they assumed that the Americans accepted and are okay with it. Again, based on miscalculation because of the nature of the warm meeting between President Trump and President Sisi. <p />SHARMINI PERIES: Right. Now one must admit that Trump did announce very early on that foreign aid will be cut overall except for Israel and Egypt, and Egypt is the second largest recipient of U.S. aid in the world. What consequences will cutting aid have on the Egyptian economy? <p />SEIF DA'NA: Well, the Egyptian aid, the annual aid for Egypt, is part of the Camp David Agreement that President Carter basically oversaw back in 1979, so Egypt is supposed to receive between 1.3 to 1.5 billion dollars annually. And this is stipulated in the Agreement, in the Camp David Agreement. Part of military aid and of course economic aid. The economic aid is very minor actually, less that $150 million annually. The rest are mainly military aid. So this is stipulated in the Camp David Agreement, so that's why I think the Obama administration was hesitant to actually freeze the aid when the military coup took place in Egypt. Basically because they did not want that to affect the Israeli-Egyptian Agreement, the political Agreement, or the Peace Agreement as they call it. <p /> This is different from possibly any other kind of aid that the U.S. provides to any other country. Now, the reduction basically ... the first ... and I think this is related to the law that we mentioned, Law 70 regarding the NGOs ... The first discussion or the first recommendation for reduction came from the Senate Appropriations Committee back in May I guess. In their meeting in May, they invited three experts and basically they recommended reducing the economic aid part from 150 million to 112 million, about 25%, because of mismanagement they said. Now we know after ... This happened at the same time when President Sisi ratified the new law, and basically that some members in the Senate and in the Congress did not like the new Egyptian law that regulates the workings of civil society organizations and NGOs. So this is part of the pressure that is being exercised on Egypt to change the law and provide more freedom for the NGOs and other civil society organizations funded by the West primarily. <p /> So it started in the Senate Appropriations Committee actually back in May, and now the State Department in some sense adopted it, and the State Department is reducing the overall aid by 96 million and is freezing 200 million pending the Egyptian change of behavior regarding the NGOs and the new law that was passed by the Parliament and ratified by the President. <p />SHARMINI PERIES: What was the reason for canceling the meeting with Jared Kushner and then reinstating it? <p />SEIF DA'NA: Well there were many ... Basically many people in Egypt, even officials, and in the Arab world in general demanded that the Egyptian foreign minister cancel the meeting with Jared Kushner as a way of protesting the reduction in aid, basically because it was seen as an insult to Egypt. As I said, there is a reduction of 96 million, but the freezing of the 200 million is conditional based on Egyptians' behavior. That was insulting to the Egyptians. Actually, the Foreign Ministry announced that they are going to cancel the meeting with Jared Kushner, but for some reason instead of canceling the meeting with the Foreign Minister as a way of protesting the American decision, Jared Kushner met with the President. So it was more like a reward really rather than a punishment or a protest to the Americans. The only thing they did is they did not issue a statement after the meeting, but that's really it. So instead of meeting the Foreign Minister, he managed to meet the President. <p />SHARMINI PERIES: Professor, Egypt is also going into an election season. Is the aid which was suspended by the U.S. going to affect President al-Sisi's stability going into this election? <p />SEIF DA'NA: Well, we don't know if there is going to be an election. Basically there is a new law that is being discussed in the Egyptian Parliament to extend the term of the President to six years instead of four years, which means that instead of going for election in 2018 for President Sisi, it will be 2020. So there is ... The discussion is ongoing in the Egyptian Parliament. Most likely it will pass, so Sisi doesn't have to go through the elections in 2018. He managed to basically extend his term, or he will manage to extend his term. From the way the Parliament has been working recently, he gets his way, so he will get his term extended. <p /> But when we talk about the aid, $1.5 billion and we talk about a country like Egypt, it might have an effect but it is not really a significant effect. The effect might be on the military mainly, because most ... after the Camp David Agreement back in 1979, the Egyptian military changed all its gear and equipment from a Russian-based military into an American-based military or weaponry. And in that sense, that is ... Most of the aid goes to that aspect, the military aid. And in that sense that could be affected. But the problems of Egypt cannot really be solved or even cannot be helped by 1.5 billion. They will do nothing to the Egyptian economy. It's in a very terrible situation. <p />SHARMINI PERIES: Right. And give us a sense of this action on the part of the United States in terms of suspending the aid to Egypt and what that has to do with Jared Kushner's meeting, who's really the special envoy for Israel-Palestine peace talks. And also the complication here with the aid that Egypt receives also from Saudi Arabia and the recent tensions with Qatar in the region, and how all of this puzzle fits together. <p />SEIF DA'NA: Well, Jared Kushner is President Trump's envoy to the ... not to the Middle East really, to the Palestinian-Israeli negotiations, and President Trump doesn't really until now have a vision for settling the Palestinian-Israeli conflict or struggle, or the Arab-Israeli struggle, whatever people prefer to use the term. Until now, he did not show any vision, doesn't have any proposal. So he has been meeting with regional leaders, so in this tour before going to Palestine, he met ... he went to Saudi Arabia, met with a Crown Prince, and went to Jordan, met with the King of Jordan, and then met with President Sisi in Egypt. <p /> Now, his meeting with President Sisi was supposed to be about the Palestinian-Israeli conflict, not about anything else. But of course, after this came, the reduction and suspension of the aid, basically this was part of the discussion, but again it wasn't the main issue. The Foreign Minister of Egypt basically mentioned that the peace process ... that the American administration must have a clear vision that entails deadlines and framework in order to start or restart the Palestinian-Israeli negotiations. But again, the only help that these regional leaders could provide for the American administration and for Jared Kushner is putting pressure on the Palestinian leadership. That's the only thing they can do. They cannot put pressure on the Israeli leadership. <p /> And there is no vision, basically, at this point. Jared Kushner doesn't have a vision. President Bush doesn't have a vision, or doesn't have a proposal, at least. The Palestinian leadership basically said recently, I think yesterday or the day before that, they met almost 20 times with American representatives, and they don't have an idea how the Americans are going to solve the problem, because there is no proposal. The two state solution that all the previous administrations adopted, the Trump administration did not show any support for that solution, and there was no condemnation by the United States administration for the settlement expansion and settlement building, which was ... at least other previous administrations paid lip service to that. They criticized the settlement construction as being illegal according to the international law. This administration doesn't. <p /> So the Palestinian leadership is confused to some extent about what is the proposal of the President, of the Trump administration. They did not criticize the settlement construction, they did affirm the commitment to the two state solution, and they don't have a proposal. They talked about a regional solution or a regional settlement, but a regional settlement will actually prolong the Palestinian-Israeli conflict, because basically it would eliminate one of the major issues that the Palestinians consider as strength, which is the Arabs and the Muslims in the region. <p /> So in that sense, really the aid wasn't part of the discussion. I think it was a minor issue in the discussion according to the Foreign Ministry, but then President Trump and of course President Sisi had a phone call to confirm or to affirm the good relations between the two countries, which is the usual diplomatic statement that would be issued after such a phone call. But again, the suspension of part of the aid and reduction of the aid would affect Egypt, but I don't think it would affect Egypt significantly given the nature of Egypt's problems. Go ahead. <p />SHARMINI PERIES: Professor Da'na, one final twist to all of this is that it was just announced, I believe today, that Qatar has reinstated its relationship with Iran, which for a very long time the Gulf States stood together, and so there's a departure on the part of Qatar in terms of that policy, in terms of its affiliation with Iran. What do you make of this? <p />SEIF DA'NA: Well, this is actually one of the signs that Qatar is winning the current dispute, or at least was able to overcome the pressures from Saudi Arabia. But actually Qatar at this point needs two countries desperately, because of the siege placed by Saudi Arabia and the United Arab Emirates, and these two countries are Turkey and Iran. Without these two countries, with the ongoing siege, they won't be able to bring food to Qatar basically. As simple as this. But basically the Qatari-Iranian relations were suspended back in 2015 or 2016 when there was an attack on the Saudi embassy in Iran, so it was in solidarity with the Saudis at that time. But it became part of the demand of Saudi Arabia on Qatar to cut all diplomatic and economic relations with Iran, although Saudi Arabia has some economic relations with Iran, although the United Arab Emirates has the most economic relations with Iran in the region. Actually they have also diplomatic relations, but they don't have ambassadors. They called the ambassadors back in 2016, again in solidarity with Saudi Arabia. <p /> So given that, Qatar doesn't have an option. But that doesn't mean that Qatar is moving into the Iranian camp as much as it's a matter of expediency in this case. They need Iran, and they need Turkey, the two countries that supported them from the beginning with the siege that was placed on Qatar. And I think with that they would improve the status of Qatar actually in the region and enable Qatar to face the pressures more successfully than they are doing now, although they have been doing it successfully so far. But they will be able to face the pressure from the United Arab Emirates and Saudi Arabia, Bahrain and Egypt more successfully with Iran at least on their side or at least not their enemy, and Turkey in their back. <p />SHARMINI PERIES: Interesting times. I thank you so much for joining us, Professor Da'na. <p />SEIF DA'NA: Thank you, Sharmini. <p />SHARMINI PERIES: And thank you for joining us here on the Real News Network.

Why Did US Suspend $300 Million in Aid to Egypt?

http://therealnews.com/t2/story%3A19864%3AWhy-Did-U.S.-Suspend-300-Million-in-Aid-to-Egypt%253F

2017-08-30

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Seif Dana is Professor and Chair of the Sociology and Anthropology Department at the University of WisconsinParkside He specializes in the Middle East and North Africa SHARMINI PERIES Its the Real News Network Im Sharmini Peries coming to you from Baltimore Last week the US suspended almost 200 million in aid and reduced another 96 million to Egypt In response the Egyptian government announced that it was going to cancel a meeting with Jared Kushner who is President Trumps soninlaw who is also the special envoy for the Middle East peace talks Eventually the meeting did take place on Wednesday but without a joint statement President Trump was reportedly phoning President alSisi to smooth things over Now joining us to talk about all of this is Professor Seif Dana He is Professor and Chair of the Sociology and Anthropology Department at the University of Wisconsin Parkside He specializes in Middle East and North Africa Thank you so much for joining us today Professor SEIF DANA Thank you Sharmini for having me SHARMINI PERIES So Professor human rights are clearly not the reason for suspending aid by the Trump administration What is this all about SEIF DANA Well its very difficult to accept the human rights argument here I mean alSisis regime violation of human rights and any criticism notwithstanding there are actually other issues Two main issues particularly The first issue which I would talk about fast because its not really very important I think its a critique a criticism by the United States regarding an Egyptian and North Korean dialog on weapons development It seems that somebody at the State Department was upset that the Egyptians met with the North Koreans or there was an Egyptian delegation that met with a North Korean delegation regarding weapons development The second issue is what is called Law 70 that basically prohibits or regulates the functions and the working of civil society organizations and NGOs or nongovernmental organizations Now this is a bit tricky here because while that is the reason that is used as cover for the human rights issue or for the human rights argument but most people in the region and most governments in the region are actually very critical of the role of the NGOs in particular and to a large extent most of the research shows that some of the NGOs are actually GOs or governmental organizations in some sense The Egyptian government has been very sensitive to this since Mubaraks time because any foreign aid supported organization they assume will be implementing a foreign agenda And thats what NGOs do according to them So on May 24 basically President Sisi ratified the law that was passed by the Egyptian Parliament about six months ago or seven months ago and I think he did that because he assumed that the American administration is not going to criticize him for this The reason being he waited over six months because of the criticisms that came from Europe and other places but after he met with President Trump there was some miscalculation it seems He did not see that division or the disagreement between the White House and the State Department regarding this law The assumption that probably there was a good personal relationship between President Trump and President Sisi he assumed that this is not going to be an issue Thats why he moved after he met with President Trump He moved on and ratified the law making it into a law of course after signing it as the President So thats really the real issue now the role of the nongovernmental organizations in Egypt And I think the State Department thats the concern that the State Department has mainly From the point of view of the Egyptian government and many Egyptian actually people nongovernmental organizations are foreign tools that implement foreign agenda and promote foreign ideologies So in that sense thats really the core issue is the role of the nongovernmental organizations Because if we want to talk about human rights violations just look next door Israel violates the rights of the Palestinians on a daily basis refuse to implement the Security Council resolutions tons of Security Council resolutions Look at the other side Saudi Arabia the same thing at least what they are doing in Yemen for example let alone what they are doing inside Saudi Arabia So its not really human rights violations here as much as its a question of foreign policy regarding North Korea and the second issue is this new law that would regulate would heavily actually regulate many of the nongovernmental organizations that are supported and financed by the West by western countries primarily SHARMINI PERIES Now Professor what you mentioned about Egypt and North Korea what exactly is the relationship between Egypt and North Korea what are they involved in that the US is objecting to SEIF DANA Well there isnt really a strong relations between Egypt and North Korea but recently there was a military delegation that met to discuss weapons development and that I think that was planned before the latest Security Council resolution against North Korea But the Egyptian delegation nonetheless went ahead and held the meeting with the North Koreans and the State Department expressed concerns and actually was angry criticized the Egyptian move to meet with the North Koreans They assume that the Egyptians will obey the Security Council resolution Now the Egyptians might say that this is not really detailed in the Security Council resolution such meetings are not prohibited by the Security Council resolution but thats really one of the issues Again there has been serious miscalculation by the Egyptian government here and by the Egyptian administration After the supposedly the very good meeting between President Trump and President Sisi there were many mistaken assumptions that the Egyptians held about what they can do and what they cannot do To the extent that they actually after the ratification of the Law 70 regarding the nongovernmental organizations actually the Egyptian Foreign Ministry sent the State Department a letter specifying what they expect the new what the NGOs how would the NGOs adapt to the new Egyptian law When the State Department did not reply to their letter they assumed that the Americans accepted and are okay with it Again based on miscalculation because of the nature of the warm meeting between President Trump and President Sisi SHARMINI PERIES Right Now one must admit that Trump did announce very early on that foreign aid will be cut overall except for Israel and Egypt and Egypt is the second largest recipient of US aid in the world What consequences will cutting aid have on the Egyptian economy SEIF DANA Well the Egyptian aid the annual aid for Egypt is part of the Camp David Agreement that President Carter basically oversaw back in 1979 so Egypt is supposed to receive between 13 to 15 billion dollars annually And this is stipulated in the Agreement in the Camp David Agreement Part of military aid and of course economic aid The economic aid is very minor actually less that 150 million annually The rest are mainly military aid So this is stipulated in the Camp David Agreement so thats why I think the Obama administration was hesitant to actually freeze the aid when the military coup took place in Egypt Basically because they did not want that to affect the IsraeliEgyptian Agreement the political Agreement or the Peace Agreement as they call it This is different from possibly any other kind of aid that the US provides to any other country Now the reduction basically the first and I think this is related to the law that we mentioned Law 70 regarding the NGOs The first discussion or the first recommendation for reduction came from the Senate Appropriations Committee back in May I guess In their meeting in May they invited three experts and basically they recommended reducing the economic aid part from 150 million to 112 million about 25 because of mismanagement they said Now we know after This happened at the same time when President Sisi ratified the new law and basically that some members in the Senate and in the Congress did not like the new Egyptian law that regulates the workings of civil society organizations and NGOs So this is part of the pressure that is being exercised on Egypt to change the law and provide more freedom for the NGOs and other civil society organizations funded by the West primarily So it started in the Senate Appropriations Committee actually back in May and now the State Department in some sense adopted it and the State Department is reducing the overall aid by 96 million and is freezing 200 million pending the Egyptian change of behavior regarding the NGOs and the new law that was passed by the Parliament and ratified by the President SHARMINI PERIES What was the reason for canceling the meeting with Jared Kushner and then reinstating it SEIF DANA Well there were many Basically many people in Egypt even officials and in the Arab world in general demanded that the Egyptian foreign minister cancel the meeting with Jared Kushner as a way of protesting the reduction in aid basically because it was seen as an insult to Egypt As I said there is a reduction of 96 million but the freezing of the 200 million is conditional based on Egyptians behavior That was insulting to the Egyptians Actually the Foreign Ministry announced that they are going to cancel the meeting with Jared Kushner but for some reason instead of canceling the meeting with the Foreign Minister as a way of protesting the American decision Jared Kushner met with the President So it was more like a reward really rather than a punishment or a protest to the Americans The only thing they did is they did not issue a statement after the meeting but thats really it So instead of meeting the Foreign Minister he managed to meet the President SHARMINI PERIES Professor Egypt is also going into an election season Is the aid which was suspended by the US going to affect President alSisis stability going into this election SEIF DANA Well we dont know if there is going to be an election Basically there is a new law that is being discussed in the Egyptian Parliament to extend the term of the President to six years instead of four years which means that instead of going for election in 2018 for President Sisi it will be 2020 So there is The discussion is ongoing in the Egyptian Parliament Most likely it will pass so Sisi doesnt have to go through the elections in 2018 He managed to basically extend his term or he will manage to extend his term From the way the Parliament has been working recently he gets his way so he will get his term extended But when we talk about the aid 15 billion and we talk about a country like Egypt it might have an effect but it is not really a significant effect The effect might be on the military mainly because most after the Camp David Agreement back in 1979 the Egyptian military changed all its gear and equipment from a Russianbased military into an Americanbased military or weaponry And in that sense that is Most of the aid goes to that aspect the military aid And in that sense that could be affected But the problems of Egypt cannot really be solved or even cannot be helped by 15 billion They will do nothing to the Egyptian economy Its in a very terrible situation SHARMINI PERIES Right And give us a sense of this action on the part of the United States in terms of suspending the aid to Egypt and what that has to do with Jared Kushners meeting whos really the special envoy for IsraelPalestine peace talks And also the complication here with the aid that Egypt receives also from Saudi Arabia and the recent tensions with Qatar in the region and how all of this puzzle fits together SEIF DANA Well Jared Kushner is President Trumps envoy to the not to the Middle East really to the PalestinianIsraeli negotiations and President Trump doesnt really until now have a vision for settling the PalestinianIsraeli conflict or struggle or the ArabIsraeli struggle whatever people prefer to use the term Until now he did not show any vision doesnt have any proposal So he has been meeting with regional leaders so in this tour before going to Palestine he met he went to Saudi Arabia met with a Crown Prince and went to Jordan met with the King of Jordan and then met with President Sisi in Egypt Now his meeting with President Sisi was supposed to be about the PalestinianIsraeli conflict not about anything else But of course after this came the reduction and suspension of the aid basically this was part of the discussion but again it wasnt the main issue The Foreign Minister of Egypt basically mentioned that the peace process that the American administration must have a clear vision that entails deadlines and framework in order to start or restart the PalestinianIsraeli negotiations But again the only help that these regional leaders could provide for the American administration and for Jared Kushner is putting pressure on the Palestinian leadership Thats the only thing they can do They cannot put pressure on the Israeli leadership And there is no vision basically at this point Jared Kushner doesnt have a vision President Bush doesnt have a vision or doesnt have a proposal at least The Palestinian leadership basically said recently I think yesterday or the day before that they met almost 20 times with American representatives and they dont have an idea how the Americans are going to solve the problem because there is no proposal The two state solution that all the previous administrations adopted the Trump administration did not show any support for that solution and there was no condemnation by the United States administration for the settlement expansion and settlement building which was at least other previous administrations paid lip service to that They criticized the settlement construction as being illegal according to the international law This administration doesnt So the Palestinian leadership is confused to some extent about what is the proposal of the President of the Trump administration They did not criticize the settlement construction they did affirm the commitment to the two state solution and they dont have a proposal They talked about a regional solution or a regional settlement but a regional settlement will actually prolong the PalestinianIsraeli conflict because basically it would eliminate one of the major issues that the Palestinians consider as strength which is the Arabs and the Muslims in the region So in that sense really the aid wasnt part of the discussion I think it was a minor issue in the discussion according to the Foreign Ministry but then President Trump and of course President Sisi had a phone call to confirm or to affirm the good relations between the two countries which is the usual diplomatic statement that would be issued after such a phone call But again the suspension of part of the aid and reduction of the aid would affect Egypt but I dont think it would affect Egypt significantly given the nature of Egypts problems Go ahead SHARMINI PERIES Professor Dana one final twist to all of this is that it was just announced I believe today that Qatar has reinstated its relationship with Iran which for a very long time the Gulf States stood together and so theres a departure on the part of Qatar in terms of that policy in terms of its affiliation with Iran What do you make of this SEIF DANA Well this is actually one of the signs that Qatar is winning the current dispute or at least was able to overcome the pressures from Saudi Arabia But actually Qatar at this point needs two countries desperately because of the siege placed by Saudi Arabia and the United Arab Emirates and these two countries are Turkey and Iran Without these two countries with the ongoing siege they wont be able to bring food to Qatar basically As simple as this But basically the QatariIranian relations were suspended back in 2015 or 2016 when there was an attack on the Saudi embassy in Iran so it was in solidarity with the Saudis at that time But it became part of the demand of Saudi Arabia on Qatar to cut all diplomatic and economic relations with Iran although Saudi Arabia has some economic relations with Iran although the United Arab Emirates has the most economic relations with Iran in the region Actually they have also diplomatic relations but they dont have ambassadors They called the ambassadors back in 2016 again in solidarity with Saudi Arabia So given that Qatar doesnt have an option But that doesnt mean that Qatar is moving into the Iranian camp as much as its a matter of expediency in this case They need Iran and they need Turkey the two countries that supported them from the beginning with the siege that was placed on Qatar And I think with that they would improve the status of Qatar actually in the region and enable Qatar to face the pressures more successfully than they are doing now although they have been doing it successfully so far But they will be able to face the pressure from the United Arab Emirates and Saudi Arabia Bahrain and Egypt more successfully with Iran at least on their side or at least not their enemy and Turkey in their back SHARMINI PERIES Interesting times I thank you so much for joining us Professor Dana SEIF DANA Thank you Sharmini SHARMINI PERIES And thank you for joining us here on the Real News Network

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<p>Jan 17 (Reuters) - CircleCI:</p> <p>* CIRCLECI SAYS CLOSED $31 MILLION SERIES C ROUND OF FUNDING LED BY TOP TIER CAPITAL PARTNERS ALONGSIDE INDUSTRY VENTURES AND HEAVYBIT Source text for Eikon:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIRUT/DAMASCUS (Reuters) - International chemical weapons inspectors will probably not go into the Syrian town of Douma on Wednesday, a U.N. source in Syria told Reuters, marking a further delay to efforts to investigate a suspected poison gas attack there.</p> <p>A U.N. security team entered Douma on Tuesday ahead of the planned visit by inspectors from the Organisation for the Prohibition of Chemical Weapons (OPCW) international watchdog.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-inspectors/weapons-inspectors-delayed-after-gunfire-in-syrias-douma-sources-idUSKBN1HP0XC" type="external">Weapons inspectors delayed after gunfire in Syria's Douma: sources</a> <p>Syria's U.N. ambassador said on Tuesday the fact-finding mission would begin its work in Douma on Wednesday if the U.N. security team deemed the situation there safe.</p> <p>The U.N. source did not say when the inspectors might visit the site, or whether a planned visit to Douma on Wednesday had been postponed. The inspectors arrived in Damascus at the weekend.</p> <p>The suspected chemical attack on April 7 killed dozens of people in Douma, medical relief organizations say. It led to the rebel group that controlled Douma agreeing to surrender control of the town to the Syrian government.</p> <p>The government and its Russian allies say the attack was fabricated as a pretext to justify military strikes that were launched on Saturday by the United States, Britain and France.</p> <p>France has said it was very likely that evidence of the poison gas attack was disappearing before the inspectors could reach the town.</p> <p>The United States accused Russia on Monday of blocking international inspectors from reaching the site of the suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground.</p> <p>Moscow denied the charge and blamed delays on retaliatory U.S.-led missile strikes on Syria at the weekend.</p> <p>Reporting by Kinda Makieh in Damascus; Writing by Ellen Francis in Beirut, Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SEOUL (Reuters) - South Korea said on Wednesday it is considering how to change a decades-old armistice with North Korea into a peace agreement, as U.S. officials confirmed an unprecedented top-level meeting with the North Korean leader.</p> North Korean leader Kim Jong Un meets Song Tao, the head of the China's Communist Party's International Department who led a Chinese art troupe to North Korea for the April Spring Friendship Art Festival, in this handout photo released by North Korea's Korean Central News Agency (KCNA) on April 15, 2018. KCNA/via REUTERS <p>U.S. Secretary of State nominee and CIA Director Mike Pompeo became the most senior U.S. official known to have met North Korean leader Kim Jong Un when he visited Pyongyang at the end of March to discuss a planned summit with U.S. President Donald Trump.</p> <p>Pompeo's visit provided the strongest sign yet about Trump's willingness to become the first serving U.S. president ever to meet a North Korean leader.</p> <p>At the same time, old rivals North Korea and South Korea are preparing for their own summit, between Kim and South Korean President Moon Jae-in, on April 27, with a bid to formally end the 1950-53 Korean War a major factor in talks.</p> <p>"As one of the plans, we are looking at a possibility of shifting the Korean peninsula's armistice to a peace regime," a high-ranking South Korean presidential official told reporters when asked about the North-South summit.</p> <p>"But that's not a matter than can be resolved between the two Koreas alone. It requires close consultations with other concerned nations, as well as North Korea," the official said.</p> <p>South Korea and a U.S.-led U.N. force are technically still at war with North Korea after the Korean War ended with a truce, not a peace treaty. The U.S.-led United Nations Command, Chinese forces and North Korea signed the 1953 armistice, to which South Korea is not a party.</p> <p>"I do not know if any joint statement to be reached at the inter-Korean summit would include wording about ending the war, but we certainly hope to be able to include an agreement to end hostile acts between the South and North," the official said.</p> <p>Such discussions between the two Koreas, and between North Korea and the United States, would have been unthinkable at the end of last year, after months of escalating tension, and fear of war, over the North's nuclear and missile programs.</p> <p>But then Kim declared in a New Year's speech his country was "a peace-loving and responsible nuclear power" and called for lower military tension and improved ties with the South.</p> <p>He also said he was considering sending a delegation to the Winter Olympics in South Korea in February, a visit that began a succession of steps to improve ties.</p> WAR NOT OVER <p>Pompeo's visit to the North was arranged by South Korean intelligence chief Suh Hoon with his North Korean counterpart, Kim Yong Chol, and was intended to assess whether Kim was prepared to hold serious talks, a U.S. official said.</p> <p>Pompeo flew from a U.S. air force base in Osan, south of Seoul, an official with the South's defense ministry said. The South's presidential office declined to comment on the trip.</p> <p>Amid the diplomatic flurry, CNN reported that Chinese President Xi Jinping also planned to visit Pyongyang soon, after North Korean leader Kim made a surprise trip last month to China, its major sole ally.</p> <p>Speaking in Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying said she had no information about any Xi visit to North Korea.</p> <p>"What I can stress is that China and North Korea have a tradition of high level mutual visits," she told reporters.</p> <p>"China is willing to strengthen high-level exchanges with North Korea, deepen strategic communications, expand talks and cooperation, and to bring out the important leading role of high-level contact in China-North Korea relations."</p> <p>Trump said on Tuesday he backed efforts between North and South Korea aimed at ending the state of war.</p> <p>"People don't realize the Korean War has not ended," Trump told reporters.</p> <p>"It's going on right now. And they are discussing an end to the war. Subject to a deal, they have my blessing and they do have my blessing to discuss that."</p> <p>Trump said he believed there was a lot of goodwill in the diplomatic push with North Korea, but added it was possible the summit - first proposed in March and which the president said could take place in late May or early June - may not happen.</p> <p>If the summit did not happen, the United States and its allies would maintain pressure on North Korea through sanctions, he said.</p> <p>Nevertheless, Pompeo's conversations in North Korea had fueled Trump's belief that productive negotiations were possible, according to a U.S. senior official briefed on the trip.</p> <p>Additional reporting by Soyoung Kim and Joyce Lee in SEOUL, John Walcott and Steve Holland in WASHINGTON, and Christian Shepherd in BEIJING; Editing by Robert Birsel</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>((In this April 17 story, corrects spelling of "cowling" in fifth paragraph.)</p> <p>By Mark Makela</p> <p>PHILADELPHIA (Reuters) - An engine on a Southwest Airlines flight with 149 people aboard exploded and broke apart in mid-air on Tuesday, killing one passenger and nearly sucking another out of a shattered window, according to airline and federal authorities and witness and media accounts.</p> <p>The plane, a Boeing 737-700 which was bound to Dallas from New York, made an emergency landing in Philadelphia.</p> <p>The death of 43-year-old Jennifer Riordan on Flight 1380 was the first in a U.S. commercial aviation accident since 2009, according to National Transportation Safety Board (NTSB) statistics.</p> <p>NTSB Chairman Robert Sumwalt told an evening news conference at the Philadelphia airport that a preliminary investigation found an engine fan blade missing, having apparently broken off, and that there was metal fatigue at the point where it normally attached.</p> <p>Sumwalt said part of the engine's covering, called a cowling, was found in Bernville, Pennsylvania, about 70 miles from the Philadelphia airport.</p> Related Coverage <a href="/article/us-pennsylvania-airplane-inspection/southwest-says-aircraft-hit-by-engine-explosion-was-inspected-this-week-idUSKBN1HO3F5" type="external">Southwest says aircraft hit by engine explosion was inspected this week</a> <p>"It is very unusual so we are taking this event extremely seriously," Sumwalt said. "This should not happen and we want to find out why it happened so that preventative measures can be put in place." He said the investigation could take 12 to 15 months to complete.</p> <p>Flight 1380 took off from New York's LaGuardia Airport at around 10:27 a.m. and was diverted to Philadelphia just under an hour later, according to flight tracking website FlightAware.com.</p> <p>Southwest Chief Executive Officer Gary Kelly said the flight landed at Philadelphia International at around 11:20 a.m.</p> <p>The engine on the plane's left side threw off shrapnel when it blew apart, shattering a window and causing rapid cabin depressurization that nearly pulled a female passenger through the hole, according to witness accounts and local news media reports.</p> <p>"We have a part of the aircraft missing, so we're going to need to slow down a bit," the plane's captain, Tammy Jo Shults, told air traffic controllers in audio from the cockpit released on NBC News.</p> <p>Asked by a controller if the jet was on fire, Shults said it was not, but added, "They said there is a hole and someone went out."</p> <p>"A woman was partially, was drawn out of the plane and pulled back in by other passengers," Todd Bauer, whose daughter was on the flight, told the NBC affiliate in Philadelphia.</p> <p>Riordan was a Wells Fargo banking executive and well-known community volunteer from Albuquerque, New Mexico, according to a Wells Fargo official, who spoke on condition of anonymity as she was unsure whether all of Riordan's family had been notified of her death.</p> <p>Riordan was on the way back from a New York business trip, where she had sent a tweet on Monday showing the view from her hotel in Midtown Manhattan with the caption: "Great business stay." Her Facebook page shows she was married with two children.</p> <p>The plane, which was bound for Dallas Love Field, had been inspected as recently as Sunday, according to Southwest's Kelly, who confirmed that Tuesday's fatality was the first of its kind in the carrier's 51-year history.</p> <p>At 11:18 a.m., passenger Marty Martinez posted on Facebook a live video of himself on the plane, wearing a breathing mask, as the plane descended. More than an hour later, at 12:27 p.m., Martinez posted pictures of a blown-out window and the badly damaged engine.</p> ULTRASONIC INSPECTIONS <p>Southwest Airlines said it was accelerating its existing engine inspection program and conducting ultrasonic inspections of fan blades of the CFM56 engines on all of its the 737 jets.</p> <p>In 2017 the Federal Aviation Administration issued a proposed airworthiness directive on the engine after an uncontained engine failure on a Southwest flight in August 2016.</p> <p>"What we want to do is see if anything in that airworthiness directive that came out from an event two years ago involving another Southwest airplane landed in Pensacola, we want to see if this part might have been subjected to that airworthiness directive," Sumwalt said.</p> <p>"The entire Southwest Airlines Family is devastated and extends its deepest, heartfelt sympathy to the customers, employees, family members and loved ones affected by this tragic event," Southwest said in a statement.</p> <p>There were 144 passengers and five crew members aboard the flight.</p> <p>One passenger was taken to a hospital in critical condition and seven people were treated for minor injuries at the scene, Philadelphia Fire Department spokeswoman Kathy Matheson said. Matheson could not confirm how the passenger in critical condition sustained her injuries.</p> <p>Flight 1380 was diverted to Philadelphia for an emergency landing after crew members reported damage to an engine, the fuselage and at least one window, the Federal Aviation Administration said.</p> Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380, which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircraft's engines, on a runway in Philadelphia, Pennsylvania U.S. April 17, 2018. REUTERS/Mark Makela ?YELLING AND SCREAMING? <p>"Everybody was going crazy, and yelling and screaming," passenger Martinez told CNN.</p> <p>Martinez said objects flew out of the hole where the window had exploded, and "passengers right next to her were holding onto (the woman being pulled out). And, meanwhile, there was blood all over this man's hands. He was tending to her."</p> <p>Television images showed that most of the outer casing around the left engine of the Boeing Co 737-700 ripped away and a window near the engine on the plane's left side was missing.</p> <p>"All of a sudden, we heard this loud bang, rattling, it felt like one of the engines went out. The oxygen masks dropped," passenger Kristopher Johnson told CNN. "It just shredded the left-side engine completely. ... It was scary."</p> <p>Southwest shares fell more than 3 percent after the NTSB reported the fatality, before closing down 1.1 percent at $54.27 on the New York Stock Exchange.</p> <p>Boeing in a statement extended its condolences to the family of the woman killed, and said it is "providing assistance at the request and under the direction" of the NTSB.</p> Slideshow (5 Images) <p>The Boeing 737 is the world's most-sold aircraft and its engines - supplied by a joint-venture co-owned by General Electric and France's Safran called CFM International - are the most widely used in the aircraft industry and are reported to be among the most reliable.</p> <p>Any design issues with the long-established CFM56 engine could have repercussions for fleets worldwide. But given that thousands of the engines are already in use globally, industry experts say the focus of the investigation is more likely to fall on one-off production or maintenance issues, though it is too early to say what caused the explosion.</p> <p>Additional reporting by Tim Hepher in Paris, Andrew Hay in New Mexico, David Shepardson in Washington, Alana Wise, Anna Driver and Peter Szekeley in New York, Jeffrey Dastin in San Francisco and Dan Whitcomb in Los Angeles; Writing by Dan Whitcomb; Editing by Bill Tarrant and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued.</p> FILE PHOTO: A man looks at an electronic stock quotation board outside a brokerage in Tokyo, Japan February 9, 2018. REUTERS/Toru Hanai <p>Chinese markets struggled even as Beijing boosted liquidity in the banking system. Shanghai blue chips hit an eight-month low before recouping losses.</p> <p>Late Tuesday, the PBOC unexpectedly announced it would cut the cash banks must hold as reserves in a move that frees up lending for small firms but falls short of a broad monetary easing.</p> <p>Mainland Chinese shares buckled after the United States banned American companies from selling components to Chinese telecom equipment maker ZTE Corp.</p> <p>MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.5 percent, though that followed four straight sessions of losses.</p> <p>Japan's Nikkei climbed 1.2 percent, with investors waiting for any developments on trade as Japanese Prime Minister Shinzo Abe meets President Donald Trump at his Mar-a-Lago resort.</p> <p>European shares are seen rising, with spread-betters expecting 0.2-0.3 percent gains in Britain's FTSE, France's Cac and Germany's Dax.</p> <p>E-Mini futures for the S&amp;amp;P 500 gained 0.1 percent after robust earnings from Netflix, Goldman Sachs and healthcare companies fuelled optimism about what is expected to be the strongest earnings season in seven years.</p> <p>Profits at the 48 S&amp;amp;P500 companies that have announced earnings so far have risen 28.7 percent in the first quarter from a year earlier, said Mutsumi Kagawa, chief global strategist at Rakuten Securities in Tokyo.</p> <p>The Dow ended Tuesday up 0.88 percent, while the S&amp;amp;P 500 rose 1.06 percent and the Nasdaq 1.78 percent.</p> <p>"The three main U.S. indexes turned positive on the year, which seems to suggest to me that markets are entering risk-on mode from risk-off," Kagawa said.</p> <p>Yet there were signs of caution in the latest BofA Merrill Lynch survey of fund mangers which found investors squirreling more funds away into cash, while cutting their equity allocation to an 18-month low.</p> OPTIMISM TESTED <p>The outlook for the global economy also darkened with just a net 5 percent of fund managers expecting stronger growth in the next 12 months - the lowest since the United Kingdom voted to leave the EU in June 2016.</p> <p>While the IMF left its global growth forecasts unchanged for 2018 and 2019 on Tuesday, it judged medium-term risks were to the downside - citing financial vulnerabilities, geopolitical strains and tariffs.</p> <p>"The global narrative has quickly shifted from synchronous global growth, upgraded growth and glimmers of inflation in early 2018 to a focus on tariffs and protectionist rhetoric," said Robert Rennie, head of financial markets strategy at Westpac.</p> <p>"We ultimately believe that we will see a negotiated solution, but there is still a long way to go and further bouts of volatility and headline risk seem assured."</p> <p>Worries about the longevity of the U.S. economic expansion were one reason the Treasury curve was at its flattest in a decade and why some interest-rate curves were starting to price in rate cuts for 2020.</p> <p>The air of uncertainty was keeping currencies restrained.</p> <p>The euro was stuck at $1.2370, after topping out at $1.2413 overnight, while the dollar index was barely moved at 89.538.</p> <p>The dollar did nudge modestly higher on the yen to 107.25, helped by signs of progress in U.S. talks with North Korea.</p> <p>U.S. Secretary of State nominee and CIA Director Mike Pompeo secretly visited North Korea and met with North Korean leader Kim Jong Un to discuss a planned summit with President Trump.</p> <p>In commodity markets, gold was a fraction easier at $1,344.11 an ounce.</p> <p>Oil prices firmed with Brent crude futures up 32 cents to $71.90 a barrel, while U.S. crude rose 33 cents to $66.85 a barrel.</p> <p>Reporting by Wayne Cole; Additional reporting by Hideyuki Sano in Tokyo; Editing by Eric Meijer</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Circleci Says Closed $31 Million Series C Round Of Funding OPCW experts unlikely to enter Syria's Douma on Wednesday: U.N. source South Korea says discussing peace deal with North Korea ahead of summit One killed when engine explodes on Southwest flight Asian shares edge higher in step with Wall Street, China lags

https://reuters.com/article/brief-circleci-says-closed-31-million-se/brief-circleci-says-closed-31-million-series-c-round-of-funding-idUSFWN1PC0TS

2018-01-17

2least

Jan 17 Reuters CircleCI CIRCLECI SAYS CLOSED 31 MILLION SERIES C ROUND OF FUNDING LED BY TOP TIER CAPITAL PARTNERS ALONGSIDE INDUSTRY VENTURES AND HEAVYBIT Source text for Eikon Our Standards The Thomson Reuters Trust Principles BEIRUTDAMASCUS Reuters International chemical weapons inspectors will probably not go into the Syrian town of Douma on Wednesday a UN source in Syria told Reuters marking a further delay to efforts to investigate a suspected poison gas attack there A UN security team entered Douma on Tuesday ahead of the planned visit by inspectors from the Organisation for the Prohibition of Chemical Weapons OPCW international watchdog Related Coverage Weapons inspectors delayed after gunfire in Syrias Douma sources Syrias UN ambassador said on Tuesday the factfinding mission would begin its work in Douma on Wednesday if the UN security team deemed the situation there safe The UN source did not say when the inspectors might visit the site or whether a planned visit to Douma on Wednesday had been postponed The inspectors arrived in Damascus at the weekend The suspected chemical attack on April 7 killed dozens of people in Douma medical relief organizations say It led to the rebel group that controlled Douma agreeing to surrender control of the town to the Syrian government The government and its Russian allies say the attack was fabricated as a pretext to justify military strikes that were launched on Saturday by the United States Britain and France France has said it was very likely that evidence of the poison gas attack was disappearing before the inspectors could reach the town The United States accused Russia on Monday of blocking international inspectors from reaching the site of the suspected poison gas attack in Syria and said Russians or Syrians may have tampered with evidence on the ground Moscow denied the charge and blamed delays on retaliatory USled missile strikes on Syria at the weekend Reporting by Kinda Makieh in Damascus Writing by Ellen Francis in Beirut Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles SEOUL Reuters South Korea said on Wednesday it is considering how to change a decadesold armistice with North Korea into a peace agreement as US officials confirmed an unprecedented toplevel meeting with the North Korean leader North Korean leader Kim Jong Un meets Song Tao the head of the Chinas Communist Partys International Department who led a Chinese art troupe to North Korea for the April Spring Friendship Art Festival in this handout photo released by North Koreas Korean Central News Agency KCNA on April 15 2018 KCNAvia REUTERS US Secretary of State nominee and CIA Director Mike Pompeo became the most senior US official known to have met North Korean leader Kim Jong Un when he visited Pyongyang at the end of March to discuss a planned summit with US President Donald Trump Pompeos visit provided the strongest sign yet about Trumps willingness to become the first serving US president ever to meet a North Korean leader At the same time old rivals North Korea and South Korea are preparing for their own summit between Kim and South Korean President Moon Jaein on April 27 with a bid to formally end the 195053 Korean War a major factor in talks As one of the plans we are looking at a possibility of shifting the Korean peninsulas armistice to a peace regime a highranking South Korean presidential official told reporters when asked about the NorthSouth summit But thats not a matter than can be resolved between the two Koreas alone It requires close consultations with other concerned nations as well as North Korea the official said South Korea and a USled UN force are technically still at war with North Korea after the Korean War ended with a truce not a peace treaty The USled United Nations Command Chinese forces and North Korea signed the 1953 armistice to which South Korea is not a party I do not know if any joint statement to be reached at the interKorean summit would include wording about ending the war but we certainly hope to be able to include an agreement to end hostile acts between the South and North the official said Such discussions between the two Koreas and between North Korea and the United States would have been unthinkable at the end of last year after months of escalating tension and fear of war over the Norths nuclear and missile programs But then Kim declared in a New Years speech his country was a peaceloving and responsible nuclear power and called for lower military tension and improved ties with the South He also said he was considering sending a delegation to the Winter Olympics in South Korea in February a visit that began a succession of steps to improve ties WAR NOT OVER Pompeos visit to the North was arranged by South Korean intelligence chief Suh Hoon with his North Korean counterpart Kim Yong Chol and was intended to assess whether Kim was prepared to hold serious talks a US official said Pompeo flew from a US air force base in Osan south of Seoul an official with the Souths defense ministry said The Souths presidential office declined to comment on the trip Amid the diplomatic flurry CNN reported that Chinese President Xi Jinping also planned to visit Pyongyang soon after North Korean leader Kim made a surprise trip last month to China its major sole ally Speaking in Beijing Chinese Foreign Ministry spokeswoman Hua Chunying said she had no information about any Xi visit to North Korea What I can stress is that China and North Korea have a tradition of high level mutual visits she told reporters China is willing to strengthen highlevel exchanges with North Korea deepen strategic communications expand talks and cooperation and to bring out the important leading role of highlevel contact in ChinaNorth Korea relations Trump said on Tuesday he backed efforts between North and South Korea aimed at ending the state of war People dont realize the Korean War has not ended Trump told reporters Its going on right now And they are discussing an end to the war Subject to a deal they have my blessing and they do have my blessing to discuss that Trump said he believed there was a lot of goodwill in the diplomatic push with North Korea but added it was possible the summit first proposed in March and which the president said could take place in late May or early June may not happen If the summit did not happen the United States and its allies would maintain pressure on North Korea through sanctions he said Nevertheless Pompeos conversations in North Korea had fueled Trumps belief that productive negotiations were possible according to a US senior official briefed on the trip Additional reporting by Soyoung Kim and Joyce Lee in SEOUL John Walcott and Steve Holland in WASHINGTON and Christian Shepherd in BEIJING Editing by Robert Birsel Our Standards The Thomson Reuters Trust Principles In this April 17 story corrects spelling of cowling in fifth paragraph By Mark Makela PHILADELPHIA Reuters An engine on a Southwest Airlines flight with 149 people aboard exploded and broke apart in midair on Tuesday killing one passenger and nearly sucking another out of a shattered window according to airline and federal authorities and witness and media accounts The plane a Boeing 737700 which was bound to Dallas from New York made an emergency landing in Philadelphia The death of 43yearold Jennifer Riordan on Flight 1380 was the first in a US commercial aviation accident since 2009 according to National Transportation Safety Board NTSB statistics NTSB Chairman Robert Sumwalt told an evening news conference at the Philadelphia airport that a preliminary investigation found an engine fan blade missing having apparently broken off and that there was metal fatigue at the point where it normally attached Sumwalt said part of the engines covering called a cowling was found in Bernville Pennsylvania about 70 miles from the Philadelphia airport Related Coverage Southwest says aircraft hit by engine explosion was inspected this week It is very unusual so we are taking this event extremely seriously Sumwalt said This should not happen and we want to find out why it happened so that preventative measures can be put in place He said the investigation could take 12 to 15 months to complete Flight 1380 took off from New Yorks LaGuardia Airport at around 1027 am and was diverted to Philadelphia just under an hour later according to flight tracking website FlightAwarecom Southwest Chief Executive Officer Gary Kelly said the flight landed at Philadelphia International at around 1120 am The engine on the planes left side threw off shrapnel when it blew apart shattering a window and causing rapid cabin depressurization that nearly pulled a female passenger through the hole according to witness accounts and local news media reports We have a part of the aircraft missing so were going to need to slow down a bit the planes captain Tammy Jo Shults told air traffic controllers in audio from the cockpit released on NBC News Asked by a controller if the jet was on fire Shults said it was not but added They said there is a hole and someone went out A woman was partially was drawn out of the plane and pulled back in by other passengers Todd Bauer whose daughter was on the flight told the NBC affiliate in Philadelphia Riordan was a Wells Fargo banking executive and wellknown community volunteer from Albuquerque New Mexico according to a Wells Fargo official who spoke on condition of anonymity as she was unsure whether all of Riordans family had been notified of her death Riordan was on the way back from a New York business trip where she had sent a tweet on Monday showing the view from her hotel in Midtown Manhattan with the caption Great business stay Her Facebook page shows she was married with two children The plane which was bound for Dallas Love Field had been inspected as recently as Sunday according to Southwests Kelly who confirmed that Tuesdays fatality was the first of its kind in the carriers 51year history At 1118 am passenger Marty Martinez posted on Facebook a live video of himself on the plane wearing a breathing mask as the plane descended More than an hour later at 1227 pm Martinez posted pictures of a blownout window and the badly damaged engine ULTRASONIC INSPECTIONS Southwest Airlines said it was accelerating its existing engine inspection program and conducting ultrasonic inspections of fan blades of the CFM56 engines on all of its the 737 jets In 2017 the Federal Aviation Administration issued a proposed airworthiness directive on the engine after an uncontained engine failure on a Southwest flight in August 2016 What we want to do is see if anything in that airworthiness directive that came out from an event two years ago involving another Southwest airplane landed in Pensacola we want to see if this part might have been subjected to that airworthiness directive Sumwalt said The entire Southwest Airlines Family is devastated and extends its deepest heartfelt sympathy to the customers employees family members and loved ones affected by this tragic event Southwest said in a statement There were 144 passengers and five crew members aboard the flight One passenger was taken to a hospital in critical condition and seven people were treated for minor injuries at the scene Philadelphia Fire Department spokeswoman Kathy Matheson said Matheson could not confirm how the passenger in critical condition sustained her injuries Flight 1380 was diverted to Philadelphia for an emergency landing after crew members reported damage to an engine the fuselage and at least one window the Federal Aviation Administration said Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380 which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircrafts engines on a runway in Philadelphia Pennsylvania US April 17 2018 REUTERSMark Makela YELLING AND SCREAMING Everybody was going crazy and yelling and screaming passenger Martinez told CNN Martinez said objects flew out of the hole where the window had exploded and passengers right next to her were holding onto the woman being pulled out And meanwhile there was blood all over this mans hands He was tending to her Television images showed that most of the outer casing around the left engine of the Boeing Co 737700 ripped away and a window near the engine on the planes left side was missing All of a sudden we heard this loud bang rattling it felt like one of the engines went out The oxygen masks dropped passenger Kristopher Johnson told CNN It just shredded the leftside engine completely It was scary Southwest shares fell more than 3 percent after the NTSB reported the fatality before closing down 11 percent at 5427 on the New York Stock Exchange Boeing in a statement extended its condolences to the family of the woman killed and said it is providing assistance at the request and under the direction of the NTSB Slideshow 5 Images The Boeing 737 is the worlds mostsold aircraft and its engines supplied by a jointventure coowned by General Electric and Frances Safran called CFM International are the most widely used in the aircraft industry and are reported to be among the most reliable Any design issues with the longestablished CFM56 engine could have repercussions for fleets worldwide But given that thousands of the engines are already in use globally industry experts say the focus of the investigation is more likely to fall on oneoff production or maintenance issues though it is too early to say what caused the explosion Additional reporting by Tim Hepher in Paris Andrew Hay in New Mexico David Shepardson in Washington Alana Wise Anna Driver and Peter Szekeley in New York Jeffrey Dastin in San Francisco and Dan Whitcomb in Los Angeles Writing by Dan Whitcomb Editing by Bill Tarrant and Leslie Adler Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued FILE PHOTO A man looks at an electronic stock quotation board outside a brokerage in Tokyo Japan February 9 2018 REUTERSToru Hanai Chinese markets struggled even as Beijing boosted liquidity in the banking system Shanghai blue chips hit an eightmonth low before recouping losses Late Tuesday the PBOC unexpectedly announced it would cut the cash banks must hold as reserves in a move that frees up lending for small firms but falls short of a broad monetary easing Mainland Chinese shares buckled after the United States banned American companies from selling components to Chinese telecom equipment maker ZTE Corp MSCIs broadest index of AsiaPacific shares outside Japan bounced 05 percent though that followed four straight sessions of losses Japans Nikkei climbed 12 percent with investors waiting for any developments on trade as Japanese Prime Minister Shinzo Abe meets President Donald Trump at his MaraLago resort European shares are seen rising with spreadbetters expecting 0203 percent gains in Britains FTSE Frances Cac and Germanys Dax EMini futures for the SampampP 500 gained 01 percent after robust earnings from Netflix Goldman Sachs and healthcare companies fuelled optimism about what is expected to be the strongest earnings season in seven years Profits at the 48 SampampP500 companies that have announced earnings so far have risen 287 percent in the first quarter from a year earlier said Mutsumi Kagawa chief global strategist at Rakuten Securities in Tokyo The Dow ended Tuesday up 088 percent while the SampampP 500 rose 106 percent and the Nasdaq 178 percent The three main US indexes turned positive on the year which seems to suggest to me that markets are entering riskon mode from riskoff Kagawa said Yet there were signs of caution in the latest BofA Merrill Lynch survey of fund mangers which found investors squirreling more funds away into cash while cutting their equity allocation to an 18month low OPTIMISM TESTED The outlook for the global economy also darkened with just a net 5 percent of fund managers expecting stronger growth in the next 12 months the lowest since the United Kingdom voted to leave the EU in June 2016 While the IMF left its global growth forecasts unchanged for 2018 and 2019 on Tuesday it judged mediumterm risks were to the downside citing financial vulnerabilities geopolitical strains and tariffs The global narrative has quickly shifted from synchronous global growth upgraded growth and glimmers of inflation in early 2018 to a focus on tariffs and protectionist rhetoric said Robert Rennie head of financial markets strategy at Westpac We ultimately believe that we will see a negotiated solution but there is still a long way to go and further bouts of volatility and headline risk seem assured Worries about the longevity of the US economic expansion were one reason the Treasury curve was at its flattest in a decade and why some interestrate curves were starting to price in rate cuts for 2020 The air of uncertainty was keeping currencies restrained The euro was stuck at 12370 after topping out at 12413 overnight while the dollar index was barely moved at 89538 The dollar did nudge modestly higher on the yen to 10725 helped by signs of progress in US talks with North Korea US Secretary of State nominee and CIA Director Mike Pompeo secretly visited North Korea and met with North Korean leader Kim Jong Un to discuss a planned summit with President Trump In commodity markets gold was a fraction easier at 134411 an ounce Oil prices firmed with Brent crude futures up 32 cents to 7190 a barrel while US crude rose 33 cents to 6685 a barrel Reporting by Wayne Cole Additional reporting by Hideyuki Sano in Tokyo Editing by Eric Meijer Our Standards The Thomson Reuters Trust Principles

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<p>&amp;lt;a href="http://www.shutterstock.com/pic-251728807/stock-photo-seligman-arizona-usa-july-olsd-texaco-sign-in-seligman-arizona-on-july.html?src=3u0p9KS0_htiY0s6Vk88hA-1-14"&amp;gt;Philip Bird LRPS CPAGB&amp;lt;/a&amp;gt;/Shutterstock</p> <p>This <a href="http://www.tomdispatch.com/blog/176104/" type="external">story</a> first appeared on the <a href="http://www.tomdispatch.com/" type="external">TomDispatch</a> website.</p> <p>&#8220;Merchants have no country,&#8221; <a href="http://founders.archives.gov/documents/Jefferson/03-07-02-0167" type="external">wrote Thomas Jefferson</a> in 1814. &#8220;The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.&#8221; The former president was ruing the way New England traders and shipowners, fearing the loss of lucrative transatlantic commerce, failed to rally to their country in the War of 1812.</p> <p>Today, with the places from which &#8220;merchants&#8221; draw their gains spread across the planet, corporations are even less likely to feel loyalty to any country in particular. Some of them have found it profitable to reincorporate in tax havens overseas. Giant multinationals, sometimes with <a href="http://247wallst.com/special-report/2014/10/21/the-20-most-profitable-companies-in-the-world/5/" type="external">annual earnings</a> greater than the combined total gross national products of several dozen of the world&#8217;s poorer countries, are often more powerful than national governments, while their CEOs wield the kind of political clout many prime ministers and presidents only dream of.</p> <p>No corporations have been more aggressive in forging their own foreign policies than the big oil companies. With operations spanning the world, they&#8212;and not the governments who weakly try to tax or regulate them&#8212;largely decide whom they do business with and how. In its quest for oil in the anarchic Niger Delta, <a href="http://www.amazon.com/dp/0143123548/ref=nosim/?tag=tomdispatch-20" type="external">according to</a> journalist Steve Coll, ExxonMobil, for example, gave boats to the Nigerian navy, and recruited and supplied part of the country&#8217;s army, while local police sported the company&#8217;s red flying horse logo on their uniforms. Jane Mayer&#8217;s new book, <a href="http://www.amazon.com/dp/0385535597/ref=nosim/?tag=tomdispatch-20" type="external">Dark Money</a>, on how the brothers and oil magnates Charles and David Koch spent hundreds of millions of dollars to buy the Republican Party and America&#8217;s democratic politics, offers a vivid account of the way their father Fred launched the energy business they would inherit.&amp;#160; It was a classic case of not letting &#8220;attachments&#8221; stand in the way of gain. Fred happily set up oil installations for Soviet dictator Joseph Stalin before the United States recognized the Soviet Union in 1933, and then helped Adolf Hitler build one of Nazi Germany&#8217;s largest oil refineries that would later supply fuel to its air force, the Luftwaffe.</p> <p>His unsavory tale is now part of the historical record, thanks to Mayer. That of another American oil tycoon of the 1930s, who quietly lent a helping hand to a different grim dictator, has, however, gone almost unnoticed. In our world where the big oil outfits have become powerful forces and his company, Texaco, became part of the oil giant Chevron, it&#8217;s an instructive tale. He helped determine the course of a war that would shape our world for decades to come. &amp;#160;</p> <p>Flying the Skull and Crossbones Atop an Empire of Oil From its beginning in 1936 until it ended early in 1939, some 400,000 deaths later, the Spanish Civil War would rivet the world&#8217;s attention. For those who no longer remember, here&#8217;s a thumbnail sketch of what happened. A group of right-wing army officers calling themselves Nationalists, with a ruthless young general named Francisco Franco emerging as their leader, went into revolt against the elected government of the Spanish Republic. They fought with a brutality that would soon become far more common and global. Newspapers around the world reported on the deadly aid that Franco received from Nazi Germany and Fascist Italy. Squadrons of aircraft on loan from Adolf Hitler infamously bombed the town of <a href="http://www.eyewitnesstohistory.com/guernica.htm" type="external">Guernica</a> into ruins and leveled whole blocks of Madrid and Barcelona, killing thousands of civilians, something that was shockingly new at the time.</p> <p>By war&#8217;s end, Italian Fascist dictator Benito Mussolini had dispatched 80,000 Italian troops to fight for the Nationalists. Hitler and Mussolini would supply them with weaponry ranging from the latest tanks and artillery to submarines. Totally ignored by the world&#8217;s press, however, would be one of Franco&#8217;s crucial allies, a man who lived neither in Berlin nor Rome. With a globe on his desk and roll-down maps on the wall of his elegantly wainscotted office, he could be found high in the iconic Chrysler Building in the heart of New York City.</p> <p>Not one of the hundreds of foreign correspondents who chronicled the bombing of Madrid looked up at the ominous V-shaped formations of Hitler&#8217;s bombers and wondered: Whose fuel is powering those aircraft? The oilman who supplied that fuel would, in fact, prove to be the best American friend a Fascist dictator could have. He would provide the Nationalists not only with oil, but with an astonishing hidden subsidy of money, a generous and elastic line of credit, and a stream of strategic intelligence.</p> <p>Torkild Rieber was a barrel-chested, square-jawed figure whose presence dominated any occasion. At elegant gathering spots, like <a href="https://en.wikipedia.org/wiki/21_Club" type="external">New York&#8217;s 21 Club</a>, where a hamburger-and-egg dish on the menu was named after him, he captivated listeners with tales of his rugged past. Born in Norway, he had gone to sea at 15 as a deckhand on a full-rigged clipper ship that took six months to make its way from Europe around Cape Horn to San Francisco. For the next two years, he signed on with ships carrying indentured laborers from Calcutta, India, to the sugar plantations of the British West Indies. In his deep, gravelly voice, Rieber would tell stories for the rest of his life about climbing to a yardarm to furl sails far above a rolling, pitching deck, and riding out Atlantic hurricanes with a shipload of desperately seasick Indian laborers. On shore years later, however, his dress of choice wasn&#8217;t a sailor&#8217;s. He liked to wear a tuxedo when he went out to dinner at &#8220;21&#8221; and elsewhere because, as he said, &#8220;that&#8217;s the way the Brits ran the colony in Calcutta.&#8221;</p> <p /> <p>At the age of 22, having survived a knifing by a drunken crewman, he would be naturalized as an American citizen and become the captain of an oil tanker. Forever after, his friends would call him &#8220;Cap.&#8221; The tanker he commanded was later bought by the Texas Company, better known by its service station brand name, Texaco.&amp;#160; That was when he realized that, in the oil business, the biggest money was to be made on dry land. As the company expanded and the red Texaco star with its green &#8220;T&#8221; spread to gas stations across the world, he would marry his boss&#8217;s secretary and climb the corporate ladder to become, in 1935, CEO.</p> <p>&#8220;He cannot sit at a desk,&#8221; <a href="https://books.google.com/books?id=zT8EAAAAMBAJ&amp;amp;pg=PA57&amp;amp;dq=%22Torkild+Rieber%22&amp;amp;hl=en&amp;amp;sa=X&amp;amp;ved=0ahUKEwifoIiv0ePKAhUX3WMKHZZ9AQoQuwUIKDAA#v=onepage&amp;amp;q=%22Torkild%20Rieber%22&amp;amp;f=false" type="external">wrote</a> an awestruck reporter from Life magazine, who visited him at Texaco&#8217;s New York headquarters. &#8220;He bounces up and down, fidgets and jumps up to pace the floor as if it were a deck. He is perpetually restless, on a terrestrial scale. He cannot stay long in one office or in one city or on one continent.&#8221; Life&#8216;s sister magazine, Time, was no less susceptible to his rough-diamond charm, calling him a &#8220;hard-headed, steel-willed&#8221; corporate chieftain with &#8220;horse sense, a command of men, and the driving force of a triple-expansion engine.&#8221;</p> <p>At the time, Texaco had a reputation as the brashest, most aggressive of the big oil companies; its founder, who first hired Rieber, flew a skull-and-crossbones flag atop his office building. &#8220;If I were dying at a Texaco filling-station,&#8221; a Shell executive once said, &#8220;I&#8217;d ask to be dragged across the road.&#8221;</p> <p>For the company, Rieber muscled his way into oilfields around the world, making deals with local strongmen. In Colombia, a new city called Petr&#243;lea arose in the midst of the Rhode Island-sized expanse of land where Texaco had won the right to drill. To pump the oil to a port where tankers could collect it meant building a 263-mile pipeline across the Andes at Captain Rieber Pass.</p> <p>Beneath his broad shoulders, iron handshake, sailors&#8217; oaths, and up-from-the-lower-decks persona, however, lay something far darker. Although not particularly anti-Semitic by the standards of the time&#8212;&#8221;Why,&#8221; he would say, &#8220;some of my best friends are goddam Jews, like Bernie Gimbel and Solomon Guggenheim&#8221;&#8212;he was an admirer of Adolf Hitler.</p> <p>&#8220;He always thought it was much better to deal with autocrats than democracies,&#8221; a friend recalled. &#8220;He said with an autocrat you really only have to bribe him once. With democracies you have to keep doing it over and over.&#8221;</p> <p>Becoming Franco&#8217;s Banker In 1935, the Spanish Republic signed a contract with Rieber&#8217;s Texaco, turning the company into its major oil supplier. The next year, after Franco and his allies made their grab for power, however, Rieber suddenly changed course and bet on them. Knowing that military trucks, tanks, and aircraft need not just fuel, but a range of engine oils and other lubricants, the Texaco CEO quickly ordered a supply at the French port of Bordeaux to be loaded into a company tanker and shipped to the hard-pressed Nationalists. It was a gesture that Franco would never forget.</p> <p><a href="http://www.amazon.com/dp/0547973187/ref=nosim/?tag=tomdispatch-20" type="external" />From Nationalist officials came messages explaining that, much as they urgently needed Texaco&#8217;s oil for their military, they were painfully short on cash. Rieber instantly replied with a telegram&#8212;&#8221;Don&#8217;t worry about payments&#8221;&#8212;that became legendary in the dictator&#8217;s inner circles. Not surprisingly, soon after that, he was invited to Burgos, headquarters of the Nationalist insurgency, where he promptly agreed to cut off fuel sales to the Republic, while guaranteeing Franco all the oil he needed.</p> <p>Few were paying the slightest attention to where Franco&#8217;s bounteous supply of oil was coming from. Not a single investigation on the subject appeared in any major American newspaper at a time when the civil war in Spain was front-page news almost daily. Yet the question should have been obvious, as more than 60% of the oil going to both sides in the bitter conflict was being consumed by the rival armed forces and Germany and Italy were incapable of offering Franco any oil, since both were petroleum importers.</p> <p>The US <a href="https://en.wikipedia.org/wiki/Neutrality_Acts_of_1930s" type="external">neutrality legislation</a> of the time made it difficult for American corporations to sell even non-military goods to a country at war, and posed two major obstacles for Franco&#8217;s Nationalists. The law banned such cargo from being transported in American ships&#8212;and the Nationalists had no tankers. In addition, it was illegal to supply a warring country with credit&#8212;and the Nationalists had little money. Spain&#8217;s gold reserves were in the hands of the Republic.</p> <p>It didn&#8217;t take long for American customs agents to discover that Texaco tankers were breaking the law. They would leave the company&#8217;s pipeline terminal at Port Arthur, Texas, with cargo manifests showing their destinations as Antwerp, Rotterdam, or Amsterdam. At sea, their captains would open sealed orders redirecting them to ports in Nationalist Spain. Rieber was also violating the law in yet another way&#8212;by extending credit to a government at war. Nominally, the credit was for 90 days (startlingly lenient terms for the oil business of that era). The real terms were far more generous. As one Nationalist oil official later explained, &#8220;We paid what we could when we could.&#8221; In effect, an American oil company CEO had become Franco&#8217;s banker. Unknown to American authorities, Texaco was also acting as a purchasing agent when the Nationalists needed oil products not in the company&#8217;s inventory.</p> <p>FBI agents did indeed question Rieber about those tankers, but President Franklin D. Roosevelt was leery of getting drawn into the Spanish Civil War in any way, even by prosecuting such a conspicuous violation of American law. Instead, Texaco received no more than a slap on the wrist, eventually paying a fine of $22,000 for extending credit to a belligerent government. Years later, when oil companies began issuing credit cards to consumers, a joke began making the rounds among industry insiders:&amp;#160; Who did Texaco give its first credit card to? Francisco Franco. &amp;#160;</p> <p>How to Sink a Republic President Roosevelt continued to maintain a studied neutrality toward the Spanish Civil War that he would later regret. Texaco, on the other hand, went to war.</p> <p>In recent years, in the archives of the Nationalist oil monopoly, a Spanish scholar, Guillem Mart&#237;nez Molinos, made a discovery. Not only did Texaco ship its oil illegally to Franco, but that oil was priced as if the Nationalists had transported it, not the company&#8217;s fleet of tankers.</p> <p>Nor was that the end of the gifts Rieber offered. Mussolini had put Italian submarines in the Mediterranean to work <a href="http://contentdm.warwick.ac.uk/cdm/ref/collection/scw/id/3839" type="external">attacking ships</a> carrying supplies to Republican Spain. Franco had his own vessels and planes doing this as well. Commanders directing these submarines, bombers, and surface ships were always remarkably well informed on the travels of tankers bound for the Spanish Republic. These were, of course, a prime target for the Nationalists and during the war at least 29 of them were either damaged, sunk, or captured. The risk became so great that, in the summer of 1937, insurance rates for tankers in the Mediterranean abruptly quadrupled. One reason those waters became so dangerous: the Nationalists had access to Texaco&#8217;s international maritime intelligence network.</p> <p>The company had offices and sales agents across the world. Thanks to Rieber, its Paris office began collecting information from port cities about oil tankers headed for the Spanish Republic. His Paris associate William M. Brewster coordinated this flow of intelligence, passing on to the Nationalists data he received from London, Istanbul, Marseille, and elsewhere. Brewster&#8217;s messages often listed the quantity and type of fuel a tanker was carrying and how much had been paid for it, intelligence that would help the Nationalists in assessing Republican supplies and finances. Whenever he could, however, he also delighted in relaying information useful to bomber pilots or submarine captains looking for targets.</p> <p>On July 2, 1937, for example, he sent a telegram to the chief of the Nationalist oil monopoly about the <a href="http://lh5.ggpht.com/-t1E56SnyN-w/UUtVHHaZFOI/AAAAAAAAOOg/NACg5Tg9ZQ8/s0/El%252520CAMPOAMOR%252520en%252520navegaci%2525C3%2525B3n.%252520Del%252520libro%252520CINCUNTENARIO%252520DE%252520LA%252520FLOTA%252520DEL%252520MONOPOLIO%252520DE%252520PETROLEOS.jpg" type="external">S.S. Campoamor</a>, a Republican tanker a Texaco agent had spotted at Le Verdon, a French port near Bordeaux. It had covered its name, hull, and funnel with new coats of black paint, and was preparing to sail soon under a British flag. It had already twice left its anchorage and returned because of reports of Nationalist ships and submarines lying in wait outside Santander, the Republican-held port where it was supposed to deliver its cargo of 10,000 tons of aviation fuel. The news of that repainting and re-flagging would have been useful to the commanders of Nationalist naval vessels. As it happened, though, an even more valuable piece of information was included in Brewster&#8217;s message: much of the crew left the ship &#8220;almost every evening.&#8221; Four days later, with many of the crew attending a dance on shore, the Campoamor was <a href="http://query.nytimes.com/gst/abstract.html?res=9401E4DD143CEF3ABC4153DFB166838C629EDE" type="external">boarded near midnight</a> by an armed Nationalist raiding party, which quickly sailed it to a port held by Franco.</p> <p>Rieber traveled to Nationalist Spain twice during the war, at one point getting a VIP tour of the front lines near Madrid. By April 1939, Franco had won the war and Rieber was assured that the gamble he had made would pay off big time. Texaco&#8217;s coffers would at last receive the money for the nearly three years&#8217; worth of fuel he had supplied on credit. In total, he sold the Nationalists at least $20 million worth of oil during the war, the equivalent of more than $325 million today. Texaco&#8217;s tankers took 225 trips to Spain, and ships the company chartered another 156. Franco later made Rieber a Knight of the Grand Cross of Isabella the Catholic, one of Spain&#8217;s highest honors.</p> <p>After the Spanish war ended, Texaco continued to make its own foreign policy. Even after Germany went to war with Britain and France in September 1939, Rieber made no secret of his enthusiasm for Hitler. He sometimes joked with friends that the F&#252;hrer&#8217;s anti-Semitism might be a touch excessive, but he was just the sort of strong, anti-communist leader with whom one could do business. This Rieber did, with gusto, selling Texaco oil to the Nazis, ordering tankers built in Hamburg shipyards, and traveling to Germany after the Polish Blitzkrieg so that Hermann G&#246;ring could take him on a tour by air of key industrial sites. On that trip he spent a weekend at the Luftwaffe commander&#8217;s country estate, Carinhall, soon to be extravagantly decorated with art treasures looted from across Europe.</p> <p>Eventually, Rieber&#8217;s love of dictators got him in trouble. In 1940, it was revealed, among other things, that several Germans he had hired were Nazi spies using Texaco&#8217;s internal communications to transmit intelligence information to Berlin. Rieber lost his job, but thanks to a grateful Franco the deposed tycoon landed on his feet: the dictator made him chief American buyer for the Spanish government&#8217;s oil company. He went on to a succession of other high-paying positions and directorships in the oil industry and shipbuilding and died a wealthy man in 1968, at the age of 86.</p> <p>Rieber is long forgotten, but we still live in a world he had such a hand in shaping. Texaco oil helped Franco win the Spanish Civil War and so be in a position to aid the Nazis in the far larger war that followed. Untold numbers of American sailors lost their lives thanks to the 21 German U-Boats based on Spain&#8217;s Atlantic coast. Forty-five thousand Spaniards volunteered for Hitler&#8217;s army and air force, and Spain supplied an essential stream of strategic minerals to Germany&#8217;s war industry. In the United States three quarters of a century later, well-funded climate change deniers and the political network supported by the Koch brothers are testimony to the enduring power of the oil industry.</p> <p>Adam Hochschild, a <a href="http://www.tomdispatch.com/post/175932/tomgram%3A_adam_hochschild,_thank_you_for_making_war%21/" type="external">TomDispatch regular</a>, teaches at the Graduate School of Journalism at the University of California-Berkeley. He is the author of eight books, including King Leopold&#8217;s Ghost and To End All Wars: A Story of Loyalty and Rebellion, 1914-1918. This piece is adapted from his new book, <a href="http://www.amazon.com/dp/0547973187/ref=nosim/?tag=tomdispatch-20" type="external">Spain in Our Hearts: Americans in the Spanish Civil War, 1936-1939</a> (Houghton Mifflin Harcourt).</p> <p>Follow TomDispatch on <a href="https://twitter.com/TomDispatch" type="external">Twitter</a> and join us on <a href="http://www.facebook.com/tomdispatch" type="external">Facebook</a>. Check out the newest Dispatch Book, Nick Turse&#8217;s&amp;#160; <a href="http://www.amazon.com/dp/1608464636/ref=nosim/?tag=tomdispatch-20" type="external">Tomorrow&#8217; Battlefield: US Proxy Wars and Secret Ops in Africa</a>, and Tom Engelhardt&#8217;s latest book, <a href="http://www.amazon.com/dp/1608463656/ref=nosim/?tag=tomdispatch-20" type="external">Shadow Government: Surveillance, Secret Wars, and a Global Security State in a Single-Superpower World</a>.</p>

How Texaco Helped Franco Win the Spanish Civil War

https://motherjones.com/politics/2016/03/texaco-franco-spanish-civil-war-rieber/

2016-03-29

4left

amplta hrefhttpwwwshutterstockcompic251728807stockphotoseligmanarizonausajulyolsdtexacosigninseligmanarizonaonjulyhtmlsrc3u0p9KS0_htiY0s6Vk88hA114ampgtPhilip Bird LRPS CPAGBampltaampgtShutterstock This story first appeared on the TomDispatch website 8220Merchants have no country8221 wrote Thomas Jefferson in 1814 8220The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains8221 The former president was ruing the way New England traders and shipowners fearing the loss of lucrative transatlantic commerce failed to rally to their country in the War of 1812 Today with the places from which 8220merchants8221 draw their gains spread across the planet corporations are even less likely to feel loyalty to any country in particular Some of them have found it profitable to reincorporate in tax havens overseas Giant multinationals sometimes with annual earnings greater than the combined total gross national products of several dozen of the world8217s poorer countries are often more powerful than national governments while their CEOs wield the kind of political clout many prime ministers and presidents only dream of No corporations have been more aggressive in forging their own foreign policies than the big oil companies With operations spanning the world they8212and not the governments who weakly try to tax or regulate them8212largely decide whom they do business with and how In its quest for oil in the anarchic Niger Delta according to journalist Steve Coll ExxonMobil for example gave boats to the Nigerian navy and recruited and supplied part of the country8217s army while local police sported the company8217s red flying horse logo on their uniforms Jane Mayer8217s new book Dark Money on how the brothers and oil magnates Charles and David Koch spent hundreds of millions of dollars to buy the Republican Party and America8217s democratic politics offers a vivid account of the way their father Fred launched the energy business they would inheritamp160 It was a classic case of not letting 8220attachments8221 stand in the way of gain Fred happily set up oil installations for Soviet dictator Joseph Stalin before the United States recognized the Soviet Union in 1933 and then helped Adolf Hitler build one of Nazi Germany8217s largest oil refineries that would later supply fuel to its air force the Luftwaffe His unsavory tale is now part of the historical record thanks to Mayer That of another American oil tycoon of the 1930s who quietly lent a helping hand to a different grim dictator has however gone almost unnoticed In our world where the big oil outfits have become powerful forces and his company Texaco became part of the oil giant Chevron it8217s an instructive tale He helped determine the course of a war that would shape our world for decades to come amp160 Flying the Skull and Crossbones Atop an Empire of Oil From its beginning in 1936 until it ended early in 1939 some 400000 deaths later the Spanish Civil War would rivet the world8217s attention For those who no longer remember here8217s a thumbnail sketch of what happened A group of rightwing army officers calling themselves Nationalists with a ruthless young general named Francisco Franco emerging as their leader went into revolt against the elected government of the Spanish Republic They fought with a brutality that would soon become far more common and global Newspapers around the world reported on the deadly aid that Franco received from Nazi Germany and Fascist Italy Squadrons of aircraft on loan from Adolf Hitler infamously bombed the town of Guernica into ruins and leveled whole blocks of Madrid and Barcelona killing thousands of civilians something that was shockingly new at the time By war8217s end Italian Fascist dictator Benito Mussolini had dispatched 80000 Italian troops to fight for the Nationalists Hitler and Mussolini would supply them with weaponry ranging from the latest tanks and artillery to submarines Totally ignored by the world8217s press however would be one of Franco8217s crucial allies a man who lived neither in Berlin nor Rome With a globe on his desk and rolldown maps on the wall of his elegantly wainscotted office he could be found high in the iconic Chrysler Building in the heart of New York City Not one of the hundreds of foreign correspondents who chronicled the bombing of Madrid looked up at the ominous Vshaped formations of Hitler8217s bombers and wondered Whose fuel is powering those aircraft The oilman who supplied that fuel would in fact prove to be the best American friend a Fascist dictator could have He would provide the Nationalists not only with oil but with an astonishing hidden subsidy of money a generous and elastic line of credit and a stream of strategic intelligence Torkild Rieber was a barrelchested squarejawed figure whose presence dominated any occasion At elegant gathering spots like New York8217s 21 Club where a hamburgerandegg dish on the menu was named after him he captivated listeners with tales of his rugged past Born in Norway he had gone to sea at 15 as a deckhand on a fullrigged clipper ship that took six months to make its way from Europe around Cape Horn to San Francisco For the next two years he signed on with ships carrying indentured laborers from Calcutta India to the sugar plantations of the British West Indies In his deep gravelly voice Rieber would tell stories for the rest of his life about climbing to a yardarm to furl sails far above a rolling pitching deck and riding out Atlantic hurricanes with a shipload of desperately seasick Indian laborers On shore years later however his dress of choice wasn8217t a sailor8217s He liked to wear a tuxedo when he went out to dinner at 8220218221 and elsewhere because as he said 8220that8217s the way the Brits ran the colony in Calcutta8221 At the age of 22 having survived a knifing by a drunken crewman he would be naturalized as an American citizen and become the captain of an oil tanker Forever after his friends would call him 8220Cap8221 The tanker he commanded was later bought by the Texas Company better known by its service station brand name Texacoamp160 That was when he realized that in the oil business the biggest money was to be made on dry land As the company expanded and the red Texaco star with its green 8220T8221 spread to gas stations across the world he would marry his boss8217s secretary and climb the corporate ladder to become in 1935 CEO 8220He cannot sit at a desk8221 wrote an awestruck reporter from Life magazine who visited him at Texaco8217s New York headquarters 8220He bounces up and down fidgets and jumps up to pace the floor as if it were a deck He is perpetually restless on a terrestrial scale He cannot stay long in one office or in one city or on one continent8221 Life8216s sister magazine Time was no less susceptible to his roughdiamond charm calling him a 8220hardheaded steelwilled8221 corporate chieftain with 8220horse sense a command of men and the driving force of a tripleexpansion engine8221 At the time Texaco had a reputation as the brashest most aggressive of the big oil companies its founder who first hired Rieber flew a skullandcrossbones flag atop his office building 8220If I were dying at a Texaco fillingstation8221 a Shell executive once said 8220I8217d ask to be dragged across the road8221 For the company Rieber muscled his way into oilfields around the world making deals with local strongmen In Colombia a new city called Petr243lea arose in the midst of the Rhode Islandsized expanse of land where Texaco had won the right to drill To pump the oil to a port where tankers could collect it meant building a 263mile pipeline across the Andes at Captain Rieber Pass Beneath his broad shoulders iron handshake sailors8217 oaths and upfromthelowerdecks persona however lay something far darker Although not particularly antiSemitic by the standards of the time82128221Why8221 he would say 8220some of my best friends are goddam Jews like Bernie Gimbel and Solomon Guggenheim82218212he was an admirer of Adolf Hitler 8220He always thought it was much better to deal with autocrats than democracies8221 a friend recalled 8220He said with an autocrat you really only have to bribe him once With democracies you have to keep doing it over and over8221 Becoming Franco8217s Banker In 1935 the Spanish Republic signed a contract with Rieber8217s Texaco turning the company into its major oil supplier The next year after Franco and his allies made their grab for power however Rieber suddenly changed course and bet on them Knowing that military trucks tanks and aircraft need not just fuel but a range of engine oils and other lubricants the Texaco CEO quickly ordered a supply at the French port of Bordeaux to be loaded into a company tanker and shipped to the hardpressed Nationalists It was a gesture that Franco would never forget From Nationalist officials came messages explaining that much as they urgently needed Texaco8217s oil for their military they were painfully short on cash Rieber instantly replied with a telegram82128221Don8217t worry about payments82218212that became legendary in the dictator8217s inner circles Not surprisingly soon after that he was invited to Burgos headquarters of the Nationalist insurgency where he promptly agreed to cut off fuel sales to the Republic while guaranteeing Franco all the oil he needed Few were paying the slightest attention to where Franco8217s bounteous supply of oil was coming from Not a single investigation on the subject appeared in any major American newspaper at a time when the civil war in Spain was frontpage news almost daily Yet the question should have been obvious as more than 60 of the oil going to both sides in the bitter conflict was being consumed by the rival armed forces and Germany and Italy were incapable of offering Franco any oil since both were petroleum importers The US neutrality legislation of the time made it difficult for American corporations to sell even nonmilitary goods to a country at war and posed two major obstacles for Franco8217s Nationalists The law banned such cargo from being transported in American ships8212and the Nationalists had no tankers In addition it was illegal to supply a warring country with credit8212and the Nationalists had little money Spain8217s gold reserves were in the hands of the Republic It didn8217t take long for American customs agents to discover that Texaco tankers were breaking the law They would leave the company8217s pipeline terminal at Port Arthur Texas with cargo manifests showing their destinations as Antwerp Rotterdam or Amsterdam At sea their captains would open sealed orders redirecting them to ports in Nationalist Spain Rieber was also violating the law in yet another way8212by extending credit to a government at war Nominally the credit was for 90 days startlingly lenient terms for the oil business of that era The real terms were far more generous As one Nationalist oil official later explained 8220We paid what we could when we could8221 In effect an American oil company CEO had become Franco8217s banker Unknown to American authorities Texaco was also acting as a purchasing agent when the Nationalists needed oil products not in the company8217s inventory FBI agents did indeed question Rieber about those tankers but President Franklin D Roosevelt was leery of getting drawn into the Spanish Civil War in any way even by prosecuting such a conspicuous violation of American law Instead Texaco received no more than a slap on the wrist eventually paying a fine of 22000 for extending credit to a belligerent government Years later when oil companies began issuing credit cards to consumers a joke began making the rounds among industry insidersamp160 Who did Texaco give its first credit card to Francisco Franco amp160 How to Sink a Republic President Roosevelt continued to maintain a studied neutrality toward the Spanish Civil War that he would later regret Texaco on the other hand went to war In recent years in the archives of the Nationalist oil monopoly a Spanish scholar Guillem Mart237nez Molinos made a discovery Not only did Texaco ship its oil illegally to Franco but that oil was priced as if the Nationalists had transported it not the company8217s fleet of tankers Nor was that the end of the gifts Rieber offered Mussolini had put Italian submarines in the Mediterranean to work attacking ships carrying supplies to Republican Spain Franco had his own vessels and planes doing this as well Commanders directing these submarines bombers and surface ships were always remarkably well informed on the travels of tankers bound for the Spanish Republic These were of course a prime target for the Nationalists and during the war at least 29 of them were either damaged sunk or captured The risk became so great that in the summer of 1937 insurance rates for tankers in the Mediterranean abruptly quadrupled One reason those waters became so dangerous the Nationalists had access to Texaco8217s international maritime intelligence network The company had offices and sales agents across the world Thanks to Rieber its Paris office began collecting information from port cities about oil tankers headed for the Spanish Republic His Paris associate William M Brewster coordinated this flow of intelligence passing on to the Nationalists data he received from London Istanbul Marseille and elsewhere Brewster8217s messages often listed the quantity and type of fuel a tanker was carrying and how much had been paid for it intelligence that would help the Nationalists in assessing Republican supplies and finances Whenever he could however he also delighted in relaying information useful to bomber pilots or submarine captains looking for targets On July 2 1937 for example he sent a telegram to the chief of the Nationalist oil monopoly about the SS Campoamor a Republican tanker a Texaco agent had spotted at Le Verdon a French port near Bordeaux It had covered its name hull and funnel with new coats of black paint and was preparing to sail soon under a British flag It had already twice left its anchorage and returned because of reports of Nationalist ships and submarines lying in wait outside Santander the Republicanheld port where it was supposed to deliver its cargo of 10000 tons of aviation fuel The news of that repainting and reflagging would have been useful to the commanders of Nationalist naval vessels As it happened though an even more valuable piece of information was included in Brewster8217s message much of the crew left the ship 8220almost every evening8221 Four days later with many of the crew attending a dance on shore the Campoamor was boarded near midnight by an armed Nationalist raiding party which quickly sailed it to a port held by Franco Rieber traveled to Nationalist Spain twice during the war at one point getting a VIP tour of the front lines near Madrid By April 1939 Franco had won the war and Rieber was assured that the gamble he had made would pay off big time Texaco8217s coffers would at last receive the money for the nearly three years8217 worth of fuel he had supplied on credit In total he sold the Nationalists at least 20 million worth of oil during the war the equivalent of more than 325 million today Texaco8217s tankers took 225 trips to Spain and ships the company chartered another 156 Franco later made Rieber a Knight of the Grand Cross of Isabella the Catholic one of Spain8217s highest honors After the Spanish war ended Texaco continued to make its own foreign policy Even after Germany went to war with Britain and France in September 1939 Rieber made no secret of his enthusiasm for Hitler He sometimes joked with friends that the F252hrer8217s antiSemitism might be a touch excessive but he was just the sort of strong anticommunist leader with whom one could do business This Rieber did with gusto selling Texaco oil to the Nazis ordering tankers built in Hamburg shipyards and traveling to Germany after the Polish Blitzkrieg so that Hermann G246ring could take him on a tour by air of key industrial sites On that trip he spent a weekend at the Luftwaffe commander8217s country estate Carinhall soon to be extravagantly decorated with art treasures looted from across Europe Eventually Rieber8217s love of dictators got him in trouble In 1940 it was revealed among other things that several Germans he had hired were Nazi spies using Texaco8217s internal communications to transmit intelligence information to Berlin Rieber lost his job but thanks to a grateful Franco the deposed tycoon landed on his feet the dictator made him chief American buyer for the Spanish government8217s oil company He went on to a succession of other highpaying positions and directorships in the oil industry and shipbuilding and died a wealthy man in 1968 at the age of 86 Rieber is long forgotten but we still live in a world he had such a hand in shaping Texaco oil helped Franco win the Spanish Civil War and so be in a position to aid the Nazis in the far larger war that followed Untold numbers of American sailors lost their lives thanks to the 21 German UBoats based on Spain8217s Atlantic coast Fortyfive thousand Spaniards volunteered for Hitler8217s army and air force and Spain supplied an essential stream of strategic minerals to Germany8217s war industry In the United States three quarters of a century later wellfunded climate change deniers and the political network supported by the Koch brothers are testimony to the enduring power of the oil industry Adam Hochschild a TomDispatch regular teaches at the Graduate School of Journalism at the University of CaliforniaBerkeley He is the author of eight books including King Leopold8217s Ghost and To End All Wars A Story of Loyalty and Rebellion 19141918 This piece is adapted from his new book Spain in Our Hearts Americans in the Spanish Civil War 19361939 Houghton Mifflin Harcourt Follow TomDispatch on Twitter and join us on Facebook Check out the newest Dispatch Book Nick Turse8217samp160 Tomorrow8217 Battlefield US Proxy Wars and Secret Ops in Africa and Tom Engelhardt8217s latest book Shadow Government Surveillance Secret Wars and a Global Security State in a SingleSuperpower World

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<p>Jan 18 (Reuters) - Archer Daniels Midland Co:</p> <p>* ADM AND VLAND ENTER JOINT DEVELOPMENT AGREEMENT FOR FEED ENZYME TECHNOLOGY</p> <p>* ADM TO OPEN NEW LAB TO CONDUCT ENZYME RESEARCH AND DEVELOPMENT</p> <p>* VLAND TO CONDUCT RESEARCH &amp;amp; DEVELOPMENT IN ITS QINGDAO RESEARCH LABORATORY</p> <p>* PRODUCTS DEVELOPED UNDER AGREEMENT WILL BE COMMERCIALIZED BY BOTH COMPANIES</p> <p>* UNDER TERMS OF AGREEMENT, COMPANIES WILL SHARE ENZYME-PRODUCING STRAINS AS A BASIS FOR DEVELOPMENT OF FEED ENZYMES</p> <p>* JOINT DEVELOPMENT AGREEMENT FOR DEVELOPMENT AND COMMERCIALIZATION OF ENZYMES FOR ANIMAL FEED APPLICATIONS Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - British had no alternative but to take military action to degrade Syria&#8217;s chemical weapons capability, Prime Minister Theresa May said on Saturday after ordering air-launched cruise missile strikes along with the United States and France.</p> <p>Four Royal Air Force Tornado jets from the Akrotiri base in Cyprus fired Storm Shadow missiles at a military facility near Homs where it was assessed that Syria had stockpiled chemicals, Britain&#8217;s Ministry of Defence said.</p> <p>May cast the strike as &#8220;limited and targeted&#8221; and came after intelligence indicated Syrian President Bashar al-Assad&#8217;s government was responsible for an attack using chemical weapons in the Damascus suburb of Douma a week ago.</p> <p>May said the missile strike, designed to minimize civilian casualties, was aimed at deterring further use of chemical weapons and was not an attempt to topple the Syrian government.</p> <p>&#8220;This is not about intervening in a civil war. It is not about regime change,&#8221; May said in statement made from her country residence at Chequers just minutes after U.S. President Donald Trump announced the strikes from the White House.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-germany/germanys-merkel-backs-air-strikes-on-syria-as-necessary-and-appropriate-idUSKBN1HL0H6" type="external">Germany's Merkel backs air strikes on Syria as 'necessary and appropriate'</a> <a href="/article/us-mideast-crisis-syria-france/france-orders-military-action-in-syria-with-u-s-britain-idUSKBN1HL03S" type="external">France orders military action in Syria with U.S., Britain</a> <a href="/article/us-mideast-crisis-syria-juncker/syria-must-halt-use-of-chemical-weapons-european-commissions-juncker-idUSKBN1HL0GZ" type="external">Syria must halt use of chemical weapons: European Commission's Juncker</a> <p>Defence Secretary Gavin Williamson said the mission had been highly successful and implied that no further action was imminent.</p> <p>&#8220;We don&#8217;t expect that we&#8217;ll be a position where we&#8217;re having to make further strikes,&#8221; he told LBC radio. &#8220;We believe that the strikes we have taken last night had a significant impact in terms of what the Syrian regime can do in the future.&#8221;</p> <p>By launching strikes without prior approval from parliament, May dispensed with a non-binding constitutional convention dating back to the 2003 invasion of Iraq. She said speed was essential and that military action was in the national interest.</p> <p>May, whose government is propped up by a small Northern Irish party, said Britain and the West had an obligation to deter both Assad and others from using chemical weapons after the poison gas attack in Douma near Damascus killed up to 75 people, including children, last Saturday.</p> <p>However, opposition Labour leader Jeremy Corbyn, a fervent anti-war campaigner, called the strikes &#8220;legally questionable&#8221; and said May should have recalled parliament from a holiday and &#8220;not trailed after Donald Trump&#8221;.</p> <p>&#8220;Bombs won&#8217;t save lives or bring about peace,&#8221; he said in a statement. &#8220;Britain should be playing a leadership role to bring about a ceasefire in the conflict, not taking instructions from Washington and putting British military personnel in harm&#8217;s way.&#8221;</p> <p>Britain has accused Russia of being behind last month&#8217;s nerve agent attack on former spy Sergei Skripal and his daughter in Salisbury, southern England - a charge Moscow has denied.</p> <p>&#8220;While this action is specifically about deterring the Syrian regime, it will also send a clear signal to anyone else who believes they can use chemical weapons with impunity,&#8221; May said.</p> <p>&#8220;We cannot allow the use of chemical weapons to become normalized &#8211; within Syria, on the streets of the UK, or anywhere else in our world.&#8221;</p> <p>May said Britain and its allies had sought to use every diplomatic means to stop the use of chemical weapons, but had been repeatedly thwarted, citing a Russian veto of an independent investigation into the Douma attack at the U.N. Security Council this week.</p> <p>&#8220;So there is no practicable alternative to the use of force to degrade and deter the use of chemical weapons by the Syrian regime,&#8221; she said.</p> <p>The Western missile strikes demonstrate the volatile nature of the Syrian civil war, which started in March 2011 as an anti-Assad uprising but is now a proxy conflict involving a number of world and regional powers and a myriad of insurgent groups.</p> <p>Trump said he was prepared to sustain the response until the Assad government stopped its use of chemical weapons.</p> Britain's Prime Minister Theresa May attends a press conference in 10 Downing Street, London, April 14, 2018. REUTERS/Simon Dawson/Pool <p>Russia, which intervened in the war in 2015 to back Assad, has denied there was a chemical attack and has accused Britain of helping to stage the Douma incident to stoke anti-Russian hysteria.</p> &#8220;TARGETED STRIKES&#8221; <p>Britain&#8217;s defense ministry said &#8220;very careful scientific analysis&#8221; had been applied to maximize the destruction of stockpiled chemicals while minimizing any risk of contamination to surrounding areas.</p> <p>Many politicians in Britain, including some in May&#8217;s own Conservative Party, had called for parliament to be recalled to give authority to any military strike.</p> <p>Former Prime Minister David Cameron lost a parliamentary vote on air strikes against Assad&#8217;s forces in 2013 when 30 Conservative lawmakers voted against action, with many Britons wary of entering another conflict after intervention in Iraq, Afghanistan and Libya failed to bring stability to the region.</p> Slideshow (3 Images) <p>A YouGov poll for The Times newspaper this week indicated that only a fifth of voters believed that Britain should launch attacks on Syrian military targets and more than two-fifths opposed action.</p> <p>Williamson said Britain had had to act swiftly and added May would update parliament when lawmakers returned on Monday.</p> <p>Additional reporting by Andrew MacAskill and William James; Writing by Michael Holden and Guy Faulconbridge; editing by Angus MacSwan and Peter Graff</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIRUT (Reuters) - U.S., British and French forces struck Syria with more than 100 missiles on Saturday in the first coordinated Western strikes against the Damascus government, targeting what they called chemical weapons sites in retaliation for a poison gas attack.</p> <p>U.S. President Donald Trump announced the military action from the White House, saying the three allies had &#8220;marshaled their righteous power against barbarism and brutality&#8221;.</p> <p>As he spoke, explosions rocked Damascus.</p> <p>The bombing represents a major escalation putting the West in direct confrontation with Assad&#8217;s superpower ally Russia, but is unlikely to alter the course of a multi-sided war which has killed at least half a million people in the past seven years.</p> <p>That in turn raises the question of where Western countries go from here, after a volley of strikes denounced by Damascus and Moscow as both reckless and pointless.</p> <p>By morning, the Western countries said their bombing was over for now. Syria released video of President Bashar al-Assad, whose Russian- and Iranian-backed forces have already driven his enemies from Syria&#8217;s major towns and cities, arriving at work as usual, with the caption &#8220;morning of resilience&#8221;.</p> <p>British Prime Minister Theresa May described the strike as &#8220;limited and targeted&#8221;. She said she had authorized the British action after intelligence indicated Assad&#8217;s government was responsible for the attack using chemical weapons in the Damascus suburb of Douma a week ago.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-russia/russia-likely-to-call-u-n-meeting-over-syria-attack-russian-lawmaker-idUSKBN1HL075" type="external">Russia likely to call U.N. meeting over Syria attack: Russian lawmaker</a> <a href="/article/us-mideast-crisis-syria-israel/syria-strikes-an-important-signal-to-iran-and-hezbollah-israeli-minister-idUSKBN1HL0A4" type="external">Syria strikes an 'important signal' to Iran and Hezbollah: Israeli minister</a> <a href="/article/us-mideast-crisis-syria-iran-guards/irans-supreme-leader-says-western-attack-on-syria-a-crime-idUSKBN1HL0DO" type="external">Iran's supreme leader says Western attack on Syria a crime</a> <p>French President Emmanuel Macron said the strikes had been limited so far to Syria&#8217;s chemical weapons facilities.</p> <p>With more than 100 missiles fired from ships and manned aircraft, the allies struck three of Syria&#8217;s main chemical weapons facilities, U.S. Defense Secretary Jim Mattis and Joint Chiefs of Staff Chairman General Joseph Dunford said.</p> <p>The targets included a Syrian center in the greater Damascus area for the research, development, production and testing of chemical and biological weaponry as well as a chemical weapons storage facility near the city of Homs. A third target, also near Homs, contained both a chemical weapons equipment storage facility and a command post.</p> <p>Mattis called the strikes a &#8220;one time shot&#8221;, although Trump raised the prospect of further strikes if Assad&#8217;s government again used chemical weapons.</p> <p>&#8220;We are prepared to sustain this response until the Syrian regime stops its use of prohibited chemical agents,&#8221; the U.S. president said in a televised address.</p> <p>The Syrian conflict pits a complex myriad of parties against each other, with Russia and Iran giving Assad military and political help that has largely proven decisive over the past three years in crushing any rebel threat to topple him. Fractured opposition forces have had varying levels of support from the West, Arab states and Turkey.</p> <p>The United States, Britain and France have all bombed the Islamic State group in Syria for years and had troops on the ground to fight them, but refrained from targeting Assad&#8217;s government apart from a volley of U.S. missiles last year.</p> <p>Although the Western countries have all said for seven years that Assad must leave power, they held back in the past from striking his government with no wider strategy to defeat him.</p> <p>Assad&#8217;s government and allies responded outwardly with fury, although there were also clear suggestions that they considered the attack a one-off, unlikely to harm Assad.</p> <p>A senior official in a regional alliance that backs Damascus told Reuters the Syrian government and its allies had &#8220;absorbed&#8221; the attack. The sites that were targeted had been evacuated days ago thanks to a warning from Russia, the official said.</p> <p>&#8220;If it is finished, and there is no second round, it will be considered limited,&#8221; the official said.</p> <p>Russia&#8217;s ambassador to the United States, Anatoly Antonov, said on Twitter: &#8220;Again, we are being threatened. We warned that such actions will not be left without consequences.&#8221;</p> <p>Syrian state media called the attack a &#8220;flagrant violation of international law.&#8221; An official in Iran&#8217;s Revolutionary Guards said it would cause consequences that were against U.S. interests.</p> <p>French Defence Minister Florence Parly said the Russians &#8220;were warned beforehand&#8221; to avoid inadvertant escalation.</p> &#8220;ABSORBED THE STRIKE&#8221; <p>At least six loud explosions were heard in Damascus and smoke was seen rising over the city, a Reuters witness said. A second witness said the Barzah district of Damascus had been hit in the strikes. Barzah is the location of a major Syrian scientific research center.</p> <p>Iran&#8217;s Foreign Ministry condemned the U.S.-led attacks and said Washington and its allies would bear responsibility for the consequences in the region and beyond, state media reported.</p> <p>State-controlled Syrian TV said Syrian air defenses shot down 13 missiles fired in the attack. The Russian defense ministry said none of the rockets launched had entered zones where Russian air defense systems are protecting military facilities in Tartus and Hmeimim.</p> <p>The combined U.S., British and French assault appeared more intense than a similar strike Trump ordered almost exactly a year ago against a Syrian air base in retaliation for an earlier chemical weapons attack that Washington attributed to Assad.</p> A missile is seen crossing over Damascus, Syria April 14, 2018. SANA/Handout via REUTERS <p>Mattis said the United States conducted the air strikes with conclusive evidence that chlorine gas was used in the April 7 attack in Syria. Evidence that the nerve agent sarin also was used was inconclusive, he said.</p> <p>Allegations of Assad&#8217;s chlorine use are frequent in Syria&#8217;s conflict, raising questions about whether Washington had lowered the threshold for military action in Syria by deciding to strike after a chlorine attack. Syria agreed in 2013 to give up its chemical weapons. It is still permitted to have chlorine for civilian use, although its use as a weapon is banned.</p> <p>Mattis, who U.S. officials said had earlier warned in internal debates that too large an attack would risk confrontation with Russia, described the strikes as a one-off to dissuade Assad from &#8220;doing this again&#8221;.</p> <p>But a U.S. official familiar with the military planning said there could be more air strikes if the intelligence indicates Assad has not stopped making, importing, storing or using chemical weapons including chlorine. The official said this could require a more sustained U.S. air and naval presence in the region, as well as more surveillance.</p> EXIT SYRIA? <p>Trump has been leery of U.S. military involvement in the Middle East, and is eager to withdraw roughly 2,000 troops in Syria taking part in the campaign against Islamic State.</p> <p>&#8220;America does not seek an indefinite presence in Syria, under no circumstances,&#8221; Trump said in his address. &#8220;The purpose of our actions tonight is to establish a strong deterrent against the production, spread and use of chemical weapons.&#8221;</p> Slideshow (11 Images) <p>The U.S. president, who has tried to build good relations with Russian President Vladimir Putin, had sharply critical words for Russia and Iran over their support of Assad.</p> <p>&#8220;To Iran and to Russia, I ask, what kind of a nation wants to be associated with the mass murder of innocent men, women and children?&#8221; Trump said.</p> <p>Last year, the United States fired 59 Tomahawk cruise missiles from the guided missile destroyers USS Porter and the USS Ross that struck the Shayrat air base.</p> <p>At the time, the Pentagon said that a fifth of Syria&#8217;s operational aircraft were either damaged or destroyed.</p> <p>Reporting by Steve Holland and Tom Perry; Additional reporting by Phil Stewart, Tim Ahmann, Eric Beech, Lesley Wroughton, Lucia Mutikani, Idrees Ali, Patricia Zengerle, Matt Spetalnick and John Walcott in Washington; Samia Nakhoul, Tom Perry, Laila Bassam Ellen Francis in Beirut; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clerq and Matthias Blamont in Paris; Polina Ivanova in Moscow; Writing by Yara Bayoumy, Warren Strobel, Nick Tattersall and Peter Graff; Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>PRAGUE (Reuters) - Milos Forman, the Czech-born movie director who found fame in Hollywood with the Oscar-winning classics &#8220;One Flew Over the Cuckoo&#8217;s Nest&#8221; and &#8220;Amadeus,&#8221; has died at the age of 86, Czech news agency CTK reported on Saturday.</p> FILE PHOTO: Czech director Milos Forman talks after being presented with the 'Giraldillo' award for his life-long career achievements at Sevilla Festival Film in Seville, Spain November 6, 2004. REUTERS/Marcelo Del Pozo/File photo <p>Forman died on Friday in the United States after a short illness, his wife, Martina, told CTK.</p> Slideshow (4 Images) <p>&#8220;His departure was calm and he was surrounded the whole time by his family and his closest friends,&#8221; she said.</p> <p>Forman was born in the Czech town of Caslav on Feb. 18, 1932, but moved to the United States after the Communist crackdown on the &#8220;Prague Spring&#8221; uprising in 1968. He became a U.S. citizen in the 1970s.</p> <p>&#8220;One Flew Over the Cuckoo&#8217;s Nest,&#8221; in which a psychiatric institution becomes a microcosm of the contemporary world, and &#8220;Amadeus,&#8221; the life of 18th-century composer Wolfgang Amadeus Mozart through the eyes of his rival Antonio Salieri, earned 13 Oscars between them, including those for best director to Forman.</p> <p>His other notable work included the rock musical &#8220;Hair&#8221; in 1979, &#8220;Ragtime&#8221; in 1981 and &#8220;The People vs Larry Flint&#8221; in 1996, which was nominated for an Academy Award that year.</p> <p>Reporting by Jason Hovet; editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>PARIS (Reuters) - The French military targeted Syria&#8217;s main chemicals research center and two chemical production facilities overnight, officials said, adding that the air strikes were over but the military was ready to act upon request.</p> French President Emmanuel Macron attends a meeting as part of the joint airstrike operation by the British, French and U.S. militaries in this picture obtained on April 14, 2018 via social media. Emmanuel Macron/Twitter/via REUTERS <p>President Emmanuel Macron ordered the military intervention in Syria alongside the United States and Britain in response to a poison gas attack that killed dozens of people last week.</p> <p>&#8220;This action was proportionate and targeted, it was not aimed at (Syrian President Bashar al) Assad&#8217;s allies nor at the civilian population,&#8221; Foreign Minister Jean-Yves Le Drian said in a televised statement.</p> <p>&#8220;It was limited to specific objectives: the destruction of the Syrian regime&#8217;s chemical capabilities to stop it from committing new chemical massacres.&#8221;</p> <p>Defence Minister Florence Parly said cruise missiles had been fired, in coordination with the United States and Britain. The operation was carried out at 3 a.m. (0100 GMT), she said, adding naval and air means had been used, including an air raid launched from several air bases in France.</p> <p>&#8220;We are not looking for confrontation and refuse any logic of escalation, that is the reason why we, with our allies, ensured the Russians were warned beforehand,&#8221; Parly said.</p> <p>While there had been general public warnings broadcast by U.S. President Donald Trump, Macron himself and other Western leaders, a French presidency source clarified that the French leader did not tell Russian President Vladimir Putin the allies would strike overnight when they talked over the phone on Friday.</p> <p>Regular &#8220;deconfliction&#8221; contacts were made with the Russian military once the operation had been kicked off to make sure that they would not be accidentally hit, the source said.</p> <p>The French presidency issued a video on Twitter showing what it said were war planes taking off as part of the intervention.</p> <p>&#8220;On April 7, dozens of men, women and children were massacred in Douma, with the use of a chemical weapon in a total violation of international rules (...) The red line established by France in May 2017 was crossed,&#8221; Macron said in a statement.</p> <p>He said the attack had been limited so far to Syria&#8217;s chemical weapons facilities and said the facts and the responsibility of the Syrian regime were beyond doubt.</p> <p>Macron, who tweeted a picture of himself in a meeting room with military and diplomatic advisers, said a debate about France&#8217;s military involvement would take place in parliament.</p> <p>The French air force has been active in Syria since 2015 to fight Islamic State.</p> <p>Reporting by Geert De Clercq; Writing by Matthias Blamont and Ingrid Melander; Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-ADM And Vland Enter Joint Development Agreement For Feed Enzyme Technology Britain says we had to attack Syria, strikes were highly successful U.S., British, French air strikes target Syrian chemical capabilities Oscar-winning director Forman dies at 86 France orders military action in Syria with U.S., Britain

https://reuters.com/article/brief-adm-and-vland-enter-joint-developm/brief-adm-and-vland-enter-joint-development-agreement-for-feed-enzyme-technology-idUSFWN1PD1BK

2018-01-18

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Jan 18 Reuters Archer Daniels Midland Co ADM AND VLAND ENTER JOINT DEVELOPMENT AGREEMENT FOR FEED ENZYME TECHNOLOGY ADM TO OPEN NEW LAB TO CONDUCT ENZYME RESEARCH AND DEVELOPMENT VLAND TO CONDUCT RESEARCH ampamp DEVELOPMENT IN ITS QINGDAO RESEARCH LABORATORY PRODUCTS DEVELOPED UNDER AGREEMENT WILL BE COMMERCIALIZED BY BOTH COMPANIES UNDER TERMS OF AGREEMENT COMPANIES WILL SHARE ENZYMEPRODUCING STRAINS AS A BASIS FOR DEVELOPMENT OF FEED ENZYMES JOINT DEVELOPMENT AGREEMENT FOR DEVELOPMENT AND COMMERCIALIZATION OF ENZYMES FOR ANIMAL FEED APPLICATIONS Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles LONDON Reuters British had no alternative but to take military action to degrade Syria8217s chemical weapons capability Prime Minister Theresa May said on Saturday after ordering airlaunched cruise missile strikes along with the United States and France Four Royal Air Force Tornado jets from the Akrotiri base in Cyprus fired Storm Shadow missiles at a military facility near Homs where it was assessed that Syria had stockpiled chemicals Britain8217s Ministry of Defence said May cast the strike as 8220limited and targeted8221 and came after intelligence indicated Syrian President Bashar alAssad8217s government was responsible for an attack using chemical weapons in the Damascus suburb of Douma a week ago May said the missile strike designed to minimize civilian casualties was aimed at deterring further use of chemical weapons and was not an attempt to topple the Syrian government 8220This is not about intervening in a civil war It is not about regime change8221 May said in statement made from her country residence at Chequers just minutes after US President Donald Trump announced the strikes from the White House Related Coverage Germanys Merkel backs air strikes on Syria as necessary and appropriate France orders military action in Syria with US Britain Syria must halt use of chemical weapons European Commissions Juncker Defence Secretary Gavin Williamson said the mission had been highly successful and implied that no further action was imminent 8220We don8217t expect that we8217ll be a position where we8217re having to make further strikes8221 he told LBC radio 8220We believe that the strikes we have taken last night had a significant impact in terms of what the Syrian regime can do in the future8221 By launching strikes without prior approval from parliament May dispensed with a nonbinding constitutional convention dating back to the 2003 invasion of Iraq She said speed was essential and that military action was in the national interest May whose government is propped up by a small Northern Irish party said Britain and the West had an obligation to deter both Assad and others from using chemical weapons after the poison gas attack in Douma near Damascus killed up to 75 people including children last Saturday However opposition Labour leader Jeremy Corbyn a fervent antiwar campaigner called the strikes 8220legally questionable8221 and said May should have recalled parliament from a holiday and 8220not trailed after Donald Trump8221 8220Bombs won8217t save lives or bring about peace8221 he said in a statement 8220Britain should be playing a leadership role to bring about a ceasefire in the conflict not taking instructions from Washington and putting British military personnel in harm8217s way8221 Britain has accused Russia of being behind last month8217s nerve agent attack on former spy Sergei Skripal and his daughter in Salisbury southern England a charge Moscow has denied 8220While this action is specifically about deterring the Syrian regime it will also send a clear signal to anyone else who believes they can use chemical weapons with impunity8221 May said 8220We cannot allow the use of chemical weapons to become normalized 8211 within Syria on the streets of the UK or anywhere else in our world8221 May said Britain and its allies had sought to use every diplomatic means to stop the use of chemical weapons but had been repeatedly thwarted citing a Russian veto of an independent investigation into the Douma attack at the UN Security Council this week 8220So there is no practicable alternative to the use of force to degrade and deter the use of chemical weapons by the Syrian regime8221 she said The Western missile strikes demonstrate the volatile nature of the Syrian civil war which started in March 2011 as an antiAssad uprising but is now a proxy conflict involving a number of world and regional powers and a myriad of insurgent groups Trump said he was prepared to sustain the response until the Assad government stopped its use of chemical weapons Britains Prime Minister Theresa May attends a press conference in 10 Downing Street London April 14 2018 REUTERSSimon DawsonPool Russia which intervened in the war in 2015 to back Assad has denied there was a chemical attack and has accused Britain of helping to stage the Douma incident to stoke antiRussian hysteria 8220TARGETED STRIKES8221 Britain8217s defense ministry said 8220very careful scientific analysis8221 had been applied to maximize the destruction of stockpiled chemicals while minimizing any risk of contamination to surrounding areas Many politicians in Britain including some in May8217s own Conservative Party had called for parliament to be recalled to give authority to any military strike Former Prime Minister David Cameron lost a parliamentary vote on air strikes against Assad8217s forces in 2013 when 30 Conservative lawmakers voted against action with many Britons wary of entering another conflict after intervention in Iraq Afghanistan and Libya failed to bring stability to the region Slideshow 3 Images A YouGov poll for The Times newspaper this week indicated that only a fifth of voters believed that Britain should launch attacks on Syrian military targets and more than twofifths opposed action Williamson said Britain had had to act swiftly and added May would update parliament when lawmakers returned on Monday Additional reporting by Andrew MacAskill and William James Writing by Michael Holden and Guy Faulconbridge editing by Angus MacSwan and Peter Graff Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIRUT Reuters US British and French forces struck Syria with more than 100 missiles on Saturday in the first coordinated Western strikes against the Damascus government targeting what they called chemical weapons sites in retaliation for a poison gas attack US President Donald Trump announced the military action from the White House saying the three allies had 8220marshaled their righteous power against barbarism and brutality8221 As he spoke explosions rocked Damascus The bombing represents a major escalation putting the West in direct confrontation with Assad8217s superpower ally Russia but is unlikely to alter the course of a multisided war which has killed at least half a million people in the past seven years That in turn raises the question of where Western countries go from here after a volley of strikes denounced by Damascus and Moscow as both reckless and pointless By morning the Western countries said their bombing was over for now Syria released video of President Bashar alAssad whose Russian and Iranianbacked forces have already driven his enemies from Syria8217s major towns and cities arriving at work as usual with the caption 8220morning of resilience8221 British Prime Minister Theresa May described the strike as 8220limited and targeted8221 She said she had authorized the British action after intelligence indicated Assad8217s government was responsible for the attack using chemical weapons in the Damascus suburb of Douma a week ago Related Coverage Russia likely to call UN meeting over Syria attack Russian lawmaker Syria strikes an important signal to Iran and Hezbollah Israeli minister Irans supreme leader says Western attack on Syria a crime French President Emmanuel Macron said the strikes had been limited so far to Syria8217s chemical weapons facilities With more than 100 missiles fired from ships and manned aircraft the allies struck three of Syria8217s main chemical weapons facilities US Defense Secretary Jim Mattis and Joint Chiefs of Staff Chairman General Joseph Dunford said The targets included a Syrian center in the greater Damascus area for the research development production and testing of chemical and biological weaponry as well as a chemical weapons storage facility near the city of Homs A third target also near Homs contained both a chemical weapons equipment storage facility and a command post Mattis called the strikes a 8220one time shot8221 although Trump raised the prospect of further strikes if Assad8217s government again used chemical weapons 8220We are prepared to sustain this response until the Syrian regime stops its use of prohibited chemical agents8221 the US president said in a televised address The Syrian conflict pits a complex myriad of parties against each other with Russia and Iran giving Assad military and political help that has largely proven decisive over the past three years in crushing any rebel threat to topple him Fractured opposition forces have had varying levels of support from the West Arab states and Turkey The United States Britain and France have all bombed the Islamic State group in Syria for years and had troops on the ground to fight them but refrained from targeting Assad8217s government apart from a volley of US missiles last year Although the Western countries have all said for seven years that Assad must leave power they held back in the past from striking his government with no wider strategy to defeat him Assad8217s government and allies responded outwardly with fury although there were also clear suggestions that they considered the attack a oneoff unlikely to harm Assad A senior official in a regional alliance that backs Damascus told Reuters the Syrian government and its allies had 8220absorbed8221 the attack The sites that were targeted had been evacuated days ago thanks to a warning from Russia the official said 8220If it is finished and there is no second round it will be considered limited8221 the official said Russia8217s ambassador to the United States Anatoly Antonov said on Twitter 8220Again we are being threatened We warned that such actions will not be left without consequences8221 Syrian state media called the attack a 8220flagrant violation of international law8221 An official in Iran8217s Revolutionary Guards said it would cause consequences that were against US interests French Defence Minister Florence Parly said the Russians 8220were warned beforehand8221 to avoid inadvertant escalation 8220ABSORBED THE STRIKE8221 At least six loud explosions were heard in Damascus and smoke was seen rising over the city a Reuters witness said A second witness said the Barzah district of Damascus had been hit in the strikes Barzah is the location of a major Syrian scientific research center Iran8217s Foreign Ministry condemned the USled attacks and said Washington and its allies would bear responsibility for the consequences in the region and beyond state media reported Statecontrolled Syrian TV said Syrian air defenses shot down 13 missiles fired in the attack The Russian defense ministry said none of the rockets launched had entered zones where Russian air defense systems are protecting military facilities in Tartus and Hmeimim The combined US British and French assault appeared more intense than a similar strike Trump ordered almost exactly a year ago against a Syrian air base in retaliation for an earlier chemical weapons attack that Washington attributed to Assad A missile is seen crossing over Damascus Syria April 14 2018 SANAHandout via REUTERS Mattis said the United States conducted the air strikes with conclusive evidence that chlorine gas was used in the April 7 attack in Syria Evidence that the nerve agent sarin also was used was inconclusive he said Allegations of Assad8217s chlorine use are frequent in Syria8217s conflict raising questions about whether Washington had lowered the threshold for military action in Syria by deciding to strike after a chlorine attack Syria agreed in 2013 to give up its chemical weapons It is still permitted to have chlorine for civilian use although its use as a weapon is banned Mattis who US officials said had earlier warned in internal debates that too large an attack would risk confrontation with Russia described the strikes as a oneoff to dissuade Assad from 8220doing this again8221 But a US official familiar with the military planning said there could be more air strikes if the intelligence indicates Assad has not stopped making importing storing or using chemical weapons including chlorine The official said this could require a more sustained US air and naval presence in the region as well as more surveillance EXIT SYRIA Trump has been leery of US military involvement in the Middle East and is eager to withdraw roughly 2000 troops in Syria taking part in the campaign against Islamic State 8220America does not seek an indefinite presence in Syria under no circumstances8221 Trump said in his address 8220The purpose of our actions tonight is to establish a strong deterrent against the production spread and use of chemical weapons8221 Slideshow 11 Images The US president who has tried to build good relations with Russian President Vladimir Putin had sharply critical words for Russia and Iran over their support of Assad 8220To Iran and to Russia I ask what kind of a nation wants to be associated with the mass murder of innocent men women and children8221 Trump said Last year the United States fired 59 Tomahawk cruise missiles from the guided missile destroyers USS Porter and the USS Ross that struck the Shayrat air base At the time the Pentagon said that a fifth of Syria8217s operational aircraft were either damaged or destroyed Reporting by Steve Holland and Tom Perry Additional reporting by Phil Stewart Tim Ahmann Eric Beech Lesley Wroughton Lucia Mutikani Idrees Ali Patricia Zengerle Matt Spetalnick and John Walcott in Washington Samia Nakhoul Tom Perry Laila Bassam Ellen Francis in Beirut Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clerq and Matthias Blamont in Paris Polina Ivanova in Moscow Writing by Yara Bayoumy Warren Strobel Nick Tattersall and Peter Graff Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles PRAGUE Reuters Milos Forman the Czechborn movie director who found fame in Hollywood with the Oscarwinning classics 8220One Flew Over the Cuckoo8217s Nest8221 and 8220Amadeus8221 has died at the age of 86 Czech news agency CTK reported on Saturday FILE PHOTO Czech director Milos Forman talks after being presented with the Giraldillo award for his lifelong career achievements at Sevilla Festival Film in Seville Spain November 6 2004 REUTERSMarcelo Del PozoFile photo Forman died on Friday in the United States after a short illness his wife Martina told CTK Slideshow 4 Images 8220His departure was calm and he was surrounded the whole time by his family and his closest friends8221 she said Forman was born in the Czech town of Caslav on Feb 18 1932 but moved to the United States after the Communist crackdown on the 8220Prague Spring8221 uprising in 1968 He became a US citizen in the 1970s 8220One Flew Over the Cuckoo8217s Nest8221 in which a psychiatric institution becomes a microcosm of the contemporary world and 8220Amadeus8221 the life of 18thcentury composer Wolfgang Amadeus Mozart through the eyes of his rival Antonio Salieri earned 13 Oscars between them including those for best director to Forman His other notable work included the rock musical 8220Hair8221 in 1979 8220Ragtime8221 in 1981 and 8220The People vs Larry Flint8221 in 1996 which was nominated for an Academy Award that year Reporting by Jason Hovet editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles PARIS Reuters The French military targeted Syria8217s main chemicals research center and two chemical production facilities overnight officials said adding that the air strikes were over but the military was ready to act upon request French President Emmanuel Macron attends a meeting as part of the joint airstrike operation by the British French and US militaries in this picture obtained on April 14 2018 via social media Emmanuel MacronTwittervia REUTERS President Emmanuel Macron ordered the military intervention in Syria alongside the United States and Britain in response to a poison gas attack that killed dozens of people last week 8220This action was proportionate and targeted it was not aimed at Syrian President Bashar al Assad8217s allies nor at the civilian population8221 Foreign Minister JeanYves Le Drian said in a televised statement 8220It was limited to specific objectives the destruction of the Syrian regime8217s chemical capabilities to stop it from committing new chemical massacres8221 Defence Minister Florence Parly said cruise missiles had been fired in coordination with the United States and Britain The operation was carried out at 3 am 0100 GMT she said adding naval and air means had been used including an air raid launched from several air bases in France 8220We are not looking for confrontation and refuse any logic of escalation that is the reason why we with our allies ensured the Russians were warned beforehand8221 Parly said While there had been general public warnings broadcast by US President Donald Trump Macron himself and other Western leaders a French presidency source clarified that the French leader did not tell Russian President Vladimir Putin the allies would strike overnight when they talked over the phone on Friday Regular 8220deconfliction8221 contacts were made with the Russian military once the operation had been kicked off to make sure that they would not be accidentally hit the source said The French presidency issued a video on Twitter showing what it said were war planes taking off as part of the intervention 8220On April 7 dozens of men women and children were massacred in Douma with the use of a chemical weapon in a total violation of international rules The red line established by France in May 2017 was crossed8221 Macron said in a statement He said the attack had been limited so far to Syria8217s chemical weapons facilities and said the facts and the responsibility of the Syrian regime were beyond doubt Macron who tweeted a picture of himself in a meeting room with military and diplomatic advisers said a debate about France8217s military involvement would take place in parliament The French air force has been active in Syria since 2015 to fight Islamic State Reporting by Geert De Clercq Writing by Matthias Blamont and Ingrid Melander Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles

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<p>Jan 23 (Reuters) - Chipmaker Texas Instruments Inc&#8217;s fourth-quarter profit slumped about 67 percent due to tax-related expenses resulting from new U.S. tax laws.</p> <p>The Dallas-based company said on Tuesday its net income fell to $344 million or 34 cents per share in the quarter ended Dec. 31, from $1.05 billion or $1.02 per share, a year earlier.</p> <p>Net revenue rose to $3.75 billion from $3.41 billion. (Reporting by Munsif Vengattil in Bengaluru; editing by Sai Sachin Ravikumar)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - U.S. stocks slumped on Thursday as President Donald Trump&#8217;s move to impose tariffs on up to $60 billion of Chinese imports drove fears about the impact on the global economy, fueling the biggest percentage declines in Wall Street&#8217;s three major indexes since they entered correction territory six weeks ago.</p> <p>Trump signed a presidential memorandum that will target the Chinese imports only after a consultation period. China will have space to respond, reducing the risk of immediate retaliation from Beijing.</p> <p>But after equities recovered somewhat from earlier lows, selling pressure resumed on Wall Street heading into the close as investors fretted over the potential scale of U.S tariffs and possible impact on global trade.</p> <p>&#8220;There&#8217;s too much negative sentiment right now,&#8221; said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston. &#8220;It&#8217;s possible that it will be rough sledding for a while. I don&#8217;t see anything on the horizon that will reassure people that things are just great.&#8221;</p> <p>Major industrials slumped. Plane maker Boeing Co lost 5.2 percent, Caterpillar Inc dropped 5.7 and 3M Co lost 4.7. The three were among the biggest drags on the Dow Jones Industrial Average. The S&amp;amp;P industrials sector plunged 3.28 percent.</p> <p>The Dow Jones Industrial Average fell 724.42 points, or 2.93 percent, to 23,957.89, the S&amp;amp;P 500 lost 68.24 points, or 2.52 percent, to 2,643.69, and the Nasdaq Composite dropped 178.61 points, or 2.43 percent, to 7,166.68.</p> <p>The losses marked the biggest daily percentage drop for each of the major indexes since Feb. 8, when the Dow and S&amp;amp;P confirmed a market correction from their Jan. 26 highs.</p> <p>Selling was broad, with only the defensive utilities 0.44on the plus side, up 0.44 percent, out of 11 major S&amp;amp;P sectors.</p> Specialist trader Meric Greenbaum works at his post on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. REUTERS/Brendan McDermid <p>The CBOE Volatility Index, the most widely followed barometer of expected near-term volatility in the S&amp;amp;P 500, finished up 5.48 points at 23.34, its highest close since Feb. 13.23.34</p> <p>U.S. treasury prices gained as investors sought out safe havens. Benchmark 10-year notes last rose 23/32 in price to yield 2.8244 percent, from 2.907 percent late on Wednesday.</p> <p>The drop in yields weighed on financial stocks, which were down 3.70 percent, making them the worst performing of the major sectors.</p> Slideshow (7 Images) <p>Another decline in shares of Facebook Inc, down 2.7 percent, continued to weigh on the broader market and the tech sector, the best performing S&amp;amp;P group for this year. The S&amp;amp;P technology index fell 2.69 percent on fears of greater regulation in the wake of the Facebook data leak.</p> <p>Facebook Chief Executive Mark Zuckerberg said he was open to additional government regulation and happy to testify before the U.S. Congress.</p> <p>AbbVie Inc tumbled 12.8 percent after the drugmaker said it would not seek accelerated approval for its experimental lung cancer treatment based on results from a mid-stage study.</p> Related Coverage <a href="/article/us-usa-stocks-futures/sp-500-futures-fall-after-trump-ousts-mcmaster-idUSKBN1GY3CG" type="external">S&amp;amp;P 500 futures fall after Trump ousts McMaster</a> <a href="/article/us-usa-stocks-analysts-instantview/instant-view-u-s-stocks-tumble-on-trade-worries-idUSKBN1GY2E9" type="external">Instant View: U.S. stocks tumble on trade worries</a> <p>Declining issues outnumbered advancing ones on the NYSE by a 4.51-to-1 ratio; on Nasdaq, a 4.09-to-1 ratio favored decliners.</p> <p>The S&amp;amp;P 500 posted three new 52-week highs and 19 new lows; the Nasdaq Composite recorded 36 new highs and 59 new lows.</p> <p>Volume on U.S. exchanges was 7.77 billion shares, compared to the 7.17 billion average for the full session over the last 20 trading days.</p> <p>Additional reporting by April Joyner; Editing by Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, has disposed his entire 11.8 percent stake in the firm for $2.1 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago.</p> <p>In an unexpected separate move, Macau casino operator Galaxy Entertainment said it has agreed to buy 5.3 million primary shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau.</p> <p>Galaxy is one of six licensed operators in the world&#8217;s largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts.</p> <p>The casino mogul&#8217;s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.</p> <p>Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.</p> <p>In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to &#8220;acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.&#8221;</p> <p>A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.</p> <p>Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core &#8220;operating philosophies and values.&#8221;</p> <p>The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.</p> <p>Wynn said two long-term institutional investors, currently holding stakes in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn also at $175 a share.</p> <p>A Thursday filing showed the embattled founder sold 4.1 million shares of Wynn Resorts at $180 per share - effectively exiting his entire 12.1 million shares, or 11.8 percent stake in the firm, for a total of $2.14 billion.</p> Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake WYNN IMPACT <p>Wynn, who started in Las Vegas casinos in the 1960s, created some of Las Vegas&#8217; most iconic landmarks &#8211; the Mirage, Bellagio and Treasure Island.</p> <p>He was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002.</p> An exterior view Wynn hotel-casino in Las Vegas, Nevada, U.S., February 7, 2018. REUTERS/Steve Marcus <p>The 76 year old businessman, whose signature denotes the company&#8217;s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos.</p> <p>Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong, said the implications of the Galaxy&#8217;s investment goes beyond what looks like a passive move at this stage.</p> <p>&#8220;Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia, with Japan being the critical development initiative.&#8221;</p> <p>Galaxy&#8217;s octogenarian founder Lui Che Woo, one of Asia&#8217;s wealthiest billionaires, has a net wealth of $22 billion according to Forbes. Lui who started his career in construction has grown his casino company into one of Macau&#8217;s biggest operators over the past decade.</p> <p>&#8220;There are other large gaming companies who do not have a presence in Macau, but who desperately want to be in Macau, and we would not be surprised to see them angling for a seat at the acquisition table too,&#8221; said Grant Govertsen, analyst at Union Gaming in Macau.</p> <p>While Galaxy has been primarily focused on Macau with its three casinos, it this week received a license to operate a roughly $500 million resort in Boracay, the Philippines most famous holiday island.</p> <p>Wynn, which operates a resort on Cotai and Macau&#8217;s main peninsula, focuses on premium and VIP customers, while Galaxy targets both the high end segment and the broader mass. Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit.</p> <p>Shares in Wynn Macau and Galaxy dropped 3.9 percent and 2.9 percent respectively on Friday against the benchmark Hang Seng Index which was down 3.1 percent.</p> <p>Reporting by Farah Master in Hong Kong and Philip George in Bengaluru; Editing by Shri Navaratnam</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - GlaxoSmithKline ( <a href="/finance/stocks/overview?symbol=GSK.L" type="external">GSK.L</a>) has quit the race to buy Pfizer&#8217;s ( <a href="/finance/stocks/overview?symbol=PFE.N" type="external">PFE.N</a>) consumer healthcare business, endangering an auction the U.S. drugmaker hoped would bring in as much as $20 billion.</p> <p>It was not immediately clear whether there were other offers for the business, which includes Advil painkillers and Centrum vitamins, following this week&#8217;s deadline for binding bids.</p> <p>GlaxoSmithKline (GSK), which announced its withdrawal on Friday, was seen as the frontrunner to buy the assets after Reckitt Benckiser ( <a href="/finance/stocks/overview?symbol=RB.L" type="external">RB.L</a>) left the race late on Wednesday. Johnson &amp;amp; Johnson ( <a href="/finance/stocks/overview?symbol=JNJ.N" type="external">JNJ.N</a>) stepped away from the auction in January.</p> <p>A source familiar with the matter said GSK declined to make a final bid for the assets in the end.</p> <p>&#8220;While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation,&#8221; GSK Chief Executive Emma Walmsley said in a statement.</p> <p>GSK shares rose nearly 4 percent, as investors&#8217; concerns about a potential dividend cut eased.</p> <p>Pfizer said on Friday it continued to evaluate potential alternatives for the business, which include a spin-off, sale or other transaction, as well as retaining it.</p> <p>&#8220;We have not yet made a decision, but continue to expect to make one in 2018,&#8221; a spokesman said.</p> <p>Sources familiar with the matter said on Thursday it was possible there were other bids. On Friday, a source said that if not, Pfizer could try to tap private equity funds.</p> <p>Pfizer is the world&#8217;s fifth-largest player in consumer health with 2.5 percent of a market bolstered by aging populations and growing interest in health and wellness.</p> <p>The business, which also includes Chapstick lip balm and Caltrate supplements, is seen as attractive but has come to market at a bad time. GSK and Reckitt are under shareholder pressure to exercise financial discipline, while other potential suitors, such as Bayer ( <a href="/finance/stocks/overview?symbol=BAYGn.DE" type="external">BAYGn.DE</a>) and Sanofi ( <a href="/finance/stocks/overview?symbol=SASY.PA" type="external">SASY.PA</a>) are busy with other projects.</p> FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York, U.S., April 28, 2014. REUTERS/Andrew Kelly/File Photo <p>What is more, the global consumer health market has slowed, from 4-6 percent like-for-like sales growth to 0-3 percent growth, Morgan Stanley analysts said in December. Major players in the over-the-counter market have been grappling with pricing pressure stoked by online players such as Amazon ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) and private label competitors.</p> <p>Pfizer&#8217;s hope of fetching around $20 billion translated to a multiple of about 20 times the unit&#8217;s core earnings, according to Bernstein analysts, in line with past deals in the sector during faster growing times.</p> <p>Differences in price expectations also hobbled German drugmaker Merck KGaA&#8217;s ( <a href="/finance/stocks/overview?symbol=MRCG.DE" type="external">MRCG.DE</a>) attempts to sell its consumer products unit, where a price tag of up to 4 billion euros ($5 billion) deterred initial suitors such as Nestle ( <a href="/finance/stocks/overview?symbol=NESN.S" type="external">NESN.S</a>), Perrigo ( <a href="/finance/stocks/overview?symbol=PRGO.N" type="external">PRGO.N</a>) and a private-equity consortium.</p> <a href="/finance/stocks/overview?symbol=GSK.L" type="external">GlaxoSmithKline PLC</a> 1315.6 GSK.L London Stock Exchange +41.80 (+3.28%) GSK.L PFE.N RB.L JNJ.N BAYGn.DE <p>Reckitt&#8217;s early interest in the Merck assets also waned as the Pfizer auction gained momentum.</p> SPLIT OPINION <p>Buying the Pfizer business would have been the boldest move to date for Walmsley, who took over at GSK last April. But the wisdom of a deal split opinion among investors, with some worried about the risk to the company&#8217;s dividend.</p> <p>Acquiring additional consumer health assets at a reasonable price could have been a fairly safe way to boost earnings, since scale is key in over-the-counter remedies, but it could have distracted from fixing GSK&#8217;s core pharma division.</p> <p>That is a particular headache for Walmsley - a consumer products veteran who worked for 17 years at L&#8217;Oreal ( <a href="/finance/stocks/overview?symbol=OREP.PA" type="external">OREP.PA</a>) - since she has her work cut out to persuade the market she is the right person to lead Britain&#8217;s top pharmaceuticals company.</p> <p>Last month, in a bid to reassure investors, she spelt out that her first priority was improving performance in prescription drugs, followed by dividend payments and only after that acquisitions.</p> <p>The overhaul of the drugs business, which has produced fewer blockbuster medicines than rivals in recent years, is underway in both the commercial and research fields.</p> <p>GSK runs its consumer healthcare business via a joint venture with Novartis ( <a href="/finance/stocks/overview?symbol=NOVN.S" type="external">NOVN.S</a>), which complicates any acquisitions. Novartis has the right to sell down its 36.5 percent stake, valued at around $10 billion, from this month, although it has previously indicated it is in no rush to do so.</p> <p>Additional reporting by Paul Sandle and Ben Hirschler; Editing by David Goodman and Mark Potter</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The U.S. Justice Department squared off on Thursday with AT&amp;amp;T Inc in a long anticipated trial, as the two sides disputed whether AT&amp;amp;T&#8217;s $85 billion purchase of Time Warner Inc would be good for consumers or an expensive drag on innovation.</p> <p>During opening statements, Justice Department lawyer Craig Conrath asked for the deal to be blocked, saying it would hike prices for consumers by more than $400 million annually, or an average of $0.45 a month for pay TV subscribers, by making rival pay TV companies pay more for Time Warner content.</p> <p>&#8220;Time Warner would be a weapon for AT&amp;amp;T because AT&amp;amp;T&#8217;s competitors need Time Warner,&#8221; Conrath told U.S. District Judge Richard Leon, who will decide the case after a trial expected to last six to eight weeks.</p> <p>Conrath also said AT&amp;amp;T would be able to use content from movie and TV show maker Time Warner, including its Turner unit, to slow innovation in online video.</p> <p>In opening remarks, Daniel Petrocelli, speaking for AT&amp;amp;T and Time Warner, ridiculed the Justice Department&#8217;s case and suggested the government was &#8220;fundamentally stuck in the past&#8221; with arguments that were &#8220;divorced from reality.&#8221;</p> <p>Petrocelli said the deal would actually lead to a 50-cent decrease in prices for pay TV subscribers, citing what he said were errors in a government expert&#8217;s model of how the transaction would impact future prices.</p> <p>The Justice Department, Petrocelli said, &#8220;cannot meet their burden of proof. They cannot prove that this would lessen competition.&#8221;</p> <p>The merger is about the companies trying to better compete with technology businesses like Alphabet Inc and Amazon.com Inc, Petrocelli said.</p> <p>The internet companies, including Netflix Inc, pose two challenges to pay TV. They either compete with cable and satellite television for ad dollars or provide cheaper online video that has hurt pricey pay-TV. Some do both.</p> <p>Petrocelli added that the combined company would be better at using customer data to target advertising. Companies like General Motors Co and Mastercard In will pay more for higher quality advertising and consumers will pay less, he said.</p> <p>The Justice Department filed suit in November to stop AT&amp;amp;T, which has some 25 million pay-TV subscribers, from closing the deal. AT&amp;amp;T says a merger would benefit consumers by creating efficiencies. AT&amp;amp;T is the biggest pay-TV provider via subsidiary DirecTV.</p> Time Warner CEO Jeff Bewkes arrives ahead of arguments in the trial to determine if AT&amp;amp;T's merger with Time Warner is legal under antitrust law at U.S. District Court in Washington, U.S., March 22, 2018. REUTERS/Aaron P. Bernstein <p>Conrath suggested that AT&amp;amp;T would be able to hike fees that Turner charges for its content by about 10 percent if the merger were approved and that the company could withhold content from rival distributors. He referenced an internal email from Turner executives that Dish Network Corp&#8217;s Sling service would be &#8220;crap&#8221; without Turner content, as he paraphrased the stronger language in the email.</p> <p>President Donald Trump publicly criticized the deal as a candidate and as president, and the Republican president often has excoriated Time Warner&#8217;s CNN news network.</p> <p>For its first witness, the Justice Department called Cox Communications content buyer Suzanne Fenwick, who described Time Warner&#8217;s movies, television shows and sports programming as &#8220;must-have content&#8221; for the cable TV provider.</p> <p>If the merger went through, she said, she feared the next negotiation. &#8220;We&#8217;re very concerned that we&#8217;re going to be presented with a horribly ugly deal,&#8221; she said.</p> Slideshow (4 Images) <p>Petrocelli, in response, pressed her in vain to show any analytics to prove that Cox needed Time Warner to prevent customers from moving to DirecTV. &#8220;You&#8217;ve never done a single bit of quantitative analysis,&#8221; he concluded.</p> GOVERNMENT LOSS MEANS MORE DEALS <p>If the government loses, that could open up the field for more tie-ups between distributors and content providers. But a win could strengthen the hand of antitrust regulators looking at other, similarly structured mergers.</p> <p>AT&amp;amp;T and Time Warner are not direct competitors, making the deal a so-called vertical merger between companies on the same supply chain. The vast majority of challenged mergers involve one rival buying another.</p> <p>The merger would hand AT&amp;amp;T, if it becomes the new owner of Time Warner, the motive and opportunity to refuse to license March Madness NCAA basketball tournament games, along with premium cable channel HBO and other content, to pay-TV rivals and online distributors, the Justice Department has said.</p> <p>Petrocelli had asked for access to communications between the White House and Justice Department about the deal, but the judge denied the request. Trump&#8217;s opposition to the merger did not come up during opening statements.</p> <p>If the government loses, Verizon Communications Inc and Charter Communications Inc could strike deals to buy movie or television makers and squeeze smaller pay-TV providers.</p> <p>AT&amp;amp;T has said the merger would result in more than $2.5 billion in annual cost savings by 2020.</p> <p>Reporting by Diane Bartz and David Shepardson in Washington; Editing by Will Dunham and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Texas Instruments' profit dips 67 pct on tax expense Stocks tumble to worst day in six weeks after Trump tariff action Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in GSK pulls out of $20 billion race for Pfizer consumer assets U.S. Justice Department urges judge to block AT&T-Time Warner merger

https://reuters.com/article/texas-instrument-results/texas-instruments-profit-dips-67-pct-on-tax-expense-idUSL4N1PI5R2

2018-01-23

2least

Jan 23 Reuters Chipmaker Texas Instruments Inc8217s fourthquarter profit slumped about 67 percent due to taxrelated expenses resulting from new US tax laws The Dallasbased company said on Tuesday its net income fell to 344 million or 34 cents per share in the quarter ended Dec 31 from 105 billion or 102 per share a year earlier Net revenue rose to 375 billion from 341 billion Reporting by Munsif Vengattil in Bengaluru editing by Sai Sachin Ravikumar Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters US stocks slumped on Thursday as President Donald Trump8217s move to impose tariffs on up to 60 billion of Chinese imports drove fears about the impact on the global economy fueling the biggest percentage declines in Wall Street8217s three major indexes since they entered correction territory six weeks ago Trump signed a presidential memorandum that will target the Chinese imports only after a consultation period China will have space to respond reducing the risk of immediate retaliation from Beijing But after equities recovered somewhat from earlier lows selling pressure resumed on Wall Street heading into the close as investors fretted over the potential scale of US tariffs and possible impact on global trade 8220There8217s too much negative sentiment right now8221 said John Carey portfolio manager at Amundi Pioneer Asset Management in Boston 8220It8217s possible that it will be rough sledding for a while I don8217t see anything on the horizon that will reassure people that things are just great8221 Major industrials slumped Plane maker Boeing Co lost 52 percent Caterpillar Inc dropped 57 and 3M Co lost 47 The three were among the biggest drags on the Dow Jones Industrial Average The SampampP industrials sector plunged 328 percent The Dow Jones Industrial Average fell 72442 points or 293 percent to 2395789 the SampampP 500 lost 6824 points or 252 percent to 264369 and the Nasdaq Composite dropped 17861 points or 243 percent to 716668 The losses marked the biggest daily percentage drop for each of the major indexes since Feb 8 when the Dow and SampampP confirmed a market correction from their Jan 26 highs Selling was broad with only the defensive utilities 044on the plus side up 044 percent out of 11 major SampampP sectors Specialist trader Meric Greenbaum works at his post on the floor of the New York Stock Exchange NYSE in New York US March 22 2018 REUTERSBrendan McDermid The CBOE Volatility Index the most widely followed barometer of expected nearterm volatility in the SampampP 500 finished up 548 points at 2334 its highest close since Feb 132334 US treasury prices gained as investors sought out safe havens Benchmark 10year notes last rose 2332 in price to yield 28244 percent from 2907 percent late on Wednesday The drop in yields weighed on financial stocks which were down 370 percent making them the worst performing of the major sectors Slideshow 7 Images Another decline in shares of Facebook Inc down 27 percent continued to weigh on the broader market and the tech sector the best performing SampampP group for this year The SampampP technology index fell 269 percent on fears of greater regulation in the wake of the Facebook data leak Facebook Chief Executive Mark Zuckerberg said he was open to additional government regulation and happy to testify before the US Congress AbbVie Inc tumbled 128 percent after the drugmaker said it would not seek accelerated approval for its experimental lung cancer treatment based on results from a midstage study Related Coverage SampampP 500 futures fall after Trump ousts McMaster Instant View US stocks tumble on trade worries Declining issues outnumbered advancing ones on the NYSE by a 451to1 ratio on Nasdaq a 409to1 ratio favored decliners The SampampP 500 posted three new 52week highs and 19 new lows the Nasdaq Composite recorded 36 new highs and 59 new lows Volume on US exchanges was 777 billion shares compared to the 717 billion average for the full session over the last 20 trading days Additional reporting by April Joyner Editing by Leslie Adler Our Standards The Thomson Reuters Trust Principles Reuters Steve Wynn the former chief executive of Wynn Resorts Ltd has disposed his entire 118 percent stake in the firm for 21 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago In an unexpected separate move Macau casino operator Galaxy Entertainment said it has agreed to buy 53 million primary shares of Wynn Resorts at 175 per share giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau Galaxy is one of six licensed operators in the world8217s largest gambling hub of Macau and competes with Wynn along with Sands China MGM China and Melco Resorts The casino mogul8217s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn who has a 926 percent stake had scrapped a shareholder agreement that prevented them from selling their stakes Steve Wynn resigned as CEO of the Las Vegasbased company last month following claims he subjected women who worked for him to unwanted advances He has denied the accusations In a joint statement by Galaxy and Wynn on Wednesday Galaxy Vice Chairman Francis Lui said it was a unique opportunity to 8220acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline8221 A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core 8220operating philosophies and values8221 The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation Wynn said two longterm institutional investors currently holding stakes in Wynn Resorts have agreed to purchase the remaining eight million shares held by Steve Wynn also at 175 a share A Thursday filing showed the embattled founder sold 41 million shares of Wynn Resorts at 180 per share effectively exiting his entire 121 million shares or 118 percent stake in the firm for a total of 214 billion Steve Wynn Chairman and CEO of Wynn Resorts speaks during the Milken Institute Global Conference in Beverly Hills California US May 3 2017 REUTERSMike Blake WYNN IMPACT Wynn who started in Las Vegas casinos in the 1960s created some of Las Vegas8217 most iconic landmarks 8211 the Mirage Bellagio and Treasure Island He was forced to sell his multibillion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000 Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his exwife in 2002 An exterior view Wynn hotelcasino in Las Vegas Nevada US February 7 2018 REUTERSSteve Marcus The 76 year old businessman whose signature denotes the company8217s logo had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos Vitaly Umansky analyst at Sanford C Bernstein in Hong Kong said the implications of the Galaxy8217s investment goes beyond what looks like a passive move at this stage 8220Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia with Japan being the critical development initiative8221 Galaxy8217s octogenarian founder Lui Che Woo one of Asia8217s wealthiest billionaires has a net wealth of 22 billion according to Forbes Lui who started his career in construction has grown his casino company into one of Macau8217s biggest operators over the past decade 8220There are other large gaming companies who do not have a presence in Macau but who desperately want to be in Macau and we would not be surprised to see them angling for a seat at the acquisition table too8221 said Grant Govertsen analyst at Union Gaming in Macau While Galaxy has been primarily focused on Macau with its three casinos it this week received a license to operate a roughly 500 million resort in Boracay the Philippines most famous holiday island Wynn which operates a resort on Cotai and Macau8217s main peninsula focuses on premium and VIP customers while Galaxy targets both the high end segment and the broader mass Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit Shares in Wynn Macau and Galaxy dropped 39 percent and 29 percent respectively on Friday against the benchmark Hang Seng Index which was down 31 percent Reporting by Farah Master in Hong Kong and Philip George in Bengaluru Editing by Shri Navaratnam Our Standards The Thomson Reuters Trust Principles LONDON Reuters GlaxoSmithKline GSKL has quit the race to buy Pfizer8217s PFEN consumer healthcare business endangering an auction the US drugmaker hoped would bring in as much as 20 billion It was not immediately clear whether there were other offers for the business which includes Advil painkillers and Centrum vitamins following this week8217s deadline for binding bids GlaxoSmithKline GSK which announced its withdrawal on Friday was seen as the frontrunner to buy the assets after Reckitt Benckiser RBL left the race late on Wednesday Johnson ampamp Johnson JNJN stepped away from the auction in January A source familiar with the matter said GSK declined to make a final bid for the assets in the end 8220While we will continue to review opportunities that may accelerate our strategy they must meet our criteria for returns and not compromise our priorities for capital allocation8221 GSK Chief Executive Emma Walmsley said in a statement GSK shares rose nearly 4 percent as investors8217 concerns about a potential dividend cut eased Pfizer said on Friday it continued to evaluate potential alternatives for the business which include a spinoff sale or other transaction as well as retaining it 8220We have not yet made a decision but continue to expect to make one in 20188221 a spokesman said Sources familiar with the matter said on Thursday it was possible there were other bids On Friday a source said that if not Pfizer could try to tap private equity funds Pfizer is the world8217s fifthlargest player in consumer health with 25 percent of a market bolstered by aging populations and growing interest in health and wellness The business which also includes Chapstick lip balm and Caltrate supplements is seen as attractive but has come to market at a bad time GSK and Reckitt are under shareholder pressure to exercise financial discipline while other potential suitors such as Bayer BAYGnDE and Sanofi SASYPA are busy with other projects FILE PHOTO The Pfizer logo is seen at their world headquarters in New York US April 28 2014 REUTERSAndrew KellyFile Photo What is more the global consumer health market has slowed from 46 percent likeforlike sales growth to 03 percent growth Morgan Stanley analysts said in December Major players in the overthecounter market have been grappling with pricing pressure stoked by online players such as Amazon AMZNO and private label competitors Pfizer8217s hope of fetching around 20 billion translated to a multiple of about 20 times the unit8217s core earnings according to Bernstein analysts in line with past deals in the sector during faster growing times Differences in price expectations also hobbled German drugmaker Merck KGaA8217s MRCGDE attempts to sell its consumer products unit where a price tag of up to 4 billion euros 5 billion deterred initial suitors such as Nestle NESNS Perrigo PRGON and a privateequity consortium GlaxoSmithKline PLC 13156 GSKL London Stock Exchange 4180 328 GSKL PFEN RBL JNJN BAYGnDE Reckitt8217s early interest in the Merck assets also waned as the Pfizer auction gained momentum SPLIT OPINION Buying the Pfizer business would have been the boldest move to date for Walmsley who took over at GSK last April But the wisdom of a deal split opinion among investors with some worried about the risk to the company8217s dividend Acquiring additional consumer health assets at a reasonable price could have been a fairly safe way to boost earnings since scale is key in overthecounter remedies but it could have distracted from fixing GSK8217s core pharma division That is a particular headache for Walmsley a consumer products veteran who worked for 17 years at L8217Oreal OREPPA since she has her work cut out to persuade the market she is the right person to lead Britain8217s top pharmaceuticals company Last month in a bid to reassure investors she spelt out that her first priority was improving performance in prescription drugs followed by dividend payments and only after that acquisitions The overhaul of the drugs business which has produced fewer blockbuster medicines than rivals in recent years is underway in both the commercial and research fields GSK runs its consumer healthcare business via a joint venture with Novartis NOVNS which complicates any acquisitions Novartis has the right to sell down its 365 percent stake valued at around 10 billion from this month although it has previously indicated it is in no rush to do so Additional reporting by Paul Sandle and Ben Hirschler Editing by David Goodman and Mark Potter Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The US Justice Department squared off on Thursday with ATampampT Inc in a long anticipated trial as the two sides disputed whether ATampampT8217s 85 billion purchase of Time Warner Inc would be good for consumers or an expensive drag on innovation During opening statements Justice Department lawyer Craig Conrath asked for the deal to be blocked saying it would hike prices for consumers by more than 400 million annually or an average of 045 a month for pay TV subscribers by making rival pay TV companies pay more for Time Warner content 8220Time Warner would be a weapon for ATampampT because ATampampT8217s competitors need Time Warner8221 Conrath told US District Judge Richard Leon who will decide the case after a trial expected to last six to eight weeks Conrath also said ATampampT would be able to use content from movie and TV show maker Time Warner including its Turner unit to slow innovation in online video In opening remarks Daniel Petrocelli speaking for ATampampT and Time Warner ridiculed the Justice Department8217s case and suggested the government was 8220fundamentally stuck in the past8221 with arguments that were 8220divorced from reality8221 Petrocelli said the deal would actually lead to a 50cent decrease in prices for pay TV subscribers citing what he said were errors in a government expert8217s model of how the transaction would impact future prices The Justice Department Petrocelli said 8220cannot meet their burden of proof They cannot prove that this would lessen competition8221 The merger is about the companies trying to better compete with technology businesses like Alphabet Inc and Amazoncom Inc Petrocelli said The internet companies including Netflix Inc pose two challenges to pay TV They either compete with cable and satellite television for ad dollars or provide cheaper online video that has hurt pricey payTV Some do both Petrocelli added that the combined company would be better at using customer data to target advertising Companies like General Motors Co and Mastercard In will pay more for higher quality advertising and consumers will pay less he said The Justice Department filed suit in November to stop ATampampT which has some 25 million payTV subscribers from closing the deal ATampampT says a merger would benefit consumers by creating efficiencies ATampampT is the biggest payTV provider via subsidiary DirecTV Time Warner CEO Jeff Bewkes arrives ahead of arguments in the trial to determine if ATampampTs merger with Time Warner is legal under antitrust law at US District Court in Washington US March 22 2018 REUTERSAaron P Bernstein Conrath suggested that ATampampT would be able to hike fees that Turner charges for its content by about 10 percent if the merger were approved and that the company could withhold content from rival distributors He referenced an internal email from Turner executives that Dish Network Corp8217s Sling service would be 8220crap8221 without Turner content as he paraphrased the stronger language in the email President Donald Trump publicly criticized the deal as a candidate and as president and the Republican president often has excoriated Time Warner8217s CNN news network For its first witness the Justice Department called Cox Communications content buyer Suzanne Fenwick who described Time Warner8217s movies television shows and sports programming as 8220musthave content8221 for the cable TV provider If the merger went through she said she feared the next negotiation 8220We8217re very concerned that we8217re going to be presented with a horribly ugly deal8221 she said Slideshow 4 Images Petrocelli in response pressed her in vain to show any analytics to prove that Cox needed Time Warner to prevent customers from moving to DirecTV 8220You8217ve never done a single bit of quantitative analysis8221 he concluded GOVERNMENT LOSS MEANS MORE DEALS If the government loses that could open up the field for more tieups between distributors and content providers But a win could strengthen the hand of antitrust regulators looking at other similarly structured mergers ATampampT and Time Warner are not direct competitors making the deal a socalled vertical merger between companies on the same supply chain The vast majority of challenged mergers involve one rival buying another The merger would hand ATampampT if it becomes the new owner of Time Warner the motive and opportunity to refuse to license March Madness NCAA basketball tournament games along with premium cable channel HBO and other content to payTV rivals and online distributors the Justice Department has said Petrocelli had asked for access to communications between the White House and Justice Department about the deal but the judge denied the request Trump8217s opposition to the merger did not come up during opening statements If the government loses Verizon Communications Inc and Charter Communications Inc could strike deals to buy movie or television makers and squeeze smaller payTV providers ATampampT has said the merger would result in more than 25 billion in annual cost savings by 2020 Reporting by Diane Bartz and David Shepardson in Washington Editing by Will Dunham and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles

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<p>Following up on a listener question. we look into rumors that Mentor Graphics (NASDAQ: MENT), a company that supplies tools used by semiconductor manufacturers, is considering selling itself -- in part due to the influence of activist hedge fund Elliot Management.</p> <p>In this week's <a href="http://www.fool.com/podcasts/industry-focus?&amp;amp;utm_campaign=article&amp;amp;utm_medium=feed&amp;amp;utm_source=foxbusiness" type="external">Industry Focus: Tech Opens a New Window.</a>, analyst Dylan Lewis and contributor Evan Niu explain what activist investors do and, from a retail investor's perspective, the pros and cons of activist interest in a company. Then, they discuss how activist investor Carl Icahn helped spur some big changes at Apple(NASDAQ: AAPL), how Mentor Graphics' activist story will likely play out, and whether Mentor shareholders should be worried about a potential sale.</p> <p>Continue Reading Below</p> <p>A full transcript follows the video.</p> <p>A secret billion-dollar stock opportunity The world's biggest tech company forgot to show you something, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering their brand-new gadgets and the coming revolution in technology. And we think its stock price has nearly unlimited room to run for early in-the-know investors! To be one of them, <a href="http://www.fool.com/mms/mark/ecap-foolcom-apple-wearable?aid=6965&amp;amp;source=irbeditxt0000017&amp;amp;ftm_cam=rb-wearable-d&amp;amp;ftm_pit=2668&amp;amp;ftm_veh=article_pitch&amp;amp;utm_campaign=article&amp;amp;utm_medium=feed&amp;amp;utm_source=foxbusiness" type="external">just click here Opens a New Window.</a>.</p> <p>This podcast was recorded on Oct. 21, 2016.</p> <p>Dylan Lewis:This episode of Industry Focus is brought to you by Rocket Mortgage by Quicken Loans.Rocket Mortgagebrings the mortgage process into the 21st century with a fast,easy, and completely online process. Check out Rocket Mortgage today at <a href="http://www.quickenloans.com/fool" type="external">QuickenLoans.com/fool Opens a New Window.</a>.</p> <p>Advertisement</p> <p>Welcome to Industry Focus, the podcast the dives into a different sector of the stock market every day. It's Friday, Oct. 21, and we're talking about activist investors. I'm your host, Dylan Lewis, and I'm joined in the studio -- for once --by Fool.com senior tech specialist, Evan Niu. Evan, how's it going?</p> <p>Evan Niu: It'sgood to be in town.</p> <p>Lewis:It'scool to have you here. So, pretty much every year,we do a writers conference for our Fool.comcontributors. Rather than be Skyping with Evan,I have the pleasure of having him next to me in the studio. Hopefully we'll be able to pick up on ournonverbal cues,maybe not cut each other offlike we do occasionally when we're Skypingeach other.So, I mentioned in the beginning, we're doing a show on activist investors. Really, this started with an email fromone of our listeners. Earlier this week, I heard from Mark S. He asked, "Recently,there have been some rumors thatMentor Graphics may be looking to be acquired. Thecompany is a major supplier of CADtools that are used by integrated circuit designers, andas such are a crucial supplier for all the semiconductor companies. ShouldI as an investor or user beconcerned about their looking around?"</p> <p>Prior togetting back to Mark, I did a little homeworkto see what some of the circumstances surrounding that sale were. There was aFortune articleposted a few days ago. "Mentor Graphics company, a company thatmakes software for designing semiconductors,is working withBank of Americato explore strategic alternatives,including a potential sale,according to people familiar with the matter. Mentor has beenunder pressure since activisthedge fundElliott Management Corp reported an 8% stake in the company last monthand said shares were deeply undervalued." That seemed like a good point tolaunch into a discussion about how investors should feelwhen activists get involvedin a company that they're invested in.</p> <p>I think,before we get too far into this conversation,let's just take a look at what an activist investor is. Evan, what do you have?</p> <p>Niu: They'reusually just in it for the money. Activist investors basically pick up a bunch of shares,enough to get a pretty meaningful stake in the company,to the point where they can get board seats,they can get the ear of management,they can actually really get in there and try to have some influencebecause they have that big stake in the company. Certainly, it's easier to do thisfor a smaller company, becauseit doesn't take as much money to buy a big stake. If you want to buy 10% of a giant company versus a small cap,I think it's a little more reasonable for the small cap. In this case, I'm not too familiar with Mentorspecifically, but I know they're pretty small.</p> <p>Lewis:They're a $3 billion company.</p> <p>Niu: Right. So,it's not too hard for an activist investor,if they think that shares are undervalued, they can pick up a pretty sizable stakefor not too much money and try to make some change,make some money.</p> <p>Lewis:Andwhat are we typically talking aboutwhen we say changes? You see the term"strategic alternatives"thrown around a lotin those types of press releases.</p> <p>Niu: Usually,they just want to maximizethe value. That can take a couple of forms,like actual changes to the business,if they think there are problems with the way the company is run. If they think there's problems with management, sometimes they'll try to oust management and getbetter people in to run the company. Other times,they might have better input oncapital structure. Big investors tend to think more about -- at the Fool,we always talk about how you have to distinguishbetween investing in the company and the business of the company. There's two aspects of it. Andmanagement is mostly focused on the business,whereas investors are more focused oninvesting financials. Of course,all companies try to look at both. But some companies aren'treally good at looking at the financially deep stuff,for things like capital structure, capital allocation. So in some cases,where management isn't as good atfocusing on those things,I think activist investors canreally help in that sense.</p> <p>Lewis:Yeah,add some value, bring in some of that morefinancial expertise. Some of the other things you might see activist investors push for,we talked about capital allocation, something they need, buybacks, dividends realm,maybe spinning off specific segments, trying to drive value there. But really, at its core, activist investors see a company thatisn't being properly valued, and thinkthat they have a way to boost the value throughsome sort of strategic action.</p> <p>Wetalked about this a little bit, but Mentor is not a company that either of us cover all that much. In some ways, it's kind of a niche within a niche, as asemiconductor supplier. So,as we talked about this company, we're going to be looking more broad stroke at theirsituation, and less specific to their financials. Standard caveats here that this is notpersonalized financial advice for Mark. But,because they're shopping around,and it's really at the behest of activist investors,I don't see that as a huge problem. It's not the same way thatTwitterisshopping itself around,kind of desperate for dancing partner. This is something that we see,and it's fairly commonwith activist investors.</p> <p>Looking atwhat's been going on with Mentorover the past couple years, theirvaluation right now is a $3 billion company. That puts thempretty much at the height of where they've beenover the last five years. Youthink about these newshareholders with a huge stake in the company,and people who may have owned shares for quite some time, theirinterests are going to be fairly alignedwhen it comes to avaluation if there is a sale.I think the worry with these types of situations is, maybe you bought at highs a year and a half ago, and due to whatever, poor guidance -- which did happen in Mentor Graphics' case -- there was a big sell-off in late 2015, but they have since recovered. But, theseactivists getting in ata much lower valuationand then being willing to take, say, a30% premium that undercuts your costbasis and doesn't let yourthesis play out on the stock.</p> <p>Niu: Younever get to break even.</p> <p>Lewis:Yeah,you never hit that point where, maybe you have something that's more of a three- to five-year horizon onwhatever you're looking to see from the business, andactivist investors, on the flip side, might say --</p> <p>Niu: "We want to cash out."</p> <p>Lewis:"Wewant to cash out in six months, or a year." And then,you might not get to see that come to fruition. So that's something to be mindful of. I do think, because that's the case here with Mentor, as an investor, and my advice to Mark assomething to watch would be, beless mindful ofwhat's going on on the sale side, and paycloser attention to anything managementmight push in terms of capital allocation,or what to do with specific business units. If they'relooking to hold this, that's the thing that'sgoing to be most disruptive to the thesis and the business that you originally had when you bought shares.</p> <p>Niu: Yeah.I think, certainly,if an activist investor is pushing for sale of a company,it's really hard to say, "That'snot in line with my interests,"because obviously, the stock will go up. But it depends onwhat the activist investor wants. There's lots of different things they could want, their goal could be a wide range of things. But, in this case, if it's justpushing for an outright sale, given that the stock is at five-year highs,I don't think many investors are going to be upset about it,having someone on their sidethat can get more value out of it.</p> <p>Lewis:Yeah. The gains might be less thanwhat they would have been had you letthe company play out over that five-yearhorizon, but I don't thinkthere are going to be a lot of people who wind up getting kneecapped on their position because of that.</p> <p>Inthe second half of the show, we're going to talk about more of the pros and cons, maybe talk about a high-profile example or two of some activist investors. But, before we do, this episode of Industry Focus is broughtto you by Rocket Mortgage by Quicken Loans. If you've ever bought a home, you know howfrustrating and time-consuming getting a mortgage can be.Rocket Mortgage brings the mortgage approval process into the 21st century by takingall the complicated, time-consuming parts of applying for a mortgage out of the equation. With Rocket Mortgage you can easily share your bank statements and pay stubs at the touch of a button, helping you get approved in minutes for a custom mortgage solution that's been tailored to your unique financial situation.Even better, with Rocket Mortgage you can do it all online with your phone or tablet.If you're looking to refinance your mortgage or buy a home, check out Rocket Mortgage today at <a href="http://www.quickenloans.com/fool" type="external">quickenloans.com/fool Opens a New Window.</a>, Equal Housing lender licensed in all 50 states, NMLS consumeraccess.org number 3030.</p> <p>Evan,back to the second half of the show, we talkedabout some of the pros and cons. We touched on ita little bit in the first half. Activist investors get kind of a bad rep. Do you want to maybe play devil's advocate and provide some pros here?</p> <p>Niu: What we touched on earlier, I think the big piece is,activist investors spend all day thinking aboutinvesting, and the deep financing of it,whereas management spends all day thinking abouthow to run the business operationally, andactually growing the business in whateverthe company does. To the extent thatthe investor knows more about some of the financial aspects,it can really bring a lot to the tablein terms of, if there's something that needs to be improved, if you have too much debtand they're pushing for you to pay down your debt,all these different things wherea company CFO generally handles those kind of decisions. Depending on the CFO andhow experienced they areand how cognizant they are -- because,companies have a wide range of how much they value their investors. A lot of companies really value their investors, they really value their input, they really want to deliver return. Other companies don't care as muchbecause there's so many stakeholdersin any company --</p> <p>Lewis: Yeah,you have investors, you have consumers, you have employees.</p> <p>Niu: And management, and the board. You have all these people. And,of course, every company is differentin terms of how they view and value each of these stakeholders. And,obviously, there any companies that are very bad about respecting theirshareholders. They just kind of do what they want,or they enrich themselves. There'splenty of cases of companies that don't really treatinvestors with a lot of respect,generally speaking. So if you get an activist investor that gets in there, itkind of forces them to respectthe shareholder base, in some ways.</p> <p>Lewis: Yeah. To bring it back to the idea of,how should shareholders feel if they see this going onin a company that their invested in,I think the hypothetical where you're happyabout an activist investor hopping in is,maybe you love the core business and the market that it reaches,and some of the growth potential there,but you see management really mishandling thingson the financial side.</p> <p>Niu: Exactly. And,it's hard to know when that's happening, butif an activist comes in there --even though it can be distractingfor management to have to deal withspending a lot of time catering towhatever this person wants and needs --most of the time, I think they do want to be helpful. Particularly from theperspective of a public investor,most of the time I think it's probably OK. They'retrying to help shareholders, in general.</p> <p>Lewis: Yeah,it might just be that their horizon is a little bit different.I think "distraction" cues us up perfectly for a discussion on some cons for activist investors. Whenyou said distraction, the first thing that came to mind for me wasCarl Icahn andApple. Itseemed like, when he had a stake in that company,every two months we were saying a new valuation.</p> <p>Niu: And a new letter.</p> <p>Lewis: "I think shares are worth $900!" It was just every day in the news,that's what they were talking about. That becomes kind of a nuisance for management.</p> <p>Niu: It is. I think, in Icahn's case,he's kind of a ruthless activist investor. He had a big position, and of course, a big position in Apple means 2-3% of the company.</p> <p>Lewis: Yeah,I think he was just under 1%.</p> <p>Niu: Yeah, it's single digits. There'sno way that anyone is buying 10% of Apple.</p> <p>Lewis: Which is tens of billions of dollars, for that position.</p> <p>Niu: Yeah,no one has the money for that. I think, in Apple's case,the specific thing that he was gunning after, which was this really big push for capital returns --</p> <p>Lewis: Via buybacks.</p> <p>Niu: Right,buybacks and dividends.I think that was a very valid cause,because Apple had been getting criticized for yearsabout that. Their cash position had grownridiculously large,unjustifiably. You can't justify having that much cash. Again,as a public investor, you're just sitting there, and you're like, "Guys,come on, you have way too much cash." But a public investor can't do anything about it. That's not to say that Apple doesn't know better. I think Apple was justbeing stingy at the time, choosing to do that. They had already started a buyback program, but Icahn came in here andreally pushed them to make it biggerandreally meaningful. Of course, they didn'tlisten to exactly what he said. But I think he was successful atgetting them to increase it,in which case, it's definitely a good thing for investors, because otherwise, investors have no recourseto get Apple to start giving backall this money that's just idly on the balance sheetdoing nothing, earning really crappy returns.</p> <p>Lewis: Andhis pitch was basically, "Shares arecriminally undervaluedand you have all this cash. You should be buying back shares."I think the number that he threw out there was a $150 billionshare repurchase program.</p> <p>Niu: Something like that.</p> <p>Lewis: We've seen,in the last couple years,I think he began his position in 2013 and exited in 2015, he had about a two-year holding period. During that time, we saw thecompany acquiesce to that a little bit, and decide, "We'regoing to be buying back shares at a pretty significant clip." Itobviously wasn't to the extreme that he'd been hoping for.</p> <p>Niu: I think,right now, they have bought back about $120 billion, so far, total. Whichis a pretty crazy numberin itself. That's a megacap company. They just bought back a megacap company. But, I think,in the example of this cash thing specifically,having too much cash really does affectsome of your financial metrics, too. Think about,for example, return on assets. If you have all this cash justsitting out there, and your asset number is humongous --</p> <p>Lewis: Andyou're not returning anything on that.Niu: Right, andyou're not giving back to shareholders, then your net income ratio to your assets is now smaller. So, your return on assets, return on equity,all these important financial metrics thatinvestors look at to judge theperformance of the company are now being artificially deflatedbecause you have a ridiculous amount of cash, and that cash is not doing anything. So, there are a lot ofmeaningful ways this impacts things. Beyond,when they start to buy back,then you get earnings creation. I think he did a good job in terms of really getting them to do something that needed to be done that was holding them back.</p> <p>Lewis: Anything else on the con sidewhen it comes to activist investors?</p> <p>Niu: I think we covered it.</p> <p>Lewis: Well, listeners, that sounds like it does it for this episode of Industry Focus. If you have any questions, or just want to reach out and say, "Hey," you can shoot us an email at <a href="http://mailto:industryfocus@fool.com" type="external">industryfocus@fool.com Opens a New Window.</a>. You can always tweet us @MFIndustryFocus. If you'relooking for more of our stuff, subscribe on iTunes or check out the Fool's family of shows at fool.com/podcast. As always, people on the program may have own companies discussed on the show, and The Motley Fool may have formal recommendations for or against stocks mentioned, so don't buy or sell anything based solely on what you hear. For Evan Niu, I'm Dylan Lewis, thanks for listening and Fool on!</p> <p><a href="http://my.fool.com/profile/TMFlewis/info.aspx" type="external">Dylan Lewis Opens a New Window.</a> owns shares of Apple. <a href="http://my.fool.com/profile/TMFNewCow/info.aspx" type="external">Evan Niu, CFA Opens a New Window.</a> owns shares of Apple. The Motley Fool owns shares of and recommends Apple and Twitter. The Motley Fool has the following options: long January 2018 $90 calls on Apple and short January 2018 $95 calls on Apple. The Motley Fool recommends Bank of America. Try any of our Foolish newsletter services <a href="http://www.fool.com/shop/newsletters/index.aspx?source=isiedilnk018048&amp;amp;utm_campaign=article&amp;amp;utm_medium=feed&amp;amp;utm_source=foxbusiness" type="external">free for 30 days Opens a New Window.</a>. We Fools may not all hold the same opinions, but we all believe that <a href="http://www.fool.com/knowledge-center/motley.aspx?&amp;amp;utm_campaign=article&amp;amp;utm_medium=feed&amp;amp;utm_source=foxbusiness" type="external">considering a diverse range of insights Opens a New Window.</a> makes us better investors. The Motley Fool has a <a href="http://www.fool.com/Legal/fool-disclosure-policy.aspx?&amp;amp;utm_campaign=article&amp;amp;utm_medium=feed&amp;amp;utm_source=foxbusiness" type="external">disclosure policy Opens a New Window.</a>.</p>

How to Think About Activist Investors

http://foxbusiness.com/markets/2016/10/28/how-to-think-about-activist-investors.html

2016-10-28

0right

Following up on a listener question we look into rumors that Mentor Graphics NASDAQ MENT a company that supplies tools used by semiconductor manufacturers is considering selling itself in part due to the influence of activist hedge fund Elliot Management In this weeks Industry Focus Tech Opens a New Window analyst Dylan Lewis and contributor Evan Niu explain what activist investors do and from a retail investors perspective the pros and cons of activist interest in a company Then they discuss how activist investor Carl Icahn helped spur some big changes at AppleNASDAQ AAPL how Mentor Graphics activist story will likely play out and whether Mentor shareholders should be worried about a potential sale Continue Reading Below A full transcript follows the video A secret billiondollar stock opportunity The worlds biggest tech company forgot to show you something but a few Wall Street analysts and the Fool didnt miss a beat Theres a small company thats powering their brandnew gadgets and the coming revolution in technology And we think its stock price has nearly unlimited room to run for early intheknow investors To be one of them just click here Opens a New Window This podcast was recorded on Oct 21 2016 Dylan LewisThis episode of Industry Focus is brought to you by Rocket Mortgage by Quicken LoansRocket Mortgagebrings the mortgage process into the 21st century with a fasteasy and completely online process Check out Rocket Mortgage today at QuickenLoanscomfool Opens a New Window Advertisement Welcome to Industry Focus the podcast the dives into a different sector of the stock market every day Its Friday Oct 21 and were talking about activist investors Im your host Dylan Lewis and Im joined in the studio for once by Foolcom senior tech specialist Evan Niu Evan hows it going Evan Niu Itsgood to be in town LewisItscool to have you here So pretty much every yearwe do a writers conference for our Foolcomcontributors Rather than be Skyping with EvanI have the pleasure of having him next to me in the studio Hopefully well be able to pick up on ournonverbal cuesmaybe not cut each other offlike we do occasionally when were Skypingeach otherSo I mentioned in the beginning were doing a show on activist investors Really this started with an email fromone of our listeners Earlier this week I heard from Mark S He asked Recentlythere have been some rumors thatMentor Graphics may be looking to be acquired Thecompany is a major supplier of CADtools that are used by integrated circuit designers andas such are a crucial supplier for all the semiconductor companies ShouldI as an investor or user beconcerned about their looking around Prior togetting back to Mark I did a little homeworkto see what some of the circumstances surrounding that sale were There was aFortune articleposted a few days ago Mentor Graphics company a company thatmakes software for designing semiconductorsis working withBank of Americato explore strategic alternativesincluding a potential saleaccording to people familiar with the matter Mentor has beenunder pressure since activisthedge fundElliott Management Corp reported an 8 stake in the company last monthand said shares were deeply undervalued That seemed like a good point tolaunch into a discussion about how investors should feelwhen activists get involvedin a company that theyre invested in I thinkbefore we get too far into this conversationlets just take a look at what an activist investor is Evan what do you have Niu Theyreusually just in it for the money Activist investors basically pick up a bunch of sharesenough to get a pretty meaningful stake in the companyto the point where they can get board seatsthey can get the ear of managementthey can actually really get in there and try to have some influencebecause they have that big stake in the company Certainly its easier to do thisfor a smaller company becauseit doesnt take as much money to buy a big stake If you want to buy 10 of a giant company versus a small capI think its a little more reasonable for the small cap In this case Im not too familiar with Mentorspecifically but I know theyre pretty small LewisTheyre a 3 billion company Niu Right Soits not too hard for an activist investorif they think that shares are undervalued they can pick up a pretty sizable stakefor not too much money and try to make some changemake some money LewisAndwhat are we typically talking aboutwhen we say changes You see the termstrategic alternativesthrown around a lotin those types of press releases Niu Usuallythey just want to maximizethe value That can take a couple of formslike actual changes to the businessif they think there are problems with the way the company is run If they think theres problems with management sometimes theyll try to oust management and getbetter people in to run the company Other timesthey might have better input oncapital structure Big investors tend to think more about at the Foolwe always talk about how you have to distinguishbetween investing in the company and the business of the company Theres two aspects of it Andmanagement is mostly focused on the businesswhereas investors are more focused oninvesting financials Of courseall companies try to look at both But some companies arentreally good at looking at the financially deep stufffor things like capital structure capital allocation So in some caseswhere management isnt as good atfocusing on those thingsI think activist investors canreally help in that sense LewisYeahadd some value bring in some of that morefinancial expertise Some of the other things you might see activist investors push forwe talked about capital allocation something they need buybacks dividends realmmaybe spinning off specific segments trying to drive value there But really at its core activist investors see a company thatisnt being properly valued and thinkthat they have a way to boost the value throughsome sort of strategic action Wetalked about this a little bit but Mentor is not a company that either of us cover all that much In some ways its kind of a niche within a niche as asemiconductor supplier Soas we talked about this company were going to be looking more broad stroke at theirsituation and less specific to their financials Standard caveats here that this is notpersonalized financial advice for Mark Butbecause theyre shopping aroundand its really at the behest of activist investorsI dont see that as a huge problem Its not the same way thatTwitterisshopping itself aroundkind of desperate for dancing partner This is something that we seeand its fairly commonwith activist investors Looking atwhats been going on with Mentorover the past couple years theirvaluation right now is a 3 billion company That puts thempretty much at the height of where theyve beenover the last five years Youthink about these newshareholders with a huge stake in the companyand people who may have owned shares for quite some time theirinterests are going to be fairly alignedwhen it comes to avaluation if there is a saleI think the worry with these types of situations is maybe you bought at highs a year and a half ago and due to whatever poor guidance which did happen in Mentor Graphics case there was a big selloff in late 2015 but they have since recovered But theseactivists getting in ata much lower valuationand then being willing to take say a30 premium that undercuts your costbasis and doesnt let yourthesis play out on the stock Niu Younever get to break even LewisYeahyou never hit that point where maybe you have something thats more of a three to fiveyear horizon onwhatever youre looking to see from the business andactivist investors on the flip side might say Niu We want to cash out LewisWewant to cash out in six months or a year And thenyou might not get to see that come to fruition So thats something to be mindful of I do think because thats the case here with Mentor as an investor and my advice to Mark assomething to watch would be beless mindful ofwhats going on on the sale side and paycloser attention to anything managementmight push in terms of capital allocationor what to do with specific business units If theyrelooking to hold this thats the thing thatsgoing to be most disruptive to the thesis and the business that you originally had when you bought shares Niu YeahI think certainlyif an activist investor is pushing for sale of a companyits really hard to say Thatsnot in line with my interestsbecause obviously the stock will go up But it depends onwhat the activist investor wants Theres lots of different things they could want their goal could be a wide range of things But in this case if its justpushing for an outright sale given that the stock is at fiveyear highsI dont think many investors are going to be upset about ithaving someone on their sidethat can get more value out of it LewisYeah The gains might be less thanwhat they would have been had you letthe company play out over that fiveyearhorizon but I dont thinkthere are going to be a lot of people who wind up getting kneecapped on their position because of that Inthe second half of the show were going to talk about more of the pros and cons maybe talk about a highprofile example or two of some activist investors But before we do this episode of Industry Focus is broughtto you by Rocket Mortgage by Quicken Loans If youve ever bought a home you know howfrustrating and timeconsuming getting a mortgage can beRocket Mortgage brings the mortgage approval process into the 21st century by takingall the complicated timeconsuming parts of applying for a mortgage out of the equation With Rocket Mortgage you can easily share your bank statements and pay stubs at the touch of a button helping you get approved in minutes for a custom mortgage solution thats been tailored to your unique financial situationEven better with Rocket Mortgage you can do it all online with your phone or tabletIf youre looking to refinance your mortgage or buy a home check out Rocket Mortgage today at quickenloanscomfool Opens a New Window Equal Housing lender licensed in all 50 states NMLS consumeraccessorg number 3030 Evanback to the second half of the show we talkedabout some of the pros and cons We touched on ita little bit in the first half Activist investors get kind of a bad rep Do you want to maybe play devils advocate and provide some pros here Niu What we touched on earlier I think the big piece isactivist investors spend all day thinking aboutinvesting and the deep financing of itwhereas management spends all day thinking abouthow to run the business operationally andactually growing the business in whateverthe company does To the extent thatthe investor knows more about some of the financial aspectsit can really bring a lot to the tablein terms of if theres something that needs to be improved if you have too much debtand theyre pushing for you to pay down your debtall these different things wherea company CFO generally handles those kind of decisions Depending on the CFO andhow experienced they areand how cognizant they are becausecompanies have a wide range of how much they value their investors A lot of companies really value their investors they really value their input they really want to deliver return Other companies dont care as muchbecause theres so many stakeholdersin any company Lewis Yeahyou have investors you have consumers you have employees Niu And management and the board You have all these people Andof course every company is differentin terms of how they view and value each of these stakeholders Andobviously there any companies that are very bad about respecting theirshareholders They just kind of do what they wantor they enrich themselves Theresplenty of cases of companies that dont really treatinvestors with a lot of respectgenerally speaking So if you get an activist investor that gets in there itkind of forces them to respectthe shareholder base in some ways Lewis Yeah To bring it back to the idea ofhow should shareholders feel if they see this going onin a company that their invested inI think the hypothetical where youre happyabout an activist investor hopping in ismaybe you love the core business and the market that it reachesand some of the growth potential therebut you see management really mishandling thingson the financial side Niu Exactly Andits hard to know when thats happening butif an activist comes in there even though it can be distractingfor management to have to deal withspending a lot of time catering towhatever this person wants and needs most of the time I think they do want to be helpful Particularly from theperspective of a public investormost of the time I think its probably OK Theyretrying to help shareholders in general Lewis Yeahit might just be that their horizon is a little bit differentI think distraction cues us up perfectly for a discussion on some cons for activist investors Whenyou said distraction the first thing that came to mind for me wasCarl Icahn andApple Itseemed like when he had a stake in that companyevery two months we were saying a new valuation Niu And a new letter Lewis I think shares are worth 900 It was just every day in the newsthats what they were talking about That becomes kind of a nuisance for management Niu It is I think in Icahns casehes kind of a ruthless activist investor He had a big position and of course a big position in Apple means 23 of the company Lewis YeahI think he was just under 1 Niu Yeah its single digits Theresno way that anyone is buying 10 of Apple Lewis Which is tens of billions of dollars for that position Niu Yeahno one has the money for that I think in Apples casethe specific thing that he was gunning after which was this really big push for capital returns Lewis Via buybacks Niu Rightbuybacks and dividendsI think that was a very valid causebecause Apple had been getting criticized for yearsabout that Their cash position had grownridiculously largeunjustifiably You cant justify having that much cash Againas a public investor youre just sitting there and youre like Guyscome on you have way too much cash But a public investor cant do anything about it Thats not to say that Apple doesnt know better I think Apple was justbeing stingy at the time choosing to do that They had already started a buyback program but Icahn came in here andreally pushed them to make it biggerandreally meaningful Of course they didntlisten to exactly what he said But I think he was successful atgetting them to increase itin which case its definitely a good thing for investors because otherwise investors have no recourseto get Apple to start giving backall this money thats just idly on the balance sheetdoing nothing earning really crappy returns Lewis Andhis pitch was basically Shares arecriminally undervaluedand you have all this cash You should be buying back sharesI think the number that he threw out there was a 150 billionshare repurchase program Niu Something like that Lewis Weve seenin the last couple yearsI think he began his position in 2013 and exited in 2015 he had about a twoyear holding period During that time we saw thecompany acquiesce to that a little bit and decide Weregoing to be buying back shares at a pretty significant clip Itobviously wasnt to the extreme that hed been hoping for Niu I thinkright now they have bought back about 120 billion so far total Whichis a pretty crazy numberin itself Thats a megacap company They just bought back a megacap company But I thinkin the example of this cash thing specificallyhaving too much cash really does affectsome of your financial metrics too Think aboutfor example return on assets If you have all this cash justsitting out there and your asset number is humongous Lewis Andyoure not returning anything on thatNiu Right andyoure not giving back to shareholders then your net income ratio to your assets is now smaller So your return on assets return on equityall these important financial metrics thatinvestors look at to judge theperformance of the company are now being artificially deflatedbecause you have a ridiculous amount of cash and that cash is not doing anything So there are a lot ofmeaningful ways this impacts things Beyondwhen they start to buy backthen you get earnings creation I think he did a good job in terms of really getting them to do something that needed to be done that was holding them back Lewis Anything else on the con sidewhen it comes to activist investors Niu I think we covered it Lewis Well listeners that sounds like it does it for this episode of Industry Focus If you have any questions or just want to reach out and say Hey you can shoot us an email at industryfocusfoolcom Opens a New Window You can always tweet us MFIndustryFocus If yourelooking for more of our stuff subscribe on iTunes or check out the Fools family of shows at foolcompodcast As always people on the program may have own companies discussed on the show and The Motley Fool may have formal recommendations for or against stocks mentioned so dont buy or sell anything based solely on what you hear For Evan Niu Im Dylan Lewis thanks for listening and Fool on Dylan Lewis Opens a New Window owns shares of Apple Evan Niu CFA Opens a New Window owns shares of Apple The Motley Fool owns shares of and recommends Apple and Twitter The Motley Fool has the following options long January 2018 90 calls on Apple and short January 2018 95 calls on Apple The Motley Fool recommends Bank of America Try any of our Foolish newsletter services free for 30 days Opens a New Window We Fools may not all hold the same opinions but we all believe that considering a diverse range of insights Opens a New Window makes us better investors The Motley Fool has a disclosure policy Opens a New Window

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<p>The Trump administration and a Republican-held Congress appear poised to unravel the nation&#8217;s bedrock environmental laws and programs, including the Endangered Species Act (ESA). &amp;#160;The ESA is one of our most effective environmental laws, proven to be vital to protecting species such as the iconic grizzly bear.</p> <p>Just last week, Wyoming Senator John Barrasso (R-WY) held a hearing on &#8220;Modernizing the ESA,&#8221; a euphemism for weakening the Act to accommodate those interested in making a buck without being held accountable for the damage they cause. Last Congress, over 200 bills were introduced that would have undermined the ESA. A similar torrent is expected this Congress.</p> <p>Among these, bills to strip protections for wolves in the Great Lakes and Wyoming have already been re-introduced. Not only would wolves be harmed if these bills pass, a terrible precedent would be set by allowing Congressmen to circumvent the Act in the service of their cronies. This has already happened once with wolves in Montana and Idaho, which were delisted by regressive Congressmen in 2011. If it happens again, no endangered species will be safe from congressional shenanigans.</p> <p>Grizzly bears in Yellowstone, and possibly Glacier, could also be targets for delisting by Congress in a move that would be disastrous for bear recovery throughout the lower-48 states.</p> <p>The ESA in Brief</p> <p>When Congress passed the Endangered Species Act (ESA) in 1973, it recognized that our rich natural heritage is of &#8220;esthetic, ecological, educational, recreational, and scientific value to our Nation and its people.&#8221; Congress further expressed concern that many of our nation&#8217;s native plants and animals were in danger of becoming extinct.&amp;#160; In today&#8217;s contentious climate, it is easy to forget that the law was passed almost unanimously by Congress, and signed by President Richard Nixon, a Republican.</p> <p>The ESA is more important than ever. Since the Act was passed, the threat of extinctions has increased: Earth is undergoing its worst mass extinction of plants and animals since dinosaurs disappeared 65 million years ago. This unfolding catastrophe is almost solely due to the increased of impacts of us humans, including climate change. Between two and three species disappear every day, with the pace of extinctions likely to increase by 10-fold before the end of the century &#8211; to a rate roughly 10,000 times greater than occurred before the Industrial Age. This loss of biodiversity signals a crisis for all living beings, including us.</p> <p>The passage of the Endangered Species Act represented a pendulum swing away from an ethos of domination characterizing the &#8220;frontier mentality,&#8221; to one of respect and reverence for nature. After witnessing the widespread eradication of species such as buffalo, wolves, grizzlies &#8212; not to mention the genocide of native peoples &#8212; many concluded that our society had gone overboard. This helped build a powerful constituency for &#8220;saving all the pieces&#8221; of our native ecosystems, to quote ecologist and author Aldo Leopold.</p> <p>The explicit aim of the ESA is to protect and recover imperiled species and the ecosystems they rely on. Importantly, the Act seeks to curb the excesses of state wildlife managers and the masters they serve, who contributed to endangering numerous species in the first place. Moreover, the ESA requires that the management of species be based solely on the best available science, not the conveniences of bureaucrats and politicians.</p> <p>Over 1600 species have been listed under the ESA by US Fish and Wildlife Service (FWS) as either endangered or threatened. &#8220;Endangered&#8221; means a species is in imminent danger of extinction throughout all or a significant portion of its range. &#8220;Threatened&#8221; means a species is likely to become endangered within the foreseeable future.</p> <p>After a species is listed, the government is charged with developing plans for recovery. Until species are recovered and delisted, federal decision-making must give listed species the benefit of the doubt.</p> <p>The ESA contains several provisions that have been critical to its success. Under Section 7 of the Act, the FWS adopted a &#8220;look before you leap&#8221; approach to ensure that projects involving federal lands and resources do not further imperil protected species. Section 9 furthermore requires that the government avoid &#8220;taking&#8221; listed species, which refers to actions that include not only direct killing, but also harassment and habitat loss. Recognizing that states are important to recovery, Section 6 establishes a program that funds state-related recovery activities. The FWS has also been required to designate &#8220;critical habitat&#8221; for species listed as endangered since 1983. These designations grant special protections for areas essential to recovery.</p> <p>The ESA also includes an important provision allowing citizens to sue those who are likely breaking the law, which means any person or organization can file a lawsuit to stop any party, including a governmental agency, that is in violation of the Act. This provision has enabled conservationists to play a critical role in enforcing the ESA, which government agencies are often lax in enforcing.</p> <p>Effectiveness of the ESA</p> <p>Put all of this together and we have a remarkably effective law. A whopping 99 percent of the species granted protection under the Act have so far survived. And a growing number of species, including the bald eagle and American peregrine falcon, have recovered enough to be delisted, meaning they&#8217;re no longer in danger.</p> <p>Other ESA success stories include stabilization or even increase of species that were in decline. Among these are American alligators, the eastern population of Stellar sea lions, whooping cranes and California condors. Closer to home, wolves have been returned by the ESA to Yellowstone and Idaho&#8217;s Selway-Bitterroot ecosystems, and are now numerous enough to be recolonizing lands in eastern Oregon and Washington.</p> <p>Although still threatened, the grizzly bear is also testimony to the effectiveness of the ESA. Without the safety net provided by the Act, grizzly bears would likely have winked out in the last 3% of the range that they formerly occupied when Europeans first stepped on the continent ( <a href="" type="internal">link</a>).</p> <p>With such incredible successes, you might ask why the ESA is threatened&#8230;</p> <p>Why The ESA is Threatened</p> <p>For many years, industry interests, conservative ideologues, and their supporters in Congress have sought to gut the ESA. At last week&#8217;s hearing, Senator Barrasso listed the major contrarians as &#8220;states, counties, wildlife managers, home builders, construction companies, farmers, and ranchers who feel the Act is not working&#8230;&#8221;&amp;#160; In the House, ESA opponents have an ardent champion in Rep. Rob Bishop (R-UT), Chairman of the House Natural Resources Committee, who recently vowed to repeal and replace the law.</p> <p>Opponents are driven by basic ideology, rather than real economic problems with implementation of the Act. (More on this below). A recent report by Defenders of Wildlife showed that FWS consultations under Section 7 almost never stopped commercial developments ( <a href="http://www.defenders.org/publications/section-7-pnas.pdf" type="external">link</a>). But to ESA opponents, that is not the point: any limitations for the sake of species recovery are unacceptable. To them, the world represents a zero-sum game.&amp;#160;&amp;#160;</p> <p>ESA opponents also make much of the fact that less than 50 out of 1600 listed species have been delisted because they had been recovered. Yet it often took many decades, even centuries, for species to decline to the point when emergency protections were granted: quick recovery cannot be expected.</p> <p>Exacerbating this problem is the FWS&#8217; tendency to view ESA successes as only those that have led to species being delisted &#8211; not species that have stabilized because of actions taken under the Act. This puts undue emphasis on delisting decisions, and creates unnecessary controversy. Indeed, the FWS tends to be its own worst enemy.</p> <p>In fact, many legal victories are won by conservationists because the FWS makes glaringly stupid decisions, often in efforts to placate hostile states or industries that will never be content with any protective measures. For example, in 2011, the FWS greenlighted a state wolf plan written by Wyoming that called for a free-fire zone allowing the slaughter of wolves in 85% of the state, including vast tracts of wilderness containing habitat that would connect isolated wolf populations in the region.</p> <p>Attorneys at Earthjustice brought a successful case that resulted in a court order to relist Wyoming&#8217;s wolves. Point being that the FWS should have required a more rational &#8212; and legal &#8212; state plan in the first place. Now, rather than demanding that Wyoming fix its problem, Wyoming congressmen are trying to circumvent the Act and delist wolves legislatively.</p> <p>Why is this happening? There are several apparent reasons, all of them perverse.</p> <p>Two Wrong-Headed Myths About the ESA</p> <p>Two unsubstantiated myths have been promulgated about the ESA. &amp;#160;Foremost is the entrenched &#8220;species vs people&#8221; story. This story has its roots in some early controversies, the first of which involved a small endangered fish called the snail darter. Not long after, controversy arose surrounding the black footed ferret, which served as my entree to ESA issues while still a graduate student.</p> <p>Ferrets were thought to have been extirpated in the wild, but in the early 1980s, a dead ferret was found by some ranchers near Meeteetse, Wyoming. Ferrets rely on prairie dogs for food, and so need large expanses of prairie, which here meant private ranches and adjacent public land.</p> <p>Even though local oil and gas and ranching industries were not adversely affected by efforts to recover the ferret, organizations representing these interests seized on the opportunity to frame the &#8220;story&#8221; as being about ferrets versus local economies &#8211; by all indications fabricated out of ideological and political agendas rather than any concrete reality (sound familiar?).</p> <p>But the press readily latched onto the endangered species vs people formula because it fit into a simplifying dramatic narrative.</p> <p>Next enter state wildlife managers and their political masters to add a second mythical story that has, unfortunately, also become widespread. The nub of this narrative is that states, not the federal government, should lead recovery efforts because they are closer to the ground. Yet all too often state politicians and managers were largely responsible for creating the conditions that led to species needing ESA protections. Nonetheless, after enough repetitions, both stories became part of an overarching mythology surrounding the ESA.</p> <p>And then there are distorted views about the costs and benefits of recovering species&#8230;</p> <p>Costs and Benefits of Recovering Species</p> <p>Much attention has been paid to the economic costs and benefits of ESA protections. But economic analyses are too often distorted and otherwise biased in favor of extractive industries. Non-consumptive, benign, and indirect economic benefits are correspondingly short-changed. These include tourism and the current trend toward settlement of retirees and footloose businesses in places such as Yellowstone and Glacier, in part because they harbor iconic endangered species such as grizzlies and wolves.</p> <p>Notably, an academic named John Loomis, who on two occasions compiled all the known studies on monetary valuations of endangered species, found that &#8220;&#8230;for even the most expensive endangered species preservation effort (e.g., the northern spotted owl) the costs per household fall well below the benefits.&#8221;</p> <p>Moreover, the direct economic benefits of species recovery can be substantial. Wolf watching in Yellowstone is estimated to bring $35 million annually to communities surrounding the Park, which have lost historically dominant logging and mining industries.&amp;#160; A recent study found that tourism &#8211; with seeing grizzly bears and wolves at the top of visitors&#8217; wish lists &#8211; is a billion-dollar enterprise in Yellowstone. All of this is consistent with a burgeoning of self-identified wildlife watchers at the same time that numbers of hunters are in decline, along with a profound shift in the economic benefits of catering to one group versus the other.</p> <p>Perhaps more importantly, in my experience economics are not as critical as fundamental world views in defining attitudes towards the ESA.</p> <p>Attitudes Towards the ESA Mirror Personal Worldviews</p> <p>The Act&#8217;s opponents tend view any inconvenience to accommodate endangered species &#8212; no matter how small &#8212; as a problem because governments should be solely concerned with providing unfettered opportunities to maximize profit while minimizing any account of associated harm.</p> <p>By contrast, ESA supporters tend to hold more self-transcendent views. They invariably believe that exterminating species is selfish and wrong, and that we have a duty to share the planet with our fellow beings.</p> <p>Not surprisingly, both sides frequently harness scripture to bolster their arguments. ESA supporters note that all species were created by a higher power, and that humans should not play God by destroying the Creator&#8217;s gifts. God told Noah to build the ark for ALL species, and did not leave wiggle room for ditching even bothersome species such as poisonous snakes. A letter published last week in The Hill by Cassandra Carmichael beautifully encapsulated this argument. ( <a href="http://thehill.com/blogs/congress-blog/energy-environment/316464-the-endangered-species-act-uncertainty-under-trump" type="external">link</a>).&amp;#160;</p> <p>On the other hand, ESA opponents dwell more on God&#8217;s directive for humans to &#8220;be fruitful and multiply&#8221; and, with that, presumably have the prerogative to wreak havoc on God&#8217;s creation. Many evangelical Christians, who constitute Trump&#8217;s core base, share this view, as well as the President&#8217;s conclusion that environmental regulations are &#8220;out of control.&#8221;</p> <p>Not only do peoples&#8217; views on the ESA tend to track their basic ideology, conservatives are more populous in the rural West, where many charismatic yet imperiled species live.</p> <p>Three ESA Lessons</p> <p>In over 30 years of ESA experience, I am struck by three key lessons.</p> <p>First, the ESA plays a critical role in providing a voice for the broader national public. The Act gives the public, no matter where they live, a say in the conservation of endangered species. This is especially important with species of national significance, such as wolves and grizzly bears, which live where local communities can be hostile.</p> <p>With non-listed species, the only voices that matter are of those people residing in the states where the species live &#8211; and in reality, of these, only a miniscule subset of people who share the pro-hunting and pro-ranching ethos of state politicians and wildlife managers truly have a say.</p> <p>Second, saving one species can save countless others. Some ESA successes in particular underscore scientists&#8217; view that saving one species can save many others. Because each plant or animal is part of a larger ecosystem, preserving any one can create a beneficial ripple effect.</p> <p>The gray wolf is a great case in point &#8211; and a major focus of my past advocacy work. After wolves were reintroduced to Yellowstone National Park in 1995, researchers found far-reaching ecological effects. Wolves helped reduce previously high numbers of elk, which allowed browse species such willow and aspen to rebound. The branches and leaves of these trees cool the streams, which boosted native trout, provided homes for migratory birds, and supplied more food for beavers. The dams built by the beavers created better marshland habitat for otters, mink, and ducks.</p> <p>In short, the experience in Yellowstone reinforced broader scientific findings about the important role that predators play in maintaining ecosystems, while demonstrating, once again, that everything in nature is connected to everything else.</p> <p>Third, in 1973, the Act&#8217;s authors did not know what scientists have since emphasized: that species like the grizzly bear and wolverine will require on-going conservation efforts because they are especially vulnerable to extinction. Such &#8220;conservation-reliant&#8221; species are often large-bodied, sensitive to human-caused mortality, and in need of vast wild habitats ( <a href="" type="internal">link</a>). And, they tend to be slow to reproduce, so low death rates from any cause can wipe them out. That means that such species must always be managed with a cautionary yellow light.</p> <p>Unfortunately, there are no alternative legal systems to the ESA, state or federal, that require precaution and the application of the best science in conservation practice.&amp;#160;This is likely to remain the case for the foreseeable future.</p> <p>Where to from here?&amp;#160; Fortunately, there is a better way&#8230;</p> <p>A Better Way</p> <p>A few simple things can help improve how the ESA works. First, Congress should not meddle with implementation of the ESA; politicians don&#8217;t have the experience, scientific expertise, or often the required generosity of spirit. Deference should indeed be given to experts operating at the behest of the more than 90% of voters who support the purpose and ethos of the ESA (see below).</p> <p>Second, the success of the ESA should not be measured by whether a species is delisted. The FWS, with help from the states and communities, can be doing an incredible job of stabilizing a species, which may never be ready for delisting due to out-of-control threats such as climate change.</p> <p>Third, more emphasis should be given by the FWS to the broad public support for the Act and species recovery, rather than the interests of a minority of special interests. Every poll conducted on the ESA shows enthusiastic and unwavering support. A 2015 poll found that&amp;#160;90 percent of registered voters, regardless of affiliation, support the law ( <a href="" type="internal">link</a>). And last year, another poll found that&amp;#160;74&amp;#160;percent of American adults support doing whatever it takes to protect the environment ( <a href="" type="internal">link</a>). &amp;#160;The FWS and others could do more to harness this support instead of trying to placate implacable opponents. &amp;#160;&amp;#160;</p> <p>Fourth, to succeed, the FWS must be given the funds it needs to implement the ESA. Cost estimates show that FWS needs $2.3 billion over 10 years for this work, similar to the subsidies to oil and gas companies for extracting fossil fuels on public lands ( <a href="http://www.biologicaldiversity.org/programs/biodiversity/pdfs/Shortchanged.pdf" type="external">link</a>). &amp;#160;Anti-ESA congressmen have greatly impeded the FWS&#8217;s work by starving the agency financially, and using the inevitable problems that arise as if proof that the ESA is not working. We need to challenge this cynical ploy and push for adequate funds to achieve the recovery of more species.&amp;#160;</p> <p>Finally, we, the public that supports saving species and ecosystems, cannot afford to remain silent. The ESA needs watchdogs and defenders now more than ever. The political power of corporations and conservative ideologues cannot be overestimated. Nor can we expect even the most dedicated public servants to withstand the intense bullying of anti-ESA interests and their friends in Congress and the Administration.</p> <p>Here are a few groups doing great work to defend the ESA:</p> <p>Earthjustice at&amp;#160; <a href="http://www.earthjustice.org/" type="external">www.earthjustice.org</a></p> <p>Endangered Species Coalition at&amp;#160; <a href="http://www.endangered.org/" type="external">www.endangered.org</a></p> <p>Center for Biological Diversity at&amp;#160; <a href="http://www.biologicaldiversity.org/" type="external">www.biologicaldiversity.org&amp;#160;</a>&amp;#160;&amp;#160;</p> <p>Next week, a closer look at grizzly bears under the ESA&#8230;</p>

The Endangered Species Act: a Critical Safety Net Now Threatened by Congress and Trump

https://counterpunch.org/2017/02/24/the-endangered-species-act-a-critical-safety-net-now-threatened-by-congress-and-trump/

2017-02-24

4left

The Trump administration and a Republicanheld Congress appear poised to unravel the nation8217s bedrock environmental laws and programs including the Endangered Species Act ESA amp160The ESA is one of our most effective environmental laws proven to be vital to protecting species such as the iconic grizzly bear Just last week Wyoming Senator John Barrasso RWY held a hearing on 8220Modernizing the ESA8221 a euphemism for weakening the Act to accommodate those interested in making a buck without being held accountable for the damage they cause Last Congress over 200 bills were introduced that would have undermined the ESA A similar torrent is expected this Congress Among these bills to strip protections for wolves in the Great Lakes and Wyoming have already been reintroduced Not only would wolves be harmed if these bills pass a terrible precedent would be set by allowing Congressmen to circumvent the Act in the service of their cronies This has already happened once with wolves in Montana and Idaho which were delisted by regressive Congressmen in 2011 If it happens again no endangered species will be safe from congressional shenanigans Grizzly bears in Yellowstone and possibly Glacier could also be targets for delisting by Congress in a move that would be disastrous for bear recovery throughout the lower48 states The ESA in Brief When Congress passed the Endangered Species Act ESA in 1973 it recognized that our rich natural heritage is of 8220esthetic ecological educational recreational and scientific value to our Nation and its people8221 Congress further expressed concern that many of our nation8217s native plants and animals were in danger of becoming extinctamp160 In today8217s contentious climate it is easy to forget that the law was passed almost unanimously by Congress and signed by President Richard Nixon a Republican The ESA is more important than ever Since the Act was passed the threat of extinctions has increased Earth is undergoing its worst mass extinction of plants and animals since dinosaurs disappeared 65 million years ago This unfolding catastrophe is almost solely due to the increased of impacts of us humans including climate change Between two and three species disappear every day with the pace of extinctions likely to increase by 10fold before the end of the century 8211 to a rate roughly 10000 times greater than occurred before the Industrial Age This loss of biodiversity signals a crisis for all living beings including us The passage of the Endangered Species Act represented a pendulum swing away from an ethos of domination characterizing the 8220frontier mentality8221 to one of respect and reverence for nature After witnessing the widespread eradication of species such as buffalo wolves grizzlies 8212 not to mention the genocide of native peoples 8212 many concluded that our society had gone overboard This helped build a powerful constituency for 8220saving all the pieces8221 of our native ecosystems to quote ecologist and author Aldo Leopold The explicit aim of the ESA is to protect and recover imperiled species and the ecosystems they rely on Importantly the Act seeks to curb the excesses of state wildlife managers and the masters they serve who contributed to endangering numerous species in the first place Moreover the ESA requires that the management of species be based solely on the best available science not the conveniences of bureaucrats and politicians Over 1600 species have been listed under the ESA by US Fish and Wildlife Service FWS as either endangered or threatened 8220Endangered8221 means a species is in imminent danger of extinction throughout all or a significant portion of its range 8220Threatened8221 means a species is likely to become endangered within the foreseeable future After a species is listed the government is charged with developing plans for recovery Until species are recovered and delisted federal decisionmaking must give listed species the benefit of the doubt The ESA contains several provisions that have been critical to its success Under Section 7 of the Act the FWS adopted a 8220look before you leap8221 approach to ensure that projects involving federal lands and resources do not further imperil protected species Section 9 furthermore requires that the government avoid 8220taking8221 listed species which refers to actions that include not only direct killing but also harassment and habitat loss Recognizing that states are important to recovery Section 6 establishes a program that funds staterelated recovery activities The FWS has also been required to designate 8220critical habitat8221 for species listed as endangered since 1983 These designations grant special protections for areas essential to recovery The ESA also includes an important provision allowing citizens to sue those who are likely breaking the law which means any person or organization can file a lawsuit to stop any party including a governmental agency that is in violation of the Act This provision has enabled conservationists to play a critical role in enforcing the ESA which government agencies are often lax in enforcing Effectiveness of the ESA Put all of this together and we have a remarkably effective law A whopping 99 percent of the species granted protection under the Act have so far survived And a growing number of species including the bald eagle and American peregrine falcon have recovered enough to be delisted meaning they8217re no longer in danger Other ESA success stories include stabilization or even increase of species that were in decline Among these are American alligators the eastern population of Stellar sea lions whooping cranes and California condors Closer to home wolves have been returned by the ESA to Yellowstone and Idaho8217s SelwayBitterroot ecosystems and are now numerous enough to be recolonizing lands in eastern Oregon and Washington Although still threatened the grizzly bear is also testimony to the effectiveness of the ESA Without the safety net provided by the Act grizzly bears would likely have winked out in the last 3 of the range that they formerly occupied when Europeans first stepped on the continent link With such incredible successes you might ask why the ESA is threatened8230 Why The ESA is Threatened For many years industry interests conservative ideologues and their supporters in Congress have sought to gut the ESA At last week8217s hearing Senator Barrasso listed the major contrarians as 8220states counties wildlife managers home builders construction companies farmers and ranchers who feel the Act is not working82308221amp160 In the House ESA opponents have an ardent champion in Rep Rob Bishop RUT Chairman of the House Natural Resources Committee who recently vowed to repeal and replace the law Opponents are driven by basic ideology rather than real economic problems with implementation of the Act More on this below A recent report by Defenders of Wildlife showed that FWS consultations under Section 7 almost never stopped commercial developments link But to ESA opponents that is not the point any limitations for the sake of species recovery are unacceptable To them the world represents a zerosum gameamp160amp160 ESA opponents also make much of the fact that less than 50 out of 1600 listed species have been delisted because they had been recovered Yet it often took many decades even centuries for species to decline to the point when emergency protections were granted quick recovery cannot be expected Exacerbating this problem is the FWS8217 tendency to view ESA successes as only those that have led to species being delisted 8211 not species that have stabilized because of actions taken under the Act This puts undue emphasis on delisting decisions and creates unnecessary controversy Indeed the FWS tends to be its own worst enemy In fact many legal victories are won by conservationists because the FWS makes glaringly stupid decisions often in efforts to placate hostile states or industries that will never be content with any protective measures For example in 2011 the FWS greenlighted a state wolf plan written by Wyoming that called for a freefire zone allowing the slaughter of wolves in 85 of the state including vast tracts of wilderness containing habitat that would connect isolated wolf populations in the region Attorneys at Earthjustice brought a successful case that resulted in a court order to relist Wyoming8217s wolves Point being that the FWS should have required a more rational 8212 and legal 8212 state plan in the first place Now rather than demanding that Wyoming fix its problem Wyoming congressmen are trying to circumvent the Act and delist wolves legislatively Why is this happening There are several apparent reasons all of them perverse Two WrongHeaded Myths About the ESA Two unsubstantiated myths have been promulgated about the ESA amp160Foremost is the entrenched 8220species vs people8221 story This story has its roots in some early controversies the first of which involved a small endangered fish called the snail darter Not long after controversy arose surrounding the black footed ferret which served as my entree to ESA issues while still a graduate student Ferrets were thought to have been extirpated in the wild but in the early 1980s a dead ferret was found by some ranchers near Meeteetse Wyoming Ferrets rely on prairie dogs for food and so need large expanses of prairie which here meant private ranches and adjacent public land Even though local oil and gas and ranching industries were not adversely affected by efforts to recover the ferret organizations representing these interests seized on the opportunity to frame the 8220story8221 as being about ferrets versus local economies 8211 by all indications fabricated out of ideological and political agendas rather than any concrete reality sound familiar But the press readily latched onto the endangered species vs people formula because it fit into a simplifying dramatic narrative Next enter state wildlife managers and their political masters to add a second mythical story that has unfortunately also become widespread The nub of this narrative is that states not the federal government should lead recovery efforts because they are closer to the ground Yet all too often state politicians and managers were largely responsible for creating the conditions that led to species needing ESA protections Nonetheless after enough repetitions both stories became part of an overarching mythology surrounding the ESA And then there are distorted views about the costs and benefits of recovering species8230 Costs and Benefits of Recovering Species Much attention has been paid to the economic costs and benefits of ESA protections But economic analyses are too often distorted and otherwise biased in favor of extractive industries Nonconsumptive benign and indirect economic benefits are correspondingly shortchanged These include tourism and the current trend toward settlement of retirees and footloose businesses in places such as Yellowstone and Glacier in part because they harbor iconic endangered species such as grizzlies and wolves Notably an academic named John Loomis who on two occasions compiled all the known studies on monetary valuations of endangered species found that 82208230for even the most expensive endangered species preservation effort eg the northern spotted owl the costs per household fall well below the benefits8221 Moreover the direct economic benefits of species recovery can be substantial Wolf watching in Yellowstone is estimated to bring 35 million annually to communities surrounding the Park which have lost historically dominant logging and mining industriesamp160 A recent study found that tourism 8211 with seeing grizzly bears and wolves at the top of visitors8217 wish lists 8211 is a billiondollar enterprise in Yellowstone All of this is consistent with a burgeoning of selfidentified wildlife watchers at the same time that numbers of hunters are in decline along with a profound shift in the economic benefits of catering to one group versus the other Perhaps more importantly in my experience economics are not as critical as fundamental world views in defining attitudes towards the ESA Attitudes Towards the ESA Mirror Personal Worldviews The Act8217s opponents tend view any inconvenience to accommodate endangered species 8212 no matter how small 8212 as a problem because governments should be solely concerned with providing unfettered opportunities to maximize profit while minimizing any account of associated harm By contrast ESA supporters tend to hold more selftranscendent views They invariably believe that exterminating species is selfish and wrong and that we have a duty to share the planet with our fellow beings Not surprisingly both sides frequently harness scripture to bolster their arguments ESA supporters note that all species were created by a higher power and that humans should not play God by destroying the Creator8217s gifts God told Noah to build the ark for ALL species and did not leave wiggle room for ditching even bothersome species such as poisonous snakes A letter published last week in The Hill by Cassandra Carmichael beautifully encapsulated this argument linkamp160 On the other hand ESA opponents dwell more on God8217s directive for humans to 8220be fruitful and multiply8221 and with that presumably have the prerogative to wreak havoc on God8217s creation Many evangelical Christians who constitute Trump8217s core base share this view as well as the President8217s conclusion that environmental regulations are 8220out of control8221 Not only do peoples8217 views on the ESA tend to track their basic ideology conservatives are more populous in the rural West where many charismatic yet imperiled species live Three ESA Lessons In over 30 years of ESA experience I am struck by three key lessons First the ESA plays a critical role in providing a voice for the broader national public The Act gives the public no matter where they live a say in the conservation of endangered species This is especially important with species of national significance such as wolves and grizzly bears which live where local communities can be hostile With nonlisted species the only voices that matter are of those people residing in the states where the species live 8211 and in reality of these only a miniscule subset of people who share the prohunting and proranching ethos of state politicians and wildlife managers truly have a say Second saving one species can save countless others Some ESA successes in particular underscore scientists8217 view that saving one species can save many others Because each plant or animal is part of a larger ecosystem preserving any one can create a beneficial ripple effect The gray wolf is a great case in point 8211 and a major focus of my past advocacy work After wolves were reintroduced to Yellowstone National Park in 1995 researchers found farreaching ecological effects Wolves helped reduce previously high numbers of elk which allowed browse species such willow and aspen to rebound The branches and leaves of these trees cool the streams which boosted native trout provided homes for migratory birds and supplied more food for beavers The dams built by the beavers created better marshland habitat for otters mink and ducks In short the experience in Yellowstone reinforced broader scientific findings about the important role that predators play in maintaining ecosystems while demonstrating once again that everything in nature is connected to everything else Third in 1973 the Act8217s authors did not know what scientists have since emphasized that species like the grizzly bear and wolverine will require ongoing conservation efforts because they are especially vulnerable to extinction Such 8220conservationreliant8221 species are often largebodied sensitive to humancaused mortality and in need of vast wild habitats link And they tend to be slow to reproduce so low death rates from any cause can wipe them out That means that such species must always be managed with a cautionary yellow light Unfortunately there are no alternative legal systems to the ESA state or federal that require precaution and the application of the best science in conservation practiceamp160This is likely to remain the case for the foreseeable future Where to from hereamp160 Fortunately there is a better way8230 A Better Way A few simple things can help improve how the ESA works First Congress should not meddle with implementation of the ESA politicians don8217t have the experience scientific expertise or often the required generosity of spirit Deference should indeed be given to experts operating at the behest of the more than 90 of voters who support the purpose and ethos of the ESA see below Second the success of the ESA should not be measured by whether a species is delisted The FWS with help from the states and communities can be doing an incredible job of stabilizing a species which may never be ready for delisting due to outofcontrol threats such as climate change Third more emphasis should be given by the FWS to the broad public support for the Act and species recovery rather than the interests of a minority of special interests Every poll conducted on the ESA shows enthusiastic and unwavering support A 2015 poll found thatamp16090 percent of registered voters regardless of affiliation support the law link And last year another poll found thatamp16074amp160percent of American adults support doing whatever it takes to protect the environment link amp160The FWS and others could do more to harness this support instead of trying to placate implacable opponents amp160amp160 Fourth to succeed the FWS must be given the funds it needs to implement the ESA Cost estimates show that FWS needs 23 billion over 10 years for this work similar to the subsidies to oil and gas companies for extracting fossil fuels on public lands link amp160AntiESA congressmen have greatly impeded the FWS8217s work by starving the agency financially and using the inevitable problems that arise as if proof that the ESA is not working We need to challenge this cynical ploy and push for adequate funds to achieve the recovery of more speciesamp160 Finally we the public that supports saving species and ecosystems cannot afford to remain silent The ESA needs watchdogs and defenders now more than ever The political power of corporations and conservative ideologues cannot be overestimated Nor can we expect even the most dedicated public servants to withstand the intense bullying of antiESA interests and their friends in Congress and the Administration Here are a few groups doing great work to defend the ESA Earthjustice atamp160 wwwearthjusticeorg Endangered Species Coalition atamp160 wwwendangeredorg Center for Biological Diversity atamp160 wwwbiologicaldiversityorgamp160amp160amp160 Next week a closer look at grizzly bears under the ESA8230

The/DET Trump/PROPN administration/NOUN and/CCONJ a/DET Republicanheld/PROPN Congress/PROPN appear/VERB poised/VERB to/PART unravel/VERB the/DET nation8217s/PROPN bedrock/NOUN environmental/ADJ laws/NOUN and/CCONJ programs/NOUN including/VERB the/DET Endangered/PROPN Species/PROPN Act/PROPN ESA/PROPN amp160The/DET ESA/PROPN is/AUX one/NUM of/ADP our/PRON most/ADV effective/ADJ environmental/ADJ laws/NOUN proven/VERB to/PART be/AUX vital/ADJ to/ADP protecting/VERB species/NOUN such/ADJ as/ADP the/DET iconic/ADJ grizzly/NOUN bear/VERB Just/ADV last/ADJ week/NOUN Wyoming/PROPN Senator/PROPN John/PROPN Barrasso/PROPN RWY/PROPN held/VERB a/DET hearing/NOUN on/ADP 8220Modernizing/VERB the/DET ESA8221/NOUN a/DET euphemism/NOUN for/ADP weakening/VERB the/DET Act/PROPN to/PART accommodate/VERB those/PRON interested/ADJ in/ADP making/VERB a/DET buck/NOUN without/ADP being/AUX held/VERB accountable/ADJ for/ADP the/DET damage/NOUN they/PRON cause/VERB Last/ADJ Congress/PROPN over/ADP 200/NUM 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our/PRON society/NOUN had/AUX gone/VERB overboard/ADV This/PRON helped/VERB build/VERB a/DET powerful/ADJ constituency/NOUN for/ADP 8220saving/VERB all/DET the/DET pieces8221/PROPN of/ADP our/PRON native/ADJ ecosystems/NOUN to/PART quote/VERB ecologist/VERB and/CCONJ author/NOUN Aldo/PROPN Leopold/PROPN The/DET explicit/ADJ aim/NOUN of/ADP the/DET ESA/PROPN is/AUX to/PART protect/VERB and/CCONJ recover/VERB imperiled/VERB species/NOUN and/CCONJ the/DET ecosystems/NOUN they/PRON rely/VERB on/ADP Importantly/ADV the/DET Act/PROPN seeks/VERB to/PART curb/VERB the/DET excesses/NOUN of/ADP state/NOUN wildlife/NOUN managers/NOUN and/CCONJ the/DET masters/NOUN they/PRON serve/VERB who/PRON contributed/VERB to/ADP endangering/VERB numerous/ADJ species/NOUN in/ADP the/DET first/ADJ place/NOUN Moreover/ADV the/DET ESA/PROPN requires/VERB that/SCONJ the/DET management/NOUN of/ADP species/NOUN be/AUX based/VERB solely/ADV on/ADP the/DET best/ADJ available/ADJ science/NOUN not/PART the/DET 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<p>LONDON, Jan 18 (Reuters) - Emerging stocks pushed to their highest in almost a decade on Thursday as Chinese economic data beat forecasts, with some Asian bourses at record peaks, while the lira and rand firmed ahead of central bank meetings.</p> <p>China&#8217;s economy grew by 6.8 percent in the fourth quarter and industrial output expanded by 6.2 percent, both ahead of expectations , adding fuel to the bullish sentiment in regional markets.</p> <p>China&#8217;s mainland shares rose almost 1 percent to two-year highs, while Hong Kong, Indonesia, India and Thailand all scaled fresh peaks.</p> <p>MSCI&#8217;s benchmark emerging equities index continued its steady ascent, up 0.3 percent, after a rally on Wall Street ended with a round of record closing highs.</p> <p>Emerging Europe also opened stronger with Moscow shares up 0.3 percent to an all-time high, underpinned by oil prices near $69 a barrel. Warsaw shares touched their highest since November 2013.</p> <p>William Jackson, senior emerging market economist at Capital Economics, said a number of positive factors were underpinning emerging markets.</p> <p>&#8220;It&#8217;s a confluence of tailwinds &#8211; strong growth domestically and a favourable external environment, in most countries relatively strong balance sheets, and a rise in commodity prices, particularly oil, have provided support to commodity producers, while the weakness in the dollar recently has helped emerging currencies.&#8221;</p> <p>The Turkish lira firmed 0.5 percent against the dollar and the South African rand 0.6 percent.</p> <p>Both countries&#8217; central banks meet today but rates are expected to stay on hold, Turkey at 12.75 percent and South Africa at 6.75 percent.</p> <p>Jackson said South Africa&#8217;s central bank had made a very hawkish statement at its previous meeting but now the rand has strengthened, the question was whether the bank would cut rates.</p> <p>&#8220;Our sense is they won&#8217;t, but given the economy seems to be a bit stronger we could see a more dovish stance than we got used to in the second half of last year.&#8221;</p> <p>South Africa&#8217;s rand surged to 2-1/2 year highs earlier this week on hopes Deputy President Cyril Ramaphosa will be able to turn the country around and President Jacob Zuma will be pushed out early.</p> <p>Ramaphosa made some of his toughest comments yet on Thursday, welcoming moves taken by prosecutors against companies accused of corruption, saying he wants to &#8220;deal with the rot&#8221;.</p> <p>In emerging Europe the Czech crown underperformed its regional peers following the cabinet&#8217;s resignation, a day after losing a confidence vote.</p> <p>Romania&#8217;s leu was also a touch weaker after compromise candidate Viorica Dancila was appointed PM-designate. The deal means the risk of a long drawn-out political crisis is averted.</p> <p>Hungary will hold its first long-term interest rate swap tender today, aimed at encouraging long-term bank lending at lower interest rates. This is one of a number of unconventional easing measures from the central bank.</p> <p>"One of the policies is a mortgage bond purchase programme which appears to be a form of quantitative easing, and the whole aim seems to be to drive down long-term bond yields," Jackson said. For GRAPHIC on emerging market FX performance 2017, see <a href="http://tmsnrt.rs/2e7eoml" type="external">tmsnrt.rs/2e7eoml</a> For GRAPHIC on MSCI emerging index performance 2017, see <a href="http://tmsnrt.rs/2dZbdP5" type="external">tmsnrt.rs/2dZbdP5</a></p> <p>For CENTRAL EUROPE market report, see</p> <p>For TURKISH market report, see</p> <p>For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg</p> <p>on year</p> <p>Morgan Stanley Emrg Mkt Indx 1225.86 +3.24 +0.27 +5.82</p> <p>Czech Rep 1112.97 -2.66 -0.24 +3.23</p> <p>Poland 2602.08 +1.71 +0.07 +5.72</p> <p>Hungary 39680.24 +136.98 +0.35 +0.77</p> <p>Romania 8365.24 +48.65 +0.58 +7.89</p> <p>Greece 840.68 -0.83 -0.10 +4.77</p> <p>Russia 1269.00 +4.30 +0.34 +9.92</p> <p>South Africa 54141.77 +72.93 +0.13 +3.06</p> <p>Turkey 16847.74 +255.23 +0.22 +1.31</p> <p>China 3475.91 +31.24 +0.91 +5.10</p> <p>India 35268.48 +186.66 +0.53 +3.56</p> <p>Currencies Latest Prev Local Local</p> <p>close currency currency</p> <p>% change % change</p> <p>in 2018</p> <p>Czech Rep 25.39 25.36 -0.11 +0.54</p> <p>Poland 4.16 4.17 +0.06 +0.30</p> <p>Hungary 308.21 308.38 +0.06 +0.75</p> <p>Romania 4.65 4.64 -0.08 +0.62</p> <p>Serbia 118.40 118.30 -0.08 +0.00</p> <p>Russia 56.72 56.81 +0.17 +1.66</p> <p>Kazakhstan 324.56 326.16 +0.49 +2.54</p> <p>Ukraine 28.78 28.67 -0.38 -2.21</p> <p>South Africa 12.24 12.30 +0.49 +1.00</p> <p>Kenya 102.80 102.80 +0.00 +0.29</p> <p>Israel 3.43 3.44 +0.40 +1.49</p> <p>Turkey 3.80 3.82 +0.47 -0.24</p> <p>China 6.42 6.43 +0.17 +1.31</p> <p>India 63.79 63.88 +0.14 +0.06</p> <p>Brazil 3.22 3.22 +0.00 +2.74</p> <p>Mexico 18.70 18.71 +0.08 +5.10</p> <p>Debt Index Strip Spd Chg %Rtn Index</p> <p>Sov&#8217;gn Debt EMBIG 292 -2 .02 8 09.84 1</p> <p>Reporting and graphic by Claire Milhench Editing by Jeremy Gaunt</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/GENEVA (Reuters) - Britain&#8217;s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar, after a judge rejected a request for their case to be dismissed.</p> Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang <p>Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its &#8220;commitment to media freedom&#8221; while the U.N. special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone, 32, and Kyaw Soe Oo, 28, gave rise to &#8220;grave concern for investigative journalism&#8221;.</p> <p>A Myanmar government spokesman could not immediately be reached for comment.</p> <p>A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.</p> <p>Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters, who have been held since December, for lack of evidence. The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed, according to defence lawyer Khin Maung Zaw.</p> <p>On Tuesday, seven Myanmar soldiers were sentenced to 10 years &#8220;with hard labor in a remote area&#8221; for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September, the army said.</p> <p>Yanghee Lee, U.N. special rapporteur on Myanmar, and David Kaye, U.N. special rapporteur on the right to freedom of opinion and expression, noted the journalists could be sentenced to longer terms if found guilty.</p> <p>&#8220;The perpetrators of a massacre that was, in part, the subject of Wa Lone and Kyaw Soe Oo&#8217;s reporting have been sentenced to 10 years imprisonment. And yet these two reporters face a possible 14 years imprisonment. The absurdity of this trial and the wrongfulness of their detention and prosecution are clear,&#8221; they said in a joint statement.</p> <p>Special rapporteurs are independent experts appointed by the U.N..</p> <p>The country&#8217;s ambassador to the U.N., Hau Do Suan, said last month that the journalists were not arrested for reporting a story, but were accused of &#8220;illegally possessing confidential government documents&#8221;.</p> Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon, Myanmar April 11, 2018. REUTERS/Ann Wang ARMY CRACKDOWN <p>An army crackdown, unleashed in response to Rohingya militant attacks on security forces in August, has been beset by allegations of murder, rape, arson and looting. The U.N. and United States described it as ethnic cleansing - an accusation which Myanmar denies.</p> <p>Nearly 700,000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then.</p> <p>After the U.N. experts made their comments, Johnson took to Twitter on the case. &#8220;Very disappointed to hear Burmese @Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial,&#8221; he said. &#8220;Reiterate my calls for their release: Burmese authorities must show their commitment to media freedom.&#8221;</p> <p>At this stage the prosecutor is trying to persuade the court to file charges. The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial.</p> <p>Reporting by Stephanie Nebehay and William James; editing by David Stamp</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Russia&#8217;s intelligence agencies spied on former double agent Sergei Skripal and his daughter Yulia for at least five years before they were attacked with a nerve agent in March, the national security adviser to Britain&#8217;s prime minister said.</p> Salisbury District Hospital is seen after Yulia Skripal was discharged, in Salisbury, Britain, April 10, 2018. REUTERS/Peter Nicholls <p>Mark Sedwill said in a letter to NATO Secretary General Jens Stoltenberg on Friday that email accounts of Yulia had been targeted in 2013 by cyber specialists from Russia&#8217;s GRU military intelligence service.</p> Related Coverage <a href="/article/us-britain-russia-skripal-lavrov/russias-lavrov-says-skripals-may-have-been-poisoned-by-substance-russia-never-made-idUSKBN1HL17K" type="external">Russia's Lavrov says Skripals may have been poisoned by substance Russia never made</a> <a href="/article/us-britain-russia-skripal-diplomacy/russian-envoy-says-uk-spying-claims-about-skripals-a-big-surprise-idUSKBN1HK1UK" type="external">Russian envoy says UK spying claims about Skripals a "big surprise"</a> <a href="/article/us-britain-russia-eu-diplomacy/eu-envoy-returns-to-moscow-after-recall-over-double-agent-poisoning-idUSKBN1HK2BM" type="external">EU envoy returns to Moscow after recall over double agent poisoning</a> <p>Sedwill also said in the letter, which was published by the government, that it was &#8220;highly likely that the Russian intelligence services view at least some of its defectors as legitimate targets for assassination.&#8221;</p> <p>The Skripals were targeted by what London says was a nerve agent attack that left both of them critically ill for weeks. British Prime Minister Theresa May has said it is highly likely that Moscow was behind the attack.</p> <p>Russian Foreign Minister Sergei Lavrov noted on Friday that a report this week by the Organisation for the Prohibition of Chemical Weapons (OPCW) did not confirm the origin of the poison used against the Skripals.</p> <p>Lavrov said the report only confirmed the composition of the substance and that Britain&#8217;s claim that it confirmed the UK position on the Skripal case was overstated.</p> <p>Separately on Friday, Russia&#8217;s ambassador to Britain said he was concerned the British government was trying to get rid of evidence related to the case.</p> <p>&#8220;We get the impression that the British government is deliberately pursuing the policy of destroying all possible evidence, classifying all remaining materials and making an independent and transparent investigation impossible,&#8221; Alexander Yakovenko told reporters.</p> <p>He also said Russia could not be sure about the authenticity of a statement issued by Yulia Skripal on Wednesday in which she declined the offer of help from the Russian embassy.</p> <p>Reporting by Kate Holton; Writing by William Schomberg and Elisabeth O'Leary; Editing by Stephen Addison</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - U.S. President Donald Trump on Sunday defended his use of the phrase &#8220;mission accomplished&#8221; over the U.S.-led missile strikes on Syrian targets after it was seized on by the media.</p> <p>The phrase is associated with President George W. Bush, who used it in 2003 during the Iraq war but which dogged him for the rest of his presidency.</p> <p>&#8220;The Syrian raid was so perfectly carried out, with such precision, that the only way the Fake News Media could demean was by my use of the term &#8216;Mission Accomplished&#8217;&#8221; Trump said on Twitter.</p> <p>&#8220;I knew they would seize on this but felt it is such a great Military term, it should be brought back. Use often!&#8221; he said.</p> <p>Reporting by Adrian Croft; Editing by Alexander Smith</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON/DAMASCUS (Reuters) - Western powers have no plans for further missile strikes on Syria but will assess their options if Damascus uses chemical weapons again, Britain&#8217;s foreign minister said on Sunday as debate raged over the legality and effectiveness of the raids.</p> Britain's Foreign Secretary Boris Johnson attends the BBC's Marr Show in London, April 15, 2018. Jeff Overs/BBC handout via REUTERS <p>U.S., French and British missile attacks struck at the heart of Syria&#8217;s chemical weapons program on Saturday in retaliation for a suspected poison gas attack a week ago, and the three countries insisted they were not aimed at toppling President Bashar al-Assad or intervening in a seven-year civil war.</p> <p>The bombings, hailed by U.S. President Donald Trump as a success but denounced by Damascus and its allies as an act of aggression, marked the biggest intervention by Western countries against Assad and his ally Russia, whose foreign minister Sergei Lavrov called them &#8220;unacceptable and lawless&#8221;.</p> <p>In Damascus, Syria&#8217;s deputy foreign minister Faisal Mekdad met inspectors from the global chemical weapons watchdog OPCW for about three hours in the presence of Russian officers and a senior Syrian security official.</p> <p>The inspectors were due to try to visit the site of the suspected gas attack. Moscow condemned the Western states for refusing to wait for their findings before attacking.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-haley/u-s-troops-not-leaving-syria-until-goals-accomplished-haley-idUSKBN1HM0JZ" type="external">U.S. troops not leaving Syria until goals accomplished: Haley</a> <a href="/article/us-mideast-crisis-syria-trump/trump-defends-use-of-mission-accomplished-phrase-for-syria-strike-idUSKBN1HM0GZ" type="external">Trump defends use of 'mission accomplished' phrase for Syria strike</a> <a href="/article/us-mideast-crisis-syria-assad-russia/syrias-assad-tells-russian-lawmakers-western-strikes-were-act-of-aggression-idUSKBN1HM083" type="external">Syria's Assad tells Russian lawmakers Western strikes were act of aggression</a> <p>As he left the hotel where the meeting took place, Mekdad declined to comment to reporters waiting outside.</p> <p>British Foreign Secretary (Minister) Boris Johnson defended Prime Minister Theresa May&#8217;s decision to take part in the attack, saying it was to deter further use of chemical weapons.</p> <p>&#8220;This is not about regime change &#8230; This is not about trying to turn the tide of the conflict in Syria,&#8221; he told the BBC.</p> <p>&#8220;There is no proposal on the table at the moment for further attacks because so far thank heavens the Assad regime have not been so foolish as to launch another chemical weapons attack.&#8221;</p> <p>&#8220;If and when such a thing were to happen, then clearly with allies we would study what the options were,&#8221; he said, echoing U.S. ambassador to the United Nations, Nikki Haley, who told an emergency Security Council meeting that Trump told her that if Syria uses poisonous gas again, &#8220;The United States is locked and loaded.&#8221;</p> <p>Asked if this meant Assad could carry on using barrel bombs and other means in the war provided he did not use chemical weapons, Johnson said that was the &#8220;unhappy&#8221; consequence.</p> <p>Assad was determined &#8220;to butcher his way&#8221; to an overwhelming victory and only the Russians could pressure him to come to the negotiating table in Geneva, Johnson said.</p> <p>British opposition leader Jeremy Corbyn said that the legal basis used to support the British role was debatable, adding that he would only support action backed by the UN Security Council.</p> Jeremy Corbyn, the leader of Britain's Labour Party attends the BBC's Marr Show in London, April 15, 2018. Jeff Overs/BBC handout via REUTERS <p>&#8220;I say to the foreign secretary, I say to the prime minister, where is the legal basis for this?&#8221; Corbyn said in an interview with the BBC.</p> <p>The Western countries blame Assad&#8217;s government for a suspected poison gas attack in Douma on April 7 that killed up to 75 people. Russia, whose ties with the West have sunk to levels of the Cold War-era, denies any gas attack in Douma and said Britain staged it to whip up anti-Russian hysteria.</p> &#8220;RESILIENCE&#8221; <p>In Damascus, Assad told a group of visiting Russian lawmakers that the Western missile strikes were an act of aggression, Russian news agencies reported.</p> <p>Syria released video of the wreckage of a bombed-out research lab, but also of Assad arriving at work as usual, with the caption &#8220;Morning of resilience&#8221; and there were no immediate reports of casualties.</p> <p>The Russian agencies quoted the lawmakers as saying Assad was in a &#8220;good mood&#8221;, had praised the Soviet-era air defense systems Syria used to repel the Western attacks and had accepted an invitation to visit Russia at an unspecified time.</p> <p>Russian Foreign Ministry official Vladimir Ermakov struck a apparently conciliatory tone on Sunday, saying Washington would want to maintain a dialogue with Moscow about strategic stability after the raids, Russian media reported.</p> <p>&#8220;In the U.S. administration there are specific people who it is possible to talk with,&#8221; said Ermakov, head of the ministry&#8217;s department for non-proliferation and arms control.</p> <p>President Trump had said &#8220;Mission accomplished&#8221; on Twitter on Saturday following the strikes, although U.S. Lieutenant General Kenneth McKenzie at the Pentagon acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future.</p> <p>Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him.</p> Slideshow (8 Images) <p>The United States, Britain and France have all participated in the Syrian conflict for years, arming rebels, bombing Islamic State fighters and deploying troops to fight the militants. But they have refrained from targeting Assad&#8217;s government, apart from a volley of U.S. missiles last year.</p> RED LINE BREACHED? <p>The strikes suggest Trump may have reset America&#8217;s red line for military intervention in Syria over the use of chemical weapons.</p> <p>In Washington, a senior administration official said that &#8220;while the available information is much greater on the chlorine use, we do have significant information that also points to sarin use&#8221; in the attack.</p> <p>Sarin had previously appeared to be the threshold for intervention. Chlorine, in contrast, has been used more widely in Syria&#8217;s conflict without past U.S. reprisals, and the chemical is far easier to find and weaponize, experts say.</p> <p>Washington described the strike targets as a center near Damascus for the research, development, production and testing of chemical and biological weapons; a chemical weapons storage site near the city of Homs; and another site near Homs that stored chemical weapons equipment and housed a command post.</p> <p>Iranian Supreme Leader Ayatollah Ali Khamenei called the attack a crime and the Western leaders criminals, while U.N. Secretary-General Antonio Guterres urged all Security Council members to use restraint, but said charges of chemical weapons use demand investigation.</p> <p>Meanwhile, Pope Francis called on world leaders to renew efforts to bring peace to Syria, saying he was deeply troubled by their failure to agree on a joint plan to end the bloodshed.</p> <p>GRAPHIC - Details of air strikes on Syria ( <a href="https://tmsnrt.rs/2EKgAMN" type="external">tmsnrt.rs/2EKgAMN</a>)</p> <p>Reporting by Elizabeth Piper and Tom Perry; Additional reporting by Phil Stewart, Jeff Mason, Steve Holland, Idrees Ali, Yara Bayoumy, Matt Spetalnick and Joel Schectman in Washington; Michelle Nichols in New York; Samia Nakhoul, Tom Perry, Laila Bassam, Ellen Francis and Angus McDowall in Beirut; Kinda Makieh in Barzeh; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clercq and Matthias Blamont in Paris; Andrey Ostroukh and Jack Stubbs in Moscow; Alison Bevege in Sydney,; Writing by William Maclean; Editing by Adrian Croft and Alexander Smith</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

EMERGING MARKETS-Emerging stocks at near-decade high after China data beats forecast U.N. experts, Britain demand release of Reuters reporters in Myanmar Russia spied on Skripal and daughter for at least five years: UK Trump defends use of 'mission accomplished' phrase for Syria strike Allies keep Syria options open as Britain says no strikes planned

https://reuters.com/article/emerging-markets/emerging-markets-emerging-stocks-at-near-decade-high-after-china-data-beats-forecast-idUSL8N1PD1N1

2018-01-18

2least

LONDON Jan 18 Reuters Emerging stocks pushed to their highest in almost a decade on Thursday as Chinese economic data beat forecasts with some Asian bourses at record peaks while the lira and rand firmed ahead of central bank meetings China8217s economy grew by 68 percent in the fourth quarter and industrial output expanded by 62 percent both ahead of expectations adding fuel to the bullish sentiment in regional markets China8217s mainland shares rose almost 1 percent to twoyear highs while Hong Kong Indonesia India and Thailand all scaled fresh peaks MSCI8217s benchmark emerging equities index continued its steady ascent up 03 percent after a rally on Wall Street ended with a round of record closing highs Emerging Europe also opened stronger with Moscow shares up 03 percent to an alltime high underpinned by oil prices near 69 a barrel Warsaw shares touched their highest since November 2013 William Jackson senior emerging market economist at Capital Economics said a number of positive factors were underpinning emerging markets 8220It8217s a confluence of tailwinds 8211 strong growth domestically and a favourable external environment in most countries relatively strong balance sheets and a rise in commodity prices particularly oil have provided support to commodity producers while the weakness in the dollar recently has helped emerging currencies8221 The Turkish lira firmed 05 percent against the dollar and the South African rand 06 percent Both countries8217 central banks meet today but rates are expected to stay on hold Turkey at 1275 percent and South Africa at 675 percent Jackson said South Africa8217s central bank had made a very hawkish statement at its previous meeting but now the rand has strengthened the question was whether the bank would cut rates 8220Our sense is they won8217t but given the economy seems to be a bit stronger we could see a more dovish stance than we got used to in the second half of last year8221 South Africa8217s rand surged to 212 year highs earlier this week on hopes Deputy President Cyril Ramaphosa will be able to turn the country around and President Jacob Zuma will be pushed out early Ramaphosa made some of his toughest comments yet on Thursday welcoming moves taken by prosecutors against companies accused of corruption saying he wants to 8220deal with the rot8221 In emerging Europe the Czech crown underperformed its regional peers following the cabinet8217s resignation a day after losing a confidence vote Romania8217s leu was also a touch weaker after compromise candidate Viorica Dancila was appointed PMdesignate The deal means the risk of a long drawnout political crisis is averted Hungary will hold its first longterm interest rate swap tender today aimed at encouraging longterm bank lending at lower interest rates This is one of a number of unconventional easing measures from the central bank One of the policies is a mortgage bond purchase programme which appears to be a form of quantitative easing and the whole aim seems to be to drive down longterm bond yields Jackson said For GRAPHIC on emerging market FX performance 2017 see tmsnrtrs2e7eoml For GRAPHIC on MSCI emerging index performance 2017 see tmsnrtrs2dZbdP5 For CENTRAL EUROPE market report see For TURKISH market report see For RUSSIAN market report see Emerging Markets Prices from Reuters Equities Latest Net Chg Chg Chg on year Morgan Stanley Emrg Mkt Indx 122586 324 027 582 Czech Rep 111297 266 024 323 Poland 260208 171 007 572 Hungary 3968024 13698 035 077 Romania 836524 4865 058 789 Greece 84068 083 010 477 Russia 126900 430 034 992 South Africa 5414177 7293 013 306 Turkey 1684774 25523 022 131 China 347591 3124 091 510 India 3526848 18666 053 356 Currencies Latest Prev Local Local close currency currency change change in 2018 Czech Rep 2539 2536 011 054 Poland 416 417 006 030 Hungary 30821 30838 006 075 Romania 465 464 008 062 Serbia 11840 11830 008 000 Russia 5672 5681 017 166 Kazakhstan 32456 32616 049 254 Ukraine 2878 2867 038 221 South Africa 1224 1230 049 100 Kenya 10280 10280 000 029 Israel 343 344 040 149 Turkey 380 382 047 024 China 642 643 017 131 India 6379 6388 014 006 Brazil 322 322 000 274 Mexico 1870 1871 008 510 Debt Index Strip Spd Chg Rtn Index Sov8217gn Debt EMBIG 292 2 02 8 0984 1 Reporting and graphic by Claire Milhench Editing by Jeremy Gaunt Our Standards The Thomson Reuters Trust Principles LONDONGENEVA Reuters Britain8217s foreign minister and United Nations human rights rapporteurs separately called on Thursday for the release of two Reuters reporters detained in Myanmar after a judge rejected a request for their case to be dismissed Detained Reuters journalist Wa Lone gestures to the media as he is escorted by police after a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang Foreign Secretary Boris Johnson said on Twitter that Myanmar must show its 8220commitment to media freedom8221 while the UN special rapporteurs said in a joint statement that the pursuit of the case against Wa Lone 32 and Kyaw Soe Oo 28 gave rise to 8220grave concern for investigative journalism8221 A Myanmar government spokesman could not immediately be reached for comment A court in Yangon has been holding preliminary hearings since January to decide whether the journalists will be charged for possessing secret government papers under the colonialera Official Secrets Act which carries a maximum penalty of 14 years in prison Judge Ye Lwin rejected on Wednesday a defence request to dismiss the case against the two reporters who have been held since December for lack of evidence The judge said he wanted to hear the eight remaining prosecution witnesses out of the 25 listed according to defence lawyer Khin Maung Zaw On Tuesday seven Myanmar soldiers were sentenced to 10 years 8220with hard labor in a remote area8221 for participating in a massacre of 10 Rohingya Muslim men in northwestern Rakhine state last September the army said Yanghee Lee UN special rapporteur on Myanmar and David Kaye UN special rapporteur on the right to freedom of opinion and expression noted the journalists could be sentenced to longer terms if found guilty 8220The perpetrators of a massacre that was in part the subject of Wa Lone and Kyaw Soe Oo8217s reporting have been sentenced to 10 years imprisonment And yet these two reporters face a possible 14 years imprisonment The absurdity of this trial and the wrongfulness of their detention and prosecution are clear8221 they said in a joint statement Special rapporteurs are independent experts appointed by the UN The country8217s ambassador to the UN Hau Do Suan said last month that the journalists were not arrested for reporting a story but were accused of 8220illegally possessing confidential government documents8221 Detained Reuters journalist Kyaw Soe Oo is escorted by police before a court hearing in Yangon Myanmar April 11 2018 REUTERSAnn Wang ARMY CRACKDOWN An army crackdown unleashed in response to Rohingya militant attacks on security forces in August has been beset by allegations of murder rape arson and looting The UN and United States described it as ethnic cleansing an accusation which Myanmar denies Nearly 700000 Muslim Rohingya have fled Rakhine state and crossed into southern Bangladesh since then After the UN experts made their comments Johnson took to Twitter on the case 8220Very disappointed to hear Burmese Reuters journalists Kyaw Soe Oo and Wa Lone are now to face trial8221 he said 8220Reiterate my calls for their release Burmese authorities must show their commitment to media freedom8221 At this stage the prosecutor is trying to persuade the court to file charges The preliminary proceedings are still underway and only after they are completed is the court expected to decide whether to send the two reporters to trial Reporting by Stephanie Nebehay and William James editing by David Stamp Our Standards The Thomson Reuters Trust Principles LONDON Reuters Russia8217s intelligence agencies spied on former double agent Sergei Skripal and his daughter Yulia for at least five years before they were attacked with a nerve agent in March the national security adviser to Britain8217s prime minister said Salisbury District Hospital is seen after Yulia Skripal was discharged in Salisbury Britain April 10 2018 REUTERSPeter Nicholls Mark Sedwill said in a letter to NATO Secretary General Jens Stoltenberg on Friday that email accounts of Yulia had been targeted in 2013 by cyber specialists from Russia8217s GRU military intelligence service Related Coverage Russias Lavrov says Skripals may have been poisoned by substance Russia never made Russian envoy says UK spying claims about Skripals a big surprise EU envoy returns to Moscow after recall over double agent poisoning Sedwill also said in the letter which was published by the government that it was 8220highly likely that the Russian intelligence services view at least some of its defectors as legitimate targets for assassination8221 The Skripals were targeted by what London says was a nerve agent attack that left both of them critically ill for weeks British Prime Minister Theresa May has said it is highly likely that Moscow was behind the attack Russian Foreign Minister Sergei Lavrov noted on Friday that a report this week by the Organisation for the Prohibition of Chemical Weapons OPCW did not confirm the origin of the poison used against the Skripals Lavrov said the report only confirmed the composition of the substance and that Britain8217s claim that it confirmed the UK position on the Skripal case was overstated Separately on Friday Russia8217s ambassador to Britain said he was concerned the British government was trying to get rid of evidence related to the case 8220We get the impression that the British government is deliberately pursuing the policy of destroying all possible evidence classifying all remaining materials and making an independent and transparent investigation impossible8221 Alexander Yakovenko told reporters He also said Russia could not be sure about the authenticity of a statement issued by Yulia Skripal on Wednesday in which she declined the offer of help from the Russian embassy Reporting by Kate Holton Writing by William Schomberg and Elisabeth OLeary Editing by Stephen Addison Our Standards The Thomson Reuters Trust Principles Reuters US President Donald Trump on Sunday defended his use of the phrase 8220mission accomplished8221 over the USled missile strikes on Syrian targets after it was seized on by the media The phrase is associated with President George W Bush who used it in 2003 during the Iraq war but which dogged him for the rest of his presidency 8220The Syrian raid was so perfectly carried out with such precision that the only way the Fake News Media could demean was by my use of the term 8216Mission Accomplished82178221 Trump said on Twitter 8220I knew they would seize on this but felt it is such a great Military term it should be brought back Use often8221 he said Reporting by Adrian Croft Editing by Alexander Smith Our Standards The Thomson Reuters Trust Principles LONDONDAMASCUS Reuters Western powers have no plans for further missile strikes on Syria but will assess their options if Damascus uses chemical weapons again Britain8217s foreign minister said on Sunday as debate raged over the legality and effectiveness of the raids Britains Foreign Secretary Boris Johnson attends the BBCs Marr Show in London April 15 2018 Jeff OversBBC handout via REUTERS US French and British missile attacks struck at the heart of Syria8217s chemical weapons program on Saturday in retaliation for a suspected poison gas attack a week ago and the three countries insisted they were not aimed at toppling President Bashar alAssad or intervening in a sevenyear civil war The bombings hailed by US President Donald Trump as a success but denounced by Damascus and its allies as an act of aggression marked the biggest intervention by Western countries against Assad and his ally Russia whose foreign minister Sergei Lavrov called them 8220unacceptable and lawless8221 In Damascus Syria8217s deputy foreign minister Faisal Mekdad met inspectors from the global chemical weapons watchdog OPCW for about three hours in the presence of Russian officers and a senior Syrian security official The inspectors were due to try to visit the site of the suspected gas attack Moscow condemned the Western states for refusing to wait for their findings before attacking Related Coverage US troops not leaving Syria until goals accomplished Haley Trump defends use of mission accomplished phrase for Syria strike Syrias Assad tells Russian lawmakers Western strikes were act of aggression As he left the hotel where the meeting took place Mekdad declined to comment to reporters waiting outside British Foreign Secretary Minister Boris Johnson defended Prime Minister Theresa May8217s decision to take part in the attack saying it was to deter further use of chemical weapons 8220This is not about regime change 8230 This is not about trying to turn the tide of the conflict in Syria8221 he told the BBC 8220There is no proposal on the table at the moment for further attacks because so far thank heavens the Assad regime have not been so foolish as to launch another chemical weapons attack8221 8220If and when such a thing were to happen then clearly with allies we would study what the options were8221 he said echoing US ambassador to the United Nations Nikki Haley who told an emergency Security Council meeting that Trump told her that if Syria uses poisonous gas again 8220The United States is locked and loaded8221 Asked if this meant Assad could carry on using barrel bombs and other means in the war provided he did not use chemical weapons Johnson said that was the 8220unhappy8221 consequence Assad was determined 8220to butcher his way8221 to an overwhelming victory and only the Russians could pressure him to come to the negotiating table in Geneva Johnson said British opposition leader Jeremy Corbyn said that the legal basis used to support the British role was debatable adding that he would only support action backed by the UN Security Council Jeremy Corbyn the leader of Britains Labour Party attends the BBCs Marr Show in London April 15 2018 Jeff OversBBC handout via REUTERS 8220I say to the foreign secretary I say to the prime minister where is the legal basis for this8221 Corbyn said in an interview with the BBC The Western countries blame Assad8217s government for a suspected poison gas attack in Douma on April 7 that killed up to 75 people Russia whose ties with the West have sunk to levels of the Cold Warera denies any gas attack in Douma and said Britain staged it to whip up antiRussian hysteria 8220RESILIENCE8221 In Damascus Assad told a group of visiting Russian lawmakers that the Western missile strikes were an act of aggression Russian news agencies reported Syria released video of the wreckage of a bombedout research lab but also of Assad arriving at work as usual with the caption 8220Morning of resilience8221 and there were no immediate reports of casualties The Russian agencies quoted the lawmakers as saying Assad was in a 8220good mood8221 had praised the Sovietera air defense systems Syria used to repel the Western attacks and had accepted an invitation to visit Russia at an unspecified time Russian Foreign Ministry official Vladimir Ermakov struck a apparently conciliatory tone on Sunday saying Washington would want to maintain a dialogue with Moscow about strategic stability after the raids Russian media reported 8220In the US administration there are specific people who it is possible to talk with8221 said Ermakov head of the ministry8217s department for nonproliferation and arms control President Trump had said 8220Mission accomplished8221 on Twitter on Saturday following the strikes although US Lieutenant General Kenneth McKenzie at the Pentagon acknowledged elements of the program remain and he could not guarantee that Syria would be unable to conduct a chemical attack in the future Russian and Iranian military help over the past three years has allowed Assad to crush the rebel threat to topple him Slideshow 8 Images The United States Britain and France have all participated in the Syrian conflict for years arming rebels bombing Islamic State fighters and deploying troops to fight the militants But they have refrained from targeting Assad8217s government apart from a volley of US missiles last year RED LINE BREACHED The strikes suggest Trump may have reset America8217s red line for military intervention in Syria over the use of chemical weapons In Washington a senior administration official said that 8220while the available information is much greater on the chlorine use we do have significant information that also points to sarin use8221 in the attack Sarin had previously appeared to be the threshold for intervention Chlorine in contrast has been used more widely in Syria8217s conflict without past US reprisals and the chemical is far easier to find and weaponize experts say Washington described the strike targets as a center near Damascus for the research development production and testing of chemical and biological weapons a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post Iranian Supreme Leader Ayatollah Ali Khamenei called the attack a crime and the Western leaders criminals while UN SecretaryGeneral Antonio Guterres urged all Security Council members to use restraint but said charges of chemical weapons use demand investigation Meanwhile Pope Francis called on world leaders to renew efforts to bring peace to Syria saying he was deeply troubled by their failure to agree on a joint plan to end the bloodshed GRAPHIC Details of air strikes on Syria tmsnrtrs2EKgAMN Reporting by Elizabeth Piper and Tom Perry Additional reporting by Phil Stewart Jeff Mason Steve Holland Idrees Ali Yara Bayoumy Matt Spetalnick and Joel Schectman in Washington Michelle Nichols in New York Samia Nakhoul Tom Perry Laila Bassam Ellen Francis and Angus McDowall in Beirut Kinda Makieh in Barzeh Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clercq and Matthias Blamont in Paris Andrey Ostroukh and Jack Stubbs in Moscow Alison Bevege in Sydney Writing by William Maclean Editing by Adrian Croft and Alexander Smith Our Standards The Thomson Reuters Trust Principles

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<p>* Worries over possible U.S. government shutdown weigh on dollar</p> <p>* US lawmakers try to cobble together deal to avert shutdown</p> <p>* 10-year UST yields hit highest since Sep 2014</p> <p>* But stocks on firm ground, US futures higher</p> <p>* Graphic: World FX rates in 2018 <a href="http://tmsnrt.rs/2egbfVh" type="external">tmsnrt.rs/2egbfVh</a></p> <p>By Dhara Ranasinghe</p> <p>LONDON, Jan 19 (Reuters) - The dollar wallowed near three-year lows on Friday as heightened fears of a U.S. government shutdown unnerved investors, while U.S. Treasury yields continued an upward march to hit their highest levels since September 2014.</p> <p>Legislation to stave off an imminent federal government shutdown encountered obstacles in the Senate on Thursday night, despite the passage of a month-long funding bill by the House of Representatives hours earlier.</p> <p>Without the injection of new money, no matter how temporary, scores of federal agencies will be forced to shut starting at midnight on Friday, when existing funds expire.</p> <p>The dollar index, which measures the greenback&#8217;s value against other major currencies, was down 0.3 percent and close to this week&#8217;s three-year lows.</p> <p>It was heading for a fifth week of falls and has lost 2 percent in the early days of 2018.</p> <p>&#8220;Odds of a U.S. government shutdown have risen sharply in the past 24 hours,&#8221; said ING currency strategist Viraj Patel.</p> <p>&#8220;While we would expect such noise to keep the dollar on the back foot, any fundamental fallout at this stage would seem premature &#8211; not least as history tends to show that some sort of conciliatory approach to keep the government functioning in the long-run will ultimately prevail within Congress.&#8221;</p> <p>Market players said worries of a shutdown may have also weighed on sentiment in bond markets, which remain under pressure from expectations that strong economic data globally will encourage the U.S. Federal Reserve to press ahead with monetary tightening.</p> <p>U.S. 10-year Treasury yields hit their highest level in more than three years at 2.642 percent on Friday.</p> <p>Marie Owens Thomsen, chief economist at Indosuez, said the firm attributed a 30 percent probability of a shutdown &#8212; an event that could push yields higher.</p> STOCKS ON SOLID GROUND <p>U.S. stock futures traded broadly higher , pointing to a firm open for Wall Street and suggesting equity investors were shrugging off the wrangling in Washington.</p> <p>Stock markets in London, Paris and Frankfurt were 0.3 to 1 percent higher, while the pan-regional STOXX 600 hit a new 2-1/2 year peak as confidence over economic and earnings growth helped consolidate a strong start to the year.</p> <p>The MSCI world equity index, which tracks shares in 47 countries, also touched record highs with Asian stock markets continuing to benefit from data on Thursday that showed China&#8217;s growth in 2017 accelerated for the first time in seven years.</p> <p>China stocks closed at two-year highs, with the Shanghai index posting its fifth straight week of gains. Japan&#8217;s Nikkei ended the day 0.2 percent higher.</p> EURO SHINES <p>The euro rose 0.2 percent to $1.2260 after hitting a three-year peak above $1.2300 earlier this week on expectations that the European Central Bank would take steps towards winding back on stimulus measures to normalise monetary policy.</p> <p>The euro&#8217;s rally was tempered later as some ECB officials voiced worries about the currency&#8217;s strength.</p> <p>China&#8217;s yuan meanwhile breached the psychologically important 6.4 dollar level for the first time in more than two years the day after Beijing said annual growth was 6.8 percent in October-December, slightly above forecasts.</p> <p>Oil prices slid and were on course for the biggest weekly falls since October, as a bounce-back in U.S. production outweighed ongoing declines in crude inventories.</p> <p>Brent crude futures were at $68.67 a barrel, down 0.9 percent on the day, while U.S. West Texas Intermediate (WTI) crude futures fell a similar amount to $63.40 a barrel.</p> <p>Gold prices were up 0.5 percent, supported by a weaker dollar, but the metal was still on track for its first weekly drop in six weeks.</p> <p>Reporting by Dhara Ranasinghe; additional reporting by Shinichi Saoshiro in TOKYO and Jemima Kelly in LONDON; Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MUENSTER, Germany (Reuters) - A German man drove a van into a group of people sitting outside a restaurant in the old city center of Muenster in western Germany on Saturday, killing two of them before shooting himself dead, police and state officials said.</p> <p>The vehicle plowed into people seated at tables outside the Grosser Kiepenkerl eatery, a popular destination for tourists in the pretty university city.</p> <p>Herbert Reul, interior minister of North Rhine-Westphalia, home to Muenster, told German television the suspect was a German citizen and there was &#8220;no indication of an Islamist background&#8221;.</p> <p>Police spokesman Andreas Bode earlier said: &#8220;At 15:27 (1327 GMT), a vehicle drove into the outside area of the restaurant ... three people were killed, 20 injured, and six of those seriously injured,&#8221;</p> Related Coverage <a href="/article/us-germany-crash-timeline-factbox/factbox-deadly-attacks-in-western-europe-idUSKBN1HE0ND" type="external">Factbox: Deadly attacks in Western Europe</a> <p>&#8220;The perpetrator killed himself in the vehicle,&#8221; Bode added.</p> <p>Reul said the three dead included the perpetrator.</p> <p>The Frankfurter Allgemeine Zeitung reported in its online edition that the perpetrator was Jens R., aged 48, who lived some 2 km (1.2 miles) from the crime scene.</p> <p>Broadcaster ZDF said police were searching his apartment and that he had contact with far-right extremists, but there was no evidence thus far that he was a far-right extremist himself.</p> <p>The Sueddeutsche Zeitung said the man had psychological problems. The Interior Ministry in North Rhine-Westphalia would neither confirm nor deny the report.</p> <p>Bode said investigators were looking at the possibility that other suspects fled the scene, though they had no evidence that this was the case, he added.</p> <p>Bild newspaper said police were searching for two possible additional suspects after witnesses said they had seen two people jump out of the van. Jens R. had no police record, the newspaper said.</p> <p>&#8220;The crime scene investigators are checking out the crime scene, trying to identify, investigate and secure traces. That is our current task,&#8221; Bode said.</p> <p>A police spokeswoman said: &#8220;The danger is over.&#8221;</p> <p>Martin Wiech, who said he had studied in Muenster, told Der Spiegel he had driven to Muenster to go shopping and was now unable to return to his car.</p> Police stands guard in a street near a place where a man drove a van into a group of people sitting outside a popular restaurant in the old city centre of Muenster, Germany, April 7, 2018. REUTERS/Leon Kuegeler <p>&#8220;Unbelievable that something like this could happen in Muenster. It is one of the most peaceful cities I know,&#8221; he said.</p> MERKEL &#8220;SHAKEN&#8221; <p>The incident came one year to the day after a truck attack in Stockholm that killed five people.</p> <p>It also evoked memories of a December 2016 truck attack in Berlin that killed 12. In that attack, Anis Amri, a failed Tunisian asylum seeker with Islamist links, hijacked a truck, killed the driver and then plowed into a crowded marketplace, killing 11 more people and injuring dozens of others.</p> Slideshow (17 Images) <p>Chancellor Angela Merkel said in a statement she was &#8220;deeply shaken&#8221;.</p> <p>&#8220;Everything possible is now being done to clarify the facts and to support the victims and their relatives,&#8221; she added.</p> <p>French President Emmanuel Macron tweeted: &#8220;All my thoughts are with the victims of the attack in Muenster. France shares in Germany&#8217;s suffering.&#8221;</p> <p>Der Spiegel reported that police were investigating a similar incident that occurred in the eastern German city of Cottbus on Friday evening, when a man drove his car into a group of people, injuring two, before fleeing.</p> <p>Additional reporting by Sabine Siebold and Andrea Shalal in Berlin, Matthias Inverardi in Duesseldorf, and Sarah White in Paris; Writing by Paul Carrel; Editing by Dale Hudson and Hugh Lawson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>HUMBOLDT, Saskatchewan (Reuters) - Fourteen people were killed when a bus carrying a Canadian junior hockey team collided with a truck in Saskatchewan province, police said, in one of the worst disasters to strike Canada&#8217;s sporting community.</p> <p>The tragedy sent shock waves through the hockey-loving nation and engulfed the home of the Humboldt Broncos ice hockey team, a small farming town of fewer than 6,000 people, in grief. Fifteen survivors were taken to hospitals, with three of them in critical condition, police said.</p> <p>The team had been traveling to a playoff game when the accident occurred at about 5:00 p.m. on Friday near the Tisdale area, around 185 miles (300 km) north of Regina.</p> <p>&#8220;Our Broncos family is in shock as we try to come to grips with our incredible loss,&#8221; Kevin Garinger, the team&#8217;s president, said in a statement.</p> <p>The players had been on their way to compete in Game 5 of a playoff series against the Nipawin Hawks.</p> <p>The Hawk&#8217;s president, Darren Opp, told the Globe and Mail newspaper that the truck, a semi-trailer, T-boned the players&#8217; bus.</p> <p>&#8220;It&#8217;s a horrible accident, my God,&#8221; he said. &#8220;It&#8217;s very, very bad.&#8221;</p> <p>The cause of the crash could not be immediately confirmed, however, and police said nothing about the identity of the dead or condition of the truck driver.</p> <p>Citing relatives, the Canadian Press reported that the Broncos&#8217; head coach Darcy Haugan and the team&#8217;s 20-year-old captain, Logan Schatz, were among those killed.</p> <p>Many social media users posted Haugan&#8217;s photograph alongside messages of shock and sympathy, and the hashtags #prayersforhumboldt and #humboldtstrong.</p> <p>&#8220;God bless Darcy Haugan for being an incredible mentor and coach to young hockey players and prayers for his family to help cope with their immense loss,&#8221; the Western Provinces Hockey Association wrote on Twitter.</p> <p>National Hockey League Commissioner Gary Bettman said the NHL mourned the passing of those who died &#8220;and offers strength and comfort to those injured while traveling to play and be part of a game they loved.&#8221;</p> &#8216;TERRIBLE TRAGEDY&#8217; <p>A steady stream of people arrived at Humboldt&#8217;s Elgar Petersen sports arena on Saturday, consoling the grieving families and offering flowers. Counseling services for the victims&#8217; relatives were offered in a nearby room.</p> <p>&#8220;We woke up to the reality of what happened last night,&#8221; Humboldt Mayor Rob Muench told Reuters. &#8220;It has been a tragedy nobody would have imagined. It&#8217;s very tough but I have been trying to get the message out that we will get through this, we will see the light at the end of the tunnel.&#8221;</p> <p>Condolences poured in from current and former hockey players, sports organizations and political leaders.</p> The 2017-2018 Humboldt Broncos Saskatchewan Junior Hockey League team is pictured in this undated handout photo. Amanda Brochu/Handout via REUTERS <p>&#8220;I cannot imagine what these parents are going through, and my heart goes out to everyone affected by this terrible tragedy, in the Humboldt community and beyond,&#8221; Prime Minister Justin Trudeau wrote in a tweet.</p> <p>In a post on Twitter, U.S. President Donald Trump said he had spoken with Trudeau &#8220;to pay my highest respect and condolences to the families of the terrible Humboldt Team tragedy. May God be with them all!&#8221;</p> <p>Pastor Jordan Gadsby of Nipawin&#8217;s Apostolic Church said hundreds of people, including parents and relatives of players on the bus, had gathered at the church late on Friday to seek information and solace.</p> <p>&#8220;The worst part of the night was watching parents waiting for news of their kids,&#8221; he said. &#8220;There&#8217;s not a lot we can do. It&#8217;s a terrible thing that happened.&#8221;</p> <p>For some, the tragedy revived painful memories of a bus crash in the province in December 1986 that killed four young players from the Swift Current Broncos ice hockey team.</p> <p>An online fundraising campaign for the affected players and their families, with an initial target of $10,000, was set up late on Friday by the mother of a former Broncos teammate. By lunchtime on Saturday it had raised more than $1 million.</p> Slideshow (8 Images) <p>&#8220;Stay Hockey family strong,&#8221; wrote one donor on the GoFundMe site who said he was a coach from rural Saskatchewan.</p> <p>Additional reporting by Brendan O'Brien in Milwaukee; Writing by Denny Thomas and Daniel Wallis; Editing by Janet Lawrence and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAO BERNARDO DO CAMPO, Brazil (Reuters) - Former Brazilian President Luiz Inacio Lula da Silva on Saturday said he would surrender to police, a day after defying a judge&#8217;s order to start serving a 12-year prison sentence for corruption that derails his effort to return to power this year.</p> <p>In a fiery speech to a crowd of red-shirted supporters outside a steel workers union headquarters, Brazil&#8217;s first working-class president insisted on his innocence and called his bribery conviction a political crime, but relented after a nearly 24-hour standoff with authorities.</p> Related Coverage <a href="/article/us-brazil-politics-lula-ruling/brazil-supreme-court-justice-rejects-latest-plea-from-lula-to-remain-free-idUSKBN1HE0IC" type="external">Brazil Supreme Court justice rejects latest plea from Lula to remain free</a> <p>&#8220;I will comply with the order and all of you will become Lula,&#8221; he told the cheering crowd. &#8220;I&#8217;m not above the law. If I didn&#8217;t believe in the law, I wouldn&#8217;t have started a political party. I would have started a revolution.&#8221;</p> <p>Lula&#8217;s imprisonment removes the most influential figure from Brazil&#8217;s political scene, and the frontrunner from this year&#8217;s presidential campaign, scrambling a wide-open race and strengthening the odds of a more centrist candidate prevailing, according to analysts and political foes.</p> <p>It also marks the unmistakable end of an era for Brazil&#8217;s left, which was out in force in the streets outside of the union headquarters in metropolitan Sao Paulo where Lula huddled with aides and allies while police awaited his surrender.</p> <p>The throngs of supporters, which began gathering when he arrived late on Thursday night, dissuaded police from trying to take him into custody and heightened concerns about a violent showdown.</p> Former Brazilian President Luiz Inacio Lula da Silva waves as he attends a mass for his late wife at the metallurgic trade union in Sao Bernardo do Campo, Brazil April 7, 2018. REUTERS/Leonardo Benassatto <p>Lula was convicted of taking bribes, including renovation of a three-floor seaside apartment that he denies ever owning, from an engineering firm in return for help landing public contracts.</p> <p>&#8220;I&#8217;m the only person being prosecuted over an apartment that isn&#8217;t mine,&#8221; insisted Lula, standing on a truck-pulled platform alongside his impeached successor Dilma Rousseff and leaders of other left-wing parties.</p> Slideshow (17 Images) <p>A Brazilian Supreme court justice on Saturday rejected the latest plea by Lula&#8217;s legal team, which argued they had not exhausted procedural appeals when a judge issued the order to turn himself in.</p> <p>Under Brazilian electoral law, a candidate is forbidden from running for office for eight years after being found guilty of a crime. Rare exceptions have been made in the past, and the final decision would be made by the top electoral court if and when Lula officially files to be a candidate.</p> <p>The union where Lula, 72, sought refuge served as the launch pad for his career nearly four decades ago, when he led nationwide strikes that helped to end Brazil&#8217;s 1964-85 military dictatorship.</p> <p>Lula&#8217;s everyman style and unvarnished speeches electrified masses and eventually won him two terms as president, from 2003 to 2011, when he oversaw robust economic growth and falling inequality amid a commodities boom.</p> <p>Additional reporting by Lisandra Paraguass&#250; and Ricardo Brito in Brasilia; Writing by Anthony Boadle and Jake Spring; Editing by Franklin Paul and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The Texas National Guard has begun deploying troops to help secure the state&#8217;s southern border with Mexico as President Donald Trump has been unable to get the U.S. Congress or Mexico to fully fund his proposed wall along the border.</p> <p>The deployment, announced on Friday by Texas officials, comes after Trump directed Defense Secretary James Mattis to request the use of National Guard personnel to help the Department of Homeland Security secure the border in four southwestern U.S. states, including Texas.</p> <p>Mattis on Friday authorized the funding for up to 4,000 National Guard troops for the operation through Sept. 30, a Department of Defense memo showed.</p> <p>The troops will be under the &#8220;command and control&#8221; of their respective governors, it said.</p> <p>Trump has failed so far to persuade either the Mexican government or the U.S. Congress to fully fund a wall he wants to build along the border. Mexican President Enrique Pena Nieto on Thursday sharply rebuked Trump over the plan.</p> <p>The Texas Army National Guard said 250 guardsmen along with aircraft, vehicles and surveillance equipment were to be deployed along the state&#8217;s border with Mexico within the next 72 hours.</p> <p>Exact details of the mission, including the total number of troops to be deployed and the cost, were yet to be determined, Brigadier General Tracy Norris, commander of the Texas Army National Guard, told a news conference.</p> <p>The National Guard has operated along the border for decades. About 100 members of the Texas Military Department are currently assigned along the border in an &#8220;observe and report&#8221; role, Norris noted.</p> <p>In Arizona, some 150 National Guard members will be sent to the border next week, Arizona Governor Doug Ducey said in a Tweet on Friday.</p> <p>The Department of Homeland Security has identified security vulnerabilities that could be addressed by the National Guard, Mattis and Secretary of Homeland Security Kirstjen Nielsen said in a joint statement on Friday.</p> <p>Nielsen said this week that the troops would not be involved in law enforcement.</p> <p>In a supporting role, possibly for aerial reconnaissance, the Guard will help U.S. Customs and Border Protection personnel with stopping illegal immigrants from entering the country, Nielsen said.</p> <p>In keeping with a theme he often invoked as a candidate in 2016 and has continually returned to since taking office, Republican Trump has sharpened his anti-immigrant rhetoric, warning that illegal immigrants threaten U.S. safety and jobs.</p> A border patrol agent guards a gap in the Mexico-U.S. border fence in the Rio Grande Valley sector, near McAllen, Texas, U.S., April 5, 2018. REUTERS/Loren Elliott <p>&#8220;It sounds to me more like political rhetoric than something that is actually needed on our border,&#8221; Representative Vicente Gonzalez, a Texas Democrat whose district includes the border city of McAllen, told the New York Times.</p> <p>Reporting by Brendan O'Brien in Milwaukee; editing by Jason Neely</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

GLOBAL MARKETS-US shutdown fears hurt dollar, Treasury yields at highest since 2014 Man drives van into restaurant in Germany, killing two plus himself Fourteen killed in Canadian youth hockey team bus crash Lula agrees to surrender to Brazil police after defying order Texas sends 250 National Guard troops to Mexico border

https://reuters.com/article/global-markets/global-markets-us-shutdown-fears-hurt-dollar-treasury-yields-at-highest-since-2014-idUSL8N1PE1AJ

2018-01-19

2least

Worries over possible US government shutdown weigh on dollar US lawmakers try to cobble together deal to avert shutdown 10year UST yields hit highest since Sep 2014 But stocks on firm ground US futures higher Graphic World FX rates in 2018 tmsnrtrs2egbfVh By Dhara Ranasinghe LONDON Jan 19 Reuters The dollar wallowed near threeyear lows on Friday as heightened fears of a US government shutdown unnerved investors while US Treasury yields continued an upward march to hit their highest levels since September 2014 Legislation to stave off an imminent federal government shutdown encountered obstacles in the Senate on Thursday night despite the passage of a monthlong funding bill by the House of Representatives hours earlier Without the injection of new money no matter how temporary scores of federal agencies will be forced to shut starting at midnight on Friday when existing funds expire The dollar index which measures the greenback8217s value against other major currencies was down 03 percent and close to this week8217s threeyear lows It was heading for a fifth week of falls and has lost 2 percent in the early days of 2018 8220Odds of a US government shutdown have risen sharply in the past 24 hours8221 said ING currency strategist Viraj Patel 8220While we would expect such noise to keep the dollar on the back foot any fundamental fallout at this stage would seem premature 8211 not least as history tends to show that some sort of conciliatory approach to keep the government functioning in the longrun will ultimately prevail within Congress8221 Market players said worries of a shutdown may have also weighed on sentiment in bond markets which remain under pressure from expectations that strong economic data globally will encourage the US Federal Reserve to press ahead with monetary tightening US 10year Treasury yields hit their highest level in more than three years at 2642 percent on Friday Marie Owens Thomsen chief economist at Indosuez said the firm attributed a 30 percent probability of a shutdown 8212 an event that could push yields higher STOCKS ON SOLID GROUND US stock futures traded broadly higher pointing to a firm open for Wall Street and suggesting equity investors were shrugging off the wrangling in Washington Stock markets in London Paris and Frankfurt were 03 to 1 percent higher while the panregional STOXX 600 hit a new 212 year peak as confidence over economic and earnings growth helped consolidate a strong start to the year The MSCI world equity index which tracks shares in 47 countries also touched record highs with Asian stock markets continuing to benefit from data on Thursday that showed China8217s growth in 2017 accelerated for the first time in seven years China stocks closed at twoyear highs with the Shanghai index posting its fifth straight week of gains Japan8217s Nikkei ended the day 02 percent higher EURO SHINES The euro rose 02 percent to 12260 after hitting a threeyear peak above 12300 earlier this week on expectations that the European Central Bank would take steps towards winding back on stimulus measures to normalise monetary policy The euro8217s rally was tempered later as some ECB officials voiced worries about the currency8217s strength China8217s yuan meanwhile breached the psychologically important 64 dollar level for the first time in more than two years the day after Beijing said annual growth was 68 percent in OctoberDecember slightly above forecasts Oil prices slid and were on course for the biggest weekly falls since October as a bounceback in US production outweighed ongoing declines in crude inventories Brent crude futures were at 6867 a barrel down 09 percent on the day while US West Texas Intermediate WTI crude futures fell a similar amount to 6340 a barrel Gold prices were up 05 percent supported by a weaker dollar but the metal was still on track for its first weekly drop in six weeks Reporting by Dhara Ranasinghe additional reporting by Shinichi Saoshiro in TOKYO and Jemima Kelly in LONDON Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles MUENSTER Germany Reuters A German man drove a van into a group of people sitting outside a restaurant in the old city center of Muenster in western Germany on Saturday killing two of them before shooting himself dead police and state officials said The vehicle plowed into people seated at tables outside the Grosser Kiepenkerl eatery a popular destination for tourists in the pretty university city Herbert Reul interior minister of North RhineWestphalia home to Muenster told German television the suspect was a German citizen and there was 8220no indication of an Islamist background8221 Police spokesman Andreas Bode earlier said 8220At 1527 1327 GMT a vehicle drove into the outside area of the restaurant three people were killed 20 injured and six of those seriously injured8221 Related Coverage Factbox Deadly attacks in Western Europe 8220The perpetrator killed himself in the vehicle8221 Bode added Reul said the three dead included the perpetrator The Frankfurter Allgemeine Zeitung reported in its online edition that the perpetrator was Jens R aged 48 who lived some 2 km 12 miles from the crime scene Broadcaster ZDF said police were searching his apartment and that he had contact with farright extremists but there was no evidence thus far that he was a farright extremist himself The Sueddeutsche Zeitung said the man had psychological problems The Interior Ministry in North RhineWestphalia would neither confirm nor deny the report Bode said investigators were looking at the possibility that other suspects fled the scene though they had no evidence that this was the case he added Bild newspaper said police were searching for two possible additional suspects after witnesses said they had seen two people jump out of the van Jens R had no police record the newspaper said 8220The crime scene investigators are checking out the crime scene trying to identify investigate and secure traces That is our current task8221 Bode said A police spokeswoman said 8220The danger is over8221 Martin Wiech who said he had studied in Muenster told Der Spiegel he had driven to Muenster to go shopping and was now unable to return to his car Police stands guard in a street near a place where a man drove a van into a group of people sitting outside a popular restaurant in the old city centre of Muenster Germany April 7 2018 REUTERSLeon Kuegeler 8220Unbelievable that something like this could happen in Muenster It is one of the most peaceful cities I know8221 he said MERKEL 8220SHAKEN8221 The incident came one year to the day after a truck attack in Stockholm that killed five people It also evoked memories of a December 2016 truck attack in Berlin that killed 12 In that attack Anis Amri a failed Tunisian asylum seeker with Islamist links hijacked a truck killed the driver and then plowed into a crowded marketplace killing 11 more people and injuring dozens of others Slideshow 17 Images Chancellor Angela Merkel said in a statement she was 8220deeply shaken8221 8220Everything possible is now being done to clarify the facts and to support the victims and their relatives8221 she added French President Emmanuel Macron tweeted 8220All my thoughts are with the victims of the attack in Muenster France shares in Germany8217s suffering8221 Der Spiegel reported that police were investigating a similar incident that occurred in the eastern German city of Cottbus on Friday evening when a man drove his car into a group of people injuring two before fleeing Additional reporting by Sabine Siebold and Andrea Shalal in Berlin Matthias Inverardi in Duesseldorf and Sarah White in Paris Writing by Paul Carrel Editing by Dale Hudson and Hugh Lawson Our Standards The Thomson Reuters Trust Principles HUMBOLDT Saskatchewan Reuters Fourteen people were killed when a bus carrying a Canadian junior hockey team collided with a truck in Saskatchewan province police said in one of the worst disasters to strike Canada8217s sporting community The tragedy sent shock waves through the hockeyloving nation and engulfed the home of the Humboldt Broncos ice hockey team a small farming town of fewer than 6000 people in grief Fifteen survivors were taken to hospitals with three of them in critical condition police said The team had been traveling to a playoff game when the accident occurred at about 500 pm on Friday near the Tisdale area around 185 miles 300 km north of Regina 8220Our Broncos family is in shock as we try to come to grips with our incredible loss8221 Kevin Garinger the team8217s president said in a statement The players had been on their way to compete in Game 5 of a playoff series against the Nipawin Hawks The Hawk8217s president Darren Opp told the Globe and Mail newspaper that the truck a semitrailer Tboned the players8217 bus 8220It8217s a horrible accident my God8221 he said 8220It8217s very very bad8221 The cause of the crash could not be immediately confirmed however and police said nothing about the identity of the dead or condition of the truck driver Citing relatives the Canadian Press reported that the Broncos8217 head coach Darcy Haugan and the team8217s 20yearold captain Logan Schatz were among those killed Many social media users posted Haugan8217s photograph alongside messages of shock and sympathy and the hashtags prayersforhumboldt and humboldtstrong 8220God bless Darcy Haugan for being an incredible mentor and coach to young hockey players and prayers for his family to help cope with their immense loss8221 the Western Provinces Hockey Association wrote on Twitter National Hockey League Commissioner Gary Bettman said the NHL mourned the passing of those who died 8220and offers strength and comfort to those injured while traveling to play and be part of a game they loved8221 8216TERRIBLE TRAGEDY8217 A steady stream of people arrived at Humboldt8217s Elgar Petersen sports arena on Saturday consoling the grieving families and offering flowers Counseling services for the victims8217 relatives were offered in a nearby room 8220We woke up to the reality of what happened last night8221 Humboldt Mayor Rob Muench told Reuters 8220It has been a tragedy nobody would have imagined It8217s very tough but I have been trying to get the message out that we will get through this we will see the light at the end of the tunnel8221 Condolences poured in from current and former hockey players sports organizations and political leaders The 20172018 Humboldt Broncos Saskatchewan Junior Hockey League team is pictured in this undated handout photo Amanda BrochuHandout via REUTERS 8220I cannot imagine what these parents are going through and my heart goes out to everyone affected by this terrible tragedy in the Humboldt community and beyond8221 Prime Minister Justin Trudeau wrote in a tweet In a post on Twitter US President Donald Trump said he had spoken with Trudeau 8220to pay my highest respect and condolences to the families of the terrible Humboldt Team tragedy May God be with them all8221 Pastor Jordan Gadsby of Nipawin8217s Apostolic Church said hundreds of people including parents and relatives of players on the bus had gathered at the church late on Friday to seek information and solace 8220The worst part of the night was watching parents waiting for news of their kids8221 he said 8220There8217s not a lot we can do It8217s a terrible thing that happened8221 For some the tragedy revived painful memories of a bus crash in the province in December 1986 that killed four young players from the Swift Current Broncos ice hockey team An online fundraising campaign for the affected players and their families with an initial target of 10000 was set up late on Friday by the mother of a former Broncos teammate By lunchtime on Saturday it had raised more than 1 million Slideshow 8 Images 8220Stay Hockey family strong8221 wrote one donor on the GoFundMe site who said he was a coach from rural Saskatchewan Additional reporting by Brendan OBrien in Milwaukee Writing by Denny Thomas and Daniel Wallis Editing by Janet Lawrence and Tom Brown Our Standards The Thomson Reuters Trust Principles SAO BERNARDO DO CAMPO Brazil Reuters Former Brazilian President Luiz Inacio Lula da Silva on Saturday said he would surrender to police a day after defying a judge8217s order to start serving a 12year prison sentence for corruption that derails his effort to return to power this year In a fiery speech to a crowd of redshirted supporters outside a steel workers union headquarters Brazil8217s first workingclass president insisted on his innocence and called his bribery conviction a political crime but relented after a nearly 24hour standoff with authorities Related Coverage Brazil Supreme Court justice rejects latest plea from Lula to remain free 8220I will comply with the order and all of you will become Lula8221 he told the cheering crowd 8220I8217m not above the law If I didn8217t believe in the law I wouldn8217t have started a political party I would have started a revolution8221 Lula8217s imprisonment removes the most influential figure from Brazil8217s political scene and the frontrunner from this year8217s presidential campaign scrambling a wideopen race and strengthening the odds of a more centrist candidate prevailing according to analysts and political foes It also marks the unmistakable end of an era for Brazil8217s left which was out in force in the streets outside of the union headquarters in metropolitan Sao Paulo where Lula huddled with aides and allies while police awaited his surrender The throngs of supporters which began gathering when he arrived late on Thursday night dissuaded police from trying to take him into custody and heightened concerns about a violent showdown Former Brazilian President Luiz Inacio Lula da Silva waves as he attends a mass for his late wife at the metallurgic trade union in Sao Bernardo do Campo Brazil April 7 2018 REUTERSLeonardo Benassatto Lula was convicted of taking bribes including renovation of a threefloor seaside apartment that he denies ever owning from an engineering firm in return for help landing public contracts 8220I8217m the only person being prosecuted over an apartment that isn8217t mine8221 insisted Lula standing on a truckpulled platform alongside his impeached successor Dilma Rousseff and leaders of other leftwing parties Slideshow 17 Images A Brazilian Supreme court justice on Saturday rejected the latest plea by Lula8217s legal team which argued they had not exhausted procedural appeals when a judge issued the order to turn himself in Under Brazilian electoral law a candidate is forbidden from running for office for eight years after being found guilty of a crime Rare exceptions have been made in the past and the final decision would be made by the top electoral court if and when Lula officially files to be a candidate The union where Lula 72 sought refuge served as the launch pad for his career nearly four decades ago when he led nationwide strikes that helped to end Brazil8217s 196485 military dictatorship Lula8217s everyman style and unvarnished speeches electrified masses and eventually won him two terms as president from 2003 to 2011 when he oversaw robust economic growth and falling inequality amid a commodities boom Additional reporting by Lisandra Paraguass250 and Ricardo Brito in Brasilia Writing by Anthony Boadle and Jake Spring Editing by Franklin Paul and Tom Brown Our Standards The Thomson Reuters Trust Principles Reuters The Texas National Guard has begun deploying troops to help secure the state8217s southern border with Mexico as President Donald Trump has been unable to get the US Congress or Mexico to fully fund his proposed wall along the border The deployment announced on Friday by Texas officials comes after Trump directed Defense Secretary James Mattis to request the use of National Guard personnel to help the Department of Homeland Security secure the border in four southwestern US states including Texas Mattis on Friday authorized the funding for up to 4000 National Guard troops for the operation through Sept 30 a Department of Defense memo showed The troops will be under the 8220command and control8221 of their respective governors it said Trump has failed so far to persuade either the Mexican government or the US Congress to fully fund a wall he wants to build along the border Mexican President Enrique Pena Nieto on Thursday sharply rebuked Trump over the plan The Texas Army National Guard said 250 guardsmen along with aircraft vehicles and surveillance equipment were to be deployed along the state8217s border with Mexico within the next 72 hours Exact details of the mission including the total number of troops to be deployed and the cost were yet to be determined Brigadier General Tracy Norris commander of the Texas Army National Guard told a news conference The National Guard has operated along the border for decades About 100 members of the Texas Military Department are currently assigned along the border in an 8220observe and report8221 role Norris noted In Arizona some 150 National Guard members will be sent to the border next week Arizona Governor Doug Ducey said in a Tweet on Friday The Department of Homeland Security has identified security vulnerabilities that could be addressed by the National Guard Mattis and Secretary of Homeland Security Kirstjen Nielsen said in a joint statement on Friday Nielsen said this week that the troops would not be involved in law enforcement In a supporting role possibly for aerial reconnaissance the Guard will help US Customs and Border Protection personnel with stopping illegal immigrants from entering the country Nielsen said In keeping with a theme he often invoked as a candidate in 2016 and has continually returned to since taking office Republican Trump has sharpened his antiimmigrant rhetoric warning that illegal immigrants threaten US safety and jobs A border patrol agent guards a gap in the MexicoUS border fence in the Rio Grande Valley sector near McAllen Texas US April 5 2018 REUTERSLoren Elliott 8220It sounds to me more like political rhetoric than something that is actually needed on our border8221 Representative Vicente Gonzalez a Texas Democrat whose district includes the border city of McAllen told the New York Times Reporting by Brendan OBrien in Milwaukee editing by Jason Neely Our Standards The Thomson Reuters Trust Principles

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<p>SANTIAGO, Jan 23 (Reuters) - Chile&#8217;s conservative President-elect Sebastian Pinera on Tuesday named Senator Baldo Prokurica as incoming mining minister, a key post in the world&#8217;s top copper exporter.</p> <p>Pinera, who won the presidency last month, governed the country from 2010 to 2014. He named his former Finance Minister Felipe Larrain to fill the same spot again in his incoming cabinet.</p> <p>Reporting by Fabian Cambero Editing by Chizu Nomiyama</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Chanting &#8220;never again,&#8221; hundreds of thousands of young Americans and their supporters answered a call to action from survivors of last month&#8217;s Florida high school massacre and rallied across the United States on Saturday to demand tighter gun laws.</p> <p>In some of the biggest U.S. youth demonstrations for decades, protesters called on lawmakers and President Donald Trump to confront the issue. Voter registration activists fanned out in the crowds, signing up thousands of the nation&#8217;s newest voters.</p> <p>At the largest March For Our Lives protest, demonstrators jammed Washington&#8217;s Pennsylvania Avenue where they listened to speeches from survivors of the Feb. 14 mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida.</p> <p>There were sobs as one teenage survivor, Emma Gonzalez, read the names of the 17 victims and then stood in silence. Tears ran down her cheeks as she stared out over the crowd for the rest of a speech that lasted six minutes and 20 seconds, the time it took for the gunman to slaughter them.</p> <p>The massive March For Our Lives rallies aimed to break legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one in Parkland have become frighteningly common.</p> <p>&#8220;Politicians: either represent the people or get out. Stand with us or beware, the voters are coming,&#8221; Cameron Kasky, a 17-year-old junior at Marjory Stoneman Douglas, told the crowd.</p> <p>Another survivor, David Hogg, said it was a new day.</p> <p>&#8220;We&#8217;re going to make sure the best people get in our elections to run not as politicians, but as Americans. Because this - this - is not cutting it,&#8221; he said, pointing at the white-domed Capitol behind the stage.</p> <p>Youthful marchers filled streets in cities including Atlanta, Baltimore, Boston, Chicago, Los Angeles, Miami, Minneapolis, New York, San Diego and St. Louis.</p> <p>More than 800 demonstrations were scheduled in the United States and overseas, according to coordinators, with events as far afield as London, Mauritius, Stockholm and Sydney.</p> &#8216;TAKE THEIR LIBERTY AWAY&#8217; <p>Underlining sharp differences among the American public over the issue, counter-demonstrators and supporters of gun rights were also in evidence in many U.S. cities.</p> <p>Organizers of the anti-gun rallies want Congress, many of whose members are up for re-election in November, to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers.</p> <p>On the other side of the debate, gun rights advocates cite constitutional guarantees of the right to bear arms.</p> <p>&#8220;All they&#8217;re doing is asking the government to take their liberty away from them without due process,&#8221; Brandon Howard, a 42-year-old Trump supporter, said of the protesters in the capital. He had a sign saying: &#8220;Keep your hands off my guns.&#8221;</p> Daisy Hernandez, age 22, joins students and gun control advocates for the "March for Our Lives" event demanding gun control after recent school shootings at a rally in Washington, U.S., March 24, 2018. REUTERS/Jonathan Ernst <p>Wearing a red &#8220;Make America Great Again&#8221; sweatshirt, 16-year-old Connor Humphrey of San Luis Obispo, California, said: &#8220;Guns don&#8217;t kill people. People kill people.&#8221;</p> <p>Humphrey, who was visiting Washington with his family for spring break, said he owns guns for target shooting and hunting and uses them responsibly. His school had a lockdown exercise last week.</p> <p>&#8220;I think teachers should have guns,&#8221; he said, echoing a proposal made by Trump after the Parkland killings.</p> <p>Still, rallies for tighter firearm restrictions also sprang up in rural, Republican-leaning communities ranging from Lewiston, Idaho to Logan, Utah where there is strong support for the Second Amendment constitutional right to own guns.</p> Slideshow (30 Images) CELEBRITIES BACK STUDENTS <p>Among those marching next to New York&#8217;s Central Park to call for tighter gun controls was pop star Paul McCartney, who said he had a personal stake in the debate.</p> <p>&#8220;One of my best friends was shot not far from here,&#8221; he told CNN, referring to Beatles bandmate John Lennon, who was gunned down near the park in 1980.</p> <p>Taking aim at the National Rifle Association gun lobby, teenagers chanted, &#8220;Hey, hey, NRA, how many kids have you killed today?&#8221;</p> <p>The young U.S. organizers have won kudos and cash from dozens of celebrities, with singers Demi Lovato and Ariana Grande, as well as &#8220;Hamilton&#8221; creator Lin-Manuel Miranda, among those performing in Washington. Actor George Clooney and his human rights attorney wife, Amal, donated $500,000 and said they would be at the Washington rally.</p> <p>The U.S. football team the New England Patriots loaned its plane to Marjory Stoneman Douglas High School students and their families to travel to Washington.</p> Related Coverage <a href="/article/us-usa-guns-voters/vote-them-out-thousands-register-to-vote-at-u-s-gun-control-marches-idUSKBN1H00RY" type="external">'Vote them out!': Thousands register to vote at U.S. gun-control marches</a> <p>At the march in Washington, an elementary school student from Virginia, Naomi Wadler, 11, captivated demonstrators when she spoke up for African American girls who were victims of gun violence but whose stories &#8220;don&#8217;t make the front page.&#8221;</p> <p>White House deputy press secretary Lindsay Walters said the administration applauded &#8220;the many courageous young Americans&#8221; who exercised their free-speech rights.</p> <p>&#8220;Keeping our children safe is a top priority of the president&#8217;s,&#8221; said Walters, noting that on Friday the Justice Department proposed rule changes that would effectively ban &#8220;bump stock&#8221; devices that let semi-automatic weapons fire like a machine gun.</p> <p>Also on Friday, Trump signed a $1.3-trillion spending bill including modest improvements to background checks for gun sales and grants to help schools prevent gun violence.</p> <p>Former President Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen.</p> <p>&#8220;Keep at it. You&#8217;re leading us forward. Nothing can stand in the way of millions of voices calling for change,&#8221; Obama said.</p> <p>Reporting by Ian Simpson, Lacey Johnson, Katanga Johnson and Lauren Young in Washington, Alice Popovici in New York, Phoenix Tso in Los Angeles, Zachary Fagenson in Parkland, Robert Chiarito in Chicago, Jim Oliphant in West Palm Beach and Andrew Hay in Taos; Editing by Daniel Wallis, James Dalgleish and Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The 23-year-old Texan blamed for a deadly Austin bombing spree described himself as a psychopath and showed no remorse in a confession he taped before blowing himself up as police closed in to arrest him, a U.S. congressman said on Saturday.</p> Law enforcement personnel investigate the home where Austin serial bomber Mark Anthony Conditt lived in Pflugerville, Texas, U.S., March 22, 2018. REUTERS/Loren Elliott <p>Authorities had not previously disclosed details of the cellphone video in which Mark Conditt admitted being behind the string of bombings that began on March 2, killing two people and wounding five others, beyond saying that it showed a troubled young man.</p> <p>&#8220;I think the best evidence we have at this point in time is the confession itself ... He did refer to himself as a psychopath. He did not show any remorse, in fact questioning himself for why he didn&#8217;t feel any remorse for what he did,&#8221; U.S. Rep. Michael McCaul told a news conference in Austin when asked about Conditt&#8217;s motive.</p> <p>&#8220;It&#8217;s hard to imagine someone whose mind is so sick that they could commit bombings like this and feel absolutely no remorse,&#8221; he said.</p> <p>McCaul said there did not appear to be anything in Conditt&#8217;s confession &#8220;that was sort of racially motivated, but I know that is still part of the ongoing investigation.&#8221;</p> Texas blast suspect Mark Anthony Conditt is seen in this undated handout photo released by Austin Community College in Austin, Texas, U.S. March 21, 2018. Austin Community College/Handout via REUTERS <p>The first several bombing victims, including the two who died, were either African-American or Hispanic.</p> <p>Federal investigators have been hunting clues about what drove Conditt, who was unemployed and lived with roommates in the Austin suburb of Pflugerville. They also want to know whether he had help building or planting the bombs.</p> <p>Three of the devices were left as parcels outside victims&#8217; homes, while another was placed on a sidewalk and attached to a trip-wire mechanism. Two more were shipped as FedEx parcels, which helped investigators unmask the bomber&#8217;s identity.</p> <p>The second and third bombs went off while the Texas state capital was hosting its annual South by Southwest music, movies and tech festival, which draws about half a million people.</p> <p>Conditt died after detonating a explosive device early on Wednesday as police ran toward his vehicle in an Austin suburb.</p> <p>Reporting by Daniel Wallis in New York</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SYDNEY (Reuters) - Almost a month after a deadly earthquake, Papua New Guinea is struggling to get aid to desperate survivors, having allocated just a fraction of its relief funds, while a rent dispute left disaster officials briefly locked out of their offices.</p> FILE PHOTO - A supplied image shows a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guinea's Southern Highlands, February 26, 2018. Jerome Kay/Handout via REUTERS/File Photo <p>The scale of the emergency is testing the finances and capacity of one of the world&#8217;s poorest countries, disaster and relief officials say, after the magnitude 7.5 quake rocked its remote mountainous highlands on Feb. 26, killing 100 people.</p> <p>(For a graphic on 'Papua New Guinea quake' click <a href="http://tmsnrt.rs/2ow1YLR" type="external">tmsnrt.rs/2ow1YLR</a>)</p> <p>Thousands of survivors have walked to remote airstrips and jungle clearings, awaiting helicopters bringing supplies of food, water and medicines, aid agencies and authorities say.</p> <p>&#8220;To date, we do not have any money to do all the necessary things,&#8221; Tom Edabe, the disaster coordinator for the hardest-hit province of Hela, said by telephone from Tari, its capital.</p> <p>&#8220;(The) government is trying to assist and have budgeted some money, but to date we have not received anything...we have only been given food, and non-food items supplied by other NGOs.&#8221;</p> <p>Continuing aftershocks rattle residents, who have to collect water brought by daily rainstorms to ensure adequate supplies, Edabe, the disaster coordinator, said.</p> <p>&#8220;The biggest thing that people need, apart from food, is water,&#8221; said James Pima, a helicopter pilot and flight manager at aviation firm HeliSolutions in the Western Highlands capital of Mt. Hagen, about 170 km (100 miles) from the disaster zone.</p> <p>&#8220;They don&#8217;t have clean water to cook or drink ... they are standing there staring. The expression on their faces is blank.&#8221;</p> <p>His firm&#8217;s three helicopters fly relief missions &#8220;fully flat-out every day,&#8221; Pima added.</p> <p>Destruction to roads and runways means authorities must rely on helicopters to fly in relief. But while nimble, the craft can only carry smaller loads than fixed-wing aircraft and cannot fly during the afternoon thunderstorms.</p> <p>The logistics problems wind all the way to PNG&#8217;s disaster center, where officials told Reuters they had been locked out of their office in Port Moresby, the capital, for two days last week after the government missed a rental payment.</p> <p>&#8220;That was correct, Monday and Tuesday,&#8221; a spokeswoman said.</p> <p>In a joint report with the United Nations published on Friday, the agency cited &#8220;lack of quality data&#8221; about food shortages, limited aircraft assets and &#8220;significant gaps&#8221; in sanitation support as being the biggest problems it faced.</p> Damage caused by an earthquake in Papua New Guinea is seen in this handout image released March 7, 2018. MAF International/Handout via REUTERS. <p>The office of Prime Minister Peter O&#8217;Neill did not respond to emailed questions from Reuters.</p> <p>On his website, O&#8217;Neill has previously said, &#8220;There will be no quick fix, the damage from this disaster will take months and years to be repaired.&#8221;</p> &#8216;POLITICAL GAMES&#8217; <p>The government had approved relief funds amounting to 450 million kina ($130 million), O&#8217;Neill said initially, but a later statement mentioned only 3 million kina in initial relief - or less than 1 percent - had been allocated to the worst-hit areas.</p> <p>In its November budget, the government made plans to rein in spending and trim debt projected to stand at 25.8 billion kina in 2018.</p> FILE PHOTO - A supplied image shows locals inspecting a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guinea's Southern Highlands, February 26, 2018. Jerome Kay/Handout via REUTERS/File Photo <p>The impoverished country is also missing its largest revenue earner, after the quake forced a shutdown of Exxon Mobil Corp&#8217;s liquefied natural gas project, which has annual sales of $3 billion at current LNG prices. The firm is still assessing quake damage at its facilities.</p> <p>O&#8217;Neill last week hit out at critics of the aid effort for playing &#8220;political games,&#8221; while thanking Australia and New Zealand for military aircraft that provided assistance beyond the capacity of PNG&#8217;s own defense forces.</p> <p>His political opponent, former Prime Minister Mekere Morauta, had called the government&#8217;s response &#8220;tardy&#8221; and inadequate.</p> <p>&#8220;Relief sources say mobile medical centers and operating theaters are needed urgently, and that only international partners can supply them,&#8221; Morauta said last week.</p> <p>Foreign aid pledges of about $49 million have come in from Australia, China, the European Union, Japan, New Zealand and the United States, says the United Nations, most of it provided by private companies.</p> <p>Exxon and its partner, Oil Search Ltd, say they have provided $6 million in cash and kind for quake relief.</p> <p>Local officials say the scale of destruction, with villages buried by landslides and provincial towns flattened, has overwhelmed authorities in Papua New Guinea, which straddles the geologically active Pacific Ring of Fire.</p> <p>&#8220;Policemen are still struggling because there is no support flying in and out,&#8221; said Naring Bongi of the quake-damaged police station in the Southern Highlands capital of Mendi.</p> <p>&#8220;There is not enough food to supply care centers, they need fresh water,&#8221; he added.</p> <p>(For an interactive graphic on 'Aftermath of Papua New Guinea's earthquake' click <a href="http://tmsnrt.rs/2Fdu74B" type="external">tmsnrt.rs/2Fdu74B</a>)</p> <p>Reporting by Tom Westbrook in SYDNEY; Editing by Clarence Fernandez</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - Voter registration activists fanned out among young Americans who marched for tighter gun laws on Saturday, signing up thousands of first-time voters who vowed to eject lawmakers who oppose gun controls.</p> High school students carry a banner during a "March for Our Lives" demonstration demanding gun control in Seattle, Washington, U.S. March 24, 2018. REUTERS/Jason Redmond <p>With mid-term Congressional elections eight months away, the activists flocked to some 800 marches across the country to enroll young voters likely to back Democratic and independent candidates who tend to favor tougher firearms laws.</p> <p>In Washington, volunteers for the HeadCount voter-registration effort raised their fists and chanted &#8220;demonstration without registration leads to frustration&#8221; before heading out with clipboards to sign up some of the nation&#8217;s newest voters.</p> <p>&#8220;Parkland&#8217;s Emma Gonzalez called for more Americans to vote and that is why Headcount is here today,&#8221; volunteer Aaron Ghitelman, 26, said of the student who along with classmates forged a national, youth gun control movement following the Feb. 14 massacre at her high school in Parkland, Florida.</p> <p>Hugh Williams from Ypsilanti, Michigan, was among many 18-year-olds who answered her call.</p> <p>&#8220;The more I see people marching and standing up for a cause I believe in, I want my voice to matter, too,&#8221; he said at the Washington march, adding that gun violence was a menace in his community.</p> <p>A student survivor of the Parkland massacre had a simple message for lawmakers.</p> <p>&#8220;If there is no assault weapons ban passed, then we will vote them out,&#8221; Delaney Tarr, a senior at the school, told marchers in Washington.</p> <p>Organizers of the registration drive hoped to sign up at least 25,000 people on Saturday, a potential boost for Democrats who back stronger controls on assault-style weapons, bump stocks that let semiautomatic rifles fire like automatic weapons, and tighter access to guns for young people and the mentally ill.</p> People demonstrate during a "March For Our Lives" demonstration demanding gun control in Seattle, Washington, U.S. March 24, 2018. REUTERS/Jason Redmond <p>By 8:30 p.m. ET (0030 GMT) they had signed up 4,000 nationwide, with the number climbing as groups across the country reported.</p> <p>At a rally in Chicago, 17-year-old Kara Sharp from Island Lake, Illinois, carried a sign reading &#8220;Protect students not guns - 2020 Voter&#8221; after traveling to the event with her father, a 53-year-old machinist.</p> <p>Volunteers from a local chapter of lobbying group Indivisible435, which backs progressive political candidates, told her how to register to vote once she got home, as she did not have her driver&#8217;s license with her.</p> Slideshow (2 Images) <p>&#8220;It&#8217;s time to disarm hate. I&#8217;ll be looking at NRA ratings of politicians and also how they treat LGBQ issues,&#8221; said Sharp, a junior at Wauconda High School, referring to the grade the National Rife Association gives members of the U.S. Congress for their voting record on gun rights.</p> &#8216;TOOLS TO MAKE A CHANGE&#8217; <p>Participation in U.S. elections by young voters is often low. Registration activists are targeting the four million Americans turning 18 this year, as well as many 19- to 21-year-olds who have never voted.</p> <p>In Parkland, Florida, Sari Kaufman was among students from Marjory Stoneman Douglas High School &#8212; where the mass shooting took place &#8212; who urged peers to get involved in politics, register to vote and turf out lawmakers who did not protect them.</p> <p>&#8220;With this movement, we will ensure record-breaking turnout not just in the next presidential election, not in the next midterm election, but in all elections,&#8221; Kaufman told a crowd of thousands at a rally in Parkland.</p> <p>&#8220;We&#8217;re here today to give you the tools to make a change.&#8221;</p> <p>Additional reporting by Robert Chiarito in Chicago and Zachary Fagenson in Parkland, Florida; Writing by Andrew Hay; Editing by Daniel Wallis, Nick Zieminski and Sandra Maler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Chile president elect names senator to head mining ministry 'No more' or we vote you out: students lead huge U.S. anti-gun rallies Austin bomb suspect called self a 'psychopath,' congressman says A month after PNG quake, cash-strapped government struggles to help the hardest-hit 'Vote them out!': Thousands register to vote at U.S. gun-control marches

https://reuters.com/article/chile-minister/chile-president-elect-names-senator-to-head-mining-ministry-idUSE6N1EV029

2018-01-23

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SANTIAGO Jan 23 Reuters Chile8217s conservative Presidentelect Sebastian Pinera on Tuesday named Senator Baldo Prokurica as incoming mining minister a key post in the world8217s top copper exporter Pinera who won the presidency last month governed the country from 2010 to 2014 He named his former Finance Minister Felipe Larrain to fill the same spot again in his incoming cabinet Reporting by Fabian Cambero Editing by Chizu Nomiyama Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Chanting 8220never again8221 hundreds of thousands of young Americans and their supporters answered a call to action from survivors of last month8217s Florida high school massacre and rallied across the United States on Saturday to demand tighter gun laws In some of the biggest US youth demonstrations for decades protesters called on lawmakers and President Donald Trump to confront the issue Voter registration activists fanned out in the crowds signing up thousands of the nation8217s newest voters At the largest March For Our Lives protest demonstrators jammed Washington8217s Pennsylvania Avenue where they listened to speeches from survivors of the Feb 14 mass shooting at Marjory Stoneman Douglas High School in Parkland Florida There were sobs as one teenage survivor Emma Gonzalez read the names of the 17 victims and then stood in silence Tears ran down her cheeks as she stared out over the crowd for the rest of a speech that lasted six minutes and 20 seconds the time it took for the gunman to slaughter them The massive March For Our Lives rallies aimed to break legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one in Parkland have become frighteningly common 8220Politicians either represent the people or get out Stand with us or beware the voters are coming8221 Cameron Kasky a 17yearold junior at Marjory Stoneman Douglas told the crowd Another survivor David Hogg said it was a new day 8220We8217re going to make sure the best people get in our elections to run not as politicians but as Americans Because this this is not cutting it8221 he said pointing at the whitedomed Capitol behind the stage Youthful marchers filled streets in cities including Atlanta Baltimore Boston Chicago Los Angeles Miami Minneapolis New York San Diego and St Louis More than 800 demonstrations were scheduled in the United States and overseas according to coordinators with events as far afield as London Mauritius Stockholm and Sydney 8216TAKE THEIR LIBERTY AWAY8217 Underlining sharp differences among the American public over the issue counterdemonstrators and supporters of gun rights were also in evidence in many US cities Organizers of the antigun rallies want Congress many of whose members are up for reelection in November to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers On the other side of the debate gun rights advocates cite constitutional guarantees of the right to bear arms 8220All they8217re doing is asking the government to take their liberty away from them without due process8221 Brandon Howard a 42yearold Trump supporter said of the protesters in the capital He had a sign saying 8220Keep your hands off my guns8221 Daisy Hernandez age 22 joins students and gun control advocates for the March for Our Lives event demanding gun control after recent school shootings at a rally in Washington US March 24 2018 REUTERSJonathan Ernst Wearing a red 8220Make America Great Again8221 sweatshirt 16yearold Connor Humphrey of San Luis Obispo California said 8220Guns don8217t kill people People kill people8221 Humphrey who was visiting Washington with his family for spring break said he owns guns for target shooting and hunting and uses them responsibly His school had a lockdown exercise last week 8220I think teachers should have guns8221 he said echoing a proposal made by Trump after the Parkland killings Still rallies for tighter firearm restrictions also sprang up in rural Republicanleaning communities ranging from Lewiston Idaho to Logan Utah where there is strong support for the Second Amendment constitutional right to own guns Slideshow 30 Images CELEBRITIES BACK STUDENTS Among those marching next to New York8217s Central Park to call for tighter gun controls was pop star Paul McCartney who said he had a personal stake in the debate 8220One of my best friends was shot not far from here8221 he told CNN referring to Beatles bandmate John Lennon who was gunned down near the park in 1980 Taking aim at the National Rifle Association gun lobby teenagers chanted 8220Hey hey NRA how many kids have you killed today8221 The young US organizers have won kudos and cash from dozens of celebrities with singers Demi Lovato and Ariana Grande as well as 8220Hamilton8221 creator LinManuel Miranda among those performing in Washington Actor George Clooney and his human rights attorney wife Amal donated 500000 and said they would be at the Washington rally The US football team the New England Patriots loaned its plane to Marjory Stoneman Douglas High School students and their families to travel to Washington Related Coverage Vote them out Thousands register to vote at US guncontrol marches At the march in Washington an elementary school student from Virginia Naomi Wadler 11 captivated demonstrators when she spoke up for African American girls who were victims of gun violence but whose stories 8220don8217t make the front page8221 White House deputy press secretary Lindsay Walters said the administration applauded 8220the many courageous young Americans8221 who exercised their freespeech rights 8220Keeping our children safe is a top priority of the president8217s8221 said Walters noting that on Friday the Justice Department proposed rule changes that would effectively ban 8220bump stock8221 devices that let semiautomatic weapons fire like a machine gun Also on Friday Trump signed a 13trillion spending bill including modest improvements to background checks for gun sales and grants to help schools prevent gun violence Former President Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen 8220Keep at it You8217re leading us forward Nothing can stand in the way of millions of voices calling for change8221 Obama said Reporting by Ian Simpson Lacey Johnson Katanga Johnson and Lauren Young in Washington Alice Popovici in New York Phoenix Tso in Los Angeles Zachary Fagenson in Parkland Robert Chiarito in Chicago Jim Oliphant in West Palm Beach and Andrew Hay in Taos Editing by Daniel Wallis James Dalgleish and Nick Zieminski Our Standards The Thomson Reuters Trust Principles Reuters The 23yearold Texan blamed for a deadly Austin bombing spree described himself as a psychopath and showed no remorse in a confession he taped before blowing himself up as police closed in to arrest him a US congressman said on Saturday Law enforcement personnel investigate the home where Austin serial bomber Mark Anthony Conditt lived in Pflugerville Texas US March 22 2018 REUTERSLoren Elliott Authorities had not previously disclosed details of the cellphone video in which Mark Conditt admitted being behind the string of bombings that began on March 2 killing two people and wounding five others beyond saying that it showed a troubled young man 8220I think the best evidence we have at this point in time is the confession itself He did refer to himself as a psychopath He did not show any remorse in fact questioning himself for why he didn8217t feel any remorse for what he did8221 US Rep Michael McCaul told a news conference in Austin when asked about Conditt8217s motive 8220It8217s hard to imagine someone whose mind is so sick that they could commit bombings like this and feel absolutely no remorse8221 he said McCaul said there did not appear to be anything in Conditt8217s confession 8220that was sort of racially motivated but I know that is still part of the ongoing investigation8221 Texas blast suspect Mark Anthony Conditt is seen in this undated handout photo released by Austin Community College in Austin Texas US March 21 2018 Austin Community CollegeHandout via REUTERS The first several bombing victims including the two who died were either AfricanAmerican or Hispanic Federal investigators have been hunting clues about what drove Conditt who was unemployed and lived with roommates in the Austin suburb of Pflugerville They also want to know whether he had help building or planting the bombs Three of the devices were left as parcels outside victims8217 homes while another was placed on a sidewalk and attached to a tripwire mechanism Two more were shipped as FedEx parcels which helped investigators unmask the bomber8217s identity The second and third bombs went off while the Texas state capital was hosting its annual South by Southwest music movies and tech festival which draws about half a million people Conditt died after detonating a explosive device early on Wednesday as police ran toward his vehicle in an Austin suburb Reporting by Daniel Wallis in New York Our Standards The Thomson Reuters Trust Principles SYDNEY Reuters Almost a month after a deadly earthquake Papua New Guinea is struggling to get aid to desperate survivors having allocated just a fraction of its relief funds while a rent dispute left disaster officials briefly locked out of their offices FILE PHOTO A supplied image shows a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guineas Southern Highlands February 26 2018 Jerome KayHandout via REUTERSFile Photo The scale of the emergency is testing the finances and capacity of one of the world8217s poorest countries disaster and relief officials say after the magnitude 75 quake rocked its remote mountainous highlands on Feb 26 killing 100 people For a graphic on Papua New Guinea quake click tmsnrtrs2ow1YLR Thousands of survivors have walked to remote airstrips and jungle clearings awaiting helicopters bringing supplies of food water and medicines aid agencies and authorities say 8220To date we do not have any money to do all the necessary things8221 Tom Edabe the disaster coordinator for the hardesthit province of Hela said by telephone from Tari its capital 8220The government is trying to assist and have budgeted some money but to date we have not received anythingwe have only been given food and nonfood items supplied by other NGOs8221 Continuing aftershocks rattle residents who have to collect water brought by daily rainstorms to ensure adequate supplies Edabe the disaster coordinator said 8220The biggest thing that people need apart from food is water8221 said James Pima a helicopter pilot and flight manager at aviation firm HeliSolutions in the Western Highlands capital of Mt Hagen about 170 km 100 miles from the disaster zone 8220They don8217t have clean water to cook or drink they are standing there staring The expression on their faces is blank8221 His firm8217s three helicopters fly relief missions 8220fully flatout every day8221 Pima added Destruction to roads and runways means authorities must rely on helicopters to fly in relief But while nimble the craft can only carry smaller loads than fixedwing aircraft and cannot fly during the afternoon thunderstorms The logistics problems wind all the way to PNG8217s disaster center where officials told Reuters they had been locked out of their office in Port Moresby the capital for two days last week after the government missed a rental payment 8220That was correct Monday and Tuesday8221 a spokeswoman said In a joint report with the United Nations published on Friday the agency cited 8220lack of quality data8221 about food shortages limited aircraft assets and 8220significant gaps8221 in sanitation support as being the biggest problems it faced Damage caused by an earthquake in Papua New Guinea is seen in this handout image released March 7 2018 MAF InternationalHandout via REUTERS The office of Prime Minister Peter O8217Neill did not respond to emailed questions from Reuters On his website O8217Neill has previously said 8220There will be no quick fix the damage from this disaster will take months and years to be repaired8221 8216POLITICAL GAMES8217 The government had approved relief funds amounting to 450 million kina 130 million O8217Neill said initially but a later statement mentioned only 3 million kina in initial relief or less than 1 percent had been allocated to the worsthit areas In its November budget the government made plans to rein in spending and trim debt projected to stand at 258 billion kina in 2018 FILE PHOTO A supplied image shows locals inspecting a landslide and damage to a road located near the township of Tabubil after an earthquake that struck Papua New Guineas Southern Highlands February 26 2018 Jerome KayHandout via REUTERSFile Photo The impoverished country is also missing its largest revenue earner after the quake forced a shutdown of Exxon Mobil Corp8217s liquefied natural gas project which has annual sales of 3 billion at current LNG prices The firm is still assessing quake damage at its facilities O8217Neill last week hit out at critics of the aid effort for playing 8220political games8221 while thanking Australia and New Zealand for military aircraft that provided assistance beyond the capacity of PNG8217s own defense forces His political opponent former Prime Minister Mekere Morauta had called the government8217s response 8220tardy8221 and inadequate 8220Relief sources say mobile medical centers and operating theaters are needed urgently and that only international partners can supply them8221 Morauta said last week Foreign aid pledges of about 49 million have come in from Australia China the European Union Japan New Zealand and the United States says the United Nations most of it provided by private companies Exxon and its partner Oil Search Ltd say they have provided 6 million in cash and kind for quake relief Local officials say the scale of destruction with villages buried by landslides and provincial towns flattened has overwhelmed authorities in Papua New Guinea which straddles the geologically active Pacific Ring of Fire 8220Policemen are still struggling because there is no support flying in and out8221 said Naring Bongi of the quakedamaged police station in the Southern Highlands capital of Mendi 8220There is not enough food to supply care centers they need fresh water8221 he added For an interactive graphic on Aftermath of Papua New Guineas earthquake click tmsnrtrs2Fdu74B Reporting by Tom Westbrook in SYDNEY Editing by Clarence Fernandez Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters Voter registration activists fanned out among young Americans who marched for tighter gun laws on Saturday signing up thousands of firsttime voters who vowed to eject lawmakers who oppose gun controls High school students carry a banner during a March for Our Lives demonstration demanding gun control in Seattle Washington US March 24 2018 REUTERSJason Redmond With midterm Congressional elections eight months away the activists flocked to some 800 marches across the country to enroll young voters likely to back Democratic and independent candidates who tend to favor tougher firearms laws In Washington volunteers for the HeadCount voterregistration effort raised their fists and chanted 8220demonstration without registration leads to frustration8221 before heading out with clipboards to sign up some of the nation8217s newest voters 8220Parkland8217s Emma Gonzalez called for more Americans to vote and that is why Headcount is here today8221 volunteer Aaron Ghitelman 26 said of the student who along with classmates forged a national youth gun control movement following the Feb 14 massacre at her high school in Parkland Florida Hugh Williams from Ypsilanti Michigan was among many 18yearolds who answered her call 8220The more I see people marching and standing up for a cause I believe in I want my voice to matter too8221 he said at the Washington march adding that gun violence was a menace in his community A student survivor of the Parkland massacre had a simple message for lawmakers 8220If there is no assault weapons ban passed then we will vote them out8221 Delaney Tarr a senior at the school told marchers in Washington Organizers of the registration drive hoped to sign up at least 25000 people on Saturday a potential boost for Democrats who back stronger controls on assaultstyle weapons bump stocks that let semiautomatic rifles fire like automatic weapons and tighter access to guns for young people and the mentally ill People demonstrate during a March For Our Lives demonstration demanding gun control in Seattle Washington US March 24 2018 REUTERSJason Redmond By 830 pm ET 0030 GMT they had signed up 4000 nationwide with the number climbing as groups across the country reported At a rally in Chicago 17yearold Kara Sharp from Island Lake Illinois carried a sign reading 8220Protect students not guns 2020 Voter8221 after traveling to the event with her father a 53yearold machinist Volunteers from a local chapter of lobbying group Indivisible435 which backs progressive political candidates told her how to register to vote once she got home as she did not have her driver8217s license with her Slideshow 2 Images 8220It8217s time to disarm hate I8217ll be looking at NRA ratings of politicians and also how they treat LGBQ issues8221 said Sharp a junior at Wauconda High School referring to the grade the National Rife Association gives members of the US Congress for their voting record on gun rights 8216TOOLS TO MAKE A CHANGE8217 Participation in US elections by young voters is often low Registration activists are targeting the four million Americans turning 18 this year as well as many 19 to 21yearolds who have never voted In Parkland Florida Sari Kaufman was among students from Marjory Stoneman Douglas High School 8212 where the mass shooting took place 8212 who urged peers to get involved in politics register to vote and turf out lawmakers who did not protect them 8220With this movement we will ensure recordbreaking turnout not just in the next presidential election not in the next midterm election but in all elections8221 Kaufman told a crowd of thousands at a rally in Parkland 8220We8217re here today to give you the tools to make a change8221 Additional reporting by Robert Chiarito in Chicago and Zachary Fagenson in Parkland Florida Writing by Andrew Hay Editing by Daniel Wallis Nick Zieminski and Sandra Maler Our Standards The Thomson Reuters Trust Principles

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<p>LONDON, Jan 18 (Reuters) - The European Union&#8217;s markets watchdog has started a public consultation on its anticipated plans to restrict the sale of contracts for differences (CFDs) and binary options by spreadbetting companies.</p> <p>CFDs and binary options are financial products that give an investor exposure to price movements in securities without actually owning the underlying assets such as a currency, commodity or stock.</p> <p>The European Securities and Markets Authority (ESMA) flagged the plans last month, sending shares of spreadbetting firms tumbling.</p> <p>It said on Thursday it was now seeking evidence on the impact of its proposed measures.</p> <p>For CFDs, it proposes leverage limits, overall guaranteed limit on retail customer loses, a curb on the incentives to trade provider by firms that offer CFDs, and a standardised risk warning.</p> <p>&#8220;ESMA is also considering whether CFDs in cryptocurrencies should be addressed in the measures,&#8221; the watchdog said in a statement.</p> <p>For binary options, ESMA said it is considering a ban on the marketing, distribution or sale of the products to retail investors.</p> <p>ESMA is concerned that retail investors face potentially significant losses from the products.</p> <p>Britain&#8217;s markets regulator, the Financial Conduct Authority, also warned about the serious risk of harm from CFDs this month.</p> <p>It would be the first time that ESMA uses powers to intervene in financial products given to it under the bloc&#8217;s new MiFID II securities law that came into force this month.</p> <p>ESMA&#8217;s public consultation on its plans closes on Feb. 5.</p> <p>Reporting by Huw Jones; editing by Jason Neely</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(This version of the April 13th story corrects title of Scott Morris as senior fellow of Center for Global Development)</p> <p>By David Lawder</p> <p>WASHINGTON (Reuters) - The Trump administration is expected to support a $13 billion capital increase for the World Bank in a deal that will reform the development bank&#8217;s lending rules and increase China&#8217;s shareholding, three people close to the matter said on Friday.</p> <p>U.S. Treasury Secretary Steven Mnuchin is expected to lend his support for the plan at next week&#8217;s World Bank and International Monetary Fund spring meetings, the sources said. But the deal will need an endorsement from the World Bank&#8217;s shareholders and approval from its board of directors.</p> <p>&#8220;Barring unforeseen challenges, there will be a capital increase,&#8221; one of the sources told Reuters.</p> <p>U.S. backing for the capital increase was first reported by the Financial Times.</p> <p>The Trump administration was initially skeptical of the World Bank&#8217;s long-running effort to boost its capital, proposing major cuts to multilateral development banks last year.</p> <p>U.S. Treasury Undersecretary David Malpass has long criticized multilateral development banks for contributing to the build-up of debt in poor countries, and has chided the World Bank&#8217;s lending to higher income countries such as China, saying they should &#8220;graduate&#8221; to non-concessional loans.</p> <p>&#8220;When the World Bank does not graduate these countries, less funding is available to reach countries with greater development needs and there is an excess burden placed on shareholder capital,&#8221; Malpass, who heads international affairs at the Treasury, said in congressional testimony last year.</p> <p>The sources, who spoke on condition of anonymity because the plan has not been formally announced, said it would include reforms that would raise financing costs for higher-income countries.</p> <p>Scott Morris, a former Treasury official who now is a senior fellow at the Center for Global Development, said the capital increase deal is a victory for World Bank President Jim Yong Kim, an Obama administration nominee who has cultivated a relationship with the Trump administration, launching a women&#8217;s empowerment fund in cooperation with President Donald Trump&#8217;s daughter Ivanka.</p> <p>Morris said the increase in shareholding for China &#8220;reflects reality of the global economy&#8221; with China&#8217;s growing economic clout. But it is unclear how Mnuchin will characterize the shift given Trump&#8217;s threats to impose steep tariffs on Chinese goods over China&#8217;s intellectual property practices, he added.</p> <p>Under terms of the deal, according to the sources familiar with it, China&#8217;s shareholding in the World Bank would rise to about six percent from 4.68 percent currently. China would still be in third place behind the United States and Japan.</p> <p>About $7.5 billion of the capital increase would go to the World Bank&#8217;s main concessional lending arm, the International Bank for Reconstruction and Development, with $5.5 billion going to the International Finance Corp, the group&#8217;s private sector lending arm.</p> <p>A U.S. Treasury spokesman declined to comment, while a World Bank spokesman could not immediately be reached for comment.</p> <p>Additional reporting by Lucia Mutikani; Editing by Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Proxy adviser Institutional Shareholder Services on Saturday recommended investors vote against the re-election of five Equifax Inc ( <a href="/finance/stocks/overview?symbol=EFX.N" type="external">EFX.N</a>) directors who served on the company&#8217;s audit and technology committees prior to a 2017 data breach.</p> Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell <p>The Atlanta-based consumer credit company last fall said hackers had stolen personally identifiable information of U.S., British and Canadian consumers, including names, Social Security numbers, birth dates, addresses, driver&#8217;s license and credit card numbers. Over time, Equifax has increased the number affected to more than 147 million people.</p> <p>ISS said in a report to shareholders sent to Reuters by a spokesman that the company&#8217;s reputation and shareholder value had been damaged by the extent of the breach and the company&#8217;s slow response to it, placing a cloud over the company.</p> <p>In response, it recommended against voting for directors Mark L. Feidler, G. Thomas Hough, John A. McKinley, Elane B. Stock and Mark B. Templeton, who served on the two committees with relevant oversight duties. It recommended votes in support of the remaining five director candidates at the company, including Siri S. Marshall, head of the governance committee.</p> <a href="/finance/stocks/overview?symbol=EFX.N" type="external">Equifax Inc</a> 116.0 EFX.N New York Stock Exchange -0.91 (-0.78%) EFX.N <p>An Equifax spokeswoman did not immediately respond to a request for comment on the recommendations.</p> <p>Equifax has said breach-related costs could reach $439 million through year-end, potentially making it the most costly U.S. hack yet disclosed. The company has lost 19 percent of its market value since the massive cybertheft was disclosed. Its shares traded at $116 on Friday. [L2N1QK1Q1]</p> <p>The credit reporting company is facing 100s of lawsuits by consumers, financial institutions and even the city of Chicago relating to the cybersecurity breach. The company disputes the claims and has said it intends to defend against them.</p> <p>ISS also recommended &#8220;cautionary support&#8221; for the company&#8217;s say-on-pay resolution, noting the compensation committee&#8217;s decision to not pay annual incentives, steps to adjust incentive metrics and strengthen clawback provisions. However, it said there are ongoing questions about former Chief Executive Richard F. Smith&#8217;s pay and &#8220;the issue warrants continued monitoring.&#8221;</p> <p>It also recommended a vote in favor of a shareholder resolution seeking a report on political contributions by the company, saying holders would benefit from more disclosure of the company&#8217;s political spending, payments to trade groups, its management of related risks.</p> <p>The company&#8217;s annual general meeting is scheduled for May 3.</p> <p>Reporting by Gary McWilliams; Editing by Alistair Bell</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SCHROBENHAUSEN, Germany (Reuters) - Bauer, a big producer of construction equipment, is better placed than many German companies that invested heavily in China over the past few decades.</p> Thomas Bauer, CEO of Bavaria-based construction equipment maker Bauer AG, talks during an interview with Reuters in Schrobenhausen, Germany April 3, 2018. REUTERS/Michael Dalder <p>The Bavaria-based firm, which traces its roots back to 1790, does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin.</p> <p>And the specialist engineering machines Bauer produces there are sold in countries across Asia, shielding the group from swings in the volatile Chinese building market.</p> <p>Even so, CEO Thomas Bauer, the seventh generation in his family to run the firm, is worried about his company&#8217;s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative one-way bet.</p> <p>&#8220;Germany has put too many eggs into one basket, and that basket is China,&#8221; Bauer, a jovial 62-year-old with a thick Bavarian accent, told Reuters at the company&#8217;s headquarters in Schrobenhausen, an hour&#8217;s drive north of Munich.</p> <p>Bauer&#8217;s BSAG.DE concern points to a growing fear in Germany. For more than a decade, the country has been the growth locomotive of Europe, its economy weathering global financial turmoil, the euro zone debt crisis and a record influx of refugees.</p> <p>That resilience was based on two key drivers: Germany had innovative firms that produced high-end manufactured goods that fast-growing economies needed; and the country was better than others at profiting from an open, rules-based global trading system that rewarded competitiveness.</p> <p>China has been crucial on both fronts. Over the past decade it bought up German cars and machinery at an astonishing pace, as it gradually opened up to foreign firms. Last year alone, German manufacturers sold nearly 5 million cars in China, more than three times as many as in the United States.</p> <p>But even as the good times roll on, a radical shift is taking place in how Deutschland AG views the vast Chinese market.</p> <p>Not only has the opening of China shifted into reverse under President Xi Jinping, but Chinese firms have moved up the value chain far faster than many in Germany expected.</p> <p>Germany&#8217;s China conundrum is part of a broader challenge facing Europe: Years of inward-focused crisis fighting have left the bloc politically divided and ill-prepared to respond to looming geopolitical and economic challenges. Now the continent risks being squeezed between a more assertive Beijing and the &#8220;America First&#8221; policies of Donald Trump.</p> <p>In private, some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won&#8217;t or can&#8217;t jump out.</p> <p>Germany&#8217;s ambassador to China, Michael Clauss, warned at a meeting with industry chiefs in Berlin last month of &#8220;tectonic changes&#8221; in the relationship, according to participants.</p> <p>&#8220;We need to prepare people here for a new era in our partnership with China,&#8221; an official at Germany&#8217;s powerful BDI industry federation said. &#8220;These are still golden times. But there is a huge amount of concern about what lies ahead.&#8221;</p> <p>(GRAPHIC: Germany's China problem - <a href="https://tmsnrt.rs/2GUN6BK" type="external">tmsnrt.rs/2GUN6BK</a>)</p> ROLE OF THE STATE <p>German companies were among the first in the West to set up shop in China, giving Germany an advantage as the Chinese economy took off.</p> <p>Bilateral trade between the two countries hit a record 187 billion euros last year, dwarfing China&#8217;s trade with France and the UK, both around 70 billion. In 2017, Germany ran a trade deficit with China of 14 billion euros, tiny compared to the U.S. deficit of $375 billion, or about 346 billion euros.</p> <p>Bauer AG, which employs 11,000 workers in 70 countries, built its first production facilities in China in the mid-1990s. At the time, not a single Chinese firm could make the sophisticated drilling machines it produces &#8211; towering yellow structures used to build the foundations for skyscrapers, power stations and airports.</p> <p>By 2013 Bauer counted 36 Chinese competitors able to make such machines, a shift the CEO says was accelerated by European suppliers selling co-designed parts to the Chinese.</p> <p>A decade ago, the company&#8217;s Chinese plants generated revenues of 109 million euros. Sales slumped to less than half that amount in five of the nine years that followed.</p> <p>Today, what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy.</p> Slideshow (7 Images) <p>Last year, China introduced a cyber security law which tightened state control over internet services, including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters. More recently, some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures.</p> <p>The Bauer boss fears that Xi&#8217;s &#8220;Made in China 2025&#8221; strategy, which identifies 10 key sectors &#8211; including robotics, aerospace and clean-energy cars &#8211; where China wants to be a leader, represents a direct challenge to German manufacturing dominance.</p> <p>To keep its edge Bauer says his firm is focusing intensively on digitalization.</p> <p>&#8220;It will not be a contest against copiers. It will be one against innovative engineers who are intent on overtaking us,&#8221; he said. &#8220;If we don&#8217;t start finding answers soon, this can end very badly.&#8221;</p> TRUMP TARIFFS <p>The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs.</p> <p>But because Germany&#8217;s top firms have become so dependent on the Chinese market, the government in Berlin has avoided confronting China head-on.</p> <p>Back in February, carmaker Daimler ( <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">DAIGn.DE</a>) showed just how skittish some companies are about upsetting Beijing.</p> <a href="/finance/stocks/overview?symbol=DAIGn.DE" type="external">Daimler AG</a> 65.65 DAIGn.DE Xetra +0.18 (+0.27%) DAIGn.DE 000333.SZ KU2G.DE <p>After a backlash in China over a Mercedez-Benz ad on Instagram that quoted the Dalai Lama &#8211; the Tibetan spiritual leader seen by Beijing as a separatist &#8211; Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the &#8220;hurt and grief&#8221; his company&#8217;s &#8220;negligent and insensitive mistake&#8221; had caused the Chinese people.</p> <p>&#8220;There is a huge gap between what people in Germany are saying about China and what they are really thinking,&#8221; said Bernhard Bartsch of the Bertelsmann Foundation, a German research group.</p> <p>Later this month, Bertelsmann and Berlin-based China think tank MERICS will host an Oxford Union-style debate on the motion: &#8220;In ten years&#8217; time, China will have substantially undermined Europe&#8217;s political and economic system&#8221;</p> <p>The mood among German firms operating in China is also souring.</p> <p>A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years, more than half of its members were not planning investments in new locations in China. Nearly 13 percent of German firms operating in China said they could leave within the next two years.</p> <p>For decades, Germany&#8217;s approach to China could be summed up with the motto &#8220;Wandel durch Handel&#8221; (change through trade).</p> <p>Now that strategy is in tatters and government officials joke darkly that the &#8220;win-win&#8221; relationship has a new meaning: China wins twice.</p> <p>&#8220;The hope was that closer economic ties would lead to an opening. Today it is clear this was a false hope,&#8221; said a German government official. &#8220;They tell us what we want to hear and then do the opposite.&#8221;</p> <p>Berlin is starting to push back. Last year, after Chinese firm Midea&#8217;s ( <a href="/finance/stocks/overview?symbol=000333.SZ" type="external">000333.SZ</a>) takeover of robotics maker Kuka ( <a href="/finance/stocks/overview?symbol=KU2G.DE" type="external">KU2G.DE</a>) sparked an uproar, it tightened restrictions on foreign investments and launched a push for new Europe-wide rules for screening takeovers.</p> <p>In December, Germany&#8217;s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians - a rare public rebuke that Berlin says was intended to send the Chinese a message.</p> <p>A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin, officials say.</p> <p>But they also concede that divisions within the EU and a wide gap between Europe and the go-it-alone Trump administration will make it more difficult to force change in Beijing.</p> <p>&#8220;What the Chinese are really worried about is Europe and the United States working together against them,&#8221; said the German official. &#8220;In that sense, Trump really is a gift to China.&#8221;</p> <p>Reporting by Noah Barkin; Editing by Simon Robinson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JOHANNESBURG (Reuters) - KPMG South Africa is reviewing work done by its partners in the wake of the resignation of two partners who faced disciplinary charges, its chief executive said on Sunday, another setback for the firm whose work is under scrutiny by authorities.</p> FILE PHOTO: The offices of auditors KMPG are seen in Cape Town, South Africa, September 19, 2017. Picture taken September 19, 2017. REUTERS/Mike Hutchings <p>CEO Nhlamulo Dlomu said the resignation of partners Sipho Malaba and Dumi Tshuma on Friday after facing disciplinary charges over failure to disclose financial interests in VBS Mutual Bank, is a reminder of how much more needs to be done to &#8220;reaffirm the public&#8217;s trust in KPMG&#8221;.</p> <p>She said the charges stemmed from the partners giving misleading information on loans they had from VBS.</p> <p>Small lender VBS was in March placed under curatorship by the South African Reserve Bank because of liquidity issues.</p> <p>&#8220;We will look at the last two years. We&#8217;re looking at least 200 files and looking at big, medium size and smaller clients,&#8221; Dlomu told reporters.</p> <p>&#8220;In essence what we&#8217;re doing is we&#8217;re opening ourselves up to proper and detailed scrutiny.&#8221;</p> <p>KPMG sacked its South African leadership in September last year after it found work done for companies owned by the Gupta family, a trio of businessmen with close ties to former President Jacob Zuma, &#8220;fell considerably short&#8221; of its standards. The Guptas have consistently denied wrong-doing.</p> <a href="/finance/stocks/overview?symbol=SAPG.DE" type="external">SAP SE</a> 87.97 SAPG.DE Xetra +0.23 (+0.26%) SAPG.DE <p>The latest review will be in addition to other internal and external reviews that have been carried out since last September to date.</p> <p>&#8220;The purpose of this new program is to assess the commitment to quality and professionalism of our engagement teams,&#8221; KPMG said in a statement.</p> <p>The company also said it has started an expanded process of integrity and background checks of all partners and their spouses, which will be coordinated by KPMG International.</p> <p>Additional non-executives on the board will be appointed to ensure independent scrutiny, it said.</p> <p>South Africa&#8217;s companies registry office said in January it was pursuing criminal complaints against KPMG, as well as SAP ( <a href="/finance/stocks/overview?symbol=SAPG.DE" type="external">SAPG.DE</a>) and McKinsey, on suspicion that business they conducted with the Guptas broke the companies act.</p> <p>A number of companies have since dropped KPMG as their auditor. Dlomu said clients who have dropped the firm are less than 10 percent of KPMG&#8217;s client book.</p> <p>Reporting by Nqobile Dludla, editing by David Evans</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

EU watchdog consults on spreadbetting curbs U.S. to back $13 billion World Bank capital increase: sources Proxy adviser ISS recommends against five Equifax directors over cyberbreach 'Boiled frog syndrome': Germany's China problem KPMG South Africa reviewing work done by its partners

https://reuters.com/article/eu-markets-regulator/eu-watchdog-consults-on-spreadbetting-curbs-idUSL8N1PD1R0

2018-01-18

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LONDON Jan 18 Reuters The European Union8217s markets watchdog has started a public consultation on its anticipated plans to restrict the sale of contracts for differences CFDs and binary options by spreadbetting companies CFDs and binary options are financial products that give an investor exposure to price movements in securities without actually owning the underlying assets such as a currency commodity or stock The European Securities and Markets Authority ESMA flagged the plans last month sending shares of spreadbetting firms tumbling It said on Thursday it was now seeking evidence on the impact of its proposed measures For CFDs it proposes leverage limits overall guaranteed limit on retail customer loses a curb on the incentives to trade provider by firms that offer CFDs and a standardised risk warning 8220ESMA is also considering whether CFDs in cryptocurrencies should be addressed in the measures8221 the watchdog said in a statement For binary options ESMA said it is considering a ban on the marketing distribution or sale of the products to retail investors ESMA is concerned that retail investors face potentially significant losses from the products Britain8217s markets regulator the Financial Conduct Authority also warned about the serious risk of harm from CFDs this month It would be the first time that ESMA uses powers to intervene in financial products given to it under the bloc8217s new MiFID II securities law that came into force this month ESMA8217s public consultation on its plans closes on Feb 5 Reporting by Huw Jones editing by Jason Neely Our Standards The Thomson Reuters Trust Principles This version of the April 13th story corrects title of Scott Morris as senior fellow of Center for Global Development By David Lawder WASHINGTON Reuters The Trump administration is expected to support a 13 billion capital increase for the World Bank in a deal that will reform the development bank8217s lending rules and increase China8217s shareholding three people close to the matter said on Friday US Treasury Secretary Steven Mnuchin is expected to lend his support for the plan at next week8217s World Bank and International Monetary Fund spring meetings the sources said But the deal will need an endorsement from the World Bank8217s shareholders and approval from its board of directors 8220Barring unforeseen challenges there will be a capital increase8221 one of the sources told Reuters US backing for the capital increase was first reported by the Financial Times The Trump administration was initially skeptical of the World Bank8217s longrunning effort to boost its capital proposing major cuts to multilateral development banks last year US Treasury Undersecretary David Malpass has long criticized multilateral development banks for contributing to the buildup of debt in poor countries and has chided the World Bank8217s lending to higher income countries such as China saying they should 8220graduate8221 to nonconcessional loans 8220When the World Bank does not graduate these countries less funding is available to reach countries with greater development needs and there is an excess burden placed on shareholder capital8221 Malpass who heads international affairs at the Treasury said in congressional testimony last year The sources who spoke on condition of anonymity because the plan has not been formally announced said it would include reforms that would raise financing costs for higherincome countries Scott Morris a former Treasury official who now is a senior fellow at the Center for Global Development said the capital increase deal is a victory for World Bank President Jim Yong Kim an Obama administration nominee who has cultivated a relationship with the Trump administration launching a women8217s empowerment fund in cooperation with President Donald Trump8217s daughter Ivanka Morris said the increase in shareholding for China 8220reflects reality of the global economy8221 with China8217s growing economic clout But it is unclear how Mnuchin will characterize the shift given Trump8217s threats to impose steep tariffs on Chinese goods over China8217s intellectual property practices he added Under terms of the deal according to the sources familiar with it China8217s shareholding in the World Bank would rise to about six percent from 468 percent currently China would still be in third place behind the United States and Japan About 75 billion of the capital increase would go to the World Bank8217s main concessional lending arm the International Bank for Reconstruction and Development with 55 billion going to the International Finance Corp the group8217s private sector lending arm A US Treasury spokesman declined to comment while a World Bank spokesman could not immediately be reached for comment Additional reporting by Lucia Mutikani Editing by Leslie Adler Our Standards The Thomson Reuters Trust Principles Reuters Proxy adviser Institutional Shareholder Services on Saturday recommended investors vote against the reelection of five Equifax Inc EFXN directors who served on the company8217s audit and technology committees prior to a 2017 data breach Credit reporting company Equifax Inc corporate offices are pictured in Atlanta Georgia US September 8 2017 REUTERSTami Chappell The Atlantabased consumer credit company last fall said hackers had stolen personally identifiable information of US British and Canadian consumers including names Social Security numbers birth dates addresses driver8217s license and credit card numbers Over time Equifax has increased the number affected to more than 147 million people ISS said in a report to shareholders sent to Reuters by a spokesman that the company8217s reputation and shareholder value had been damaged by the extent of the breach and the company8217s slow response to it placing a cloud over the company In response it recommended against voting for directors Mark L Feidler G Thomas Hough John A McKinley Elane B Stock and Mark B Templeton who served on the two committees with relevant oversight duties It recommended votes in support of the remaining five director candidates at the company including Siri S Marshall head of the governance committee Equifax Inc 1160 EFXN New York Stock Exchange 091 078 EFXN An Equifax spokeswoman did not immediately respond to a request for comment on the recommendations Equifax has said breachrelated costs could reach 439 million through yearend potentially making it the most costly US hack yet disclosed The company has lost 19 percent of its market value since the massive cybertheft was disclosed Its shares traded at 116 on Friday L2N1QK1Q1 The credit reporting company is facing 100s of lawsuits by consumers financial institutions and even the city of Chicago relating to the cybersecurity breach The company disputes the claims and has said it intends to defend against them ISS also recommended 8220cautionary support8221 for the company8217s sayonpay resolution noting the compensation committee8217s decision to not pay annual incentives steps to adjust incentive metrics and strengthen clawback provisions However it said there are ongoing questions about former Chief Executive Richard F Smith8217s pay and 8220the issue warrants continued monitoring8221 It also recommended a vote in favor of a shareholder resolution seeking a report on political contributions by the company saying holders would benefit from more disclosure of the company8217s political spending payments to trade groups its management of related risks The company8217s annual general meeting is scheduled for May 3 Reporting by Gary McWilliams Editing by Alistair Bell Our Standards The Thomson Reuters Trust Principles SCHROBENHAUSEN Germany Reuters Bauer a big producer of construction equipment is better placed than many German companies that invested heavily in China over the past few decades Thomas Bauer CEO of Bavariabased construction equipment maker Bauer AG talks during an interview with Reuters in Schrobenhausen Germany April 3 2018 REUTERSMichael Dalder The Bavariabased firm which traces its roots back to 1790 does not have to worry about keeping a Chinese joint venture partner happy because it is the sole owner of its two plants in Shanghai and Tianjin And the specialist engineering machines Bauer produces there are sold in countries across Asia shielding the group from swings in the volatile Chinese building market Even so CEO Thomas Bauer the seventh generation in his family to run the firm is worried about his company8217s place in China and a broader economic relationship that until recently was seen by German corporations and politicians as a lucrative oneway bet 8220Germany has put too many eggs into one basket and that basket is China8221 Bauer a jovial 62yearold with a thick Bavarian accent told Reuters at the company8217s headquarters in Schrobenhausen an hour8217s drive north of Munich Bauer8217s BSAGDE concern points to a growing fear in Germany For more than a decade the country has been the growth locomotive of Europe its economy weathering global financial turmoil the euro zone debt crisis and a record influx of refugees That resilience was based on two key drivers Germany had innovative firms that produced highend manufactured goods that fastgrowing economies needed and the country was better than others at profiting from an open rulesbased global trading system that rewarded competitiveness China has been crucial on both fronts Over the past decade it bought up German cars and machinery at an astonishing pace as it gradually opened up to foreign firms Last year alone German manufacturers sold nearly 5 million cars in China more than three times as many as in the United States But even as the good times roll on a radical shift is taking place in how Deutschland AG views the vast Chinese market Not only has the opening of China shifted into reverse under President Xi Jinping but Chinese firms have moved up the value chain far faster than many in Germany expected Germany8217s China conundrum is part of a broader challenge facing Europe Years of inwardfocused crisis fighting have left the bloc politically divided and illprepared to respond to looming geopolitical and economic challenges Now the continent risks being squeezed between a more assertive Beijing and the 8220America First8221 policies of Donald Trump In private some executives liken the situation of German industry in China to the proverbial frog in a pot of slowly heating water which ends up boiling to death because it won8217t or can8217t jump out Germany8217s ambassador to China Michael Clauss warned at a meeting with industry chiefs in Berlin last month of 8220tectonic changes8221 in the relationship according to participants 8220We need to prepare people here for a new era in our partnership with China8221 an official at Germany8217s powerful BDI industry federation said 8220These are still golden times But there is a huge amount of concern about what lies ahead8221 GRAPHIC Germanys China problem tmsnrtrs2GUN6BK ROLE OF THE STATE German companies were among the first in the West to set up shop in China giving Germany an advantage as the Chinese economy took off Bilateral trade between the two countries hit a record 187 billion euros last year dwarfing China8217s trade with France and the UK both around 70 billion In 2017 Germany ran a trade deficit with China of 14 billion euros tiny compared to the US deficit of 375 billion or about 346 billion euros Bauer AG which employs 11000 workers in 70 countries built its first production facilities in China in the mid1990s At the time not a single Chinese firm could make the sophisticated drilling machines it produces 8211 towering yellow structures used to build the foundations for skyscrapers power stations and airports By 2013 Bauer counted 36 Chinese competitors able to make such machines a shift the CEO says was accelerated by European suppliers selling codesigned parts to the Chinese A decade ago the company8217s Chinese plants generated revenues of 109 million euros Sales slumped to less than half that amount in five of the nine years that followed Today what Bauer and other German firms say they are most worried about is the role of the Chinese state in the economy Slideshow 7 Images Last year China introduced a cyber security law which tightened state control over internet services including secure VPN connections that are used by foreign firms to communicate confidentially with headquarters More recently some German companies have complained of pressure to accept Communist party officials on the boards of their joint ventures The Bauer boss fears that Xi8217s 8220Made in China 20258221 strategy which identifies 10 key sectors 8211 including robotics aerospace and cleanenergy cars 8211 where China wants to be a leader represents a direct challenge to German manufacturing dominance To keep its edge Bauer says his firm is focusing intensively on digitalization 8220It will not be a contest against copiers It will be one against innovative engineers who are intent on overtaking us8221 he said 8220If we don8217t start finding answers soon this can end very badly8221 TRUMP TARIFFS The German angst over China mirrors that which has prompted Trump to threaten Beijing with tens of billions of dollars in trade tariffs But because Germany8217s top firms have become so dependent on the Chinese market the government in Berlin has avoided confronting China headon Back in February carmaker Daimler DAIGnDE showed just how skittish some companies are about upsetting Beijing Daimler AG 6565 DAIGnDE Xetra 018 027 DAIGnDE 000333SZ KU2GDE After a backlash in China over a MercedezBenz ad on Instagram that quoted the Dalai Lama 8211 the Tibetan spiritual leader seen by Beijing as a separatist 8211 Daimler deleted the post and its CEO Dieter Zetsche wrote a letter expressing deep regret for the 8220hurt and grief8221 his company8217s 8220negligent and insensitive mistake8221 had caused the Chinese people 8220There is a huge gap between what people in Germany are saying about China and what they are really thinking8221 said Bernhard Bartsch of the Bertelsmann Foundation a German research group Later this month Bertelsmann and Berlinbased China think tank MERICS will host an Oxford Unionstyle debate on the motion 8220In ten years8217 time China will have substantially undermined Europe8217s political and economic system8221 The mood among German firms operating in China is also souring A survey late last year from the German Chamber of Commerce in China showed that for the first time in many years more than half of its members were not planning investments in new locations in China Nearly 13 percent of German firms operating in China said they could leave within the next two years For decades Germany8217s approach to China could be summed up with the motto 8220Wandel durch Handel8221 change through trade Now that strategy is in tatters and government officials joke darkly that the 8220winwin8221 relationship has a new meaning China wins twice 8220The hope was that closer economic ties would lead to an opening Today it is clear this was a false hope8221 said a German government official 8220They tell us what we want to hear and then do the opposite8221 Berlin is starting to push back Last year after Chinese firm Midea8217s 000333SZ takeover of robotics maker Kuka KU2GDE sparked an uproar it tightened restrictions on foreign investments and launched a push for new Europewide rules for screening takeovers In December Germany8217s domestic intelligence agency infuriated Beijing when it accused Chinese counterparts of using fake social media accounts to gather information on German politicians a rare public rebuke that Berlin says was intended to send the Chinese a message A summit between the German and Chinese governments later this year is likely to reveal a tougher line from Berlin officials say But they also concede that divisions within the EU and a wide gap between Europe and the goitalone Trump administration will make it more difficult to force change in Beijing 8220What the Chinese are really worried about is Europe and the United States working together against them8221 said the German official 8220In that sense Trump really is a gift to China8221 Reporting by Noah Barkin Editing by Simon Robinson Our Standards The Thomson Reuters Trust Principles JOHANNESBURG Reuters KPMG South Africa is reviewing work done by its partners in the wake of the resignation of two partners who faced disciplinary charges its chief executive said on Sunday another setback for the firm whose work is under scrutiny by authorities FILE PHOTO The offices of auditors KMPG are seen in Cape Town South Africa September 19 2017 Picture taken September 19 2017 REUTERSMike Hutchings CEO Nhlamulo Dlomu said the resignation of partners Sipho Malaba and Dumi Tshuma on Friday after facing disciplinary charges over failure to disclose financial interests in VBS Mutual Bank is a reminder of how much more needs to be done to 8220reaffirm the public8217s trust in KPMG8221 She said the charges stemmed from the partners giving misleading information on loans they had from VBS Small lender VBS was in March placed under curatorship by the South African Reserve Bank because of liquidity issues 8220We will look at the last two years We8217re looking at least 200 files and looking at big medium size and smaller clients8221 Dlomu told reporters 8220In essence what we8217re doing is we8217re opening ourselves up to proper and detailed scrutiny8221 KPMG sacked its South African leadership in September last year after it found work done for companies owned by the Gupta family a trio of businessmen with close ties to former President Jacob Zuma 8220fell considerably short8221 of its standards The Guptas have consistently denied wrongdoing SAP SE 8797 SAPGDE Xetra 023 026 SAPGDE The latest review will be in addition to other internal and external reviews that have been carried out since last September to date 8220The purpose of this new program is to assess the commitment to quality and professionalism of our engagement teams8221 KPMG said in a statement The company also said it has started an expanded process of integrity and background checks of all partners and their spouses which will be coordinated by KPMG International Additional nonexecutives on the board will be appointed to ensure independent scrutiny it said South Africa8217s companies registry office said in January it was pursuing criminal complaints against KPMG as well as SAP SAPGDE and McKinsey on suspicion that business they conducted with the Guptas broke the companies act A number of companies have since dropped KPMG as their auditor Dlomu said clients who have dropped the firm are less than 10 percent of KPMG8217s client book Reporting by Nqobile Dludla editing by David Evans Our Standards The Thomson Reuters Trust Principles

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<p>&amp;#160;</p> <p>President Obama, speaking at rally at George Mason University in Fairfax, Virginia, today, coined a new term, &#8220;Romnesia.&#8221;</p> <p>&amp;#160;</p> <p /> <p>THE WHITE HOUSE</p> <p>Office of the Press Secretary</p> <p>_________________________________________________________________</p> <p>October 19, 2012</p> <p>&amp;#160;</p> <p>&amp;#160;</p> <p>REMARKS BY THE PRESIDENT</p> <p>AT A CAMPAIGN EVENT</p> <p>George Mason University</p> <p>Fairfax, Virginia</p> <p>11:55 A.M. EDT</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Hello, Virginia!&amp;#160; (Applause.)&amp;#160; Are you fired up?&amp;#160; (Applause.)&amp;#160; Are you ready to go?&amp;#160; (Applause.)&amp;#160; I can&#8217;t hear you!&amp;#160; (Applause.)&amp;#160; Well, it&#8217;s good to be back.&amp;#160; Thank you.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Four more years!&amp;#160; Four more years!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Can everybody please give Cecile a big round of applause for the great introduction and the work she does.&amp;#160; (Applause.)&amp;#160; We&#8217;ve got your Congressman here &#8212; Gerry Connolly in the house.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Eighteen days.&amp;#160; Eighteen days, Virginia.&amp;#160; Eighteen days and you&#8217;re going to step into a voting booth.&amp;#160; And you&#8217;re going to have a very big choice to make &#8212; not just a choice between two candidates or two parties, but between two fundamentally different visions for this country that we love.</p> <p>&amp;#160;</p> <p>Governor Romney has got his sales pitch.&amp;#160; We heard it the other night at the debate.&amp;#160; He&#8217;s been running around talking about his five-point plan for the economy.</p> <p>&amp;#160;</p> <p>AUDIENCE MEMBER:&amp;#160; Booo &#8211;</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Don&#8217;t boo &#8212; vote.&amp;#160; Vote!&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>He wants you to believe that somehow he&#8217;ll create 12 million jobs, cut taxes by $5 trillion, even though it favors the wealthiest Americans.&amp;#160; None of this will add to the deficit.</p> <p>&amp;#160;</p> <p>When folks who don&#8217;t actually work for Governor Romney start crunching the numbers, it turns out the tax plan doesn&#8217;t add up, jobs plan doesn&#8217;t create jobs, deficit plan doesn&#8217;t reduce the deficit.&amp;#160; An economist at the New York Times put it this morning, &#8220;There&#8217;s no jobs plan &#8212; there&#8217;s just a snow job on the American people.&#8221;&amp;#160; (Applause.)&amp;#160; A snow job.</p> <p>&amp;#160;</p> <p>Virginia, you&#8217;ve heard of the New Deal, you&#8217;ve heard of the Square Deal, the Fair Deal.&amp;#160; Mitt Romney is trying to give you a Sketchy Deal.&amp;#160; (Laughter.)&amp;#160; A sketchy deal.</p> <p>&amp;#160;</p> <p>And it&#8217;s really just a one-point plan, not a five-point plan.&amp;#160; One point &#8212; folks at the very top play by a different set of rules than all of you.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Booo &#8211;</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Listen, don&#8217;t boo &#8212; vote.&amp;#160; (Laughter.)</p> <p>&amp;#160;</p> <p>If he offered you that deal when he was in corporate finance, you wouldn&#8217;t give him a dime.&amp;#160; So why would you give him his vote?</p> <p>&amp;#160;</p> <p>This same philosophy that&#8217;s been squeezing the middle-class family for more than a decade &#8212; the same philosophy that got us into this mess.&amp;#160; We can&#8217;t go back to that.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; No!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; I&#8217;ve met too many good Americans who work so hard, show so much resilience, so much resolve &#8212; we have been fighting our way back from some of the same policies he&#8217;s advocating.&amp;#160; We have been there.&amp;#160; We have tried it.&amp;#160; We can&#8217;t go back.&amp;#160; (Applause.)&amp;#160; We are moving forward.&amp;#160; And that&#8217;s why I&#8217;m running for a second term as President of the United States.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Now, I believe that the biggest issue in this election is how do we rebuild a strong middle class and provide ladders for opportunity &#8212; all those who want to get into the middle class, who are willing to work hard, willing to take responsibility.&amp;#160; Are we going to make sure that we&#8217;re a country where everybody gets a fair shot, and everybody is doing their fair share, and everybody is playing by the same rules?&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>So the economy is the dominant issue.&amp;#160; But I want everybody to understand that that&#8217;s not the only place where Governor Romney is offering you a sketchy deal.&amp;#160; It&#8217;s bad enough that my opponent wants to take us back to the failed economic policies of the past.&amp;#160; But when it comes to issues critical to women &#8212; the right to make your own decision about your health &#8212; (applause) &#8212; the right to be treated fairly and equally in the workplace.&amp;#160; (Applause.)&amp;#160; Governor Romney wants to take us to policies more suited to the 1950s.&amp;#160; Even his own running mate said he&#8217;s &#8220;kind of a throwback to the &#8216;50s.&#8221;&amp;#160; That&#8217;s one thing we agree on.&amp;#160; (Laughter.)</p> <p>&amp;#160;</p> <p>He may not have noticed, we&#8217;re in the 21st century.&amp;#160; (Applause.)&amp;#160; And in the 21st century, a woman deserves equal pay for equal work.&amp;#160; (Applause.)&amp;#160; This should be a no-brainer.&amp;#160; But no matter how many times Governor Romney is asked whether or not he supports a law upholding that idea, he refuses to say.&amp;#160; Why should this be hard?&amp;#160; Are you for equal pay for equal work?&amp;#160; Are you for making sure that laws enforce that basic principle?</p> <p>&amp;#160;</p> <p>He can&#8217;t tell you.&amp;#160; I can.&amp;#160; (Applause.)&amp;#160; I support that law.&amp;#160; In fact, the Lilly Ledbetter Fair Pay Act was the first law that I signed into office.&amp;#160; (Applause.)&amp;#160; And this isn&#8217;t just a women&#8217;s issue.&amp;#160; No man should want his wife, or his daughters paid less than a man for doing the same job.&amp;#160; (Applause.)&amp;#160; This is a family issue.&amp;#160; This is an economic issue.&amp;#160; It&#8217;s one that we&#8217;ve got to fight for.</p> <p>&amp;#160;</p> <p>When Governor Romney says he&#8217;s going to get rid of funding for Planned Parenthood &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Booo &#8211;</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Don&#8217;t boo &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Vote!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; &#8212; vote.</p> <p>&amp;#160;</p> <p>What he apparently doesn&#8217;t understand is that there are millions of women all across the country who rely on Planned Parenthood not just for contraceptive care, but for preventive care.&amp;#160; That&#8217;s not just a health issue, it&#8217;s an economic issue.</p> <p>&amp;#160;</p> <p>When Governor Romney said he&#8217;d have supported an extreme measure in Massachusetts that could have outlawed some forms of contraception, when he joined the far right of his party to support a bill that would have allowed any employer to deny contraceptive care to their employees &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Booo &#8211;</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Don&#8217;t boo &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Vote!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; &#8212; vote.&amp;#160; (Laughter.)</p> <p>&amp;#160;</p> <p>What he didn&#8217;t get is that making sure your insurance policy covers contraceptive care is an economic issue also.&amp;#160; I don&#8217;t think your boss should decide what&#8217;s best for your health and safety.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; No!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; I don&#8217;t think your insurance company gets to decide what care you should get.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; No!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; And I sure don&#8217;t think any politician should decide.&amp;#160; (Applause.)&amp;#160; The only person who should decide about your health care is you.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>And, by the way, that&#8217;s why we fought so hard to pass health care reform, a.k.a. Obamacare.&amp;#160; That&#8217;s why we pushed for it.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>This law has secured new access to preventive care like mammograms and other cancer screenings for more than 20 million women, with no co-pay, no deductible, no out-of-pocket cost, because I do not believe a working mother should have to put off a mammogram just because money is tight.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>This law means that most health plans are now beginning to cover the cost of contraceptive care because I don&#8217;t think a college student in Charlottesville or Blacksburg or Fairfax should have to choose between textbooks or the preventive care that she needs.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>And, by the way for all the young people out here, Obamacare has already allowed nearly 7 million young adults under the age of 26 to sign up to stay on their parent&#8217;s plans.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>For all those who are young at heart but not young in years, it&#8217;s already saved millions of seniors on Medicare hundreds of dollars on their prescription medicine.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Insurance companies can no longer put lifetime limits on your care or discriminate against children with preexisting conditions.&amp;#160; (Applause.)&amp;#160; And soon, they&#8217;ll no longer be able to charge women more for the same care just because they&#8217;re women.&amp;#160; That&#8217;s what change looks like.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>AUDIENCE MEMBER:&amp;#160; We love you, Obama!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Thank you.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Now, anybody who thinks that this election doesn&#8217;t matter, know this:&amp;#160; My opponent has promised to repeal all of the things we just talked about as soon as he takes office, says he&#8217;d do it on day one.&amp;#160; We know full well that if he gets the chance, he&#8217;ll rubber-stamp the agenda of this Republican Congress the second he takes office.&amp;#160; Virginia, we can&#8217;t give him that chance.</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; No!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; I know he&#8217;s called him severely &#8212; he&#8217;s called himself &#8220;severely conservative,&#8221; but there&#8217;s nothing conservative about a government that prevents a woman from making her own health care decisions.</p> <p>&amp;#160;</p> <p>He talks about freedom, but freedom is the ability to choose the care you need when you need it.&amp;#160; Freedom is the ability to change jobs or start your own business without the fear of losing your health insurance.&amp;#160; Freedom is the knowledge that you&#8217;ll no longer be charged more than men for the same health care, or denied affordable coverage just because you beat cancer.</p> <p>&amp;#160;</p> <p>When the next President and Congress could tip the balance of the highest court in the land in a way that turns back the clock for women and families for decades to come, you don&#8217;t want someone who needs to ask for binders of women.&amp;#160; (Applause.)&amp;#160; You don&#8217;t want that guy.&amp;#160; You want a President who has already appointed two unbelievable women to the Supreme Court of the United States.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>So, Virginia, the choice &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Obama!&amp;#160; Obama!&amp;#160; Obama!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; The choice between going backward and moving forward has never been so clear.&amp;#160; But now that we&#8217;re 18 days out from the election, Mr. &#8220;Severely Conservative&#8221; &#8212; (laughter) &#8212; wants you to think he was severely kidding about everything he said over the last year.&amp;#160; (Laughter.)&amp;#160; He told folks he was &#8220;the ideal candidate&#8221; for the Tea Party.&amp;#160; Now suddenly he&#8217;s saying, &#8220;what, who, me?&#8221;&amp;#160; (Laughter.)&amp;#160; He&#8217;s forgetting what his own positions are, and he&#8217;s betting that you will, too.</p> <p>&amp;#160;</p> <p>I mean, he&#8217;s changing up so much and backtracking and sidestepping &#8212; (laughter) &#8212; we&#8217;ve got to name this condition that he&#8217;s going through.&amp;#160; I think it&#8217;s called &#8220;Romnesia.&#8221;&amp;#160; (Laughter and applause.)&amp;#160; That&#8217;s what it&#8217;s called.&amp;#160; I think that&#8217;s what he&#8217;s going through.</p> <p>&amp;#160;</p> <p>Now, I&#8217;m not a medical doctor, but I do want to go over some of the symptoms with you &#8212; because I want to make sure nobody else catches it.&amp;#160; (Laughter and applause.)&amp;#160; If you say you&#8217;re for equal pay for equal work, but you keep refusing to say whether or not you&#8217;d sign a bill that protects equal pay for equal work &#8212; you might have Romnesia.&amp;#160; (Laughter and applause.)</p> <p>&amp;#160;</p> <p>If you say women should have access to contraceptive care, but you support legislation that would let your employer deny you contraceptive care &#8211;- you might have a case of Romnesia.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>If you say you&#8217;ll protect a woman&#8217;s right to choose, but you stand up at a primary debate and said that you&#8217;d be delighted to sign a law outlying &#8212; outlawing that right to choose in all cases -&#8211; man, you&#8217;ve definitely got Romnesia.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Now, this extends to other issues.&amp;#160; If you say earlier in the year, I&#8217;m going to give a tax cut to the top 1 percent and then in a debate you say, I don&#8217;t know anything about giving tax cuts to rich folks &#8212; you need to get a thermometer, take your temperature, because you&#8217;ve probably got Romnesia.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>If you say that you&#8217;re a champion of the coal industry when, while you were governor you stood in front of a coal plant and said, this plant will kill you &#8212; (laughter) &#8211;</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Romnesia!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; &#8212; that&#8217;s some Romnesia.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>So I think you&#8217;re being able &#8212; you&#8217;re beginning to be able to identify these symptoms.&amp;#160; And if you come down with a case of Romnesia, and you can&#8217;t seem to remember the policies that are still on your website &#8212; (laughter) &#8212; or the promises you&#8217;ve made over the six years you&#8217;ve been running for President,&amp;#160; here&#8217;s the good news:&amp;#160; Obamacare covers preexisting conditions.&amp;#160; (Laughter and applause.)&amp;#160; We can fix you up.&amp;#160; We&#8217;ve got a cure.&amp;#160; We can make you well, Virginia.&amp;#160; (Applause.)&amp;#160; This is a curable disease.&amp;#160; (Laughter.)</p> <p>&amp;#160;</p> <p>Women, men &#8212; all of you &#8212; these are family issues.&amp;#160; These are economic issues.&amp;#160; I want my daughters to have the same opportunities as anybody&#8217;s sons.&amp;#160; I believe America does better &#8212; the economy grows more, we create more jobs &#8212; when everybody participates, when everyone is getting a fair shot, everybody is getting a fair shake, everybody is playing by the same rules, everybody is doing their fair share.&amp;#160; That&#8217;s why I&#8217;m running for a second term for President of the United States.&amp;#160; (Applause.)&amp;#160; I need you to help me finish the job.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>AUDIENCE:&amp;#160; Four more years!&amp;#160; Four more years!</p> <p>&amp;#160;</p> <p>THE PRESIDENT:&amp;#160; Four years ago, I told you we&#8217;d end the war in Iraq, and we did.&amp;#160; (Applause.)&amp;#160; I said we&#8217;d end the war in Afghanistan &#8212; we are.&amp;#160; I said we&#8217;d refocus on the terrorists who actually attacked us on 9/11, and we have.&amp;#160; (Applause.)&amp;#160; Al Qaeda is on the path to defeat.&amp;#160; Osama bin Laden is dead.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Four years ago, I promised to cut taxes for middle-class families, and I have.&amp;#160; (Applause.)&amp;#160; I promised to cut taxes for small business owners &#8212; we have, 18 times.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>We got every dime back from the banks that we used to rescue those banks.&amp;#160; We passed laws to end taxpayer-funded Wall Street bailouts for good.</p> <p>&amp;#160;</p> <p>We repealed &#8220;don&#8217;t ask, don&#8217;t tell,&#8221; to make sure that nobody who wants to serve our country gets kicked out because of who they love.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>When Governor Romney said we&#8217;d let &#8212; he&#8217;d let Detroit go bankrupt, we said, we&#8217;re not going to take your advice.&amp;#160; We reinvented a dying auto industry that&#8217;s come roaring back to the top of the world.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>Four years after the worst economic crisis of our lifetime, we&#8217;re moving.&amp;#160; After losing 800,000 jobs a month when I took office, businesses have now added over 5 million new jobs.&amp;#160; Unemployment has fallen from 10 percent to 7.8 percent.&amp;#160; Home values are back on the rise.&amp;#160; (Applause.)&amp;#160; The stock market has nearly doubled &#8212; 401(k)s are starting to recover.&amp;#160; Manufacturing is coming home.&amp;#160; Assembly lines are humming again.&amp;#160; We&#8217;ve got to keep moving forward.&amp;#160; We&#8217;ve got to keep moving forward.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>We&#8217;ve got more work to do.&amp;#160; I&#8217;ve got a plan &#8212; and it&#8217;s a real plan, not a sales pitch &#8212; to grow the economy and create jobs and build more security for the middle class.</p> <p>&amp;#160;</p> <p>I want to send fewer jobs overseas and sell more products overseas.&amp;#160; (Applause.)&amp;#160; I want to invest in manufacturers and small businesses that create jobs right here in Virginia, right here in America.</p> <p>&amp;#160;</p> <p>I want us to control more of our own energy, cut oil imports in half, create thousands of clean energy jobs.</p> <p>&amp;#160;</p> <p>I want every child to have the same chance at a great education that Michelle and I received.&amp;#160; (Applause.)&amp;#160; I want to hire more teachers in math and science, train 2 million workers at community colleges, bring down the cost of college tuition.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>I want to use the savings from ending the wars in Iraq and Afghanistan to pay down our deficit, put our people back to work right here, doing some nation-building here at home.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>That&#8217;s the agenda you need.&amp;#160; That&#8217;s the agenda we need.&amp;#160; That&#8217;s how we strengthen the middle class.&amp;#160; That&#8217;s how we&#8217;ll keep moving forward.&amp;#160; And in 18 days, you&#8217;re going to have a chance to say whether we keep moving forward.</p> <p>&amp;#160;</p> <p>In 18 days, you can choose between top-down economic policies that got us into this mess, or the middle class-out policies that are getting us out of this mess.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>In 18 days, you can choose a foreign policy that gets us into wars with no plan to get out, or you can say let&#8217;s end the Afghan war responsibly; let&#8217;s bring our troops home.&amp;#160; (Applause.)&amp;#160; Let&#8217;s focus on making sure that we&#8217;re building America.</p> <p>&amp;#160;</p> <p>In 18 days, you can let them turn back the clock 50 years for immigrants, and gays, and women, or we can stand up and say we are a country in which everybody has a place.&amp;#160; (Applause.)&amp;#160; A country where no matter where you are, no matter what you look like, no matter where you come from &#8212; black, white, Hispanic, Asian, Native American, young, old, gay, straight, abled, disabled &#8212; we have a place for everybody.&amp;#160; (Applause.)&amp;#160; Everybody has got a chance to make it if you try.</p> <p>&amp;#160;</p> <p>That&#8217;s what&#8217;s at stake, Virginia.&amp;#160; That&#8217;s why I&#8217;m asking for your vote.&amp;#160; I believe in you.&amp;#160; I need you to keep believing in me.&amp;#160; I want to finish the job.&amp;#160; And if you&#8217;re willing to stand with me, and make some phone calls with me, and knock on some doors with, get your friends to vote for me &#8212; we will win Fairfax County again.&amp;#160; We will win Virginia again.&amp;#160; (Applause.)&amp;#160; We&#8217;ll finish what we started.&amp;#160; And we&#8217;ll remind the world why the United States of America is the greatest nation on Earth.</p> <p>&amp;#160;</p> <p>God bless you.&amp;#160; God bless the United States of America.&amp;#160; (Applause.)</p> <p>&amp;#160;</p> <p>END&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;&amp;#160;&amp;#160; 12:18 P.M. EDT</p> <p>&amp;#160;</p> <p>Video hat tip to&amp;#160; <a href="http://www.dailykos.com/story/2012/10/19/1147052/-Obama-defines-Romnesia" type="external">Daily Kos</a></p> <p>Tagged as: <a href="" type="internal">9</a>, <a href="" type="internal">coins</a>, <a href="" type="internal">fairfax</a>, <a href="" type="internal">george mason university</a>, <a href="" type="internal">george mason university in fairfax</a>, <a href="" type="internal">mason university</a>, <a href="" type="internal">Mitt Romney</a>, <a href="" type="internal">Obama</a>, <a href="" type="internal">President Obama</a>, <a href="" type="internal">Rally</a>, <a href="" type="internal">romney</a>, <a href="" type="internal">social issues</a>, <a href="" type="internal">united states presidential debates</a>, <a href="" type="internal">university in fairfax</a>, <a href="" type="internal">Virginia</a></p> <p>Friends:</p> <p>We invite you to <a href="http://visitor.r20.constantcontact.com/manage/optin?v=001whLQo73KzGhEjdskYG07rHNy_XoDDkSBBO4INZHx6oD9kfp2yeeQAJeMQUu9oTviZa0VEl5k0rNiLifxlZsOFScMz8rVGmIaN-FFOO3GTKc%3D" type="external">sign up for our new mailing list</a>, and&amp;#160; <a href="http://feedburner.google.com/fb/a/mailverify?uri=TheNewCivilRightsMovement&amp;amp;amp;loc=en_US" type="external">subscribe to The New Civil Rights Movement via email</a> or <a href="http://feeds2.feedburner.com/thenewcivilrightsmovement" type="external">RSS</a>.</p> <p>Also, please&amp;#160; <a href="https://www.facebook.com/pages/The-New-Civil-Rights-Movement/358168880614" type="external">like us on Facebook</a>, and <a href="https://twitter.com/#!/gaycivilrights" type="external">follow us on Twitter</a>!</p>

Obama’s Complete ‘Romnesia’ Speech With Video

http://thenewcivilrightsmovement.com/obamas-complete-romnesia-speech-with-video/politics/2012/10/19/51588

2012-10-19

4left

amp160 President Obama speaking at rally at George Mason University in Fairfax Virginia today coined a new term 8220Romnesia8221 amp160 THE WHITE HOUSE Office of the Press Secretary _________________________________________________________________ October 19 2012 amp160 amp160 REMARKS BY THE PRESIDENT AT A CAMPAIGN EVENT George Mason University Fairfax Virginia 1155 AM EDT amp160 THE PRESIDENTamp160 Hello Virginiaamp160 Applauseamp160 Are you fired upamp160 Applauseamp160 Are you ready to goamp160 Applauseamp160 I can8217t hear youamp160 Applauseamp160 Well it8217s good to be backamp160 Thank you amp160 AUDIENCEamp160 Four more yearsamp160 Four more years amp160 THE PRESIDENTamp160 Can everybody please give Cecile a big round of applause for the great introduction and the work she doesamp160 Applauseamp160 We8217ve got your Congressman here 8212 Gerry Connolly in the houseamp160 Applause amp160 Eighteen daysamp160 Eighteen days Virginiaamp160 Eighteen days and you8217re going to step into a voting boothamp160 And you8217re going to have a very big choice to make 8212 not just a choice between two candidates or two parties but between two fundamentally different visions for this country that we love amp160 Governor Romney has got his sales pitchamp160 We heard it the other night at the debateamp160 He8217s been running around talking about his fivepoint plan for the economy amp160 AUDIENCE MEMBERamp160 Booo 8211 amp160 THE PRESIDENTamp160 Don8217t boo 8212 voteamp160 Voteamp160 Applause amp160 He wants you to believe that somehow he8217ll create 12 million jobs cut taxes by 5 trillion even though it favors the wealthiest Americansamp160 None of this will add to the deficit amp160 When folks who don8217t actually work for Governor Romney start crunching the numbers it turns out the tax plan doesn8217t add up jobs plan doesn8217t create jobs deficit plan doesn8217t reduce the deficitamp160 An economist at the New York Times put it this morning 8220There8217s no jobs plan 8212 there8217s just a snow job on the American people8221amp160 Applauseamp160 A snow job amp160 Virginia you8217ve heard of the New Deal you8217ve heard of the Square Deal the Fair Dealamp160 Mitt Romney is trying to give you a Sketchy Dealamp160 Laughteramp160 A sketchy deal amp160 And it8217s really just a onepoint plan not a fivepoint planamp160 One point 8212 folks at the very top play by a different set of rules than all of you amp160 AUDIENCEamp160 Booo 8211 amp160 THE PRESIDENTamp160 Listen don8217t boo 8212 voteamp160 Laughter amp160 If he offered you that deal when he was in corporate finance you wouldn8217t give him a dimeamp160 So why would you give him his vote amp160 This same philosophy that8217s been squeezing the middleclass family for more than a decade 8212 the same philosophy that got us into this messamp160 We can8217t go back to that amp160 AUDIENCEamp160 No amp160 THE PRESIDENTamp160 I8217ve met too many good Americans who work so hard show so much resilience so much resolve 8212 we have been fighting our way back from some of the same policies he8217s advocatingamp160 We have been thereamp160 We have tried itamp160 We can8217t go backamp160 Applauseamp160 We are moving forwardamp160 And that8217s why I8217m running for a second term as President of the United Statesamp160 Applause amp160 Now I believe that the biggest issue in this election is how do we rebuild a strong middle class and provide ladders for opportunity 8212 all those who want to get into the middle class who are willing to work hard willing to take responsibilityamp160 Are we going to make sure that we8217re a country where everybody gets a fair shot and everybody is doing their fair share and everybody is playing by the same rulesamp160 Applause amp160 So the economy is the dominant issueamp160 But I want everybody to understand that that8217s not the only place where Governor Romney is offering you a sketchy dealamp160 It8217s bad enough that my opponent wants to take us back to the failed economic policies of the pastamp160 But when it comes to issues critical to women 8212 the right to make your own decision about your health 8212 applause 8212 the right to be treated fairly and equally in the workplaceamp160 Applauseamp160 Governor Romney wants to take us to policies more suited to the 1950samp160 Even his own running mate said he8217s 8220kind of a throwback to the 821650s8221amp160 That8217s one thing we agree onamp160 Laughter amp160 He may not have noticed we8217re in the 21st centuryamp160 Applauseamp160 And in the 21st century a woman deserves equal pay for equal workamp160 Applauseamp160 This should be a nobraineramp160 But no matter how many times Governor Romney is asked whether or not he supports a law upholding that idea he refuses to sayamp160 Why should this be hardamp160 Are you for equal pay for equal workamp160 Are you for making sure that laws enforce that basic principle amp160 He can8217t tell youamp160 I canamp160 Applauseamp160 I support that lawamp160 In fact the Lilly Ledbetter Fair Pay Act was the first law that I signed into officeamp160 Applauseamp160 And this isn8217t just a women8217s issueamp160 No man should want his wife or his daughters paid less than a man for doing the same jobamp160 Applauseamp160 This is a family issueamp160 This is an economic issueamp160 It8217s one that we8217ve got to fight for amp160 When Governor Romney says he8217s going to get rid of funding for Planned Parenthood 8211 amp160 AUDIENCEamp160 Booo 8211 amp160 THE PRESIDENTamp160 Don8217t boo 8211 amp160 AUDIENCEamp160 Vote amp160 THE PRESIDENTamp160 8212 vote amp160 What he apparently doesn8217t understand is that there are millions of women all across the country who rely on Planned Parenthood not just for contraceptive care but for preventive careamp160 That8217s not just a health issue it8217s an economic issue amp160 When Governor Romney said he8217d have supported an extreme measure in Massachusetts that could have outlawed some forms of contraception when he joined the far right of his party to support a bill that would have allowed any employer to deny contraceptive care to their employees 8211 amp160 AUDIENCEamp160 Booo 8211 amp160 THE PRESIDENTamp160 Don8217t boo 8211 amp160 AUDIENCEamp160 Vote amp160 THE PRESIDENTamp160 8212 voteamp160 Laughter amp160 What he didn8217t get is that making sure your insurance policy covers contraceptive care is an economic issue alsoamp160 I don8217t think your boss should decide what8217s best for your health and safety amp160 AUDIENCEamp160 No amp160 THE PRESIDENTamp160 I don8217t think your insurance company gets to decide what care you should get amp160 AUDIENCEamp160 No amp160 THE PRESIDENTamp160 And I sure don8217t think any politician should decideamp160 Applauseamp160 The only person who should decide about your health care is youamp160 Applause amp160 And by the way that8217s why we fought so hard to pass health care reform aka Obamacareamp160 That8217s why we pushed for itamp160 Applause amp160 This law has secured new access to preventive care like mammograms and other cancer screenings for more than 20 million women with no copay no deductible no outofpocket cost because I do not believe a working mother should have to put off a mammogram just because money is tightamp160 Applause amp160 This law means that most health plans are now beginning to cover the cost of contraceptive care because I don8217t think a college student in Charlottesville or Blacksburg or Fairfax should have to choose between textbooks or the preventive care that she needsamp160 Applause amp160 And by the way for all the young people out here Obamacare has already allowed nearly 7 million young adults under the age of 26 to sign up to stay on their parent8217s plansamp160 Applause amp160 For all those who are young at heart but not young in years it8217s already saved millions of seniors on Medicare hundreds of dollars on their prescription medicineamp160 Applause amp160 Insurance companies can no longer put lifetime limits on your care or discriminate against children with preexisting conditionsamp160 Applauseamp160 And soon they8217ll no longer be able to charge women more for the same care just because they8217re womenamp160 That8217s what change looks likeamp160 Applause amp160 AUDIENCE MEMBERamp160 We love you Obama amp160 THE PRESIDENTamp160 Thank youamp160 Applause amp160 Now anybody who thinks that this election doesn8217t matter know thisamp160 My opponent has promised to repeal all of the things we just talked about as soon as he takes office says he8217d do it on day oneamp160 We know full well that if he gets the chance he8217ll rubberstamp the agenda of this Republican Congress the second he takes officeamp160 Virginia we can8217t give him that chance amp160 AUDIENCEamp160 No amp160 THE PRESIDENTamp160 I know he8217s called him severely 8212 he8217s called himself 8220severely conservative8221 but there8217s nothing conservative about a government that prevents a woman from making her own health care decisions amp160 He talks about freedom but freedom is the ability to choose the care you need when you need itamp160 Freedom is the ability to change jobs or start your own business without the fear of losing your health insuranceamp160 Freedom is the knowledge that you8217ll no longer be charged more than men for the same health care or denied affordable coverage just because you beat cancer amp160 When the next President and Congress could tip the balance of the highest court in the land in a way that turns back the clock for women and families for decades to come you don8217t want someone who needs to ask for binders of womenamp160 Applauseamp160 You don8217t want that guyamp160 You want a President who has already appointed two unbelievable women to the Supreme Court of the United Statesamp160 Applause amp160 So Virginia the choice 8211 amp160 AUDIENCEamp160 Obamaamp160 Obamaamp160 Obama amp160 THE PRESIDENTamp160 The choice between going backward and moving forward has never been so clearamp160 But now that we8217re 18 days out from the election Mr 8220Severely Conservative8221 8212 laughter 8212 wants you to think he was severely kidding about everything he said over the last yearamp160 Laughteramp160 He told folks he was 8220the ideal candidate8221 for the Tea Partyamp160 Now suddenly he8217s saying 8220what who me8221amp160 Laughteramp160 He8217s forgetting what his own positions are and he8217s betting that you will too amp160 I mean he8217s changing up so much and backtracking and sidestepping 8212 laughter 8212 we8217ve got to name this condition that he8217s going throughamp160 I think it8217s called 8220Romnesia8221amp160 Laughter and applauseamp160 That8217s what it8217s calledamp160 I think that8217s what he8217s going through amp160 Now I8217m not a medical doctor but I do want to go over some of the symptoms with you 8212 because I want to make sure nobody else catches itamp160 Laughter and applauseamp160 If you say you8217re for equal pay for equal work but you keep refusing to say whether or not you8217d sign a bill that protects equal pay for equal work 8212 you might have Romnesiaamp160 Laughter and applause amp160 If you say women should have access to contraceptive care but you support legislation that would let your employer deny you contraceptive care 8211 you might have a case of Romnesiaamp160 Applause amp160 If you say you8217ll protect a woman8217s right to choose but you stand up at a primary debate and said that you8217d be delighted to sign a law outlying 8212 outlawing that right to choose in all cases 8211 man you8217ve definitely got Romnesiaamp160 Applause amp160 Now this extends to other issuesamp160 If you say earlier in the year I8217m going to give a tax cut to the top 1 percent and then in a debate you say I don8217t know anything about giving tax cuts to rich folks 8212 you need to get a thermometer take your temperature because you8217ve probably got Romnesiaamp160 Applause amp160 If you say that you8217re a champion of the coal industry when while you were governor you stood in front of a coal plant and said this plant will kill you 8212 laughter 8211 amp160 AUDIENCEamp160 Romnesia amp160 THE PRESIDENTamp160 8212 that8217s some Romnesiaamp160 Applause amp160 So I think you8217re being able 8212 you8217re beginning to be able to identify these symptomsamp160 And if you come down with a case of Romnesia and you can8217t seem to remember the policies that are still on your website 8212 laughter 8212 or the promises you8217ve made over the six years you8217ve been running for Presidentamp160 here8217s the good newsamp160 Obamacare covers preexisting conditionsamp160 Laughter and applauseamp160 We can fix you upamp160 We8217ve got a cureamp160 We can make you well Virginiaamp160 Applauseamp160 This is a curable diseaseamp160 Laughter amp160 Women men 8212 all of you 8212 these are family issuesamp160 These are economic issuesamp160 I want my daughters to have the same opportunities as anybody8217s sonsamp160 I believe America does better 8212 the economy grows more we create more jobs 8212 when everybody participates when everyone is getting a fair shot everybody is getting a fair shake everybody is playing by the same rules everybody is doing their fair shareamp160 That8217s why I8217m running for a second term for President of the United Statesamp160 Applauseamp160 I need you to help me finish the jobamp160 Applause amp160 AUDIENCEamp160 Four more yearsamp160 Four more years amp160 THE PRESIDENTamp160 Four years ago I told you we8217d end the war in Iraq and we didamp160 Applauseamp160 I said we8217d end the war in Afghanistan 8212 we areamp160 I said we8217d refocus on the terrorists who actually attacked us on 911 and we haveamp160 Applauseamp160 Al Qaeda is on the path to defeatamp160 Osama bin Laden is deadamp160 Applause amp160 Four years ago I promised to cut taxes for middleclass families and I haveamp160 Applauseamp160 I promised to cut taxes for small business owners 8212 we have 18 timesamp160 Applause amp160 We got every dime back from the banks that we used to rescue those banksamp160 We passed laws to end taxpayerfunded Wall Street bailouts for good amp160 We repealed 8220don8217t ask don8217t tell8221 to make sure that nobody who wants to serve our country gets kicked out because of who they loveamp160 Applause amp160 When Governor Romney said we8217d let 8212 he8217d let Detroit go bankrupt we said we8217re not going to take your adviceamp160 We reinvented a dying auto industry that8217s come roaring back to the top of the worldamp160 Applause amp160 Four years after the worst economic crisis of our lifetime we8217re movingamp160 After losing 800000 jobs a month when I took office businesses have now added over 5 million new jobsamp160 Unemployment has fallen from 10 percent to 78 percentamp160 Home values are back on the riseamp160 Applauseamp160 The stock market has nearly doubled 8212 401ks are starting to recoveramp160 Manufacturing is coming homeamp160 Assembly lines are humming againamp160 We8217ve got to keep moving forwardamp160 We8217ve got to keep moving forwardamp160 Applause amp160 We8217ve got more work to doamp160 I8217ve got a plan 8212 and it8217s a real plan not a sales pitch 8212 to grow the economy and create jobs and build more security for the middle class amp160 I want to send fewer jobs overseas and sell more products overseasamp160 Applauseamp160 I want to invest in manufacturers and small businesses that create jobs right here in Virginia right here in America amp160 I want us to control more of our own energy cut oil imports in half create thousands of clean energy jobs amp160 I want every child to have the same chance at a great education that Michelle and I receivedamp160 Applauseamp160 I want to hire more teachers in math and science train 2 million workers at community colleges bring down the cost of college tuitionamp160 Applause amp160 I want to use the savings from ending the wars in Iraq and Afghanistan to pay down our deficit put our people back to work right here doing some nationbuilding here at homeamp160 Applause amp160 That8217s the agenda you needamp160 That8217s the agenda we needamp160 That8217s how we strengthen the middle classamp160 That8217s how we8217ll keep moving forwardamp160 And in 18 days you8217re going to have a chance to say whether we keep moving forward amp160 In 18 days you can choose between topdown economic policies that got us into this mess or the middle classout policies that are getting us out of this messamp160 Applause amp160 In 18 days you can choose a foreign policy that gets us into wars with no plan to get out or you can say let8217s end the Afghan war responsibly let8217s bring our troops homeamp160 Applauseamp160 Let8217s focus on making sure that we8217re building America amp160 In 18 days you can let them turn back the clock 50 years for immigrants and gays and women or we can stand up and say we are a country in which everybody has a placeamp160 Applauseamp160 A country where no matter where you are no matter what you look like no matter where you come from 8212 black white Hispanic Asian Native American young old gay straight abled disabled 8212 we have a place for everybodyamp160 Applauseamp160 Everybody has got a chance to make it if you try amp160 That8217s what8217s at stake Virginiaamp160 That8217s why I8217m asking for your voteamp160 I believe in youamp160 I need you to keep believing in meamp160 I want to finish the jobamp160 And if you8217re willing to stand with me and make some phone calls with me and knock on some doors with get your friends to vote for me 8212 we will win Fairfax County againamp160 We will win Virginia againamp160 Applauseamp160 We8217ll finish what we startedamp160 And we8217ll remind the world why the United States of America is the greatest nation on Earth amp160 God bless youamp160 God bless the United States of Americaamp160 Applause amp160 ENDamp160amp160amp160amp160amp160amp160amp160amp160amp160amp160 amp160amp160amp160 1218 PM EDT amp160 Video hat tip toamp160 Daily Kos Tagged as 9 coins fairfax george mason university george mason university in fairfax mason university Mitt Romney Obama President Obama Rally romney social issues united states presidential debates university in fairfax Virginia Friends We invite you to sign up for our new mailing list andamp160 subscribe to The New Civil Rights Movement via email or RSS Also pleaseamp160 like us on Facebook and follow us on Twitter

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<p>LONDON, Jan 24 (Reuters) - The Bank of England said on Wednesday it had not approved any prize for an auction at the Presidents Club charity gala held last week in London, where women working as hostesses were harassed, according to the Financial Times.</p> <p>&#8220;The Governor (Mark Carney) is deeply dismayed that such an event could take place,&#8221; the Bank said in a statement after the FT reported that women were groped and subjected to lewd comments and propositions at the men-only fundraising event.</p> <p>The FT said one of the prizes on offer in the charity auction was a meeting with Carney, but the Bank said it had approved no prize.</p> <p>It said a tour of the Bank had been donated for another charity auction, and the Bank now understood that the successful bidder in that auction had re-auctioned the prize at the Presidents Club dinner.</p> <p>&#8220;The unauthorised re-auctioning of the prize at the Presidents Club dinner was clearly against the spirit of the original donation. The Bank has therefore made clear that it has been withdrawn,&#8221; it said. (Reporting by Estelle Shirbon; Editing by William Schomberg)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>CHICAGO (Reuters) - Democratic Representative Dan Lipinski held off a stiff challenge from businesswoman Marie Newman to win a nationally watched congressional primary in Illinois, the Associated Press reported on Wednesday.</p> U.S. Congressman Daniel Lipinski votes in the Democratic Party's congressional primary election at St. James Lutheran Church in Western Springs, Illinois, U.S. March 20, 2018. REUTERS/Kamil Krzaczynski <p>The AP called the race in Lipinski&#8217;s favor with the veteran lawmaker leading by less than 2 percentage points with 97 percent of precincts reporting votes.</p> <p>Newman said she would not concede until all the votes were counted.</p> <p>&#8220;I would like Mr. Lipinski to have a very painful evening. So we&#8217;re going to wait,&#8221; she told supporters before sending them home for the evening.</p> <p>Lipinski, one of a dwindling number of centrist House Democrats, had been re-elected easily since he inherited the seat from his father in 2004, despite breaking with his party frequently on social issues. He opposes abortion and gay marriage and he voted against the Democrats&#8217; signature Affordable Care Act health law in 2010.</p> <p>During the campaign, Liberal activists said Lipinski&#8217;s conservative views were out of step with the Democratic party.</p> <p>The race drew national attention as an early test of whether the anti-Trump sentiment galvanizing the party&#8217;s base could also sweep some centrist lawmakers out of office.</p> <p>More than a dozen congressional Democrats across the country face credible challengers, mostly from the left, in nominating contests over the coming months that will determine the party&#8217;s candidates for November&#8217;s midterm elections.</p> U.S. Congressman Daniel Lipinski walks with wife Judy Lipinski after voting in the Democratic Party's congressional primary election at St. James Lutheran Church in Western Springs, Illinois, U.S., March 20, 2018. REUTERS/Kamil Krzaczynski <p>Antipathy for Republican President Donald Trump is energizing Democratic races, raising the odds that they will pick up the 23 seats they need to win control of the House of Representatives and the two seats they need to win control of the Senate.</p> <p>Since January 2017, Republicans have wielded control of both chambers of Congress, along with the White House.</p> <p>A centrist Democrat won a special election against a pro-Trump Republican in a special election for a House of Representatives seat in Pennsylvania last week.</p> Slideshow (4 Images) <p>Lipinski argued that Democrats need to avoid ideological litmus tests if they want to win back the working-class voters who have abandoned them in recent elections.</p> <p>&#8220;Donald Trump was elected president because there were Democrats who felt like the Democratic Party was not standing up enough for working people,&#8221; he told Reuters on Tuesday.</p> <p>Newman said those views made him a poor fit for a district that covers much of Chicago&#8217;s southwest side and neighboring suburbs, describing him as a &#8220;far right radical Republican&#8221; in an interview with Reuters. She drew the support of national women&#8217;s rights and gay rights groups, which spent more than $1 million on her behalf.</p> <p>Trump told Republican leaders at a dinner in Washington on Tuesday night that he will be traveling the country to campaign for his party&#8217;s candidates.</p> <p>&#8220;They have gone so far left, we have to go a little further right,&#8221; Trump said of the Democrats.</p> <p>Lipinski is heavily favored to win re-election in the fall. He will face Republican Art Jones, a Holocaust denier who has been disowned by his own party.</p> <p>Additional reporting by Brendan O'Brien; Editing by Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BUENOS AIRES (Reuters) - The world&#8217;s financial leaders rejected protectionism on Tuesday and urged &#8220;further dialogue&#8221; on trade, but failed to defuse the threat of a trade war days before U.S. metals tariffs take effect and Washington is to announce measures against China.</p> Finance ministers and Central Bank presidents pose for the official photo at the G20 Meeting of Finance Ministers in Buenos Aires, Argentina, March 19, 2018. REUTERS/Marcos Brindicci <p>Finance ministers and central bankers of the world&#8217;s 20 biggest economies, which represent 75 percent of world trade and 85 percent of global gross domestic product, discussed trade disruptions as a risk to growth at a two-day meeting.</p> <p>But after talks described by participants as &#8220;polite&#8221; and mainly consisting of read-out statements with no debate, the G20 agreed only to stand by an ambiguous declaration on trade from 2017 and &#8220;recognize&#8221; the need for more &#8220;dialogue and actions&#8221;.</p> <p>&#8220;We reaffirm the conclusions of our leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions. We are working to strengthen contribution of trade to our economies,&#8221; the final G20 ministers&#8217; statement said.</p> <p>But the declaration did little to dispel concern over a global trade war as the United States&#8217; tariffs of 25 percent on imported steel and 10 percent on aluminum take effect on Friday.</p> <p>Two officials briefed on the matter said U.S. President Donald Trump would also unveil tariffs on up to $60 billion in Chinese technology and telecoms products by Friday, a move stemming from Beijing&#8217;s intellectual property practices.</p> Related Coverage <a href="/article/us-g20-argentina-usa-mnuchin/treasurys-mnuchin-says-u-s-tariffs-not-about-protectionism-idUSKBN1GW2U8" type="external">Treasury's Mnuchin says U.S. tariffs 'not about protectionism'</a> <a href="/article/us-g20-argentina-china/former-pboc-governor-china-will-continue-to-adopt-proactive-fiscal-neutral-monetary-policies-idUSKBN1GX05A" type="external">Former PBOC governor: China will continue to adopt proactive fiscal, neutral monetary policies</a> <a href="/article/us-g20-argentina-japan/japan-gets-its-way-at-g20-on-warning-against-recent-market-rout-idUSKBN1GW2XG" type="external">Japan gets its way at G20 on warning against recent market rout</a> <p>The 2017 Hamburg declaration, which the financial leaders referred to on Tuesday, said G20 countries would &#8220;continue to fight protectionism including all unfair trade practices.&#8221;</p> <p>But it also said G20 leaders &#8220;recognize the role of legitimate trade defense instruments,&#8221; an ambiguity which provides the United States with a way to argue its cause on the tariffs.</p> <p>U.S. Treasury Secretary Steven Mnuchin made clear Washington&#8217;s tariff action was such a legitimate defense.</p> <p>&#8220;We need to be prepared to act in the U.S. interest, again, to defend free and fair, reciprocal trade,&#8221; he said in a press conference after the talks, adding that there was always a risk that others would reciprocate.</p> <p>&#8220;There&#8217;s a risk of a trade war, the president has said we&#8217;re not afraid of getting into a trade war, given the size of our market, the size of our economy, and the fact that we have a big trade deficit,&#8221; Mnuchin said.</p> <p>&#8220;On the steel and aluminum issue, this is a result of unfair trade practices and that&#8217;s why we&#8217;ve responded that way.&#8221;</p> <p>Canadian Finance Minister Bill Morneau, comparing this G20 meeting to the one in Germany last year when Mnuchin demanded a rewrite of the longstanding communique language on trade, said the rest of the world now has a better sense of the U.S. view on how the rules of trade should be reworked.</p> A man uses his mobile phone at the G20 Meeting of Finance Ministers in Buenos Aires, Argentina, March 20, 2018. REUTERS/Marcos Brindicci <p>&#8220;There&#8217;s not a consensus, everyone around the table doesn&#8217;t have the same point of view, but there&#8217;s a greater understanding of what it is they&#8217;re trying to achieve,&#8221; Morneau said.</p> EUROPE READY TO RETALIATE <p>The European Union, the biggest U.S. trading partner, wants to be exempt from the metals tariffs like Canada and Mexico, but so far has not had any success.</p> <p>The EU, as a result, is preparing retaliatory tariffs on U.S. products ranging from bourbon and jeans to Harley-Davidson motorcycles.</p> Slideshow (9 Images) <p>European officials said a trade war would produce only losers and the G20 were united in support of &#8220;multilateralism&#8221; - G20 jargon for solving disputes through negotiations in the World Trade Organization.</p> <p>&#8220;We all agreed trade wars are a negative sum game,&#8221; Bank of Italy Governor Ignazio Visco told reporters on the sidelines of the meeting. &#8220;There hasn&#8217;t been any voice against rule-based multilateralism.&#8221;</p> <p>French Finance Minister Bruno Le Maire stressed Europe expected to get exemptions from the U.S. tariffs without any conditions and warned protectionism would hurt world growth.</p> <p>&#8220;It is of the utmost importance to avoid any unilateral choice that might jeopardize our growth. Unfair trade conditions, protectionism might jeopardize the economic recovery all over the world,&#8221; he said.</p> <p>Mnuchin said he has had very direct conversations with his counterparts in China and that he looks forward to working with Liu He, China&#8217;s newly-installed, Harvard-educated vice premier in charge of financial and industrial policy, on getting better access to the Chinese market.</p> <p>&#8220;I think there&#8217;s a general view among the G20 that it is our desire to see China open their markets so that we can participate in their markets the way they participate in ours in a much more ... reciprocal ... relationship,&#8221; Mnuchin said.</p> <p>The G20 also called for continued international monitoring of cryptocurrencies such as bitcoin, and the risks they posed.</p> <p>It said these assets raised issues with consumer and investor protections, market integrity, money laundering and terrorist financing.</p> <p>(This story has been refiled to correct the spelling of &#8220;defuse&#8221; in first paragraph)</p> <p>Additional reporting by Jan Strupczewski, Luc Cohen, Francesco Canepa and Leika Kihara; Writing by Jan Strupczewski; Editing by Rosalba O'Brien and Paul Simao</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JERUSALEM, March 21 (Reuters) - Israel for the first time confirmed that it bombed a suspected Syrian nuclear reactor in 2007, saying on Wednesday that the strike removed a major threat to Israel and the region and was a &#8220;message&#8221; to others.</p> A still frame taken from video material released on March 21, 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir al-Zor on Sept 6, 2007. IDF/Handout via Reuters TV <p>The first public acknowledgement by Israel that its F-16 warplanes carried out the Sept. 6 2007 bombing of the partially constructed Al-Kubar facility near Deir al-Zor was made after military censors lifted a more than 10-year order that had barred Israeli officials from discussing it.</p> <p>The strike had already been extensively reported on abroad, and discussed by U.S. officials.</p> <p>The Israeli military released newly declassified operational footage, photographs and intelligence documents about the bombing, showing the moment that the suspected reactor was hit, an detailing the intelligence operation that led up to it.</p> <p>Israeli intelligence reports concluded that the reactor had been under construction with North Korean help and was months away from activation. Reuters has been unable to immediately verify the Israeli material.</p> <p>Israel&#8217;s decision to go public comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria&#8217;s ally, Iran.</p> Related Coverage <a href="/article/us-israel-syria-nuclear-warning/israel-tells-middle-east-to-heed-its-2007-strike-on-suspected-syria-reactor-idUSKBN1GX0DY" type="external">Israel tells Middle East to heed its 2007 strike on suspected Syria reactor</a> <p>&#8220;The motivation of our enemies has grown in recent years, but so too the might of the IDF (Israel Defence Forces),&#8221; Israeli Defence Minister Avigdor Lieberman said on Wednesday.</p> <p>&#8220;Everyone in the Middle East would do well to internalize this equation,&#8221; he said.</p> <p>The 5 a.m. Wednesday release of the declassified documents prompted a cascade of Israeli newspaper and television reports.</p> <p>The Israeli military described in detail the events leading up to the night of Sept 5 to Sept 6, 2007, in which, it said, eight F-16 warplanes took off from the Ramon and Hatzerim air bases and flew to Deir al-Zor region, 450 km northwest of Damascus, Syria.</p> <p>The operation was launched after it received intelligence indicating that &#8220;a substantial threat to Israel and the region, in the form of a nuclear reactor, was being built in Syria&#8221;.</p> &#8220;TOP SECRET&#8221; <p>The military declassified internal &#8220;top secret&#8221; intelligence reports, in Hebrew, some of them partly redacted.</p> FILE PHOTO- This undated image released by the U.S. Government shows a building after it was bombed in Syria. U.S. Government/Handout via REUTERS/File Photo <p>One, dated March 30, 2007, said: &#8220;Syria has set up, within its territory, a nuclear reactor for the production of plutonium, through North Korea, which according to an (initial) worst-case assessment is liable to be activated in approximately another year. To our assessment [REDACTED] secretive and orderly [REDACTED] for achieving a nuclear weapon.&#8221;</p> <p>Israeli intelligence predicted that the suspected reactor &#8220;would turn operational by the end of 2007&#8221;.</p> <p>The mission to destroy the facility started at 10.30 p.m. on Sept. 5 and ended with safe return of the warplanes at 2.30 a.m. the next day, the Israeli military said.</p> <p>The military said the reactor &#8220;had been totally disabled, and that the damage done was irreversible&#8221;. It decided at the time not to go public with the strike.</p> <p>As it happened, the event was first made public by Syria, which, as reported by Reuters at the time, said in the early hours of Sept. 6 that Syrian air defenses had repelled an incursion by Israeli warplanes.</p> Slideshow (16 Images) <p>Syria, a signatory of the 1970 nuclear Non-Proliferation Treaty (NPT), has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea.</p> <p>The Israeli military announcement on Wednesday noted that the area in question, around Deir al-Zor, was captured by Islamic State after the Syrian civil war erupted in 2011.</p> <p>Had there been an active reactor there, the Israeli military said, it would have had &#8220;severe strategic implications on the entire Middle East as well as Israel and Syria&#8221;.</p> COUNTDOWN <p>The Israeli release contains a black-and-white aerial photograph captioned &#8220;before the attack&#8221; and showing a box-like square structure amid desert dunes with smaller outlying buildings.</p> <p>A series of black-and-white videos, taken above the target, shows the structure in cross-hairs. A male voice is heard counting down three seconds, a cloud of black smoke rises from the center of the structure as it explodes. Other footage appears to show the aftermath - a smoldering hole in the ground.</p> <p>A clip taken from &#8220;The Air Force Control Center, headed by the Commander of the IAF, Maj. Gen. Eliezer Shkedi&#8221; shows assembled Israeli air force personnel, some of their faces pixilated, applauding as they receive an update.</p> <p>In declassified and unredacted letters to Shkedi, then Israeli Defence Minister Ehud Barak and then Prime Minister Ehud Olmert praise the operation.</p> <p>Wednesday&#8217;s release came ahead of the publication of a memoir by Olmert. One of his aides told Reuters the book would contain passages about the 2007 strike in Syria.</p> <p>Writing by Dan Williams and Stephen Farrell; Editing by Simon Cameron-Moore</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>YANGON (Reuters) - Two Reuters reporters appeared in a Myanmar court for the 11th time on Wednesday, which marked 100 days since they were arrested in December and accused of possessing secret government papers.</p> Detained Reuters journalist Wa Lone (C) is escorted by police as he arrives for a court hearing in Yangon, Myanmar March 21, 2018. REUTERS/Stringer <p>A Yangon court is holding preliminary hearings to decide whether reporters Wa Lone, 31, and Kyaw Soe Oo, 28, will face charges under the colonial-era Officials Secrets Act, which carries a maximum penalty of 14 years in prison.</p> <p>&#8220;They have been detained in Myanmar since December 12 simply for doing their jobs as journalists,&#8221; Reuters President and Editor-in-Chief Stephen J. Adler said in a statement.</p> <p>&#8220;Wa Lone and Kyaw Soe Oo are exemplary individuals and outstanding reporters who are dedicated to their families and their craft. They should be in the newsroom, not in prison. We call on the authorities in Myanmar to release them as soon as possible and allow them to return to their families and their jobs.&#8221;</p> <p>Government spokespeople have declined to comment on the case, citing the ongoing court proceedings.</p> <p>The journalists have told relatives they were arrested almost immediately after being handed some rolled up papers after being invited to a restaurant by two officers they had not met before.</p> Detained Reuters journalist Kyaw Soe Oo is escorted by police while carrying his daughter as he arrives for a court hearing in Yangon, Myanmar March 21, 2018. REUTERS/Stringer <p>Wa Lone and Kyaw Soe Oo had been investigating the killing of 10 Rohingya Muslim men in a village in western Myanmar&#8217;s Rakhine state during a military crackdown in August.</p> <p>The crackdown, which the United Nations has said was ethnic cleansing, has sent nearly 700,000 people fleeing to Bangladesh.</p> Detained Reuters journalist Wa Lone (C) is escorted by police and his wife as he arrives for a court hearing in Yangon, Myanmar March 21, 2018. REUTERS/Stringer <p>After the arrests of the reporters, the military admitted its soldiers took part in the killing.</p> <p>Senior United Nations officials, western nations and press freedom advocates have called for the release of the journalists.</p> <p>On Wednesday, diplomats from countries including the United States, Canada, Sweden and the European Union were attending the court hearing in Myanmar&#8217;s largest city, Yangon.</p> <p>The Danish embassy, which has closely monitored the case, said the pair had spent &#8220;100 days behind bars for ensuring the public&#8217;s right to information&#8221;.</p> <p>&#8220;The embassy of Denmark in Myanmar strongly urges the Government of Myanmar to drop all charges against Wa Lone and Kyaw Soe Oo and to release them immediately,&#8221; the embassy said before the hearing.</p> <p>Reporting by Simon Lewis; Editing by Lincoln Feast</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Bank of England's Carney deeply dismayed by charity event harassment report Democratic Rep. Lipinski wins Illinois congressional primary: AP G20 sees need for 'dialogue,' fails to defuse trade war threat Israel goes public on 2007 destruction of suspected Syrian reactor, warns region Reuters reporters in court 100 days after their arrest in Myanmar

https://reuters.com/article/britain-harassment-boe/bank-of-englands-carney-deeply-dismayed-by-charity-event-harassment-report-idUSS8N1ME011

2018-01-24

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LONDON Jan 24 Reuters The Bank of England said on Wednesday it had not approved any prize for an auction at the Presidents Club charity gala held last week in London where women working as hostesses were harassed according to the Financial Times 8220The Governor Mark Carney is deeply dismayed that such an event could take place8221 the Bank said in a statement after the FT reported that women were groped and subjected to lewd comments and propositions at the menonly fundraising event The FT said one of the prizes on offer in the charity auction was a meeting with Carney but the Bank said it had approved no prize It said a tour of the Bank had been donated for another charity auction and the Bank now understood that the successful bidder in that auction had reauctioned the prize at the Presidents Club dinner 8220The unauthorised reauctioning of the prize at the Presidents Club dinner was clearly against the spirit of the original donation The Bank has therefore made clear that it has been withdrawn8221 it said Reporting by Estelle Shirbon Editing by William Schomberg Our Standards The Thomson Reuters Trust Principles CHICAGO Reuters Democratic Representative Dan Lipinski held off a stiff challenge from businesswoman Marie Newman to win a nationally watched congressional primary in Illinois the Associated Press reported on Wednesday US Congressman Daniel Lipinski votes in the Democratic Partys congressional primary election at St James Lutheran Church in Western Springs Illinois US March 20 2018 REUTERSKamil Krzaczynski The AP called the race in Lipinski8217s favor with the veteran lawmaker leading by less than 2 percentage points with 97 percent of precincts reporting votes Newman said she would not concede until all the votes were counted 8220I would like Mr Lipinski to have a very painful evening So we8217re going to wait8221 she told supporters before sending them home for the evening Lipinski one of a dwindling number of centrist House Democrats had been reelected easily since he inherited the seat from his father in 2004 despite breaking with his party frequently on social issues He opposes abortion and gay marriage and he voted against the Democrats8217 signature Affordable Care Act health law in 2010 During the campaign Liberal activists said Lipinski8217s conservative views were out of step with the Democratic party The race drew national attention as an early test of whether the antiTrump sentiment galvanizing the party8217s base could also sweep some centrist lawmakers out of office More than a dozen congressional Democrats across the country face credible challengers mostly from the left in nominating contests over the coming months that will determine the party8217s candidates for November8217s midterm elections US Congressman Daniel Lipinski walks with wife Judy Lipinski after voting in the Democratic Partys congressional primary election at St James Lutheran Church in Western Springs Illinois US March 20 2018 REUTERSKamil Krzaczynski Antipathy for Republican President Donald Trump is energizing Democratic races raising the odds that they will pick up the 23 seats they need to win control of the House of Representatives and the two seats they need to win control of the Senate Since January 2017 Republicans have wielded control of both chambers of Congress along with the White House A centrist Democrat won a special election against a proTrump Republican in a special election for a House of Representatives seat in Pennsylvania last week Slideshow 4 Images Lipinski argued that Democrats need to avoid ideological litmus tests if they want to win back the workingclass voters who have abandoned them in recent elections 8220Donald Trump was elected president because there were Democrats who felt like the Democratic Party was not standing up enough for working people8221 he told Reuters on Tuesday Newman said those views made him a poor fit for a district that covers much of Chicago8217s southwest side and neighboring suburbs describing him as a 8220far right radical Republican8221 in an interview with Reuters She drew the support of national women8217s rights and gay rights groups which spent more than 1 million on her behalf Trump told Republican leaders at a dinner in Washington on Tuesday night that he will be traveling the country to campaign for his party8217s candidates 8220They have gone so far left we have to go a little further right8221 Trump said of the Democrats Lipinski is heavily favored to win reelection in the fall He will face Republican Art Jones a Holocaust denier who has been disowned by his own party Additional reporting by Brendan OBrien Editing by Simon CameronMoore Our Standards The Thomson Reuters Trust Principles BUENOS AIRES Reuters The world8217s financial leaders rejected protectionism on Tuesday and urged 8220further dialogue8221 on trade but failed to defuse the threat of a trade war days before US metals tariffs take effect and Washington is to announce measures against China Finance ministers and Central Bank presidents pose for the official photo at the G20 Meeting of Finance Ministers in Buenos Aires Argentina March 19 2018 REUTERSMarcos Brindicci Finance ministers and central bankers of the world8217s 20 biggest economies which represent 75 percent of world trade and 85 percent of global gross domestic product discussed trade disruptions as a risk to growth at a twoday meeting But after talks described by participants as 8220polite8221 and mainly consisting of readout statements with no debate the G20 agreed only to stand by an ambiguous declaration on trade from 2017 and 8220recognize8221 the need for more 8220dialogue and actions8221 8220We reaffirm the conclusions of our leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions We are working to strengthen contribution of trade to our economies8221 the final G20 ministers8217 statement said But the declaration did little to dispel concern over a global trade war as the United States8217 tariffs of 25 percent on imported steel and 10 percent on aluminum take effect on Friday Two officials briefed on the matter said US President Donald Trump would also unveil tariffs on up to 60 billion in Chinese technology and telecoms products by Friday a move stemming from Beijing8217s intellectual property practices Related Coverage Treasurys Mnuchin says US tariffs not about protectionism Former PBOC governor China will continue to adopt proactive fiscal neutral monetary policies Japan gets its way at G20 on warning against recent market rout The 2017 Hamburg declaration which the financial leaders referred to on Tuesday said G20 countries would 8220continue to fight protectionism including all unfair trade practices8221 But it also said G20 leaders 8220recognize the role of legitimate trade defense instruments8221 an ambiguity which provides the United States with a way to argue its cause on the tariffs US Treasury Secretary Steven Mnuchin made clear Washington8217s tariff action was such a legitimate defense 8220We need to be prepared to act in the US interest again to defend free and fair reciprocal trade8221 he said in a press conference after the talks adding that there was always a risk that others would reciprocate 8220There8217s a risk of a trade war the president has said we8217re not afraid of getting into a trade war given the size of our market the size of our economy and the fact that we have a big trade deficit8221 Mnuchin said 8220On the steel and aluminum issue this is a result of unfair trade practices and that8217s why we8217ve responded that way8221 Canadian Finance Minister Bill Morneau comparing this G20 meeting to the one in Germany last year when Mnuchin demanded a rewrite of the longstanding communique language on trade said the rest of the world now has a better sense of the US view on how the rules of trade should be reworked A man uses his mobile phone at the G20 Meeting of Finance Ministers in Buenos Aires Argentina March 20 2018 REUTERSMarcos Brindicci 8220There8217s not a consensus everyone around the table doesn8217t have the same point of view but there8217s a greater understanding of what it is they8217re trying to achieve8221 Morneau said EUROPE READY TO RETALIATE The European Union the biggest US trading partner wants to be exempt from the metals tariffs like Canada and Mexico but so far has not had any success The EU as a result is preparing retaliatory tariffs on US products ranging from bourbon and jeans to HarleyDavidson motorcycles Slideshow 9 Images European officials said a trade war would produce only losers and the G20 were united in support of 8220multilateralism8221 G20 jargon for solving disputes through negotiations in the World Trade Organization 8220We all agreed trade wars are a negative sum game8221 Bank of Italy Governor Ignazio Visco told reporters on the sidelines of the meeting 8220There hasn8217t been any voice against rulebased multilateralism8221 French Finance Minister Bruno Le Maire stressed Europe expected to get exemptions from the US tariffs without any conditions and warned protectionism would hurt world growth 8220It is of the utmost importance to avoid any unilateral choice that might jeopardize our growth Unfair trade conditions protectionism might jeopardize the economic recovery all over the world8221 he said Mnuchin said he has had very direct conversations with his counterparts in China and that he looks forward to working with Liu He China8217s newlyinstalled Harvardeducated vice premier in charge of financial and industrial policy on getting better access to the Chinese market 8220I think there8217s a general view among the G20 that it is our desire to see China open their markets so that we can participate in their markets the way they participate in ours in a much more reciprocal relationship8221 Mnuchin said The G20 also called for continued international monitoring of cryptocurrencies such as bitcoin and the risks they posed It said these assets raised issues with consumer and investor protections market integrity money laundering and terrorist financing This story has been refiled to correct the spelling of 8220defuse8221 in first paragraph Additional reporting by Jan Strupczewski Luc Cohen Francesco Canepa and Leika Kihara Writing by Jan Strupczewski Editing by Rosalba OBrien and Paul Simao Our Standards The Thomson Reuters Trust Principles JERUSALEM March 21 Reuters Israel for the first time confirmed that it bombed a suspected Syrian nuclear reactor in 2007 saying on Wednesday that the strike removed a major threat to Israel and the region and was a 8220message8221 to others A still frame taken from video material released on March 21 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir alZor on Sept 6 2007 IDFHandout via Reuters TV The first public acknowledgement by Israel that its F16 warplanes carried out the Sept 6 2007 bombing of the partially constructed AlKubar facility near Deir alZor was made after military censors lifted a more than 10year order that had barred Israeli officials from discussing it The strike had already been extensively reported on abroad and discussed by US officials The Israeli military released newly declassified operational footage photographs and intelligence documents about the bombing showing the moment that the suspected reactor was hit an detailing the intelligence operation that led up to it Israeli intelligence reports concluded that the reactor had been under construction with North Korean help and was months away from activation Reuters has been unable to immediately verify the Israeli material Israel8217s decision to go public comes after repeated calls in recent months by Israeli Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Syria8217s ally Iran Related Coverage Israel tells Middle East to heed its 2007 strike on suspected Syria reactor 8220The motivation of our enemies has grown in recent years but so too the might of the IDF Israel Defence Forces8221 Israeli Defence Minister Avigdor Lieberman said on Wednesday 8220Everyone in the Middle East would do well to internalize this equation8221 he said The 5 am Wednesday release of the declassified documents prompted a cascade of Israeli newspaper and television reports The Israeli military described in detail the events leading up to the night of Sept 5 to Sept 6 2007 in which it said eight F16 warplanes took off from the Ramon and Hatzerim air bases and flew to Deir alZor region 450 km northwest of Damascus Syria The operation was launched after it received intelligence indicating that 8220a substantial threat to Israel and the region in the form of a nuclear reactor was being built in Syria8221 8220TOP SECRET8221 The military declassified internal 8220top secret8221 intelligence reports in Hebrew some of them partly redacted FILE PHOTO This undated image released by the US Government shows a building after it was bombed in Syria US GovernmentHandout via REUTERSFile Photo One dated March 30 2007 said 8220Syria has set up within its territory a nuclear reactor for the production of plutonium through North Korea which according to an initial worstcase assessment is liable to be activated in approximately another year To our assessment REDACTED secretive and orderly REDACTED for achieving a nuclear weapon8221 Israeli intelligence predicted that the suspected reactor 8220would turn operational by the end of 20078221 The mission to destroy the facility started at 1030 pm on Sept 5 and ended with safe return of the warplanes at 230 am the next day the Israeli military said The military said the reactor 8220had been totally disabled and that the damage done was irreversible8221 It decided at the time not to go public with the strike As it happened the event was first made public by Syria which as reported by Reuters at the time said in the early hours of Sept 6 that Syrian air defenses had repelled an incursion by Israeli warplanes Slideshow 16 Images Syria a signatory of the 1970 nuclear NonProliferation Treaty NPT has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea The Israeli military announcement on Wednesday noted that the area in question around Deir alZor was captured by Islamic State after the Syrian civil war erupted in 2011 Had there been an active reactor there the Israeli military said it would have had 8220severe strategic implications on the entire Middle East as well as Israel and Syria8221 COUNTDOWN The Israeli release contains a blackandwhite aerial photograph captioned 8220before the attack8221 and showing a boxlike square structure amid desert dunes with smaller outlying buildings A series of blackandwhite videos taken above the target shows the structure in crosshairs A male voice is heard counting down three seconds a cloud of black smoke rises from the center of the structure as it explodes Other footage appears to show the aftermath a smoldering hole in the ground A clip taken from 8220The Air Force Control Center headed by the Commander of the IAF Maj Gen Eliezer Shkedi8221 shows assembled Israeli air force personnel some of their faces pixilated applauding as they receive an update In declassified and unredacted letters to Shkedi then Israeli Defence Minister Ehud Barak and then Prime Minister Ehud Olmert praise the operation Wednesday8217s release came ahead of the publication of a memoir by Olmert One of his aides told Reuters the book would contain passages about the 2007 strike in Syria Writing by Dan Williams and Stephen Farrell Editing by Simon CameronMoore Our Standards The Thomson Reuters Trust Principles YANGON Reuters Two Reuters reporters appeared in a Myanmar court for the 11th time on Wednesday which marked 100 days since they were arrested in December and accused of possessing secret government papers Detained Reuters journalist Wa Lone C is escorted by police as he arrives for a court hearing in Yangon Myanmar March 21 2018 REUTERSStringer A Yangon court is holding preliminary hearings to decide whether reporters Wa Lone 31 and Kyaw Soe Oo 28 will face charges under the colonialera Officials Secrets Act which carries a maximum penalty of 14 years in prison 8220They have been detained in Myanmar since December 12 simply for doing their jobs as journalists8221 Reuters President and EditorinChief Stephen J Adler said in a statement 8220Wa Lone and Kyaw Soe Oo are exemplary individuals and outstanding reporters who are dedicated to their families and their craft They should be in the newsroom not in prison We call on the authorities in Myanmar to release them as soon as possible and allow them to return to their families and their jobs8221 Government spokespeople have declined to comment on the case citing the ongoing court proceedings The journalists have told relatives they were arrested almost immediately after being handed some rolled up papers after being invited to a restaurant by two officers they had not met before Detained Reuters journalist Kyaw Soe Oo is escorted by police while carrying his daughter as he arrives for a court hearing in Yangon Myanmar March 21 2018 REUTERSStringer Wa Lone and Kyaw Soe Oo had been investigating the killing of 10 Rohingya Muslim men in a village in western Myanmar8217s Rakhine state during a military crackdown in August The crackdown which the United Nations has said was ethnic cleansing has sent nearly 700000 people fleeing to Bangladesh Detained Reuters journalist Wa Lone C is escorted by police and his wife as he arrives for a court hearing in Yangon Myanmar March 21 2018 REUTERSStringer After the arrests of the reporters the military admitted its soldiers took part in the killing Senior United Nations officials western nations and press freedom advocates have called for the release of the journalists On Wednesday diplomats from countries including the United States Canada Sweden and the European Union were attending the court hearing in Myanmar8217s largest city Yangon The Danish embassy which has closely monitored the case said the pair had spent 8220100 days behind bars for ensuring the public8217s right to information8221 8220The embassy of Denmark in Myanmar strongly urges the Government of Myanmar to drop all charges against Wa Lone and Kyaw Soe Oo and to release them immediately8221 the embassy said before the hearing Reporting by Simon Lewis Editing by Lincoln Feast Our Standards The Thomson Reuters Trust Principles

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<p>(Updates with more comments)</p> <p>JERUSALEM, Jan 22 (Reuters) - U.S. Vice President Mike Pence on Monday welcomed news that U.S. senators voted to move forward on funding legislation that would reopen the federal government, blaming Democrats for the shutdown but saying they had failed.</p> <p>In Washington, the Senate ended a three-day standoff between Democrats and President Donald Trump&#8217;s Republicans over immigration and border security by voting on a deal that would fund the government until Feb. 8.</p> <p>&#8220;We welcome the news that thanks to the firm stand taken by President Trump and House and Senate Republicans, the government shutdown in Washington, D.C., is coming to an end,&#8221; Pence said in a statement to reporters before a dinner with Israeli Prime Minister Benjamin Netanyahu.</p> <p>He said looked forward to returning from Jerusalem, where he has been on an official visit, to Washington to get back to work after the shutdown has ended.</p> <p>&#8220;The Schumer shutdown failed,&#8221; he said, referring to Senate Democratic leader Chuck Schumer.</p> <p>Democrats had held back support for funding originally because they wanted guarantees on an immigration debate, specifically about the fate of children brought to the United States by undocumented immigrants.</p> <p>&#8220;Now that the government is reopening, Congress can get back to work advancing the president&#8217;s agenda,&#8221; Pence said.</p> <p>He credited Trump with creating more than two million job and driving the stocks market to record levels.</p> <p>Reporting by Maayan Lubell and Jeff Mason Editing by Jeremy Gaunt</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - A U.S. judge on Wednesday rejected Saudi Arabia&#8217;s bid to dismiss lawsuits claiming that it helped plan the Sept. 11, 2001, attacks and should pay billions of dollars in damages to victims.</p> People watch the Tribute in Light installation illuminated over lower Manhattan as seen from Brooklyn, marking the 16th anniversary of the 9/11 attacks in New York City, U.S., September 11, 2017. REUTERS/Brendan McDermid <p>U.S. District Judge George Daniels in Manhattan said the plaintiffs&#8217; allegations &#8220;narrowly articulate a reasonable basis&#8221; for him to assert jurisdiction over Saudi Arabia under the Justice Against Sponsors of Terrorism Act (JASTA), a 2016 federal law.</p> <p>The Saudi government has long denied involvement in the attacks in which hijacked airplanes crashed into New York&#8217;s World Trade Center, the Pentagon outside Washington, D.C., and a Pennsylvania field. Nearly 3,000 people died.</p> <p>Lawyers for Saudi Arabia did not immediately respond to requests for comment on the decision. At a Saudi stock market event in New York, asked whether the court decision would have a negative impact on Saudi investment in the United States, Capital Market Authority Chairman Mohammed A. ElKuwaiz declined to comment, saying he had not seen the news.</p> <p>Daniels&#8217; decision covers claims by the families of those killed, roughly 25,000 people who suffered injuries, and many businesses and insurers.</p> <p>The judge also dismissed claims that two Saudi banks, National Commercial Bank and Al Rajhi Bank, and Saudi Binladin Group, a construction company controlled by the bin Laden family, provided funds and financial services for the attacks, saying he lacked jurisdiction.</p> <p>Saudi Arabia had long had broad immunity from Sept. 11 lawsuits in the United States.</p> <p>That changed in September 2016, when the U.S. Congress overrode President Barack Obama&#8217;s veto of JASTA, allowing such cases to proceed.</p> <p>Obama had warned that the law could expose U.S. companies, troops and officials to lawsuits in other countries.</p> <p>Daniels said the plaintiffs could try to prove that Saudi Arabia was liable for the alleged activities of Fahad al Thumairy, an imam at the King Fahad Mosque in Culver City, California, and Omar al Bayoumi, said to be an intelligence officer.</p> <p>They were accused of helping two hijackers acclimate themselves to the United States, and begin preparing for the attacks.</p> <p>Saudi Arabia had argued that the plaintiffs could not show that any Saudi official, employee or agent planned or carried out the attacks.</p> <p>James Kreindler, a lawyer for many of the plaintiffs, said he was &#8220;delighted&#8221; the case can proceed.</p> <p>&#8220;We have been pressing to proceed with the case and conduct discovery from the Kingdom of Saudi Arabia, so that the full story can come to light, and expose the Saudi role in the 9/11 attacks,&#8221; he said in a phone interview.</p> <p>The judge also dismissed claims against the state-affiliated charity Saudi High Commission for Relief of Bosnia &amp;amp; Herzegovina, saying the plaintiffs&#8217; &#8220;guilt-by-association&#8221; claims did not overcome its presumption of immunity.</p> <p>The case is In re: Terrorist Attacks on September 11, 2001, U.S. District Court, Southern District of New York, No. 03-md-01570.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Tom Brown and Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - President Donald Trump&#8217;s advisers have urged him to let Congress take the lead in efforts to lower the cost of the nation&#8217;s biofuels policy for refining companies, and to use executive action only if lawmakers fail to make progress, according to three sources familiar with the discussions.</p> FILE PHOTO: U.S. President Donald Trump takes part in a forum called Generation Next at the Eisenhower Executive Office Building in Washington, U.S., March 22, 2018. REUTERS/Leah Millis/File Photo <p>The recommendation underscores the difficulties the White House has faced in attempting to tweak the Renewable Fuel Standard, a decade-old law intended to help farmers and reduce fuel imports that has for years divided the corn and oil industries. The RFS requires refiners to cover the price of blending biofuels like corn-based ethanol into the fuel supply, creating a lucrative market for growers but a headache for refiners who say it costs them a fortune.</p> <p>Trump&#8217;s White House has hosted a series of meetings in recent months between the key political constituencies aimed at finding executive- or administrative-level changes acceptable to both sides - including potentially capping the price of blending credits that refiners must acquire to prove compliance.</p> <p>But the efforts exposed gaping divisions between the corn and oil lobbies, along with disagreements between integrated refiners like BP and ExxonMobil and merchant refiners like PBF Energy, over solutions.</p> <p>That means any action by the White House will upset at least one faction of Trump&#8217;s base, according to the sources, who asked not to be named as they were discussing a confidential matter.</p> <p>Two of the sources said that Trump had agreed to heed his advisers&#8217; recommendation to leave the issue to Congress, while leaving open the option to act if Congress balks. The third source said it was not yet clear what Trump would do.</p> <p>White House spokeswoman Kelly Love did not respond to a request for comment. Officials at the Environmental Protection Agency - which administers the RFS - and the U.S. Department of Agriculture also did not respond to requests for comment.</p> <p>EPA head Scott Pruitt and Agricultural Secretary Sonny Perdue have been compiling a list of executive and administrative level options for Trump to consider to tweak the RFS, the sources said. The list would likely include caps on compliance credits and lifting summertime restrictions on the use of higher-ethanol blends of gasoline.</p> <p>Shifting the issue to lawmakers would put the spotlight on Texas Republican Senator John Cornyn, who has been leading legislative efforts to reform the RFS. Cornyn&#8217;s office says it has been trying to win support from the corn and oil industries for a comprehensive reform bill that is still being drafted.</p> <p>Underscoring the stakes, merchant refiner Philadelphia Energy Solutions filed bankruptcy in January, blaming the cost of compliance for their financial woes.</p> <p>Reuters reported that other factors may also have played a role in the bankruptcy, including the withdrawal of more than $590 million in dividend-style payments from the company by its investor owners.</p> <p>Reporting By Jarrett Renshaw; Editing by Richard Valdmanis and Bernadette Baum</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. Supreme Court justices on Wednesday appeared conflicted over what to do &#8212; if anything &#8212; to rein in politicians who draw state electoral maps with the aim of entrenching their party in power in a closely watched case from Maryland over the practice known as partisan gerrymandering.</p> <p>The nine justices heard an hour-long argument in a challenge by Republican voters to a U.S. House of Representatives district in Maryland that was reconfigured by Democratic state legislators in a way that helped the Democrats defeat an incumbent Republican congressman.</p> <p>There appeared little dispute among the justices that the Maryland district&#8217;s lines were drawn with partisan intent.</p> <p>But based on questions they asked, the justices seemed no closer to answering the major question in this case and a similar one involving Wisconsin: whether courts should be able to intervene to curb the manipulation of electoral district boundaries purely to favor one party over another.</p> <p>On Oct. 3, the court, which has a 5-4 conservative majority, seemed similarly torn when it heard a challenge by Democratic voters to Republican-drawn legislative districts statewide in Wisconsin, and has not yet issued a ruling.</p> <p>The rulings in the two cases, due by the end of June, could alter the U.S. political landscape, either by imposing limits on partisan gerrymandering or by allowing it even in its most extreme forms.</p> <p>Opponents have said partisan gerrymandering has begun to warp American democracy by muffling large segments of the electorate.</p> <p>Liberal Justice Stephen Breyer suggested the court delay deciding the cases and instead hear another round of arguments in its next term, starting in October, along with a similar case from North Carolina.</p> <p>&#8220;It seems like a pretty clear violation of the Constitution in some form to have deliberate, extreme gerrymandering,&#8221; Breyer said. &#8220; ... But is there a practical remedy that won&#8217;t get judges involved in every &#8212; or dozens and dozens and dozens of very important political decisions?&#8221;</p> &#8216;TOO MUCH&#8217; <p>Liberal Justice Elena Kagan agreed with Breyer about the problem of deciding the threshold for when partisan line-drawing becomes too much to allow, but said, &#8220;However much you think is too much, this case is too much.&#8221;</p> <p>&#8220;How much more evidence of partisan intent could we need?&#8221; Kagan asked.</p> <p>The Maryland voters, supported by Republican Maryland Governor Larry Hogan, appealed a lower court ruling rejecting their challenge.</p> <p>Conservative Justice Anthony Kennedy, a potential key vote in the case, raised concerns about a ruling so soon before November&#8217;s mid-term election but also indicated there was evidence of partisan intent in Maryland.</p> <p>Maryland&#8217;s lawyer Steven Sullivan said the law enacting the state&#8217;s electoral map contained no language suggesting partisan intent, prompting a sharp response from Kennedy.</p> <p>&#8220;So if you hide the evidence of what you&#8217;re doing, you&#8217;re going to prevail?&#8221; Kennedy asked.</p> <p>The Supreme Court for decades has invalidated state electoral maps due to racial discrimination but not due to partisan advantage.</p> <p>Democrats have said partisan gerrymandering by Republicans in such states as Wisconsin and Pennsylvania has helped President Donald Trump&#8217;s party maintain control of the House and various state legislatures.</p> <p>Republican voters sued Maryland after the legislature in 2011 redrew boundaries for the state&#8217;s Sixth District in a way that removed Republican-leaning areas and added Democratic-leaning areas. Democrat John Delaney subsequently beat incumbent Republican Roscoe Bartlett to take the seat in 2012.</p> People gather on the plaza in front of the Supreme court before oral arguments on Benisek v. Lamone, a redistricting case on whether Democratic lawmakers in Maryland unlawfully drew a congressional district in a way that would prevent a Republican candidate from winning, in Washington, U.S., March 28, 2018. REUTERS/Joshua Roberts <p>Governor Hogan&#8217;s election victory in 2014 illustrated Republican strength statewide. But Republicans hold just one of Maryland&#8217;s eight House seats because of the way the districts are configured.</p> <p>The question before the Supreme Court is whether Maryland&#8217;s electoral map violated the U.S. Constitution&#8217;s First Amendment guarantee of free speech. The novel legal theory pursued by the challengers is that Republican voters were retaliated against by Democrats based on their political views.</p> <p>In a 2004 ruling in another case, Kennedy suggested that if partisan gerrymandering went too far courts might have to step in if a &#8220;workable standard&#8221; could be found.</p> <p>Conservative Justice Samuel Alito on Wednesday told the Maryland plaintiffs&#8217; lawyer he did not think their First Amendment challenge offered a workable standard.</p> <p>&#8220;I don&#8217;t see how any legislature would ever be able to redistrict,&#8221; Alito said.</p> <p>The Wisconsin challengers presented a different argument, focusing on the Constitution&#8217;s 14th Amendment guarantee of equal protection under the law because of the extent to which it marginalized Democratic voters.</p> <p>Gerrymandered electoral maps often concentrate voters who tend to favor the minority party into a small number of districts to dilute their statewide clout and distribute the rest of those voters in other districts in numbers too small to be a majority.</p> Slideshow (6 Images) <p>Legislative districts are redrawn nationwide every decade to reflect population changes after the national census. Redistricting in most states is done by the party in power, though some states in the interest of fairness assign the task to independent commissions.</p> <p>Reporting by Lawrence Hurley and Andrew Chung; Editing by Will Dunham</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician, Rear Admiral Ronny Jackson, to replace him in the latest turnover among Trump&#8217;s team.</p> <p>White House officials, speaking on condition of anonymity, said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two. They said an undersecretary at the Department of Defense, Robert Wilkie, will be the acting secretary.</p> <p>Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs. It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin&#8217;s wife could travel at government expense.</p> <p>One official said the criticism of Shulkin was &#8220;making it harder for him to carry out the duties of secretary of the VA, which is something the president has made clear is a big priority for him.&#8221;</p> Related Coverage <a href="/article/us-usa-trump-veterans-jackson/trump-taps-doctor-decorated-diver-to-rescue-veterans-affairs-idUSKBN1H43IL" type="external">Trump taps doctor, decorated diver to rescue Veterans Affairs</a> <p>Jackson, a rear admiral of the U.S. Navy, has been working as a presidential physician since the George W. Bush administration, and has been the lead doctor monitoring Trump&#8217;s health since Trump became president.</p> <p>Jackson gave Trump a clean bill of health early this year after giving the president a physical. He put him on a diet to lose some weight and directed him to get some exercise. Aides said Trump has been eating more fish and fewer cheeseburgers lately.</p> <p>A Texas native who has been on active duty since 1995, Jackson served during the U.S.-led war in Iraq as an emergency medicine physician in Taqaddum, Iraq.</p> <p>&#8220;Admiral Jackson is highly trained and qualified and as a service member himself, he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them,&#8221; Trump said.</p> <p>A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year.</p> <p>&#8220;The president wants somebody who gives him the best possible care to go over and give that same care to the veterans. That&#8217;s how strongly he feels about getting them represented properly,&#8221; the official said.</p> <p>Trump said he appreciated Shulkin&#8217;s work, including passage of the VA Accountability Act.&#8221;He has been a great supporter of veterans across the country and I am grateful for his service,&#8221; Trump said in a statement.</p> <p>U.S. Representative Phil Roe, a Republican who chairs the House Committee on Veterans Affairs, said he hated to see Shulkin go but respected Trump&#8217;s decision.</p> <p>&#8220;At the end of the day, cabinet secretaries serve at the pleasure of the president,&#8221; he said.</p> <p>Will Fischer, director of government relations for the VoteVets lobby group, said his group hopes Jackson will oppose any attempt to privatize the VA or its health services, a concept that Republicans talk about occasionally.</p> FILE PHOTO: Secretary of the Department of Veteran Affairs David Shulkin talks with U.S. President Donald Trump during the signing of an executive order entitled "Supporting our Veterans during their Transition from Uniformed Service to Civilian Life" in the Oval Office of the White House in Washington, U.S., January 9, 2018. REUTERS/Carlos Barria/Files <p>&#8220;If Dr. Jackson can do that, immediately, he will do a lot to help his chances at confirmation,&#8221; Fischer said.</p> <p>The VA oversees healthcare and benefits going to roughly 20 million U.S. military veterans. The Veterans Health Administration, the largest integrated healthcare system in the United States, provides care at more than 1,200 facilities, including 170 VA Medical Centers, to more than 9 million veterans.</p> <p>Trump praised Shulkin as &#8220;fantastic&#8221; when he chose him to head the VA in January 2017. Trump, who promised improved veterans&#8217; care during his presidential campaign, last year said the department had made &#8220;tremendous progress&#8221; under Shulkin.</p> <p>But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him.</p> Slideshow (4 Images) <p>Shulkin said after the release of the inspector general&#8217;s report that he would comply with its recommendations, including reimbursing the government for his wife&#8217;s $4,312 airfare and paying his friend for the Wimbledon tickets. The department announced two days after the report was issued that Shulkin&#8217;s chief of staff, Vivieca Wright Simpson, would retire.</p> <p>Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017. Others include Secretary of State Rex Tillerson, Secretary of Health and Human Services Tom Price, FBI chief James Comey and FBI No. 2 Andrew McCabe, Trump&#8217;s chief strategist Steve Bannon, national security advisers H.R. McMaster and Michael Flynn, White House chief of staff Reince Priebus, communications directors Hope Hicks and Anthony Scaramucci, and economic adviser Gary Cohn.</p> <p>Reporting by Steve Holland; Editing by Leslie Adler and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

UPDATE 1-Pence blames Democrats for U.S. shut down, welcomes reopening Saudi Arabia must face U.S. lawsuits over Sept. 11 attacks Exclusive: Trump advisers urge him to leave biofuel reforms to Congress - sources Supreme Court finds solution elusive in pivotal electoral map case Trump pushes out Shulkin at VA, nominates Jackson as replacement

https://reuters.com/article/usa-shutdown-pence/update-1-pence-blames-democrats-for-us-shut-down-welcomes-reopening-idUSL8N1PH6DP

2018-01-22

2least

Updates with more comments JERUSALEM Jan 22 Reuters US Vice President Mike Pence on Monday welcomed news that US senators voted to move forward on funding legislation that would reopen the federal government blaming Democrats for the shutdown but saying they had failed In Washington the Senate ended a threeday standoff between Democrats and President Donald Trump8217s Republicans over immigration and border security by voting on a deal that would fund the government until Feb 8 8220We welcome the news that thanks to the firm stand taken by President Trump and House and Senate Republicans the government shutdown in Washington DC is coming to an end8221 Pence said in a statement to reporters before a dinner with Israeli Prime Minister Benjamin Netanyahu He said looked forward to returning from Jerusalem where he has been on an official visit to Washington to get back to work after the shutdown has ended 8220The Schumer shutdown failed8221 he said referring to Senate Democratic leader Chuck Schumer Democrats had held back support for funding originally because they wanted guarantees on an immigration debate specifically about the fate of children brought to the United States by undocumented immigrants 8220Now that the government is reopening Congress can get back to work advancing the president8217s agenda8221 Pence said He credited Trump with creating more than two million job and driving the stocks market to record levels Reporting by Maayan Lubell and Jeff Mason Editing by Jeremy Gaunt Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters A US judge on Wednesday rejected Saudi Arabia8217s bid to dismiss lawsuits claiming that it helped plan the Sept 11 2001 attacks and should pay billions of dollars in damages to victims People watch the Tribute in Light installation illuminated over lower Manhattan as seen from Brooklyn marking the 16th anniversary of the 911 attacks in New York City US September 11 2017 REUTERSBrendan McDermid US District Judge George Daniels in Manhattan said the plaintiffs8217 allegations 8220narrowly articulate a reasonable basis8221 for him to assert jurisdiction over Saudi Arabia under the Justice Against Sponsors of Terrorism Act JASTA a 2016 federal law The Saudi government has long denied involvement in the attacks in which hijacked airplanes crashed into New York8217s World Trade Center the Pentagon outside Washington DC and a Pennsylvania field Nearly 3000 people died Lawyers for Saudi Arabia did not immediately respond to requests for comment on the decision At a Saudi stock market event in New York asked whether the court decision would have a negative impact on Saudi investment in the United States Capital Market Authority Chairman Mohammed A ElKuwaiz declined to comment saying he had not seen the news Daniels8217 decision covers claims by the families of those killed roughly 25000 people who suffered injuries and many businesses and insurers The judge also dismissed claims that two Saudi banks National Commercial Bank and Al Rajhi Bank and Saudi Binladin Group a construction company controlled by the bin Laden family provided funds and financial services for the attacks saying he lacked jurisdiction Saudi Arabia had long had broad immunity from Sept 11 lawsuits in the United States That changed in September 2016 when the US Congress overrode President Barack Obama8217s veto of JASTA allowing such cases to proceed Obama had warned that the law could expose US companies troops and officials to lawsuits in other countries Daniels said the plaintiffs could try to prove that Saudi Arabia was liable for the alleged activities of Fahad al Thumairy an imam at the King Fahad Mosque in Culver City California and Omar al Bayoumi said to be an intelligence officer They were accused of helping two hijackers acclimate themselves to the United States and begin preparing for the attacks Saudi Arabia had argued that the plaintiffs could not show that any Saudi official employee or agent planned or carried out the attacks James Kreindler a lawyer for many of the plaintiffs said he was 8220delighted8221 the case can proceed 8220We have been pressing to proceed with the case and conduct discovery from the Kingdom of Saudi Arabia so that the full story can come to light and expose the Saudi role in the 911 attacks8221 he said in a phone interview The judge also dismissed claims against the stateaffiliated charity Saudi High Commission for Relief of Bosnia ampamp Herzegovina saying the plaintiffs8217 8220guiltbyassociation8221 claims did not overcome its presumption of immunity The case is In re Terrorist Attacks on September 11 2001 US District Court Southern District of New York No 03md01570 Reporting by Jonathan Stempel in New York Editing by Tom Brown and Grant McCool Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters President Donald Trump8217s advisers have urged him to let Congress take the lead in efforts to lower the cost of the nation8217s biofuels policy for refining companies and to use executive action only if lawmakers fail to make progress according to three sources familiar with the discussions FILE PHOTO US President Donald Trump takes part in a forum called Generation Next at the Eisenhower Executive Office Building in Washington US March 22 2018 REUTERSLeah MillisFile Photo The recommendation underscores the difficulties the White House has faced in attempting to tweak the Renewable Fuel Standard a decadeold law intended to help farmers and reduce fuel imports that has for years divided the corn and oil industries The RFS requires refiners to cover the price of blending biofuels like cornbased ethanol into the fuel supply creating a lucrative market for growers but a headache for refiners who say it costs them a fortune Trump8217s White House has hosted a series of meetings in recent months between the key political constituencies aimed at finding executive or administrativelevel changes acceptable to both sides including potentially capping the price of blending credits that refiners must acquire to prove compliance But the efforts exposed gaping divisions between the corn and oil lobbies along with disagreements between integrated refiners like BP and ExxonMobil and merchant refiners like PBF Energy over solutions That means any action by the White House will upset at least one faction of Trump8217s base according to the sources who asked not to be named as they were discussing a confidential matter Two of the sources said that Trump had agreed to heed his advisers8217 recommendation to leave the issue to Congress while leaving open the option to act if Congress balks The third source said it was not yet clear what Trump would do White House spokeswoman Kelly Love did not respond to a request for comment Officials at the Environmental Protection Agency which administers the RFS and the US Department of Agriculture also did not respond to requests for comment EPA head Scott Pruitt and Agricultural Secretary Sonny Perdue have been compiling a list of executive and administrative level options for Trump to consider to tweak the RFS the sources said The list would likely include caps on compliance credits and lifting summertime restrictions on the use of higherethanol blends of gasoline Shifting the issue to lawmakers would put the spotlight on Texas Republican Senator John Cornyn who has been leading legislative efforts to reform the RFS Cornyn8217s office says it has been trying to win support from the corn and oil industries for a comprehensive reform bill that is still being drafted Underscoring the stakes merchant refiner Philadelphia Energy Solutions filed bankruptcy in January blaming the cost of compliance for their financial woes Reuters reported that other factors may also have played a role in the bankruptcy including the withdrawal of more than 590 million in dividendstyle payments from the company by its investor owners Reporting By Jarrett Renshaw Editing by Richard Valdmanis and Bernadette Baum Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US Supreme Court justices on Wednesday appeared conflicted over what to do 8212 if anything 8212 to rein in politicians who draw state electoral maps with the aim of entrenching their party in power in a closely watched case from Maryland over the practice known as partisan gerrymandering The nine justices heard an hourlong argument in a challenge by Republican voters to a US House of Representatives district in Maryland that was reconfigured by Democratic state legislators in a way that helped the Democrats defeat an incumbent Republican congressman There appeared little dispute among the justices that the Maryland district8217s lines were drawn with partisan intent But based on questions they asked the justices seemed no closer to answering the major question in this case and a similar one involving Wisconsin whether courts should be able to intervene to curb the manipulation of electoral district boundaries purely to favor one party over another On Oct 3 the court which has a 54 conservative majority seemed similarly torn when it heard a challenge by Democratic voters to Republicandrawn legislative districts statewide in Wisconsin and has not yet issued a ruling The rulings in the two cases due by the end of June could alter the US political landscape either by imposing limits on partisan gerrymandering or by allowing it even in its most extreme forms Opponents have said partisan gerrymandering has begun to warp American democracy by muffling large segments of the electorate Liberal Justice Stephen Breyer suggested the court delay deciding the cases and instead hear another round of arguments in its next term starting in October along with a similar case from North Carolina 8220It seems like a pretty clear violation of the Constitution in some form to have deliberate extreme gerrymandering8221 Breyer said 8220 But is there a practical remedy that won8217t get judges involved in every 8212 or dozens and dozens and dozens of very important political decisions8221 8216TOO MUCH8217 Liberal Justice Elena Kagan agreed with Breyer about the problem of deciding the threshold for when partisan linedrawing becomes too much to allow but said 8220However much you think is too much this case is too much8221 8220How much more evidence of partisan intent could we need8221 Kagan asked The Maryland voters supported by Republican Maryland Governor Larry Hogan appealed a lower court ruling rejecting their challenge Conservative Justice Anthony Kennedy a potential key vote in the case raised concerns about a ruling so soon before November8217s midterm election but also indicated there was evidence of partisan intent in Maryland Maryland8217s lawyer Steven Sullivan said the law enacting the state8217s electoral map contained no language suggesting partisan intent prompting a sharp response from Kennedy 8220So if you hide the evidence of what you8217re doing you8217re going to prevail8221 Kennedy asked The Supreme Court for decades has invalidated state electoral maps due to racial discrimination but not due to partisan advantage Democrats have said partisan gerrymandering by Republicans in such states as Wisconsin and Pennsylvania has helped President Donald Trump8217s party maintain control of the House and various state legislatures Republican voters sued Maryland after the legislature in 2011 redrew boundaries for the state8217s Sixth District in a way that removed Republicanleaning areas and added Democraticleaning areas Democrat John Delaney subsequently beat incumbent Republican Roscoe Bartlett to take the seat in 2012 People gather on the plaza in front of the Supreme court before oral arguments on Benisek v Lamone a redistricting case on whether Democratic lawmakers in Maryland unlawfully drew a congressional district in a way that would prevent a Republican candidate from winning in Washington US March 28 2018 REUTERSJoshua Roberts Governor Hogan8217s election victory in 2014 illustrated Republican strength statewide But Republicans hold just one of Maryland8217s eight House seats because of the way the districts are configured The question before the Supreme Court is whether Maryland8217s electoral map violated the US Constitution8217s First Amendment guarantee of free speech The novel legal theory pursued by the challengers is that Republican voters were retaliated against by Democrats based on their political views In a 2004 ruling in another case Kennedy suggested that if partisan gerrymandering went too far courts might have to step in if a 8220workable standard8221 could be found Conservative Justice Samuel Alito on Wednesday told the Maryland plaintiffs8217 lawyer he did not think their First Amendment challenge offered a workable standard 8220I don8217t see how any legislature would ever be able to redistrict8221 Alito said The Wisconsin challengers presented a different argument focusing on the Constitution8217s 14th Amendment guarantee of equal protection under the law because of the extent to which it marginalized Democratic voters Gerrymandered electoral maps often concentrate voters who tend to favor the minority party into a small number of districts to dilute their statewide clout and distribute the rest of those voters in other districts in numbers too small to be a majority Slideshow 6 Images Legislative districts are redrawn nationwide every decade to reflect population changes after the national census Redistricting in most states is done by the party in power though some states in the interest of fairness assign the task to independent commissions Reporting by Lawrence Hurley and Andrew Chung Editing by Will Dunham Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician Rear Admiral Ronny Jackson to replace him in the latest turnover among Trump8217s team White House officials speaking on condition of anonymity said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two They said an undersecretary at the Department of Defense Robert Wilkie will be the acting secretary Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin8217s wife could travel at government expense One official said the criticism of Shulkin was 8220making it harder for him to carry out the duties of secretary of the VA which is something the president has made clear is a big priority for him8221 Related Coverage Trump taps doctor decorated diver to rescue Veterans Affairs Jackson a rear admiral of the US Navy has been working as a presidential physician since the George W Bush administration and has been the lead doctor monitoring Trump8217s health since Trump became president Jackson gave Trump a clean bill of health early this year after giving the president a physical He put him on a diet to lose some weight and directed him to get some exercise Aides said Trump has been eating more fish and fewer cheeseburgers lately A Texas native who has been on active duty since 1995 Jackson served during the USled war in Iraq as an emergency medicine physician in Taqaddum Iraq 8220Admiral Jackson is highly trained and qualified and as a service member himself he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them8221 Trump said A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year 8220The president wants somebody who gives him the best possible care to go over and give that same care to the veterans That8217s how strongly he feels about getting them represented properly8221 the official said Trump said he appreciated Shulkin8217s work including passage of the VA Accountability Act8221He has been a great supporter of veterans across the country and I am grateful for his service8221 Trump said in a statement US Representative Phil Roe a Republican who chairs the House Committee on Veterans Affairs said he hated to see Shulkin go but respected Trump8217s decision 8220At the end of the day cabinet secretaries serve at the pleasure of the president8221 he said Will Fischer director of government relations for the VoteVets lobby group said his group hopes Jackson will oppose any attempt to privatize the VA or its health services a concept that Republicans talk about occasionally FILE PHOTO Secretary of the Department of Veteran Affairs David Shulkin talks with US President Donald Trump during the signing of an executive order entitled Supporting our Veterans during their Transition from Uniformed Service to Civilian Life in the Oval Office of the White House in Washington US January 9 2018 REUTERSCarlos BarriaFiles 8220If Dr Jackson can do that immediately he will do a lot to help his chances at confirmation8221 Fischer said The VA oversees healthcare and benefits going to roughly 20 million US military veterans The Veterans Health Administration the largest integrated healthcare system in the United States provides care at more than 1200 facilities including 170 VA Medical Centers to more than 9 million veterans Trump praised Shulkin as 8220fantastic8221 when he chose him to head the VA in January 2017 Trump who promised improved veterans8217 care during his presidential campaign last year said the department had made 8220tremendous progress8221 under Shulkin But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him Slideshow 4 Images Shulkin said after the release of the inspector general8217s report that he would comply with its recommendations including reimbursing the government for his wife8217s 4312 airfare and paying his friend for the Wimbledon tickets The department announced two days after the report was issued that Shulkin8217s chief of staff Vivieca Wright Simpson would retire Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017 Others include Secretary of State Rex Tillerson Secretary of Health and Human Services Tom Price FBI chief James Comey and FBI No 2 Andrew McCabe Trump8217s chief strategist Steve Bannon national security advisers HR McMaster and Michael Flynn White House chief of staff Reince Priebus communications directors Hope Hicks and Anthony Scaramucci and economic adviser Gary Cohn Reporting by Steve Holland Editing by Leslie Adler and James Dalgleish Our Standards The Thomson Reuters Trust Principles

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<p>WASHINGTON (Reuters) - Senior U.S. congressional Democrats urged social media companies on Tuesday to investigate reported actions by automated Russia-linked accounts, in connection with a Republican memorandum that was said to be critical of special counsel Robert Mueller&#8217;s probe of President Donald Trump&#8217;s ties with Russia.</p> FILE PHOTO: Reporters trail U.S. Senator Dianne Feinstein (D-CA) as she arrives ahead of a vote on a bill to renew the National Security Agency's warrantless internet surveillance program, at the U.S. Capitol in Washington, U.S. January 18, 2018. REUTERS/Jonathan Ernst <p>Senator Dianne Feinstein, a senior member of the Senate Intelligence Committee and the ranking Democrat on the Senate Judiciary Committee, and Representative Adam Schiff, the ranking Democrat on the House of Representatives Intelligence Committee, wrote to Twitter Inc ( <a href="/finance/stocks/overview?symbol=TWTR.N" type="external">TWTR.N</a>) and Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>), requesting an &#8220;in-depth forensic examination.&#8221;</p> <p>Republicans have been calling for the release of a classified memorandum commissioned by the House Intelligence committee&#8217;s Republican chairman, Devin Nunes, which they say shows anti-Trump bias at the Justice Department, backed by a social media campaign with the hashtag #ReleasetheMemo.</p> <p>Democrats have criticized the memo as a &#8220;misleading set of talking points.&#8221;</p> <p>Last week, the Alliance for Securing Democracy, a project of the nonpartisan German Marshall Fund think tank, said a network of Kremlin-controlled accounts was put into action to amplify the Republicans&#8217; demand on social media.</p> <p>This prompted the letter from Feinstein and Schiff, whose committees - along with special counsel Mueller - are investigating whether Russia sought to influence the 2016 U.S. presidential election and allegations of collusion between Trump&#8217;s campaign and Moscow.</p> <p>Moscow denies seeking to influence the election, and Trump denies any collusion.</p> <a href="/finance/stocks/overview?symbol=TWTR.N" type="external">Twitter Inc</a> 31.03 TWTR.N New York Stock Exchange -0.17 (-0.54%) TWTR.N FB.O <p>&#8220;If these reports are accurate, we are witnessing an ongoing attack by the Russian government through Kremlin-linked social media actors directly acting to intervene and influence our democratic process,&#8221; Feinstein and Schiff said in the letter to Twitter Chief Executive Jack Dorsey and Facebook CEO Mark Zuckerberg.</p> <p>&#8220;This should be disconcerting to all Americans, but especially your companies as, once again, it appears the vast majority of their efforts are concentrated on your platforms,&#8221; they said.</p> <p>The two lawmakers asked for a public report to Congress and the public by Jan. 26, and for immediate steps to expose and deactivate such accounts.</p> <p>Officials at Twitter and Facebook did not immediately respond to requests for comment. Aides to the Republican leaders of the Senate and House intelligence and Senate judiciary committees also did not immediately respond.</p> <p>Reporting by Patricia Zengerle, Editing by Bernadette Baum</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. Senator John McCain on Friday pressed President Donald Trump&#8217;s nominee to be CIA director, Gina Haspel, for information about her ties to the agency&#8217;s past use of harsh interrogation techniques, underscoring challenges she faces winning confirmation.</p> FILE PHOTO: Gina Haspel, a veteran CIA clandestine officer picked by U.S. President Donald Trump to head the Central Intelligence Agency, is shown in this handout photograph released on March 13, 2018. CIA/Handout via Reuters <p>Trump nominated Haspel, currently Central Intelligence Agency deputy director, to become director last week.</p> <p>The announcement prompted objections over connections Haspel, who oversaw a &#8220;black site&#8221; prison in Thailand, may have had to the use of waterboarding and other brutal interrogation techniques widely seen as torture for years after the Sept. 11, 2001, attacks.</p> <p>McCain was tortured as a prisoner of war in Vietnam. The Republican lawmaker is a strong opponent of the use of waterboarding, sleep deprivation and other so-called &#8220;enhanced interrogation techniques.&#8221;</p> <p>&#8220;We now know that these techniques not only failed to deliver actionable intelligence but actually produced false and misleading information,&#8221; McCain said in a letter to Haspel. &#8220;Most importantly, the use of torture compromised our values, stained our national honor, and threatened our historical reputation.&#8221;</p> <p>He asked for an account of Haspel&#8217;s role in the detention and interrogation program, including whether she directed &#8220;enhanced interrogation techniques&#8221; or could have stopped them, and if she was directed to destroy tapes or other potential evidence of the use of such techniques.</p> FILE PHOTO: U.S. Senator John McCain (R-AZ) talks to reporters as he arrives for the weekly Republican party caucus luncheon at the U.S. Capitol in Washington, U.S. October 31, 2017. REUTERS/Jonathan Ernst <p>Haspel helped draft a cable ordering the destruction of such a videotape, although her backers said another official sent it without consulting her.</p> <p>CIA spokesman Jonathan Liu said Haspel received the letter and would respond directly to McCain.</p> <p>Haspel could have trouble winning enough votes for Senate confirmation. Trump&#8217;s fellow Republicans hold 51 of the chamber&#8217;s 100 seats, but one, Rand Paul, has already announced that he will not support her nomination.</p> <p>McCain, who is being treated for brain cancer in Arizona, has not been in Washington to vote this year.</p> <p>Even if he cannot vote, opposition from McCain, a respected former presidential nominee and chairman of the Armed Services Committee, could help solidify opposition to Haspel.</p> <p>Democratic Senator Dianne Feinstein, who led the Intelligence Committee&#8217;s 2014 report on rough interrogation methods and co-sponsored an anti-torture law with McCain, demanded the release of classified CIA documents related to the practice.</p> <p>She released another statement on Friday expressing concern, saying, &#8220;To promote someone so heavily involved in the torture program to the top position at the CIA, the agency responsible for one of the darkest chapters in our history, is a move that I&#8217;m very wary of.&#8221;</p> <p>Reporting by Patricia Zengerle; Editing by Steve Orlofsky and Jonathan Oatis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The U.S. House Intelligence Committee voted along party lines on Thursday to adopt a Republican report on the panel&#8217;s investigation of Russia and the 2016 U.S. election, formally ending a probe marred for months by bitter partisan conflict.</p> Rep. Devin Nunes (R-CA), (L), and Rep. Mike Conaway (R-TX) arrive for a closed meeting of the House Intelligence Committee on Capitol Hill in Washington, U.S., January 17, 2018. REUTERS/Aaron P. Bernstein <p>The Republican report found no evidence of collusion between President Donald Trump&#8217;s campaign and Russian interference. It also disagreed with intelligence agencies&#8217; findings that Moscow sought to boost Trump&#8217;s chances of being elected.</p> <p>Committee Democrats strongly disputed that finding and said they will continue to investigate and, eventually, release their own dissenting report.</p> <p>Representative Adam Schiff, the panel&#8217;s top Democrat, said Republicans had declined every Democratic motion during their business meeting, including requests to subpoena witnesses who refused to answer questions, and hold an open hearing with chief executives from technology companies, including Facebook Inc&#8217;s Mark Zuckerberg.</p> <p>&#8220;The (Republican) majority was not interested in conducting any further investigation, even when the flaws in what we have done so far have become so apparent in the course of the last week,&#8221; Schiff told reporters.</p> <p>There are 13 Republicans and nine Democrats on the House Intelligence panel.</p> <p>Schiff called the decision to end the investigation &#8220;a rather sad chapter in our Committee&#8217;s long history.&#8221;</p> <p>The committee&#8217;s Republican chairman, Devin Nunes, said the report was based on more than 70 witness interviews and the collection of more than 300,000 documents.</p> <p>It &#8220;will include minority views if the minority submits them,&#8221; Nunes said in a statement.</p> <p>Reports have emerged from whistleblower Christopher Wylie this week that British political consultancy Cambridge Analytica improperly accessed Facebook users&#8217; information to build profiles on American voters later used to help elect Trump.</p> <p>Hidden camera footage on British television showed a company official criticizing the House committee&#8217;s interview.</p> Rep. Mike Conaway (R-TX) asks questions as executives appear before the House Intelligence Committee to answer questions related to Russian use of social media to influence U.S. elections, on Capitol Hill in Washington, U.S., November 1, 2017. REUTERS/Aaron P. Bernstein <p>Wylie has agreed to talk to committee Democrats.</p> PARTISANSHIP <p>A summary of report findings concluded Russia conducted cyber attacks on U.S. institutions, using social media to undermine the electoral process. It acknowledged contacts between Trump associates and Russians, including Russian efforts to set up a &#8220;back channel&#8221; to communicate after Trump&#8217;s election, but said it had not found evidence of collusion.</p> <p>Russia denies meddling in the U.S. campaign.</p> Rep. Adam Schiff (D-CA) is seen ahead of the release of the House Intelligence Committee's report on Russian interference in the 2016 election on Capitol Hill in Washington, U.S., March 22, 2018. REUTERS/Aaron P. Bernstein <p>The Republican summary recommended steps to crack down on intelligence agency leaks, and raised questions about charges facing Trump&#8217;s former national security adviser, Michael Flynn, who pleaded guilty to lying to the FBI.</p> <p>Several congressional Republicans have been harshly critical of the Department of Justice and Federal Bureau of Investigation.</p> <p>Also on Thursday, the Republican chairman of the House Judiciary Committee, Representative Bob Goodlatte, subpoenaed the Justice Department for documents related to the investigation of an email server used by Trump&#8217;s 2016 Democratic opponent, Hillary Clinton, and the recommendation to fire Andrew McCabe, the FBI deputy director let go last week.</p> <p>A Justice spokesman said the department takes the committee&#8217;s inquiry seriously and is committed to accommodating its request in a manner consistent with its responsibilities.</p> <p>The House panel&#8217;s investigation of how Russia might have sought to influence the 2016 U.S. election, and whether Trump associates colluded with Moscow has been marked by partisan disagreements since it began more than a year ago.</p> <p>Earlier this year, Republicans and Democrats released dueling memos about the probe. Nunes was recused for months after a late-night visit to the White House raised questions about improper communications with Trump associates.</p> <p>In contrast, the Senate Intelligence Committee released bipartisan recommendations on how to improve election security this week and is continuing its investigation, as is Department of Justice Special Counsel Robert Mueller.</p> <p>The probes have shadowed Trump&#8217;s presidency, and the president has repeatedly denounced them, and Mueller, leading to concerns he might fire the special counsel.</p> <p>Reporting by Patricia Zengerle; editing by Tom Brown and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The top cop for U.S. consumer finance has decided not to sue a payday loan collector and is weighing whether to drop cases against three payday lenders, said five people with direct knowledge of the matter.</p> FILE PHOTO: White House budget director Mick Mulvaney speaks during a news briefing at the White House in Washington, U.S., February 12, 2018. REUTERS/Yuri Gripas/File Photo <p>The move shows how Mick Mulvaney, named interim head of the Consumer Financial Protection Bureau (CFPB) by U.S. President Donald Trump, is putting his mark on an agency conceived to stamp out abusive lending.</p> <p>The payday loan cases are among about a dozen that Richard Cordray, the former agency chief, approved for litigation before he resigned in November. Cordray was the first to lead the agency that Congress created in 2010 after the financial crisis.</p> <p>The four previously unreported cases aimed to return more than $60 million to consumers, the people said. Three are part of routine CFPB work to police storefront lenders. The fourth case concerns who has a right to collect payday loans offered from tribal land.</p> <p>Cordray was ready to sue Kansas-based National Credit Adjusters (NCA), which primarily collects debt for online lenders operating on tribal land.</p> <p>Such lenders charge triple-digit interest rates prohibited in many states. The companies have argued such loans are permitted when they are originated on tribal land.</p> <p>The CFPB under Cordray concluded that NCA had no right to collect on such online loans, no matter where they were made.</p> <p>Mulvaney has dropped the matter and the case is &#8220;dead,&#8221; Sarah Auchterlonie, a lawyer for NCA, told Reuters this week. She noted the agency appeared to be backing off issues involving tribal sovereignty.</p> <p>&#8220;(Cordray) had a theory that was really out there and I think everything related to it is being pulled back,&#8221; Auchterlonie said.</p> <p>Consumers have complained that NCA threatened to have them jailed and sue family members, CFPB&#8217;s public database shows.</p> <p>A CFPB investigation found NCA wrongly collected roughly $50 million, of which the agency&#8217;s lawyers wanted to return about $45 million, sources said.</p> <p>Payday lending often involves low-income borrowers taking out short-term cash loans at high rates. The industry collects about $9 billion in fees annually, according to Pew Charitable Trusts.</p> <p>Supporters say the industry fills a need for customers lacking access to other banking products.</p> <p>Mulvaney has said that, in general, the CFPB will go after egregious cases of consumer abuses.</p> <p>&#8220;Good cases are being brought. The bad cases are not,&#8221; he told an event in Washington this month.</p> <p>Some former CFPB lawyers said they worry the agency&#8217;s mission is being eroded.</p> <p>&#8220;The CFPB is supposed to create a level playing field for consumers,&#8221; said Joanna Pearl, former enforcement attorney. &#8220;I&#8217;m not sure Mulvaney sees it like that.&#8221;</p> PAYDAY LENDING <p>Mulvaney is reviewing three cases against lenders based in southern states where high-interest loans are permitted. He must eventually decide whether to sue the companies, settle with a fine or scrap the cases.</p> <p>Lawyers working for Cordray had concluded that Security Finance, Cash Express LLC and Triton Management Group violated customer rights when attempting to collect, among other lapses.</p> <p>Spokespeople for the companies declined to comment. A spokesman for the CFPB did not respond to a request for comment. None of the sources wished to be identified because they are not authorized to speak about the cases.</p> <p>Security Finance offers loans at rates that often climb into triple-digits. Debt collectors working for Security Finance harassed borrowers at home and work, violating federal laws, and the company had faulty recordkeeping that could hurt borrowers&#8217; credit scores, the CFPB concluded.</p> <p>Customers complained Cash Express used high-pressure collection tactics, the CFPB database shows. Cordray was prepared to sue the company on those grounds, sources said.</p> <p>Cash Express also misled customers by telling them they might repair their credit with a payday loan, even though the lender does not report to credit bureaus, the CFPB concluded.</p> <p>The CFPB faulted Triton Management Group for aggressive collection in 2016 and the company changed some practices, the sources said. The CFPB still was ready to seek more than a million dollars in fines and restitution.</p> <p>Reporting By Patrick Rucker; additional reporting by Pete Schroeder; Editing by Michelle Price and Meredith Mazzilli</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - U.S. President Donald Trump&#8217;s choice of John Bolton as national security adviser provoked strong reactions worldwide on Friday - and few stronger than in the bitterly-divided Middle East.</p> FILE PHOTO: Former U.S. Ambassador to the United Nations John Bolton speaks at the Conservative Political Action Conference (CPAC) in Oxon Hill, Maryland, U.S. February 24, 2017. REUTERS/Joshua Roberts/File Photo <p>Some commentators saw it as another nail in the coffin of the Obama-era agreement between Iran and world powers to limit Tehran&#8217;s nuclear ambitions, already cast into grave doubt by Trump himself.</p> <p>Others expected Bolton to further undermine any remaining slender hopes of a &#8220;two-state solution&#8221; to the Israeli-Palestinian conflict emerging in the foreseeable future.</p> <p>He has in recent months applauded Trump&#8217;s plan to move the U.S. Embassy in Israel to Jerusalem. Naftali Bennett, a member of Prime Minister Benjamin Netanyahu&#8217;s security cabinet, called Bolton &#8220;an extraordinary security expert, experienced diplomat and a stalwart friend of Israel&#8221;.</p> <p>Left-leaning Israeli news website Haaretz was less enthusiastic, quoting 2016 comments by Bolton that the idea of two states, Israel and Palestine, existing side by side had &#8220;been dead for a long time&#8221;.</p> <p>He instead argued for the Palestinian territories to be placed under Egyptian and Jordanian sovereignty.</p> <p>Lebanese newspaper al-Akhbar, aligned with the Shi&#8217;ite militant group and political movement Hezbollah, reported Bolton&#8217;s appointment with the headline &#8220;Zionist Hawk in the White House&#8221;, drawing attention to Bolton&#8217;s historical calls for action against Iran.</p> <p>&#8220;Bolton&#8217;s appointment, combined with (Mike) Pompeo&#8217;s nomination (for secretary of state) last week, significantly lowers the&amp;#160;odds that Trump will stick to the nuclear deal beyond May,&#8221; said Ellie Geranmayeh, senior policy fellow at the European Council of Foreign Relations.</p> <p>&#8220;Both men&amp;#160;have vocally opposed the nuclear deal, advocated for regime change in Iran and Bolton has repeatedly called for bombing rather than diplomacy as a fix to the nuclear issue.&#8221;</p> <p>Trump was surrounding himself with &#8220;like-minded advisers&#8221;, Geranmayeh told Reuters, and &#8220;purging those who disagree&#8221;.</p> <p>But she said Bolton&#8217;s position on the Iran agreement would meet strong resistance from U.S. Defense Secretary Jim Mattis and the European powers who are also signatories.</p> &#8220;DANGEROUS RIDE&#8221; <p>European officials expressed alarm at the personnel changes in Washington. &#8220;The writing is on the wall, unless we Europeans can present a forceful and united front to save the Iran deal,&#8221; said one EU diplomat.</p> <p>Another commented: &#8220;Any moderating factor in White House foreign policy is being lost. We hoped the &#8216;adults in the room&#8217; would win over Trump, but now the adults are leaving.&#8221;</p> <p>Some observers of Iran and the region saw storm clouds gathering. &#8220;President Trump has now chosen a war cabinet,&#8221; said&amp;#160;Ali Alfoneh, senior fellow at the Atlantic Council.</p> <p>Bolton was a leading advocate of the 2003 invasion of Iraq and has called for a change of government in North Korea.</p> <p>Any new conflict between the United States and Iran would undermine moderates in Iran and strengthen radical forces, Alfoneh said.</p> <p>&#8220;Bolton was a champion of &#8216;us-versus-them&#8217; foreign policy,&#8221; tweeted Mohamed ElBaradei, former head of the International Atomic Energy Agency and a Nobel Peace Prize winner.</p> <p>&#8220;We should brace ourselves for a rough &amp;amp; dangerous ride.&#8221;</p> <p>Turkey&#8217;s response to the appointments of Pompeo and Bolton was cautious. &#8220;We hope these changes of duty will be a means to further strengthen the continuing efforts to solve the problems that have existed between our countries for a long time,&#8221; a foreign ministry spokesman said.</p> <p>Among the international reactions, Moscow too struck a note of reserve.</p> <p>&#8220;That is not a question for us, it is for the U.S. administration,&#8221; a Kremlin spokesman said when asked about Bolton&#8217;s nomination.</p> <p>Reporting by Dominic Evans, Parisa Hafezi, Babak Dehghanpisheh, Bozorgmehr Sharafedin, Ari Rabinovitch, Lisa Barrington, Laila Bassam and Robin Emmott; Writing by Andrew Roche; Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Key Democrats urge social media companies to investigate Russia-linked accounts McCain presses Trump CIA nominee over her record on interrogations House Republicans vote to release Russia report Exclusive: Trump official quietly drops payday loan case, mulls others - sources 'Zionist hawk', 'stalwart friend': strong words greet Bolton nomination

https://reuters.com/article/usa-trump-russia-congress/update-2-us-democrats-urge-social-media-firms-to-investigate-russia-linked-accounts-idUSL2N1PI15Q

2018-01-23

2least

WASHINGTON Reuters Senior US congressional Democrats urged social media companies on Tuesday to investigate reported actions by automated Russialinked accounts in connection with a Republican memorandum that was said to be critical of special counsel Robert Mueller8217s probe of President Donald Trump8217s ties with Russia FILE PHOTO Reporters trail US Senator Dianne Feinstein DCA as she arrives ahead of a vote on a bill to renew the National Security Agencys warrantless internet surveillance program at the US Capitol in Washington US January 18 2018 REUTERSJonathan Ernst Senator Dianne Feinstein a senior member of the Senate Intelligence Committee and the ranking Democrat on the Senate Judiciary Committee and Representative Adam Schiff the ranking Democrat on the House of Representatives Intelligence Committee wrote to Twitter Inc TWTRN and Facebook Inc FBO requesting an 8220indepth forensic examination8221 Republicans have been calling for the release of a classified memorandum commissioned by the House Intelligence committee8217s Republican chairman Devin Nunes which they say shows antiTrump bias at the Justice Department backed by a social media campaign with the hashtag ReleasetheMemo Democrats have criticized the memo as a 8220misleading set of talking points8221 Last week the Alliance for Securing Democracy a project of the nonpartisan German Marshall Fund think tank said a network of Kremlincontrolled accounts was put into action to amplify the Republicans8217 demand on social media This prompted the letter from Feinstein and Schiff whose committees along with special counsel Mueller are investigating whether Russia sought to influence the 2016 US presidential election and allegations of collusion between Trump8217s campaign and Moscow Moscow denies seeking to influence the election and Trump denies any collusion Twitter Inc 3103 TWTRN New York Stock Exchange 017 054 TWTRN FBO 8220If these reports are accurate we are witnessing an ongoing attack by the Russian government through Kremlinlinked social media actors directly acting to intervene and influence our democratic process8221 Feinstein and Schiff said in the letter to Twitter Chief Executive Jack Dorsey and Facebook CEO Mark Zuckerberg 8220This should be disconcerting to all Americans but especially your companies as once again it appears the vast majority of their efforts are concentrated on your platforms8221 they said The two lawmakers asked for a public report to Congress and the public by Jan 26 and for immediate steps to expose and deactivate such accounts Officials at Twitter and Facebook did not immediately respond to requests for comment Aides to the Republican leaders of the Senate and House intelligence and Senate judiciary committees also did not immediately respond Reporting by Patricia Zengerle Editing by Bernadette Baum Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US Senator John McCain on Friday pressed President Donald Trump8217s nominee to be CIA director Gina Haspel for information about her ties to the agency8217s past use of harsh interrogation techniques underscoring challenges she faces winning confirmation FILE PHOTO Gina Haspel a veteran CIA clandestine officer picked by US President Donald Trump to head the Central Intelligence Agency is shown in this handout photograph released on March 13 2018 CIAHandout via Reuters Trump nominated Haspel currently Central Intelligence Agency deputy director to become director last week The announcement prompted objections over connections Haspel who oversaw a 8220black site8221 prison in Thailand may have had to the use of waterboarding and other brutal interrogation techniques widely seen as torture for years after the Sept 11 2001 attacks McCain was tortured as a prisoner of war in Vietnam The Republican lawmaker is a strong opponent of the use of waterboarding sleep deprivation and other socalled 8220enhanced interrogation techniques8221 8220We now know that these techniques not only failed to deliver actionable intelligence but actually produced false and misleading information8221 McCain said in a letter to Haspel 8220Most importantly the use of torture compromised our values stained our national honor and threatened our historical reputation8221 He asked for an account of Haspel8217s role in the detention and interrogation program including whether she directed 8220enhanced interrogation techniques8221 or could have stopped them and if she was directed to destroy tapes or other potential evidence of the use of such techniques FILE PHOTO US Senator John McCain RAZ talks to reporters as he arrives for the weekly Republican party caucus luncheon at the US Capitol in Washington US October 31 2017 REUTERSJonathan Ernst Haspel helped draft a cable ordering the destruction of such a videotape although her backers said another official sent it without consulting her CIA spokesman Jonathan Liu said Haspel received the letter and would respond directly to McCain Haspel could have trouble winning enough votes for Senate confirmation Trump8217s fellow Republicans hold 51 of the chamber8217s 100 seats but one Rand Paul has already announced that he will not support her nomination McCain who is being treated for brain cancer in Arizona has not been in Washington to vote this year Even if he cannot vote opposition from McCain a respected former presidential nominee and chairman of the Armed Services Committee could help solidify opposition to Haspel Democratic Senator Dianne Feinstein who led the Intelligence Committee8217s 2014 report on rough interrogation methods and cosponsored an antitorture law with McCain demanded the release of classified CIA documents related to the practice She released another statement on Friday expressing concern saying 8220To promote someone so heavily involved in the torture program to the top position at the CIA the agency responsible for one of the darkest chapters in our history is a move that I8217m very wary of8221 Reporting by Patricia Zengerle Editing by Steve Orlofsky and Jonathan Oatis Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The US House Intelligence Committee voted along party lines on Thursday to adopt a Republican report on the panel8217s investigation of Russia and the 2016 US election formally ending a probe marred for months by bitter partisan conflict Rep Devin Nunes RCA L and Rep Mike Conaway RTX arrive for a closed meeting of the House Intelligence Committee on Capitol Hill in Washington US January 17 2018 REUTERSAaron P Bernstein The Republican report found no evidence of collusion between President Donald Trump8217s campaign and Russian interference It also disagreed with intelligence agencies8217 findings that Moscow sought to boost Trump8217s chances of being elected Committee Democrats strongly disputed that finding and said they will continue to investigate and eventually release their own dissenting report Representative Adam Schiff the panel8217s top Democrat said Republicans had declined every Democratic motion during their business meeting including requests to subpoena witnesses who refused to answer questions and hold an open hearing with chief executives from technology companies including Facebook Inc8217s Mark Zuckerberg 8220The Republican majority was not interested in conducting any further investigation even when the flaws in what we have done so far have become so apparent in the course of the last week8221 Schiff told reporters There are 13 Republicans and nine Democrats on the House Intelligence panel Schiff called the decision to end the investigation 8220a rather sad chapter in our Committee8217s long history8221 The committee8217s Republican chairman Devin Nunes said the report was based on more than 70 witness interviews and the collection of more than 300000 documents It 8220will include minority views if the minority submits them8221 Nunes said in a statement Reports have emerged from whistleblower Christopher Wylie this week that British political consultancy Cambridge Analytica improperly accessed Facebook users8217 information to build profiles on American voters later used to help elect Trump Hidden camera footage on British television showed a company official criticizing the House committee8217s interview Rep Mike Conaway RTX asks questions as executives appear before the House Intelligence Committee to answer questions related to Russian use of social media to influence US elections on Capitol Hill in Washington US November 1 2017 REUTERSAaron P Bernstein Wylie has agreed to talk to committee Democrats PARTISANSHIP A summary of report findings concluded Russia conducted cyber attacks on US institutions using social media to undermine the electoral process It acknowledged contacts between Trump associates and Russians including Russian efforts to set up a 8220back channel8221 to communicate after Trump8217s election but said it had not found evidence of collusion Russia denies meddling in the US campaign Rep Adam Schiff DCA is seen ahead of the release of the House Intelligence Committees report on Russian interference in the 2016 election on Capitol Hill in Washington US March 22 2018 REUTERSAaron P Bernstein The Republican summary recommended steps to crack down on intelligence agency leaks and raised questions about charges facing Trump8217s former national security adviser Michael Flynn who pleaded guilty to lying to the FBI Several congressional Republicans have been harshly critical of the Department of Justice and Federal Bureau of Investigation Also on Thursday the Republican chairman of the House Judiciary Committee Representative Bob Goodlatte subpoenaed the Justice Department for documents related to the investigation of an email server used by Trump8217s 2016 Democratic opponent Hillary Clinton and the recommendation to fire Andrew McCabe the FBI deputy director let go last week A Justice spokesman said the department takes the committee8217s inquiry seriously and is committed to accommodating its request in a manner consistent with its responsibilities The House panel8217s investigation of how Russia might have sought to influence the 2016 US election and whether Trump associates colluded with Moscow has been marked by partisan disagreements since it began more than a year ago Earlier this year Republicans and Democrats released dueling memos about the probe Nunes was recused for months after a latenight visit to the White House raised questions about improper communications with Trump associates In contrast the Senate Intelligence Committee released bipartisan recommendations on how to improve election security this week and is continuing its investigation as is Department of Justice Special Counsel Robert Mueller The probes have shadowed Trump8217s presidency and the president has repeatedly denounced them and Mueller leading to concerns he might fire the special counsel Reporting by Patricia Zengerle editing by Tom Brown and James Dalgleish Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The top cop for US consumer finance has decided not to sue a payday loan collector and is weighing whether to drop cases against three payday lenders said five people with direct knowledge of the matter FILE PHOTO White House budget director Mick Mulvaney speaks during a news briefing at the White House in Washington US February 12 2018 REUTERSYuri GripasFile Photo The move shows how Mick Mulvaney named interim head of the Consumer Financial Protection Bureau CFPB by US President Donald Trump is putting his mark on an agency conceived to stamp out abusive lending The payday loan cases are among about a dozen that Richard Cordray the former agency chief approved for litigation before he resigned in November Cordray was the first to lead the agency that Congress created in 2010 after the financial crisis The four previously unreported cases aimed to return more than 60 million to consumers the people said Three are part of routine CFPB work to police storefront lenders The fourth case concerns who has a right to collect payday loans offered from tribal land Cordray was ready to sue Kansasbased National Credit Adjusters NCA which primarily collects debt for online lenders operating on tribal land Such lenders charge tripledigit interest rates prohibited in many states The companies have argued such loans are permitted when they are originated on tribal land The CFPB under Cordray concluded that NCA had no right to collect on such online loans no matter where they were made Mulvaney has dropped the matter and the case is 8220dead8221 Sarah Auchterlonie a lawyer for NCA told Reuters this week She noted the agency appeared to be backing off issues involving tribal sovereignty 8220Cordray had a theory that was really out there and I think everything related to it is being pulled back8221 Auchterlonie said Consumers have complained that NCA threatened to have them jailed and sue family members CFPB8217s public database shows A CFPB investigation found NCA wrongly collected roughly 50 million of which the agency8217s lawyers wanted to return about 45 million sources said Payday lending often involves lowincome borrowers taking out shortterm cash loans at high rates The industry collects about 9 billion in fees annually according to Pew Charitable Trusts Supporters say the industry fills a need for customers lacking access to other banking products Mulvaney has said that in general the CFPB will go after egregious cases of consumer abuses 8220Good cases are being brought The bad cases are not8221 he told an event in Washington this month Some former CFPB lawyers said they worry the agency8217s mission is being eroded 8220The CFPB is supposed to create a level playing field for consumers8221 said Joanna Pearl former enforcement attorney 8220I8217m not sure Mulvaney sees it like that8221 PAYDAY LENDING Mulvaney is reviewing three cases against lenders based in southern states where highinterest loans are permitted He must eventually decide whether to sue the companies settle with a fine or scrap the cases Lawyers working for Cordray had concluded that Security Finance Cash Express LLC and Triton Management Group violated customer rights when attempting to collect among other lapses Spokespeople for the companies declined to comment A spokesman for the CFPB did not respond to a request for comment None of the sources wished to be identified because they are not authorized to speak about the cases Security Finance offers loans at rates that often climb into tripledigits Debt collectors working for Security Finance harassed borrowers at home and work violating federal laws and the company had faulty recordkeeping that could hurt borrowers8217 credit scores the CFPB concluded Customers complained Cash Express used highpressure collection tactics the CFPB database shows Cordray was prepared to sue the company on those grounds sources said Cash Express also misled customers by telling them they might repair their credit with a payday loan even though the lender does not report to credit bureaus the CFPB concluded The CFPB faulted Triton Management Group for aggressive collection in 2016 and the company changed some practices the sources said The CFPB still was ready to seek more than a million dollars in fines and restitution Reporting By Patrick Rucker additional reporting by Pete Schroeder Editing by Michelle Price and Meredith Mazzilli Our Standards The Thomson Reuters Trust Principles LONDON Reuters US President Donald Trump8217s choice of John Bolton as national security adviser provoked strong reactions worldwide on Friday and few stronger than in the bitterlydivided Middle East FILE PHOTO Former US Ambassador to the United Nations John Bolton speaks at the Conservative Political Action Conference CPAC in Oxon Hill Maryland US February 24 2017 REUTERSJoshua RobertsFile Photo Some commentators saw it as another nail in the coffin of the Obamaera agreement between Iran and world powers to limit Tehran8217s nuclear ambitions already cast into grave doubt by Trump himself Others expected Bolton to further undermine any remaining slender hopes of a 8220twostate solution8221 to the IsraeliPalestinian conflict emerging in the foreseeable future He has in recent months applauded Trump8217s plan to move the US Embassy in Israel to Jerusalem Naftali Bennett a member of Prime Minister Benjamin Netanyahu8217s security cabinet called Bolton 8220an extraordinary security expert experienced diplomat and a stalwart friend of Israel8221 Leftleaning Israeli news website Haaretz was less enthusiastic quoting 2016 comments by Bolton that the idea of two states Israel and Palestine existing side by side had 8220been dead for a long time8221 He instead argued for the Palestinian territories to be placed under Egyptian and Jordanian sovereignty Lebanese newspaper alAkhbar aligned with the Shi8217ite militant group and political movement Hezbollah reported Bolton8217s appointment with the headline 8220Zionist Hawk in the White House8221 drawing attention to Bolton8217s historical calls for action against Iran 8220Bolton8217s appointment combined with Mike Pompeo8217s nomination for secretary of state last week significantly lowers theamp160odds that Trump will stick to the nuclear deal beyond May8221 said Ellie Geranmayeh senior policy fellow at the European Council of Foreign Relations 8220Both menamp160have vocally opposed the nuclear deal advocated for regime change in Iran and Bolton has repeatedly called for bombing rather than diplomacy as a fix to the nuclear issue8221 Trump was surrounding himself with 8220likeminded advisers8221 Geranmayeh told Reuters and 8220purging those who disagree8221 But she said Bolton8217s position on the Iran agreement would meet strong resistance from US Defense Secretary Jim Mattis and the European powers who are also signatories 8220DANGEROUS RIDE8221 European officials expressed alarm at the personnel changes in Washington 8220The writing is on the wall unless we Europeans can present a forceful and united front to save the Iran deal8221 said one EU diplomat Another commented 8220Any moderating factor in White House foreign policy is being lost We hoped the 8216adults in the room8217 would win over Trump but now the adults are leaving8221 Some observers of Iran and the region saw storm clouds gathering 8220President Trump has now chosen a war cabinet8221 saidamp160Ali Alfoneh senior fellow at the Atlantic Council Bolton was a leading advocate of the 2003 invasion of Iraq and has called for a change of government in North Korea Any new conflict between the United States and Iran would undermine moderates in Iran and strengthen radical forces Alfoneh said 8220Bolton was a champion of 8216usversusthem8217 foreign policy8221 tweeted Mohamed ElBaradei former head of the International Atomic Energy Agency and a Nobel Peace Prize winner 8220We should brace ourselves for a rough ampamp dangerous ride8221 Turkey8217s response to the appointments of Pompeo and Bolton was cautious 8220We hope these changes of duty will be a means to further strengthen the continuing efforts to solve the problems that have existed between our countries for a long time8221 a foreign ministry spokesman said Among the international reactions Moscow too struck a note of reserve 8220That is not a question for us it is for the US administration8221 a Kremlin spokesman said when asked about Bolton8217s nomination Reporting by Dominic Evans Parisa Hafezi Babak Dehghanpisheh Bozorgmehr Sharafedin Ari Rabinovitch Lisa Barrington Laila Bassam and Robin Emmott Writing by Andrew Roche Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles

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<p>WASHINGTON (Reuters) - In a decision expected to test the Trump administration&#8217;s approach to tobacco regulation, U.S. health advisers will vote this week on whether to allow Philip Morris International Inc to claim its novel iQOS tobacco device is less harmful than cigarettes.</p> <p>IQOS is designed to heat tobacco but not burn it, and comes in a sleek package that would not look out of place in an Apple store. Most of the harmful chemicals in tobacco are released when tobacco is burned, forming the basis of Philip Morris&#8217;s claim of a less-risky product.</p> <p>If cleared, iQOS would become the first product to carry a modified-risk claim and could advance the Food and Drug Administration&#8217;s proposed new approach to reduce the dangers of smoking by creating a market for less harmful products than cigarettes.</p> <p>On Monday, the FDA said its review of iQOS found that the product contains lower levels of toxic chemicals than cigarettes, but could not say whether that translates into lower rates of tobacco-related disease.</p> <p>Medical and other expert advisors to the FDA will discuss the product on Wednesday and Thursday and recommend whether it should be cleared as a so-called &#8220;modified risk&#8221; tobacco product. The FDA is not obliged to follow the recommendations of its outside advisers but typically does.</p> <p>Tobacco experts said the FDA documents do not show a clear point of view by the agency reviewers.</p> <p>&#8220;It&#8217;s a complex document with lots of data and findings that could be used by proponents on either side,&#8221; said Matthew Myers, president of the Campaign for Tobacco Free Kids.</p> <p>Philip Morris&#8217;s shares fell 0.1 percent to $108.80 in afternoon trading in New York.</p> <p>Last month, a Reuters investigation described irregularities in the clinical trials that supported Philip Morris's iQOS application to the FDA. <a href="" type="internal">here</a> <a href="" type="internal">here</a></p> <p>(For a graphic on market share of novel tobacco and vapor products, see: ( <a href="http://tmsnrt.rs/2DQ7cIH" type="external">tmsnrt.rs/2DQ7cIH</a>)</p> NEW APPROACH <p>For decades, U.S. health agencies have worked to help Americans quit cigarettes to avoid the risks of lung cancer and other disease. National smoking rates have declined to near historic lows of around 15 percent.</p> <p>But in July, newly appointed FDA Commissioner Scott Gottlieb proposed reducing nicotine levels in cigarettes to &#8220;non-addictive&#8221; levels while increasing development of lower-risk alternatives. The policy assumes that some percentage of the population will be unable or unwilling to give up nicotine.</p> <p>To make the new strategy succeed, the agency needs a stable of vetted, reduced-risk alternatives to cigarettes. Philip Morris is one of the few companies that can finance such a long development process, spending close to $3 billion on reduced-risk products.</p> <p>&#8220;If this application fails, it will be clear that this is an expensive, wasteful, regulatory dead end,&#8221; said Clive Bates, a tobacco expert who runs the consulting firm Counterfactual and advocates for alternative nicotine products.</p> <p>Bates and others argue that if Philip Morris cannot win FDA clearance for a modified-risk product, no one will be able to.</p> <p>Other companies have submitted modified-risk products for FDA review. 22nd Century Group Inc, which genetically engineers tobacco plants to have lower nicotine levels, seeks clearance for its &#8220;Brand A&#8221; very low nicotine cigarettes.</p> <p>R.J. Reynolds Tobacco Co, owned by British American Tobacco Plc, seeks clearance for six snus products - a moist smokeless tobacco pouch placed under the lip - under the Camel brand.</p> THE CLAIM <p>IQOS is already used by nearly 4 million people in 30 markets outside the United States.</p> <p>It consists of a small pen-like holder containing a heated tobacco stick, and a charger. It looks similar to an e-cigarette, but uses real tobacco rather than nicotine-laced liquid.</p> <p>Philip Morris says that iQOS contains up to 95 percent fewer harmful or potentially harmful chemicals than the cigarette smoke produced from burning tobacco. If approved, the product would be marketed by U.S. partner Altria Group Inc.</p> <p>The hurdles for success are high.</p> <p>To sell a new tobacco product, a company must demonstrate that it significantly reduces the risk of disease and does not encourage more smoking or delay quitting.</p> <p>To date, the FDA has determined that only eight products meet that standard, all of them snus smokeless tobacco pouches made by Swedish Match AB. The agency has granted no company the right to specifically claim that their product is less risky than cigarettes.</p> <p>Tobacco control activists say companies like Philip Morris cannot be trusted to make reduced-risk claims. They point to the industry&#8217;s previous promotion of &#8220;light&#8221; and &#8220;low-tar&#8221; cigarettes as safer alternatives despite evidence showing they were not.</p> <p>Others argue that things have changed. Since 2009, the tobacco industry has had to answer to the FDA under federal law. New technology, including e-cigarettes and heat-not-burn products, may help smokers quit or shift those who cannot quit onto a less harmful substitute, they say.</p> <p>&#8220;Many of my friends in the tobacco control movement are still fighting the tobacco wars of the 1980s,&#8221; said Scott Ballin, an independent health policy consultant and long-time anti-tobacco activist. &#8220;We are beyond that now.&#8221;</p> FILE PHOTO: A man poses for a photograph while using a Philip Morris iQOS smoking device, in Bogota, Colombia November 14, 2017. REUTERS/Jaime Saldarriaga/File Photo <p>The FDA&#8217;s Gottlieb favors an approach to treating addiction that makes available less harmful versions of addictive substances, including nicotine and opioids. These products, he argues, can help minimize damage to those unable to quit.</p> <p>Mitch Zeller, head of the FDA&#8217;s tobacco division, refers frequently to a &#8220;continuum of risk&#8221; for nicotine products, with nicotine gums and lozenges on one end and cigarettes on the other. The FDA would like to shift smokers unable to quit nicotine from high-risk to low-risk products.</p> <p>&#8220;What we have developed is an offering on the continuum of risk,&#8221; said Ruth Dempsey, Philip Morris&#8217; director of scientific engagement. &#8220;We believe it is better than cigarettes.&#8221;</p> <p>Reporting by Reuters staff; Editing by Michele Gershberg and Matthew Lewis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - The U.S. Food &amp;amp; Drug Administration is working on around a dozen actions to boost use of cheaper versions of expensive biotech medicines, the head of the agency Scott Gottlieb said on Wednesday.</p> FILE PHOTO: U.S. Food and Drug Commissioner Scott Gottlieb attends an interview at Reuters headquarters in New York City, U.S., October 10, 2017. REUTERS/Eduardo Munoz <p>The United States has lagged behind Europe in use of so-called biosimilars, to the frustration of FDA policymakers who are starting to approve such products but who are seeing other impediments to getting them to consumers.</p> <p>Biological drugs for treating serious conditions such as cancer and rheumatoid arthritis are complex molecules made inside living cells.</p> <p>&#8220;There&#8217;s no silver bullet here in terms of trying to make this market really go gangbusters. I think this is going to be a slow build,&#8221; Gottlieb told CNBC&#8217;s Healthy Returns conference in New York.</p> <p>&#8220;We&#8217;re going to be coming out with a set of policies, multiple policies, about a dozen policies that I think incrementally will each move the ball in a direction trying to create more avenues for biosimilar competition.&#8221;</p> <p>His comments followed a speech earlier this month when he criticized the health industry for &#8220;Kabuki drug-pricing constructs&#8221;.</p> <p>One specific action Gottlieb said the FDA was working on was a plan to make it harder to tweak original branded biological medicines so that drug makers can extend patents. This should make it easier for makers of copies, who are able to sell their versions once patents expire.</p> <p>Gottlieb also said he was concerned about the impact of deals like the CVS Health purchase of Aetna Inc on the ability of pharmaceutical companies to block the entry of cheaper copycat drugs.</p> <p>As the pharmacy benefit managers, which administer drug benefits for employers and health plans and also run large mail-order pharmacies, and the drug supply chains consolidate, Gottlieb said, they are making it easier for pharmaceutical companies to block access to drugs produced by the generic companies that are legally entitled to create cheaper copycat versions of the medicines.</p> <p>&#8220;We don&#8217;t have direct purview over it but we do have something to say about it and we&#8217;re going to be speaking to the PBMs about it,&#8221; Gottlieb said.</p> <p>Cigna Corp also agreed recently to buy pharmacy benefit manager Express Scripts Holding Inc.</p> PFIZER VS J&amp;amp;J <p>A key battleground in the biosimilars fight is Remicade, a treatment for rheumatoid arthritis and Crohn&#8217;s disease marketed by Johnson &amp;amp; Johnson.</p> <p>Pfizer, which sells a cheaper biosimilar version, has sued J&amp;amp;J over its Remicade contracts with health insurers, arguing that they are anti-competitive. It contends J&amp;amp;J is offering discounts on Remicade in exchange for essentially excluding Pfizer&#8217;s drug from insurance coverage, keeping it out of the hands of doctors and patients.</p> <p>J&amp;amp;J says Pfizer&#8217;s suit is without merit.</p> <p>Reporting by Ben Hirschler, Yasmeen Abutaleb and Caroline Humer; Editing by Frances Kerry</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - A federal judge on Wednesday overturned a U.S. jury&#8217;s verdict that required Teva Pharmaceutical Industries Ltd to pay GlaxoSmithKline Plc more than $235 million for infringing a patent covering its blood pressure drug Coreg.</p> A Teva Pharmaceutical Industries building is seen in Jerusalem December 14, 2017. REUTERS/Ammar Awad <p>U.S. District Judge Leonard Stark in Wilmington, Delaware ruled that the evidence did not support the jury&#8217;s finding in June that Teva sales of a generic version of the drug caused doctors to infringe GSK&#8217;s patent.</p> <p>The jury had awarded GSK $234.1 million in lost profits and said the drug company deserved an additional $1.4 million in royalties. It also had rejected Teva&#8217;s contention that the patent was invalid, a decision Stark did not overturn.</p> <p>&#8220;We are disappointed with the judge&#8217;s decision and are reviewing our options,&#8221; British drugmaker GSK said in a statement.</p> <p>Israel-based Teva declined to comment.</p> <p>The U.S. Food and Drug Administration (FDA) approved Teva&#8217;s generic version of Coreg, or carvedilol, in 2007.</p> <p>GSK had alleged that while Teva&#8217;s FDA application had a carve-out to address its use for treating chronic heart failure, which GSK said remained under patent, the generic drugmaker changed its label in 2011 to add that use.</p> <p>GSK said that as a result, Teva caused doctors to infringe its patent by selling a generic version of the drug and marketing it as a substitute for Coreg.</p> <p>But in his ruling on Wednesday, Stark said that the evidence did not support finding that Teva&#8217;s actions as opposed to other factors induced doctors into infringing the patent by prescribing generic carvedilol to treat chronic heart failure.</p> <p>&#8220;Without proof of causation, which is an essential element of GSK&#8217;s action, a finding of inducement cannot stand,&#8221; Stark wrote.</p> <p>The case is GlaxoSmithKline LLC et al v. Teva Pharmaceuticals USA Inc, U.S. District Court, District of Delaware, No. 14-cv-00878.</p> <p>(The story corrects attribution of reversed corporate quotes in paragraphs 4 and 5)</p> <p>Reporting by Nate Raymond in Boston; editing by Susan Thomas and Diane Craft</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters Health) - The proportion of U.S. adults who get recommended colon cancer screenings has never been as high as doctors would like, but a new study suggests that it&#8217;s much lower than expected in some pockets of the country.</p> <p>To catch colon cancer early, when it&#8217;s easier to treat and less lethal, physicians typically recommend that adults aged 50 to 75 get screened every 10 years with a colonoscopy or annually with fecal tests. Nationwide, only about 67 percent of adults in this age range were current with screening, the study found.</p> <p>At the state level, screening rates ranged from a low of 59 percent in Wyoming to a high of 75 percent in Massachusetts.</p> <p>Researchers found even greater variability within some states. Screening rates were lowest in one county in Alaska, at just 40 percent, and highest in one county in Florida, at 80 percent.</p> <p>The widest gap among counties was in South Dakota, with a 29-percentage point difference between the counties with the lowest and highest screening rates; the smallest gap was in Connecticut, with about 4 percentage points separating the counties with the highest and lowest screening rates.</p> <p>&#8220;We anticipated variations by county in colorectal cancer screening within the states because of different educational and income levels and geographical inequalities, but we were still struck by differences of more than 20 percentage points between counties in some states,&#8221; said lead study author Zahava Berkowitz, of the National Center for Chronic Disease Prevention and Health Promotion, at the U.S. Centers for Disease Control and Prevention in Atlanta.</p> <p>&#8220;Although most providers recommend colonoscopy, some people refuse to undergo the preparation for the procedure and/or are afraid of an invasive procedure,&#8221; Berkowitz said by email. &#8220;Therefore, it is important that multiple screening options are offered to match patients&#8217; preferences.&#8221;</p> <p>The most common screening method is a colonoscopy exam that snakes a tiny camera through the rectum to view the colon to search for abnormal tissue growth. Patients may need to use laxatives or an enema to empty the bowels before the exam, and sedation is usually required during the procedures.</p> <p>An alternative is fecal occult blood testing (FOBT), which looks for blood - a possible sign of cancer - in stool samples. Another option involves doing FOBT every three years along with a sigmoidoscopy exam of just the lower colon every five years.</p> <p>The U.S. Preventive Services Task Force, a government-backed independent panel that assesses the evidence for medical procedures, recommends using any of these methods starting at age 50 for adults who don&#8217;t have inflammatory bowel disease or a family history of colon cancer. People with those extra risk factors or other specific conditions may need earlier or more intensive screening.</p> <p>For the current study, researchers modeled county level screening rates by using CDC survey data for 251,360 adults aged 50 to 75 and looking at U.S. population estimates for 3,142 counties nationwide.</p> <p>Screening varied by ethnicity, with about 69 percent of white adults current on recommended screenings, compared with 57 percent of Hispanics, the study found.</p> <p>One limitation of the study is that researchers relied on survey participants to accurately recall and report their screening exams, and inaccurate responses might throw off the estimated screening rates, researchers note in Cancer, Epidemiology, Biomarkers and Prevention.</p> <p>The study also doesn&#8217;t offer insight into why so many people are not current with their recommended screenings, and there are many factors that can contribute to this, said Electra Paskett, a cancer researcher at Ohio State University in Columbus who wasn&#8217;t involved in the study.</p> <p>Screening rates tend to be lowest in places that don&#8217;t have polices to cover these tests for everyone or don&#8217;t have providers in the community who can do the tests, Paskett said by email. Doctors also might not recommend screening, or people might not want it or want to travel too far to get it.</p> <p>&#8220;All of these act and interact in different ways to keep people from screening,&#8221; Paskett added. &#8220;It matters because colorectal cancer is totally preventable as is death from colorectal cancer if people get screened regularly.&#8221;</p> <p>SOURCE: <a href="https://bit.ly/2GkLQn0" type="external">bit.ly/2GkLQn0</a> Cancer, Epidemiology, Biomarkers and Prevention, online March 1, 2018.</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>ZURICH (Reuters) - Swiss drugmaker Roche&#8217;s shares dropped on Wednesday after it told U.S.-based haemophilia advocacy groups that five patients treated with its medicine Hemlibra had died, while maintaining that the therapy was not the cause of the deaths.</p> The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland February 1, 2018. REUTERS/Arnd Wiegmann <p>The shares slipped 2 percent by 0850 GMT &#8212; double the decline in the European healthcare sector &#8212; as news of the patient deaths took the shine off a separate Japanese court ruling in Roche&#8217;s favour in a patent dispute over Hemlibra with rival drugmaker Shire.</p> <p>The Hemophilia Federation of America (HFA) and the National Hemophilia Foundation (NHF) groups issued alerts on Tuesday after Roche&#8217;s Genentech unit informed them of the deaths of patients with the genetic disease that stops blood from clotting properly.</p> <p>&#8220;To date, five adults taking Hemlibra have passed away,&#8221; Roche said in a statement to Reuters. &#8220;For all, the treating physician or investigator&#8217;s assessment was that the cause of death was unrelated to Hemlibra.&#8221;</p> <p>One of the deaths was reported in 2017, in which a patient experiencing a bleeding event refused a blood transfusion for religious reasons.</p> <p>One adult who was taking part in a compassionate-use programme died in 2016, Roche said on Wednesday. Another died in 2017, while two have died this year.</p> <p>Roche did not give the specific causes of those deaths in its statement.</p> <p>There have also been several cases of adverse events &#8212; thrombotic microangiopathy, or damage to blood vessels in vital organs &#8212; that emerged during clinical trials. Roche has blamed these on other medicines used to treat bleeding events.</p> <p>Analysts have said Hemlibra, which costs roughly $450,000 per year, has potential to hit $5 billion in annual sales by muscling in on older drugs from rivals like Shire. But risks remain, as highlighted by scrutiny of these latest deaths.</p> <p>&#8220;With very limited information, it is unclear if there are additional safety concerns with Hemlibra at this point,&#8221; wrote Jefferies analyst David Steinberg.</p> <p>&#8220;However, it&#8217;s a possibility that heightened concerns &#8212; which arose after the initial death... &#8212; could re-emerge.&#8221;</p> <p>With Hemlibra, Roche has expanded its haematology franchise beyond blood cancers and is banking on the new medicine to help make up for falling revenue from patent-expired oncology drugs Rituxan, Avastin and Herceptin.</p> <p>But its incursion into a rare disease with a first-of-its-kind drug that doctors are still trying to understand also brings challenges, including intense scrutiny from the community of 20,000 U.S. patients.</p> <p>They are well organised after many sufferers died in the 1980s when they contracted HIV from contaminated blood products.</p> <p>&#8220;HFA recognizes that there has been robust discussion on social media as the community has been made aware of this and other adverse events surrounding Hemlibra,&#8221; the group said. &#8220;We will continue to monitor the situation and share information as we learn more.&#8221;</p> <p>Editing by Louise Heavens and Michael Shields</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

FDA's tobacco stance faces test with Philip Morris iQOS device FDA working on a 'dozen' policies to boost copycat biotech drugs Teva wins reversal of U.S. jury's $235 million GSK drug patent verdict Colon cancer screening rates vary widely across U.S. Roche shares drop after deaths of patients taking Hemlibra

https://reuters.com/article/us-health-tobacco-pmi/fdas-tobacco-stance-faces-test-with-philip-morris-iqos-device-idUSKBN1FB0J2

2018-01-22

2least

WASHINGTON Reuters In a decision expected to test the Trump administration8217s approach to tobacco regulation US health advisers will vote this week on whether to allow Philip Morris International Inc to claim its novel iQOS tobacco device is less harmful than cigarettes IQOS is designed to heat tobacco but not burn it and comes in a sleek package that would not look out of place in an Apple store Most of the harmful chemicals in tobacco are released when tobacco is burned forming the basis of Philip Morris8217s claim of a lessrisky product If cleared iQOS would become the first product to carry a modifiedrisk claim and could advance the Food and Drug Administration8217s proposed new approach to reduce the dangers of smoking by creating a market for less harmful products than cigarettes On Monday the FDA said its review of iQOS found that the product contains lower levels of toxic chemicals than cigarettes but could not say whether that translates into lower rates of tobaccorelated disease Medical and other expert advisors to the FDA will discuss the product on Wednesday and Thursday and recommend whether it should be cleared as a socalled 8220modified risk8221 tobacco product The FDA is not obliged to follow the recommendations of its outside advisers but typically does Tobacco experts said the FDA documents do not show a clear point of view by the agency reviewers 8220It8217s a complex document with lots of data and findings that could be used by proponents on either side8221 said Matthew Myers president of the Campaign for Tobacco Free Kids Philip Morris8217s shares fell 01 percent to 10880 in afternoon trading in New York Last month a Reuters investigation described irregularities in the clinical trials that supported Philip Morriss iQOS application to the FDA here here For a graphic on market share of novel tobacco and vapor products see tmsnrtrs2DQ7cIH NEW APPROACH For decades US health agencies have worked to help Americans quit cigarettes to avoid the risks of lung cancer and other disease National smoking rates have declined to near historic lows of around 15 percent But in July newly appointed FDA Commissioner Scott Gottlieb proposed reducing nicotine levels in cigarettes to 8220nonaddictive8221 levels while increasing development of lowerrisk alternatives The policy assumes that some percentage of the population will be unable or unwilling to give up nicotine To make the new strategy succeed the agency needs a stable of vetted reducedrisk alternatives to cigarettes Philip Morris is one of the few companies that can finance such a long development process spending close to 3 billion on reducedrisk products 8220If this application fails it will be clear that this is an expensive wasteful regulatory dead end8221 said Clive Bates a tobacco expert who runs the consulting firm Counterfactual and advocates for alternative nicotine products Bates and others argue that if Philip Morris cannot win FDA clearance for a modifiedrisk product no one will be able to Other companies have submitted modifiedrisk products for FDA review 22nd Century Group Inc which genetically engineers tobacco plants to have lower nicotine levels seeks clearance for its 8220Brand A8221 very low nicotine cigarettes RJ Reynolds Tobacco Co owned by British American Tobacco Plc seeks clearance for six snus products a moist smokeless tobacco pouch placed under the lip under the Camel brand THE CLAIM IQOS is already used by nearly 4 million people in 30 markets outside the United States It consists of a small penlike holder containing a heated tobacco stick and a charger It looks similar to an ecigarette but uses real tobacco rather than nicotinelaced liquid Philip Morris says that iQOS contains up to 95 percent fewer harmful or potentially harmful chemicals than the cigarette smoke produced from burning tobacco If approved the product would be marketed by US partner Altria Group Inc The hurdles for success are high To sell a new tobacco product a company must demonstrate that it significantly reduces the risk of disease and does not encourage more smoking or delay quitting To date the FDA has determined that only eight products meet that standard all of them snus smokeless tobacco pouches made by Swedish Match AB The agency has granted no company the right to specifically claim that their product is less risky than cigarettes Tobacco control activists say companies like Philip Morris cannot be trusted to make reducedrisk claims They point to the industry8217s previous promotion of 8220light8221 and 8220lowtar8221 cigarettes as safer alternatives despite evidence showing they were not Others argue that things have changed Since 2009 the tobacco industry has had to answer to the FDA under federal law New technology including ecigarettes and heatnotburn products may help smokers quit or shift those who cannot quit onto a less harmful substitute they say 8220Many of my friends in the tobacco control movement are still fighting the tobacco wars of the 1980s8221 said Scott Ballin an independent health policy consultant and longtime antitobacco activist 8220We are beyond that now8221 FILE PHOTO A man poses for a photograph while using a Philip Morris iQOS smoking device in Bogota Colombia November 14 2017 REUTERSJaime SaldarriagaFile Photo The FDA8217s Gottlieb favors an approach to treating addiction that makes available less harmful versions of addictive substances including nicotine and opioids These products he argues can help minimize damage to those unable to quit Mitch Zeller head of the FDA8217s tobacco division refers frequently to a 8220continuum of risk8221 for nicotine products with nicotine gums and lozenges on one end and cigarettes on the other The FDA would like to shift smokers unable to quit nicotine from highrisk to lowrisk products 8220What we have developed is an offering on the continuum of risk8221 said Ruth Dempsey Philip Morris8217 director of scientific engagement 8220We believe it is better than cigarettes8221 Reporting by Reuters staff Editing by Michele Gershberg and Matthew Lewis Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters The US Food ampamp Drug Administration is working on around a dozen actions to boost use of cheaper versions of expensive biotech medicines the head of the agency Scott Gottlieb said on Wednesday FILE PHOTO US Food and Drug Commissioner Scott Gottlieb attends an interview at Reuters headquarters in New York City US October 10 2017 REUTERSEduardo Munoz The United States has lagged behind Europe in use of socalled biosimilars to the frustration of FDA policymakers who are starting to approve such products but who are seeing other impediments to getting them to consumers Biological drugs for treating serious conditions such as cancer and rheumatoid arthritis are complex molecules made inside living cells 8220There8217s no silver bullet here in terms of trying to make this market really go gangbusters I think this is going to be a slow build8221 Gottlieb told CNBC8217s Healthy Returns conference in New York 8220We8217re going to be coming out with a set of policies multiple policies about a dozen policies that I think incrementally will each move the ball in a direction trying to create more avenues for biosimilar competition8221 His comments followed a speech earlier this month when he criticized the health industry for 8220Kabuki drugpricing constructs8221 One specific action Gottlieb said the FDA was working on was a plan to make it harder to tweak original branded biological medicines so that drug makers can extend patents This should make it easier for makers of copies who are able to sell their versions once patents expire Gottlieb also said he was concerned about the impact of deals like the CVS Health purchase of Aetna Inc on the ability of pharmaceutical companies to block the entry of cheaper copycat drugs As the pharmacy benefit managers which administer drug benefits for employers and health plans and also run large mailorder pharmacies and the drug supply chains consolidate Gottlieb said they are making it easier for pharmaceutical companies to block access to drugs produced by the generic companies that are legally entitled to create cheaper copycat versions of the medicines 8220We don8217t have direct purview over it but we do have something to say about it and we8217re going to be speaking to the PBMs about it8221 Gottlieb said Cigna Corp also agreed recently to buy pharmacy benefit manager Express Scripts Holding Inc PFIZER VS JampampJ A key battleground in the biosimilars fight is Remicade a treatment for rheumatoid arthritis and Crohn8217s disease marketed by Johnson ampamp Johnson Pfizer which sells a cheaper biosimilar version has sued JampampJ over its Remicade contracts with health insurers arguing that they are anticompetitive It contends JampampJ is offering discounts on Remicade in exchange for essentially excluding Pfizer8217s drug from insurance coverage keeping it out of the hands of doctors and patients JampampJ says Pfizer8217s suit is without merit Reporting by Ben Hirschler Yasmeen Abutaleb and Caroline Humer Editing by Frances Kerry Our Standards The Thomson Reuters Trust Principles Reuters A federal judge on Wednesday overturned a US jury8217s verdict that required Teva Pharmaceutical Industries Ltd to pay GlaxoSmithKline Plc more than 235 million for infringing a patent covering its blood pressure drug Coreg A Teva Pharmaceutical Industries building is seen in Jerusalem December 14 2017 REUTERSAmmar Awad US District Judge Leonard Stark in Wilmington Delaware ruled that the evidence did not support the jury8217s finding in June that Teva sales of a generic version of the drug caused doctors to infringe GSK8217s patent The jury had awarded GSK 2341 million in lost profits and said the drug company deserved an additional 14 million in royalties It also had rejected Teva8217s contention that the patent was invalid a decision Stark did not overturn 8220We are disappointed with the judge8217s decision and are reviewing our options8221 British drugmaker GSK said in a statement Israelbased Teva declined to comment The US Food and Drug Administration FDA approved Teva8217s generic version of Coreg or carvedilol in 2007 GSK had alleged that while Teva8217s FDA application had a carveout to address its use for treating chronic heart failure which GSK said remained under patent the generic drugmaker changed its label in 2011 to add that use GSK said that as a result Teva caused doctors to infringe its patent by selling a generic version of the drug and marketing it as a substitute for Coreg But in his ruling on Wednesday Stark said that the evidence did not support finding that Teva8217s actions as opposed to other factors induced doctors into infringing the patent by prescribing generic carvedilol to treat chronic heart failure 8220Without proof of causation which is an essential element of GSK8217s action a finding of inducement cannot stand8221 Stark wrote The case is GlaxoSmithKline LLC et al v Teva Pharmaceuticals USA Inc US District Court District of Delaware No 14cv00878 The story corrects attribution of reversed corporate quotes in paragraphs 4 and 5 Reporting by Nate Raymond in Boston editing by Susan Thomas and Diane Craft Our Standards The Thomson Reuters Trust Principles Reuters Health The proportion of US adults who get recommended colon cancer screenings has never been as high as doctors would like but a new study suggests that it8217s much lower than expected in some pockets of the country To catch colon cancer early when it8217s easier to treat and less lethal physicians typically recommend that adults aged 50 to 75 get screened every 10 years with a colonoscopy or annually with fecal tests Nationwide only about 67 percent of adults in this age range were current with screening the study found At the state level screening rates ranged from a low of 59 percent in Wyoming to a high of 75 percent in Massachusetts Researchers found even greater variability within some states Screening rates were lowest in one county in Alaska at just 40 percent and highest in one county in Florida at 80 percent The widest gap among counties was in South Dakota with a 29percentage point difference between the counties with the lowest and highest screening rates the smallest gap was in Connecticut with about 4 percentage points separating the counties with the highest and lowest screening rates 8220We anticipated variations by county in colorectal cancer screening within the states because of different educational and income levels and geographical inequalities but we were still struck by differences of more than 20 percentage points between counties in some states8221 said lead study author Zahava Berkowitz of the National Center for Chronic Disease Prevention and Health Promotion at the US Centers for Disease Control and Prevention in Atlanta 8220Although most providers recommend colonoscopy some people refuse to undergo the preparation for the procedure andor are afraid of an invasive procedure8221 Berkowitz said by email 8220Therefore it is important that multiple screening options are offered to match patients8217 preferences8221 The most common screening method is a colonoscopy exam that snakes a tiny camera through the rectum to view the colon to search for abnormal tissue growth Patients may need to use laxatives or an enema to empty the bowels before the exam and sedation is usually required during the procedures An alternative is fecal occult blood testing FOBT which looks for blood a possible sign of cancer in stool samples Another option involves doing FOBT every three years along with a sigmoidoscopy exam of just the lower colon every five years The US Preventive Services Task Force a governmentbacked independent panel that assesses the evidence for medical procedures recommends using any of these methods starting at age 50 for adults who don8217t have inflammatory bowel disease or a family history of colon cancer People with those extra risk factors or other specific conditions may need earlier or more intensive screening For the current study researchers modeled county level screening rates by using CDC survey data for 251360 adults aged 50 to 75 and looking at US population estimates for 3142 counties nationwide Screening varied by ethnicity with about 69 percent of white adults current on recommended screenings compared with 57 percent of Hispanics the study found One limitation of the study is that researchers relied on survey participants to accurately recall and report their screening exams and inaccurate responses might throw off the estimated screening rates researchers note in Cancer Epidemiology Biomarkers and Prevention The study also doesn8217t offer insight into why so many people are not current with their recommended screenings and there are many factors that can contribute to this said Electra Paskett a cancer researcher at Ohio State University in Columbus who wasn8217t involved in the study Screening rates tend to be lowest in places that don8217t have polices to cover these tests for everyone or don8217t have providers in the community who can do the tests Paskett said by email Doctors also might not recommend screening or people might not want it or want to travel too far to get it 8220All of these act and interact in different ways to keep people from screening8221 Paskett added 8220It matters because colorectal cancer is totally preventable as is death from colorectal cancer if people get screened regularly8221 SOURCE bitly2GkLQn0 Cancer Epidemiology Biomarkers and Prevention online March 1 2018 Our Standards The Thomson Reuters Trust Principles ZURICH Reuters Swiss drugmaker Roche8217s shares dropped on Wednesday after it told USbased haemophilia advocacy groups that five patients treated with its medicine Hemlibra had died while maintaining that the therapy was not the cause of the deaths The logo of Swiss drugmaker Roche is seen at its headquarters in Basel Switzerland February 1 2018 REUTERSArnd Wiegmann The shares slipped 2 percent by 0850 GMT 8212 double the decline in the European healthcare sector 8212 as news of the patient deaths took the shine off a separate Japanese court ruling in Roche8217s favour in a patent dispute over Hemlibra with rival drugmaker Shire The Hemophilia Federation of America HFA and the National Hemophilia Foundation NHF groups issued alerts on Tuesday after Roche8217s Genentech unit informed them of the deaths of patients with the genetic disease that stops blood from clotting properly 8220To date five adults taking Hemlibra have passed away8221 Roche said in a statement to Reuters 8220For all the treating physician or investigator8217s assessment was that the cause of death was unrelated to Hemlibra8221 One of the deaths was reported in 2017 in which a patient experiencing a bleeding event refused a blood transfusion for religious reasons One adult who was taking part in a compassionateuse programme died in 2016 Roche said on Wednesday Another died in 2017 while two have died this year Roche did not give the specific causes of those deaths in its statement There have also been several cases of adverse events 8212 thrombotic microangiopathy or damage to blood vessels in vital organs 8212 that emerged during clinical trials Roche has blamed these on other medicines used to treat bleeding events Analysts have said Hemlibra which costs roughly 450000 per year has potential to hit 5 billion in annual sales by muscling in on older drugs from rivals like Shire But risks remain as highlighted by scrutiny of these latest deaths 8220With very limited information it is unclear if there are additional safety concerns with Hemlibra at this point8221 wrote Jefferies analyst David Steinberg 8220However it8217s a possibility that heightened concerns 8212 which arose after the initial death 8212 could reemerge8221 With Hemlibra Roche has expanded its haematology franchise beyond blood cancers and is banking on the new medicine to help make up for falling revenue from patentexpired oncology drugs Rituxan Avastin and Herceptin But its incursion into a rare disease with a firstofitskind drug that doctors are still trying to understand also brings challenges including intense scrutiny from the community of 20000 US patients They are well organised after many sufferers died in the 1980s when they contracted HIV from contaminated blood products 8220HFA recognizes that there has been robust discussion on social media as the community has been made aware of this and other adverse events surrounding Hemlibra8221 the group said 8220We will continue to monitor the situation and share information as we learn more8221 Editing by Louise Heavens and Michael Shields Our Standards The Thomson Reuters Trust Principles

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<p>Jan 23 (Reuters) - Senetas Corp Ltd:</p> <p>* &#8205;EXPECTS ITS NET PROFIT BEFORE TAX (NPBT) TO BE BETWEEN $2.2 MILLION AND $2.4 MILLION FOR HY2018&#8203; Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician, Rear Admiral Ronny Jackson, to replace him in the latest turnover among Trump&#8217;s team.</p> FILE PHOTO: Secretary of the Department of Veteran Affairs David Shulkin talks with U.S. President Donald Trump during the signing of an executive order entitled "Supporting our Veterans during their Transition from Uniformed Service to Civilian Life" in the Oval Office of the White House in Washington, U.S., January 9, 2018. REUTERS/Carlos Barria/Files <p>White House officials, speaking on condition of anonymity, said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two. They said an undersecretary at the Department of Defense, Robert Wilkie, will be the acting secretary.</p> <p>Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs. It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin&#8217;s wife could travel at government expense.</p> <p>One official said the criticism of Shulkin was &#8220;making it harder for him to carry out the duties of secretary of the VA, which is something the president has made clear is a big priority for him.&#8221;</p> <p>Jackson, a rear admiral of the U.S. Navy, has been working as a presidential physician since the George W. Bush administration, and has been the lead doctor monitoring Trump&#8217;s health since Trump became president.</p> <p>Jackson gave Trump a clean bill of health early this year after giving the president a physical. He put him on a diet to lose some weight and directed him to get some exercise. Aides said Trump has been eating more fish and fewer cheeseburgers lately.</p> FILE PHOTO: U.S. President Donald Trump listens as U.S. Secretary of Veterans Affairs David Shulkin speaks during a Department of Veterans Affairs Telehealth event at the White House in Washington, U.S., August 3, 2017. REUTERS/Joshua Roberts/File Photo <p>A Texas native who has been on active duty since 1995, Jackson served during the U.S.-led war in Iraq as an emergency medicine physician in Taqaddum, Iraq.</p> <p>&#8220;Admiral Jackson is highly trained and qualified and as a service member himself, he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them,&#8221; Trump said.</p> <p>A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year.</p> <p>&#8220;The president wants somebody who gives him the best possible care to go over and give that same care to the veterans. That&#8217;s how strongly he feels about getting them represented properly,&#8221; the official said.</p> <p>Trump said he appreciated Shulkin&#8217;s work, including passage of the VA Accountability Act.&#8221;He has been a great supporter of veterans across the country and I am grateful for his service,&#8221; Trump said in a statement.</p> <p>U.S. Representative Phil Roe, a Republican who chairs the House Committee on Veterans Affairs, said he hated to see Shulkin go but respected Trump&#8217;s decision.</p> <p>&#8220;At the end of the day, cabinet secretaries serve at the pleasure of the president,&#8221; he said.</p> <p>Will Fischer, director of government relations for the VoteVets lobby group, said his group hopes Jackson will oppose any attempt to privatize the VA or its health services, a concept that Republicans talk about occasionally.</p> Slideshow (3 Images) <p>&#8220;If Dr. Jackson can do that, immediately, he will do a lot to help his chances at confirmation,&#8221; Fischer said.</p> <p>The VA oversees healthcare and benefits going to roughly 20 million U.S. military veterans. The Veterans Health Administration, the largest integrated healthcare system in the United States, provides care at more than 1,200 facilities, including 170 VA Medical Centers, to more than 9 million veterans.</p> <p>Trump praised Shulkin as &#8220;fantastic&#8221; when he chose him to head the VA in January 2017. Trump, who promised improved veterans&#8217; care during his presidential campaign, last year said the department had made &#8220;tremendous progress&#8221; under Shulkin.</p> <p>But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him.</p> <p>Shulkin said after the release of the inspector general&#8217;s report that he would comply with its recommendations, including reimbursing the government for his wife&#8217;s $4,312 airfare and paying his friend for the Wimbledon tickets. The department announced two days after the report was issued that Shulkin&#8217;s chief of staff, Vivieca Wright Simpson, would retire.</p> <p>Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017. Others include Secretary of State Rex Tillerson, Secretary of Health and Human Services Tom Price, FBI chief James Comey and FBI No. 2 Andrew McCabe, Trump&#8217;s chief strategist Steve Bannon, national security advisers H.R. McMaster and Michael Flynn, White House chief of staff Reince Priebus, communications directors Hope Hicks and Anthony Scaramucci, and economic adviser Gary Cohn.</p> <p>Reporting by Steve Holland; Editing by Leslie Adler and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>LONDON (Reuters) - Russian former double agent Sergei Skripal and his daughter were poisoned with a nerve toxin that had been left on the front door of their home in England, British counter-terrorism police said on Wednesday.</p> A police officer stands guard outside of the home of former Russian military intelligence officer Sergei Skripal, in Salisbury, Britain, March 6, 2018. REUTERS/Toby Melville <p>After the first known offensive use of a chemical weapon on European soil since World War Two, Britain blamed Russian President Vladimir Putin for the attempted assassination and the West has expelled around 130 Russian diplomats.</p> <p>Russia has denied any involvement in the attack and has said it suspects the British secret services of using the Novichok nerve agent, which was developed by the Soviet military, to frame Russia and stoke anti-Russian hysteria.</p> <p>&#8220;We believe the Skripals first came into contact with the nerve agent from their front door,&#8221; said Dean Haydon, Britain&#8217;s&#8217; senior national coordinator for counter terrorism policing.</p> <p>&#8220;Specialists have identified the highest concentration of the nerve agent, to-date, as being on the front door of the address,&#8221; Scotland Yard said in a statement.</p> <p>Skripal and his 33-year-old daughter, Yulia, have been in a critical condition since being found unconscious on a public bench in the English city of Salisbury on March 4. A British judge has said they may have suffered permanent brain damage.</p> <p>The attempted murder of Skripal, a 66-year-old former colonel in Russian military intelligence who betrayed dozens of Russian agents to Britain&#8217;s MI6 spy service, has plunged Moscow&#8217;s relations with the West to a new post-Cold War low.</p> <p>After Britain expelled 23 Russians it said were spies working under diplomatic cover, Russia followed by throwing out 23 British diplomats. The United States and other Western countries, including most member states of the European Union and NATO, expelled over 100 diplomats.</p> Police officers stand guard outside of the home of former Russian military intelligence officer Sergei Skripal, in Salisbury, Britain, March 6, 2018.REUTERS/Toby Melville &#8220;ENOUGH IS ENOUGH&#8221; <p>British Foreign Secretary Boris Johnson said the Kremlin had underestimated the Western response to the attack on Skripal and his daughter, which also injured a British policeman.</p> <p>Johnson told an audience of ambassadors in London that 27 countries have now moved to expel Russian diplomats over Moscow&#8217;s suspected involvement - which Russia denies.</p> <p>&#8220;These expulsions represent a moment when a feeling has suddenly crystallized, when years of vexation and provocation have worn the collective patience to breaking point, and when across the world &#8211; across three continents &#8211; there are countries who are willing to say enough is enough,&#8221; Johnson said.</p> <p>&#8220;If they (Russia) believed that we had become so morally weakened, so dependent on hydrocarbons, so chronically risk averse and so fearful of Russia that we would not dare to respond, then this is their answer,&#8221; he added.</p> <p>Putin, who has been dealing with a deadly shopping center fire in Siberia, has yet to respond, though Moscow has threatened to take retaliatory action against the West.</p> <p>&#8220;An analysis of all the circumstances ... leads us to think of the possible involvement in it (the poisoning) of the British intelligence services,&#8221; the Russian Foreign Ministry said in a statement on Wednesday before the announcement by British police.</p> <p>&#8220;If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens as a result of a massive political provocation.&#8221;</p> <p>A London court last week gave permission for blood samples to be taken from the Skripals for examination by chemical weapons inspectors to confirm a conclusion by Britain that the military nerve agent had been used.</p> <p>An unidentified doctor who is treating the Skripals said they were both heavily sedated and unable to communicate, and that it was not possible to assess when or to what extent either may regain mental capacity, according to the court&#8217;s ruling.</p> Slideshow (8 Images) <p>Skripal, who was turned by British spies while in Spain, ended up in Britain after a Cold War-style spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West.</p> <p>Since emerging from the John le Carre world of high espionage and betrayal, Skripal lived modestly in the English cathedral city of Salisbury and kept out of the spotlight until he was found unconscious on March 4.</p> <p>His house in Salisbury, which featured a good-luck horseshoe on the front door, was bought for 260,000 pounds ($360,000) in 2011. Skripal was listed at living there under his own name.</p> <p>In the years since he found refuge in Britain, Skripal lost both a wife and son.</p> <p>The attack on Skripal has been likened in Britain to the killing of ex-KGB agent Alexander Litvinenko, a critic of Putin, who died in London in 2006 after drinking green tea laced with radioactive polonium 210.</p> <p>Russia denied any involvement in that killing.</p> <p>An inquiry led by senior British judge Robert Owen found that former KGB bodyguard Andrei Lugovoy and another Russian, Dmitry Kovtun, carried out the killing as part of an operation probably directed by Russia&#8217;s Federal Security Service (FSB).</p> <p>British police said they would continue to focus their enquiries around Skripal&#8217;s home address as the investigation continued.</p> <p>Writing by Richard Balmforth and Guy Faulconbridge; Editing by Andrew Heavens, David Stamp and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - After most European Union states expelled Russian diplomats over the Salisbury spy poisoning, sources in Brussels expect the bloc to hold the line on Russia sanctions for now.</p> <p>EU foreign ministers will discuss the bloc&#8217;s troubled ties with Moscow on April 16, a broad debate planned long before a former Russian spy was found slumped on a public bench together with his daughter in the English town of Salisbury on March 4.</p> <p>But, diplomats and officials said, any appetite that might have been there at the turn of the year to soften the bloc&#8217;s line and seek more &#8220;selective engagement&#8221; with Moscow has dissipated after the toxin attack, which Britain, followed by the rest of the EU, blames on Moscow. [nL8N1R84DY]</p> <p>&#8220;Just several weeks ago, the Austrians were ready to join the traditional Russia doves in asking for more engagement with Russia. Now, that would not be possible,&#8221; said a senior diplomat from a country traditionally hawkish on Moscow.</p> <p>The West responded to the poisoning of Sergei Skripal and his daughter Yulia by expelling more than 100 Russians as undercover spies, including 60 sent home from the United States.</p> <p>Nineteen of the EU&#8217;s 28 states have told Russian diplomats to leave, and three others recalled their own ambassadors. Only Greece, Bulgaria, Cyprus, Portugal, Slovenia and Austria have not joined the coordinated action.</p> <p>The biggest Western expulsion of Russian diplomats since the height of the Cold War came days after the fourth anniversary of Moscow&#8217;s military annexation of the Black Sea peninsula of Crimea from Ukraine.</p> <p>Back then, the EU responded by slapping sanctions on Russia, which it stepped up as Moscow backed rebels in east Ukraine. They include curbs on doing business and a blacklist of officials.</p> <p>&#8220;The ball is now in Moscow&#8217;s court, we&#8217;ll see if they respond by kicking out as many EU diplomats,&#8221; said another senior EU person. &#8220;We will discuss accordingly but there seems to be no appetite to reopen the economic sanctions.&#8221;</p> <p>An EU official dealing with the matter said the expulsions already establish an EU &#8220;red line&#8221;, meaning the bloc would not go any further for now.</p> <p>The EU&#8217;s economic sanctions, which target Russia&#8217;s energy, defense and financial sectors, are in place until the end of July any an extension requires unanimity of all 28 EU states.</p> <p>Despite the bloc&#8217;s traditional split on how to handle Russia, most recently seen in a clash between two of the bloc&#8217;s top officials on whether to congratulate Vladimir Putin on his fourth presidential term, the sanctions have been extended every six months since first being imposed in mid-2014.</p> <p>The sources said the bloc could consider smaller changes to the sanctions regime, either looking at longer extensions of one year, or adding a few names to the EU&#8217;s blacklist over Russia&#8217;s presidential elections earlier this month, which were also held in the annexed Crimea.</p> INSIGHT: One year to go and Brexit still divides <p>But mostly they expected no substantial changes from the April meeting, with another senior EU diplomat saying: &#8220;We have sent a very clear and strong signal. Now we sit and wait to see what happens next.&#8221;</p> <p>Reporting by Gabriela Baczynska; Editing by Peter Graff</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>MOSCOW (Reuters) - Russia said on Wednesday it would respond in kind to the mass expulsion of Russian diplomats by the West over the poisoning of former Russian double agent Sergei Skripal in the English city of Salisbury.</p> A general view shows the U.S. embassy in Moscow, Russia March 27, 2018. REUTERS/Tatyana Makeyeva <p>What began as a row between London and Moscow after Britain accused Russia of using a nerve agent to poison Skripal and his daughter has now snowballed into an international chorus of rebuke for the Kremlin, with even some friendly governments ejecting Russian diplomats.</p> <p>Adding to the list on Wednesday, Slovakia, Malta and Luxembourg each recalled their ambassador in Moscow for consultations, while Montenegro said it would expel a Russian diplomat. Slovakia and Montenegro, while both members of the U.S.-led NATO alliance, are traditionally close to Russia.</p> <p>The biggest demarche came from the United States, which on Monday said it was expelling 60 Russian diplomats. That dented Russian President Vladimir Putin&#8217;s hopes of forging a friendly relationship with U.S. President Donald Trump.</p> Related Coverage <a href="/article/us-britain-russia-police/former-russian-spy-poisoned-by-nerve-agent-on-door-of-home-in-england-police-idUSKBN1H4327" type="external">Former Russian spy poisoned by nerve agent on door of home in England: police</a> <a href="/article/us-britain-russia-johnson/britains-johnson-says-russia-underestimated-global-response-to-nerve-attack-idUSKBN1H435U" type="external">Britain's Johnson says Russia underestimated global response to nerve attack</a> <a href="/article/us-britain-russia-eu/eu-to-hold-line-on-russia-sanctions-after-diplomatic-expulsions-idUSKBN1H42IE" type="external">EU to hold line on Russia sanctions after diplomatic expulsions</a> <p>Valentina Matviyenko, a Kremlin loyalist and speaker of the upper house of parliament, said Russia would retaliate.</p> <p>&#8220;Without a doubt, Russia, as is diplomatic practice, will respond symmetrically and observe parity when it comes to the number of diplomats,&#8221; RIA news agency quoted her as saying.</p> <p>Russian Defence Minister Sergei Shoigu said a Russian military aircraft had, for the first time since the Cold War, conducted a training flight via the North Pole to North America, RIA news agency reported.</p> <p>There was no immediate indication that the flight was linked to Russia&#8217;s standoff with the West. The U.S. navy is holding a five-week training exercise in the Arctic Circle.</p> COLD WAR ECHOES <p>In total, more than 100 Russian diplomats are to be sent home from states ranging from Denmark to Australia, the biggest Western expulsion of Russian diplomats since the height of the Cold War.</p> <p>Moscow has denied being behind the attack on the Skripals and says its adversaries are using it to whip up a campaign of &#8220;Russophobia.&#8221;</p> <p>Skripal, 66, a double agent who was swapped in a spy exchange deal in 2010 and went to live in England, and Yulia Skripal, 33, were found unconscious on a public bench in a shopping center in Salisbury on March 4. They remain critically ill in hospital from the attack in which, British authorities say, a Soviet-era nerve toxin called Novichok was used.</p> <p>Russia has already expelled 23 British diplomats, a tit-for-tat response to Britain&#8217;s expulsion of the same number of staff at the Russian embassy in London.</p> <p>Adding to a drum beat of tough rhetoric coming from Moscow and London, the Russian foreign ministry raised the prospect British intelligence services had poisoned Skripal and his daughter.</p> For the U.S., kicking out Russian spies may not be enough <p>&#8220;If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens,&#8221; the ministry said in a statement.</p> <p>In Australia, whose government said on Tuesday it would expel two diplomats, the Russian ambassador, Grigory Loginov, told reporters the world will enter into a &#8220;Cold War situation&#8221; if the West persists with its bias against Russia.</p> <p>Two days after the United States announced the expulsion of Russian diplomats, there was still no sign of how exactly Russian planned to respond - an indication, perhaps, that the scale of the Western action caught Moscow off guard.</p> <p>Interfax news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying Moscow would assess the level of hostility in Washington and London before deciding how to retaliate.</p> <p>Additional reporting by Reuters bureaux; Editing by Richard Balmforth</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Senetas Corp Updates On Expected HY2018 Net Profit Before Tax Trump pushes out Shulkin at VA, nominates Jackson as replacement Former Russian spy poisoned by nerve agent on door of home in England: police EU to hold line on Russia sanctions after diplomatic expulsions Russia says it will respond in kind to West's expulsions

https://reuters.com/article/brief-senetas-corp-updates-on-expected-h/brief-senetas-corp-updates-on-expected-hy2018-net-profit-before-tax-idUSFWN1PH141

2018-01-22

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Jan 23 Reuters Senetas Corp Ltd 8205EXPECTS ITS NET PROFIT BEFORE TAX NPBT TO BE BETWEEN 22 MILLION AND 24 MILLION FOR HY20188203 Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters President Donald Trump ousted Veterans Affairs Secretary David Shulkin on Wednesday in response to heavy criticism and nominated his personal physician Rear Admiral Ronny Jackson to replace him in the latest turnover among Trump8217s team FILE PHOTO Secretary of the Department of Veteran Affairs David Shulkin talks with US President Donald Trump during the signing of an executive order entitled Supporting our Veterans during their Transition from Uniformed Service to Civilian Life in the Oval Office of the White House in Washington US January 9 2018 REUTERSCarlos BarriaFiles White House officials speaking on condition of anonymity said Shulkin had become a distraction due to a constant wave of speculation about his future and said he would be leaving in the next day or two They said an undersecretary at the Department of Defense Robert Wilkie will be the acting secretary Shulkin had drawn fire for a damning report from the inspector general of the Department of Veterans Affairs It found that during a trip to London and Denmark he improperly accepted tickets to the Wimbledon tennis tournament and his chief of staff made false statements so Shulkin8217s wife could travel at government expense One official said the criticism of Shulkin was 8220making it harder for him to carry out the duties of secretary of the VA which is something the president has made clear is a big priority for him8221 Jackson a rear admiral of the US Navy has been working as a presidential physician since the George W Bush administration and has been the lead doctor monitoring Trump8217s health since Trump became president Jackson gave Trump a clean bill of health early this year after giving the president a physical He put him on a diet to lose some weight and directed him to get some exercise Aides said Trump has been eating more fish and fewer cheeseburgers lately FILE PHOTO US President Donald Trump listens as US Secretary of Veterans Affairs David Shulkin speaks during a Department of Veterans Affairs Telehealth event at the White House in Washington US August 3 2017 REUTERSJoshua RobertsFile Photo A Texas native who has been on active duty since 1995 Jackson served during the USled war in Iraq as an emergency medicine physician in Taqaddum Iraq 8220Admiral Jackson is highly trained and qualified and as a service member himself he has seen firsthand the tremendous sacrifice our veterans make and has a deep appreciation for the debt our great country owes them8221 Trump said A White House official said Trump warmed to Jackson and had been aware that Shulkin had sought to make Jackson the VA undersecretary last year 8220The president wants somebody who gives him the best possible care to go over and give that same care to the veterans That8217s how strongly he feels about getting them represented properly8221 the official said Trump said he appreciated Shulkin8217s work including passage of the VA Accountability Act8221He has been a great supporter of veterans across the country and I am grateful for his service8221 Trump said in a statement US Representative Phil Roe a Republican who chairs the House Committee on Veterans Affairs said he hated to see Shulkin go but respected Trump8217s decision 8220At the end of the day cabinet secretaries serve at the pleasure of the president8221 he said Will Fischer director of government relations for the VoteVets lobby group said his group hopes Jackson will oppose any attempt to privatize the VA or its health services a concept that Republicans talk about occasionally Slideshow 3 Images 8220If Dr Jackson can do that immediately he will do a lot to help his chances at confirmation8221 Fischer said The VA oversees healthcare and benefits going to roughly 20 million US military veterans The Veterans Health Administration the largest integrated healthcare system in the United States provides care at more than 1200 facilities including 170 VA Medical Centers to more than 9 million veterans Trump praised Shulkin as 8220fantastic8221 when he chose him to head the VA in January 2017 Trump who promised improved veterans8217 care during his presidential campaign last year said the department had made 8220tremendous progress8221 under Shulkin But support for him at the White House eroded quickly in recent weeks as Trump grew weary of the drumbeat of negative headlines about him Shulkin said after the release of the inspector general8217s report that he would comply with its recommendations including reimbursing the government for his wife8217s 4312 airfare and paying his friend for the Wimbledon tickets The department announced two days after the report was issued that Shulkin8217s chief of staff Vivieca Wright Simpson would retire Shulkin joins a long list of senior officials who have either resigned or been fired since Trump took office in January 2017 Others include Secretary of State Rex Tillerson Secretary of Health and Human Services Tom Price FBI chief James Comey and FBI No 2 Andrew McCabe Trump8217s chief strategist Steve Bannon national security advisers HR McMaster and Michael Flynn White House chief of staff Reince Priebus communications directors Hope Hicks and Anthony Scaramucci and economic adviser Gary Cohn Reporting by Steve Holland Editing by Leslie Adler and James Dalgleish Our Standards The Thomson Reuters Trust Principles LONDON Reuters Russian former double agent Sergei Skripal and his daughter were poisoned with a nerve toxin that had been left on the front door of their home in England British counterterrorism police said on Wednesday A police officer stands guard outside of the home of former Russian military intelligence officer Sergei Skripal in Salisbury Britain March 6 2018 REUTERSToby Melville After the first known offensive use of a chemical weapon on European soil since World War Two Britain blamed Russian President Vladimir Putin for the attempted assassination and the West has expelled around 130 Russian diplomats Russia has denied any involvement in the attack and has said it suspects the British secret services of using the Novichok nerve agent which was developed by the Soviet military to frame Russia and stoke antiRussian hysteria 8220We believe the Skripals first came into contact with the nerve agent from their front door8221 said Dean Haydon Britain8217s8217 senior national coordinator for counter terrorism policing 8220Specialists have identified the highest concentration of the nerve agent todate as being on the front door of the address8221 Scotland Yard said in a statement Skripal and his 33yearold daughter Yulia have been in a critical condition since being found unconscious on a public bench in the English city of Salisbury on March 4 A British judge has said they may have suffered permanent brain damage The attempted murder of Skripal a 66yearold former colonel in Russian military intelligence who betrayed dozens of Russian agents to Britain8217s MI6 spy service has plunged Moscow8217s relations with the West to a new postCold War low After Britain expelled 23 Russians it said were spies working under diplomatic cover Russia followed by throwing out 23 British diplomats The United States and other Western countries including most member states of the European Union and NATO expelled over 100 diplomats Police officers stand guard outside of the home of former Russian military intelligence officer Sergei Skripal in Salisbury Britain March 6 2018REUTERSToby Melville 8220ENOUGH IS ENOUGH8221 British Foreign Secretary Boris Johnson said the Kremlin had underestimated the Western response to the attack on Skripal and his daughter which also injured a British policeman Johnson told an audience of ambassadors in London that 27 countries have now moved to expel Russian diplomats over Moscow8217s suspected involvement which Russia denies 8220These expulsions represent a moment when a feeling has suddenly crystallized when years of vexation and provocation have worn the collective patience to breaking point and when across the world 8211 across three continents 8211 there are countries who are willing to say enough is enough8221 Johnson said 8220If they Russia believed that we had become so morally weakened so dependent on hydrocarbons so chronically risk averse and so fearful of Russia that we would not dare to respond then this is their answer8221 he added Putin who has been dealing with a deadly shopping center fire in Siberia has yet to respond though Moscow has threatened to take retaliatory action against the West 8220An analysis of all the circumstances leads us to think of the possible involvement in it the poisoning of the British intelligence services8221 the Russian Foreign Ministry said in a statement on Wednesday before the announcement by British police 8220If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens as a result of a massive political provocation8221 A London court last week gave permission for blood samples to be taken from the Skripals for examination by chemical weapons inspectors to confirm a conclusion by Britain that the military nerve agent had been used An unidentified doctor who is treating the Skripals said they were both heavily sedated and unable to communicate and that it was not possible to assess when or to what extent either may regain mental capacity according to the court8217s ruling Slideshow 8 Images Skripal who was turned by British spies while in Spain ended up in Britain after a Cold Warstyle spy swap that brought 10 Russian spies captured in the United States back to Moscow in exchange for those accused by Moscow of spying for the West Since emerging from the John le Carre world of high espionage and betrayal Skripal lived modestly in the English cathedral city of Salisbury and kept out of the spotlight until he was found unconscious on March 4 His house in Salisbury which featured a goodluck horseshoe on the front door was bought for 260000 pounds 360000 in 2011 Skripal was listed at living there under his own name In the years since he found refuge in Britain Skripal lost both a wife and son The attack on Skripal has been likened in Britain to the killing of exKGB agent Alexander Litvinenko a critic of Putin who died in London in 2006 after drinking green tea laced with radioactive polonium 210 Russia denied any involvement in that killing An inquiry led by senior British judge Robert Owen found that former KGB bodyguard Andrei Lugovoy and another Russian Dmitry Kovtun carried out the killing as part of an operation probably directed by Russia8217s Federal Security Service FSB British police said they would continue to focus their enquiries around Skripal8217s home address as the investigation continued Writing by Richard Balmforth and Guy Faulconbridge Editing by Andrew Heavens David Stamp and Leslie Adler Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters After most European Union states expelled Russian diplomats over the Salisbury spy poisoning sources in Brussels expect the bloc to hold the line on Russia sanctions for now EU foreign ministers will discuss the bloc8217s troubled ties with Moscow on April 16 a broad debate planned long before a former Russian spy was found slumped on a public bench together with his daughter in the English town of Salisbury on March 4 But diplomats and officials said any appetite that might have been there at the turn of the year to soften the bloc8217s line and seek more 8220selective engagement8221 with Moscow has dissipated after the toxin attack which Britain followed by the rest of the EU blames on Moscow nL8N1R84DY 8220Just several weeks ago the Austrians were ready to join the traditional Russia doves in asking for more engagement with Russia Now that would not be possible8221 said a senior diplomat from a country traditionally hawkish on Moscow The West responded to the poisoning of Sergei Skripal and his daughter Yulia by expelling more than 100 Russians as undercover spies including 60 sent home from the United States Nineteen of the EU8217s 28 states have told Russian diplomats to leave and three others recalled their own ambassadors Only Greece Bulgaria Cyprus Portugal Slovenia and Austria have not joined the coordinated action The biggest Western expulsion of Russian diplomats since the height of the Cold War came days after the fourth anniversary of Moscow8217s military annexation of the Black Sea peninsula of Crimea from Ukraine Back then the EU responded by slapping sanctions on Russia which it stepped up as Moscow backed rebels in east Ukraine They include curbs on doing business and a blacklist of officials 8220The ball is now in Moscow8217s court we8217ll see if they respond by kicking out as many EU diplomats8221 said another senior EU person 8220We will discuss accordingly but there seems to be no appetite to reopen the economic sanctions8221 An EU official dealing with the matter said the expulsions already establish an EU 8220red line8221 meaning the bloc would not go any further for now The EU8217s economic sanctions which target Russia8217s energy defense and financial sectors are in place until the end of July any an extension requires unanimity of all 28 EU states Despite the bloc8217s traditional split on how to handle Russia most recently seen in a clash between two of the bloc8217s top officials on whether to congratulate Vladimir Putin on his fourth presidential term the sanctions have been extended every six months since first being imposed in mid2014 The sources said the bloc could consider smaller changes to the sanctions regime either looking at longer extensions of one year or adding a few names to the EU8217s blacklist over Russia8217s presidential elections earlier this month which were also held in the annexed Crimea INSIGHT One year to go and Brexit still divides But mostly they expected no substantial changes from the April meeting with another senior EU diplomat saying 8220We have sent a very clear and strong signal Now we sit and wait to see what happens next8221 Reporting by Gabriela Baczynska Editing by Peter Graff Our Standards The Thomson Reuters Trust Principles MOSCOW Reuters Russia said on Wednesday it would respond in kind to the mass expulsion of Russian diplomats by the West over the poisoning of former Russian double agent Sergei Skripal in the English city of Salisbury A general view shows the US embassy in Moscow Russia March 27 2018 REUTERSTatyana Makeyeva What began as a row between London and Moscow after Britain accused Russia of using a nerve agent to poison Skripal and his daughter has now snowballed into an international chorus of rebuke for the Kremlin with even some friendly governments ejecting Russian diplomats Adding to the list on Wednesday Slovakia Malta and Luxembourg each recalled their ambassador in Moscow for consultations while Montenegro said it would expel a Russian diplomat Slovakia and Montenegro while both members of the USled NATO alliance are traditionally close to Russia The biggest demarche came from the United States which on Monday said it was expelling 60 Russian diplomats That dented Russian President Vladimir Putin8217s hopes of forging a friendly relationship with US President Donald Trump Related Coverage Former Russian spy poisoned by nerve agent on door of home in England police Britains Johnson says Russia underestimated global response to nerve attack EU to hold line on Russia sanctions after diplomatic expulsions Valentina Matviyenko a Kremlin loyalist and speaker of the upper house of parliament said Russia would retaliate 8220Without a doubt Russia as is diplomatic practice will respond symmetrically and observe parity when it comes to the number of diplomats8221 RIA news agency quoted her as saying Russian Defence Minister Sergei Shoigu said a Russian military aircraft had for the first time since the Cold War conducted a training flight via the North Pole to North America RIA news agency reported There was no immediate indication that the flight was linked to Russia8217s standoff with the West The US navy is holding a fiveweek training exercise in the Arctic Circle COLD WAR ECHOES In total more than 100 Russian diplomats are to be sent home from states ranging from Denmark to Australia the biggest Western expulsion of Russian diplomats since the height of the Cold War Moscow has denied being behind the attack on the Skripals and says its adversaries are using it to whip up a campaign of 8220Russophobia8221 Skripal 66 a double agent who was swapped in a spy exchange deal in 2010 and went to live in England and Yulia Skripal 33 were found unconscious on a public bench in a shopping center in Salisbury on March 4 They remain critically ill in hospital from the attack in which British authorities say a Sovietera nerve toxin called Novichok was used Russia has already expelled 23 British diplomats a titfortat response to Britain8217s expulsion of the same number of staff at the Russian embassy in London Adding to a drum beat of tough rhetoric coming from Moscow and London the Russian foreign ministry raised the prospect British intelligence services had poisoned Skripal and his daughter For the US kicking out Russian spies may not be enough 8220If convincing evidence to the contrary is not presented to the Russian side we will consider that we are dealing with an attempt on the lives of our citizens8221 the ministry said in a statement In Australia whose government said on Tuesday it would expel two diplomats the Russian ambassador Grigory Loginov told reporters the world will enter into a 8220Cold War situation8221 if the West persists with its bias against Russia Two days after the United States announced the expulsion of Russian diplomats there was still no sign of how exactly Russian planned to respond an indication perhaps that the scale of the Western action caught Moscow off guard Interfax news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying Moscow would assess the level of hostility in Washington and London before deciding how to retaliate Additional reporting by Reuters bureaux Editing by Richard Balmforth Our Standards The Thomson Reuters Trust Principles

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<p>Jan 17 (Reuters) - Beijing Media Corp Ltd:</p> * LI XIAOBING APPOINTED AS PRESIDENT OF COMPANY <p>* "YU HAIBO RESIGNS AS PRESIDENT, EXECUTIVE DIRECTOR AND VICE CHAIRMAN"</p> <p>* LI XIAOBING NOMINATED AS EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>ZURICH (Reuters) - Swiss drugmaker Novartis ( <a href="/finance/stocks/overview?symbol=NOVN.S" type="external">NOVN.S</a>) confirmed 2018 growth targets on Thursday as new Chief Executive Officer Vas Narasimhan said he was encouraged by first-quarter performance by his cancer drugs portfolio and a resurgent Alcon eye care unit.</p> FILE PHOTO: Logo of Swiss drugmaker Novartis is seen at its branch in Schweizerhalle near Basel, Switzerland, March 29, 2018. REUTERS/Arnd Wiegmann/File Photo <p>First-quarter core net income rose 4 percent to $2.98 billion, the Basel-based company said, equaling analysts' forecasts in a Reuters poll. Sales rose 4 percent in constant currencies to $12.7 billion, beating forecasts for $12.3 billion.</p> <p>Narasimhan, who is reviewing long-struggling Alcon for a possible spin-off to shareholders in early 2019, got a welcome boost from the division's implantables including intraocular lenses. The unit's $1.8 billion sales, up 7 percent, beat analysts? $1.6 billion analyst forecast.</p> <p>"Operationally, we drove solid growth across all financial metrics, strong performance across our key growth brands, and continued Alcon's strong recovery," Narasimhan said.</p> <p>Narasimhan also announced that he poached Amgen's ( <a href="/finance/stocks/overview?symbol=AMGN.O" type="external">AMGN.O</a>) John Tsai as his new chief drug developer.</p> <p>Novartis is on track for 2018 core operating profit to rise by a mid-to-high single-digit percentage, outpacing sales growth in the low-to-mid single digits, it said.</p> <p>Even so, Narasimhan, a U.S. citizen who took over Feb. 1, has work to do: First-quarter core operating profit rose only 4 percent to $3.34 billion, so improvements are needed by year's end.</p> <p>One potential disappointment was Cosentyx, Novartis's psoriasis and arthritis treatment, whose sales grew 35 percent to $580 million but trailed the $636 million forecast.</p> <p>"For those that want to gripe, it will be on weaker Cosentyx sales," said Bernstein analyst Timothy Anderson, while adding that overall results showed "consistent performance."</p> <p>GLEEVEC's SHADOW</p> <a href="/finance/stocks/overview?symbol=NOVN.S" type="external">Novartis AG</a> 77.58 NOVN.S Virt-X Level 1 -1.22 (-1.55%) NOVN.S AMGN.O GSK.L AVXS.O <p>Narasimhan has been aggressively managing his portfolio, unloading a consumer health venture to GlaxoSmithKline ( <a href="/finance/stocks/overview?symbol=GSK.L" type="external">GSK.L</a>) and adding gene therapy hopeful AveXis ( <a href="/finance/stocks/overview?symbol=AVXS.O" type="external">AVXS.O</a>) for $8.7 billion.</p> <p>The deal for AveXis, whose top spinal muscular atrophy prospect is seen having multiple-billion-dollar annual sales potential, shows Narasimhan is hunting for targets that could run to $10 billion.</p> <p>"We continued our transformation this quarter to become a more-focused medicines company," he said.</p> <p>Novartis is counting on Cosentyx, as well as its new $375,000-per-patient T-cell therapy Kymriah and heart drug Entresto, to help digest generics' hit to former top-seller Gleevec, whose sales fell 32 percent to $392 million.</p> <p>Entresto hit $200 million, matching forecasts.</p> <p>Cell therapy Kymriah, which has a niche approval for aggressive blood cancer in young patients, posted $12 million sales.</p> <p>Overall, oncology sales including Tafinlar, Mekinist and Jakavi, rose 6 percent.</p> <p>Reporting by John Miller; Editing by John Revill/Keith Weir</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Procter &amp;amp; Gamble Co will acquire the consumer health business of Merck KGaA for about 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.</p> FILE PHOTO: A display of Pampers diapers are seen on sale in Denver, Colorado February 16, 2017. REUTERS/Rick Wilking/File Photo <p>Procter &amp;amp; Gamble (P&amp;amp;G), whose stable of brands include Pampers diapers, Gillette razors and Vicks cough and cold products, said on Thursday that the acquisition had been agreed and would enable it to expand its portfolio of consumer healthcare products. Merck's unit also includes vitamin brands such as Femibion, Neurobion and Nasivin.</p> <p>The purchase price for Merck's business suggests that the German company climbed down from price demands of as much as 4 billion euros, which sources told Reuters had deterred initial suitors such as Nestle, Perrigo and Stada owners Bain and Cinven.</p> <p>Morgan Stanley analyst Vincent Meunier said the price still implied a valuation of 4.7 times sales and around 19 times operating profit (EBITDA) for the business, at the high end of recent deals seen in the sector.</p> <p>"This will help (Merck) focus on its pharma unit and refurbish its pipeline," he said.</p> <p>Shares in Merck rose 2.9 percent to the top of the German blue-chip DAX index in pre-market trade at brokerage Lang &amp;amp; Schwarz.</p> <p>P&amp;amp;G also announced it would also terminate its consumer care joint venture with Teva Pharmaceutical Industries, PGT Healthcare, on July 1, saying P&amp;amp;G and Teva's strategies were no longer aligned.</p> FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company Procter &amp;amp; Gamble (PG) is seen on a tube of toothpaste in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson <p>Merck said the divestment of its consumer health business did not change its goal of keeping net sales of its established prescription drugs, such as Erbitux against cancer and multiple sclerosis treatment Rebif, organically stable until 2022.</p> <p>It will issue guidance for 2018 to reflect the sale of the consumer healthcare business when it publishes first-quarter financial results on May 15, it said in presentation slides <a href="https://www.merckgroup.com/content/dam/web/corporate/non-images/investors/events-and-presentations/webcasts-and-presentations/2018/en/CH_Disposal_Slides_Final.pdf." type="external">here</a></p> <p>It expects the sale to P&amp;amp;G to close by the fourth quarter.</p> <p>About 3,300 Merck employees, mainly from the consumer health unit, could move to P&amp;amp;G upon completion of the transaction.</p> <p>As part of the deal, P&amp;amp;G will buy a majority stake in the German company's Indian consumer health business, Merck Ltd, and subsequently make a mandatory tender offer to minority shareholders.</p> <p>The deal does not yet include Merck's French consumer health business, for which P&amp;amp;G has made a binding offer, Merck said.</p> <p>JP Morgan acted as financial adviser to Merck on the transaction, and Freshfields Bruckhaus Deringer was legal adviser.</p> <p>Reporting by Shalini Nagarajan in Bengaluru; Ludwig Burger and Maria Sheahan in Frankfurt; Editing by Sunil Nair/Gopakumar Warrier/Susan Fenton</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Southwest Airlines Co clashed with engine maker CFM over the timing of proposed inspections and with regulators over costs after a 2016 accident involving the airline that was caused by a fan blade separating, public documents showed.</p> Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380, which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircraft's engines, on a runway in Philadelphia, Pennsylvania. REUTERS/Mark Makela <p>The documents, which are on a U.S. federal website and were viewed by Reuters, reveal the wrangling over previously proposed safety checks on CFM engines that are now the focus of investigations following a fatal engine explosion this week.</p> <p>The U.S. Federal Aviation Administration said on Wednesday it would order the inspection of some CFM jet engines after investigators said a broken fan blade touched off an engine explosion on a Southwest Airlines flight, shattering a window and killing a passenger. It was the first death in a U.S. commercial aviation accident since 2009.</p> <p>In August 2016, a Southwest flight made a safe emergency landing in Florida after a fan blade separated from the same type of engine, and debris ripped a foot-long hole above the left wing. Investigators found signs of metal fatigue.</p> <p>The Dallas-based carrier was not the only operator to ask for more time or suggest other changes as first the engine maker, CFM International, and then the FAA and its European counterpart proposed checks last year for potentially flawed fan blades.</p> <p>CFM suggested a shorter examination period than some airlines wanted, of no more than 12 months. Southwest told the FAA in October that airlines needed 18 months and that only certain fan blades should be inspected, not all 24 in engines.</p> <p>"SWA does NOT support the CFM comment on reducing compliance time to 12 months," Southwest Airlines wrote in a comment available on the federal website that allows companies and individuals to comment on proposed new rules. CFM International is a joint venture of General Electric and France's Safran.</p> <p>The objections from Southwest and other airlines stem partly from the fact that carriers, while highly regulated, are not required to track each individual fan blade within an engine.</p> <p>That, in turn, is making it harder for investigators to be certain whether the engine that exploded on a Boeing 737 on Tuesday was part of a group being targeted for inspection, according to the National Transportation Safety Board (NTSB).</p> <p>The blades, which sweep air backwards to help provide thrust, can be changed and repaired independently of the rest of the engine, meaning airlines that don't keep tabs have to examine more engines than anticipated, which adds time and cost.</p> <p>The NTSB said of Tuesday's incident that one of the fan blades on Southwest Flight 1380 broke and fatigue cracks were found on the inside of the blade.</p> <p>Southwest said in its submission on the federal website it would have to inspect some 732 engines in one of two categories of engines under review - much higher than the FAA's total estimate of 220 engines needing to be inspected across the whole U.S. fleet.</p> <p>"The affected engine count for the fleet in costs of compliance - appears to be vastly understated," it said.</p> <p>Southwest did not immediately respond to an email requesting comment and an answering machine in its press office referred reporters to the company's website for all accident queries. On Tuesday, the airline said it would accelerate inspections and complete them in the next 30 days.</p> MAINTENANCE BURDEN <p>Other airlines commenting on last year's FAA proposal projected higher costs in time and money than regulators initially expected, because they did not closely track the fan blade.</p> <p>American Airlines said fan blades in the engines that were of concern had been swapped out with those in similar engines. "Fan blades have been removed, repaired, reworked, and then relocated," it said, asking for 20 months to complete checks. "Although the number of fan blades requiring the inspection remains the same, the number of engines involved with this inspection has significantly increased," it said.</p> <p>United Continental Holdings Inc made a similar argument. "The maintenance burden and cost for operators to inspect all effective fan blades is much more significant than proposed," it said.</p> <p>United and American representatives were not available for comment after hours on Wednesday.</p> <p>Safety checks in Europe have also been contentious.</p> <p>European regulators last month ordered checks within just nine months of April 2, following the 2016 engine incident at Southwest, although investigators warn it is too early to say whether the two problems are linked.</p> <p>The FAA said on Wednesday it would finalize the airworthiness directive it had proposed in August within two weeks. It will require inspections of some CFM56-7B engines, the type on the Southwest flight, and FAA officials acknowledged the total number of engines could be higher than the 220 initially estimated.</p> <p>But regulators face questions over the speed of their response to the Southwest jet's 2016 engine blowout.</p> <p>Former NTSB chairman Mark Rosekind said in an interview the safety board will look at why the FAA had not already mandated the inspections that it had proposed in August 2017.</p> <p>"There did not seem to be an urgency" at the FAA to finalize the inspections, he said.</p> <p>The FAA wasn't immediately available for comment.</p> <p>Additional reporting by Jamie Freed, Editing by Peter Henderson and Muralikumar Anantharaman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - The U.S. Federal Aviation Administration said on Wednesday it would order inspection of some 220 jet engines after investigators said a broken fan blade touched off an engine explosion on a Southwest Airlines flight, shattering a window and killing a passenger.</p> <p>The order, called an air-worthiness directive, would require an ultrasonic inspection within the next six months of the fan blades on all CFM56-7B engines that have accrued a certain number of takeoffs.</p> <p>The CFM56 engine on Southwest flight 1380 blew apart over Pennsylvania on Tuesday, about 20 minutes after the Dallas-bound flight left New York's LaGuardia Airport with 149 people on board.</p> <p>The explosion sent shrapnel ripping into the fuselage of the Boeing 737-700 plane and shattered a window.</p> <p>Bank executive Jennifer Riordan, 43, was killed when she was partially pulled through a gaping hole next to her seat in row 14 as the cabin suffered rapid decompression. Fellow passengers were able to pull her back inside but she died of her injuries later on Tuesday.</p> <p>Philadelphia's medical examiner ruled that the cause of death was blunt trauma to the head, neck and torso, and ruled the death an accident, spokesman Jim Garrow said.</p> Related Coverage <a href="/article/us-pennsylvania-airplane-inspections/southwest-challenged-engine-maker-cfm-over-proposed-faa-inspections-idUSKBN1HQ0PE" type="external">Southwest challenged engine maker CFM over proposed FAA inspections</a> <a href="/article/us-pennsylvania-airplane-socialmedia/southwest-passenger-trolled-for-livestreaming-stricken-flight-idUSKBN1HQ02M" type="external">Southwest passenger trolled for livestreaming stricken flight</a> <p>"As captain and first officer of the crew of five who worked to serve our customers aboard Flight 1380 yesterday, we all feel we were simply doing our jobs. Our hearts are heavy," Captain Tammie Jo Shults and First Officer Darren Ellisor said in a statement released by the airline.</p> <p>Shults and Ellisor said they were focused on working with investigators and would not be speaking to the media.</p> <p>Earlier on Wednesday, National Transportation Safety Board Chairman Robert Sumwalt told a news conference that the incident began when one of the engine's 24 fan blades snapped off from its hub. Sumwalt said investigators found that the blade had suffered metal fatigue at the point of the break.</p> <p>Sumwalt said he could not yet say if the incident, the first deadly airline accident in the United States since 2009, pointed to a fleet-wide issue in the Boeing 737-700.</p> <p>"We want to very carefully understand what was the result of this problem, and as I mentioned a few minutes ago, I'm very concerned about this particular event," Sumwalt said at the news conference at the Philadelphia airport.</p> <p>"To be able to extrapolate that to the entire fleet, I'm not willing to do that right now."</p> <p>Southwest crews were inspecting similar engines the airline had in service, focusing on the 400 to 600 oldest of the CFM56 engines, made by a partnership of France's Safran and General Electric, according to a person with knowledge of the situation. It was the second time that kind of engine had failed on a Southwest jet in the past two years, prompting airlines around the world to step up inspections.</p> <p>A National Transportation Safety Board inspection crew was also combing over the Boeing 737-700 for signs of what caused the engine to explode.</p> <p>Sumwalt said the fan blade, after suffering metal fatigue where it attached to the engine hub, suffered a second fracture about halfway along its length. Pieces of the plane were found in rural Pennsylvania by investigators who tracked them on radar. The metal fatigue would not have been observable by looking at the engine from the outside, Sumwalt said.</p> <p>The FAA said late on Wednesday it would finalize the airworthiness directive it had proposed in August within the next two weeks.</p> <p>Although the FAA said the directive would apply to about 220 engines, airlines said that because fan blades may have been repaired and relocated, it would affect a far greater number.</p> <p>The jet was traveling at 190 miles per hour when it made an emergency landing at Philadelphia International Airport, according to Sumwalt, much faster than the typical 155-mile-per-hour touchdown.</p> <p>Passengers described scenes of panic as a piece of shrapnel from the engine shattered a plane window, almost sucking Riordan out.</p> <p>"The window had broken and the negative pressure had pulled her outside the plane partially," Peggy Phillips, a registered nurse who was on the plane, told WFAA-TV in Dallas. "Two wonderful men ... they managed to get her back inside the plane, and we laid her down and we started CPR."</p> <p>Riordan was a Wells Fargo banking executive and well-known community volunteer from Albuquerque, New Mexico, the company said.</p> Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380, which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircraft's engines, on a runway in Philadelphia, Pennsylvania U.S. April 17, 2018. REUTERS/Mark Makela ?MY LAST FEW MOMENTS? <p>Videos posted on social media showed passengers grabbing for oxygen masks and screaming as the plane, piloted by Shults, a former U.S. Navy fighter pilot, prepared for the descent into Philadelphia.</p> <p>"All I could think of in that moment was, I need to communicate with my loved ones," passenger Marty Martinez told ABC's "Good Morning America" on Wednesday. During the incident, he logged on to the in-flight Wi-Fi to send messages to his family.</p> <p>"I thought, these are my last few moments on Earth and I want people to know what happened," said Martinez, who live-streamed on Facebook images of passengers in oxygen masks as the plane made a bumpy descent into Philadelphia.</p> <p>Southwest Airlines experienced an unrelated safety incident early on Wednesday when a Phoenix-bound flight was forced to land at the Nashville airport shortly after takeoff because of a bird strike.</p> <p>The airline expected to wrap up its inspection of the engines it was targeting in about 30 days.</p> <p>The GE-Safran partnership that built the engine said it was sending about 40 technicians to help with Southwest's inspections.</p> Slideshow (10 Images) <p>Pieces of the engine including its cowling - the smooth metal exterior that covers its inner workings - were found about 60 miles (97 km) from Philadelphia airport, Sumwalt said. The investigation could take 12 to 15 months to complete.</p> <p>In August 2016, a Southwest flight made a safe emergency landing in Pensacola, Florida, after a fan blade separated from the same type of engine and debris ripped a hole above the left wing. That incident prompted the U.S. Federal Aviation Administration to propose last year that similar fan blades undergo ultrasonic inspections and be replaced if they failed.</p> <p>Reporting by Alwyn Scott, Jonathan Allen and Alana Wise in New York, David Shepardson in Washington, Scott Malone in Boston, Arunima Banerjee in Bengaluru and Dan Whitcomb in Los Angeles; Writing by Dan Whitcomb; Editing by Susan Thomas and Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Beijing Media Corp Appoints Li Xiaobing As President Novartis confirms 2018 targets as Alcon recovery gains steam P&G to buy German Merck's consumer health unit for $4.2 billion Southwest challenged engine maker CFM over proposed FAA inspections FAA orders engine inspections after Southwest explosion

https://reuters.com/article/brief-beijing-media-corp-appoints-li-xia/brief-beijing-media-corp-appoints-li-xiaobing-as-president-idUSFWN1PC0OE

2018-01-17

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Jan 17 Reuters Beijing Media Corp Ltd LI XIAOBING APPOINTED AS PRESIDENT OF COMPANY YU HAIBO RESIGNS AS PRESIDENT EXECUTIVE DIRECTOR AND VICE CHAIRMAN LI XIAOBING NOMINATED AS EXECUTIVE DIRECTOR Source text for Eikon Further company coverage Our Standards The Thomson Reuters Trust Principles ZURICH Reuters Swiss drugmaker Novartis NOVNS confirmed 2018 growth targets on Thursday as new Chief Executive Officer Vas Narasimhan said he was encouraged by firstquarter performance by his cancer drugs portfolio and a resurgent Alcon eye care unit FILE PHOTO Logo of Swiss drugmaker Novartis is seen at its branch in Schweizerhalle near Basel Switzerland March 29 2018 REUTERSArnd WiegmannFile Photo Firstquarter core net income rose 4 percent to 298 billion the Baselbased company said equaling analysts forecasts in a Reuters poll Sales rose 4 percent in constant currencies to 127 billion beating forecasts for 123 billion Narasimhan who is reviewing longstruggling Alcon for a possible spinoff to shareholders in early 2019 got a welcome boost from the divisions implantables including intraocular lenses The units 18 billion sales up 7 percent beat analysts 16 billion analyst forecast Operationally we drove solid growth across all financial metrics strong performance across our key growth brands and continued Alcons strong recovery Narasimhan said Narasimhan also announced that he poached Amgens AMGNO John Tsai as his new chief drug developer Novartis is on track for 2018 core operating profit to rise by a midtohigh singledigit percentage outpacing sales growth in the lowtomid single digits it said Even so Narasimhan a US citizen who took over Feb 1 has work to do Firstquarter core operating profit rose only 4 percent to 334 billion so improvements are needed by years end One potential disappointment was Cosentyx Novartiss psoriasis and arthritis treatment whose sales grew 35 percent to 580 million but trailed the 636 million forecast For those that want to gripe it will be on weaker Cosentyx sales said Bernstein analyst Timothy Anderson while adding that overall results showed consistent performance GLEEVECs SHADOW Novartis AG 7758 NOVNS VirtX Level 1 122 155 NOVNS AMGNO GSKL AVXSO Narasimhan has been aggressively managing his portfolio unloading a consumer health venture to GlaxoSmithKline GSKL and adding gene therapy hopeful AveXis AVXSO for 87 billion The deal for AveXis whose top spinal muscular atrophy prospect is seen having multiplebilliondollar annual sales potential shows Narasimhan is hunting for targets that could run to 10 billion We continued our transformation this quarter to become a morefocused medicines company he said Novartis is counting on Cosentyx as well as its new 375000perpatient Tcell therapy Kymriah and heart drug Entresto to help digest generics hit to former topseller Gleevec whose sales fell 32 percent to 392 million Entresto hit 200 million matching forecasts Cell therapy Kymriah which has a niche approval for aggressive blood cancer in young patients posted 12 million sales Overall oncology sales including Tafinlar Mekinist and Jakavi rose 6 percent Reporting by John Miller Editing by John RevillKeith Weir Our Standards The Thomson Reuters Trust Principles Reuters Procter ampamp Gamble Co will acquire the consumer health business of Merck KGaA for about 34 billion euros 42 billion giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets FILE PHOTO A display of Pampers diapers are seen on sale in Denver Colorado February 16 2017 REUTERSRick WilkingFile Photo Procter ampamp Gamble PampampG whose stable of brands include Pampers diapers Gillette razors and Vicks cough and cold products said on Thursday that the acquisition had been agreed and would enable it to expand its portfolio of consumer healthcare products Mercks unit also includes vitamin brands such as Femibion Neurobion and Nasivin The purchase price for Mercks business suggests that the German company climbed down from price demands of as much as 4 billion euros which sources told Reuters had deterred initial suitors such as Nestle Perrigo and Stada owners Bain and Cinven Morgan Stanley analyst Vincent Meunier said the price still implied a valuation of 47 times sales and around 19 times operating profit EBITDA for the business at the high end of recent deals seen in the sector This will help Merck focus on its pharma unit and refurbish its pipeline he said Shares in Merck rose 29 percent to the top of the German bluechip DAX index in premarket trade at brokerage Lang ampamp Schwarz PampampG also announced it would also terminate its consumer care joint venture with Teva Pharmaceutical Industries PGT Healthcare on July 1 saying PampampG and Tevas strategies were no longer aligned FILE PHOTO The logo of Dow Jones Industrial Average stock market index listed company Procter ampamp Gamble PG is seen on a tube of toothpaste in Los Angeles California United States April 25 2016 REUTERSLucy Nicholson Merck said the divestment of its consumer health business did not change its goal of keeping net sales of its established prescription drugs such as Erbitux against cancer and multiple sclerosis treatment Rebif organically stable until 2022 It will issue guidance for 2018 to reflect the sale of the consumer healthcare business when it publishes firstquarter financial results on May 15 it said in presentation slides here It expects the sale to PampampG to close by the fourth quarter About 3300 Merck employees mainly from the consumer health unit could move to PampampG upon completion of the transaction As part of the deal PampampG will buy a majority stake in the German companys Indian consumer health business Merck Ltd and subsequently make a mandatory tender offer to minority shareholders The deal does not yet include Mercks French consumer health business for which PampampG has made a binding offer Merck said JP Morgan acted as financial adviser to Merck on the transaction and Freshfields Bruckhaus Deringer was legal adviser Reporting by Shalini Nagarajan in Bengaluru Ludwig Burger and Maria Sheahan in Frankfurt Editing by Sunil NairGopakumar WarrierSusan Fenton Our Standards The Thomson Reuters Trust Principles Reuters Southwest Airlines Co clashed with engine maker CFM over the timing of proposed inspections and with regulators over costs after a 2016 accident involving the airline that was caused by a fan blade separating public documents showed Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380 which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircrafts engines on a runway in Philadelphia Pennsylvania REUTERSMark Makela The documents which are on a US federal website and were viewed by Reuters reveal the wrangling over previously proposed safety checks on CFM engines that are now the focus of investigations following a fatal engine explosion this week The US Federal Aviation Administration said on Wednesday it would order the inspection of some CFM jet engines after investigators said a broken fan blade touched off an engine explosion on a Southwest Airlines flight shattering a window and killing a passenger It was the first death in a US commercial aviation accident since 2009 In August 2016 a Southwest flight made a safe emergency landing in Florida after a fan blade separated from the same type of engine and debris ripped a footlong hole above the left wing Investigators found signs of metal fatigue The Dallasbased carrier was not the only operator to ask for more time or suggest other changes as first the engine maker CFM International and then the FAA and its European counterpart proposed checks last year for potentially flawed fan blades CFM suggested a shorter examination period than some airlines wanted of no more than 12 months Southwest told the FAA in October that airlines needed 18 months and that only certain fan blades should be inspected not all 24 in engines SWA does NOT support the CFM comment on reducing compliance time to 12 months Southwest Airlines wrote in a comment available on the federal website that allows companies and individuals to comment on proposed new rules CFM International is a joint venture of General Electric and Frances Safran The objections from Southwest and other airlines stem partly from the fact that carriers while highly regulated are not required to track each individual fan blade within an engine That in turn is making it harder for investigators to be certain whether the engine that exploded on a Boeing 737 on Tuesday was part of a group being targeted for inspection according to the National Transportation Safety Board NTSB The blades which sweep air backwards to help provide thrust can be changed and repaired independently of the rest of the engine meaning airlines that dont keep tabs have to examine more engines than anticipated which adds time and cost The NTSB said of Tuesdays incident that one of the fan blades on Southwest Flight 1380 broke and fatigue cracks were found on the inside of the blade Southwest said in its submission on the federal website it would have to inspect some 732 engines in one of two categories of engines under review much higher than the FAAs total estimate of 220 engines needing to be inspected across the whole US fleet The affected engine count for the fleet in costs of compliance appears to be vastly understated it said Southwest did not immediately respond to an email requesting comment and an answering machine in its press office referred reporters to the companys website for all accident queries On Tuesday the airline said it would accelerate inspections and complete them in the next 30 days MAINTENANCE BURDEN Other airlines commenting on last years FAA proposal projected higher costs in time and money than regulators initially expected because they did not closely track the fan blade American Airlines said fan blades in the engines that were of concern had been swapped out with those in similar engines Fan blades have been removed repaired reworked and then relocated it said asking for 20 months to complete checks Although the number of fan blades requiring the inspection remains the same the number of engines involved with this inspection has significantly increased it said United Continental Holdings Inc made a similar argument The maintenance burden and cost for operators to inspect all effective fan blades is much more significant than proposed it said United and American representatives were not available for comment after hours on Wednesday Safety checks in Europe have also been contentious European regulators last month ordered checks within just nine months of April 2 following the 2016 engine incident at Southwest although investigators warn it is too early to say whether the two problems are linked The FAA said on Wednesday it would finalize the airworthiness directive it had proposed in August within two weeks It will require inspections of some CFM567B engines the type on the Southwest flight and FAA officials acknowledged the total number of engines could be higher than the 220 initially estimated But regulators face questions over the speed of their response to the Southwest jets 2016 engine blowout Former NTSB chairman Mark Rosekind said in an interview the safety board will look at why the FAA had not already mandated the inspections that it had proposed in August 2017 There did not seem to be an urgency at the FAA to finalize the inspections he said The FAA wasnt immediately available for comment Additional reporting by Jamie Freed Editing by Peter Henderson and Muralikumar Anantharaman Our Standards The Thomson Reuters Trust Principles Reuters The US Federal Aviation Administration said on Wednesday it would order inspection of some 220 jet engines after investigators said a broken fan blade touched off an engine explosion on a Southwest Airlines flight shattering a window and killing a passenger The order called an airworthiness directive would require an ultrasonic inspection within the next six months of the fan blades on all CFM567B engines that have accrued a certain number of takeoffs The CFM56 engine on Southwest flight 1380 blew apart over Pennsylvania on Tuesday about 20 minutes after the Dallasbound flight left New Yorks LaGuardia Airport with 149 people on board The explosion sent shrapnel ripping into the fuselage of the Boeing 737700 plane and shattered a window Bank executive Jennifer Riordan 43 was killed when she was partially pulled through a gaping hole next to her seat in row 14 as the cabin suffered rapid decompression Fellow passengers were able to pull her back inside but she died of her injuries later on Tuesday Philadelphias medical examiner ruled that the cause of death was blunt trauma to the head neck and torso and ruled the death an accident spokesman Jim Garrow said Related Coverage Southwest challenged engine maker CFM over proposed FAA inspections Southwest passenger trolled for livestreaming stricken flight As captain and first officer of the crew of five who worked to serve our customers aboard Flight 1380 yesterday we all feel we were simply doing our jobs Our hearts are heavy Captain Tammie Jo Shults and First Officer Darren Ellisor said in a statement released by the airline Shults and Ellisor said they were focused on working with investigators and would not be speaking to the media Earlier on Wednesday National Transportation Safety Board Chairman Robert Sumwalt told a news conference that the incident began when one of the engines 24 fan blades snapped off from its hub Sumwalt said investigators found that the blade had suffered metal fatigue at the point of the break Sumwalt said he could not yet say if the incident the first deadly airline accident in the United States since 2009 pointed to a fleetwide issue in the Boeing 737700 We want to very carefully understand what was the result of this problem and as I mentioned a few minutes ago Im very concerned about this particular event Sumwalt said at the news conference at the Philadelphia airport To be able to extrapolate that to the entire fleet Im not willing to do that right now Southwest crews were inspecting similar engines the airline had in service focusing on the 400 to 600 oldest of the CFM56 engines made by a partnership of Frances Safran and General Electric according to a person with knowledge of the situation It was the second time that kind of engine had failed on a Southwest jet in the past two years prompting airlines around the world to step up inspections A National Transportation Safety Board inspection crew was also combing over the Boeing 737700 for signs of what caused the engine to explode Sumwalt said the fan blade after suffering metal fatigue where it attached to the engine hub suffered a second fracture about halfway along its length Pieces of the plane were found in rural Pennsylvania by investigators who tracked them on radar The metal fatigue would not have been observable by looking at the engine from the outside Sumwalt said The FAA said late on Wednesday it would finalize the airworthiness directive it had proposed in August within the next two weeks Although the FAA said the directive would apply to about 220 engines airlines said that because fan blades may have been repaired and relocated it would affect a far greater number The jet was traveling at 190 miles per hour when it made an emergency landing at Philadelphia International Airport according to Sumwalt much faster than the typical 155mileperhour touchdown Passengers described scenes of panic as a piece of shrapnel from the engine shattered a plane window almost sucking Riordan out The window had broken and the negative pressure had pulled her outside the plane partially Peggy Phillips a registered nurse who was on the plane told WFAATV in Dallas Two wonderful men they managed to get her back inside the plane and we laid her down and we started CPR Riordan was a Wells Fargo banking executive and wellknown community volunteer from Albuquerque New Mexico the company said Emergency personnel monitor the damaged engine of Southwest Airlines Flight 1380 which diverted to the Philadelphia International Airport this morning after the airline crew reported damage to one of the aircrafts engines on a runway in Philadelphia Pennsylvania US April 17 2018 REUTERSMark Makela MY LAST FEW MOMENTS Videos posted on social media showed passengers grabbing for oxygen masks and screaming as the plane piloted by Shults a former US Navy fighter pilot prepared for the descent into Philadelphia All I could think of in that moment was I need to communicate with my loved ones passenger Marty Martinez told ABCs Good Morning America on Wednesday During the incident he logged on to the inflight WiFi to send messages to his family I thought these are my last few moments on Earth and I want people to know what happened said Martinez who livestreamed on Facebook images of passengers in oxygen masks as the plane made a bumpy descent into Philadelphia Southwest Airlines experienced an unrelated safety incident early on Wednesday when a Phoenixbound flight was forced to land at the Nashville airport shortly after takeoff because of a bird strike The airline expected to wrap up its inspection of the engines it was targeting in about 30 days The GESafran partnership that built the engine said it was sending about 40 technicians to help with Southwests inspections Slideshow 10 Images Pieces of the engine including its cowling the smooth metal exterior that covers its inner workings were found about 60 miles 97 km from Philadelphia airport Sumwalt said The investigation could take 12 to 15 months to complete In August 2016 a Southwest flight made a safe emergency landing in Pensacola Florida after a fan blade separated from the same type of engine and debris ripped a hole above the left wing That incident prompted the US Federal Aviation Administration to propose last year that similar fan blades undergo ultrasonic inspections and be replaced if they failed Reporting by Alwyn Scott Jonathan Allen and Alana Wise in New York David Shepardson in Washington Scott Malone in Boston Arunima Banerjee in Bengaluru and Dan Whitcomb in Los Angeles Writing by Dan Whitcomb Editing by Susan Thomas and Leslie Adler Our Standards The Thomson Reuters Trust Principles

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<p>(Adds Total Comment)</p> <p>NAIROBI, Jan 23 (Reuters) - Total SA is to buy shares in three Kenyan oil blocks from A.P. Moeller-Maersk , the office of Kenya&#8217;s President Uhuru Kenyatta said on Tuesday.</p> <p>Britain&#8217;s Tullow Oil and its Canadian partner Africa Oil discovered commercially viable crude in the Turkana region in the far north of Kenya in 2012. A.P. Moeller-Maersk later bought equity in these blocks.</p> <p>Full production is expected in early 2021 after completion of a planned $2.1 billion pipeline to transport the crude through the proposed port of Lamu.</p> <p>Kenyatta&#8217;s office said Total had committed to the pipeline, prompting the government to agree to a proposal for the French oil major to buy &#8220;the issued and to-be-issued share capital of Maersk Oil Exploration International (Mogas Kenya) in respect of Blocks 10BA, 10BB and 13T&#8221;.</p> <p>The statement followed a meeting between Kenyatta and Momar Nguer, a member of Total&#8217;s executive committee and its head of marketing and services.</p> <p>It did not give any details on the size or value of the proposed transaction.</p> <p>A spokeswoman for Total said the company will gain access to oil reserves in Kenya after it acquires the Maersk Oil assets.</p> <p>&#8220;Total respects the commitments made by Maersk Oil. Kenyan oil will be shipped via a pipeline in Kenya with the agreement of the government,&#8221; she said.</p> <p>Kenya&#8217;s recoverable oil reserves are estimated at 750 million barrels and considered feasible for production at a price of $55 a barrel.</p> <p>The spokeswoman added that Total&#8217;s separate project in neighbouring Uganda&#8217;s Lake Albert region, which includes a separate pipeline running through Tanzania, has been confirmed and maintained. (Reporting by Duncan Miriri; Additional reporting by Bate Felix in Paris; Editing by Jane Merriman and David Goodman)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - Bank of America Corp ( <a href="/finance/stocks/overview?symbol=BAC.N" type="external">BAC.N</a>) will pay a $42 million fine and admitted wrongdoing to settle claims by New York&#8217;s attorney general that it fraudulently routed clients&#8217; stock trades to outside firms, including one run by swindler Bernard Madoff.</p> FILE PHOTO: A customer leaves a Bank of America ATM kiosk in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder <p>New York Attorney General Eric Schneiderman announced the settlement on Friday, and called the fine the largest collected by the state to resolve an electronic trading probe.</p> <p>The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades.</p> <p>He said the bank told clients it was processing the trades in-house, even going so far as to alter trade confirmations, as part of an effort to make its electronic trading services appear safer and more sophisticated than they were.</p> <p>Schneiderman said the &#8220;masking&#8221; scheme affected more than 16 million trade orders and 4 billion shares, benefiting such firms as Madoff Securities, Citadel Securities, D.E. Shaw, Knight Capital and Two Sigma Securities.</p> <p>The bank also admitted to having told traders in its &#8220;dark pool,&#8221; a private venue where they expected protection from high-speed traders, that up to 30 percent of orders came from retail traders, when the percentage was closer to 5 percent.</p> <p>&#8220;Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders, who was trading in its dark pool, and the capabilities of its electronic trading services,&#8221; Schneiderman said in a statement.</p> <a href="/finance/stocks/overview?symbol=BAC.N" type="external">Bank of America Corp</a> 29.17 BAC.N New York Stock Exchange -1.38 (-4.52%) BAC.N BARC.L CSGN.S DBKGn.DE <p>Bill Halldin, a bank spokesman, said in an email: &#8220;At all times we met our obligation to deliver the best prices to clients. About five years ago, we addressed the issues concerning communicating to clients about where their trades were executed.&#8221;</p> <p>The Charlotte, North Carolina-based bank also admitted that its masking activity violated New York&#8217;s powerful securities fraud law, the Martin Act.</p> <p>In 2016, Barclays Plc ( <a href="/finance/stocks/overview?symbol=BARC.L" type="external">BARC.L</a>), Credit Suisse Group AG ( <a href="/finance/stocks/overview?symbol=CSGN.S" type="external">CSGN.S</a>) and Deutsche Bank AG ( <a href="/finance/stocks/overview?symbol=DBKGn.DE" type="external">DBKGn.DE</a>) settled separate electronic and high-speed trading probes by Schneiderman&#8217;s office for a respective $35 million, $30 million and $18.5 million. They also reached related settlements with the U.S. Securities and Exchange Commission.</p> <p>Madoff is serving a 150-year prison term for running a huge Ponzi scheme involving his investment advisory business.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe and Phil Berlowitz</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, has disposed his entire 11.8 percent stake in the firm for $2.1 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago.</p> <p>In an unexpected separate move, Macau casino operator Galaxy Entertainment said it has agreed to buy 5.3 million primary shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau.</p> <p>Galaxy is one of six licensed operators in the world&#8217;s largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts.</p> <p>The casino mogul&#8217;s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.</p> <p>Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.</p> <p>In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to &#8220;acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.&#8221;</p> <p>A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.</p> <p>Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core &#8220;operating philosophies and values.&#8221;</p> <p>The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.</p> <p>Wynn said two long-term institutional investors, currently holding stakes in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn also at $175 a share.</p> <p>A Thursday filing showed the embattled founder sold 4.1 million shares of Wynn Resorts at $180 per share - effectively exiting his entire 12.1 million shares, or 11.8 percent stake in the firm, for a total of $2.14 billion.</p> Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake WYNN IMPACT <p>Wynn, who started in Las Vegas casinos in the 1960s, created some of Las Vegas&#8217; most iconic landmarks &#8211; the Mirage, Bellagio and Treasure Island.</p> <p>He was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002.</p> An exterior view Wynn hotel-casino in Las Vegas, Nevada, U.S., February 7, 2018. REUTERS/Steve Marcus <p>The 76 year old businessman, whose signature denotes the company&#8217;s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos.</p> <p>Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong, said the implications of the Galaxy&#8217;s investment goes beyond what looks like a passive move at this stage.</p> <p>&#8220;Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia, with Japan being the critical development initiative.&#8221;</p> <p>Galaxy&#8217;s octogenarian founder Lui Che Woo, one of Asia&#8217;s wealthiest billionaires, has a net wealth of $22 billion according to Forbes. Lui who started his career in construction has grown his casino company into one of Macau&#8217;s biggest operators over the past decade.</p> <p>&#8220;There are other large gaming companies who do not have a presence in Macau, but who desperately want to be in Macau, and we would not be surprised to see them angling for a seat at the acquisition table too,&#8221; said Grant Govertsen, analyst at Union Gaming in Macau.</p> <p>While Galaxy has been primarily focused on Macau with its three casinos, it this week received a license to operate a roughly $500 million resort in Boracay, the Philippines most famous holiday island.</p> <p>Wynn, which operates a resort on Cotai and Macau&#8217;s main peninsula, focuses on premium and VIP customers, while Galaxy targets both the high end segment and the broader mass. Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit.</p> <p>Shares in Wynn Macau and Galaxy dropped 3.9 percent and 2.9 percent respectively on Friday against the benchmark Hang Seng Index which was down 3.1 percent.</p> <p>Reporting by Farah Master in Hong Kong and Philip George in Bengaluru; Editing by Shri Navaratnam</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING (Reuters) - The United States has flouted trade rules with an inquiry into intellectual property and China will defend its interests, Vice Premier Liu He told U.S. Treasury Secretary Steven Mnuchin in a telephone call on Saturday, Chinese state media reported.</p> FILE PHOTO: Containers are seen at the Yangshan Deep Water Port, part of the Shanghai Free Trade Zone, in Shanghai, China February 13, 2017. REUTERS/Aly Song <p>The call between Mnuchin and Liu, a confidante of President Xi Jinping, was the highest-level contact between the two governments since U.S. President Donald Trump announced plans for tariffs on up to $60 billion of Chinese goods on Thursday.</p> <p>The escalating tension sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up.</p> <p>In the call with Mnuchin, Liu, a Harvard-trained economist, said China still hoped both sides would remain &#8220;rational&#8221; and jointly work together to keep trade relations stable, the official Xinhua news agency reported.</p> <p>Washington is concerned at what it says is the misappropriation of intellectual property following an eight-month investigation under Section 301 of the 1974 U.S. Trade Act. It has also pressed China to cut its staggering $375 billion trade surplus with the United States by $100 billion.</p> <p>Liu said the Section 301 investigation report &#8220;violates international trade rules and is beneficial to neither Chinese interests, U.S. interests nor global interests&#8221;, Xinhua cited him as saying.</p> <p>&#8220;China has already prepared, and has the strength, to defend its national interests,&#8221; Liu said, adding that China hopes both sides can work hard to protect generally stable Sino-U.S. trade and business relations.</p> Related Coverage <a href="/article/us-usa-trade-china-apple/apples-tim-cook-calls-for-calm-heads-on-china-u-s-trade-idUSKBN1H005K" type="external">Apple's Tim Cook calls for calm heads on China, U.S. trade</a> <a href="/article/us-usa-trade-soybeans-china/china-should-target-u-s-soybeans-says-former-finance-minister-idUSKBN1H0053" type="external">China should target U.S. soybeans, says former finance minister</a> <p>Both sides agreed to continue to communicate on the matter, the report added, without providing further details.</p> COUNTER MOVES <p>China has showed its readiness to retaliate, declaring on Friday plans to levy additional duties on up to $3 billion of U.S. imports, including fruit and wine.</p> <p>The measures were in response to U.S. import tariffs on steel and aluminum that were due to take effect on Friday, imposed after a separate U.S. probe.</p> <p>China&#8217;s state-run Global Times said Beijing was only just beginning to look at means to retaliate.</p> <p>&#8220;We believe it is only part of China&#8217;s countermeasures, and soybeans and other U.S. farm products will be targeted,&#8221; the widely-read tabloid said in a Saturday editorial.</p> <p>The ruling Communist Party&#8217;s official People&#8217;s Daily said in a commentary that Washington was determined to choose &#8220;rashness and impetuousness&#8221; despite China&#8217;s efforts to be constructive.</p> Slideshow (2 Images) <p>The United States should not underestimate China&#8217;s determination to protect itself, the paper said in an article signed &#8220;Zhong Sheng&#8221;, or &#8220;Voice of China&#8221;, used to express its views on foreign affairs.</p> SOYBEANS, AUTOS, PLANES <p>A former Chinese finance minister told the annual China Development Forum in Beijing on Saturday that the commerce ministry&#8217;s response so far had been relatively weak.</p> <p>&#8220;If I were in the government, I would probably hit soybeans first, then hit autos and airplanes,&#8221; said the respected Lou Jiwei, currently chairman of the National Council for Social Security Fund (NCSSF).</p> <a href="/finance/stocks/overview?symbol=BA.N" type="external">Boeing Co</a> 321.0 BA.N New York Stock Exchange +1.39 (+0.43%) BA.N BLK.N AAPL.O <p>U.S. farm groups have long feared that China, which imports more than third of all U.S. soybeans, could slow their purchases of agricultural products, heaping more pain on the struggling U.S. farm sector.</p> <p>U.S. agricultural exports to China stood at $19.6 billion last year, with soybean shipments accounting for $12.4 billion.</p> <p>Chinese penalties on U.S. soybeans will especially hurt Iowa, a state that backed Trump in the 2016 presidential elections and is home to U.S. Ambassador to China Terry Branstad.</p> <p>Boeing ( <a href="/finance/stocks/overview?symbol=BA.N" type="external">BA.N</a>) jets have also been often cited as a potential target by China.</p> <p>Several Western chief executives attending the high-profile forum in Beijing urged restraint amid the growing trade spat.</p> <p>Both countries had benefited by globalization, Blackrock Inc&#8217;s ( <a href="/finance/stocks/overview?symbol=BLK.N" type="external">BLK.N</a>) CEO Larry Fink said at the forum.</p> <p>&#8220;I believe that a dialogue &#8211; and maybe some adjustments in trade and trade policy &#8211; can be in order. It does not need to be done publicly; it can be done privately.&#8221;</p> <p>Tim Cook, chief executive of Apple Inc ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>), called for &#8220;calm heads&#8221; amid the dispute.</p> <p>The sparring between China and the U.S. has cast a spotlight on hardware makers such as Apple, which assemble the majority of their products in China for export to other countries.</p> <p>Electrical goods and tech are the largest U.S. import item from China.</p> <p>Reporting by Ryan Woo and Hallie Gu; additional reporting by Ben Blanchard, Kevin Yao, Matthew Miller and Cate Cadell; editing by Richard Pullin</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SAN DIEGO (Reuters) - Qualcomm Inc ( <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">QCOM.O</a>) re-elected its board of directors on Friday with weak support from shareholders, who grilled the U.S. chipmaker over its strategy following its successful defense against a $117-billion hostile bid from Broadcom Ltd ( <a href="/finance/stocks/overview?symbol=AVGO.O" type="external">AVGO.O</a>).</p> FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo <p>Qualcomm has been under pressure to defend its decision to take Broadcom&#8217;s bid to a U.S. national security panel for review. This resulted in U.S. President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology.</p> <p>The re-election of Qualcomm&#8217;s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm&#8217;s board and withdraw its nominees. However, the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed.</p> <p>Some of the directors were elected with more than 50 percent of the vote. The rest, including Qualcomm Chief Executive Steve Mollenkopf, received support in the range of 40 percent to 50 percent, according to sources familiar with preliminary results of the shareholder vote.</p> <p>&#8220;Anything below 80 percent to 90 percent of votes cast is kind of questionable, 40 percent is very questionable. (Trump)has created some breathing room for Qualcomm. Hopefully, they will use it wisely and improve both their Board and company,&#8221; said Kevin McManus, vice president and director of proxy services for Egan-Jones Proxy Services.</p> <p>Ahead of Friday&#8217;s meeting, Institutional Shareholder Services Inc, a shareholder advisory firm, had urged investors to lodge protest votes for Broadcom&#8217;s withdrawn board nominees, even though they would not be counted under the company&#8217;s rules.</p> <p>Mollenkopf told investors following the company&#8217;s rejection of Broadcom&#8217;s bid that he could achieve earnings per share of $6.75 to $7.50 in fiscal 2019, through a number of measures, including a $1-billion cost reduction program and the resolution of licensing disputes, including with Apple Inc ( <a href="/finance/stocks/overview?symbol=AAPL.O" type="external">AAPL.O</a>).</p> <p>One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders &#8220;who have seen the shares go up to $80 and now is at $55&#8221; but &#8220;have been faithful. How about a little of that (cash)?&#8221;</p> <p>Qualcomm CFO George Davis said the company&#8217;s offshore cash was already earmarked for use in the company&#8217;s $44-billion acquisition of chip maker NXP Semiconductors NV ( <a href="/finance/stocks/overview?symbol=NXPI.O" type="external">NXPI.O</a>), which is pending clearance from Chinese regulator MOFCOM.</p> <p>&#8220;That doesn&#8217;t sound close to $80,&#8221; the shareholder responded. Davis pointed to the company&#8217;s earnings goal for its fiscal 2019. &#8220;That probably sounds more like $80,&#8221; Davis said.</p> SMALLER BOARD <p>Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs, the son of Qualcomm&#8217;s co-founder, would not be renominated for the board after disclosing his intention to pursue a long-shot bid to take the company private.</p> <a href="/finance/stocks/overview?symbol=QCOM.O" type="external">Qualcomm Inc</a> 53.66 QCOM.O Nasdaq -1.92 (-3.45%) QCOM.O AVGO.O AAPL.O NXPI.O <p>Qualcomm shares closed down 1.9 percent on Friday at $53.66. NXP shares ended down 0.7 percent at $120.19, their lowest level since Qualcomm revised its NXP bid last week, amid investor concerns that China will block the deal.</p> <p>In response to a shareholder question about MOFCOM&#8217;s delay in approving the NXP deal, Don Rosenberg, Qualcomm&#8217;s legal chief, said that Qualcomm had been &#8220;actively engaged&#8221; with Chinese regulators &#8220;as recently as this week.&#8221;</p> <p>Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting. But in response to separate shareholder question about U.S.-China relations, he said Qualcomm has little visibility into broader trends between the two nations.</p> <p>&#8220;This is a little bit of uncharted territory for all of us,&#8221; Mollenkopf said. &#8220;We have developed a strong China-friendly, U.S.-friendly business model.&#8221;</p> <p>On Friday, Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States. The company is hoping this will make its future acquisitions exempt from reviews from the U.S. security panel, known as the Committee on Foreign Investment in the United States.</p> Related Video <p>However, Trump&#8217;s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States.</p> <p>Reporting by Stephen Nellis; editing by Bill Rigby and Nick Zieminski</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

UPDATE 2-Total to buy shares in Kenyan oil blocks from A.P. Moeller-Maersk Bank of America pays $42 million fine in New York 'masking' probe Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in China says ready to defend its interests in U.S. trade spat Qualcomm re-elects board of directors with tepid support

https://reuters.com/article/kenya-total/update-2-total-to-buy-shares-in-kenyan-oil-blocks-from-ap-moeller-maersk-idUSL8N1PI3MO

2018-01-23

2least

Adds Total Comment NAIROBI Jan 23 Reuters Total SA is to buy shares in three Kenyan oil blocks from AP MoellerMaersk the office of Kenya8217s President Uhuru Kenyatta said on Tuesday Britain8217s Tullow Oil and its Canadian partner Africa Oil discovered commercially viable crude in the Turkana region in the far north of Kenya in 2012 AP MoellerMaersk later bought equity in these blocks Full production is expected in early 2021 after completion of a planned 21 billion pipeline to transport the crude through the proposed port of Lamu Kenyatta8217s office said Total had committed to the pipeline prompting the government to agree to a proposal for the French oil major to buy 8220the issued and tobeissued share capital of Maersk Oil Exploration International Mogas Kenya in respect of Blocks 10BA 10BB and 13T8221 The statement followed a meeting between Kenyatta and Momar Nguer a member of Total8217s executive committee and its head of marketing and services It did not give any details on the size or value of the proposed transaction A spokeswoman for Total said the company will gain access to oil reserves in Kenya after it acquires the Maersk Oil assets 8220Total respects the commitments made by Maersk Oil Kenyan oil will be shipped via a pipeline in Kenya with the agreement of the government8221 she said Kenya8217s recoverable oil reserves are estimated at 750 million barrels and considered feasible for production at a price of 55 a barrel The spokeswoman added that Total8217s separate project in neighbouring Uganda8217s Lake Albert region which includes a separate pipeline running through Tanzania has been confirmed and maintained Reporting by Duncan Miriri Additional reporting by Bate Felix in Paris Editing by Jane Merriman and David Goodman Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters Bank of America Corp BACN will pay a 42 million fine and admitted wrongdoing to settle claims by New York8217s attorney general that it fraudulently routed clients8217 stock trades to outside firms including one run by swindler Bernard Madoff FILE PHOTO A customer leaves a Bank of America ATM kiosk in Boston Massachusetts US October 11 2017 REUTERSBrian Snyder New York Attorney General Eric Schneiderman announced the settlement on Friday and called the fine the largest collected by the state to resolve an electronic trading probe The attorney general said Bank of America Merrill Lynch had undisclosed agreements with several electronic trading firms from March 2008 to May 2013 to handle client trades He said the bank told clients it was processing the trades inhouse even going so far as to alter trade confirmations as part of an effort to make its electronic trading services appear safer and more sophisticated than they were Schneiderman said the 8220masking8221 scheme affected more than 16 million trade orders and 4 billion shares benefiting such firms as Madoff Securities Citadel Securities DE Shaw Knight Capital and Two Sigma Securities The bank also admitted to having told traders in its 8220dark pool8221 a private venue where they expected protection from highspeed traders that up to 30 percent of orders came from retail traders when the percentage was closer to 5 percent 8220Bank of America Merrill Lynch went to astonishing lengths to defraud its own institutional clients about who was seeing and filling their orders who was trading in its dark pool and the capabilities of its electronic trading services8221 Schneiderman said in a statement Bank of America Corp 2917 BACN New York Stock Exchange 138 452 BACN BARCL CSGNS DBKGnDE Bill Halldin a bank spokesman said in an email 8220At all times we met our obligation to deliver the best prices to clients About five years ago we addressed the issues concerning communicating to clients about where their trades were executed8221 The Charlotte North Carolinabased bank also admitted that its masking activity violated New York8217s powerful securities fraud law the Martin Act In 2016 Barclays Plc BARCL Credit Suisse Group AG CSGNS and Deutsche Bank AG DBKGnDE settled separate electronic and highspeed trading probes by Schneiderman8217s office for a respective 35 million 30 million and 185 million They also reached related settlements with the US Securities and Exchange Commission Madoff is serving a 150year prison term for running a huge Ponzi scheme involving his investment advisory business Reporting by Jonathan Stempel in New York Editing by Jeffrey Benkoe and Phil Berlowitz Our Standards The Thomson Reuters Trust Principles Reuters Steve Wynn the former chief executive of Wynn Resorts Ltd has disposed his entire 118 percent stake in the firm for 21 billion in a dramatic exit of the casino and hotel enterprise he founded over 16 years ago In an unexpected separate move Macau casino operator Galaxy Entertainment said it has agreed to buy 53 million primary shares of Wynn Resorts at 175 per share giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau Galaxy is one of six licensed operators in the world8217s largest gambling hub of Macau and competes with Wynn along with Sands China MGM China and Melco Resorts The casino mogul8217s share sale comes a week after Wynn Resorts said Steve and Elaine Wynn who has a 926 percent stake had scrapped a shareholder agreement that prevented them from selling their stakes Steve Wynn resigned as CEO of the Las Vegasbased company last month following claims he subjected women who worked for him to unwanted advances He has denied the accusations In a joint statement by Galaxy and Wynn on Wednesday Galaxy Vice Chairman Francis Lui said it was a unique opportunity to 8220acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline8221 A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core 8220operating philosophies and values8221 The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation Wynn said two longterm institutional investors currently holding stakes in Wynn Resorts have agreed to purchase the remaining eight million shares held by Steve Wynn also at 175 a share A Thursday filing showed the embattled founder sold 41 million shares of Wynn Resorts at 180 per share effectively exiting his entire 121 million shares or 118 percent stake in the firm for a total of 214 billion Steve Wynn Chairman and CEO of Wynn Resorts speaks during the Milken Institute Global Conference in Beverly Hills California US May 3 2017 REUTERSMike Blake WYNN IMPACT Wynn who started in Las Vegas casinos in the 1960s created some of Las Vegas8217 most iconic landmarks 8211 the Mirage Bellagio and Treasure Island He was forced to sell his multibillion dollar operation Mirage Resorts to tycoon Kirk Kerkorian in a hostile takeover in 2000 Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his exwife in 2002 An exterior view Wynn hotelcasino in Las Vegas Nevada US February 7 2018 REUTERSSteve Marcus The 76 year old businessman whose signature denotes the company8217s logo had built two lavish resorts in the former Portuguese colony of Macau where only six firms have licenses to operate casinos Vitaly Umansky analyst at Sanford C Bernstein in Hong Kong said the implications of the Galaxy8217s investment goes beyond what looks like a passive move at this stage 8220Wynn and Galaxy may be looking at collaborating on future development opportunities in Asia with Japan being the critical development initiative8221 Galaxy8217s octogenarian founder Lui Che Woo one of Asia8217s wealthiest billionaires has a net wealth of 22 billion according to Forbes Lui who started his career in construction has grown his casino company into one of Macau8217s biggest operators over the past decade 8220There are other large gaming companies who do not have a presence in Macau but who desperately want to be in Macau and we would not be surprised to see them angling for a seat at the acquisition table too8221 said Grant Govertsen analyst at Union Gaming in Macau While Galaxy has been primarily focused on Macau with its three casinos it this week received a license to operate a roughly 500 million resort in Boracay the Philippines most famous holiday island Wynn which operates a resort on Cotai and Macau8217s main peninsula focuses on premium and VIP customers while Galaxy targets both the high end segment and the broader mass Both companies have reported strong earnings growth in the fourth quarter with Galaxy posting a 67 percent surge in 2017 profit Shares in Wynn Macau and Galaxy dropped 39 percent and 29 percent respectively on Friday against the benchmark Hang Seng Index which was down 31 percent Reporting by Farah Master in Hong Kong and Philip George in Bengaluru Editing by Shri Navaratnam Our Standards The Thomson Reuters Trust Principles BEIJING Reuters The United States has flouted trade rules with an inquiry into intellectual property and China will defend its interests Vice Premier Liu He told US Treasury Secretary Steven Mnuchin in a telephone call on Saturday Chinese state media reported FILE PHOTO Containers are seen at the Yangshan Deep Water Port part of the Shanghai Free Trade Zone in Shanghai China February 13 2017 REUTERSAly Song The call between Mnuchin and Liu a confidante of President Xi Jinping was the highestlevel contact between the two governments since US President Donald Trump announced plans for tariffs on up to 60 billion of Chinese goods on Thursday The escalating tension sent shivers through financial markets as investors foresaw dire consequences for the global economy if trade barriers start going up In the call with Mnuchin Liu a Harvardtrained economist said China still hoped both sides would remain 8220rational8221 and jointly work together to keep trade relations stable the official Xinhua news agency reported Washington is concerned at what it says is the misappropriation of intellectual property following an eightmonth investigation under Section 301 of the 1974 US Trade Act It has also pressed China to cut its staggering 375 billion trade surplus with the United States by 100 billion Liu said the Section 301 investigation report 8220violates international trade rules and is beneficial to neither Chinese interests US interests nor global interests8221 Xinhua cited him as saying 8220China has already prepared and has the strength to defend its national interests8221 Liu said adding that China hopes both sides can work hard to protect generally stable SinoUS trade and business relations Related Coverage Apples Tim Cook calls for calm heads on China US trade China should target US soybeans says former finance minister Both sides agreed to continue to communicate on the matter the report added without providing further details COUNTER MOVES China has showed its readiness to retaliate declaring on Friday plans to levy additional duties on up to 3 billion of US imports including fruit and wine The measures were in response to US import tariffs on steel and aluminum that were due to take effect on Friday imposed after a separate US probe China8217s staterun Global Times said Beijing was only just beginning to look at means to retaliate 8220We believe it is only part of China8217s countermeasures and soybeans and other US farm products will be targeted8221 the widelyread tabloid said in a Saturday editorial The ruling Communist Party8217s official People8217s Daily said in a commentary that Washington was determined to choose 8220rashness and impetuousness8221 despite China8217s efforts to be constructive Slideshow 2 Images The United States should not underestimate China8217s determination to protect itself the paper said in an article signed 8220Zhong Sheng8221 or 8220Voice of China8221 used to express its views on foreign affairs SOYBEANS AUTOS PLANES A former Chinese finance minister told the annual China Development Forum in Beijing on Saturday that the commerce ministry8217s response so far had been relatively weak 8220If I were in the government I would probably hit soybeans first then hit autos and airplanes8221 said the respected Lou Jiwei currently chairman of the National Council for Social Security Fund NCSSF Boeing Co 3210 BAN New York Stock Exchange 139 043 BAN BLKN AAPLO US farm groups have long feared that China which imports more than third of all US soybeans could slow their purchases of agricultural products heaping more pain on the struggling US farm sector US agricultural exports to China stood at 196 billion last year with soybean shipments accounting for 124 billion Chinese penalties on US soybeans will especially hurt Iowa a state that backed Trump in the 2016 presidential elections and is home to US Ambassador to China Terry Branstad Boeing BAN jets have also been often cited as a potential target by China Several Western chief executives attending the highprofile forum in Beijing urged restraint amid the growing trade spat Both countries had benefited by globalization Blackrock Inc8217s BLKN CEO Larry Fink said at the forum 8220I believe that a dialogue 8211 and maybe some adjustments in trade and trade policy 8211 can be in order It does not need to be done publicly it can be done privately8221 Tim Cook chief executive of Apple Inc AAPLO called for 8220calm heads8221 amid the dispute The sparring between China and the US has cast a spotlight on hardware makers such as Apple which assemble the majority of their products in China for export to other countries Electrical goods and tech are the largest US import item from China Reporting by Ryan Woo and Hallie Gu additional reporting by Ben Blanchard Kevin Yao Matthew Miller and Cate Cadell editing by Richard Pullin Our Standards The Thomson Reuters Trust Principles SAN DIEGO Reuters Qualcomm Inc QCOMO reelected its board of directors on Friday with weak support from shareholders who grilled the US chipmaker over its strategy following its successful defense against a 117billion hostile bid from Broadcom Ltd AVGOO FILE PHOTO A sign on the Qualcomm campus is seen in San Diego California US November 6 2017 REUTERSMike BlakeFile Photo Qualcomm has been under pressure to defend its decision to take Broadcom8217s bid to a US national security panel for review This resulted in US President Donald Trump blocking the deal earlier this month over concerns the acquisition would set the United States back in its race against China to develop 5G wireless technology The reelection of Qualcomm8217s directors was not in doubt on Friday given that Trump had ordered Broadcom to drop its challenge to Qualcomm8217s board and withdraw its nominees However the investor support the Qualcomm directors received was lower than in most cases where directors run for election unopposed Some of the directors were elected with more than 50 percent of the vote The rest including Qualcomm Chief Executive Steve Mollenkopf received support in the range of 40 percent to 50 percent according to sources familiar with preliminary results of the shareholder vote 8220Anything below 80 percent to 90 percent of votes cast is kind of questionable 40 percent is very questionable Trumphas created some breathing room for Qualcomm Hopefully they will use it wisely and improve both their Board and company8221 said Kevin McManus vice president and director of proxy services for EganJones Proxy Services Ahead of Friday8217s meeting Institutional Shareholder Services Inc a shareholder advisory firm had urged investors to lodge protest votes for Broadcom8217s withdrawn board nominees even though they would not be counted under the company8217s rules Mollenkopf told investors following the company8217s rejection of Broadcom8217s bid that he could achieve earnings per share of 675 to 750 in fiscal 2019 through a number of measures including a 1billion cost reduction program and the resolution of licensing disputes including with Apple Inc AAPLO One shareholder at the meeting asked whether Qualcomm planned to return some or all of its offshore cash to shareholders 8220who have seen the shares go up to 80 and now is at 558221 but 8220have been faithful How about a little of that cash8221 Qualcomm CFO George Davis said the company8217s offshore cash was already earmarked for use in the company8217s 44billion acquisition of chip maker NXP Semiconductors NV NXPIO which is pending clearance from Chinese regulator MOFCOM 8220That doesn8217t sound close to 808221 the shareholder responded Davis pointed to the company8217s earnings goal for its fiscal 2019 8220That probably sounds more like 808221 Davis said SMALLER BOARD Qualcomm last week said its board would shrink to 10 directors from 11 because former chairman Paul Jacobs the son of Qualcomm8217s cofounder would not be renominated for the board after disclosing his intention to pursue a longshot bid to take the company private Qualcomm Inc 5366 QCOMO Nasdaq 192 345 QCOMO AVGOO AAPLO NXPIO Qualcomm shares closed down 19 percent on Friday at 5366 NXP shares ended down 07 percent at 12019 their lowest level since Qualcomm revised its NXP bid last week amid investor concerns that China will block the deal In response to a shareholder question about MOFCOM8217s delay in approving the NXP deal Don Rosenberg Qualcomm8217s legal chief said that Qualcomm had been 8220actively engaged8221 with Chinese regulators 8220as recently as this week8221 Mollenkopf said he believed the company would close the NXP deal on schedule and noted he was headed to China for a conference immediately after the shareholder meeting But in response to separate shareholder question about USChina relations he said Qualcomm has little visibility into broader trends between the two nations 8220This is a little bit of uncharted territory for all of us8221 Mollenkopf said 8220We have developed a strong Chinafriendly USfriendly business model8221 On Friday Broadcom said its shareholders had voted to redomicile the company from Singapore to the United States The company is hoping this will make its future acquisitions exempt from reviews from the US security panel known as the Committee on Foreign Investment in the United States Related Video However Trump8217s order prohibiting a Broadcom bid for Qualcomm continues to apply even after the redomiciling to the United States Reporting by Stephen Nellis editing by Bill Rigby and Nick Zieminski Our Standards The Thomson Reuters Trust Principles

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<p>Jan 19 (Reuters) - Beijing Wandong Medical Technology Co Ltd :</p> <p>* Says it won bid of 2018 national physical examination equipment procurement worth 100 million yuan to 120 million yuan from Meinian Onehealth Healthcare (Group) Co., Ltd</p> <p>Source text in Chinese: <a href="https://goo.gl/u7RioU" type="external">goo.gl/u7RioU</a></p> <p>Further company coverage: (Beijing Headline News)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/LIMA (Reuters) - U.S. President Donald Trump, who has disparaged Latin American countries over immigration, narcotics and trade, heads to the region this week for a summit that diplomats say is likely to be awkward and tense.</p> FILE PHOTO - U.S. President Donald Trump shakes hands with Mexico's President Enrique Pena Nieto during the their bilateral meeting at the G20 summit in Hamburg, Germany July 7, 2017. REUTERS/Carlos Barria/File Photo <p>Trump will arrive in the Peruvian capital, Lima, on Friday for the Summit of the Americas with an agenda of encouraging commercial ties and urging allies to take a hard line on Venezuela, according to U.S. officials who briefed reporters on the trip.</p> <p>But the U.S. president&#8217;s divisive rhetoric and fraught relationships with leaders such as Mexican President Enrique Pena Nieto make it unlikely he will make big strides toward his goals, experts said.</p> <p>&#8220;He is going in profoundly unpopular in the region, and that obviously complicates the ability of leaders to work with him,&#8221; said Mark Feierstein, who managed hemispheric issues for President Barack Obama&#8217;s White House, and is now an adviser with the Albright Stonebridge Group.</p> <p>The visit is stirring nostalgia for Obama, the Republican president&#8217;s Democratic predecessor, a Peruvian diplomat said.</p> <p>The diplomat added, however: &#8220;Nobody has lost any sleep over Trump,&#8221; saying: &#8220;We all know how to smile and nod along, so we&#8217;re not too worried.&#8221;</p> <p>Trump has complained about U.S. job losses to Mexico, threatened to rip up the North American Free Trade Agreement with Mexico and Canada and began his presidential bid with a speech describing Mexican immigrants as &#8220;rapists&#8221; and drug dealers.</p> <p>Trump has also taken aim at migration from Nicaragua, Honduras, El Salvador and other Latin American countries and threatened to cut off aid to Colombia and Peru over the drug trade.</p> <p>As he prepares for his trip, which includes a stop in Colombia after the summit, Trump has ramped up his rhetoric on illegal immigration with a plan to send National Guard troops to the U.S. border with Mexico.</p> UNPOPULAR IN REGION <p>After Trump&#8217;s first year in office, only 16 percent of poll respondents in Latin America approved of Trump&#8217;s performance, according to Gallup.</p> <p>Sergio Montenegro, 40, who works at an insurance company in Lima, compared Trump with some populist leaders who gained power in Latin America in recent decades.</p> <p>&#8220;Being loud, always at the center of attention, constant scandals ... that&#8217;s been our reality for many years,&#8221; Montalvo said. &#8220;The United States isn&#8217;t respected as much now ... before, whatever Americans said seemed to be the right thing - the voice of reason. Now whatever they say is questioned.&#8221;</p> <p>Asked about how confrontational Trump might be at the summit and if there was discussion about countering his low regional popularity, a U.S. official on the briefing said: &#8220;He speaks what&#8217;s on his mind.&amp;#160;And I think he will speak to issues of shared values and shared goals within the region.&#8221;</p> <p>A source in the Brazilian government told Reuters on condition of anonymity that a positive agenda from Washington &#8220;is badly needed if the Trump administration wants to keep productive relations with the region.&#8221;</p> <p>At the summit, leaders will try to build consensus around cracking down on corruption in the region, a theme brought into focus last month by the resignation of Peru&#8217;s former president, Pedro Pablo Kuczynski, over ties to a scandal involving Brazilian construction conglomerate Odebrecht.</p> VENEZUELA <p>The White House also wants to turn up regional pressure on Venezuela&#8217;s socialist president, Nicolas Maduro - disinvited from the summit - who called an election for May that his opposition and Washington have cast as a sham. Hundreds of thousands of Venezuelans have fled to Colombia and other neighboring countries to escape hunger and poverty.</p> <p>Trump mused last year about a &#8220;military option&#8221; to push for change in Venezuela, a comment widely condemned in the region.</p> <p>The United States, a major buyer of Venezuelan oil, has weighed ramping up economic sanctions. A U.S. official told reporters last week that no decisions were imminent but could be made over the next several months.</p> <p>At the summit, diplomats from countries critical of Maduro might formally condemn the election and discuss ways to help Venezuelan migrants, according to a source at Argentina&#8217;s Foreign Ministry.</p> <p>Such a statement would be &#8220;unprecedented,&#8221; said Ana Rose Quintana, an analyst with the conservative Heritage Foundation in Washington. &#8220;The statement would be the groundwork for additional sanctions later on,&#8221; Quintana said.</p> <p>Reporting by Roberta Rampton in Washington and Mitra Taj in Lima; Additional reporting by Anthony Boadle in Brasilia, Julia Cobb in Bogota and Caroline Stauffer in Buenos Aires; Editing by Caren Bohan and Peter Cooney</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>AMMAN (Reuters) - The Russian and Syrian military on Monday said Israeli war planes carried out missile strikes on a Syrian air base, hours after U.S. President Donald Trump warned of a &#8220;big price to pay&#8221; following reports of a poison gas attack on a rebel-held town.</p> <p>Syrian state TV initially said the United States was suspected of carrying out a missile attack on the T-4 airfield near Homs, after harsh words by Trump over the reported chemical attack on Saturday in the town of Douma which killed dozens of people.</p> <p>The United States denied attacking the Syrian base, and France also said its forces had not carried it out.</p> <p>The Russian military, whose forces are supporting Syrian President Bashar al-Assad, said two Israeli F-15 war planes had carried out the strikes on the Syrian T-4 air base, the Interfax news agency reported.</p> <p>Interfax cited the Russian Defence Ministry as saying the Israeli war planes had carried out the strikes from Lebanese air space, and that Syrian air defense systems had shot down five of eight missiles fired.</p> <p>Syrian state media, citing a military source, then carried a similar report. &#8220;The Israeli aggression on the T4 airport was carried out with F-15 planes that fired several missiles from above Lebanese land,&#8221; state news agency SANA said.</p> <p>When asked earlier about the explosions from the air base, an Israeli spokeswoman declined to comment. Israel had no immediate comment to the Syrian and Russian military charges.</p> <p>Israel has struck Syrian army locations many times in the course of the conflict, hitting convoys and bases of Iranian-backed militias that fight alongside Assad&#8217;s forces.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-israel/syrian-state-media-says-israel-struck-air-base-idUSKBN1HG0ZD" type="external">Syrian state media says Israel struck air base</a> <a href="/article/us-mideast-crisis-russia-israel/russian-military-says-israeli-war-planes-struck-syrian-air-base-ifax-idUSKBN1HG0UJ" type="external">Russian military says Israeli war planes struck Syrian air base: Ifax</a> <a href="/article/us-mideast-crisis-syria-france/france-says-did-not-carry-out-air-strikes-in-syria-overnight-idUSKBN1HG0S3" type="external">France says did not carry out air strikes in Syria overnight</a> <p>Israel has accused Damascus of allowing Iran to set up a complex at the T-4 base to supply arms to its ally, Lebanon&#8217;s Shi&#8217;ite Hezbollah.</p> <p>Syrian state TV, in its initial report, said there had been casualties in what it said was a suspected U.S. missile attack on the T-4 airfield near Homs, close to the ancient city of Palmyra in central Syria. The Pentagon denied U.S. war planes were carrying out any air strikes in Syria at the present time.</p> <p>&#8220;However, we continue to closely watch the situation and support the ongoing diplomatic efforts to hold those who use chemical weapons, in Syria and otherwise, accountable,&#8221; it said.</p> <p>Defence analysts say there are large deployments of Russian forces at the T-4 base and jets fly regular sorties from there to strike rebel-held areas.</p> <p>The Syrian state broadcaster said there were several dead and wounded in the strike.</p> <p>The Syrian Observatory for Human Rights, a British-based monitor, said at least 14 people were killed including some fighters of various nationalities, a reference to Iranian-backed Shi&#8217;ite militia members, mostly from Iraq, Lebanon and Iran fighting alongside the Syrian army.</p> <p>Reuters could not independently verify the report.</p> TRUMP POINTS TO PUTIN <p>The Syrian opposition blamed the suspected chemical attack on Saturday in Douma on government forces.</p> <p>As international officials worked to try to confirm the chemical attack, Trump took the rare step of directly criticizing Russian President Vladimir Putin in connection with the incident.</p> <p>Trump said on Twitter on Sunday there would be a &#8220;big price to pay&#8221; after medical aid groups reported dozens of civilians, including many children and women, were killed by poison gas in the besieged rebel-held town.</p> <p>&#8220;Many dead, including women and children, in mindless CHEMICAL attack in Syria. Area of atrocity is in lockdown and encircled by Syrian Army, making it completely inaccessible to outside world. President Putin, Russia and Iran are responsible for backing Animal Assad. Big price to pay,&#8221; Trump wrote.</p> <p>The Syrian government denied its forces had launched any chemical assault, while Russia, Assad&#8217;s most powerful ally, called the reports fake and warned against military action on the basis of &#8220;invented and fabricated excuses&#8221;.</p> <p>The Syrian government launched an air and ground assault on Douma, the last rebel-held town in the eastern Ghouta district, on Friday.</p> <p>French President Emmanuel Macron spoke to Trump by telephone and the two agreed they would work together to establish clear responsibility for what Macron&#8217;s office said they had agreed was a confirmed chemical attack.</p> <p>Macron said in February &#8220;France will strike&#8221; in the event of lethal chemical weapon attack on civilians by government forces in Syria. A French defense ministry official said on Monday France did not carry out the air strike on the T-4 base.</p> <p>The medical relief organization Syrian American Medical Society (SAMS) and the civil defense service, which operates in rebel-held areas, said in a joint statement 49 people had been killed in the suspected gas attack.</p> <p>One video shared by activists showed bodies of about a dozen children, women and men, some with foam at the mouth. &#8220;Douma city, April 7 ... there is a strong smell here,&#8221; a voice can be heard saying.</p> <p>Reuters could not independently verify the reports.</p> <p>The United States launched a cruise missile strike on a Syrian air base a year ago in response to the killing of dozens of civilians in a sarin gas attack in an opposition-held town in northwest Syria. The gas attack was blamed on Assad.</p> <p>U.S. government sources said Washington&#8217;s assessment of the Saturday attack was that chemical weapons were used. The European Union also said evidence pointed to the use of chemical weapons by Assad&#8217;s forces.</p> <p>A European diplomat said Western allies would work on building a dossier based on photos, videos, witness testimony and satellite images of Syrian flights and helicopters. However gaining access to samples on the ground would be difficult.</p> A man is washed following alleged chemical weapons attack, in what is said to be Douma, Syria in this still image from video obtained by Reuters on April 8, 2018. White Helmets/Reuters TV via REUTERS <p>The U.N. Security Council will meet twice on Monday following rival requests by Russia and the United States.</p> <p>U.N. war crimes investigators had previously documented 33 chemical attacks in Syria, attributing 27 to the Assad government, which has repeatedly denied using the weapons.</p> <p>Reporting by Nayera Abdallah, Suleiman Al-Khalidi, Ellen Francis, Maria Kiselyova, Dan Williams, John Irish, Matt Spetalnick; Writing by Robert Birsel and Richard Balmforth; Editing by Janet Lawrence</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BOAO/BEIJING, China (Reuters) - China stepped up its attacks on the Trump administration on Monday over billions of dollars worth of threatened tariffs, saying Washington is to blame for trade frictions and repeating it was impossible to negotiate under &#8220;current circumstances&#8221;.</p> A worker works at a furnace at a steel plant of Dalian Special Steel Co Ltd in Dalian, Liaoning province, China April 8, 2018. REUTERS/Stringer <p>The comments come after U.S. President Donald Trump on Sunday predicted China would take down its trade barriers, and expressed optimism that both sides could resolve the issue through talks.</p> <p>Chinese state researchers and media talked down the likely impact of U.S. trade measures on the world&#8217;s second largest economy and described the Trump administration&#8217;s posturing on trade as the product of an &#8220;anxiety disorder&#8221;.</p> <p>&#8220;Under the current circumstances, both sides even more cannot have talks on these issues,&#8221; Chinese Foreign Ministry spokesman Geng Shuang told reporters at a regular news briefing.</p> <p>&#8220;The United States with one hand wields the threat of sanctions, and at the same time says they are willing to talk. I&#8217;m not sure who the United States is putting on this act for,&#8221; Geng said.</p> Related Coverage <a href="/article/us-usa-trade-china-formin/china-blames-u-s-for-trade-frictions-says-negotiations-currently-impossible-idUSKBN1HG0WZ" type="external">China blames U.S for trade frictions, says negotiations currently impossible</a> <a href="/article/us-usa-trade-china-protectionism/chinas-premier-says-need-to-oppose-unilateralism-trade-protectionism-idUSKBN1HG12K" type="external">China's premier says need to oppose unilateralism, trade protectionism</a> <p>The trade frictions were &#8220;entirely at the provocation of the United States&#8221;, he added.</p> <p>Beijing did not want to fight a trade war, but was not afraid of one, Vice Commerce Minister Qian Keming said at the Boao Forum for Asia in the southern province of Hainan.</p> <p>The focus this week will be on the forum, with President Xi Jinping and International Monetary Fund Managing Director Christine Lagarde delivering speeches on Tuesday.</p> &#8220;GREAT WALL OF DENIAL&#8221; <p>The U.S. move last week to threaten China with tariffs on $50 billion in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of U.S. intellectual property and forced technology transfer from U.S. companies.</p> <p>Beijing claims that Washington is the aggressor and is spurring global protectionism, though China&#8217;s trading partners have complained for years that it abuses World Trade Organization rules and practices unfair industrial policies that lock foreign companies out of crucial sectors with the intent of creating domestic champions.</p> <p>After repeated pledges by Beijing to open up sectors such as financial services have yielded little substantial progress, Trump has said that the United States will no longer let China take advantage of it on trade.</p> <p>&#8220;China&#8217;s reaction to Mr. Trump&#8217;s legitimate defense of the American homeland has been a Great Wall of denial &#8212; despite incontrovertible evidence of Beijing&#8217;s illicit and protectionist behaviors,&#8221; White House trade advisor Peter Navarro said in a commentary in the Financial Times on Monday.</p> A worker checks aluminium rolls at a warehouse inside an industrial park in Binzhou, Shandong province, China April 7, 2018. China Daily via REUTERS <p>&#8220;Nothing less than the U.S.&#8217;s economic future is at risk from China&#8217;s assault on American technology and IP, and its mercantilist bid to capture emerging high-tech industries,&#8221; he said.</p> <p>Chinese officials deny such charges, and responded within hours of Trump&#8217;s announcement of tariffs with their own proposed commensurate duties. The move prompted Trump to threaten duties on an additional $100 billion in tariffs on Chinese goods.</p> <p>None of the measures have yet gone into effect, offering some hope for compromise and a watering down of the proposals even as both sides&#8217; rhetoric grows more strident.</p> <p>China&#8217;s ambassador to the United States Cui Tiankai said in an interview in China&#8217;s Securities Daily newspaper that the United States should &#8220;adopt a more responsible attitude&#8221; on trade or it would harm itself with its own policies.</p> <p>&#8220;Some people in the United States are still accustomed to being the world leader, and haven&#8217;t adapted to the change in the global situation,&#8221; Cui said.</p> <p>The Chinese Communist Party&#8217;s official newspaper described U.S. trade policies as a populist tilt by Trump ahead of the U.S. mid-term elections, but that the steps would ultimately end up hurting U.S. consumers through higher prices.</p> <p>&#8220;In the world&#8217;s perception, the U.S. is overshadowed by an anxiety disorder and is very keen to show its anxiety,&#8221; the newspaper said.</p> &#8220;IMPACT WILL BE LIMITED&#8221; <p>A researcher with China&#8217;s state planning agency said China&#8217;s economy will see little impact from the trade dispute, as the country&#8217;s vast domestic market can compensate for any external impact.</p> <p>Even with the U.S. tariffs, China can still reach its 2018 GDP growth target of around 6.5 percent and the impact on employment will be limited, Wang Changlin, a researcher at the National Development and Reform Commission (NDRC), wrote in a post on the commission&#8217;s official microblog account.</p> Slideshow (2 Images) <p>Fan Gang, an influential economist and adviser to China&#8217;s central bank, on Sunday flagged the possibility of a U.S. trade war as the U.S. economy faces pressure from China&#8217;s rapid development.</p> <p>Discussion of the trade dispute also touched on the possibility of China leveraging its massive holdings of U.S. government debt, which has been dubbed the &#8220;nuclear option&#8221;.</p> <p>Zhang Yuyan, a researcher at the Chinese Academy of Social Sciences, a government think-tank, said China was unlikely to sell off its holdings of U.S. Treasury bonds as a tactic in the trade dispute.</p> <p>&#8220;On whether China will reduce its foreign exchange reserves, how policymakers think, I don&#8217;t know. I personally believe this possibility is very small,&#8221; Zhang said on Sunday in Boao.</p> <p>China is evaluating the potential impact of a gradual yuan depreciation as a tool in the trade dispute, Bloomberg News reported on Monday, citing people familiar with the matter, though it said the analysis doesn&#8217;t mean officials will carry out the move.</p> <p>The yuan has been nearly unchanged against the dollar over the last month as the trade dispute heated up and has appreciated about 3 percent so far this year.[CNY/]</p> <p>Reporting by Kevin Yao, Christian Shepherd, Andrew Galbraith and Stella Qiu; Writing by Elias Glenn and Michael Martina; Editing by Sam Holmes and Kim Coghill</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BERLIN (Reuters) - Germany on Monday condemned the use of chemical weapons in Douma, a rebel-held town in Syria&#8217;s eastern Ghouta, and said the circumstances pointed to the regime of Syrian President Bashar al-Assad being responsible for the attack.</p> <p>&#8220;The government condemns this new use of poison gas in the strongest terms,&#8221; German government spokesman Steffen Seibert told a news conference. &#8220;The regime&#8217;s actions are abhorrent.&#8221;</p> <p>&#8220;Those responsible for the use of poison gas ... must be held to account,&#8221; he added. &#8220;With this use of poison gas, the circumstances point to Assad regime&#8217;s responsibility.&#8221;</p> <p>Writing by Paul Carrel; Editing by Joseph Nasr</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Beijing Wandong Medical Technology wins bid of 2018 national physical examination equipment procurement 'Smile and nod': Latin American leaders brace for tense Trump visit Syria, Russia say Israeli war planes carried out strike on Syrian air base China blames U.S for trade frictions, says negotiations currently impossible Germany condemns Syria gas attack, says evidence points to Assad

https://reuters.com/article/brief-beijing-wandong-medical-technology/brief-beijing-wandong-medical-technology-wins-bid-of-2018-national-physical-examination-equipment-procurement-idUSL3N1PE1VV

2018-01-19

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Jan 19 Reuters Beijing Wandong Medical Technology Co Ltd Says it won bid of 2018 national physical examination equipment procurement worth 100 million yuan to 120 million yuan from Meinian Onehealth Healthcare Group Co Ltd Source text in Chinese googlu7RioU Further company coverage Beijing Headline News Our Standards The Thomson Reuters Trust Principles WASHINGTONLIMA Reuters US President Donald Trump who has disparaged Latin American countries over immigration narcotics and trade heads to the region this week for a summit that diplomats say is likely to be awkward and tense FILE PHOTO US President Donald Trump shakes hands with Mexicos President Enrique Pena Nieto during the their bilateral meeting at the G20 summit in Hamburg Germany July 7 2017 REUTERSCarlos BarriaFile Photo Trump will arrive in the Peruvian capital Lima on Friday for the Summit of the Americas with an agenda of encouraging commercial ties and urging allies to take a hard line on Venezuela according to US officials who briefed reporters on the trip But the US president8217s divisive rhetoric and fraught relationships with leaders such as Mexican President Enrique Pena Nieto make it unlikely he will make big strides toward his goals experts said 8220He is going in profoundly unpopular in the region and that obviously complicates the ability of leaders to work with him8221 said Mark Feierstein who managed hemispheric issues for President Barack Obama8217s White House and is now an adviser with the Albright Stonebridge Group The visit is stirring nostalgia for Obama the Republican president8217s Democratic predecessor a Peruvian diplomat said The diplomat added however 8220Nobody has lost any sleep over Trump8221 saying 8220We all know how to smile and nod along so we8217re not too worried8221 Trump has complained about US job losses to Mexico threatened to rip up the North American Free Trade Agreement with Mexico and Canada and began his presidential bid with a speech describing Mexican immigrants as 8220rapists8221 and drug dealers Trump has also taken aim at migration from Nicaragua Honduras El Salvador and other Latin American countries and threatened to cut off aid to Colombia and Peru over the drug trade As he prepares for his trip which includes a stop in Colombia after the summit Trump has ramped up his rhetoric on illegal immigration with a plan to send National Guard troops to the US border with Mexico UNPOPULAR IN REGION After Trump8217s first year in office only 16 percent of poll respondents in Latin America approved of Trump8217s performance according to Gallup Sergio Montenegro 40 who works at an insurance company in Lima compared Trump with some populist leaders who gained power in Latin America in recent decades 8220Being loud always at the center of attention constant scandals that8217s been our reality for many years8221 Montalvo said 8220The United States isn8217t respected as much now before whatever Americans said seemed to be the right thing the voice of reason Now whatever they say is questioned8221 Asked about how confrontational Trump might be at the summit and if there was discussion about countering his low regional popularity a US official on the briefing said 8220He speaks what8217s on his mindamp160And I think he will speak to issues of shared values and shared goals within the region8221 A source in the Brazilian government told Reuters on condition of anonymity that a positive agenda from Washington 8220is badly needed if the Trump administration wants to keep productive relations with the region8221 At the summit leaders will try to build consensus around cracking down on corruption in the region a theme brought into focus last month by the resignation of Peru8217s former president Pedro Pablo Kuczynski over ties to a scandal involving Brazilian construction conglomerate Odebrecht VENEZUELA The White House also wants to turn up regional pressure on Venezuela8217s socialist president Nicolas Maduro disinvited from the summit who called an election for May that his opposition and Washington have cast as a sham Hundreds of thousands of Venezuelans have fled to Colombia and other neighboring countries to escape hunger and poverty Trump mused last year about a 8220military option8221 to push for change in Venezuela a comment widely condemned in the region The United States a major buyer of Venezuelan oil has weighed ramping up economic sanctions A US official told reporters last week that no decisions were imminent but could be made over the next several months At the summit diplomats from countries critical of Maduro might formally condemn the election and discuss ways to help Venezuelan migrants according to a source at Argentina8217s Foreign Ministry Such a statement would be 8220unprecedented8221 said Ana Rose Quintana an analyst with the conservative Heritage Foundation in Washington 8220The statement would be the groundwork for additional sanctions later on8221 Quintana said Reporting by Roberta Rampton in Washington and Mitra Taj in Lima Additional reporting by Anthony Boadle in Brasilia Julia Cobb in Bogota and Caroline Stauffer in Buenos Aires Editing by Caren Bohan and Peter Cooney Our Standards The Thomson Reuters Trust Principles AMMAN Reuters The Russian and Syrian military on Monday said Israeli war planes carried out missile strikes on a Syrian air base hours after US President Donald Trump warned of a 8220big price to pay8221 following reports of a poison gas attack on a rebelheld town Syrian state TV initially said the United States was suspected of carrying out a missile attack on the T4 airfield near Homs after harsh words by Trump over the reported chemical attack on Saturday in the town of Douma which killed dozens of people The United States denied attacking the Syrian base and France also said its forces had not carried it out The Russian military whose forces are supporting Syrian President Bashar alAssad said two Israeli F15 war planes had carried out the strikes on the Syrian T4 air base the Interfax news agency reported Interfax cited the Russian Defence Ministry as saying the Israeli war planes had carried out the strikes from Lebanese air space and that Syrian air defense systems had shot down five of eight missiles fired Syrian state media citing a military source then carried a similar report 8220The Israeli aggression on the T4 airport was carried out with F15 planes that fired several missiles from above Lebanese land8221 state news agency SANA said When asked earlier about the explosions from the air base an Israeli spokeswoman declined to comment Israel had no immediate comment to the Syrian and Russian military charges Israel has struck Syrian army locations many times in the course of the conflict hitting convoys and bases of Iranianbacked militias that fight alongside Assad8217s forces Related Coverage Syrian state media says Israel struck air base Russian military says Israeli war planes struck Syrian air base Ifax France says did not carry out air strikes in Syria overnight Israel has accused Damascus of allowing Iran to set up a complex at the T4 base to supply arms to its ally Lebanon8217s Shi8217ite Hezbollah Syrian state TV in its initial report said there had been casualties in what it said was a suspected US missile attack on the T4 airfield near Homs close to the ancient city of Palmyra in central Syria The Pentagon denied US war planes were carrying out any air strikes in Syria at the present time 8220However we continue to closely watch the situation and support the ongoing diplomatic efforts to hold those who use chemical weapons in Syria and otherwise accountable8221 it said Defence analysts say there are large deployments of Russian forces at the T4 base and jets fly regular sorties from there to strike rebelheld areas The Syrian state broadcaster said there were several dead and wounded in the strike The Syrian Observatory for Human Rights a Britishbased monitor said at least 14 people were killed including some fighters of various nationalities a reference to Iranianbacked Shi8217ite militia members mostly from Iraq Lebanon and Iran fighting alongside the Syrian army Reuters could not independently verify the report TRUMP POINTS TO PUTIN The Syrian opposition blamed the suspected chemical attack on Saturday in Douma on government forces As international officials worked to try to confirm the chemical attack Trump took the rare step of directly criticizing Russian President Vladimir Putin in connection with the incident Trump said on Twitter on Sunday there would be a 8220big price to pay8221 after medical aid groups reported dozens of civilians including many children and women were killed by poison gas in the besieged rebelheld town 8220Many dead including women and children in mindless CHEMICAL attack in Syria Area of atrocity is in lockdown and encircled by Syrian Army making it completely inaccessible to outside world President Putin Russia and Iran are responsible for backing Animal Assad Big price to pay8221 Trump wrote The Syrian government denied its forces had launched any chemical assault while Russia Assad8217s most powerful ally called the reports fake and warned against military action on the basis of 8220invented and fabricated excuses8221 The Syrian government launched an air and ground assault on Douma the last rebelheld town in the eastern Ghouta district on Friday French President Emmanuel Macron spoke to Trump by telephone and the two agreed they would work together to establish clear responsibility for what Macron8217s office said they had agreed was a confirmed chemical attack Macron said in February 8220France will strike8221 in the event of lethal chemical weapon attack on civilians by government forces in Syria A French defense ministry official said on Monday France did not carry out the air strike on the T4 base The medical relief organization Syrian American Medical Society SAMS and the civil defense service which operates in rebelheld areas said in a joint statement 49 people had been killed in the suspected gas attack One video shared by activists showed bodies of about a dozen children women and men some with foam at the mouth 8220Douma city April 7 there is a strong smell here8221 a voice can be heard saying Reuters could not independently verify the reports The United States launched a cruise missile strike on a Syrian air base a year ago in response to the killing of dozens of civilians in a sarin gas attack in an oppositionheld town in northwest Syria The gas attack was blamed on Assad US government sources said Washington8217s assessment of the Saturday attack was that chemical weapons were used The European Union also said evidence pointed to the use of chemical weapons by Assad8217s forces A European diplomat said Western allies would work on building a dossier based on photos videos witness testimony and satellite images of Syrian flights and helicopters However gaining access to samples on the ground would be difficult A man is washed following alleged chemical weapons attack in what is said to be Douma Syria in this still image from video obtained by Reuters on April 8 2018 White HelmetsReuters TV via REUTERS The UN Security Council will meet twice on Monday following rival requests by Russia and the United States UN war crimes investigators had previously documented 33 chemical attacks in Syria attributing 27 to the Assad government which has repeatedly denied using the weapons Reporting by Nayera Abdallah Suleiman AlKhalidi Ellen Francis Maria Kiselyova Dan Williams John Irish Matt Spetalnick Writing by Robert Birsel and Richard Balmforth Editing by Janet Lawrence Our Standards The Thomson Reuters Trust Principles BOAOBEIJING China Reuters China stepped up its attacks on the Trump administration on Monday over billions of dollars worth of threatened tariffs saying Washington is to blame for trade frictions and repeating it was impossible to negotiate under 8220current circumstances8221 A worker works at a furnace at a steel plant of Dalian Special Steel Co Ltd in Dalian Liaoning province China April 8 2018 REUTERSStringer The comments come after US President Donald Trump on Sunday predicted China would take down its trade barriers and expressed optimism that both sides could resolve the issue through talks Chinese state researchers and media talked down the likely impact of US trade measures on the world8217s second largest economy and described the Trump administration8217s posturing on trade as the product of an 8220anxiety disorder8221 8220Under the current circumstances both sides even more cannot have talks on these issues8221 Chinese Foreign Ministry spokesman Geng Shuang told reporters at a regular news briefing 8220The United States with one hand wields the threat of sanctions and at the same time says they are willing to talk I8217m not sure who the United States is putting on this act for8221 Geng said Related Coverage China blames US for trade frictions says negotiations currently impossible Chinas premier says need to oppose unilateralism trade protectionism The trade frictions were 8220entirely at the provocation of the United States8221 he added Beijing did not want to fight a trade war but was not afraid of one Vice Commerce Minister Qian Keming said at the Boao Forum for Asia in the southern province of Hainan The focus this week will be on the forum with President Xi Jinping and International Monetary Fund Managing Director Christine Lagarde delivering speeches on Tuesday 8220GREAT WALL OF DENIAL8221 The US move last week to threaten China with tariffs on 50 billion in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of US intellectual property and forced technology transfer from US companies Beijing claims that Washington is the aggressor and is spurring global protectionism though China8217s trading partners have complained for years that it abuses World Trade Organization rules and practices unfair industrial policies that lock foreign companies out of crucial sectors with the intent of creating domestic champions After repeated pledges by Beijing to open up sectors such as financial services have yielded little substantial progress Trump has said that the United States will no longer let China take advantage of it on trade 8220China8217s reaction to Mr Trump8217s legitimate defense of the American homeland has been a Great Wall of denial 8212 despite incontrovertible evidence of Beijing8217s illicit and protectionist behaviors8221 White House trade advisor Peter Navarro said in a commentary in the Financial Times on Monday A worker checks aluminium rolls at a warehouse inside an industrial park in Binzhou Shandong province China April 7 2018 China Daily via REUTERS 8220Nothing less than the US8217s economic future is at risk from China8217s assault on American technology and IP and its mercantilist bid to capture emerging hightech industries8221 he said Chinese officials deny such charges and responded within hours of Trump8217s announcement of tariffs with their own proposed commensurate duties The move prompted Trump to threaten duties on an additional 100 billion in tariffs on Chinese goods None of the measures have yet gone into effect offering some hope for compromise and a watering down of the proposals even as both sides8217 rhetoric grows more strident China8217s ambassador to the United States Cui Tiankai said in an interview in China8217s Securities Daily newspaper that the United States should 8220adopt a more responsible attitude8221 on trade or it would harm itself with its own policies 8220Some people in the United States are still accustomed to being the world leader and haven8217t adapted to the change in the global situation8221 Cui said The Chinese Communist Party8217s official newspaper described US trade policies as a populist tilt by Trump ahead of the US midterm elections but that the steps would ultimately end up hurting US consumers through higher prices 8220In the world8217s perception the US is overshadowed by an anxiety disorder and is very keen to show its anxiety8221 the newspaper said 8220IMPACT WILL BE LIMITED8221 A researcher with China8217s state planning agency said China8217s economy will see little impact from the trade dispute as the country8217s vast domestic market can compensate for any external impact Even with the US tariffs China can still reach its 2018 GDP growth target of around 65 percent and the impact on employment will be limited Wang Changlin a researcher at the National Development and Reform Commission NDRC wrote in a post on the commission8217s official microblog account Slideshow 2 Images Fan Gang an influential economist and adviser to China8217s central bank on Sunday flagged the possibility of a US trade war as the US economy faces pressure from China8217s rapid development Discussion of the trade dispute also touched on the possibility of China leveraging its massive holdings of US government debt which has been dubbed the 8220nuclear option8221 Zhang Yuyan a researcher at the Chinese Academy of Social Sciences a government thinktank said China was unlikely to sell off its holdings of US Treasury bonds as a tactic in the trade dispute 8220On whether China will reduce its foreign exchange reserves how policymakers think I don8217t know I personally believe this possibility is very small8221 Zhang said on Sunday in Boao China is evaluating the potential impact of a gradual yuan depreciation as a tool in the trade dispute Bloomberg News reported on Monday citing people familiar with the matter though it said the analysis doesn8217t mean officials will carry out the move The yuan has been nearly unchanged against the dollar over the last month as the trade dispute heated up and has appreciated about 3 percent so far this yearCNY Reporting by Kevin Yao Christian Shepherd Andrew Galbraith and Stella Qiu Writing by Elias Glenn and Michael Martina Editing by Sam Holmes and Kim Coghill Our Standards The Thomson Reuters Trust Principles BERLIN Reuters Germany on Monday condemned the use of chemical weapons in Douma a rebelheld town in Syria8217s eastern Ghouta and said the circumstances pointed to the regime of Syrian President Bashar alAssad being responsible for the attack 8220The government condemns this new use of poison gas in the strongest terms8221 German government spokesman Steffen Seibert told a news conference 8220The regime8217s actions are abhorrent8221 8220Those responsible for the use of poison gas must be held to account8221 he added 8220With this use of poison gas the circumstances point to Assad regime8217s responsibility8221 Writing by Paul Carrel Editing by Joseph Nasr Our Standards The Thomson Reuters Trust Principles

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<p>On February 27th of this year, an article appeared by scholar and journalist Idrees Ahmad titled &#8220; <a href="https://medium.com/@im_PULSE/aleppo-is-our-guernica-and-some-are-cheering-on-the-luftwaffe-ceb10b18a1ca" type="external">Aleppo is our Guernica&#8202;&#8212;&#8202;and some are cheering on the Luftwaffe</a>,&#8221; a timely analogy with the Spanish Civil War. Continuing with that analogy, we can say that we now have the counterpart of George Orwell&#8217;s Homage to Catalonia in Robin Yassin-Kassab and Leila Al-Shami&#8217;s Burning Country, a work that gives a voice to the Syrian revolutionaries who are the political and moral descendants of the brigades that took up arms against Franco in the name of democracy and social justice. Unfortunately, the type of solidarity that the left offered to Spain&#8217;s freedom fighters 80 years ago is sorely missing today, a result of much of the left seeing revolutionary Syrians as jihadist stereotypes refracted through an Orientalist lens rather than as flesh-and-blood human beings.</p> <p>Burning Country likely got its title from the graffiti of Baathist counter-revolutionaries that warned &#8220;Bashar al-Assad or we burn the country,&#8221; a threat they made good on. Yassin-Kassab and Al-Shami&#8217;s book cannot help but reflect on the tragic outcome of a revolution that was forced to fight on the regime&#8217;s terms: a witch&#8217;s brew of sectarianism, violence, and reliance on outside powers that had little interest in&#8212;even antipathy toward&#8212;a successful revolution, whatever stake they had in the geopolitical chess game Syria was forced to play. Ultimately the rebels were squeezed between a regime that had much more in common with Franco than most of the left would be willing to admit and an Islamist opposition that could count on funds and weaponry from Saudi Arabia, Qatar, and Turkey&#8212;states that would have used violence against any movement within their borders that had taken up the goals of the Arab Spring.</p> <p>Burning Country makes abundantly clear that the left made a terrible mistake by repudiating the men and women who rose up against Assad. Some of the key figures had long and proud histories in the country&#8217;s left, enduring repression and even death to defend the values that supposedly the left is committed to. One of them is Riad al-Turk, who was a leader of the Democratic People&#8217;s Party that had split from the Communist Party over its support for the Baathist party. He spent 18 years in prison for his beliefs, suffering torture and solitary confinement. Interviewed by <a href="http://faculty-staff.ou.edu/L/Joshua.M.Landis-1/syriablog/2005/10/riad-al-turk-interviewed-by-joe-pace.htm" type="external">Syria Comment</a> in 2005, al-Turk referred to the economic distress of the average Syrian that would only grow worse under Bashar al-Assad as the country deepened its neoliberal turn:</p> <p>The issues that concern people are the issues that affect their daily lives. The average salary, for example, is less than 6,000 lire (about $115) per month. It&#8217;s not enough; they need to pay rent and put food on the table and most families have at least five people. At best, it can cover only the most modest expenses like food. With that salary, at least three people in the family have to work, but how often do you find a family with three people who can work?</p> <p>Yassin al-Haj Saleh is another revolutionary fighter who refused to bow down to the Assad dynasty. A member of al-Turk&#8217;s group, he spent 16 years in prison himself for refusing to toe the Baathist line. He is <a href="" type="internal">bitterly eloquent</a> about the people he would have once considered his comrades but who have now turned their back on him and taken the side of Syria&#8217;s tyranny:</p> <p>I am afraid that it is too late for the leftists in the West to express any solidarity with the Syrians in their extremely hard struggle. What I always found astonishing in this regard is that mainstream Western leftists know almost nothing about Syria, its society, its regime, its people, its political economy, its contemporary history. Rarely have I found a useful piece of information or a genuinely creative idea in their analyses. My impression about this curious situation is that they simply do not see us; it is not about us at all. Syria is only an additional occasion for their old anti-imperialist tirades, never the living subject of the debate.</p> <p>Like Idrees Ahmad and the authors of Burning Country, I have struggled to understand why otherwise well-meaning people could attach themselves to a ghoulish family dynasty that has gassed, barrel-bombed, and forced half the country from its homes. In some ways, it is the same political, moral, and intellectual failure that existed in Stalin&#8217;s day. There is unfortunately an authoritarian streak in the left that is unleashed when confronted by a genuine revolutionary movement that challenges a state power seated on the opposite side of the geopolitical chessboard from Washington.</p> <p>This was driven home to me when I attended a Syrian revolution solidarity rally in Washington in September 2012 as one of a tiny handful of American leftists. While the pro-Assad left would have bet that a keynote speaker might have been someone like John McCain or Hillary Clinton, it was instead a Berkeley professor named Hatem Bazian who was the first Palestinian ever to be elected the head of student government at San Francisco State in the late 1980s. As a student activist, he led fights for affirmative action, against apartheid in South Africa, and to stop American intervention in Central America. It was his efforts on behalf of the BDS movement that made him the target of Daniel Pipes&#8217;s <a href="http://www.campus-watch.org/article/id/11850" type="external">Campus Watch</a>.</p> <p>The young Syrian-Americans who organized the Washington rally are no different from those who began protesting in March of 2011, people that Yassin-Kassab and Al-Shami introduce us to in the chapters &#8220;Revolution from Below&#8221; and &#8220;The Grassroots.&#8221; Like the elder statesmen Riad al-Turk and Yassin al-Haj Saleh, the new generation was ready to take great risks to win their freedom. It also took considerable risks for the authors to enter Syria and get their stories. As such, they are the genuine investigative journalists rather than a Robert Fisk who repeated regime falsehoods as a reporter embedded with the Syrian military.</p> <p>One of the Syrian revolutionaries was AbdulRahman Jalloud who was arrested in one of the earliest demonstrations against the regime. He was beaten on a daily basis and frequently the victim of electric shocks administered by guards who were hopped up on methamphetamines. After several months of this treatment, he was released. Without skipping a beat, he looked up his comrades and devoted himself to the struggle once again. He told the authors: &#8220;We blocked roads with fire and ran. When they shot at us, we decided to resist. We bought 300 slingshots and distributed them to the fastest runners. We spread information to revolutionaries in other areas&#8212;how to make and throw Molotovs for example.&#8221;</p> <p>Jalloud was just one of the many young people who were &#8220;shocked, but not awed&#8221; as the authors put it. One young Damascene told them that Bashar al-Assad was really the leader of the revolution. &#8220;Every time he kills someone, every time he tortures, he creates ten more men to destroy him.&#8221;</p> <p>Eventually the people protesting in the streets in various towns and cities reached the critical mass that made it possible for them to send the Baathist cops and officials packing. In the early days of the revolution, a grass roots democracy developed that was just as deserving of the left&#8217;s respect and solidarity as the Kurdish-controlled Rojova. Jalloud told the authors: &#8220;The tanseeqiyat were trust networks. Just five or seven full-time revolutionaries in each neighborhood, working in total secrecy, but linked up to other networks throughout the city.&#8221;</p> <p>The fruit of such efforts were the LCCs or Local Coordination Committees that were organized horizontally in a fashion that won many anarchists to the cause of the Syrian revolution. Indeed, history will record that the international anarchist movement was far more capable of transcending the Orientalist prejudices that afflicted the self-described Marxist left. The LCCs rejected sectarianism and remained committed to nonviolent resistance. In October 2011 they aligned with the Syrian Non-Violence Movement, Nabd (Pulse), and the Syrian People Know Their Way to establish the Freedom Days collective that called for a &#8220;Dignity Strike&#8221; that drew the active support of workers, students, and small business owners. The LCCs documented more than 600 striking locations across ten governorates. In Damascus and Aleppo, the universities and suburbs joined in, but big business and government offices in the city center stayed open.</p> <p>To give you a sense of the Orientalist tendencies of the left, CounterPunch has published one hundred articles on Syria but there is only one that refers to the LCCs in any detail. In an article titled &#8220; <a href="http://www.counterpunch.org/2013/07/30/why-no-revolution-exists-in-syria/" type="external">Why No Revolution Exists in Syria</a>,&#8221; Shamus Cooke disparaged the LCCs as having a &#8220;snazzy website&#8221; but little else to show for their efforts.</p> <p>Notwithstanding Cooke&#8217;s shallow reporting, the LCCs called general strikes on a number of occasions just as the trade unions have done in Greece but at much greater risk. In retaliation the regime carried out mass arrests and burned businesses closed in honor of the actions. During one strike a hundred shops were damaged in Deraa alone. In the two months following a strike, Assad closed 187 factories and laid off 85,000 workers, according to official figures. Apparently, many on the left are for working class militancy except when it is directed at a figure opposed to U.S. imperialism and, if allied with the Kremlin, all the better.</p> <p>While most rebels raised demands limited to human rights and democracy, there were some who went even further toward a radical analysis that once again was never reported in the online and print magazines that relied on Cold War paradigms for their tilt toward Assad. One exception was Open Democracy that published an article by <a href="https://www.opendemocracy.net/arab-awakening/budour-hassan/damascus%E2%80%99-stifled-voice-from-left" type="external">Budour Hassan</a>, a Palestinian blogger and law graduate based in occupied Jerusalem, who is cited by Yassin-Kassab and Al-Shami. She told the story of the Syrian Revolutionary Youth (SRY) that promoted a program of social justice, free education, free health care, gender equality, and liberation of the occupied Golan Heights and Palestine. Because they represented true anti-imperialism and&#8212;more importantly&#8212;anti-capitalism, it was necessary for the Baathists to strangle the group in its infancy. By the end of 2013, most of the members of SRY had been imprisoned or forced into exile. At least six were tortured to death.</p> <p>Based on the historical evidence, it is tempting to conclude that revolutionary struggles are Quixotic ventures doomed to fail. As a Vietnam era antiwar activist, I never would have imagined in 1975 that a reunited country under a Communist government would be presiding over an economy virtually identical to the one American imperialism tried to impose on the country. The same thing goes for Nicaragua, which under former FSLN guerrilla Daniel Ortega pins its hopes on a Chinese-funded canal that environmentalists consider a looming catastrophe for wildlife and peasants. In the late 1980s, a radical Argentine sociologist named Carlos Vilas spoke to a Brecht Forum audience in New York City about the problems that would eventually lead to Ortega being voted out of office, and that anticipated his return to power in subservience to foreign capital. He likened the revolution in Nicaragua to doctors trying to help a woman deliver a baby in a hospital operating room without electricity during a hurricane.</p> <p>When new life is bursting at the seams of a womb, there is no point telling a mother to wait until conditions at a hospital become more favorable. That is also true of an embryonic new society. Syrians did not have a crystal ball in March 2011. Furthermore, once they tasted a bit of freedom as cities and towns ousted the Baathist officials and cops, there was no turning back.</p> <p>Ra'ed Fares, the man who led the citizens of Kafranbel in their witty English-language slogans at weekly demonstrations, was honest enough to admit that if he had such a crystal ball, he would have chosen another path. In a 2013 visit to Kafranbel, Yassin-Kassab asked him: "If you'd known what would happen, would you have still joined the revolution?" Fares replied: &#8220;No, the price was too high. Just in Kafranbel we've had 150 martyrs. As many as that are missing; they're probably dead too."</p> <p>But the revolution continues despite all attempts to kill it. When a ceasefire was called on February 29th of this year, protests broke out all across Syria, including Kafranbel where its courageous citizens held aloft a banner with these words: &#8220;Ceasefire is a ceasefire, peaceful revolution is still in progress until toppling Assad and imposing justice all over Syria.&#8221;</p> <p>Burning Country is a book that the pro-Assad left will likely ignore since it is an obvious threat to their most cherished fact-free beliefs. As an indication of its mastery of facts and analysis, it garnered a favorable review from CounterPunch contributor Ron Jacobs who describes it as &#8220;great journalism&#8221; and&#8212;like me&#8212;compares it to Orwell in an article titled &#8220; <a href="http://www.counterpunch.org/2016/03/25/homage-to-aleppo/" type="external">Homage to Aleppo</a>.&#8221; Since Jacobs&#8217;s main interest in Syria in the past was its role in the geopolitical chess game, it is a sign of some momentum toward solidarity with people who clearly deserve it.</p> <p>As another indication that the tide might be turning, <a href="http://www.independent.co.uk/voices/how-the-corruption-revealed-in-the-panama-papers-opened-the-door-to-isis-and-al-qaeda-a6975476.html" type="external">Patrick Cockburn</a> admitted to Independent readers &amp;#160;that despite Assad&#8217;s opposition to jihadists, there&#8217;s no good reason to support him:</p> <p>In Syria since the turn of the century, for instance, the rural population and the urban poor no longer enjoyed the limited benefits they had previously received under an equally harsh but more egalitarian regime. By 2011, President Bashar al-Assad&#8217;s first cousin Rami Makhlouf was reported to be a dominant player in 60 per cent of the Syrian economy and to have a personal worth of $5 billion.</p> <p>Cockburn&#8217;s article was prompted by the Panama Papers revelation that Mossack Fonseca and HSBC helped Makhlouf avoid paying the taxes that might have allowed the government to assist the jobless and hungry rural poor, thereby avoiding the terrible bloodshed of the past five years. &amp;#160; <a href="http://www.juancole.com/2016/04/syria-al-assad-familys-massive-stolen-wealth-in-panama-papers-helps-explain-revolution.html" type="external">Juan Cole</a>, another high profile commentator on Syria who has overemphasized the jihadist presence, addressed the Mossack Fonseca connection in an article on the Syrian political economy that he never published before&#8212;perhaps because it would have undermined his jihadist-threat narrative. He writes:</p> <p>By 2004, Syria&#8217;s per capita gross domestic product was, in nominal terms, only $1,190 a year&#8212;half that of neighboring Jordan, a fourth that of Turkey, and a fifth that of Lebanon. Six years later, in 2010&#8212;on the eve of the outbreak of massive protests, the per capita GDP was still less than $3000 a year (124th out of 183 countries ranked), whereas neighboring Turkey&#8217;s was nearly $11,000 (61st), according to the International Monetary Fund. That is, in 2010 Syria was similar in this regard to Honduras and the Congo, whereas Turkey was more in the neighborhood of emergent economies such as Malaysia and Brazil. By the outbreak of protests in 2011, the poverty rate in Syria had climbed to something between 11 and 30 percent, depending on how it was measured.</p> <p>This was the sort of analysis that the left should have been identified with ever since March 2011. It was economic misery, not Saudi Arabia, Qatar, or Turkey, that drove people to protest and eventually take up arms.</p> <p>In the early 1980s, I had long discussions with Peter Camejo, a former leader of the Socialist Workers Party, over new directions for the left. He warned about turning international questions into a litmus test, a tendency that had fractured the Trotskyist movement for its entire history. It was also a problem for the Maoists whose quarrels over which side to support in Angola kept them from uniting over American political tasks.</p> <p>Despite this having made sense to me over the decades, I find myself close to abandoning that outlook because of Syria. To some degree, it flows from my concerns over the affinity that the ultraright has with the Baathist dictatorship. As Yassin-Kassab and Al-Shami point out, Nick Griffin of the far-right British National Party has visited Damascus in solidarity with Assad while members of the Greek fascist group Black Lily have fought alongside the Syrian military.</p> <p>In making up my mind on the basis for left unity, I also remember another point that Camejo made. He said that the left has tended to underestimate the importance of democracy. When you take the side of a dictatorship against its own people because the USA is opposed to it, you lose track of the fundamental goal of socialism, which is to break the chains of oppression whoever is wielding them.</p> <p>This is an especially complicated question when it comes to Syria since a good part of the rebel forces are opposed to the values the left has traditionally espoused. In a perfect world, the Syrian people would have lined up properly under the banner of socialism or at least democratic values.</p> <p>Since this is the hundredth anniversary of the Easter Rebellion in Ireland, another Quixotic attempt to break the chains of oppression that failed to realize its goals, it is useful to remember what Lenin argued in a debate with members of the socialist left who were just as dismissive of a revolt that was susceptible to Catholic extremism just as some Syrian rebels are to Islamism:</p> <p>To imagine that social revolution is conceivable without revolts by small nations in the colonies and in Europe, without revolutionary outbursts by a section of the petty bourgeoisie without all its prejudices, without a movement of the politically non-conscious proletarian and semi-proletarian masses against oppression by the landowners, the church, and the monarchy, against national oppression, etc.&#8212;to imagine all this is to repudiate social revolution. So one army lines up in one place and says, "We are for socialism," and another, somewhere else and says, "We are for imperialism," and that will be a social revolution! Only those who hold such a ridiculously pedantic view would vilify the Irish rebellion by calling it a "putsch."</p> <p>&amp;#160;</p> <p>Louis Proyect is a long-time socialist activist who blogs at <a href="http://louisproyect.org/" type="external">louisproyect.org</a> and the moderator of the <a href="http://lists.csbs.utah.edu/listinfo/marxism" type="external">Marxism mailing list</a>.</p> <p><a href="/filter/tips" type="external">More information about formatting options</a></p>

The Left's Failure on Syria

http://newpol.org/content/lefts-failure-syria

2016-04-13

4left

On February 27th of this year an article appeared by scholar and journalist Idrees Ahmad titled 8220 Aleppo is our Guernica820282128202and some are cheering on the Luftwaffe8221 a timely analogy with the Spanish Civil War Continuing with that analogy we can say that we now have the counterpart of George Orwell8217s Homage to Catalonia in Robin YassinKassab and Leila AlShami8217s Burning Country a work that gives a voice to the Syrian revolutionaries who are the political and moral descendants of the brigades that took up arms against Franco in the name of democracy and social justice Unfortunately the type of solidarity that the left offered to Spain8217s freedom fighters 80 years ago is sorely missing today a result of much of the left seeing revolutionary Syrians as jihadist stereotypes refracted through an Orientalist lens rather than as fleshandblood human beings Burning Country likely got its title from the graffiti of Baathist counterrevolutionaries that warned 8220Bashar alAssad or we burn the country8221 a threat they made good on YassinKassab and AlShami8217s book cannot help but reflect on the tragic outcome of a revolution that was forced to fight on the regime8217s terms a witch8217s brew of sectarianism violence and reliance on outside powers that had little interest in8212even antipathy toward8212a successful revolution whatever stake they had in the geopolitical chess game Syria was forced to play Ultimately the rebels were squeezed between a regime that had much more in common with Franco than most of the left would be willing to admit and an Islamist opposition that could count on funds and weaponry from Saudi Arabia Qatar and Turkey8212states that would have used violence against any movement within their borders that had taken up the goals of the Arab Spring Burning Country makes abundantly clear that the left made a terrible mistake by repudiating the men and women who rose up against Assad Some of the key figures had long and proud histories in the country8217s left enduring repression and even death to defend the values that supposedly the left is committed to One of them is Riad alTurk who was a leader of the Democratic People8217s Party that had split from the Communist Party over its support for the Baathist party He spent 18 years in prison for his beliefs suffering torture and solitary confinement Interviewed by Syria Comment in 2005 alTurk referred to the economic distress of the average Syrian that would only grow worse under Bashar alAssad as the country deepened its neoliberal turn The issues that concern people are the issues that affect their daily lives The average salary for example is less than 6000 lire about 115 per month It8217s not enough they need to pay rent and put food on the table and most families have at least five people At best it can cover only the most modest expenses like food With that salary at least three people in the family have to work but how often do you find a family with three people who can work Yassin alHaj Saleh is another revolutionary fighter who refused to bow down to the Assad dynasty A member of alTurk8217s group he spent 16 years in prison himself for refusing to toe the Baathist line He is bitterly eloquent about the people he would have once considered his comrades but who have now turned their back on him and taken the side of Syria8217s tyranny I am afraid that it is too late for the leftists in the West to express any solidarity with the Syrians in their extremely hard struggle What I always found astonishing in this regard is that mainstream Western leftists know almost nothing about Syria its society its regime its people its political economy its contemporary history Rarely have I found a useful piece of information or a genuinely creative idea in their analyses My impression about this curious situation is that they simply do not see us it is not about us at all Syria is only an additional occasion for their old antiimperialist tirades never the living subject of the debate Like Idrees Ahmad and the authors of Burning Country I have struggled to understand why otherwise wellmeaning people could attach themselves to a ghoulish family dynasty that has gassed barrelbombed and forced half the country from its homes In some ways it is the same political moral and intellectual failure that existed in Stalin8217s day There is unfortunately an authoritarian streak in the left that is unleashed when confronted by a genuine revolutionary movement that challenges a state power seated on the opposite side of the geopolitical chessboard from Washington This was driven home to me when I attended a Syrian revolution solidarity rally in Washington in September 2012 as one of a tiny handful of American leftists While the proAssad left would have bet that a keynote speaker might have been someone like John McCain or Hillary Clinton it was instead a Berkeley professor named Hatem Bazian who was the first Palestinian ever to be elected the head of student government at San Francisco State in the late 1980s As a student activist he led fights for affirmative action against apartheid in South Africa and to stop American intervention in Central America It was his efforts on behalf of the BDS movement that made him the target of Daniel Pipes8217s Campus Watch The young SyrianAmericans who organized the Washington rally are no different from those who began protesting in March of 2011 people that YassinKassab and AlShami introduce us to in the chapters 8220Revolution from Below8221 and 8220The Grassroots8221 Like the elder statesmen Riad alTurk and Yassin alHaj Saleh the new generation was ready to take great risks to win their freedom It also took considerable risks for the authors to enter Syria and get their stories As such they are the genuine investigative journalists rather than a Robert Fisk who repeated regime falsehoods as a reporter embedded with the Syrian military One of the Syrian revolutionaries was AbdulRahman Jalloud who was arrested in one of the earliest demonstrations against the regime He was beaten on a daily basis and frequently the victim of electric shocks administered by guards who were hopped up on methamphetamines After several months of this treatment he was released Without skipping a beat he looked up his comrades and devoted himself to the struggle once again He told the authors 8220We blocked roads with fire and ran When they shot at us we decided to resist We bought 300 slingshots and distributed them to the fastest runners We spread information to revolutionaries in other areas8212how to make and throw Molotovs for example8221 Jalloud was just one of the many young people who were 8220shocked but not awed8221 as the authors put it One young Damascene told them that Bashar alAssad was really the leader of the revolution 8220Every time he kills someone every time he tortures he creates ten more men to destroy him8221 Eventually the people protesting in the streets in various towns and cities reached the critical mass that made it possible for them to send the Baathist cops and officials packing In the early days of the revolution a grass roots democracy developed that was just as deserving of the left8217s respect and solidarity as the Kurdishcontrolled Rojova Jalloud told the authors 8220The tanseeqiyat were trust networks Just five or seven fulltime revolutionaries in each neighborhood working in total secrecy but linked up to other networks throughout the city8221 The fruit of such efforts were the LCCs or Local Coordination Committees that were organized horizontally in a fashion that won many anarchists to the cause of the Syrian revolution Indeed history will record that the international anarchist movement was far more capable of transcending the Orientalist prejudices that afflicted the selfdescribed Marxist left The LCCs rejected sectarianism and remained committed to nonviolent resistance In October 2011 they aligned with the Syrian NonViolence Movement Nabd Pulse and the Syrian People Know Their Way to establish the Freedom Days collective that called for a 8220Dignity Strike8221 that drew the active support of workers students and small business owners The LCCs documented more than 600 striking locations across ten governorates In Damascus and Aleppo the universities and suburbs joined in but big business and government offices in the city center stayed open To give you a sense of the Orientalist tendencies of the left CounterPunch has published one hundred articles on Syria but there is only one that refers to the LCCs in any detail In an article titled 8220 Why No Revolution Exists in Syria8221 Shamus Cooke disparaged the LCCs as having a 8220snazzy website8221 but little else to show for their efforts Notwithstanding Cooke8217s shallow reporting the LCCs called general strikes on a number of occasions just as the trade unions have done in Greece but at much greater risk In retaliation the regime carried out mass arrests and burned businesses closed in honor of the actions During one strike a hundred shops were damaged in Deraa alone In the two months following a strike Assad closed 187 factories and laid off 85000 workers according to official figures Apparently many on the left are for working class militancy except when it is directed at a figure opposed to US imperialism and if allied with the Kremlin all the better While most rebels raised demands limited to human rights and democracy there were some who went even further toward a radical analysis that once again was never reported in the online and print magazines that relied on Cold War paradigms for their tilt toward Assad One exception was Open Democracy that published an article by Budour Hassan a Palestinian blogger and law graduate based in occupied Jerusalem who is cited by YassinKassab and AlShami She told the story of the Syrian Revolutionary Youth SRY that promoted a program of social justice free education free health care gender equality and liberation of the occupied Golan Heights and Palestine Because they represented true antiimperialism and8212more importantly8212anticapitalism it was necessary for the Baathists to strangle the group in its infancy By the end of 2013 most of the members of SRY had been imprisoned or forced into exile At least six were tortured to death Based on the historical evidence it is tempting to conclude that revolutionary struggles are Quixotic ventures doomed to fail As a Vietnam era antiwar activist I never would have imagined in 1975 that a reunited country under a Communist government would be presiding over an economy virtually identical to the one American imperialism tried to impose on the country The same thing goes for Nicaragua which under former FSLN guerrilla Daniel Ortega pins its hopes on a Chinesefunded canal that environmentalists consider a looming catastrophe for wildlife and peasants In the late 1980s a radical Argentine sociologist named Carlos Vilas spoke to a Brecht Forum audience in New York City about the problems that would eventually lead to Ortega being voted out of office and that anticipated his return to power in subservience to foreign capital He likened the revolution in Nicaragua to doctors trying to help a woman deliver a baby in a hospital operating room without electricity during a hurricane When new life is bursting at the seams of a womb there is no point telling a mother to wait until conditions at a hospital become more favorable That is also true of an embryonic new society Syrians did not have a crystal ball in March 2011 Furthermore once they tasted a bit of freedom as cities and towns ousted the Baathist officials and cops there was no turning back Raed Fares the man who led the citizens of Kafranbel in their witty Englishlanguage slogans at weekly demonstrations was honest enough to admit that if he had such a crystal ball he would have chosen another path In a 2013 visit to Kafranbel YassinKassab asked him If youd known what would happen would you have still joined the revolution Fares replied 8220No the price was too high Just in Kafranbel weve had 150 martyrs As many as that are missing theyre probably dead too But the revolution continues despite all attempts to kill it When a ceasefire was called on February 29th of this year protests broke out all across Syria including Kafranbel where its courageous citizens held aloft a banner with these words 8220Ceasefire is a ceasefire peaceful revolution is still in progress until toppling Assad and imposing justice all over Syria8221 Burning Country is a book that the proAssad left will likely ignore since it is an obvious threat to their most cherished factfree beliefs As an indication of its mastery of facts and analysis it garnered a favorable review from CounterPunch contributor Ron Jacobs who describes it as 8220great journalism8221 and8212like me8212compares it to Orwell in an article titled 8220 Homage to Aleppo8221 Since Jacobs8217s main interest in Syria in the past was its role in the geopolitical chess game it is a sign of some momentum toward solidarity with people who clearly deserve it As another indication that the tide might be turning Patrick Cockburn admitted to Independent readers amp160that despite Assad8217s opposition to jihadists there8217s no good reason to support him In Syria since the turn of the century for instance the rural population and the urban poor no longer enjoyed the limited benefits they had previously received under an equally harsh but more egalitarian regime By 2011 President Bashar alAssad8217s first cousin Rami Makhlouf was reported to be a dominant player in 60 per cent of the Syrian economy and to have a personal worth of 5 billion Cockburn8217s article was prompted by the Panama Papers revelation that Mossack Fonseca and HSBC helped Makhlouf avoid paying the taxes that might have allowed the government to assist the jobless and hungry rural poor thereby avoiding the terrible bloodshed of the past five years amp160 Juan Cole another high profile commentator on Syria who has overemphasized the jihadist presence addressed the Mossack Fonseca connection in an article on the Syrian political economy that he never published before8212perhaps because it would have undermined his jihadistthreat narrative He writes By 2004 Syria8217s per capita gross domestic product was in nominal terms only 1190 a year8212half that of neighboring Jordan a fourth that of Turkey and a fifth that of Lebanon Six years later in 20108212on the eve of the outbreak of massive protests the per capita GDP was still less than 3000 a year 124th out of 183 countries ranked whereas neighboring Turkey8217s was nearly 11000 61st according to the International Monetary Fund That is in 2010 Syria was similar in this regard to Honduras and the Congo whereas Turkey was more in the neighborhood of emergent economies such as Malaysia and Brazil By the outbreak of protests in 2011 the poverty rate in Syria had climbed to something between 11 and 30 percent depending on how it was measured This was the sort of analysis that the left should have been identified with ever since March 2011 It was economic misery not Saudi Arabia Qatar or Turkey that drove people to protest and eventually take up arms In the early 1980s I had long discussions with Peter Camejo a former leader of the Socialist Workers Party over new directions for the left He warned about turning international questions into a litmus test a tendency that had fractured the Trotskyist movement for its entire history It was also a problem for the Maoists whose quarrels over which side to support in Angola kept them from uniting over American political tasks Despite this having made sense to me over the decades I find myself close to abandoning that outlook because of Syria To some degree it flows from my concerns over the affinity that the ultraright has with the Baathist dictatorship As YassinKassab and AlShami point out Nick Griffin of the farright British National Party has visited Damascus in solidarity with Assad while members of the Greek fascist group Black Lily have fought alongside the Syrian military In making up my mind on the basis for left unity I also remember another point that Camejo made He said that the left has tended to underestimate the importance of democracy When you take the side of a dictatorship against its own people because the USA is opposed to it you lose track of the fundamental goal of socialism which is to break the chains of oppression whoever is wielding them This is an especially complicated question when it comes to Syria since a good part of the rebel forces are opposed to the values the left has traditionally espoused In a perfect world the Syrian people would have lined up properly under the banner of socialism or at least democratic values Since this is the hundredth anniversary of the Easter Rebellion in Ireland another Quixotic attempt to break the chains of oppression that failed to realize its goals it is useful to remember what Lenin argued in a debate with members of the socialist left who were just as dismissive of a revolt that was susceptible to Catholic extremism just as some Syrian rebels are to Islamism To imagine that social revolution is conceivable without revolts by small nations in the colonies and in Europe without revolutionary outbursts by a section of the petty bourgeoisie without all its prejudices without a movement of the politically nonconscious proletarian and semiproletarian masses against oppression by the landowners the church and the monarchy against national oppression etc8212to imagine all this is to repudiate social revolution So one army lines up in one place and says We are for socialism and another somewhere else and says We are for imperialism and that will be a social revolution Only those who hold such a ridiculously pedantic view would vilify the Irish rebellion by calling it a putsch amp160 Louis Proyect is a longtime socialist activist who blogs at louisproyectorg and the moderator of the Marxism mailing list More information about formatting options

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<p>Jan 19 (Reuters) - Honda Cars India:</p> <p>* WILL VOLUNTARILY REPLACE TAKATA PASSENGER FRONT AIRBAG INFLATORS OF 22,834 VEHICLES OF 2013 MODEL OF ACCORD, CITY AND JAZZ</p> <p>* REPLACEMENT WILL BE CARRIED OUT FREE OF COST AT HCIL DEALERSHIPS ACROSS INDIA IN A PHASED MANNER STARTING FROM 19TH JAN Source text - Honda Cars India Ltd (HCIL) today announced that it will voluntarily replace Takata passenger front airbag inflators of 22,834 vehicles of 2013 model of Accord, City and Jazz as part of Honda&#8217;s precautionary global recall campaign concerning Takata front airbag inflators. Further company coverage:</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>SANTA ROSA, Calif./CHICAGO (Reuters) - Federal Reserve Chairman Jerome Powell and the incoming chief of the New York Fed on Friday stuck closely to a unified script on the economic outlook, in separate appearances sketching a picture of gradual interest-rate hikes ahead.</p> <p>But as global stocks fell on jitters over escalating U.S.-China trade tensions, Powell merely said it was too soon to know if the trade issue would take a toll on the U.S. economy, which has been steadily strengthening.</p> <p>For his part, San Francisco Fed President John Williams, whose appointment to head the Fed&#8217;s New York branch means he will also be vice chair of the Fed&#8217;s policy-setting committee and a permanent voter on the committee, did not mince words.</p> <p>Williams said that although the rhetoric on tariffs so far has been more extreme than the actions taken, he loses sleep over the prospect of an actual trade war, which he warned could result in slower growth, an inflationary spike and lower productivity.</p> Related Coverage <a href="/article/us-usa-fed-powell-tariffs/feds-powell-too-early-to-say-how-tariffs-would-affect-u-s-economic-outlook-idUSKCN1HD2L2" type="external">Fed's Powell: Too early to say how tariffs would affect U.S. economic outlook</a> <a href="/article/us-usa-fed-instant-view/instant-view-feds-powell-sees-more-gradual-rate-hikes-idUSKCN1HD2J7" type="external">Instant View: Fed's Powell sees more gradual rate hikes</a> <p>&#8220;My concern here is not who loses more or what happens specifically. It&#8217;s that if this path goes to one where all of us are pulling away from being open, I think those implications are negative,&#8221; Williams told reporters, after a speech here. Still, he said, &#8220;I haven&#8217;t seen that kind of change yet.&#8221;</p> <p>The remarks by the two came as the United States and China exchanged new threats on the trade front. China warned on Friday it was fully prepared to respond with a &#8220;fierce counter strike&#8221; of fresh measures if the United States follows through on President Donald Trump&#8217;s threat to slap tariffs on an additional $100 billion of Chinese goods.</p> <p>Williams downplayed the leverage that some believe China&#8217;s vast holdings of U.S. debt give it in trade negotiations, saying he believes it is unlikely China would dump U.S. Treasuries and would do itself great damage if it did.</p> <p>China as of the end of January held around $1.7 trillion of Treasuries, making it the No. 2 overall owner of U.S. government bonds after the Federal Reserve.</p> <p>But Williams said some sectors of the U.S. economy, such as farming, are particularly vulnerable if proposed tariffs on crops like soybeans go into effect. Soybeans are the top U.S. agricultural export to China.</p> <p>&#8220;It&#8217;s definitely something we are paying close attention to,&#8221; he said. &#8220;The global economy is built on trading with each other, and if we were to try to unwind all of that it would be extremely disruptive and very costly, both for the U.S. and the world.&#8221;</p> CLOSE TO FULL EMPLOYMENT <p>Powell, in his first speech on the economic outlook since assuming the helm at the U.S. central bank in early February, said the labor market appeared close to full employment and that inflation was poised to rise toward the Fed&#8217;s 2 percent objective in the coming months.</p> <p>&#8220;As long as the economy continues broadly on its current path, further gradual increases in the federal funds rate will best promote these goals,&#8221; Powell said at an event in Chicago.</p> <p>Powell said the risks to the U.S. economic outlook appeared &#8220;roughly balanced.&#8221;</p> FILE PHOTO: Federal Reserve Chairman Jerome Powell speaks at a news conference following the Federal Open Market Committee meetings in Washington, U.S., March 21, 2018. REUTERS/Aaron P. Bernstein <p>Earlier on Friday the Labor Department reported the unemployment rate held steady at 4.1 percent for a sixth straight month in March as 103,000 jobs were created, the lowest amount in six months.</p> <p>The Fed has been slowly raising interest rates since 2015, most recently in March when policymakers signaled they expected to increase borrowing costs two or three more times in 2018. Prices for interest rate futures have suggested that investors expect the Fed to do just that.</p> <p>Williams&#8217; comments on the economy were similarly rosy, and he suggested he supports continued gradual rate hikes through 2020, by which time rates should be around 3.5 percent.</p> <p>Reporting by Jason Lange in Chicago and Ann Saphir in Santa Rose, Calif.; Additional reporting by Lindsay Dunsmuir in Washington; Editing by Leslie Adler</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>HOUSTON (Reuters) - Saudi Arabia&#8217;s national oil company Saudi Aramco on Saturday is expected to disclose initial steps toward a multibillion-dollar chemical plant in Texas, according to sources familiar with the company&#8217;s U.S. operations.</p> FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil &amp;amp; Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo <p>Saudi Aramco has been weighing an expansion of its U.S. subsidiary Motiva Enterprises LLC&#8217;s [MOTIV.UL] Port Arthur, Texas refinery, already the largest in the United States by capacity.</p> <p>But Motiva wants to first move into petrochemicals, using abundant natural gas from U.S. shale fields to make the precursors for plastics, the sources said.</p> <p>Texas Governor Greg Abbott is expected to attend an event in Houston on Saturday where Saudi Crown Prince Mohammed bin Salman, Saudi Energy Minister Khalid al-Falih and Saudi Aramco Chief Executive Amin Nasser are to discuss the plans, according to a Saudi Aramco representative.</p> <p>&#8220;Motiva is actively exploring a number of opportunities as part of its growth strategy,&#8221; the company said on Friday. &#8220;These opportunities include locations where we currently operate as well as new ones.&#8221;</p> <p>Saudi Aramco last year said it would invest $18 billion in Motiva&#8217;s Port Arthur refinery, which can process up to 603,000 barrels of crude oil per day (bpd).</p> <p>Motiva wants to add an ethane cracker near its refinery that could produce more than 1.5 million tons of ethylene a year, the sources said.</p> <p>Saturday&#8217;s announcement will also include an agreement with TechnipFMC ( <a href="/finance/stocks/overview?symbol=FTI.N" type="external">FTI.N</a>) for a study of producing materials used in gasoline and industrial solvents, Bloomberg News reported on Friday, citing people familiar with the matter.</p> <p>Motiva Chief Executive Brian Coffman last month said the company had yet to win approval for its major expansion projects.</p> <p>Other U.S. companies, including Chevron Phillips Chemical Co [CHEPH.UL] - a joint venture of Chevron Corp ( <a href="/finance/stocks/overview?symbol=CVX.N" type="external">CVX.N</a>) and Phillips 66 ( <a href="/finance/stocks/overview?symbol=PSX.N" type="external">PSX.N</a>) - and Exxon Mobil Corp ( <a href="/finance/stocks/overview?symbol=XOM.N" type="external">XOM.N</a>), have recently have opened plants to process ethane into ethylene. Chevron Phillips is considering building a second ethane cracker on the Gulf Coast of Texas.</p> <a href="/finance/stocks/overview?symbol=FTI.N" type="external">TechnipFMC PLC</a> 28.85 FTI.N New York Stock Exchange -0.99 (-3.32%) FTI.N CVX.N PSX.N XOM.N <p>The price tag for a large ethane cracker is typically over $6 billion, according to Steve Lewandowski, vice president of Global Olefins at researcher IHS Markit.</p> <p>&#8220;Ethane crackers make a lot of hydrogen which refiners can use in hydrocrackers and hydrotreaters&#8221; to make motor fuels, Lewandowski said.</p> <p>Exxon is separately proposing to build with another Aramco unit, Saudi Basic Industries Corp 2010.SE, a $9 billion petrochemical plant near Corpus Christi, that would process ethane.</p> <p>Refiners see petrochemicals as a new market as demand for motor fuels is expected to plateau later in the century, said Sandeep Sayal, vice president, downstream energy research at IHS Markit.</p> <p>&#8220;Refinery industry growth is fairly subdued,&#8221; Sayal added.</p> <p>Reporting by Erwin Seba, editing by G Crosse</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIJING/WASHINGTON (Reuters) - China warned on Friday it was fully prepared to respond with a &#8220;fierce counter strike&#8221; of fresh trade measures if the United States follows through on President Donald Trump&#8217;s threat to slap tariffs on an additional $100 billion of Chinese goods.</p> <p>Trump, in light of what he called China&#8217;s &#8220;unfair retaliation&#8221; against earlier U.S. trade actions, had upped the ante on Thursday by ordering U.S. officials to identify extra tariffs, escalating a tit-for-tat confrontation with potentially damaging consequences for the world&#8217;s two biggest economies.</p> <p>China&#8217;s Commerce Ministry spokesman, Gao Feng, calling the U.S. action &#8220;extremely mistaken&#8221; and unjustified, said the spat was a struggle between unilateralism and multilateralism and that no negotiations were likely in the current circumstances.</p> <p>&#8220;The result of this behavior is to smash your own foot with a stone,&#8221; Gao told a news briefing in Beijing. &#8220;If the United States announces an additional $100 billion list of tariffs, China has already fully prepared, and will not hesitate to immediately make a fierce counter strike.&#8221;</p> <p>The dueling trade threats rattled Wall Street on Friday, ending a volatile week with major indexes closing down more than 2 percent on the day. The dollar also fell, while safe havens such as the Japanese Yen and gold futures rose.</p> <p>The week started with China imposing $3 billion of tariffs on U.S. fruits, nuts, wine and pork, and rapidly escalated to threats that could seriously curtail hundreds of billions of dollars in trade between the world&#8217;s two largest economies.</p> Related Coverage <a href="/article/us-usa-trade-china-media/chinas-state-media-says-u-s-tariff-action-will-be-defeated-idUSKCN1HE02Q" type="external">China's state media says U.S. tariff action will be defeated</a> <a href="/article/us-usa-trade-china-retail/china-trade-dispute-could-slam-u-s-retailers-idUSKCN1HE00B" type="external">China trade dispute could slam U.S. retailers</a> <a href="/article/us-usa-trade-china-protections/u-s-lawmakers-skeptical-of-promises-to-shield-farmers-from-trade-dispute-idUSKCN1HD23I" type="external">U.S. lawmakers skeptical of promises to shield farmers from trade dispute</a> <p>While U.S. officials said they were prepared to talk the issues through with China, there was no clear path to negotiations. Both Treasury Secretary Steve Mnuchin and Trump economic advisor Larry Kudlow were on television to promote the idea of talks, with Mnuchin telling CNBC &#8220;we are in communication regularly&#8221;.</p> <p>Gao&#8217;s comments came shortly after Trump defended his proposed tariffs, saying the move might cause &#8220;a little pain&#8221; but the United States would be better off in the long run.</p> <p>Asked in an interview with New York radio station WABC about the effect on U.S. stock markets, Trump said the market has gone up (since he took office) &#8220;so we might lose a little bit of it.&#8221;</p> <p>&#8220;So we may take a hit and you know what, ultimately we&#8217;re going to be much stronger for it.&#8221;</p> <p>Kudlow told Bloomberg Television Trump and America&#8217;s top trade official Robert Lighthizer were &#8220;thinking about submitting a list of suggestions to the Chinese.&#8221;</p> <p>On Wednesday, China unveiled a list of 106 U.S. goods including soybeans, whiskey, frozen beef and aircraft targeted for tariffs, just hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.</p> <p>Washington called for its initial $50 billion in extra duties after it said an investigation had determined Chinese government policies are designed to transfer U.S. intellectual property to Chinese companies and allow them to seize leadership in key high-technology industries of the future.</p> <p>China said it was not afraid of a trade war, even though it did not seek one, and accused the United States of provoking the conflict. Gao said comments from U.S. officials about ongoing talks about trade issues were incorrect.</p> <p>&#8220;Under these conditions, the two sides cannot conduct any negotiations on this issue,&#8221; Gao said, without elaborating.</p> <p>Kudlow, who has repeatedly sought to soothe markets with mention of possible talks, told Bloomberg Television there were always ongoing bilateral discussions on trade but that negotiations on tariffs had not begun.</p> <p>Seeking to tamp down alarm, he told reporters outside the White House, &#8220;so nothing&#8217;s happened. Nothing&#8217;s been executed ... There&#8217;s no &#8216;there&#8217; there yet, but there will be.&#8221;</p> CHINA&#8217;S ROLE <p>While Beijing calls Washington the aggressor and says it is spurring global protectionism, China&#8217;s trading partners have complained for years that it abuses World Trade Organization rules and propagates unfair policies that lock foreign firms out of some sectors. China has promised repeatedly to open up sectors such as financial services.</p> <p>President Xi Jinping is expected to unveil reform measures next week and his country&#8217;s opening up while attending the Boao Forum, China&#8217;s equivalent of Davos, in the southern island province of Hainan.</p> <p>So far, U.S. information technology products from mobile phones to personal computers have largely escaped the ire of Beijing, as well as telecoms equipment and aircraft larger than the equivalent of a Boeing 737.</p> <p>Among sectors most affected by a trade war could be technology, particularly chipmakers. The U.S. semiconductor industry relies on China for about a quarter of its revenue.</p> Shipping containers are being loaded onto Xin Da Yang Zhou ship from Shanghai, China at Pier J at the Port of Long Beach in Long Beach, California, U.S., April 4, 2018. REUTERS/Bob Riha Jr. <p>It also remains to be seen if the dispute would trigger a nationalistic backlash. When ties between Beijing and Seoul chilled, Chinese tourism to South Korea plummeted and Chinese consumers shunned Made-in-South-Korea products.</p> <p>On Chinese social media on Friday, among the most searched phrases were &#8220;China hasn&#8217;t grown up afraid&#8221; and &#8220;China will follow through to the end.&#8221;</p> <p>The China Chamber of International Commerce said the Chinese business community would firmly support government efforts to counter &#8220;irrational and erroneous&#8221; U.S. words and actions, the official Xinhua news agency reported, and urged Washington not to go &#8220;further and further down the wrong path.&#8221;</p> DAMAGING CONSEQUENCES <p>Analysts at Oxford Economics, referring to the fact that the tariffs are not yet in effect, said in a note to clients that, &#8220;Importantly, these threatened tariffs will be subject to negotiation, and therefore shouldn&#8217;t be considered as final.&#8221;</p> <p>However it added a full-blown trade war &#8220;would have a more pronounced effect. The U.S. and China would suffer significant slowdown in real GDP growth &#8211; a cumulative loss around 1.0 percentage point.&#8221; It cut global economic growth to 2.5 percent in 2019 from 3.0 percent in its baseline scenario.</p> Slideshow (2 Images) <p>&#8220;This is what a trade war looks like, and what we have warned against from the start,&#8221; said National Retail Federation President and CEO Matthew Shay.</p> <p>&#8220;We are on a dangerous downward spiral and American families will be on the losing end,&#8221; Shay added in a statement, urging Trump &#8220;to stop playing a game of chicken with the U.S. economy.&#8221;</p> <p>Reporting by Tom Daly, Michael Martina and Min Zhang in BEIJING and Steve Holland, David Lawder and Doina Chiacu in WASHINGTON; Additional writing by Ryan Woo, Alex Richardson, Lindsay Dunsmuir and David Chance; Editing by Frances Kerry and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Netflix Inc ( <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">NFLX.O</a>) is offering more than $300 million to buy a company that owns billboards across Los Angeles, including on West Hollywood&#8217;s famed Sunset Strip, a move that could help it save money maintaining a high profile in the world&#8217;s entertainment capital, according to people familiar with the matter.</p> <p>The purchase of Regency Outdoor Advertising, if successful, would be the largest yet for the fast-growing Silicon Valley streaming video company, which has a studio in Hollywood and is now one of the world&#8217;s biggest film and TV producers.</p> <p>Netflix&#8217;s motivation was not immediately clear, but it could save money over time with the deal, according to industry analysts, as it ramps up spending on marketing for its original shows and movies to $2 billion this year. Netflix used Regency Outdoor billboards to promote its &#8220;Stranger Things&#8221; and &#8220;The Crown&#8221; drama series.</p> <p>A billboard ad on Los Angeles&#8217;s Sunset Strip can cost $140,000 per month, said Barry Lowenthal, president of The Media Kitchen, a New York-based media buyer.</p> <p>&#8220;This is a smart move for Netflix because it is a very important viewing market,&#8221; Lowenthal said. &#8220;Los Angeles matters to the people in the industry.&#8221;</p> <p>Tech firms Amazon.com Inc ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>), Hulu and Facebook Inc ( <a href="/finance/stocks/overview?symbol=FB.O" type="external">FB.O</a>) and traditional media companies such as Walt Disney Co ( <a href="/finance/stocks/overview?symbol=DIS.N" type="external">DIS.N</a>) are all vying with Netflix to win subscribers.</p> <p>Netflix is just one of the bidders for Los Angeles-based Regency Outdoor and there is no certainty that its offer will prevail, the sources said this week, asking not to be identified because the matter is confidential.</p> <p>Netflix declined to comment. Its shares were close to unchanged in a slightly lower market. Regency Outdoor did not respond to a request for comment.</p> ANALOG ADS, DIGITAL CONTENT <p>The world&#8217;s leading streaming media company still uses physical advertising space such as billboards to promote its shows. Billboards are holding their own compared to other forms of traditional advertising such as ads in newspapers or TV that are easy to skip.</p> The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas, California, U.S., January 18, 2017. REUTERS/Mike Blake <p>Regency Outdoor, owned by brothers Drake and Brian Kennedy, owns billboards on Sunset Strip, a portion of Sunset Boulevard in Los Angeles known for its live music and night clubs and filled with splashy billboards promoting upcoming TV shows and movies.</p> <p>It also has billboards at Los Angeles International Airport, on major freeways, near the University of California, Los Angeles (UCLA) campus, and close to the Los Angeles Angels baseball stadium, according to the company&#8217;s website.</p> <p>Netflix said in a letter to shareholders earlier this year that its marketing spending was growing &#8220;a little faster&#8221; than its revenue.</p> <p>As a result of the bigger marketing expenditure, Netflix&#8217;s expenses per subscriber will jump around 25 percent to $16 per subscriber, up from $13 per subscriber, according to a recent MoffettNathanson report. The company reported it had 117.6 million worldwide streaming subscribers at the end of 2017, more than any direct competitor.</p> <a href="/finance/stocks/overview?symbol=NFLX.O" type="external">Netflix Inc</a> 288.85 NFLX.O Nasdaq -5.12 (-1.74%) NFLX.O AMZN.O FB.O DIS.N <p>&#8220;As the marketplace for original content becomes more crowded, Netflix is turning up the volume to promote the increasing number of Netflix originals,&#8221; Michael Nathanson, a MoffettNathanson analyst, wrote in the research note.</p> <p>Netflix&#8217;s first known acquisition was last year&#8217;s purchase of comic book publisher Millarworld for an undisclosed sum.</p> <p>Reporting By Liana B. Baker and Jessica Toonkel in New York; Additional reporting by Lisa Richwine in Los Angeles; Editing by Bill Rigby</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Honda Cars India To Replace Takata Airbag Inflators Of 22,834 Vehicles Fed chair vague on trade risks; his next No. 2, anything but Saudi Aramco eyes new petrochemical plant in Texas: sources Trump threatens more China tariffs, Beijing ready to hit back Netflix offering more than $300 million for billboard company: sources

https://reuters.com/article/brief-honda-cars-india-to-replace-takata/brief-honda-cars-india-to-replace-takata-airbag-inflators-of-22834-vehicles-idUSFWN1PE0II

2018-01-19

2least

Jan 19 Reuters Honda Cars India WILL VOLUNTARILY REPLACE TAKATA PASSENGER FRONT AIRBAG INFLATORS OF 22834 VEHICLES OF 2013 MODEL OF ACCORD CITY AND JAZZ REPLACEMENT WILL BE CARRIED OUT FREE OF COST AT HCIL DEALERSHIPS ACROSS INDIA IN A PHASED MANNER STARTING FROM 19TH JAN Source text Honda Cars India Ltd HCIL today announced that it will voluntarily replace Takata passenger front airbag inflators of 22834 vehicles of 2013 model of Accord City and Jazz as part of Honda8217s precautionary global recall campaign concerning Takata front airbag inflators Further company coverage Our Standards The Thomson Reuters Trust Principles SANTA ROSA CalifCHICAGO Reuters Federal Reserve Chairman Jerome Powell and the incoming chief of the New York Fed on Friday stuck closely to a unified script on the economic outlook in separate appearances sketching a picture of gradual interestrate hikes ahead But as global stocks fell on jitters over escalating USChina trade tensions Powell merely said it was too soon to know if the trade issue would take a toll on the US economy which has been steadily strengthening For his part San Francisco Fed President John Williams whose appointment to head the Fed8217s New York branch means he will also be vice chair of the Fed8217s policysetting committee and a permanent voter on the committee did not mince words Williams said that although the rhetoric on tariffs so far has been more extreme than the actions taken he loses sleep over the prospect of an actual trade war which he warned could result in slower growth an inflationary spike and lower productivity Related Coverage Feds Powell Too early to say how tariffs would affect US economic outlook Instant View Feds Powell sees more gradual rate hikes 8220My concern here is not who loses more or what happens specifically It8217s that if this path goes to one where all of us are pulling away from being open I think those implications are negative8221 Williams told reporters after a speech here Still he said 8220I haven8217t seen that kind of change yet8221 The remarks by the two came as the United States and China exchanged new threats on the trade front China warned on Friday it was fully prepared to respond with a 8220fierce counter strike8221 of fresh measures if the United States follows through on President Donald Trump8217s threat to slap tariffs on an additional 100 billion of Chinese goods Williams downplayed the leverage that some believe China8217s vast holdings of US debt give it in trade negotiations saying he believes it is unlikely China would dump US Treasuries and would do itself great damage if it did China as of the end of January held around 17 trillion of Treasuries making it the No 2 overall owner of US government bonds after the Federal Reserve But Williams said some sectors of the US economy such as farming are particularly vulnerable if proposed tariffs on crops like soybeans go into effect Soybeans are the top US agricultural export to China 8220It8217s definitely something we are paying close attention to8221 he said 8220The global economy is built on trading with each other and if we were to try to unwind all of that it would be extremely disruptive and very costly both for the US and the world8221 CLOSE TO FULL EMPLOYMENT Powell in his first speech on the economic outlook since assuming the helm at the US central bank in early February said the labor market appeared close to full employment and that inflation was poised to rise toward the Fed8217s 2 percent objective in the coming months 8220As long as the economy continues broadly on its current path further gradual increases in the federal funds rate will best promote these goals8221 Powell said at an event in Chicago Powell said the risks to the US economic outlook appeared 8220roughly balanced8221 FILE PHOTO Federal Reserve Chairman Jerome Powell speaks at a news conference following the Federal Open Market Committee meetings in Washington US March 21 2018 REUTERSAaron P Bernstein Earlier on Friday the Labor Department reported the unemployment rate held steady at 41 percent for a sixth straight month in March as 103000 jobs were created the lowest amount in six months The Fed has been slowly raising interest rates since 2015 most recently in March when policymakers signaled they expected to increase borrowing costs two or three more times in 2018 Prices for interest rate futures have suggested that investors expect the Fed to do just that Williams8217 comments on the economy were similarly rosy and he suggested he supports continued gradual rate hikes through 2020 by which time rates should be around 35 percent Reporting by Jason Lange in Chicago and Ann Saphir in Santa Rose Calif Additional reporting by Lindsay Dunsmuir in Washington Editing by Leslie Adler Our Standards The Thomson Reuters Trust Principles HOUSTON Reuters Saudi Arabia8217s national oil company Saudi Aramco on Saturday is expected to disclose initial steps toward a multibilliondollar chemical plant in Texas according to sources familiar with the company8217s US operations FILE PHOTO Logo of Saudi Aramco is seen at the 20th Middle East Oil ampamp Gas Show and Conference MOES 2017 in Manama Bahrain March 7 2017 REUTERSHamad I MohammedFile Photo Saudi Aramco has been weighing an expansion of its US subsidiary Motiva Enterprises LLC8217s MOTIVUL Port Arthur Texas refinery already the largest in the United States by capacity But Motiva wants to first move into petrochemicals using abundant natural gas from US shale fields to make the precursors for plastics the sources said Texas Governor Greg Abbott is expected to attend an event in Houston on Saturday where Saudi Crown Prince Mohammed bin Salman Saudi Energy Minister Khalid alFalih and Saudi Aramco Chief Executive Amin Nasser are to discuss the plans according to a Saudi Aramco representative 8220Motiva is actively exploring a number of opportunities as part of its growth strategy8221 the company said on Friday 8220These opportunities include locations where we currently operate as well as new ones8221 Saudi Aramco last year said it would invest 18 billion in Motiva8217s Port Arthur refinery which can process up to 603000 barrels of crude oil per day bpd Motiva wants to add an ethane cracker near its refinery that could produce more than 15 million tons of ethylene a year the sources said Saturday8217s announcement will also include an agreement with TechnipFMC FTIN for a study of producing materials used in gasoline and industrial solvents Bloomberg News reported on Friday citing people familiar with the matter Motiva Chief Executive Brian Coffman last month said the company had yet to win approval for its major expansion projects Other US companies including Chevron Phillips Chemical Co CHEPHUL a joint venture of Chevron Corp CVXN and Phillips 66 PSXN and Exxon Mobil Corp XOMN have recently have opened plants to process ethane into ethylene Chevron Phillips is considering building a second ethane cracker on the Gulf Coast of Texas TechnipFMC PLC 2885 FTIN New York Stock Exchange 099 332 FTIN CVXN PSXN XOMN The price tag for a large ethane cracker is typically over 6 billion according to Steve Lewandowski vice president of Global Olefins at researcher IHS Markit 8220Ethane crackers make a lot of hydrogen which refiners can use in hydrocrackers and hydrotreaters8221 to make motor fuels Lewandowski said Exxon is separately proposing to build with another Aramco unit Saudi Basic Industries Corp 2010SE a 9 billion petrochemical plant near Corpus Christi that would process ethane Refiners see petrochemicals as a new market as demand for motor fuels is expected to plateau later in the century said Sandeep Sayal vice president downstream energy research at IHS Markit 8220Refinery industry growth is fairly subdued8221 Sayal added Reporting by Erwin Seba editing by G Crosse Our Standards The Thomson Reuters Trust Principles BEIJINGWASHINGTON Reuters China warned on Friday it was fully prepared to respond with a 8220fierce counter strike8221 of fresh trade measures if the United States follows through on President Donald Trump8217s threat to slap tariffs on an additional 100 billion of Chinese goods Trump in light of what he called China8217s 8220unfair retaliation8221 against earlier US trade actions had upped the ante on Thursday by ordering US officials to identify extra tariffs escalating a titfortat confrontation with potentially damaging consequences for the world8217s two biggest economies China8217s Commerce Ministry spokesman Gao Feng calling the US action 8220extremely mistaken8221 and unjustified said the spat was a struggle between unilateralism and multilateralism and that no negotiations were likely in the current circumstances 8220The result of this behavior is to smash your own foot with a stone8221 Gao told a news briefing in Beijing 8220If the United States announces an additional 100 billion list of tariffs China has already fully prepared and will not hesitate to immediately make a fierce counter strike8221 The dueling trade threats rattled Wall Street on Friday ending a volatile week with major indexes closing down more than 2 percent on the day The dollar also fell while safe havens such as the Japanese Yen and gold futures rose The week started with China imposing 3 billion of tariffs on US fruits nuts wine and pork and rapidly escalated to threats that could seriously curtail hundreds of billions of dollars in trade between the world8217s two largest economies Related Coverage Chinas state media says US tariff action will be defeated China trade dispute could slam US retailers US lawmakers skeptical of promises to shield farmers from trade dispute While US officials said they were prepared to talk the issues through with China there was no clear path to negotiations Both Treasury Secretary Steve Mnuchin and Trump economic advisor Larry Kudlow were on television to promote the idea of talks with Mnuchin telling CNBC 8220we are in communication regularly8221 Gao8217s comments came shortly after Trump defended his proposed tariffs saying the move might cause 8220a little pain8221 but the United States would be better off in the long run Asked in an interview with New York radio station WABC about the effect on US stock markets Trump said the market has gone up since he took office 8220so we might lose a little bit of it8221 8220So we may take a hit and you know what ultimately we8217re going to be much stronger for it8221 Kudlow told Bloomberg Television Trump and America8217s top trade official Robert Lighthizer were 8220thinking about submitting a list of suggestions to the Chinese8221 On Wednesday China unveiled a list of 106 US goods including soybeans whiskey frozen beef and aircraft targeted for tariffs just hours after the Trump administration proposed duties on some 1300 Chinese industrial technology transport and medical products Washington called for its initial 50 billion in extra duties after it said an investigation had determined Chinese government policies are designed to transfer US intellectual property to Chinese companies and allow them to seize leadership in key hightechnology industries of the future China said it was not afraid of a trade war even though it did not seek one and accused the United States of provoking the conflict Gao said comments from US officials about ongoing talks about trade issues were incorrect 8220Under these conditions the two sides cannot conduct any negotiations on this issue8221 Gao said without elaborating Kudlow who has repeatedly sought to soothe markets with mention of possible talks told Bloomberg Television there were always ongoing bilateral discussions on trade but that negotiations on tariffs had not begun Seeking to tamp down alarm he told reporters outside the White House 8220so nothing8217s happened Nothing8217s been executed There8217s no 8216there8217 there yet but there will be8221 CHINA8217S ROLE While Beijing calls Washington the aggressor and says it is spurring global protectionism China8217s trading partners have complained for years that it abuses World Trade Organization rules and propagates unfair policies that lock foreign firms out of some sectors China has promised repeatedly to open up sectors such as financial services President Xi Jinping is expected to unveil reform measures next week and his country8217s opening up while attending the Boao Forum China8217s equivalent of Davos in the southern island province of Hainan So far US information technology products from mobile phones to personal computers have largely escaped the ire of Beijing as well as telecoms equipment and aircraft larger than the equivalent of a Boeing 737 Among sectors most affected by a trade war could be technology particularly chipmakers The US semiconductor industry relies on China for about a quarter of its revenue Shipping containers are being loaded onto Xin Da Yang Zhou ship from Shanghai China at Pier J at the Port of Long Beach in Long Beach California US April 4 2018 REUTERSBob Riha Jr It also remains to be seen if the dispute would trigger a nationalistic backlash When ties between Beijing and Seoul chilled Chinese tourism to South Korea plummeted and Chinese consumers shunned MadeinSouthKorea products On Chinese social media on Friday among the most searched phrases were 8220China hasn8217t grown up afraid8221 and 8220China will follow through to the end8221 The China Chamber of International Commerce said the Chinese business community would firmly support government efforts to counter 8220irrational and erroneous8221 US words and actions the official Xinhua news agency reported and urged Washington not to go 8220further and further down the wrong path8221 DAMAGING CONSEQUENCES Analysts at Oxford Economics referring to the fact that the tariffs are not yet in effect said in a note to clients that 8220Importantly these threatened tariffs will be subject to negotiation and therefore shouldn8217t be considered as final8221 However it added a fullblown trade war 8220would have a more pronounced effect The US and China would suffer significant slowdown in real GDP growth 8211 a cumulative loss around 10 percentage point8221 It cut global economic growth to 25 percent in 2019 from 30 percent in its baseline scenario Slideshow 2 Images 8220This is what a trade war looks like and what we have warned against from the start8221 said National Retail Federation President and CEO Matthew Shay 8220We are on a dangerous downward spiral and American families will be on the losing end8221 Shay added in a statement urging Trump 8220to stop playing a game of chicken with the US economy8221 Reporting by Tom Daly Michael Martina and Min Zhang in BEIJING and Steve Holland David Lawder and Doina Chiacu in WASHINGTON Additional writing by Ryan Woo Alex Richardson Lindsay Dunsmuir and David Chance Editing by Frances Kerry and James Dalgleish Our Standards The Thomson Reuters Trust Principles Reuters Netflix Inc NFLXO is offering more than 300 million to buy a company that owns billboards across Los Angeles including on West Hollywood8217s famed Sunset Strip a move that could help it save money maintaining a high profile in the world8217s entertainment capital according to people familiar with the matter The purchase of Regency Outdoor Advertising if successful would be the largest yet for the fastgrowing Silicon Valley streaming video company which has a studio in Hollywood and is now one of the world8217s biggest film and TV producers Netflix8217s motivation was not immediately clear but it could save money over time with the deal according to industry analysts as it ramps up spending on marketing for its original shows and movies to 2 billion this year Netflix used Regency Outdoor billboards to promote its 8220Stranger Things8221 and 8220The Crown8221 drama series A billboard ad on Los Angeles8217s Sunset Strip can cost 140000 per month said Barry Lowenthal president of The Media Kitchen a New Yorkbased media buyer 8220This is a smart move for Netflix because it is a very important viewing market8221 Lowenthal said 8220Los Angeles matters to the people in the industry8221 Tech firms Amazoncom Inc AMZNO Hulu and Facebook Inc FBO and traditional media companies such as Walt Disney Co DISN are all vying with Netflix to win subscribers Netflix is just one of the bidders for Los Angelesbased Regency Outdoor and there is no certainty that its offer will prevail the sources said this week asking not to be identified because the matter is confidential Netflix declined to comment Its shares were close to unchanged in a slightly lower market Regency Outdoor did not respond to a request for comment ANALOG ADS DIGITAL CONTENT The world8217s leading streaming media company still uses physical advertising space such as billboards to promote its shows Billboards are holding their own compared to other forms of traditional advertising such as ads in newspapers or TV that are easy to skip The Netflix logo is pictured on a television in this illustration photograph taken in Encinitas California US January 18 2017 REUTERSMike Blake Regency Outdoor owned by brothers Drake and Brian Kennedy owns billboards on Sunset Strip a portion of Sunset Boulevard in Los Angeles known for its live music and night clubs and filled with splashy billboards promoting upcoming TV shows and movies It also has billboards at Los Angeles International Airport on major freeways near the University of California Los Angeles UCLA campus and close to the Los Angeles Angels baseball stadium according to the company8217s website Netflix said in a letter to shareholders earlier this year that its marketing spending was growing 8220a little faster8221 than its revenue As a result of the bigger marketing expenditure Netflix8217s expenses per subscriber will jump around 25 percent to 16 per subscriber up from 13 per subscriber according to a recent MoffettNathanson report The company reported it had 1176 million worldwide streaming subscribers at the end of 2017 more than any direct competitor Netflix Inc 28885 NFLXO Nasdaq 512 174 NFLXO AMZNO FBO DISN 8220As the marketplace for original content becomes more crowded Netflix is turning up the volume to promote the increasing number of Netflix originals8221 Michael Nathanson a MoffettNathanson analyst wrote in the research note Netflix8217s first known acquisition was last year8217s purchase of comic book publisher Millarworld for an undisclosed sum Reporting By Liana B Baker and Jessica Toonkel in New York Additional reporting by Lisa Richwine in Los Angeles Editing by Bill Rigby Our Standards The Thomson Reuters Trust Principles

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<p>Think of it as the most momentous military planning on Earth right now. Who&#8217;s even paying attention, given the eternal <a href="" type="internal">changing of the guard&amp;#160;</a>at the White House, as well as the latest in tweets, <a href="" type="internal">sexual revelations</a>, and <a href="" type="internal">investigations&amp;#160;</a>of every sort? And yet it increasingly looks as if, thanks to current Pentagon planning, a twenty-first-century version of the Cold War (with dangerous new twists) has begun and hardly anyone has even noticed.</p> <p>In 2006, when the Department of Defense spelled out its future security role, it saw only one overriding mission: its &#8220;Long War&#8221; against international terrorism. &#8220;With its allies and partners, the United States must be prepared to wage this war in many locations simultaneously and for some years to come,&#8221; the Pentagon&#8217;s Quadrennial Defense Review&amp;#160; <a href="" type="internal">explained&amp;#160;</a>that year. &amp;#160;Twelve years later, the Pentagon has officially announced thatthatlong war is drawing to a close &#8212; even though at least seven counterinsurgency conflicts still <a href="http://www.tomdispatch.com/blog/176335/" type="external">rage</a>across the Greater Middle East and Africa &#8212; and a new long war has begun, a permanent campaign to contain China and Russia in Eurasia.</p> <p>&#8220;Great power competition, not terrorism, has emerged as the central challenge to U.S. security and prosperity,&#8221; <a href="" type="internal">claimed&amp;#160;</a>Pentagon Comptroller David Norquist while releasing the Pentagon&#8217;s $686 billion budget request in January. &amp;#160;&#8220;It is increasingly apparent that China and Russia want to shape a world consistent with their authoritarian values and, in the process, replace the free and open order that has enabled global security and prosperity since World War II.&#8221;</p> <p>Of course, just how committed President Trump is to the preservation of that &#8220;free and open order&#8221; remains questionable given his determination to scuttle international treaties and ignite a global trade war. Similarly, whether China and Russia truly seek to undermine the existing world order or simply make it less American-centric is a question that deserves close attention, just not today. &amp;#160;The reason is simple enough. The screaming headline you should have seen in any paper (but haven&#8217;t) is this: the U.S. military has made up its mind about the future. It has committed itself and the nation to a three-front geopolitical struggle to resist Chinese and Russian advances in Asia, Europe, and the Middle East.</p> <p>Important as this strategic shift may be, you won&#8217;t hear about it from the president, a man lacking the attention span necessary for such long-range strategic thinking and one who views Russia&#8217;s Vladimir Putin and China&#8217;s Xi Jinping as &#8220;frenemies&#8221; rather than die-hard adversaries. To fully appreciate the momentous changes occurring in U.S. military planning, it&#8217;s necessary to take a deep dive into the world of Pentagon scripture: budget documents and the annual &#8220;posture statements&#8221; of regional commanders already overseeing the implementation of that just-born three-front strategy.</p> <p>The New Geopolitical Chessboard</p> <p>This renewed emphasis on China and Russia in U.S. military planning reflects the way top military officials are now reassessing the global strategic equation, a process that began long before Donald Trump entered the White House. Although after 9/11, senior commanders fully embraced the &#8220;long war against terror&#8221; approach to the world, their enthusiasm for endless counterterror operations leading <a href="" type="internal">essentially nowhere&amp;#160;</a>in remote and sometimes strategically unimportant places began to wane in recent years as they watched China and Russia modernizing their military forces and using them to intimidate neighbors.</p> <p>While the long war against terror did fuel a vast, <a href="http://www.tomdispatch.com/blog/176371/tomgram%3A_nick_turse%2C_the_coming_year_in_special_ops" type="external">ongoing&amp;#160;</a>expansion of the Pentagon&#8217;s Special Operations Forces (SOF) &#8212; now a secretive army of 70,000 nestled inside the larger military establishment &#8212; it provided surprisingly little purpose or real work for the military&#8217;s &#8220;heavy metal&#8221; units: the Army&#8217;s tank brigades, the Navy&#8217;s carrier battle groups, the Air Force&#8217;s bomber squadrons, and so forth. Yes, the Air Force in particular has played a major <a href="" type="internal">supporting role&amp;#160;</a>in recent operations in Iraq and Syria, but the regular military has largely been sidelined there and elsewhere by lightly equipped SOF forces and drones. Planning for a &#8220;real war&#8221; against a &#8220;peer competitor&#8221; (one with forces and weaponry resembling our own) was until recently given far lower priority than the country&#8217;s never-ending conflicts across the Greater Middle East and Africa. &amp;#160;This alarmed and even angered those in the regular military whose moment, it seems, has now finally arrived.</p> <p>&#8220;Today, we are emerging from a period of strategic atrophy, aware that our competitive military advantage has been eroding,&#8221; the Pentagon&#8217;s new <a href="" type="internal">National Defense Strategy&amp;#160;</a>declares. &#8220;We are facing increased global disorder, characterized by decline in the long-standing rules-based international order&#8221; &#8212; a decline officially attributed for the first time not to al-Qaeda and ISIS, but to the aggressive behavior of China and Russia. Iran and North Korea are also identified as major threats, but of a distinctly secondary nature compared to the menace posed by the two great-power competitors.</p> <p>Unsurprisingly enough, this shift will require not only greater spending on costly, high-tech military hardware but also a redrawing of the global strategic map to favor the regular military. During the long war on terror, geography and boundaries <a href="" type="internal" />appeared less important, given that terrorist cells seemed capable of operating anyplace where order was breaking down. The U.S. military, convinced that it had to be equally agile, readied itself to deploy (often Special Operations forces) to remote battlefields across the planet, borders be damned.</p> <p>On the new geopolitical map, however, America faces well-armed adversaries with every intention of protecting their borders, so U.S. forces are now being arrayed along an updated version of an older, more familiar three-front line of confrontation. In Asia, the U.S. and its key allies (South Korea, Japan, the Philippines, and Australia) are to face China across a line extending from the Korean peninsula to the waters of the East and South China Seas and the Indian Ocean. In Europe, the U.S. and its NATO allies will do the same for Russia on a front extending from Scandinavia and the Baltic Republics south to Romania and then east across the Black Sea to the Caucasus. Between these two theaters of contention lies the ever-turbulent Greater Middle East, with the United States and its two crucial allies there, Israel and Saudi Arabia, facing a Russian foothold in Syria and an increasingly assertive Iran, itself <a href="" type="internal">drawing closer</a>to China and Russia. &amp;#160;From the Pentagon&#8217;s perspective, this is to be the defining strategic global map for the foreseeable future. Expect most upcoming major military investments and initiatives to focus on bolstering U.S. naval, air, and ground strength on its side of these lines, as well as on targeting Sino-Russian vulnerabilities across them.</p> <p>There&#8217;s no better way to appreciate the dynamics of this altered strategic outlook than to dip into the annual &#8220;posture statements&#8221; of the heads of the Pentagon&#8217;s &#8220; <a href="https://www.defense.gov/About/Military-Departments/Unified-Combatant-Commands/" type="external">unified combatant commands</a>,&#8221; or combined Army/Navy/Air Force/Marine Corps headquarters, covering the territories surrounding China and Russia: <a href="" type="internal">Pacific Command&amp;#160;</a>(PACOM), with responsibility for all U.S. forces in Asia; <a href="http://www.eucom.mil/" type="external">European Command&amp;#160;</a>(EUCOM), covering U.S. forces from Scandinavia to the Caucasus; and <a href="http://www.centcom.mil/" type="external">Central Command&amp;#160;</a>(CENTCOM), which oversees the Middle East and Central Asia where so many of the country&#8217;s counterterror wars are still underway.</p> <p>The senior commanders of these meta-organizations are the most powerful U.S. officials in their &#8220;areas of responsibility&#8221; (AORs), exercising far more clout than any American ambassador stationed in the region (and often local heads of state as well). That makes their statements and the shopping lists of weaponry that invariably go with them of real significance for anyone who wants to grasp the Pentagon&#8217;s vision of America&#8217;s global military future.</p> <p>The Indo-Pacific Front</p> <p>Commanding PACOM is Admiral Harry Harris Jr., a long-time naval aviator. In his <a href="" type="internal">annual posture statement</a>, delivered to the Senate Armed Services Committee on March 15th, Harris painted a grim picture of America&#8217;s strategic position in the Asia-Pacific region. In addition to the dangers posed by a nuclear-armed North Korea, he argued, China was emerging as a formidable threat to America&#8217;s vital interests. &#8220;The People&#8217;s Liberation Army&#8217;s rapid evolution into a modern, high-tech fighting force continues to be both impressive and concerning,&#8221; he asserted. &#8220;PLA capabilities are progressing faster than any other nation in the world, benefitting from robust resourcing and prioritization.&#8221;</p> <p>Most threatening, in his view, is Chinese progress in developing intermediate-range ballistic missiles (IRBMs) and advanced warships. Such missiles, he explained, could strike U.S. bases in Japan or on the island of Guam, while the expanding Chinese navy could challenge the U.S. Navy in seas off China&#8217;s coast and someday perhaps America&#8217;s command of the western Pacific. &#8220;If this [shipbuilding] program continues,&#8221; he said, &#8220;China will surpass Russia as the world&#8217;s second largest navy by 2020, when measured in terms of submarines and frigate-class ships or larger.&#8221;</p> <p>To counter such developments and contain Chinese influence requires, of course, spending yet more taxpayer dollars on advanced weapons systems, especially precision-guided missiles. Admiral Harris called for vastly increasing investment in such weaponry in order to overpower current and future Chinese capabilities and ensure U.S. military dominance of China&#8217;s air and sea space. &#8220;In order to deter potential adversaries in the Indo-Pacific,&#8221; he declared, &#8220;we must build a more lethal force by investing in critical capabilities and harnessing innovation.&#8221;</p> <p>His budgetary wish list was impressive. Above all, he spoke with great enthusiasm about new generations of aircraft and missiles &#8212; what are called, in Pentagonese, &#8220;anti-access/area-denial&#8221; systems &#8212; capable of striking Chinese IRBM batteries and other weapons systems intended to keep American forces safely away from Chinese territory. He also hinted that he wouldn&#8217;t mind having new nuclear-armed missiles for this purpose &#8212; missiles, he suggested, that could be launched from ships and planes and so would skirt the Intermediate-Range Nuclear Forces Treaty, to which the U.S. is a signatory and which bans land-based intermediate-range nuclear missiles. (To give you a feel for the arcane language of Pentagon nuclear cognoscenti, here&#8217;s how he put it: &#8220;We must continue to expand Intermediate Nuclear Force Treaty-compliant theater strike capabilities to effectively counter adversary anti-access/area-denial [A2/AD] capabilities and force preservation tactics.&#8221;)</p> <p>Finally, to further strengthen the U.S. defense line in the region, Harris called for enhanced military ties with various allies and partners, including Japan, South Korea, the Philippines, and Australia. PACOM&#8217;s goal, he stated, is to &#8220;maintain a network of like-minded allies and partners to cultivate principled security networks, which reinforce the free and open international order.&#8221; Ideally, he added, this network will eventually encompass India, further extending the encirclement of China.</p> <p>The European Theater</p> <p>A similarly embattled future, even if populated by different actors in a different landscape, was offered by Army General Curtis Scaparrotti, commander of EUCOM, in <a href="" type="internal">testimony&amp;#160;</a>before the Senate Committee on Armed Services on March 8th. For him, Russia is the other China. As he put it in a bone-chilling description, &#8220;Russia seeks to change the international order, fracture NATO, and undermine U.S. leadership in order to protect its regime, reassert dominance over its neighbors, and achieve greater influence around the globe&#8230; Russia has demonstrated its willingness and capability to intervene in countries along its periphery and to project power &#8212; especially in the Middle East.&#8221;</p> <p>This, needless to say, is not the outlook we&#8217;re hearing from President Trump, who has long appeared <a href="" type="internal">reluctant&amp;#160;</a>to criticize Vladimir Putin or paint Russia as a full-fledged adversary. For American military and intelligence officials, however, Russia unquestionably poses the preeminent threat to U.S. security interests in Europe.&amp;#160; It is now being spoken of in a fashion that should bring back memories of the Cold War era. &#8220;Our highest strategic priority,&#8221; Scaparrotti insisted, &#8220;is to deter Russia from engaging in further aggression and exercising malign influence over our allies and partners. [To this end,] we are&#8230; updating our operational plans to provide military response options to defend our European allies against Russian aggression.&#8221;</p> <p>The cutting edge of EUCOM&#8217;s anti-Russian drive is the European Deterrence Initiative (EDI), a project President Obama initiated in 2014 following the Russian seizure of Crimea. Originally known as the <a href="https://en.wikipedia.org/wiki/European_Reassurance_Initiative" type="external">European Reassurance Initiative</a>, the EDI is intended to bolster U.S. and NATO forces deployed in the &#8220;front-line states&#8221; &#8212; Estonia, Latvia, Lithuania, and Poland &#8212; facing Russia on NATO&#8217;s &#8220;Eastern Front.&#8221; According to the Pentagon wish list submitted in February, some $6.5 billion are to be allocated to the EDI in 2019. Most of those funds will be used to stockpile munitions in the front-line states, enhance Air Force basing infrastructure, conduct increased joint military exercises with allied forces, and rotate additional U.S.-based forces into the region. In addition, some $200 million will be devoted to a Pentagon &#8220; <a href="" type="internal">advise, train, and equip</a>&#8221; mission in Ukraine.</p> <p>Like his counterpart in the Pacific theater, General Scaparrotti also turns out to have an expensive wish list of future weaponry, including advanced planes, missiles, and other high-tech weapons that, he claims, will counter modernizing Russian forces. In addition, recognizing Russia&#8217;s proficiency in cyberwarfare, he&#8217;s calling for a substantial investment in cyber technology and, like Admiral Harris, he cryptically hinted at the need for increased investment in nuclear forces of a sort that might be &#8220; <a href="http://www.tomdispatch.com/blog/176353/" type="external">usable</a>&#8221; on a future European battlefield.</p> <p>Between East and West: Central Command</p> <p>Overseeing a startling range of war-on-terror conflicts in the vast, increasingly unstable region stretching from PACOM&#8217;s western boundary to EUCOM&#8217;s eastern one is the U.S. Central Command. For most of its modern history, CENTCOM has been focused on counterterrorism and the wars in Iraq, Syria, and Afghanistan in particular. Now, however, even as the previous long war continues, the Command is already beginning to position itself for a new Cold War-revisited version of perpetual struggle, a plan &#8212; to resurrect a dated term &#8212; to containboth China and Russia in the Greater Middle East.</p> <p>In recent <a href="http://www.centcom.mil/MEDIA/Transcripts/" type="external">testimony&amp;#160;</a>before the Senate Armed Services Committee, CENTCOM commander Army General Joseph Votel concentrated on the status of U.S. operations against ISIS in Syria and against the Taliban in Afghanistan, but he also affirmed that the containment of China and Russia has become an integral part of CENTCOM&#8217;s future strategic mission: &#8220;The recently published National Defense Strategy rightly identifies the resurgence of great power competition as our principal national security challenge and we see the effects of that competition throughout the region.&#8221;</p> <p>Through its support of the Syrian regime of Bashar al-Assad and its efforts to gain influence with other key actors in the region, Russia, Votel claimed, is playing an increasingly conspicuous role in Centcom&#8217;s AOR. China is also seeking to enhance its geopolitical clout both economically and through a small but growing military presence. Of particular concern, Votel asserted, is the <a href="" type="internal">Chinese-managed port&amp;#160;</a>at Gwadar in Pakistan on the Indian Ocean and a new <a href="" type="internal">Chinese base&amp;#160;</a>in Djibouti on the Red Sea, across from Yemen and Saudi Arabia. Such facilities, he claimed, contribute to China&#8217;s &#8220;military posture and force projection&#8221; in CENTCOM&#8217;s AOR and are signals of a challenging future for the U.S. military.</p> <p>Under such circumstances, Votel testified, it is incumbent upon CENTCOM to join PACOM and EUCOM in resisting Chinese and Russian assertiveness. &#8220;We have to be prepared to address these threats, not just in the areas in which they reside, but the areas in which they have influence.&#8221; &amp;#160;Without providing any details, he went on to say, &#8220;We have developed&#8230; very good plans and processes for how we will do that.&#8221;</p> <p>What that means is unclear at best, but despite Donald Trump&#8217;s campaign talk about a U.S. withdrawal from Afghanistan, Iraq, and Syria once ISIS and the Taliban are defeated, it seems increasingly clear that the U.S. military is preparing to station its forces in those (and possibly other) countries across CENTCOM&#8217;s region of responsibility <a href="http://nationalinterest.org/feature/america-could-be-afghanistan-another-16-years-22362" type="external">indefinitely</a>, fighting terrorism, of course, but also ensuring that there will be a permanent U.S. military presence in areas that could see intensifying geopolitical competition among the major powers.</p> <p>An Invitation to Disaster</p> <p>In relatively swift fashion, American military leaders have followed up their claim that the U.S. is in a new long war by sketching the outlines of a containment line that would stretch from the Korean Peninsula around Asia across the Middle East into parts of the former Soviet Union in Eastern Europe and finally to the Scandinavian countries. Under their plan, American military forces &#8212; reinforced by the armies of trusted allies &#8212; should garrison every segment of this line, a grandiose scheme to block hypothetical advances of Chinese and Russian influence that, in its global reach, should stagger the imagination. Much of future history could be shaped by such an outsized effort.</p> <p>Questions for the future include whether this is either a sound strategic policy or truly sustainable. Attempting to contain China and Russia in such a manner will undoubtedly provoke countermoves, some undoubtedly difficult to resist, including cyber attacks and various kinds of economic warfare. And if you imagined that a war on terror across huge swaths of the planet represented a significant global overreach for a single power, just wait. Maintaining large and heavily-equipped forces on three extended fronts will also prove exceedingly costly and will certainly conflict with domestic spending priorities and possibly provoke a divisive debate over the reinstatement of the draft.</p> <p>However, the real question &#8212; unasked in Washington at the moment &#8212; is: Why pursue such a policy in the first place? Are there not other ways to manage the rise of China and Russia&#8217;s provocative behavior? What appears particularly worrisome about this three-front strategy is its immense capacity for confrontation, miscalculation, escalation, and finally actual war rather than simply grandiose war planning.</p> <p>At multiple points along this globe-spanning line &#8212; the Baltic Sea, the Black Sea, Syria, the South China Sea, and the East China Sea, to name just a few &#8212; forces from the U.S. and China or Russia are already in significant contact, often <a href="" type="internal">jostling&amp;#160;</a>for position in a potentially hostile manner. At any moment, one of these encounters could provoke a firefight leading to unintended escalation and, in the end, possibly all-out combat. From there, almost anything could happen, even the use of nuclear weapons. &amp;#160;Clearly, officials in Washington should be thinking hard before committing Americans to a strategy that will make this increasingly likely and could turn what is still long-war planning into an actual long war with deadly consequences.</p> <p>This column originally appeared on <a href="" type="internal">TomDispatch</a>.</p>

Could the Cold War Return With a Vengeance?

https://counterpunch.org/2018/04/04/could-the-cold-war-return-with-a-vengeance/

2018-04-04

4left

Think of it as the most momentous military planning on Earth right now Who8217s even paying attention given the eternal changing of the guardamp160at the White House as well as the latest in tweets sexual revelations and investigationsamp160of every sort And yet it increasingly looks as if thanks to current Pentagon planning a twentyfirstcentury version of the Cold War with dangerous new twists has begun and hardly anyone has even noticed In 2006 when the Department of Defense spelled out its future security role it saw only one overriding mission its 8220Long War8221 against international terrorism 8220With its allies and partners the United States must be prepared to wage this war in many locations simultaneously and for some years to come8221 the Pentagon8217s Quadrennial Defense Reviewamp160 explainedamp160that year amp160Twelve years later the Pentagon has officially announced thatthatlong war is drawing to a close 8212 even though at least seven counterinsurgency conflicts still rageacross the Greater Middle East and Africa 8212 and a new long war has begun a permanent campaign to contain China and Russia in Eurasia 8220Great power competition not terrorism has emerged as the central challenge to US security and prosperity8221 claimedamp160Pentagon Comptroller David Norquist while releasing the Pentagon8217s 686 billion budget request in January amp1608220It is increasingly apparent that China and Russia want to shape a world consistent with their authoritarian values and in the process replace the free and open order that has enabled global security and prosperity since World War II8221 Of course just how committed President Trump is to the preservation of that 8220free and open order8221 remains questionable given his determination to scuttle international treaties and ignite a global trade war Similarly whether China and Russia truly seek to undermine the existing world order or simply make it less Americancentric is a question that deserves close attention just not today amp160The reason is simple enough The screaming headline you should have seen in any paper but haven8217t is this the US military has made up its mind about the future It has committed itself and the nation to a threefront geopolitical struggle to resist Chinese and Russian advances in Asia Europe and the Middle East Important as this strategic shift may be you won8217t hear about it from the president a man lacking the attention span necessary for such longrange strategic thinking and one who views Russia8217s Vladimir Putin and China8217s Xi Jinping as 8220frenemies8221 rather than diehard adversaries To fully appreciate the momentous changes occurring in US military planning it8217s necessary to take a deep dive into the world of Pentagon scripture budget documents and the annual 8220posture statements8221 of regional commanders already overseeing the implementation of that justborn threefront strategy The New Geopolitical Chessboard This renewed emphasis on China and Russia in US military planning reflects the way top military officials are now reassessing the global strategic equation a process that began long before Donald Trump entered the White House Although after 911 senior commanders fully embraced the 8220long war against terror8221 approach to the world their enthusiasm for endless counterterror operations leading essentially nowhereamp160in remote and sometimes strategically unimportant places began to wane in recent years as they watched China and Russia modernizing their military forces and using them to intimidate neighbors While the long war against terror did fuel a vast ongoingamp160expansion of the Pentagon8217s Special Operations Forces SOF 8212 now a secretive army of 70000 nestled inside the larger military establishment 8212 it provided surprisingly little purpose or real work for the military8217s 8220heavy metal8221 units the Army8217s tank brigades the Navy8217s carrier battle groups the Air Force8217s bomber squadrons and so forth Yes the Air Force in particular has played a major supporting roleamp160in recent operations in Iraq and Syria but the regular military has largely been sidelined there and elsewhere by lightly equipped SOF forces and drones Planning for a 8220real war8221 against a 8220peer competitor8221 one with forces and weaponry resembling our own was until recently given far lower priority than the country8217s neverending conflicts across the Greater Middle East and Africa amp160This alarmed and even angered those in the regular military whose moment it seems has now finally arrived 8220Today we are emerging from a period of strategic atrophy aware that our competitive military advantage has been eroding8221 the Pentagon8217s new National Defense Strategyamp160declares 8220We are facing increased global disorder characterized by decline in the longstanding rulesbased international order8221 8212 a decline officially attributed for the first time not to alQaeda and ISIS but to the aggressive behavior of China and Russia Iran and North Korea are also identified as major threats but of a distinctly secondary nature compared to the menace posed by the two greatpower competitors Unsurprisingly enough this shift will require not only greater spending on costly hightech military hardware but also a redrawing of the global strategic map to favor the regular military During the long war on terror geography and boundaries appeared less important given that terrorist cells seemed capable of operating anyplace where order was breaking down The US military convinced that it had to be equally agile readied itself to deploy often Special Operations forces to remote battlefields across the planet borders be damned On the new geopolitical map however America faces wellarmed adversaries with every intention of protecting their borders so US forces are now being arrayed along an updated version of an older more familiar threefront line of confrontation In Asia the US and its key allies South Korea Japan the Philippines and Australia are to face China across a line extending from the Korean peninsula to the waters of the East and South China Seas and the Indian Ocean In Europe the US and its NATO allies will do the same for Russia on a front extending from Scandinavia and the Baltic Republics south to Romania and then east across the Black Sea to the Caucasus Between these two theaters of contention lies the everturbulent Greater Middle East with the United States and its two crucial allies there Israel and Saudi Arabia facing a Russian foothold in Syria and an increasingly assertive Iran itself drawing closerto China and Russia amp160From the Pentagon8217s perspective this is to be the defining strategic global map for the foreseeable future Expect most upcoming major military investments and initiatives to focus on bolstering US naval air and ground strength on its side of these lines as well as on targeting SinoRussian vulnerabilities across them There8217s no better way to appreciate the dynamics of this altered strategic outlook than to dip into the annual 8220posture statements8221 of the heads of the Pentagon8217s 8220 unified combatant commands8221 or combined ArmyNavyAir ForceMarine Corps headquarters covering the territories surrounding China and Russia Pacific Commandamp160PACOM with responsibility for all US forces in Asia European Commandamp160EUCOM covering US forces from Scandinavia to the Caucasus and Central Commandamp160CENTCOM which oversees the Middle East and Central Asia where so many of the country8217s counterterror wars are still underway The senior commanders of these metaorganizations are the most powerful US officials in their 8220areas of responsibility8221 AORs exercising far more clout than any American ambassador stationed in the region and often local heads of state as well That makes their statements and the shopping lists of weaponry that invariably go with them of real significance for anyone who wants to grasp the Pentagon8217s vision of America8217s global military future The IndoPacific Front Commanding PACOM is Admiral Harry Harris Jr a longtime naval aviator In his annual posture statement delivered to the Senate Armed Services Committee on March 15th Harris painted a grim picture of America8217s strategic position in the AsiaPacific region In addition to the dangers posed by a nucleararmed North Korea he argued China was emerging as a formidable threat to America8217s vital interests 8220The People8217s Liberation Army8217s rapid evolution into a modern hightech fighting force continues to be both impressive and concerning8221 he asserted 8220PLA capabilities are progressing faster than any other nation in the world benefitting from robust resourcing and prioritization8221 Most threatening in his view is Chinese progress in developing intermediaterange ballistic missiles IRBMs and advanced warships Such missiles he explained could strike US bases in Japan or on the island of Guam while the expanding Chinese navy could challenge the US Navy in seas off China8217s coast and someday perhaps America8217s command of the western Pacific 8220If this shipbuilding program continues8221 he said 8220China will surpass Russia as the world8217s second largest navy by 2020 when measured in terms of submarines and frigateclass ships or larger8221 To counter such developments and contain Chinese influence requires of course spending yet more taxpayer dollars on advanced weapons systems especially precisionguided missiles Admiral Harris called for vastly increasing investment in such weaponry in order to overpower current and future Chinese capabilities and ensure US military dominance of China8217s air and sea space 8220In order to deter potential adversaries in the IndoPacific8221 he declared 8220we must build a more lethal force by investing in critical capabilities and harnessing innovation8221 His budgetary wish list was impressive Above all he spoke with great enthusiasm about new generations of aircraft and missiles 8212 what are called in Pentagonese 8220antiaccessareadenial8221 systems 8212 capable of striking Chinese IRBM batteries and other weapons systems intended to keep American forces safely away from Chinese territory He also hinted that he wouldn8217t mind having new nucleararmed missiles for this purpose 8212 missiles he suggested that could be launched from ships and planes and so would skirt the IntermediateRange Nuclear Forces Treaty to which the US is a signatory and which bans landbased intermediaterange nuclear missiles To give you a feel for the arcane language of Pentagon nuclear cognoscenti here8217s how he put it 8220We must continue to expand Intermediate Nuclear Force Treatycompliant theater strike capabilities to effectively counter adversary antiaccessareadenial A2AD capabilities and force preservation tactics8221 Finally to further strengthen the US defense line in the region Harris called for enhanced military ties with various allies and partners including Japan South Korea the Philippines and Australia PACOM8217s goal he stated is to 8220maintain a network of likeminded allies and partners to cultivate principled security networks which reinforce the free and open international order8221 Ideally he added this network will eventually encompass India further extending the encirclement of China The European Theater A similarly embattled future even if populated by different actors in a different landscape was offered by Army General Curtis Scaparrotti commander of EUCOM in testimonyamp160before the Senate Committee on Armed Services on March 8th For him Russia is the other China As he put it in a bonechilling description 8220Russia seeks to change the international order fracture NATO and undermine US leadership in order to protect its regime reassert dominance over its neighbors and achieve greater influence around the globe8230 Russia has demonstrated its willingness and capability to intervene in countries along its periphery and to project power 8212 especially in the Middle East8221 This needless to say is not the outlook we8217re hearing from President Trump who has long appeared reluctantamp160to criticize Vladimir Putin or paint Russia as a fullfledged adversary For American military and intelligence officials however Russia unquestionably poses the preeminent threat to US security interests in Europeamp160 It is now being spoken of in a fashion that should bring back memories of the Cold War era 8220Our highest strategic priority8221 Scaparrotti insisted 8220is to deter Russia from engaging in further aggression and exercising malign influence over our allies and partners To this end we are8230 updating our operational plans to provide military response options to defend our European allies against Russian aggression8221 The cutting edge of EUCOM8217s antiRussian drive is the European Deterrence Initiative EDI a project President Obama initiated in 2014 following the Russian seizure of Crimea Originally known as the European Reassurance Initiative the EDI is intended to bolster US and NATO forces deployed in the 8220frontline states8221 8212 Estonia Latvia Lithuania and Poland 8212 facing Russia on NATO8217s 8220Eastern Front8221 According to the Pentagon wish list submitted in February some 65 billion are to be allocated to the EDI in 2019 Most of those funds will be used to stockpile munitions in the frontline states enhance Air Force basing infrastructure conduct increased joint military exercises with allied forces and rotate additional USbased forces into the region In addition some 200 million will be devoted to a Pentagon 8220 advise train and equip8221 mission in Ukraine Like his counterpart in the Pacific theater General Scaparrotti also turns out to have an expensive wish list of future weaponry including advanced planes missiles and other hightech weapons that he claims will counter modernizing Russian forces In addition recognizing Russia8217s proficiency in cyberwarfare he8217s calling for a substantial investment in cyber technology and like Admiral Harris he cryptically hinted at the need for increased investment in nuclear forces of a sort that might be 8220 usable8221 on a future European battlefield Between East and West Central Command Overseeing a startling range of waronterror conflicts in the vast increasingly unstable region stretching from PACOM8217s western boundary to EUCOM8217s eastern one is the US Central Command For most of its modern history CENTCOM has been focused on counterterrorism and the wars in Iraq Syria and Afghanistan in particular Now however even as the previous long war continues the Command is already beginning to position itself for a new Cold Warrevisited version of perpetual struggle a plan 8212 to resurrect a dated term 8212 to containboth China and Russia in the Greater Middle East In recent testimonyamp160before the Senate Armed Services Committee CENTCOM commander Army General Joseph Votel concentrated on the status of US operations against ISIS in Syria and against the Taliban in Afghanistan but he also affirmed that the containment of China and Russia has become an integral part of CENTCOM8217s future strategic mission 8220The recently published National Defense Strategy rightly identifies the resurgence of great power competition as our principal national security challenge and we see the effects of that competition throughout the region8221 Through its support of the Syrian regime of Bashar alAssad and its efforts to gain influence with other key actors in the region Russia Votel claimed is playing an increasingly conspicuous role in Centcom8217s AOR China is also seeking to enhance its geopolitical clout both economically and through a small but growing military presence Of particular concern Votel asserted is the Chinesemanaged portamp160at Gwadar in Pakistan on the Indian Ocean and a new Chinese baseamp160in Djibouti on the Red Sea across from Yemen and Saudi Arabia Such facilities he claimed contribute to China8217s 8220military posture and force projection8221 in CENTCOM8217s AOR and are signals of a challenging future for the US military Under such circumstances Votel testified it is incumbent upon CENTCOM to join PACOM and EUCOM in resisting Chinese and Russian assertiveness 8220We have to be prepared to address these threats not just in the areas in which they reside but the areas in which they have influence8221 amp160Without providing any details he went on to say 8220We have developed8230 very good plans and processes for how we will do that8221 What that means is unclear at best but despite Donald Trump8217s campaign talk about a US withdrawal from Afghanistan Iraq and Syria once ISIS and the Taliban are defeated it seems increasingly clear that the US military is preparing to station its forces in those and possibly other countries across CENTCOM8217s region of responsibility indefinitely fighting terrorism of course but also ensuring that there will be a permanent US military presence in areas that could see intensifying geopolitical competition among the major powers An Invitation to Disaster In relatively swift fashion American military leaders have followed up their claim that the US is in a new long war by sketching the outlines of a containment line that would stretch from the Korean Peninsula around Asia across the Middle East into parts of the former Soviet Union in Eastern Europe and finally to the Scandinavian countries Under their plan American military forces 8212 reinforced by the armies of trusted allies 8212 should garrison every segment of this line a grandiose scheme to block hypothetical advances of Chinese and Russian influence that in its global reach should stagger the imagination Much of future history could be shaped by such an outsized effort Questions for the future include whether this is either a sound strategic policy or truly sustainable Attempting to contain China and Russia in such a manner will undoubtedly provoke countermoves some undoubtedly difficult to resist including cyber attacks and various kinds of economic warfare And if you imagined that a war on terror across huge swaths of the planet represented a significant global overreach for a single power just wait Maintaining large and heavilyequipped forces on three extended fronts will also prove exceedingly costly and will certainly conflict with domestic spending priorities and possibly provoke a divisive debate over the reinstatement of the draft However the real question 8212 unasked in Washington at the moment 8212 is Why pursue such a policy in the first place Are there not other ways to manage the rise of China and Russia8217s provocative behavior What appears particularly worrisome about this threefront strategy is its immense capacity for confrontation miscalculation escalation and finally actual war rather than simply grandiose war planning At multiple points along this globespanning line 8212 the Baltic Sea the Black Sea Syria the South China Sea and the East China Sea to name just a few 8212 forces from the US and China or Russia are already in significant contact often jostlingamp160for position in a potentially hostile manner At any moment one of these encounters could provoke a firefight leading to unintended escalation and in the end possibly allout combat From there almost anything could happen even the use of nuclear weapons amp160Clearly officials in Washington should be thinking hard before committing Americans to a strategy that will make this increasingly likely and could turn what is still longwar planning into an actual long war with deadly consequences This column originally appeared on TomDispatch

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<p>Rutanya Alda, left, with Faye Dunaway, Mara Hobel and Jeremy Scott Reinholt in &#8216;Mommie Dearest.&#8217; (Photo courtesy Alda)</p> <p>Editor&#8217;s note: this is part two of two of our interview with actress Rutanya Alda, author of&#8221; <a href="http://www.amazon.com/The-Mommie-Dearest-Diary-Carol/dp/1515260607" type="external">The Mommie Dearest Diary: Carol Ann Tells All</a>.&#8221; Part <a href="" type="internal">one</a> is here.&amp;#160;</p> <p>&amp;#160;</p> <p>WASHINGTON BLADE: Although you don&#8217;t hold back at all in your book concerning working with Faye Dunaway, your &#8220;Mommie Dearest&#8221; co-star, it didn&#8217;t feel to me that you had an axe to grind. You write of several moments too where she was gracious &#8212; signing photos, posing for photos on set with your brother, when you give her the sweater you made and so on. On the other hand, the book &#8220;Mommie Dearest&#8221; always felt to me like Christina had a huge axe to grind. Do you agree?</p> <p>RUTANYA&amp;#160;ALDA: I tried to be fair in my book and I hope when Faye reads it she can respect the fact that I was fair to her. &#8230; It&#8217;s very hard to be with a person on the set who is totally ungiving to the other actor. I just held my tongue then because, as you know from the book, she never stayed for any of my close-ups. I stayed for hers to the 12th, the 13th hour and she never turned around and stayed for any of mine. It&#8217;s really not honoring the other actor and we have to honor that. We&#8217;re a team working&amp;#160;together for the best of the scene. I always felt Faye worked for herself only and that&#8217;s the truth. There were private moments when I felt really bad for her &#8230; but those moments really didn&#8217;t last that long. It&#8217;s too bad because, you know honestly, if she had just been gracious (to the crew), they would have embraced her but instead she alienated so many people. When my brother was there as a guest and talked to her, I just got her at a good moment. If it had been a volatile moment, I wouldn&#8217;t have dared ask her. The timing just happened to have been right and she was as mellow as she could get. But we were always on pins and needles and you just knew you didn&#8217;t want to ask certain things at certain times.</p> <p>BLADE: Hollywood lore is so full of stories of bitchy star behavior. In your experience, is there always fire where there&#8217;s smoke or does some of this get unfairly exaggerated in the public&#8217;s endless appetite for such tales?</p> <p>ALDA: It&#8217;s gotten to be so much about me, me, me that some people think the whole world rotates around them and that&#8217;s really the worst position for an actor to put themselves in. As Bette Davis said, you&#8217;ll meet the same people on your way down as your way up. Fame is fleeting. It lasts for a while. If you have a few years&#8217; run or a decade run, you&#8217;re lucky and I think if you can be compassionate and kind, I think that&#8217;s a great lesson to give people. I just went to a luncheon at 21 and the coat check girl, so many fairly well known people just throw their coat down and go upstairs and you know, it only takes a second or two to say, &#8220;Thank you,&#8221; and smile. She remembered me from the time before &#8230; just because I treated her like a human being. A lot of stars have come up very quickly and without the experience of being in the industry very long and I think they don&#8217;t appreciate the audience as much as they should. A smile or a hello is all you need to give sometimes. Without the audience, you have nothing. &#8230;</p> <p>And the audience of &#8220;Mommie Dearest&#8221; is a great audience and I think they are disappointed that Faye has never embraced the film. If I were Faye Dunaway, I would have said, &#8220;Look, I was great in the part, I did great things. OK, maybe I had an over-the-top performance, but it worked, didn&#8217;t it?&#8221; But all these years of not talking about it and suddenly after 30 years she&#8217;s writing a book? Why? What&#8217;s in it for her? Is she doing it for the money? She&#8217;s really deprived herself of a great audience of people who love the movie and it&#8217;s a detriment to her. Look at all the joy she missed.</p> <p>BLADE: So you know she is proceeding with her own book?</p> <p>ALDA: Yes, she has a contract with a publishing house. A friend I know, whom I won&#8217;t name unless he names himself, he was just offered to be her ghostwriter. I think she&#8217;s gone through several. I e-mailed him and said, &#8220;Are you going to do it?&#8221; He said, &#8220;No, not even if she gives me a million dollars cash would I put myself through this.&#8221; So she&#8217;s going to find someone from whatever point of view she&#8217;s going to do it and I think it&#8217;s supposed to be out sometime next year. When she wrote to me, it said time sensitive, she in other words, she probably has a date by which she has to turn it in. Usually it&#8217;s a year and a half, then you&#8217;re supposed to deliver the book.</p> <p>BLADE: On his &#8220;Mommie Dearest&#8221; commentary, John Waters said he thought the film would have worked as straight drama with just some slightly more judicious editing, for instance the scene where you see Diana&#8217;s (Scarwid as Christina) panties. Do you agree?</p> <p>ALDA: (laughs) No. Don&#8217;t get me wrong, I love John Waters, I think he&#8217;s wonderful, but no, I don&#8217;t agree with that. I just ran into an editor who was working on another movie at Paramount at the time and he&#8217;d read the script, he&#8217;s gay, and he really wanted to edit the film. He loved it and saw it as a camp movie right away and said to Frank, &#8220;I want to edit it.&#8221; Frank said, &#8220;No, you&#8217;re the wrong person, we want this to be a big drama,&#8221; and I thought, &#8220;My gosh, I never knew this.&#8221; He said, &#8220;You didn&#8217;t know it was camp when you read the script?&#8221; I said, &#8220;No.&#8221; He knew right away. But you know, they edited like an hour and a half out of that movie anyway. Some of the takes were really, really long and so much was cut, especially my scenes. I don&#8217;t know if it would have changed it but I think it would have made more sense if some of it had been put back, like when my character, Carol Ann, meets Joan and is hired by Joan. I think that would have been a good addition to the story. &#8230; But I&#8217;m kind of glad the way it turned out because it&#8217;s going to continue to have this huge following for years. If it had just been a straight drama, I don&#8217;t think we&#8217;d be talking today. I think it would have just been one of these movies that was a good movie and then people would have forgotten about it. It&#8217;s given people a lot of joy through the years.</p> <p>BLADE: Do you think &#8220;Mommie Dearest&#8221; ruined Faye&#8217;s career? I know that&#8217;s probably an oversimplification, but people say that and it does seem like her filmography is quite spotty after that.</p> <p>ALDA: I don&#8217;t think so. She did quite a few films after it, maybe 10 or 15.</p> <p>BLADE: Yes, but there was never another &#8220;Network&#8221; or &#8220;Chinatown&#8221;-caliber film after it.</p> <p>ALDA: No, because what did she choose right after &#8220;Mommie Dearest&#8221;? &#8220;Supergirl&#8221;? I mean, her choice of material &#8212; she still had the power to choose her own material at that point and she was choosing stuff that wasn&#8217;t in the same league as &#8220;Network,&#8221; or, you know, &#8220;Chinatown.&#8221; I mean these are really great films, really amazing films, and she chooses &#8220;Supergirl&#8221; and other films you can&#8217;t even remember? Even the movie she likes to talk about with Marlon Brando and Johnny Depp (&#8220;Don Juan DeMarco&#8221;), well that&#8217;s not a very good movie. I mean God bless all the actors, but some movies just don&#8217;t work. Her choice of parts was really not good. Also I think when one is constantly late on a set and constantly causes production to be slowed down, sooner or later producers just don&#8217;t want to lose that money. We went a couple of million dollars over budget because of constant lateness and finally Frank Yablans pulled the plug and we just weren&#8217;t going to shoot anymore, that was it. I think today producers won&#8217;t put up with that. Show up on time. OK, once in a while, you&#8217;re five-10 minutes late, you can&#8217;t help it, but not five and six hours late. There&#8217;s too much money involved today.</p> <p>BLADE: &#8220;Mommie Dearest&#8221; lives on as a camp classic and nobody takes it &#8212; at least the film &#8212; seriously. Has Joan had the last laugh?</p> <p>ALDA: Oh, absolutely. Joan Crawford&#8217;s career got resurrected. All of a sudden it&#8217;s her films that are seen and viewed and she&#8217;s kind of the big star here instead of Faye. People are seeing her films. At the Film Forum downtown, there&#8217;s a retrospective of her movies next weekend and it&#8217;s just amazing. People are rediscovering her that have never seen her movies. I think Joan Crawford has become the big star instead of Faye.</p> <p>BLADE: Was Joan a good actress?</p> <p>ALDA: I think she was a wonderful actress for that era. She was over the top and mannered, but that was the movies of that era. I think she was marvelous in those kinds of movies. People don&#8217;t act that way today, but they&#8217;re fascinating to watch. You look at &#8220;Mildred Pierce&#8221; and &#8220;Baby Jane&#8221; and even some of the horror movies she did and she was really pretty impressive. I just saw &#8220;Baby Jane&#8221; again not long ago and I thought she and Bette were really over the top, but it works. What two actresses today could do that style in that kind of way and make it so memorable and unique? There&#8217;s nobody like them.</p> <p>BLADE: Joan mistook you for Mia Farrow when you were her stand-in on &#8220;Rosemary&#8217;s Baby&#8221; where she was to have had a cameo. Did she say anything after she realized you weren&#8217;t Mia?</p> <p>ALDA: No, she was just very charming. She didn&#8217;t come over and say anything afterward but I didn&#8217;t go over to her either. She was just standing there, very gracious, and there was something about her that just radiated star. She had been a star for 50 years and she knew who she was.</p> <p>BLADE: But she didn&#8217;t brush you off or anything?</p> <p>ALDA: No, not at all.</p> <p>BLADE: You write at length about what a great actor your husband Richard Bright was and it seems like he kind of got swallowed up by the machine, so to speak, with his drug issues. With true persistence and talent, does the cream always rise in Hollywood or have you seen truly talented people fall through the cracks?</p> <p>ALDA: Unfortunately I don&#8217;t think the cream always rises. When I started out 50 years ago, I knew a lot of really, really talented people, much more talented than the people that eventually became stars, I thought, so no. But it&#8217;s very difficult because a lot of really talented people are also so sensitive and their sensitivity winds up destroying them. In Richard&#8217;s case, he was a wonderful actor, really terrific, as Al Pacino acknowledges. He used to watch Richard work. (Richard was) pained by not working and that&#8217;s what really drove him to drugs &#8212; the pain from not working and expressing himself. I think so much of it is just luck. I&#8217;ve known a lot of people who do it for 10-15 years and they just emotionally can&#8217;t take it anymore, the rejection. It&#8217;s just such a crapshoot and you don&#8217;t know what direction your life takes you. &#8230; Look at someone like Phillip Seymour Hoffman. &#8230; As painful as that was, I think that opened a little more compassion in people because he was one who did achieve a lot of success. &#8230; It&#8217;s a very, very difficult business. People shove their kids in front of me and ask for advice for this teenage girl who wants to be an actress. I always say don&#8217;t do it if you have any other choice of a career. It&#8217;s gotta be in your blood so deep that you can&#8217;t do anything else. &#8230; Enjoy your life. Life is short. Being an actor is like having a virus you can&#8217;t get rid of.</p> <p>BLADE: Do you wish you had left Richard sooner?</p> <p>ALDA: Well I loved my husband a lot. &#8230; He was a good person, a very generous person. I just had no idea what his addiction meant and that it was so hard to break that chain. I didn&#8217;t understand that you can&#8217;t do it for them. &#8230;. This was the &#8216;80s and there was a lot then we didn&#8217;t fully understand. I think later when the Betty Fords and other programs, there was more understanding, but this was the early &#8216;80s.</p> <p>BLADE: Do you think Christina wrote her book just to get back at Joan for being left out of the will?</p> <p>ALDA: No, because I think the book was already more or less written before Joan died. Now, did Joan leave her out of the will because she knew she was writing a book? I don&#8217;t know, maybe. But the book was done before the will. Had it been the other way around, I might have said yeah. It was a scandalous thing to do at the time because she was the first to do it, the first to write and sort of reveal her life with a major star. Later one of the Crosby kids wrote about Bing Crosby and Bette Davis&#8217;s daughter wrote about Bette Davis, but she was the first.</p> <p>BLADE: Had you read the book when it came out or did you read it when you got the part?</p> <p>ALDA: I read it when I was getting ready for the film, I&#8217;d heard about but didn&#8217;t read it until I was cast.</p> <p>BLADE: Why did Christina never visit the set? I would have thought she&#8217;d have been at least curious.</p> <p>ALDA: She told me the script was totally different and she just wanted to let it go. She and her husband, David Koontz, had written a script that was rejected so after Frank and Frank took over, she just felt she&#8217;d sold the rights, it was going to be what it was going to be and it was out of her hands so she had not interest in visiting the set.</p> <p>BLADE: Why did you choose the self-publishing route for your book?</p> <p>ALDA: I&#8217;d had it with an agent for almost two years and I just felt he wasn&#8217;t getting it out to the right people. I could have tried to find another agent but I thought, OK, that could be another two years. I learned things happen rather slowly in the publishing world, at least from my experience, and I felt this was the right time to put it out. Actually Christina Crawford was one person who encouraged me to self publish because she had done it after &#8220;Mommie Dearest.&#8221; &#8230; I thought, well, at least that way we&#8217;ll get it out into the world and I won&#8217;t be waiting and waiting and waiting. I&#8217;m glad I did it because at least I beat Faye.</p> <p>BLADE: You write of how painful the makeup was on the film. How long did it take your face to fully heal after the film?</p> <p>ALDA: About a month. Things are better with appliances now, but at the time with all that glue on your skin, it was really sore and red and tender.</p> <p>BLADE: You said you knew of the film&#8217;s camp element immediately upon seeing it, but did you realize the gay element in that then too or did that come later?</p> <p>ALDA: I didn&#8217;t really know that then, no. I think my first inkling to that was when I did the Town Hall show Mother&#8217;s Day with Joan about 10 years ago with Lypsinka, who is absolutely brilliant. Then, of course, about three years ago there was a show with Hedda Lettuce. She said, &#8220;Do you have any stories from &#8216;Mommie Dearest,&#8217;&#8221; and I said, &#8220;Yeah, I kept a journal.&#8221; She said, &#8220;Could you come read something from it,&#8221; so I went and read a few things. Then Marc Huestis called me two years ago and asked me to come to the Castro to read from it. I said, &#8220;Do you think anybody would be interested?&#8221; He said yes, so then at the Castor there were like 1,500 beautiful gay men and honestly just this wave of love that hit me and, wow, I still feel it in my heart, this love and support that came from the audience. I&#8217;m very emotional about it still. I read from my diary and they just went wild, they were so wonderful. So they were the first real audience and I thought, oh my God, I&#8217;ve got to publish this book. It hit me that people were really interested.</p> <p>BLADE: Did you read Faye&#8217;s autobiography &#8220;Looking for Gatsby&#8221;?</p> <p>ALDA: No. I went to Barnes &amp;amp; Noble to look at it. I thumbed through it but there didn&#8217;t seem to be much on &#8220;Mommie Dearest&#8221; so I didn&#8217;t buy it.</p> <p>BLADE: What would you say if you were in an elevator with her?</p> <p>ALDA: Hi. But she might not answer me because there were a lot of times on the set when she&#8217;d just walk right by. I&#8217;d be prepared for that.</p> <p>Rutanya Alda today. (Photo courtesy Alda)</p> <p><a href="" type="internal">Christina Crawford</a> <a href="" type="internal">Faye Dunaway</a> <a href="" type="internal">Hedda Lettuce</a> <a href="" type="internal">Joan Crawford</a> <a href="" type="internal">John Waters</a> <a href="" type="internal">Lypsinka</a> <a href="" type="internal">Mia Farrow</a> <a href="" type="internal">Mommie Dearest</a> <a href="" type="internal">Rosemary's Baby</a> <a href="" type="internal">Rutanya Alda</a> <a href="" type="internal">The Mommie Dearest Diary: Carol Ann Tells All</a></p>

Actress tells all in ‘Mommie’ memoir

http://washingtonblade.com/2015/12/17/actress-tells-mommie-memoir/

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Rutanya Alda left with Faye Dunaway Mara Hobel and Jeremy Scott Reinholt in 8216Mommie Dearest8217 Photo courtesy Alda Editor8217s note this is part two of two of our interview with actress Rutanya Alda author of8221 The Mommie Dearest Diary Carol Ann Tells All8221 Part one is hereamp160 amp160 WASHINGTON BLADE Although you don8217t hold back at all in your book concerning working with Faye Dunaway your 8220Mommie Dearest8221 costar it didn8217t feel to me that you had an axe to grind You write of several moments too where she was gracious 8212 signing photos posing for photos on set with your brother when you give her the sweater you made and so on On the other hand the book 8220Mommie Dearest8221 always felt to me like Christina had a huge axe to grind Do you agree RUTANYAamp160ALDA I tried to be fair in my book and I hope when Faye reads it she can respect the fact that I was fair to her 8230 It8217s very hard to be with a person on the set who is totally ungiving to the other actor I just held my tongue then because as you know from the book she never stayed for any of my closeups I stayed for hers to the 12th the 13th hour and she never turned around and stayed for any of mine It8217s really not honoring the other actor and we have to honor that We8217re a team workingamp160together for the best of the scene I always felt Faye worked for herself only and that8217s the truth There were private moments when I felt really bad for her 8230 but those moments really didn8217t last that long It8217s too bad because you know honestly if she had just been gracious to the crew they would have embraced her but instead she alienated so many people When my brother was there as a guest and talked to her I just got her at a good moment If it had been a volatile moment I wouldn8217t have dared ask her The timing just happened to have been right and she was as mellow as she could get But we were always on pins and needles and you just knew you didn8217t want to ask certain things at certain times BLADE Hollywood lore is so full of stories of bitchy star behavior In your experience is there always fire where there8217s smoke or does some of this get unfairly exaggerated in the public8217s endless appetite for such tales ALDA It8217s gotten to be so much about me me me that some people think the whole world rotates around them and that8217s really the worst position for an actor to put themselves in As Bette Davis said you8217ll meet the same people on your way down as your way up Fame is fleeting It lasts for a while If you have a few years8217 run or a decade run you8217re lucky and I think if you can be compassionate and kind I think that8217s a great lesson to give people I just went to a luncheon at 21 and the coat check girl so many fairly well known people just throw their coat down and go upstairs and you know it only takes a second or two to say 8220Thank you8221 and smile She remembered me from the time before 8230 just because I treated her like a human being A lot of stars have come up very quickly and without the experience of being in the industry very long and I think they don8217t appreciate the audience as much as they should A smile or a hello is all you need to give sometimes Without the audience you have nothing 8230 And the audience of 8220Mommie Dearest8221 is a great audience and I think they are disappointed that Faye has never embraced the film If I were Faye Dunaway I would have said 8220Look I was great in the part I did great things OK maybe I had an overthetop performance but it worked didn8217t it8221 But all these years of not talking about it and suddenly after 30 years she8217s writing a book Why What8217s in it for her Is she doing it for the money She8217s really deprived herself of a great audience of people who love the movie and it8217s a detriment to her Look at all the joy she missed BLADE So you know she is proceeding with her own book ALDA Yes she has a contract with a publishing house A friend I know whom I won8217t name unless he names himself he was just offered to be her ghostwriter I think she8217s gone through several I emailed him and said 8220Are you going to do it8221 He said 8220No not even if she gives me a million dollars cash would I put myself through this8221 So she8217s going to find someone from whatever point of view she8217s going to do it and I think it8217s supposed to be out sometime next year When she wrote to me it said time sensitive she in other words she probably has a date by which she has to turn it in Usually it8217s a year and a half then you8217re supposed to deliver the book BLADE On his 8220Mommie Dearest8221 commentary John Waters said he thought the film would have worked as straight drama with just some slightly more judicious editing for instance the scene where you see Diana8217s Scarwid as Christina panties Do you agree ALDA laughs No Don8217t get me wrong I love John Waters I think he8217s wonderful but no I don8217t agree with that I just ran into an editor who was working on another movie at Paramount at the time and he8217d read the script he8217s gay and he really wanted to edit the film He loved it and saw it as a camp movie right away and said to Frank 8220I want to edit it8221 Frank said 8220No you8217re the wrong person we want this to be a big drama8221 and I thought 8220My gosh I never knew this8221 He said 8220You didn8217t know it was camp when you read the script8221 I said 8220No8221 He knew right away But you know they edited like an hour and a half out of that movie anyway Some of the takes were really really long and so much was cut especially my scenes I don8217t know if it would have changed it but I think it would have made more sense if some of it had been put back like when my character Carol Ann meets Joan and is hired by Joan I think that would have been a good addition to the story 8230 But I8217m kind of glad the way it turned out because it8217s going to continue to have this huge following for years If it had just been a straight drama I don8217t think we8217d be talking today I think it would have just been one of these movies that was a good movie and then people would have forgotten about it It8217s given people a lot of joy through the years BLADE Do you think 8220Mommie Dearest8221 ruined Faye8217s career I know that8217s probably an oversimplification but people say that and it does seem like her filmography is quite spotty after that ALDA I don8217t think so She did quite a few films after it maybe 10 or 15 BLADE Yes but there was never another 8220Network8221 or 8220Chinatown8221caliber film after it ALDA No because what did she choose right after 8220Mommie Dearest8221 8220Supergirl8221 I mean her choice of material 8212 she still had the power to choose her own material at that point and she was choosing stuff that wasn8217t in the same league as 8220Network8221 or you know 8220Chinatown8221 I mean these are really great films really amazing films and she chooses 8220Supergirl8221 and other films you can8217t even remember Even the movie she likes to talk about with Marlon Brando and Johnny Depp 8220Don Juan DeMarco8221 well that8217s not a very good movie I mean God bless all the actors but some movies just don8217t work Her choice of parts was really not good Also I think when one is constantly late on a set and constantly causes production to be slowed down sooner or later producers just don8217t want to lose that money We went a couple of million dollars over budget because of constant lateness and finally Frank Yablans pulled the plug and we just weren8217t going to shoot anymore that was it I think today producers won8217t put up with that Show up on time OK once in a while you8217re five10 minutes late you can8217t help it but not five and six hours late There8217s too much money involved today BLADE 8220Mommie Dearest8221 lives on as a camp classic and nobody takes it 8212 at least the film 8212 seriously Has Joan had the last laugh ALDA Oh absolutely Joan Crawford8217s career got resurrected All of a sudden it8217s her films that are seen and viewed and she8217s kind of the big star here instead of Faye People are seeing her films At the Film Forum downtown there8217s a retrospective of her movies next weekend and it8217s just amazing People are rediscovering her that have never seen her movies I think Joan Crawford has become the big star instead of Faye BLADE Was Joan a good actress ALDA I think she was a wonderful actress for that era She was over the top and mannered but that was the movies of that era I think she was marvelous in those kinds of movies People don8217t act that way today but they8217re fascinating to watch You look at 8220Mildred Pierce8221 and 8220Baby Jane8221 and even some of the horror movies she did and she was really pretty impressive I just saw 8220Baby Jane8221 again not long ago and I thought she and Bette were really over the top but it works What two actresses today could do that style in that kind of way and make it so memorable and unique There8217s nobody like them BLADE Joan mistook you for Mia Farrow when you were her standin on 8220Rosemary8217s Baby8221 where she was to have had a cameo Did she say anything after she realized you weren8217t Mia ALDA No she was just very charming She didn8217t come over and say anything afterward but I didn8217t go over to her either She was just standing there very gracious and there was something about her that just radiated star She had been a star for 50 years and she knew who she was BLADE But she didn8217t brush you off or anything ALDA No not at all BLADE You write at length about what a great actor your husband Richard Bright was and it seems like he kind of got swallowed up by the machine so to speak with his drug issues With true persistence and talent does the cream always rise in Hollywood or have you seen truly talented people fall through the cracks ALDA Unfortunately I don8217t think the cream always rises When I started out 50 years ago I knew a lot of really really talented people much more talented than the people that eventually became stars I thought so no But it8217s very difficult because a lot of really talented people are also so sensitive and their sensitivity winds up destroying them In Richard8217s case he was a wonderful actor really terrific as Al Pacino acknowledges He used to watch Richard work Richard was pained by not working and that8217s what really drove him to drugs 8212 the pain from not working and expressing himself I think so much of it is just luck I8217ve known a lot of people who do it for 1015 years and they just emotionally can8217t take it anymore the rejection It8217s just such a crapshoot and you don8217t know what direction your life takes you 8230 Look at someone like Phillip Seymour Hoffman 8230 As painful as that was I think that opened a little more compassion in people because he was one who did achieve a lot of success 8230 It8217s a very very difficult business People shove their kids in front of me and ask for advice for this teenage girl who wants to be an actress I always say don8217t do it if you have any other choice of a career It8217s gotta be in your blood so deep that you can8217t do anything else 8230 Enjoy your life Life is short Being an actor is like having a virus you can8217t get rid of BLADE Do you wish you had left Richard sooner ALDA Well I loved my husband a lot 8230 He was a good person a very generous person I just had no idea what his addiction meant and that it was so hard to break that chain I didn8217t understand that you can8217t do it for them 8230 This was the 821680s and there was a lot then we didn8217t fully understand I think later when the Betty Fords and other programs there was more understanding but this was the early 821680s BLADE Do you think Christina wrote her book just to get back at Joan for being left out of the will ALDA No because I think the book was already more or less written before Joan died Now did Joan leave her out of the will because she knew she was writing a book I don8217t know maybe But the book was done before the will Had it been the other way around I might have said yeah It was a scandalous thing to do at the time because she was the first to do it the first to write and sort of reveal her life with a major star Later one of the Crosby kids wrote about Bing Crosby and Bette Davis8217s daughter wrote about Bette Davis but she was the first BLADE Had you read the book when it came out or did you read it when you got the part ALDA I read it when I was getting ready for the film I8217d heard about but didn8217t read it until I was cast BLADE Why did Christina never visit the set I would have thought she8217d have been at least curious ALDA She told me the script was totally different and she just wanted to let it go She and her husband David Koontz had written a script that was rejected so after Frank and Frank took over she just felt she8217d sold the rights it was going to be what it was going to be and it was out of her hands so she had not interest in visiting the set BLADE Why did you choose the selfpublishing route for your book ALDA I8217d had it with an agent for almost two years and I just felt he wasn8217t getting it out to the right people I could have tried to find another agent but I thought OK that could be another two years I learned things happen rather slowly in the publishing world at least from my experience and I felt this was the right time to put it out Actually Christina Crawford was one person who encouraged me to self publish because she had done it after 8220Mommie Dearest8221 8230 I thought well at least that way we8217ll get it out into the world and I won8217t be waiting and waiting and waiting I8217m glad I did it because at least I beat Faye BLADE You write of how painful the makeup was on the film How long did it take your face to fully heal after the film ALDA About a month Things are better with appliances now but at the time with all that glue on your skin it was really sore and red and tender BLADE You said you knew of the film8217s camp element immediately upon seeing it but did you realize the gay element in that then too or did that come later ALDA I didn8217t really know that then no I think my first inkling to that was when I did the Town Hall show Mother8217s Day with Joan about 10 years ago with Lypsinka who is absolutely brilliant Then of course about three years ago there was a show with Hedda Lettuce She said 8220Do you have any stories from 8216Mommie Dearest82178221 and I said 8220Yeah I kept a journal8221 She said 8220Could you come read something from it8221 so I went and read a few things Then Marc Huestis called me two years ago and asked me to come to the Castro to read from it I said 8220Do you think anybody would be interested8221 He said yes so then at the Castor there were like 1500 beautiful gay men and honestly just this wave of love that hit me and wow I still feel it in my heart this love and support that came from the audience I8217m very emotional about it still I read from my diary and they just went wild they were so wonderful So they were the first real audience and I thought oh my God I8217ve got to publish this book It hit me that people were really interested BLADE Did you read Faye8217s autobiography 8220Looking for Gatsby8221 ALDA No I went to Barnes ampamp Noble to look at it I thumbed through it but there didn8217t seem to be much on 8220Mommie Dearest8221 so I didn8217t buy it BLADE What would you say if you were in an elevator with her ALDA Hi But she might not answer me because there were a lot of times on the set when she8217d just walk right by I8217d be prepared for that Rutanya Alda today Photo courtesy Alda Christina Crawford Faye Dunaway Hedda Lettuce Joan Crawford John Waters Lypsinka Mia Farrow Mommie Dearest Rosemarys Baby Rutanya Alda The Mommie Dearest Diary Carol Ann Tells All

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<p>Maybe not now.&amp;#160; But that&#8217;s what he could well become.&amp;#160; Francis&#8217; Encyclical &#8220; <a href="" type="internal">On Care for Our Common Home</a>&#8221; recognizes the incredible damage being done to climate change and biodiversity.&amp;#160; Few realize how strong his beliefs are and the unused power of persuasion he has.&amp;#160; Here&#8217;s 10 ways that power could be used.</p> <p>1) Francis could call for a renewed emphasis on not eating red meat on Fridays.</p> <p>Francis unequivocally recognizes the science of climate change: &#8220;The climate is a common good, belonging to all and meant for all.&amp;#160; A very solid scientific consensus indicates that we are presently witnessing a disturbing warming of the climatic system.&#8221; [23]</p> <p>He shows no quarter to climate change deniers, writing &#8220;Obstructionist attitudes, even on the part of believers, can range from denial of the problem to indifference&#8230;&#8221; [14]</p> <p>Missing from Francis&#8217; Encyclical is the massive scientific evidence that meat is probably the single most important contributor to greenhouse gases (GHGs).&amp;#160; <a href="" type="internal">Meat production (beef, chicken, pork)</a> produce more GHGs that either the transportation sector or all industrial processes.</p> <p>Some believe that meat production could account for much more than the <a href="http://www.pnas.org/content/113/15/4146.full.pdf" type="external">18-20% of GHGs</a> if <a href="" type="internal">other factors are taken into account</a>, such as livestock respiration, medical care of livestock, full loss of land used for meat production, and packaging, refrigerating, cooking and disposing of meat.</p> <p>Francis affirms the &#8220;an urgent need to develop policies&#8221; to address climate change [26].&amp;#160; There is probably no better way to develop a policy to reduce GHGs than resurrecting the emphasis on meatless Fridays.</p> <p>2) Francis could ask religious leaders throughout the world to consider a day without red meat.</p> <p>This brings up two big questions: Would a pope try to influence non-Catholics' and, Would non-Catholics pay attention to a Catholic tradition?&amp;#160; Francis clearly understands that the extent of environmental crises goes beyond his own church when he says &#8220;I wish to address every person living on this planet&#8221; regarding &#8220;our common home.&#8221; [3]</p> <p>In wondering about the potential response from non-Catholics, I recall going to elementary school in Houston during the McCarthy era of the 1950s.&amp;#160; It was not a particularly tolerant time or place.&amp;#160; The proportion of Catholics at my school was tiny &#8211; not more than 3-4%.&amp;#160; When I asked my teacher why we had fish cakes every Friday, she said &#8220;It&#8217;s because the Catholic kids aren&#8217;t supposed to eat meat on Fridays.&#8221;&amp;#160; That seemed reasonable.&amp;#160; And it was okay with everyone else.&amp;#160; Not one kid ever challenged a school that was over 90% non-Catholic adjusting its meals to accommodate a meatless Friday.</p> <p>Might non-Catholics of today move from a passive acceptance of meatless Fridays to actively participate in a joint effort to halt environmental devastation?&amp;#160; Francis is hopeful when he says, &#8220;Outside the Catholic Church, other Churches and Christian communities &#8211; and other religions as well &#8211; have expressed deep concern and offered valuable reflections on issues which all of us find disturbing.&#8221; [7]</p> <p>Millions of people are searching for ways to have a meaningful effect on the climate.&amp;#160; Most individual behaviors either have little impact on the big picture or are out of the reach of many people.&amp;#160; For example, individuals who live 20 miles from work cannot really choose to ride a bike or take mass transit that does not exist.</p> <p>Choice of food is different &#8211; it is something that most people can do by themselves.&amp;#160; New eating habits by enough people might dramatically influence the world&#8217;s climate.</p> <p>3) Francis could ask governments to ensure that those who receive their livelihood from the livestock sector are protected from harm by decreased consumption of meat.</p> <p>Over <a href="" type="internal">1.3 billion people depend on livestock</a> for income.&amp;#160; This could make for a very long unemployment line and a lot of hostility toward vegetarianism.&amp;#160; In addition to those who raise livestock, livelihoods that derive from it include manufacturing ranch equipment and supplies, growing animal feed, transportation, and sales of animal products such as leather.</p> <p>Workers in all these industries are super-sensitive to the economics of livestock reduction.&amp;#160; They must be a core part of planning for economic transition.&amp;#160; A transformation would need to include projects that demonstrate how changing from a cattle ranch into growing crops (or other economic activity) can successfully occur.&amp;#160; This would also include educational programs on how to make such changes, as well as proposals for new jobs for those currently working in livestock-dependent industries.</p> <p>The US is a rich country that can afford to be a model for the rest of the world.&amp;#160; We could guarantee an income equal to what families relying on animals currently make if they agree to transition to plant-based agriculture for human food.</p> <p>4) Francis could recommend that Catholics not eat any meat (including foul and fish) on Mondays.</p> <p>This would be a bold step, going beyond reemphasizing what what is already Catholic doctrine.&amp;#160; Yet, it would be consistent with Francis&#8217; belief that the world has a &#8220;sickness evident in the soil, in the water, in the air and in all forms of life.&#8221; [2]</p> <p>Overproduction of meat has horrible effects beyond climate change.&amp;#160; The livestock sector accounts for <a href="" type="internal">over a third of global land area</a>, which makes it a major contributor to deforestation, habitat destruction, and species extinction.&amp;#160; According to the <a href="" type="internal">Food &amp;amp; Agricultural Organization of the United Nations</a>, livestock production is responsible for 55% of erosion, 37% of pesticide usage, and 50% of antibiotic usage.</p> <p>There is already an embryo of the needed change in the &#8220;Meatless Monday&#8221; movement.&amp;#160; A serious effort toward stewardship of the Earth requires a halt in the expansion of land which is used for livestock and then a progressive increase in acres of land returned to wild Nature.</p> <p>5) Francis could ask religious leaders to consider a day without any meat (including foul and fish).</p> <p>Papal Encyclicals are recommendations &#8211; they are not commandments.&amp;#160; Thus, an Encyclical by Francis recommending meatless Mondays would mean that Catholics would need to decide to what extent they should follow it.</p> <p>Inspiring controversy would actually be better than ordering people to eat less meat.&amp;#160; Once folks argue and haggle, the issue sticks to their minds.&amp;#160; Those who do something because of their own choice are much more committed once they have made a decision.</p> <p>A debate between the world&#8217;s 1.2 million Catholics would not be ignored by other religions.&amp;#160; In fact, it could be a powerful impetus for a Great Discussion regarding how people can effectively impact climate change.</p> <p>If Francis were to take such an audacious stand within the Catholic Church, he would elevate his ability to ask other religious leaders to step outside of their roles established hundreds or thousands of years ago to similarly recognize the profound threat to Life on Earth.&amp;#160; What could be more helpful than several billion people questioning how actions during the next few decades will affect the existence of generations to come?</p> <p>6) Francis could precaution the world against using vegetarianism as a weapon of cultural domination.</p> <p>Of particular concern are non-Brahmin Indians and American Cowboys.&amp;#160; Most of the world&#8217;s 1.1 billion Hindus live in India, which is often assumed to be overwhelmingly vegetarian.&amp;#160; In fact, over two-thirds of Indians eat meat.</p> <p>While Hindus do not have a strict ban on eating meat, most avoid doing so because they wish to minimize harming other life forms.&amp;#160; Indians who do eat meat eat far less than do Americans.&amp;#160; They include young people exposed to Western life styles and religious minorities of Muslims and Christians.&amp;#160; According to Priti Gulati Cox, they also include &#8220;Dalits (formerly known as untouchables) and Adivasis (Indigenous communities),&#8221; who are victims of &#8220;Hindu-centric cultural imposition.&#8221;</p> <p>In his article &#8220; <a href="https://scroll.in/article/714661/beef-ban-is-an-attempt-to-impose-upper-caste-culture-on-other-hindus-kancha-ilaiah" type="external">Beef ban is an attempt to impose upper-caste culture on other Hindus</a>&#8221; Dalit Professor Kancha Ilaiah explains that eating meat has always been a part of Dalit food culture.&amp;#160; Since water buffalo meat is cheap, it is their major source of protein.&amp;#160; He sees the current attempt by Brahmins to impose a beef ban as &#8220;casteist and racist.&#8221;&amp;#160; Non- Brahmin Indians particularly resent attempts to ban eating beef when India is a major exporter of water buffalo meat, which is not considered sacred by upper castes.</p> <p>Glance a few thousand miles away to the US.&amp;#160; Many people in western states are very hostile to having a lifestyle imposed upon them by what they perceive as urban elitism.&amp;#160; Some do things that harm their own health and welfare to preserve their customs.&amp;#160; (Witness 2016 Presidential voting patterns.)&amp;#160; In this way, they are not so different from India&#8217;s Dalits and Adivasis who strongly resist having Brahmin vegetarianism imposed on them.</p> <p>The issue is how to present a change away from overconsumption of meat without devaluing their culture or creating massive unemployment.&amp;#160; There is no magic bullet.&amp;#160; But the answer must include a dialogue and understanding that eating less meat at each meal has as much effect as having some meals without meat.</p> <p>In fact, the small portion of meat eaten means that Indians already have much less environmental impact than do Americans.&amp;#160; Instead of being grain-fed, cattle and water buffalo in India typically eat vegetation from land unsuitable for farming, further reducing their harmful effects.</p> <p>Yet, we must keep our eye on the prize.&amp;#160; Giving up smoking and having unprotected sex with multiple partners have both been sub-cultural values that came into conflict with objective facts.&amp;#160; Campaigns became effective when former smokers spoke out and when gay men themselves advised new behaviors.&amp;#160; Attempts to reduce meat consumption will be counter-effective unless they include those American Cowboys who already question the quantity of meat eaten.</p> <p>8) Francis could recommend that Catholics eat no animal flesh or animal products (including eggs, milk and cheese) on Wednesdays.</p> <p>The tradition of not eating meat on Fridays comes with the idea of doing without something for Lent.&amp;#160; Not eating red meat for three days a week, no meat of any kind for two days a week, and no animal products one day a week would transform the concept of &#8220;doing without&#8221; to mean &#8220;doing without to preserve our common home.&#8221;</p> <p>This is the sort of sacrifice that Francis hints at when he says calls on humanity &#8220;to recognize the need for changes in lifestyle.&#8221; [23]&amp;#160; He quotes approvingly of the leader of Eastern Orthodox Church stating that &#8220;to commit a crime against the natural world is a sin.&#8221; [8]</p> <p>This reflects the belief in man&#8217;s stewardship over nature shared by Jews, Christians and Muslims.&amp;#160; The responsibility to preserve Life in all forms is an impossibility if ranchland and farms for animal feed continue to expand their destruction of wildlife habitat throughout the world.</p> <p>How can the desire to protect wild Nature best be expressed?&amp;#160; Recognizing that food travels over 1000 miles from &#8220;farm to plate&#8221; has lead many to become &#8220;locavores&#8221; who seek to eat <a href="" type="internal">food grown close&amp;#160; to where they live</a>.&amp;#160; However, research demonstrates that not eating red meat and dairy for less than one day per week &#8220;achieves <a href="" type="internal">more GHG reduction</a> than buying all locally sourced food.&#8221;</p> <p>8) Francis could suggest to those of other faiths that they join him in setting aside an additional day for eating no animal flesh or animal products.</p> <p>Clearly, millions of Catholics combining a locavore diet with a meatless diet for multiple days per week would have a profound impact on GHG emissions.&amp;#160; Imagine the effect if billions of people did so.</p> <p>Participants would make two important discoveries.&amp;#160; First, food can taste good if it does not include red meat, if it does not include any animal flesh and it can even taste good without any animal products.&amp;#160; As this realization spread, an increasing number of restaurants would offer non-animal dishes on a regular basis.&amp;#160; There would be more cooks realizing that vegetarian food is not the same as the current diet without meat but is a different approach to preparing food.&amp;#160; Many people would voluntarily change to eating less meat during each meal and eating more meals without meat.</p> <p>Second, reduction in eating meat would have profound health effects.&amp;#160; High meat consumption is associated <a href="" type="internal">heart disease, obesity and colorectal cancer</a>.&amp;#160; Health improvement would occur not only in Western countries, but also China, where meat consumption has zoomed upwards.&amp;#160; Combined discoveries of taste and health could well reinforce each other as people realized that they would not be giving up good food to have a better quality of life.</p> <p>9) Francis could urge the world to recognize the need for humane treatment as well as humane killing of animals.</p> <p>Both Muslims and Jews are prohibited from eating meat from animals killed in a cruel way.&amp;#160; Jews include humane killing as part of kosher meat and, for Muslims, it is halal meat.&amp;#160; At the time those rules were written, there was no such thing as factory farms (Confined Animal Feeding Operations, CAFOs).</p> <p>A twenty-first century extension of ancient laws would recognize that CAFOs practice a merciless process of killing by slow torture.&amp;#160; Confinement of animals in tiny cages is so unhealthy that CAFOs routinely pump antibiotics into them so they will live long enough to be slaughtered.</p> <p>Treating (and killing) animals in a humane fashion is close to a universally accepted value.&amp;#160; CAFO owners are so worried that people would be horrified if they saw how they operate that they go to great lengths lobbying for laws that criminalize filming how animals are treated.</p> <p>It is highly unlikely that the meat industry can continue to grow without an expansion of CAFOs. National laws and international treaties banning CAFOs should parallel an increase in plant-based diets.&amp;#160; A call by Francis for humane treatment of animals, with a specific request that CAFOs be banned, would be an enormous contribution to reducing animal cruelty, reducing meat consumption and reducing GHGs.</p> <p>10) Francis could request a global inquiry into the need to begin shorter work weeks in a world which consumes less meat.</p> <p>Since producing 1 pound of beef protein requires <a href="" type="internal">10 pounds of vegetable protein</a>, obtaining sufficient protein from vegetables will require vastly less cultivation.&amp;#160; Just as fair trade means less trade, a world which relies on less meat will be one which needs less labor.</p> <p>The livestock industry is merely one piece of an economy that must be massively reduced for human survival.&amp;#160; Vegetarian agriculture is a bit analogous to a peace economy.&amp;#160; Vegetarian production requires different use of land, but more important, use of less land.&amp;#160; Peace economics emphasizes having fewer weapons to kill people rather than killing people with different weapons.</p> <p>It is not possible to have less meat, less war, fewer toxic chemicals, less extractions of fossil fuels, fewer products (including homes) designed to fall apart and more wild Nature in an economy that is growing exponentially.&amp;#160; More astute than many progressives, Francis recognizes dangers of unlimited economic expansion when he nods approval to &#8220;&#8230;correcting models of growth which have proved incapable of ensuring respect for the environment.&#8221; [5]</p> <p>We need a smaller economy which focuses on providing basic needs for every person on the planet.&amp;#160; This means a shorter &#8211; a much shorter &#8211; work week.</p> <p>Producing less is only the first step in solving or reducing environmental problems.&amp;#160; Of course, changes in production will be very different in various industries; so, environmentally sound economics requires considerable planning, education, adjustment and readjustment.</p> <p>This train of thought runs counter to capitalism, whose First Commandment is growth.</p> <p>Francis has not been particularly receptive to capitalists, along with their politicians.&amp;#160; They are left out of the equation when he calls for heeding &#8220;the reflections of numerous scientists, philosophers, theologians and civic groups&#8230;&#8221; [7]&amp;#160; He warns that &#8220;Many of those who possess more resources and economic or political power seem mostly to be concerned with masking the problems or concealing their symptoms &#8230;&#8221;&amp;#160; [26]</p> <p>Neither is Francis receptive to &#8220;Technology, which, linked to business interests, is presented as the only way of solving these problems, in fact proves incapable of seeing the mysterious network of relations between things and so sometimes solves one problem only to create others.&#8221; [20]&amp;#160; He spells out concerns with the latest step in capital accumulation: &#8220;Even as the quality of available water is constantly diminishing, in some places there is a growing tendency, despite its scarcity, to privatize this resource, turning it into a commodity subject to the laws of the market. Yet access to safe drinkable water is a basic and universal human right&#8230;&#8221; [30]</p> <p>Bringing It home</p> <p>We can&#8217;t explore every religion; but, now that we&#8217;ve looked at Catholicism, Hinduism, Judaism, and Islam, let&#8217;s consider my religion of devout atheism.&amp;#160; Devout atheism is quite different from dogmatic atheism, whose dedication to putting down religion has much in common with narrow-minded adherents within the religions it belittles.</p> <p>Devout atheism feels a connection with the natural world that would be quite receptive to an encyclical from Francis that specified actions to protect Earth.&amp;#160; Dogmatic atheists would, of course, reject anything from a Pope because they often worship money and power as do their dogmatic counterparts in the powerful religions.</p> <p>The division of world is not between Catholic vs. Protestant, Muslim vs. Jew, Hindu vs. Adivasi or pious vs. atheist.&amp;#160; Rather, the great division is those of every belief who exalt the preservation of Nature vs. those who fantasize that happiness flows from possession of an ever greater quantity of objects.</p> <p>Attaining a 100% vegan world overnight is not going to happen.&amp;#160; Instead, we should work toward a huge reduction in meat production by (a) encouraging heavy meat eaters to decrease their portions, (b) encouraging moderate meat eaters to increase their vegetarian days, and (c) expanding the number of vegetarians and vegans, while (d) avoiding domination of meat-eating cultures, and (e) preparing for the economic disruptions which will inevitably accompany changes of the magnitude that must happen.&amp;#160; Securing alliances and modifying approaches are possible without compromising the goal of vastly reducing the amount of meat produced.</p> <p>Note. Numbers in brackets indicate the section of &#8220;On Care for Our Common Home&#8221; from which the quotation is take.</p> <p>A version of this article appeared in <a href="http://greensocialthought.org/content/pope-francis-worlds-most-powerful-advocate-climate-stability" type="external">GreenSocialThought.org</a>&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;</p>

Is Pope Francis the World’s Most Powerful Advocate for Climate Stability?

https://counterpunch.org/2017/04/27/is-pope-francis-the-worlds-most-powerful-advocate-for-climate-stability/

2017-04-27

4left

Maybe not nowamp160 But that8217s what he could well becomeamp160 Francis8217 Encyclical 8220 On Care for Our Common Home8221 recognizes the incredible damage being done to climate change and biodiversityamp160 Few realize how strong his beliefs are and the unused power of persuasion he hasamp160 Here8217s 10 ways that power could be used 1 Francis could call for a renewed emphasis on not eating red meat on Fridays Francis unequivocally recognizes the science of climate change 8220The climate is a common good belonging to all and meant for allamp160 A very solid scientific consensus indicates that we are presently witnessing a disturbing warming of the climatic system8221 23 He shows no quarter to climate change deniers writing 8220Obstructionist attitudes even on the part of believers can range from denial of the problem to indifference82308221 14 Missing from Francis8217 Encyclical is the massive scientific evidence that meat is probably the single most important contributor to greenhouse gases GHGsamp160 Meat production beef chicken pork produce more GHGs that either the transportation sector or all industrial processes Some believe that meat production could account for much more than the 1820 of GHGs if other factors are taken into account such as livestock respiration medical care of livestock full loss of land used for meat production and packaging refrigerating cooking and disposing of meat Francis affirms the 8220an urgent need to develop policies8221 to address climate change 26amp160 There is probably no better way to develop a policy to reduce GHGs than resurrecting the emphasis on meatless Fridays 2 Francis could ask religious leaders throughout the world to consider a day without red meat This brings up two big questions Would a pope try to influence nonCatholics and Would nonCatholics pay attention to a Catholic traditionamp160 Francis clearly understands that the extent of environmental crises goes beyond his own church when he says 8220I wish to address every person living on this planet8221 regarding 8220our common home8221 3 In wondering about the potential response from nonCatholics I recall going to elementary school in Houston during the McCarthy era of the 1950samp160 It was not a particularly tolerant time or placeamp160 The proportion of Catholics at my school was tiny 8211 not more than 34amp160 When I asked my teacher why we had fish cakes every Friday she said 8220It8217s because the Catholic kids aren8217t supposed to eat meat on Fridays8221amp160 That seemed reasonableamp160 And it was okay with everyone elseamp160 Not one kid ever challenged a school that was over 90 nonCatholic adjusting its meals to accommodate a meatless Friday Might nonCatholics of today move from a passive acceptance of meatless Fridays to actively participate in a joint effort to halt environmental devastationamp160 Francis is hopeful when he says 8220Outside the Catholic Church other Churches and Christian communities 8211 and other religions as well 8211 have expressed deep concern and offered valuable reflections on issues which all of us find disturbing8221 7 Millions of people are searching for ways to have a meaningful effect on the climateamp160 Most individual behaviors either have little impact on the big picture or are out of the reach of many peopleamp160 For example individuals who live 20 miles from work cannot really choose to ride a bike or take mass transit that does not exist Choice of food is different 8211 it is something that most people can do by themselvesamp160 New eating habits by enough people might dramatically influence the world8217s climate 3 Francis could ask governments to ensure that those who receive their livelihood from the livestock sector are protected from harm by decreased consumption of meat Over 13 billion people depend on livestock for incomeamp160 This could make for a very long unemployment line and a lot of hostility toward vegetarianismamp160 In addition to those who raise livestock livelihoods that derive from it include manufacturing ranch equipment and supplies growing animal feed transportation and sales of animal products such as leather Workers in all these industries are supersensitive to the economics of livestock reductionamp160 They must be a core part of planning for economic transitionamp160 A transformation would need to include projects that demonstrate how changing from a cattle ranch into growing crops or other economic activity can successfully occuramp160 This would also include educational programs on how to make such changes as well as proposals for new jobs for those currently working in livestockdependent industries The US is a rich country that can afford to be a model for the rest of the worldamp160 We could guarantee an income equal to what families relying on animals currently make if they agree to transition to plantbased agriculture for human food 4 Francis could recommend that Catholics not eat any meat including foul and fish on Mondays This would be a bold step going beyond reemphasizing what what is already Catholic doctrineamp160 Yet it would be consistent with Francis8217 belief that the world has a 8220sickness evident in the soil in the water in the air and in all forms of life8221 2 Overproduction of meat has horrible effects beyond climate changeamp160 The livestock sector accounts for over a third of global land area which makes it a major contributor to deforestation habitat destruction and species extinctionamp160 According to the Food ampamp Agricultural Organization of the United Nations livestock production is responsible for 55 of erosion 37 of pesticide usage and 50 of antibiotic usage There is already an embryo of the needed change in the 8220Meatless Monday8221 movementamp160 A serious effort toward stewardship of the Earth requires a halt in the expansion of land which is used for livestock and then a progressive increase in acres of land returned to wild Nature 5 Francis could ask religious leaders to consider a day without any meat including foul and fish Papal Encyclicals are recommendations 8211 they are not commandmentsamp160 Thus an Encyclical by Francis recommending meatless Mondays would mean that Catholics would need to decide to what extent they should follow it Inspiring controversy would actually be better than ordering people to eat less meatamp160 Once folks argue and haggle the issue sticks to their mindsamp160 Those who do something because of their own choice are much more committed once they have made a decision A debate between the world8217s 12 million Catholics would not be ignored by other religionsamp160 In fact it could be a powerful impetus for a Great Discussion regarding how people can effectively impact climate change If Francis were to take such an audacious stand within the Catholic Church he would elevate his ability to ask other religious leaders to step outside of their roles established hundreds or thousands of years ago to similarly recognize the profound threat to Life on Earthamp160 What could be more helpful than several billion people questioning how actions during the next few decades will affect the existence of generations to come 6 Francis could precaution the world against using vegetarianism as a weapon of cultural domination Of particular concern are nonBrahmin Indians and American Cowboysamp160 Most of the world8217s 11 billion Hindus live in India which is often assumed to be overwhelmingly vegetarianamp160 In fact over twothirds of Indians eat meat While Hindus do not have a strict ban on eating meat most avoid doing so because they wish to minimize harming other life formsamp160 Indians who do eat meat eat far less than do Americansamp160 They include young people exposed to Western life styles and religious minorities of Muslims and Christiansamp160 According to Priti Gulati Cox they also include 8220Dalits formerly known as untouchables and Adivasis Indigenous communities8221 who are victims of 8220Hinducentric cultural imposition8221 In his article 8220 Beef ban is an attempt to impose uppercaste culture on other Hindus8221 Dalit Professor Kancha Ilaiah explains that eating meat has always been a part of Dalit food cultureamp160 Since water buffalo meat is cheap it is their major source of proteinamp160 He sees the current attempt by Brahmins to impose a beef ban as 8220casteist and racist8221amp160 Non Brahmin Indians particularly resent attempts to ban eating beef when India is a major exporter of water buffalo meat which is not considered sacred by upper castes Glance a few thousand miles away to the USamp160 Many people in western states are very hostile to having a lifestyle imposed upon them by what they perceive as urban elitismamp160 Some do things that harm their own health and welfare to preserve their customsamp160 Witness 2016 Presidential voting patternsamp160 In this way they are not so different from India8217s Dalits and Adivasis who strongly resist having Brahmin vegetarianism imposed on them The issue is how to present a change away from overconsumption of meat without devaluing their culture or creating massive unemploymentamp160 There is no magic bulletamp160 But the answer must include a dialogue and understanding that eating less meat at each meal has as much effect as having some meals without meat In fact the small portion of meat eaten means that Indians already have much less environmental impact than do Americansamp160 Instead of being grainfed cattle and water buffalo in India typically eat vegetation from land unsuitable for farming further reducing their harmful effects Yet we must keep our eye on the prizeamp160 Giving up smoking and having unprotected sex with multiple partners have both been subcultural values that came into conflict with objective factsamp160 Campaigns became effective when former smokers spoke out and when gay men themselves advised new behaviorsamp160 Attempts to reduce meat consumption will be countereffective unless they include those American Cowboys who already question the quantity of meat eaten 8 Francis could recommend that Catholics eat no animal flesh or animal products including eggs milk and cheese on Wednesdays The tradition of not eating meat on Fridays comes with the idea of doing without something for Lentamp160 Not eating red meat for three days a week no meat of any kind for two days a week and no animal products one day a week would transform the concept of 8220doing without8221 to mean 8220doing without to preserve our common home8221 This is the sort of sacrifice that Francis hints at when he says calls on humanity 8220to recognize the need for changes in lifestyle8221 23amp160 He quotes approvingly of the leader of Eastern Orthodox Church stating that 8220to commit a crime against the natural world is a sin8221 8 This reflects the belief in man8217s stewardship over nature shared by Jews Christians and Muslimsamp160 The responsibility to preserve Life in all forms is an impossibility if ranchland and farms for animal feed continue to expand their destruction of wildlife habitat throughout the world How can the desire to protect wild Nature best be expressedamp160 Recognizing that food travels over 1000 miles from 8220farm to plate8221 has lead many to become 8220locavores8221 who seek to eat food grown closeamp160 to where they liveamp160 However research demonstrates that not eating red meat and dairy for less than one day per week 8220achieves more GHG reduction than buying all locally sourced food8221 8 Francis could suggest to those of other faiths that they join him in setting aside an additional day for eating no animal flesh or animal products Clearly millions of Catholics combining a locavore diet with a meatless diet for multiple days per week would have a profound impact on GHG emissionsamp160 Imagine the effect if billions of people did so Participants would make two important discoveriesamp160 First food can taste good if it does not include red meat if it does not include any animal flesh and it can even taste good without any animal productsamp160 As this realization spread an increasing number of restaurants would offer nonanimal dishes on a regular basisamp160 There would be more cooks realizing that vegetarian food is not the same as the current diet without meat but is a different approach to preparing foodamp160 Many people would voluntarily change to eating less meat during each meal and eating more meals without meat Second reduction in eating meat would have profound health effectsamp160 High meat consumption is associated heart disease obesity and colorectal canceramp160 Health improvement would occur not only in Western countries but also China where meat consumption has zoomed upwardsamp160 Combined discoveries of taste and health could well reinforce each other as people realized that they would not be giving up good food to have a better quality of life 9 Francis could urge the world to recognize the need for humane treatment as well as humane killing of animals Both Muslims and Jews are prohibited from eating meat from animals killed in a cruel wayamp160 Jews include humane killing as part of kosher meat and for Muslims it is halal meatamp160 At the time those rules were written there was no such thing as factory farms Confined Animal Feeding Operations CAFOs A twentyfirst century extension of ancient laws would recognize that CAFOs practice a merciless process of killing by slow tortureamp160 Confinement of animals in tiny cages is so unhealthy that CAFOs routinely pump antibiotics into them so they will live long enough to be slaughtered Treating and killing animals in a humane fashion is close to a universally accepted valueamp160 CAFO owners are so worried that people would be horrified if they saw how they operate that they go to great lengths lobbying for laws that criminalize filming how animals are treated It is highly unlikely that the meat industry can continue to grow without an expansion of CAFOs National laws and international treaties banning CAFOs should parallel an increase in plantbased dietsamp160 A call by Francis for humane treatment of animals with a specific request that CAFOs be banned would be an enormous contribution to reducing animal cruelty reducing meat consumption and reducing GHGs 10 Francis could request a global inquiry into the need to begin shorter work weeks in a world which consumes less meat Since producing 1 pound of beef protein requires 10 pounds of vegetable protein obtaining sufficient protein from vegetables will require vastly less cultivationamp160 Just as fair trade means less trade a world which relies on less meat will be one which needs less labor The livestock industry is merely one piece of an economy that must be massively reduced for human survivalamp160 Vegetarian agriculture is a bit analogous to a peace economyamp160 Vegetarian production requires different use of land but more important use of less landamp160 Peace economics emphasizes having fewer weapons to kill people rather than killing people with different weapons It is not possible to have less meat less war fewer toxic chemicals less extractions of fossil fuels fewer products including homes designed to fall apart and more wild Nature in an economy that is growing exponentiallyamp160 More astute than many progressives Francis recognizes dangers of unlimited economic expansion when he nods approval to 82208230correcting models of growth which have proved incapable of ensuring respect for the environment8221 5 We need a smaller economy which focuses on providing basic needs for every person on the planetamp160 This means a shorter 8211 a much shorter 8211 work week Producing less is only the first step in solving or reducing environmental problemsamp160 Of course changes in production will be very different in various industries so environmentally sound economics requires considerable planning education adjustment and readjustment This train of thought runs counter to capitalism whose First Commandment is growth Francis has not been particularly receptive to capitalists along with their politiciansamp160 They are left out of the equation when he calls for heeding 8220the reflections of numerous scientists philosophers theologians and civic groups82308221 7amp160 He warns that 8220Many of those who possess more resources and economic or political power seem mostly to be concerned with masking the problems or concealing their symptoms 82308221amp160 26 Neither is Francis receptive to 8220Technology which linked to business interests is presented as the only way of solving these problems in fact proves incapable of seeing the mysterious network of relations between things and so sometimes solves one problem only to create others8221 20amp160 He spells out concerns with the latest step in capital accumulation 8220Even as the quality of available water is constantly diminishing in some places there is a growing tendency despite its scarcity to privatize this resource turning it into a commodity subject to the laws of the market Yet access to safe drinkable water is a basic and universal human right82308221 30 Bringing It home We can8217t explore every religion but now that we8217ve looked at Catholicism Hinduism Judaism and Islam let8217s consider my religion of devout atheismamp160 Devout atheism is quite different from dogmatic atheism whose dedication to putting down religion has much in common with narrowminded adherents within the religions it belittles Devout atheism feels a connection with the natural world that would be quite receptive to an encyclical from Francis that specified actions to protect Earthamp160 Dogmatic atheists would of course reject anything from a Pope because they often worship money and power as do their dogmatic counterparts in the powerful religions The division of world is not between Catholic vs Protestant Muslim vs Jew Hindu vs Adivasi or pious vs atheistamp160 Rather the great division is those of every belief who exalt the preservation of Nature vs those who fantasize that happiness flows from possession of an ever greater quantity of objects Attaining a 100 vegan world overnight is not going to happenamp160 Instead we should work toward a huge reduction in meat production by a encouraging heavy meat eaters to decrease their portions b encouraging moderate meat eaters to increase their vegetarian days and c expanding the number of vegetarians and vegans while d avoiding domination of meateating cultures and e preparing for the economic disruptions which will inevitably accompany changes of the magnitude that must happenamp160 Securing alliances and modifying approaches are possible without compromising the goal of vastly reducing the amount of meat produced Note Numbers in brackets indicate the section of 8220On Care for Our Common Home8221 from which the quotation is take A version of this article appeared in GreenSocialThoughtorgamp160amp160amp160amp160amp160

Maybe/ADV not/PART nowamp160/PROPN But/CCONJ that8217s/NOUN what/PRON he/PRON could/AUX well/ADV becomeamp160/PROPN Francis8217/NOUN Encyclical/ADJ 8220/NUM On/ADP Care/PROPN for/ADP Our/PRON Common/PROPN Home8221/PROPN recognizes/VERB the/DET incredible/ADJ damage/NOUN being/AUX done/VERB to/ADP climate/NOUN change/NOUN and/CCONJ biodiversityamp160/NUM Few/ADJ realize/VERB how/SCONJ strong/ADJ his/PRON beliefs/NOUN are/AUX and/CCONJ the/DET unused/ADJ power/NOUN of/ADP persuasion/NOUN he/PRON hasamp160/PUNCT Here8217s/PROPN 10/NUM ways/NOUN that/PRON power/NOUN could/AUX be/AUX used/VERB 1/NUM Francis/PROPN could/AUX call/VERB for/ADP a/DET renewed/VERB emphasis/NOUN on/ADP not/PART eating/VERB red/ADJ meat/NOUN on/ADP Fridays/PROPN Francis/PROPN unequivocally/ADV recognizes/VERB the/DET science/NOUN of/ADP climate/NOUN change/NOUN 8220The/NUM climate/NOUN is/AUX a/DET common/ADJ good/NOUN belonging/VERB to/ADP all/PRON and/CCONJ meant/VERB for/ADP allamp160/PROPN A/DET very/ADV 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<p>Jan 18 (Reuters) - SPAREBANKEN VEST:</p> <p>* &#8205;HAS A GROWTH TARGET OF 9% IN RETAIL MARKET FOR 2018 AND A CORRESPONDING 6% IN CORPORATE MARKET&#8203; Source text for Eikon: Further company coverage: (Gdynia Newsroom)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>AMSTERDAM (Reuters) - Weapons inspectors will try on Saturday to reach the site of a suspected poison attack in the Syrian town of Douma, hours after Western countries launched air strikes in retaliation over the gassing.</p> <p>The OPCW&#8217;s fact-finding mission &#8220;will continue its deployment to the Syrian Arab Republic to establish facts around the allegations of chemical weapons use in Douma&#8221;, the agency said in a statement.</p> <p>The United States, Britain and France fired more than 100 missiles at Syria early on Saturday in the first coordinated Western military intervention against the Damascus government. They say the strikes are punishment for killing dozens of people, many of them women and children, with banned toxic munitions.</p> <p>Damascus and its ally Russia have denounced the Western action, in particular for refusing to wait until the results of the fact-finding mission sent by the OPCW in the wake of the April 7 incident.</p> <p>Rescue workers said scores of people died in that incident. Washington says it has confirmed that chlorine gas was used, and has unconfirmed suspicion that nerve agents may also have been used. Damascus and Moscow deny blame for any such attack.</p> <p>Security permitting, a team from the Organisation for the Prohibition of Chemical Weapons will deploy briefly on Saturday to the site.</p> <p>The team will work with the United Nations Department of Safety and Security ensure the safety of the team, it said.</p> <p>Syria agreed to give up its chemical weapons arsenal in 2013 and submit to OPCW inspections. It is meant to have destroyed all of its stockpiles of nerve agents. In the case of chlorine, it is permitted to possess it for civilian use, but not to use it as a weapon.</p> <p>The OPCW will determine whether chemical weapons were used, but will not assign blame.</p> <p>Despite a U.S.-Russian agreement to completely eliminate Syria&#8217;s chemical weapons program after hundreds of people were gassed with sarin in Ghouta on Aug. 21, 2013, the OPCW had been unable to verify that all manufacturing, storage and research facilities were destroyed.</p> <p>Among the sites reportedly hit overnight Friday was the Scientific Studies and Research Centre, a facility that has played a key role in Syria&#8217;s chemical weapons program since the 1970s.</p> <p>OPCW inspectors have raised questions about the SSRC since 2013, when Damascus joined the 1997 Chemical Weapons Convention and agreed to do away with its stockpile to avert threatened strikes under President Barack Obama.</p> <p>Syria has been unable to explain several findings by inspectors, including undeclared research and development sites, the presence of banned chemicals and missing munitions, sources have told Reuters.</p> <p>Reporting by Anthony Deutsch; Editing by Peter Graff</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIRUT (Reuters) - U.S., British and French forces struck Syria with more than 100 missiles on Saturday in the first coordinated Western strikes against the Damascus government, targetting what they called chemical weapons sites in retaliation for a poison gas attack.</p> <p>U.S. President Donald Trump announced the military action from the White House, saying the three allies had &#8220;marshaled their righteous power against barbarism and brutality&#8221;.</p> <p>As he spoke, explosions rocked Damascus.</p> <p>The bombing represents a major escalation in the West&#8217;s confrontation with Assad&#8217;s superpower ally Russia, but is unlikely to alter the course of a multi-sided war which has killed at least half a million people in the past seven years.</p> <p>That in turn raises the question of where Western countries go from here, after a volley of strikes denounced by Damascus and Moscow as at once both reckless and pointless.</p> <p>By morning, the Western countries said their bombing was over for now. Syria released video of the wreckage of a bombed-out research lab, but also of President Bashar al-Assad arriving at work as usual, with the caption &#8220;morning of resilience&#8221;.</p> <p>There were no immediate reports of casualties, with Damascus allies saying the buildings hit had been evacuated in advance.</p> <p>British Prime Minister Theresa May described the strike as &#8220;limited and targeted&#8221;. She said she had authorized British action after intelligence indicated Assad&#8217;s government was to blame for gassing the Damascus suburb of Douma a week ago.</p> <p>In a speech she gave a vivid description of the victims of the chemical strike that killed scores, huddling in basements as gas rained down. She said Russia had thwarted diplomatic efforts to halt Assad&#8217;s use of poison gas, leaving no option but force.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-israel/syria-strikes-an-important-signal-to-iran-and-hezbollah-israeli-minister-idUSKBN1HL0A4" type="external">Syria strikes an 'important signal' to Iran and Hezbollah: Israeli minister</a> <a href="/article/us-mideast-crisis-syria-nato/u-s-france-britain-to-brief-nato-allies-on-syria-on-saturday-idUSKBN1HL0MA" type="external">U.S., France, Britain to brief NATO allies on Syria on Saturday</a> <a href="/article/us-mideast-crisis-syria-explosions/western-attack-struck-syrian-research-center-other-targets-idUSKBN1HL02U" type="external">Western attack struck Syrian research center, other targets</a> <p>French President Emmanuel Macron said the strikes had been limited so far to Syria&#8217;s chemical weapons facilities. Paris released a dossier which it said showed Damascus was to blame for the poison gas attack on Douma, the last town holding out in a rebel-held swathe of territory near Damascus which government forces have recaptured in this year&#8217;s biggest offensive.</p> <p>Washington described its targets as a center near Damascus for the research, development, production and testing of chemical and biological weapons, a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post.</p> <p>U.S. Defense Secretary Jim Mattis called the strikes a &#8220;one time shot&#8221;, although Trump raised the prospect of further strikes if Assad&#8217;s government again used chemical weapons.</p> <p>&#8220;We are prepared to sustain this response until the Syrian regime stops its use of prohibited chemical agents,&#8221; the U.S. president said in a televised address.</p> <p>The Syrian conflict pits a complex myriad of parties against each other, with Russia and Iran giving Assad military help that has largely proven decisive over the past three years, crushing any rebel threat to topple him. Fractured opposition forces have had varying support from the West, Arab states and Turkey.</p> <p>The United States, Britain and France have all bombed Islamic State fighters in Syria for years and had troops on the ground to fight them, but refrained from targetting Assad&#8217;s government apart from a volley of U.S. missiles last year.</p> <p>Although the Western countries have all said for seven years that Assad must leave power, they held back in the past from striking his government, lacking a wider strategy to defeat him.</p> <p>Assad&#8217;s government and allies responded outwardly with fury to Saturday&#8217;s attack, but also made clear that they considered it a one-off, unlikely to harm Assad in any meaningful way.</p> <p>Russia, whose relations with the West have deteriorated to levels of Cold War-era hostility, has denied that last week&#8217;s chemical weapons attack took place and even accused Britain of staging it to whip up anti-Russian hysteria.</p> <p>President Vladimir Putin called for a meeting of the U.N. Security Council to discuss what Moscow decried as an unjustified attack on a sovereign state. Syrian state media called the attack a &#8220;flagrant violation of international law.&#8221; An official in Iran&#8217;s Revolutionary Guards said it would cause consequences against U.S. interests.</p> <p>Arab states, generally hostile to Assad and Iran, backed the Western action, including both Saudi Arabi and its rival Qatar.</p> &#8220;ABSORBED THE STRIKE&#8221; <p>But the Western powers were at pains to avert any further escalation, including any unexpected conflict with their superpower rival. French Defense Minister Florence Parly said the Russians &#8220;were warned beforehand&#8221; to avert conflict.</p> <p>A senior official in a regional alliance that backs Damascus told Reuters the Syrian government and its allies had &#8220;absorbed&#8221; the attack. The sites that were targeted had been evacuated days ago thanks to a warning from Russia, the official said.</p> <p>&#8220;If it is finished, and there is no second round, it will be considered limited,&#8221; the official said.</p> <p>At least six loud explosions were heard in Damascus and smoke rose over the city, a Reuters witness said. A second witness said the Barzah district of Damascus was hit.</p> <p>A scientific research facility in Barzah appeared to have been completely destroyed, according to footage broadcast by Syrian state TV station al-Ikhbariya. Smoke rose from piles of rubble and a heavily damaged bus was parked outside.</p> <p>The Western intervention appears to have virtually no chance of altering the military balance of power at a time when Assad is in his strongest position since the war&#8217;s early months.</p> <p>In Douma, site of last week&#8217;s suspected gas attack, the final buses were due on Saturday to transport out rebels and their families who agreed to surrender the town, Syrian state TV reported. That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta, marking one of the biggest victories for Assad&#8217;s government of the entire war.</p> <p>The combined U.S., British and French assault involved more missiles, but appears to have struck more limited targets, than a similar strike Trump ordered a year ago in retaliation for an earlier suspected chemical weapons attack. Last year&#8217;s U.S. strike, which Washington said at the time would cripple Assad&#8217;s air forces and defenses, had effectively no impact on the war.</p> <p>Mattis said the United States conducted Saturday&#8217;s strikes with conclusive evidence that chlorine gas had been used in the April 7 attack in Syria. Evidence that the nerve agent sarin also was used was inconclusive, he said.</p> <p>Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma. Damascus is still permitted to have chlorine for civilian use, although its use as a weapon is banned. Allegations of Assad&#8217;s chlorine use have been frequent during the war, although unlike nerve agents chlorine did not produce mass casualties as seen last week.</p> <p>The global chemical weapons watchdog, the OPCW, has sent a team to assess last week&#8217;s suspected gas attack. Saturday&#8217;s strikes took place before the inspectors had a chance to gather evidence at the scene.</p> <p>Mattis, who U.S. officials said had earlier warned in internal debates that too large an attack would risk confrontation with Russia, described the strikes as a one-off to dissuade Assad from &#8220;doing this again&#8221;.</p> <p>But a U.S. official familiar with the military planning said there could be more air strikes if the intelligence indicates Assad has not stopped making, importing, storing or using chemical weapons, including chlorine. The official said this could require a more sustained U.S. air and naval presence.</p> A missile is seen crossing over Damascus, Syria April 14, 2018. SANA/Handout via REUTERS EXIT SYRIA? <p>The U.S., British and French leaders all face domestic political issues over the decision to use force in Syria.</p> <p>Trump has been leery of U.S. military involvement in the Middle East, and is eager to withdraw roughly 2,000 troops in Syria taking part in the campaign against Islamic State.</p> <p>&#8220;America does not seek an indefinite presence in Syria, under no circumstances,&#8221; Trump said in his address. &#8220;The purpose of our actions tonight is to establish a strong deterrent against the production, spread and use of chemical weapons.&#8221;</p> <p>Trump has tried to build good relations with Russian President Vladimir Putin. A prosecutor is investigating whether Trump&#8217;s campaign colluded with Moscow in illegal efforts to help him get elected, which Trump calls a witch hunt.</p> <p>&#8220;To Iran and to Russia, I ask, what kind of a nation wants to be associated with the mass murder of innocent men, women and children?&#8221; Trump said in his address.</p> <p>In Britain, May&#8217;s decision to order strikes without consulting parliament overturned an arrangement in place since the 2003 invasion of Iraq. Her predecessor David Cameron was damaged politically when he lost a vote in the House of Commons on whether to bomb Syria.</p> <p>Britain has led international condemnation of Russia, persuading more than 20 countries to expel Russian diplomats, over the poisoning with a nerve agent of a former Russian spy in England last month. May made clear that case was part of her calculus in ordering retaliation for chemical weapons in Syria.</p> <p>She argued on Saturday it was necessary to act quickly without waiting for parliament&#8217;s approval. Opposition leader Jeremy Corbyn accused her of following Trump, hugely unpopular in Britain, into battle without waiting for the evidence.</p> Slideshow (11 Images) <p>In France, Macron has long threatened to use force against Assad if he uses chemical weapons, and had faced criticism over what opponents described as an empty threat.</p> <p>Reporting by Steve Holland and Tom Perry,; Additional reporting by Phil Stewart, Tim Ahmann, Eric Beech, Lesley Wroughton, Lucia Mutikani, Idrees Ali, Patricia Zengerle, Matt Spetalnick and John Walcott in Washington; Samia Nakhoul, Tom Perry, Laila Bassam Ellen Francis in Beirut; Michael Holden and Guy Faulconbridge in London; and Jean-Baptiste Vey, Geert de Clerq and Matthias Blamont in Paris; Polina Ivanova in Moscow, Writing by Peter Graff, Editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>PRAGUE (Reuters) - Milos Forman, the Czech-born movie director who found fame in Hollywood with the Oscar-winning classics &#8220;One Flew Over the Cuckoo&#8217;s Nest&#8221; and &#8220;Amadeus,&#8221; has died at the age of 86, Czech news agency CTK reported on Saturday.</p> FILE PHOTO: Czech director Milos Forman talks after being presented with the 'Giraldillo' award for his life-long career achievements at Sevilla Festival Film in Seville, Spain November 6, 2004. REUTERS/Marcelo Del Pozo/File photo <p>Forman died on Friday in the United States after a short illness, his wife, Martina, told CTK.</p> Slideshow (4 Images) <p>&#8220;His departure was calm and he was surrounded the whole time by his family and his closest friends,&#8221; she said.</p> <p>Forman was born in the Czech town of Caslav on Feb. 18, 1932, but moved to the United States after the Communist crackdown on the &#8220;Prague Spring&#8221; uprising in 1968. He became a U.S. citizen in the 1970s.</p> <p>&#8220;One Flew Over the Cuckoo&#8217;s Nest,&#8221; in which a psychiatric institution becomes a microcosm of the contemporary world, and &#8220;Amadeus,&#8221; the life of 18th-century composer Wolfgang Amadeus Mozart through the eyes of his rival Antonio Salieri, earned 13 Oscars between them, including those for best director to Forman.</p> <p>His other notable work included the rock musical &#8220;Hair&#8221; in 1979, &#8220;Ragtime&#8221; in 1981 and &#8220;The People vs Larry Flint&#8221; in 1996, which was nominated for an Academy Award that year.</p> <p>Reporting by Jason Hovet; editing by Angus MacSwan</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>ANKARA (Reuters) - Iran&#8217;s Supreme Leader Ayatollah Ali Khamenei said an attack on Syria by the United States, France and Britain on Saturday was a crime and would not achieve any gains.</p> FILE PHOTO - Iran's Supreme Leader Ayatollah Ali Khamenei gestures as he delivers a speech in Mashad, Iran, March 21, 2018. Leader.ir/Handout via REUTERS <p>&#8220;Today&#8217;s dawn attack on Syria is a crime. I clearly declare that the president of the United States, the president of France and the British prime minister are criminals,&#8221; Khamenei said in a speech, according to his Twitter account.</p> <p>&#8220;They will not benefit (from the attack) as they went to Iraq, Syria and Afghanistan in the past years and committed such crimes and did not gain any benefits,&#8221; Khamenei said.</p> <p>Iran - the dominant Shi&#8217;ite Muslim power which is in rivalry with Saudi Arabia and the United States&#8217; other Sunni Arab friends - has fought decades of sectarian proxy wars in Syria, Lebanon, Iraq and Yemen.</p> <p>Iran&#8217;s pragmatist President Hassan Rouhani also warned that the U.S.-led missile attack on Syria would lead to further destruction in the Middle East, the semi-official Tasnim news agency reported.</p> <p>&#8220;Such attacks will have no result but more destruction ... the Americans want to justify their presence in the region by such attacks,&#8221; Rouhani was quoted as saying by Tasnim.</p> <p>Rouhani signaled that Iran&#8217;s support for Syrian President Bashar al-Assad would grow.</p> <p>&#8220;The Syrian nation will continue to resist against foreign aggression ...Iran has always helped and will continue to support oppressed nations in the region and around the globe,&#8221; Rouhani said.</p> <p>Iranian Defense Minister Hossein Dehghan said: &#8220;The Syrian people will certainly answer these attacks and the people of the world should condemn this aggression,&#8221; Fars news agency reported.</p> <p>An official in Iran&#8217;s Revolutionary Guards Corps (IRGC), the Islamic Republic&#8217;s most powerful arm, said the fallout from the attacks will be at Washington&#8217;s expense.</p> <p>&#8220;With this attack ... the situation will become more complex, and this will surely be at the expense of the United States, which will be responsible for the aftermath of upcoming regional events that will certainly not be in their interest,&#8221; Yadollah Javani, the Guards&#8217; deputy head for political affairs, told Fars news agency.</p> <p>&#8220;The resistance front will be strengthened and it will have more capacity to act against (U.S.) acts of intervention. Americans should expect the consequences of their actions,&#8221; Javani said.</p> <p>Iran often refers to regional countries and forces opposed to Israel and the United States as a &#8220;resistance front&#8221;.</p> <p>&#8220;Undoubtedly, the United States and its allies, which took military action against Syria despite the absence of any proven evidence ... will assume responsibility for the regional and trans-regional consequences of this adventurism,&#8221; Iran&#8217;s Foreign Ministry said in a statement carried by state media.</p> <p>&#8220;Iran is opposed to the use of chemical weapons on the basis of religious, legal and ethical standards, while at the same time it ... strongly condemns (using this) as an excuse to commit aggression against a sovereign state,&#8221; it said.</p> <p>Iran has been Assad&#8217;s most supportive ally against insurgents throughout the conflict. Iran-backed militias helped his army stem rebel advances and, following Russia&#8217;s entry into the war in 2015, turn the tide decisively in Assad&#8217;s favor.</p> <p>Analyst Hossein Sheikholeslam, a former Iranian ambassador to Damascus, told state television the attacks would help unite Syrians behind the government.</p> <p>&#8220;These attacks will stabilize the Syrian government... and unite the different tribes in Syria as Syrians become aware of their honor and come to the defense of the independence, territorial integrity and the government of their country,&#8221; Sheikholeslam said.</p> <p>Reporting by Parisa Hafezi and Dubai newsroom; writing by Samia Nakhoul and Parisa Hafezi; editing by Jason Neely</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Sparebanken Vest Aims For Growth In 2018 At 9 Pct In Retail Market Weapons inspectors plan to head to Syria's Douma hours after strikes US, UK, France strike Syria in first coordinated action against Assad Oscar-winning director Forman dies at 86 Iran's supreme leader says Western attack on Syria a crime

https://reuters.com/article/brief-sparebanken-vest-aims-for-growth-i/brief-sparebanken-vest-aims-for-growth-in-2018-at-9-pct-in-retail-market-idUSFWN1PD149

2018-01-18

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Jan 18 Reuters SPAREBANKEN VEST 8205HAS A GROWTH TARGET OF 9 IN RETAIL MARKET FOR 2018 AND A CORRESPONDING 6 IN CORPORATE MARKET8203 Source text for Eikon Further company coverage Gdynia Newsroom Our Standards The Thomson Reuters Trust Principles AMSTERDAM Reuters Weapons inspectors will try on Saturday to reach the site of a suspected poison attack in the Syrian town of Douma hours after Western countries launched air strikes in retaliation over the gassing The OPCW8217s factfinding mission 8220will continue its deployment to the Syrian Arab Republic to establish facts around the allegations of chemical weapons use in Douma8221 the agency said in a statement The United States Britain and France fired more than 100 missiles at Syria early on Saturday in the first coordinated Western military intervention against the Damascus government They say the strikes are punishment for killing dozens of people many of them women and children with banned toxic munitions Damascus and its ally Russia have denounced the Western action in particular for refusing to wait until the results of the factfinding mission sent by the OPCW in the wake of the April 7 incident Rescue workers said scores of people died in that incident Washington says it has confirmed that chlorine gas was used and has unconfirmed suspicion that nerve agents may also have been used Damascus and Moscow deny blame for any such attack Security permitting a team from the Organisation for the Prohibition of Chemical Weapons will deploy briefly on Saturday to the site The team will work with the United Nations Department of Safety and Security ensure the safety of the team it said Syria agreed to give up its chemical weapons arsenal in 2013 and submit to OPCW inspections It is meant to have destroyed all of its stockpiles of nerve agents In the case of chlorine it is permitted to possess it for civilian use but not to use it as a weapon The OPCW will determine whether chemical weapons were used but will not assign blame Despite a USRussian agreement to completely eliminate Syria8217s chemical weapons program after hundreds of people were gassed with sarin in Ghouta on Aug 21 2013 the OPCW had been unable to verify that all manufacturing storage and research facilities were destroyed Among the sites reportedly hit overnight Friday was the Scientific Studies and Research Centre a facility that has played a key role in Syria8217s chemical weapons program since the 1970s OPCW inspectors have raised questions about the SSRC since 2013 when Damascus joined the 1997 Chemical Weapons Convention and agreed to do away with its stockpile to avert threatened strikes under President Barack Obama Syria has been unable to explain several findings by inspectors including undeclared research and development sites the presence of banned chemicals and missing munitions sources have told Reuters Reporting by Anthony Deutsch Editing by Peter Graff Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIRUT Reuters US British and French forces struck Syria with more than 100 missiles on Saturday in the first coordinated Western strikes against the Damascus government targetting what they called chemical weapons sites in retaliation for a poison gas attack US President Donald Trump announced the military action from the White House saying the three allies had 8220marshaled their righteous power against barbarism and brutality8221 As he spoke explosions rocked Damascus The bombing represents a major escalation in the West8217s confrontation with Assad8217s superpower ally Russia but is unlikely to alter the course of a multisided war which has killed at least half a million people in the past seven years That in turn raises the question of where Western countries go from here after a volley of strikes denounced by Damascus and Moscow as at once both reckless and pointless By morning the Western countries said their bombing was over for now Syria released video of the wreckage of a bombedout research lab but also of President Bashar alAssad arriving at work as usual with the caption 8220morning of resilience8221 There were no immediate reports of casualties with Damascus allies saying the buildings hit had been evacuated in advance British Prime Minister Theresa May described the strike as 8220limited and targeted8221 She said she had authorized British action after intelligence indicated Assad8217s government was to blame for gassing the Damascus suburb of Douma a week ago In a speech she gave a vivid description of the victims of the chemical strike that killed scores huddling in basements as gas rained down She said Russia had thwarted diplomatic efforts to halt Assad8217s use of poison gas leaving no option but force Related Coverage Syria strikes an important signal to Iran and Hezbollah Israeli minister US France Britain to brief NATO allies on Syria on Saturday Western attack struck Syrian research center other targets French President Emmanuel Macron said the strikes had been limited so far to Syria8217s chemical weapons facilities Paris released a dossier which it said showed Damascus was to blame for the poison gas attack on Douma the last town holding out in a rebelheld swathe of territory near Damascus which government forces have recaptured in this year8217s biggest offensive Washington described its targets as a center near Damascus for the research development production and testing of chemical and biological weapons a chemical weapons storage site near the city of Homs and another site near Homs that stored chemical weapons equipment and housed a command post US Defense Secretary Jim Mattis called the strikes a 8220one time shot8221 although Trump raised the prospect of further strikes if Assad8217s government again used chemical weapons 8220We are prepared to sustain this response until the Syrian regime stops its use of prohibited chemical agents8221 the US president said in a televised address The Syrian conflict pits a complex myriad of parties against each other with Russia and Iran giving Assad military help that has largely proven decisive over the past three years crushing any rebel threat to topple him Fractured opposition forces have had varying support from the West Arab states and Turkey The United States Britain and France have all bombed Islamic State fighters in Syria for years and had troops on the ground to fight them but refrained from targetting Assad8217s government apart from a volley of US missiles last year Although the Western countries have all said for seven years that Assad must leave power they held back in the past from striking his government lacking a wider strategy to defeat him Assad8217s government and allies responded outwardly with fury to Saturday8217s attack but also made clear that they considered it a oneoff unlikely to harm Assad in any meaningful way Russia whose relations with the West have deteriorated to levels of Cold Warera hostility has denied that last week8217s chemical weapons attack took place and even accused Britain of staging it to whip up antiRussian hysteria President Vladimir Putin called for a meeting of the UN Security Council to discuss what Moscow decried as an unjustified attack on a sovereign state Syrian state media called the attack a 8220flagrant violation of international law8221 An official in Iran8217s Revolutionary Guards said it would cause consequences against US interests Arab states generally hostile to Assad and Iran backed the Western action including both Saudi Arabi and its rival Qatar 8220ABSORBED THE STRIKE8221 But the Western powers were at pains to avert any further escalation including any unexpected conflict with their superpower rival French Defense Minister Florence Parly said the Russians 8220were warned beforehand8221 to avert conflict A senior official in a regional alliance that backs Damascus told Reuters the Syrian government and its allies had 8220absorbed8221 the attack The sites that were targeted had been evacuated days ago thanks to a warning from Russia the official said 8220If it is finished and there is no second round it will be considered limited8221 the official said At least six loud explosions were heard in Damascus and smoke rose over the city a Reuters witness said A second witness said the Barzah district of Damascus was hit A scientific research facility in Barzah appeared to have been completely destroyed according to footage broadcast by Syrian state TV station alIkhbariya Smoke rose from piles of rubble and a heavily damaged bus was parked outside The Western intervention appears to have virtually no chance of altering the military balance of power at a time when Assad is in his strongest position since the war8217s early months In Douma site of last week8217s suspected gas attack the final buses were due on Saturday to transport out rebels and their families who agreed to surrender the town Syrian state TV reported That effectively ends all resistance in the suburbs of Damascus known as eastern Ghouta marking one of the biggest victories for Assad8217s government of the entire war The combined US British and French assault involved more missiles but appears to have struck more limited targets than a similar strike Trump ordered a year ago in retaliation for an earlier suspected chemical weapons attack Last year8217s US strike which Washington said at the time would cripple Assad8217s air forces and defenses had effectively no impact on the war Mattis said the United States conducted Saturday8217s strikes with conclusive evidence that chlorine gas had been used in the April 7 attack in Syria Evidence that the nerve agent sarin also was used was inconclusive he said Syria agreed in 2013 to give up its chemical weapons after a nerve gas attack killed hundreds of people in Douma Damascus is still permitted to have chlorine for civilian use although its use as a weapon is banned Allegations of Assad8217s chlorine use have been frequent during the war although unlike nerve agents chlorine did not produce mass casualties as seen last week The global chemical weapons watchdog the OPCW has sent a team to assess last week8217s suspected gas attack Saturday8217s strikes took place before the inspectors had a chance to gather evidence at the scene Mattis who US officials said had earlier warned in internal debates that too large an attack would risk confrontation with Russia described the strikes as a oneoff to dissuade Assad from 8220doing this again8221 But a US official familiar with the military planning said there could be more air strikes if the intelligence indicates Assad has not stopped making importing storing or using chemical weapons including chlorine The official said this could require a more sustained US air and naval presence A missile is seen crossing over Damascus Syria April 14 2018 SANAHandout via REUTERS EXIT SYRIA The US British and French leaders all face domestic political issues over the decision to use force in Syria Trump has been leery of US military involvement in the Middle East and is eager to withdraw roughly 2000 troops in Syria taking part in the campaign against Islamic State 8220America does not seek an indefinite presence in Syria under no circumstances8221 Trump said in his address 8220The purpose of our actions tonight is to establish a strong deterrent against the production spread and use of chemical weapons8221 Trump has tried to build good relations with Russian President Vladimir Putin A prosecutor is investigating whether Trump8217s campaign colluded with Moscow in illegal efforts to help him get elected which Trump calls a witch hunt 8220To Iran and to Russia I ask what kind of a nation wants to be associated with the mass murder of innocent men women and children8221 Trump said in his address In Britain May8217s decision to order strikes without consulting parliament overturned an arrangement in place since the 2003 invasion of Iraq Her predecessor David Cameron was damaged politically when he lost a vote in the House of Commons on whether to bomb Syria Britain has led international condemnation of Russia persuading more than 20 countries to expel Russian diplomats over the poisoning with a nerve agent of a former Russian spy in England last month May made clear that case was part of her calculus in ordering retaliation for chemical weapons in Syria She argued on Saturday it was necessary to act quickly without waiting for parliament8217s approval Opposition leader Jeremy Corbyn accused her of following Trump hugely unpopular in Britain into battle without waiting for the evidence Slideshow 11 Images In France Macron has long threatened to use force against Assad if he uses chemical weapons and had faced criticism over what opponents described as an empty threat Reporting by Steve Holland and Tom Perry Additional reporting by Phil Stewart Tim Ahmann Eric Beech Lesley Wroughton Lucia Mutikani Idrees Ali Patricia Zengerle Matt Spetalnick and John Walcott in Washington Samia Nakhoul Tom Perry Laila Bassam Ellen Francis in Beirut Michael Holden and Guy Faulconbridge in London and JeanBaptiste Vey Geert de Clerq and Matthias Blamont in Paris Polina Ivanova in Moscow Writing by Peter Graff Editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles PRAGUE Reuters Milos Forman the Czechborn movie director who found fame in Hollywood with the Oscarwinning classics 8220One Flew Over the Cuckoo8217s Nest8221 and 8220Amadeus8221 has died at the age of 86 Czech news agency CTK reported on Saturday FILE PHOTO Czech director Milos Forman talks after being presented with the Giraldillo award for his lifelong career achievements at Sevilla Festival Film in Seville Spain November 6 2004 REUTERSMarcelo Del PozoFile photo Forman died on Friday in the United States after a short illness his wife Martina told CTK Slideshow 4 Images 8220His departure was calm and he was surrounded the whole time by his family and his closest friends8221 she said Forman was born in the Czech town of Caslav on Feb 18 1932 but moved to the United States after the Communist crackdown on the 8220Prague Spring8221 uprising in 1968 He became a US citizen in the 1970s 8220One Flew Over the Cuckoo8217s Nest8221 in which a psychiatric institution becomes a microcosm of the contemporary world and 8220Amadeus8221 the life of 18thcentury composer Wolfgang Amadeus Mozart through the eyes of his rival Antonio Salieri earned 13 Oscars between them including those for best director to Forman His other notable work included the rock musical 8220Hair8221 in 1979 8220Ragtime8221 in 1981 and 8220The People vs Larry Flint8221 in 1996 which was nominated for an Academy Award that year Reporting by Jason Hovet editing by Angus MacSwan Our Standards The Thomson Reuters Trust Principles ANKARA Reuters Iran8217s Supreme Leader Ayatollah Ali Khamenei said an attack on Syria by the United States France and Britain on Saturday was a crime and would not achieve any gains FILE PHOTO Irans Supreme Leader Ayatollah Ali Khamenei gestures as he delivers a speech in Mashad Iran March 21 2018 LeaderirHandout via REUTERS 8220Today8217s dawn attack on Syria is a crime I clearly declare that the president of the United States the president of France and the British prime minister are criminals8221 Khamenei said in a speech according to his Twitter account 8220They will not benefit from the attack as they went to Iraq Syria and Afghanistan in the past years and committed such crimes and did not gain any benefits8221 Khamenei said Iran the dominant Shi8217ite Muslim power which is in rivalry with Saudi Arabia and the United States8217 other Sunni Arab friends has fought decades of sectarian proxy wars in Syria Lebanon Iraq and Yemen Iran8217s pragmatist President Hassan Rouhani also warned that the USled missile attack on Syria would lead to further destruction in the Middle East the semiofficial Tasnim news agency reported 8220Such attacks will have no result but more destruction the Americans want to justify their presence in the region by such attacks8221 Rouhani was quoted as saying by Tasnim Rouhani signaled that Iran8217s support for Syrian President Bashar alAssad would grow 8220The Syrian nation will continue to resist against foreign aggression Iran has always helped and will continue to support oppressed nations in the region and around the globe8221 Rouhani said Iranian Defense Minister Hossein Dehghan said 8220The Syrian people will certainly answer these attacks and the people of the world should condemn this aggression8221 Fars news agency reported An official in Iran8217s Revolutionary Guards Corps IRGC the Islamic Republic8217s most powerful arm said the fallout from the attacks will be at Washington8217s expense 8220With this attack the situation will become more complex and this will surely be at the expense of the United States which will be responsible for the aftermath of upcoming regional events that will certainly not be in their interest8221 Yadollah Javani the Guards8217 deputy head for political affairs told Fars news agency 8220The resistance front will be strengthened and it will have more capacity to act against US acts of intervention Americans should expect the consequences of their actions8221 Javani said Iran often refers to regional countries and forces opposed to Israel and the United States as a 8220resistance front8221 8220Undoubtedly the United States and its allies which took military action against Syria despite the absence of any proven evidence will assume responsibility for the regional and transregional consequences of this adventurism8221 Iran8217s Foreign Ministry said in a statement carried by state media 8220Iran is opposed to the use of chemical weapons on the basis of religious legal and ethical standards while at the same time it strongly condemns using this as an excuse to commit aggression against a sovereign state8221 it said Iran has been Assad8217s most supportive ally against insurgents throughout the conflict Iranbacked militias helped his army stem rebel advances and following Russia8217s entry into the war in 2015 turn the tide decisively in Assad8217s favor Analyst Hossein Sheikholeslam a former Iranian ambassador to Damascus told state television the attacks would help unite Syrians behind the government 8220These attacks will stabilize the Syrian government and unite the different tribes in Syria as Syrians become aware of their honor and come to the defense of the independence territorial integrity and the government of their country8221 Sheikholeslam said Reporting by Parisa Hafezi and Dubai newsroom writing by Samia Nakhoul and Parisa Hafezi editing by Jason Neely Our Standards The Thomson Reuters Trust Principles

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<p>HANOI (Reuters) - U.S. Defense Secretary Jim Mattis praised Vietnam on Wednesday for adhering to sanctions against North Korea, saying at the start of a two-day visit to Hanoi that its leadership on the issue came despite the costs associated with lost trade.</p> FILE PHOTO - U.S. Secretary for Defense, Jim Mattis, sits opposite Britain's Secretary of State for Defence, Gavin Williamson, before a meeting at the Ministry of Defence (MoD) in central London, Britain November 10, 2017. REUTERS/Simon Dawson <p>&#8220;I have to pay my respects there and thank them for their support on the (North Korea) issue. They have been supporting the United Nations sanctions, at some cost to them,&#8221; Mattis told reporters before landing in Hanoi.</p> <p>&#8220;And so we appreciate their leadership on that, leading by example and stepping up.&#8221;</p> <p>North Korea&#8217;s development of nuclear weapons and missiles capable of hitting the United States has spurred deepening U.N. sanctions and stoked fears of a military conflict.</p> <p>U.S. Secretary of State Rex Tillerson said last week that the United States was getting evidence that sanctions were &#8220;really starting to hurt&#8221; North Korea, although there are no signs yet that they have altered Pyongyang&#8217;s military calculus.</p> <p>Vietnam and North Korea, at one time both within the influence of the former Soviet Union, maintain traditional diplomatic and political ties.</p> <p>But those relations have been tested in recent years, particularly following the alleged involvement of a Vietnamese citizen in the murder of Kim Jong Un&#8217;s half brother in 2017.</p> <p>&amp;#160;&amp;#160;&amp;#160; Hanoi expelled blacklisted North Koreans last year by asking them to voluntarily leave, taking into account &#8220;traditional relations&#8221; between the two countries, South Korea&#8217;s Yonhap news agency reported.</p> <p>In a report to the U.N. Security Council in April 2017, Vietnam also said it had taken measures to implement U.N. sanctions on North Korea.</p> <p>Mattis said Vietnam was adhering to those sanctions and noted that cutting off trade with a country so close carried an economic cost to Vietnam.</p> <p>&#8220;DPRK sells coal very cheaply and so obviously if they turn that off, there could be costs associated,&#8221; Mattis explained, referring to North Korea by the initials of its official name, the Democratic People&#8217;s Republic of Korea.</p> SOUTH CHINA SEA <p>Mattis&#8217; first stop in Vietnam was to a U.S. Defense Department office in Hanoi that sits just across the street from the North Korean embassy and seeks to recover the remains of U.S. troops killed in the 1965-75 Vietnam War.</p> <p>Some 1,293 U.S. forces are still unaccounted for, one U.S. official said.</p> <p>Mattis&#8217; trip comes amid steadily strengthening U.S.-Vietnamese ties, including between their two militaries, as both countries seek to put the Vietnam War firmly behind them.</p> <p>Relations these days are seen largely through shared concern over China&#8217;s aggressive behavior in the South China Sea, where more than $3 trillion in cargo passes every year.</p> <p>Vietnam has emerged as the most vocal opponent of China&#8217;s expansive territorial claims and has been buying U.S. military hardware, including its acquisition of an armed, Hamilton-class Coast Guard cutter.</p> <p>The ship, one U.S. official said, was larger than anything Vietnam had in its navy.</p> <p>&#8220;(Vietnam) does have one of the region&#8217;s fastest growing economies and so freedom of navigation and access in the South China Sea will be critical to them economically and of course in their security efforts,&#8221; Mattis said.</p> <p>Reporting by Phil Stewart; editing by Nick Macfie</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>TAIPEI (Reuters) - The United States&#8217; commitment to Taiwan has never been stronger and the island is an inspiration to the rest of the Indo-Pacific region, U.S. Deputy Assistant Secretary of State Alex Wong said on Wednesday, in comments certain to anger Beijing.</p> Alex Wong, U.S. deputy assistant secretary at the Bureau of East Asian and Pacific Affairs, speaks at American Chamber of Commerce (AmCham)&#8217;s yearly dinner event, in Taipei, Taiwan March 21, 2018. REUTERS/Tyrone Siu <p>Wong was speaking during a visit to Taipei at a time of increased hostility between the self-ruled island and Beijing and just a day after Chinese President Xi Jinping issued his strongest warning against Taiwan separatism to date.</p> <p>China claims Taiwan as its own and considers the self-ruled island a wayward province, which Xi said on Tuesday would face the &#8220;punishment of history&#8221; for any attempt at separatism.</p> <p>The island is one of China&#8217;s most sensitive issues and a potential military flashpoint. Underlining that threat, Taiwan sent ships and aircraft earlier on Wednesday to shadow a Chinese aircraft carrier group through the narrow Taiwan Strait, its defense ministry said.</p> <p>&#8220;Taiwan can no longer be excluded unjustly from international fora. Taiwan has much to share with the world,&#8221; Wong said at a reception attended by Taiwan President Tsai Ing-wen, a member of the pro-independence Democratic Progressive Party.</p> <p>&#8220;I can assure you, the United States government and the United States private sector will do their part to ensure Taiwan&#8217;s stellar international example shines brightly.&#8221;</p> <p>Beijing is already furious over a law signed last week by U.S. President Donald Trump that encourages the United States to send senior officials to Taiwan to meet Taiwanese counterparts and vice versa.</p> <p>President Tsai welcomed the new law on Wednesday.</p> Taiwan's President Tsai Ing-wen and Alex Wong (R), U.S. deputy assistant secretary at the Bureau of East Asian and Pacific Affairs, attend AmCham&#8217;s yearly dinner event, in Taipei, Taiwan March 21, 2018. REUTERS/Tyrone Siu <p>&#8220;We were pleased President Trump signed the Taiwan travel act into law. We are grateful to the Trump administration and to members of the congress for supporting this bill,&#8221; she said.</p> <p>Taiwan&#8217;s defense ministry said earlier that the Chinese carrier group, led by the mainland&#8217;s sole operational aircraft carrier the Liaoning, entered the Taiwan Strait late on Tuesday, but kept on its western side.</p> Slideshow (2 Images) <p>By midday on Wednesday it had left Taiwan&#8217;s air defense identification zone heading southwest, the ministry said, adding that it looked like China was conducting drills.</p> <p>Taiwan&#8217;s military sent ships and aircraft to shadow the carrier group the entire way but spotted nothing out of the ordinary and people in Taiwan should not be concerned, it added.</p> <p>China&#8217;s Defence Ministry did not immediately respond to a request for comment.</p> Related Video <p>Taiwan says China has ramped up military exercises around the island in the past year or so.</p> <p>China suspects Taiwan&#8217;s Tsai wants to push for formal independence for the island, which would cross a red line for Communist Party leaders in Beijing. Tsai has said she wants to maintain the status quo and is committed to ensuring peace.</p> <p>Separately on Wednesday, China announced that a former ambassador to the United Nations, Liu Jieyi, has been appointed head of China&#8217;s Taiwan Affairs Office. Veteran diplomat Liu has been deputy head of the office since October last year.</p> <p>Reporting by Fabian Hamacher and Twinnie Siu; Writing by Ben Blanchard and Anne Marie Roantree; Editing by Himani Sarkar</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>JERUSALEM (Reuters) - Israel for the first time admitted that it bombed a suspected Syrian nuclear reactor in 2007 and said on Wednesday the strike should be a warning to Iran that it would not be allowed to develop nuclear weapons.</p> <p>The military released previously classified cockpit footage, photographs and intelligence documents about its Sept. 6, 2007, air strike on the Al-Kubar facility near Deir al-Zor in eastern Syria.</p> <p>It said the reactor was being constructed with help from North Korea and had been months away from activation. Amos Yadlin, Israel&#8217;s military intelligence chief at the time, said on Israel Radio that even with a functioning reactor, it would have taken Syria years to build a nuclear weapon.</p> <p>Reuters has been unable to immediately verify the Israeli material.</p> <p>Israel&#8217;s decision to go public comes after repeated calls in recent months by Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Iran, Syria&#8217;s ally.</p> <p>Netanyahu said on Wednesday Israel was determined to prevent its enemies from obtaining nuclear weapons.</p> <p>&#8220;The Israeli government, the Israel Defense Forces and the Mossad prevented Syria from developing nuclear capability. They are worthy of full praise for this. Israel&#8217;s policy was and remains consistent - to prevent our enemies from arming themselves with nuclear weapons,&#8221; Netanyahu wrote on Twitter.</p> <p>Intelligence minister, Israel Katz, said earlier on Twitter: &#8220;The (2007) operation and its success made clear that Israel will never allow nuclear weaponry to be in the hands of those who threaten its existence - Syria then, and Iran today.&#8221;</p> <p>Iran, which says its nuclear program has only peaceful aims, signed a 2015 deal under which it accepted curbs on its nuclear program in return for sanctions relief. U.S. President Donald Trump and Netanyahu have both been critical of the deal.</p> <p>The Israeli military described in detail events leading up to the night of Sept 5-6, 2007, in which, it said, eight warplanes, F-16s and F-15s, carried out the mission after taking off from the Ramon and Hatzerim air bases.</p> <p>They flew to Deir al-Zor region, 450 km (270 miles) northwest of Damascus, and dropped 18 tonnes of munitions on the site, it said.</p> <p>Yadlin said Israel decided at the time against acknowledging the raid on the reactor so as not to provoke Syrian President Bashar al-Assad into retaliating. &#8220;No core. No war,&#8221; Yadlin said about Israel&#8217;s goal.</p> A still frame taken from video material released on March 21, 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir al-Zor on Sept 6, 2007. IDF/Handout via Reuters TV &#8220;TOP SECRET&#8221; <p>The Israeli military on Wednesday declassified internal &#8220;top secret&#8221; intelligence reports, in Hebrew, some of them partly redacted.</p> <p>One, dated March 30, 2007, said: &#8220;Syria has set up, within its territory, a nuclear reactor for the production of plutonium, through North Korea, which according to an (initial) worst-case assessment is liable to be activated in approximately another year. To our assessment [REDACTED] secretive and orderly [REDACTED] for achieving a nuclear weapon.&#8221;</p> <p>Israeli intelligence predicted that the suspected reactor &#8220;would turn operational by the end of 2007&#8221;.</p> Slideshow (17 Images) <p>The mission to destroy the reactor started at 10.30 p.m. on Sept. 5 and ended with the return of the warplanes at 2.30 a.m. the next day, the Israeli military said.</p> <p>The disclosure on Wednesday stemmed in part, Yadlin said, from years of pressure by the Israeli media on military censors to allow them to publish Israeli-sourced information about the raid and the release on Wednesday of memoirs by Ehud Olmert, the former prime minister who ordered the bombing.</p> <p>The event was first made public by Syria, which, as reported by Reuters at the time, said in the early hours of Sept. 6 that its air defenses had repelled an incursion by Israeli warplanes.</p> <p>Syria, a signatory of the 1970 nuclear Non-Proliferation Treaty (NPT), has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea.</p> Related Coverage <a href="/article/us-israel-syria-nuclear-netanyahu/netanyahu-commenting-on-2007-bombing-in-syria-says-israel-wont-let-its-enemies-obtain-nuclear-arms-idUSKBN1GX24U" type="external">Netanyahu, commenting on 2007 bombing in Syria, says Israel won't let its enemies obtain nuclear arms</a> <p>In his 2010 memoir &#8220;Decision Points,&#8221; former U.S. President George W. Bush disclosed he discussed intelligence about the Syrian facility with Olmert before it was destroyed but did not give him the green light for the raid.</p> <p>In 2008 the United States presented what it described as intelligence showing that North Korea had helped Syria with &#8220;covert nuclear activities.&#8221; At the time Syria dismissed the accusations as part of a campaign to discredit the Damascus government.</p> <p>The Israeli release contains a black-and-white aerial photograph captioned &#8220;before the attack&#8221; and showing a box-like structure amid desert dunes with smaller outlying buildings.</p> <p>A series of black-and-white videos, taken above the target, shows the structure in cross-hairs. A male voice is heard counting down three seconds, a cloud of black smoke rises from the structure as it explodes. Other footage appears to show the aftermath - a smoldering hole in the ground.</p> <p>&#8220;Arizona&#8221;, one pilot radioed to military headquarters in Tel Aviv, giving the code word for a successful operation.</p> <p>Writing by Dan Williams and Stephen Farrell; Editing by Janet Lawrence</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>EDINBURGH (Reuters) - A legal attempt by anti-Brexit campaigners to establish that Britain could unilaterally reverse Brexit was given a boost on Tuesday by Scotland&#8217;s top court, which said it wants to examine the case in greater depth.</p> Anti-Brexit demonstrators wave EU and Union flags outside the Houses of Parliament in London, Britain, January 30, 2018. REUTERS/Toby Melville - RC1A41866470 <p>The group behind the legal challenge, who include pro-EU Scottish lawmakers, want to show that Britain could stay in the European Union after all &#8212; if, for example, the final terms of Brexit negotiated by the government were rejected by parliament.</p> <p>The campaigners are ultimately seeking a formal opinion by the European Court of Justice (ECJ) asserting that Britain could reverse its decision to invoke Article 50 of the EU&#8217;s Lisbon Treaty, the formal step that kickstarted the Brexit process.</p> <p>They argue that once the terms of Brexit have been negotiated, Britain&#8217;s sovereign parliament may well decide not to go ahead with it, so lawmakers need to know in advance if that is legally possible.</p> <p>As things stand, there is no suggestion of a change of course over Brexit, which British voters backed by 52 to 48 percent in a June 2016 referendum. The ruling Conservative Party and main opposition Labour Party are both committed to Britain leaving the European Union.</p> <p>The legal case, headed by anti-Brexit campaigning lawyer Jolyon Maugham, had been rejected by a lower Scottish court.</p> <p>The British government argued that the question of whether Britain could unilaterally stop Brexit was irrelevant because the will of the voters was clear and the government was not going to back out of Brexit.</p> <p>On Tuesday, the Court of Session, Scotland&#8217;s highest court, overturned an earlier ruling, saying the case raised important issues and there should be a full hearing so all the arguments could be debated.</p> <p>&#8220;The issue of whether it is legally possible to revoke the notice of withdrawal is, as already stated, one of great importance,&#8221; the Court of Session said, referring to the Article 50 process which started in March 2017.</p> <p>&#8220;On one view, authoritative guidance on whether it is legally possible to do so may have the capacity to influence (lawmakers) in deciding what steps to take in advance of, and at the time of, a debate and vote on the European Union (Withdrawal) Bill.&#8221;</p> <p>Once a full hearing has taken place in Edinburgh, a decision will be made on whether to refer it to the ECJ, the court said, although it may ultimately decide that it should not.</p> <p>If the Scottish court decided not to refer to the ECJ, the petitioners can take their appeal to Britain&#8217;s Supreme Court.</p> <p>They argue that while there is no doubt that Britain could stop Brexit with the permission of the other 27 members, it should seek to establish a legal right to do so unilaterally whether the rest of the bloc likes it or not.</p> <p>Reporting by Elisabeth O'Leary; Editing by Estelle Shirbon</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - An Iranian who chairs a Maltese bank has been arrested on U.S. charges that he participated in a scheme to evade U.S. sanctions and funnel more than $115 million paid under a Venezuelan construction contract through the U.S. financial system, federal prosecutors said on Tuesday.</p> A placard with a Maltese idiom reading: "The truth will always surface" is seen outside Whitehall Mansions, which houses the Maltese-registered Pilatus Bank, in Ta' Xbiex, Malta March 21, 2018. REUTERS/Darrin Zammit Lupi <p>Ali Sadr Hashemi Nejad, 38, was charged in a six-count indictment filed in federal court in Manhattan accusing him of a role in a scheme to evade U.S. economic sanctions against Iran, prosecutors said.</p> <p>Sadr, chairman of Maltese-registered Pilatus Bank, was arrested on Monday in Dulles, Virginia, according to court papers. A lawyer for Sadr declined comment.</p> <p>Prosecutors said Sadr&#8217;s family controlled an Iranian conglomerate called Stratus Group, which had international business operations and that led a project to construct thousands of housing units in Venezuela.</p> <p>The project stemmed from agreements that Iran and Venezuela entered into in 2004 and 2005 calling for cooperation between the two governments in constructing housing units in the South American country.</p> <p>The indictment said an Iranian company that Stratus incorporated called Iranian International Housing Corporation entered into a $476 million deal in 2006 with a Venezuelan state-owned energy company to build 7,000 housing units.</p> The Maltese-registered Pilatus Bank, is seen at Whitehall Mansions in Ta' Xbiex, Malta March 21, 2018. REUTERS/Darrin Zammit Lupi <p>Sadr belonged to a committee overseeing the project&#8217;s execution, prosecutors said.</p> <p>They said Sadr took steps as part of the project to evade U.S. economic sanctions by concealing the role of Iran and Iranian parties in payments sent through the U.S. banking system.</p> Slideshow (4 Images) <p>&#8220;As alleged, Ali Sadr Hashemi Nejad created a network of front companies and foreign bank accounts to mask Iranian business dealings in Venezuela and evade U.S. sanctions,&#8221; Manhattan U.S. Attorney Geoffrey Berman said in a statement.</p> <p>The Venezuelan energy company made $115 million in payments to Iranian International Housing Corporation using entities in Switzerland and Turkey to conceal the Iranian connection to the funds, prosecutors said.</p> <p>Sadr faces six counts, including conspiracy to defraud the United States and conspiracy to violate the International Emergency Economic Powers Act.</p> <p>Pilatus Bank was in litigation with the Maltese journalist, Daphne Caruana Galizia, who was murdered last October, over several articles she wrote that accused the bank and Ali Sadr of facilitating corrupt political activities and money laundering.</p> <p>The bank said the articles were false and defamatory. A former bank employee who was the main source for Caruana Galizia&#8217;s accusations was arrested on Monday night on a European arrest warrant issued by the Maltese government in response to a complaint of fraud by Pilatus Bank.</p> <p>Reporting by Nate Raymond in Boston; Editing by Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Mattis praises Vietnam's 'leadership' on North Korea sanctions U.S. official says support of Taiwan has never been stronger Israel admits bombing suspected Syrian nuclear reactor in 2007, warns Iran Court rules in favour of case on Britain's ability to reverse Brexit U.S. arrests Iranian over alleged $115 million sanctions evasion scheme

https://reuters.com/article/us-vietnam-usa-mattis/mattis-praises-vietnams-leadership-on-north-korea-sanctions-idUSKBN1FD1A8

2018-01-24

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HANOI Reuters US Defense Secretary Jim Mattis praised Vietnam on Wednesday for adhering to sanctions against North Korea saying at the start of a twoday visit to Hanoi that its leadership on the issue came despite the costs associated with lost trade FILE PHOTO US Secretary for Defense Jim Mattis sits opposite Britains Secretary of State for Defence Gavin Williamson before a meeting at the Ministry of Defence MoD in central London Britain November 10 2017 REUTERSSimon Dawson 8220I have to pay my respects there and thank them for their support on the North Korea issue They have been supporting the United Nations sanctions at some cost to them8221 Mattis told reporters before landing in Hanoi 8220And so we appreciate their leadership on that leading by example and stepping up8221 North Korea8217s development of nuclear weapons and missiles capable of hitting the United States has spurred deepening UN sanctions and stoked fears of a military conflict US Secretary of State Rex Tillerson said last week that the United States was getting evidence that sanctions were 8220really starting to hurt8221 North Korea although there are no signs yet that they have altered Pyongyang8217s military calculus Vietnam and North Korea at one time both within the influence of the former Soviet Union maintain traditional diplomatic and political ties But those relations have been tested in recent years particularly following the alleged involvement of a Vietnamese citizen in the murder of Kim Jong Un8217s half brother in 2017 amp160amp160amp160 Hanoi expelled blacklisted North Koreans last year by asking them to voluntarily leave taking into account 8220traditional relations8221 between the two countries South Korea8217s Yonhap news agency reported In a report to the UN Security Council in April 2017 Vietnam also said it had taken measures to implement UN sanctions on North Korea Mattis said Vietnam was adhering to those sanctions and noted that cutting off trade with a country so close carried an economic cost to Vietnam 8220DPRK sells coal very cheaply and so obviously if they turn that off there could be costs associated8221 Mattis explained referring to North Korea by the initials of its official name the Democratic People8217s Republic of Korea SOUTH CHINA SEA Mattis8217 first stop in Vietnam was to a US Defense Department office in Hanoi that sits just across the street from the North Korean embassy and seeks to recover the remains of US troops killed in the 196575 Vietnam War Some 1293 US forces are still unaccounted for one US official said Mattis8217 trip comes amid steadily strengthening USVietnamese ties including between their two militaries as both countries seek to put the Vietnam War firmly behind them Relations these days are seen largely through shared concern over China8217s aggressive behavior in the South China Sea where more than 3 trillion in cargo passes every year Vietnam has emerged as the most vocal opponent of China8217s expansive territorial claims and has been buying US military hardware including its acquisition of an armed Hamiltonclass Coast Guard cutter The ship one US official said was larger than anything Vietnam had in its navy 8220Vietnam does have one of the region8217s fastest growing economies and so freedom of navigation and access in the South China Sea will be critical to them economically and of course in their security efforts8221 Mattis said Reporting by Phil Stewart editing by Nick Macfie Our Standards The Thomson Reuters Trust Principles TAIPEI Reuters The United States8217 commitment to Taiwan has never been stronger and the island is an inspiration to the rest of the IndoPacific region US Deputy Assistant Secretary of State Alex Wong said on Wednesday in comments certain to anger Beijing Alex Wong US deputy assistant secretary at the Bureau of East Asian and Pacific Affairs speaks at American Chamber of Commerce AmCham8217s yearly dinner event in Taipei Taiwan March 21 2018 REUTERSTyrone Siu Wong was speaking during a visit to Taipei at a time of increased hostility between the selfruled island and Beijing and just a day after Chinese President Xi Jinping issued his strongest warning against Taiwan separatism to date China claims Taiwan as its own and considers the selfruled island a wayward province which Xi said on Tuesday would face the 8220punishment of history8221 for any attempt at separatism The island is one of China8217s most sensitive issues and a potential military flashpoint Underlining that threat Taiwan sent ships and aircraft earlier on Wednesday to shadow a Chinese aircraft carrier group through the narrow Taiwan Strait its defense ministry said 8220Taiwan can no longer be excluded unjustly from international fora Taiwan has much to share with the world8221 Wong said at a reception attended by Taiwan President Tsai Ingwen a member of the proindependence Democratic Progressive Party 8220I can assure you the United States government and the United States private sector will do their part to ensure Taiwan8217s stellar international example shines brightly8221 Beijing is already furious over a law signed last week by US President Donald Trump that encourages the United States to send senior officials to Taiwan to meet Taiwanese counterparts and vice versa President Tsai welcomed the new law on Wednesday Taiwans President Tsai Ingwen and Alex Wong R US deputy assistant secretary at the Bureau of East Asian and Pacific Affairs attend AmCham8217s yearly dinner event in Taipei Taiwan March 21 2018 REUTERSTyrone Siu 8220We were pleased President Trump signed the Taiwan travel act into law We are grateful to the Trump administration and to members of the congress for supporting this bill8221 she said Taiwan8217s defense ministry said earlier that the Chinese carrier group led by the mainland8217s sole operational aircraft carrier the Liaoning entered the Taiwan Strait late on Tuesday but kept on its western side Slideshow 2 Images By midday on Wednesday it had left Taiwan8217s air defense identification zone heading southwest the ministry said adding that it looked like China was conducting drills Taiwan8217s military sent ships and aircraft to shadow the carrier group the entire way but spotted nothing out of the ordinary and people in Taiwan should not be concerned it added China8217s Defence Ministry did not immediately respond to a request for comment Related Video Taiwan says China has ramped up military exercises around the island in the past year or so China suspects Taiwan8217s Tsai wants to push for formal independence for the island which would cross a red line for Communist Party leaders in Beijing Tsai has said she wants to maintain the status quo and is committed to ensuring peace Separately on Wednesday China announced that a former ambassador to the United Nations Liu Jieyi has been appointed head of China8217s Taiwan Affairs Office Veteran diplomat Liu has been deputy head of the office since October last year Reporting by Fabian Hamacher and Twinnie Siu Writing by Ben Blanchard and Anne Marie Roantree Editing by Himani Sarkar Our Standards The Thomson Reuters Trust Principles JERUSALEM Reuters Israel for the first time admitted that it bombed a suspected Syrian nuclear reactor in 2007 and said on Wednesday the strike should be a warning to Iran that it would not be allowed to develop nuclear weapons The military released previously classified cockpit footage photographs and intelligence documents about its Sept 6 2007 air strike on the AlKubar facility near Deir alZor in eastern Syria It said the reactor was being constructed with help from North Korea and had been months away from activation Amos Yadlin Israel8217s military intelligence chief at the time said on Israel Radio that even with a functioning reactor it would have taken Syria years to build a nuclear weapon Reuters has been unable to immediately verify the Israeli material Israel8217s decision to go public comes after repeated calls in recent months by Prime Minister Benjamin Netanyahu for the United States and international community to take tougher action on Iran Syria8217s ally Netanyahu said on Wednesday Israel was determined to prevent its enemies from obtaining nuclear weapons 8220The Israeli government the Israel Defense Forces and the Mossad prevented Syria from developing nuclear capability They are worthy of full praise for this Israel8217s policy was and remains consistent to prevent our enemies from arming themselves with nuclear weapons8221 Netanyahu wrote on Twitter Intelligence minister Israel Katz said earlier on Twitter 8220The 2007 operation and its success made clear that Israel will never allow nuclear weaponry to be in the hands of those who threaten its existence Syria then and Iran today8221 Iran which says its nuclear program has only peaceful aims signed a 2015 deal under which it accepted curbs on its nuclear program in return for sanctions relief US President Donald Trump and Netanyahu have both been critical of the deal The Israeli military described in detail events leading up to the night of Sept 56 2007 in which it said eight warplanes F16s and F15s carried out the mission after taking off from the Ramon and Hatzerim air bases They flew to Deir alZor region 450 km 270 miles northwest of Damascus and dropped 18 tonnes of munitions on the site it said Yadlin said Israel decided at the time against acknowledging the raid on the reactor so as not to provoke Syrian President Bashar alAssad into retaliating 8220No core No war8221 Yadlin said about Israel8217s goal A still frame taken from video material released on March 21 2018 shows a combination image of what the Israeli military describes is before and after an Israeli air strike on a suspected Syrian nuclear reactor site near Deir alZor on Sept 6 2007 IDFHandout via Reuters TV 8220TOP SECRET8221 The Israeli military on Wednesday declassified internal 8220top secret8221 intelligence reports in Hebrew some of them partly redacted One dated March 30 2007 said 8220Syria has set up within its territory a nuclear reactor for the production of plutonium through North Korea which according to an initial worstcase assessment is liable to be activated in approximately another year To our assessment REDACTED secretive and orderly REDACTED for achieving a nuclear weapon8221 Israeli intelligence predicted that the suspected reactor 8220would turn operational by the end of 20078221 Slideshow 17 Images The mission to destroy the reactor started at 1030 pm on Sept 5 and ended with the return of the warplanes at 230 am the next day the Israeli military said The disclosure on Wednesday stemmed in part Yadlin said from years of pressure by the Israeli media on military censors to allow them to publish Israelisourced information about the raid and the release on Wednesday of memoirs by Ehud Olmert the former prime minister who ordered the bombing The event was first made public by Syria which as reported by Reuters at the time said in the early hours of Sept 6 that its air defenses had repelled an incursion by Israeli warplanes Syria a signatory of the 1970 nuclear NonProliferation Treaty NPT has always denied that the site was a reactor or that Damascus engaged in nuclear cooperation with North Korea Related Coverage Netanyahu commenting on 2007 bombing in Syria says Israel wont let its enemies obtain nuclear arms In his 2010 memoir 8220Decision Points8221 former US President George W Bush disclosed he discussed intelligence about the Syrian facility with Olmert before it was destroyed but did not give him the green light for the raid In 2008 the United States presented what it described as intelligence showing that North Korea had helped Syria with 8220covert nuclear activities8221 At the time Syria dismissed the accusations as part of a campaign to discredit the Damascus government The Israeli release contains a blackandwhite aerial photograph captioned 8220before the attack8221 and showing a boxlike structure amid desert dunes with smaller outlying buildings A series of blackandwhite videos taken above the target shows the structure in crosshairs A male voice is heard counting down three seconds a cloud of black smoke rises from the structure as it explodes Other footage appears to show the aftermath a smoldering hole in the ground 8220Arizona8221 one pilot radioed to military headquarters in Tel Aviv giving the code word for a successful operation Writing by Dan Williams and Stephen Farrell Editing by Janet Lawrence Our Standards The Thomson Reuters Trust Principles EDINBURGH Reuters A legal attempt by antiBrexit campaigners to establish that Britain could unilaterally reverse Brexit was given a boost on Tuesday by Scotland8217s top court which said it wants to examine the case in greater depth AntiBrexit demonstrators wave EU and Union flags outside the Houses of Parliament in London Britain January 30 2018 REUTERSToby Melville RC1A41866470 The group behind the legal challenge who include proEU Scottish lawmakers want to show that Britain could stay in the European Union after all 8212 if for example the final terms of Brexit negotiated by the government were rejected by parliament The campaigners are ultimately seeking a formal opinion by the European Court of Justice ECJ asserting that Britain could reverse its decision to invoke Article 50 of the EU8217s Lisbon Treaty the formal step that kickstarted the Brexit process They argue that once the terms of Brexit have been negotiated Britain8217s sovereign parliament may well decide not to go ahead with it so lawmakers need to know in advance if that is legally possible As things stand there is no suggestion of a change of course over Brexit which British voters backed by 52 to 48 percent in a June 2016 referendum The ruling Conservative Party and main opposition Labour Party are both committed to Britain leaving the European Union The legal case headed by antiBrexit campaigning lawyer Jolyon Maugham had been rejected by a lower Scottish court The British government argued that the question of whether Britain could unilaterally stop Brexit was irrelevant because the will of the voters was clear and the government was not going to back out of Brexit On Tuesday the Court of Session Scotland8217s highest court overturned an earlier ruling saying the case raised important issues and there should be a full hearing so all the arguments could be debated 8220The issue of whether it is legally possible to revoke the notice of withdrawal is as already stated one of great importance8221 the Court of Session said referring to the Article 50 process which started in March 2017 8220On one view authoritative guidance on whether it is legally possible to do so may have the capacity to influence lawmakers in deciding what steps to take in advance of and at the time of a debate and vote on the European Union Withdrawal Bill8221 Once a full hearing has taken place in Edinburgh a decision will be made on whether to refer it to the ECJ the court said although it may ultimately decide that it should not If the Scottish court decided not to refer to the ECJ the petitioners can take their appeal to Britain8217s Supreme Court They argue that while there is no doubt that Britain could stop Brexit with the permission of the other 27 members it should seek to establish a legal right to do so unilaterally whether the rest of the bloc likes it or not Reporting by Elisabeth OLeary Editing by Estelle Shirbon Our Standards The Thomson Reuters Trust Principles Reuters An Iranian who chairs a Maltese bank has been arrested on US charges that he participated in a scheme to evade US sanctions and funnel more than 115 million paid under a Venezuelan construction contract through the US financial system federal prosecutors said on Tuesday A placard with a Maltese idiom reading The truth will always surface is seen outside Whitehall Mansions which houses the Malteseregistered Pilatus Bank in Ta Xbiex Malta March 21 2018 REUTERSDarrin Zammit Lupi Ali Sadr Hashemi Nejad 38 was charged in a sixcount indictment filed in federal court in Manhattan accusing him of a role in a scheme to evade US economic sanctions against Iran prosecutors said Sadr chairman of Malteseregistered Pilatus Bank was arrested on Monday in Dulles Virginia according to court papers A lawyer for Sadr declined comment Prosecutors said Sadr8217s family controlled an Iranian conglomerate called Stratus Group which had international business operations and that led a project to construct thousands of housing units in Venezuela The project stemmed from agreements that Iran and Venezuela entered into in 2004 and 2005 calling for cooperation between the two governments in constructing housing units in the South American country The indictment said an Iranian company that Stratus incorporated called Iranian International Housing Corporation entered into a 476 million deal in 2006 with a Venezuelan stateowned energy company to build 7000 housing units The Malteseregistered Pilatus Bank is seen at Whitehall Mansions in Ta Xbiex Malta March 21 2018 REUTERSDarrin Zammit Lupi Sadr belonged to a committee overseeing the project8217s execution prosecutors said They said Sadr took steps as part of the project to evade US economic sanctions by concealing the role of Iran and Iranian parties in payments sent through the US banking system Slideshow 4 Images 8220As alleged Ali Sadr Hashemi Nejad created a network of front companies and foreign bank accounts to mask Iranian business dealings in Venezuela and evade US sanctions8221 Manhattan US Attorney Geoffrey Berman said in a statement The Venezuelan energy company made 115 million in payments to Iranian International Housing Corporation using entities in Switzerland and Turkey to conceal the Iranian connection to the funds prosecutors said Sadr faces six counts including conspiracy to defraud the United States and conspiracy to violate the International Emergency Economic Powers Act Pilatus Bank was in litigation with the Maltese journalist Daphne Caruana Galizia who was murdered last October over several articles she wrote that accused the bank and Ali Sadr of facilitating corrupt political activities and money laundering The bank said the articles were false and defamatory A former bank employee who was the main source for Caruana Galizia8217s accusations was arrested on Monday night on a European arrest warrant issued by the Maltese government in response to a complaint of fraud by Pilatus Bank Reporting by Nate Raymond in Boston Editing by Tom Brown Our Standards The Thomson Reuters Trust Principles

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<p>Jan 23 (Reuters) - Spirit Airlines Inc:</p> <p>* SPIRIT AIRLINES TREASURER SAYS WOULD WANT TO SECURE AGREEMENT WITH PILOTS BEFORE CONFIRMING A NEW PLANE ORDER</p> <p>* SPIRIT AIRLINES TREASURER SAYS THE TAX REFORM IS A &#8216;BIG DEAL&#8217; FOR THE AIRLINE; HAS A PRETTY BIG TAX DEFERRAL LIABILITY</p> <p>* SPIRIT AIRLINES TREASURER SAYS IF RIGHT OPPORTUNITY THERE SPIRIT WILL ALWAYS LOOK AT CONSOLIDATION OPPORTUNITIES Source text for Eikon: Further company coverage: (Reporting By Conor Humphries)</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/PARKLAND, Fla. (Reuters) - Hundreds of thousands of Americans galvanized by last month&#8217;s Florida school massacre rallied on Saturday at nationwide March For Our Lives protests led by students demanding tighter gun laws.</p> <p>Carrying signs with slogans including &#8220;If they choose guns over our kids, vote them out,&#8221; protesters in Washington jammed Pennsylvania Avenue as students from the Parkland, Florida, high school where 17 people were killed called on lawmakers and President Donald Trump to confront the issue.</p> <p>The massive rallies aim to break a legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one on Feb. 14 at Marjory Stoneman Douglas High School have become frighteningly common.</p> <p>&#8220;Politicians: either represent the people or get out. Stand with us or beware, the voters are coming,&#8221; Cameron Kasky, a 17-year-old junior at the high school, told the crowd.</p> <p>Another Parkland survivor, David Hogg, said the sun was shining on a new day. &#8220;You can hear the people in power shaking,&#8221; he said to loud applause.</p> <p>&#8220;We&#8217;re going to make sure the best people get in our elections to run not as politicians, but as Americans. Because this - this - is not cutting it,&#8221; he said, pointing at the white-domed Capitol. &#8220;We can and we will change the world!&#8221;</p> <p>Television images showed youthful marchers filling streets in cities across the United States including Atlanta, Baltimore, Boston, Chicago, Los Angeles, Miami, Minneapolis and New York.</p> <p>More than 800 demonstrations were set to take place in the United States and around the world, according to coordinators, with sister events taking place as far afield as London, Mauritius and Stockholm.</p> <p>Organizers want the U.S. Congress, many of whose members are up for re-election in November, to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers. On the other side of the debate, gun rights advocates cite constitutional guarantees of the right to bear arms.</p> <p>In Los Angeles, marcher Carly Dutcher, a high school freshman from Studio City, California, said she was shocked when a theater teacher showed her and her classmates how they could pull a tampon dispenser off a bathroom wall and use it to battle a school shooter.</p> <p>&#8220;Regardless if I can vote or not, it (gun violence) is the most important issue affecting me and the most important issue in the country right now,&#8221; Dutcher said.</p> Protesters hold photos of victims of school shootings during a "March For Our Lives" demonstration demanding gun control in New York City, U.S. March 24, 2018. REUTERS/Shannon Stapleton &#8216;THIS IS THE NORM FOR US&#8217; <p>At a rally near New York&#8217;s Central Park, a moment of silence was held for the Parkland victims. The accused gunman, 19-year-old former Marjory Stoneman student Nikolas Cruz, faces the death penalty if convicted on multiple murder charges.</p> <p>Pop star Paul McCartney was among the marchers, telling CNN he had a personal stake in gun control. &#8220;One of my best friends was shot not far from here,&#8221; he said, referring to Beatles bandmate John Lennon, who was gunned down near the park in 1980.</p> <p>Jack Graziano, a 16-year-old junior from Long Island&#8217;s Massapequa High School, said he wanted gun violence to end so his own children would not have to suffer it.</p> <p>&#8220;Anybody who&#8217;s in high school right now has been growing up on school violence,&#8221; he said. &#8220;As awful as it sounds, this is the norm for us.&#8221;</p> Slideshow (30 Images) <p>Taking aim at the National Rifle Association gun lobby, teenagers chanted, &#8220;Hey, hey, NRA, how many kids have you killed today?&#8221;</p> <p>The youthful U.S. organizers have won kudos and cash from dozens of celebrities, with singer Demi Lovato and &#8220;Hamilton&#8221; creator Lin-Manuel Miranda among those performing in Washington.</p> <p>&#8220;Trainwreck&#8221; star Amy Schumer is set to appear at the Los Angeles rally. Actor George Clooney and his human rights attorney wife, Amal, have donated $500,000 and said they would be at the Washington rally.</p> <p>On Friday, Trump signed a $1.3 trillion spending bill that includes modest improvements to background checks for gun sales and grants to help schools prevent gun violence.</p> <p>Democrats and nonpartisan groups hope to register at least 25,000 first-time voters at the rallies, potentially a boost for Democrats, who generally favor stricter gun controls.</p> <p>White House deputy press secretary Lindsay Walters said the administration applauded &#8220;the many courageous young Americans&#8221; exercising their free-speech rights on Saturday.</p> <p>&#8220;Keeping our children safe is a top priority of the president&#8217;s,&#8221; said Walters, noting that on Friday the Justice Department proposed rule changes that would effectively ban &#8220;bump stock&#8221; devices that let semi-automatic weapons fire like a machine gun.</p> <p>Former president Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen.</p> <p>&#8220;Keep at it. You&#8217;re leading us forward. Nothing can stand in the way of millions of voices calling for change,&#8221; Obama said.</p> <p>Reporting by Ian Simpson, Lacey Johnson, Katanga Johnson and Lauren Young in Washington, Alice Popovici in New York, Phoenix Tso in Los Angeles, and Jim Oliphant in West Palm Beach; Editing by Daniel Wallis and James Dalgleish</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>PARIS (Reuters) - France was in mourning on Saturday for a French security officer who died from gunshot wounds after voluntarily taking the place of a female hostage during a supermarket siege by an Islamist militant.</p> <p>Arnaud Beltrame, 44, a gendarme who once served in Iraq, had been raced to hospital fighting for his life after being shot by the gunman during the siege at the Super U store in the southwestern town of Trebes near the Pyrenees mountains.</p> <p>His actions were described as heroic by politicians across the political spectrum and calls for a national tribute increased on social media networks.</p> <p>&#8220;He fell as a hero, giving up his life to halt the murderous outfit of a jihadist terrorist,&#8221; President Emmanuel Macron said in a statement shortly before dawn on Saturday.</p> <p>Friday&#8217;s attacker was identified by authorities as Redouane Lakdim, a 25-year-old Moroccan-born French national from the city of Carcassonne, not far from Trebes, the tranquil town of about 5,000 people where he struck on Friday afternoon.</p> <p>Lakdim was known to authorities for drug-dealing and other petty crimes, but had also been under surveillance by security services in 2016-2017 for links to the radical Salafist movement, Paris prosecutor Francois Molins said on Friday.</p> <p>The attacker, whose rampage began when he fired on a group of police joggers and also shot the occupants of a car he stole, killed three people and injured 16 others on Friday, according to a government readout.</p> <p>Beltrame&#8217;s death took the number killed to four.</p> <p>He was part of a team of gendarmes who were among the first to arrive at the supermarket scene. Most of the people in the supermarket escaped after hiding in a cold storage room and then fleeing through an emergency exit.</p> <p>He offered to trade places with a hostage the attacker was still holding, whereafter he took her place and left his mobile phone on a table, line open. When shots rang out, elite police stormed the building to kill the assailant. Police sources said Beltrame was shot three times.</p> <p>Politicians from the left and right called Beltrame a &#8220;hero&#8221; on Twitter, including opposition leader Laurent Wauquiez, far-right National Rally party leader Marine Le Pen and Olivier Faure, set to become the next Socialist party head.</p> <p>#ArnaudBeltrame was a trending topic on the social network where people expressed their respect and gratitude for the officer, and thoughts for his wife. Several cities, the National Assembly and police stations lowered their flags in his honor.</p> <p>The Grand Mosque of Paris, the largest in the country, said the Muslim community joined in mourning for a man who had &#8220;fallen heroically under the bullets of the terrorist Redouane Lakdim in the exercise of his mission.&#8221;</p> <p>British Prime Minister Theresa May hailed Beltrame&#8217;s courage and sacrifice on Twitter, saying they would never be forgotten.</p> Flowers and messages in tribute to victim are seen in front of the Gendarmerie of Carcassonne, the day after a hostage situation in Trebes, France March 24, 2018. REUTERS/Regis Duvignau ARRESTS <p>Police arrested two people as part of the investigation into the attack, one of them a woman connected to Lakdim, on Friday and a 17-year-old man said to be one of his friends overnight, judicial sources said.</p> <p>Searches at the attacker&#8217;s home showed notes referring to Islamic State that appeared to be a will, as well as a phone and a computer, judicial sources said.</p> <p>Investigators also found three improvised explosive devices, a 7.65 millimeter handgun and a hunting knife in the supermarket, the source said.</p> Slideshow (6 Images) <p>The Islamic State (IS) militant group claimed responsibility for the attack. Macron said security services were checking the claim.</p> <p>U.S. President Donald Trump condemned &#8220;the violent actions of the attacker and anyone who would provide him support.&#8221;</p> <p>&#8220;We are with you @EmmanuelMacron!&#8221; he added on Twitter.</p> <p>More than 240 people have been killed in France in attacks since 2015 by assailants who either pledged allegiance to Islamic State or were inspired by the ultra-hardline group.</p> <p>France is part of a group of countries whose warplanes have been bombing Islamic State strongholds in Iraq and Syria, where in recent months IS has lost much of a self-proclaimed &#8220;caliphate&#8221; of territory it seized in 2014.</p> <p>One multiple attack by Islamist gunmen and suicide bombers killed 130 people in Paris in November 2015 while another killed close to 90 when a man ran a truck into partying crowds in the Riviera seaside city of Nice in July 2016.</p> <p>Beltrame was a qualified parachutist who served in Iraq in 2005. He also worked as part of the elite Republican Guard that protects the presidential Elysee Place offices and residence in Paris, Macron said.</p> <p>Friday&#8217;s assault was the first deadly Islamist attack in France since October 2017, when a man stabbed two young women to death in the port city of Marseille before soldiers killed him.</p> <p>Several attacks over the past year or more have targeted police and soldiers deployed in big numbers to protect civilians and patrol sensitive spots such as airports and train stations.</p> <p>The news of Beltrame&#8217;s death was first announced by France&#8217;s interior minister, who said in a Twitter post: &#8220;Dead for his country. France will never forget his heroism, bravery and sacrifice.&#8221;</p> <p>Additional reporting by Emmanuel Jarry; Editing by Mark Heinrich and Helen Popper</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BEIRUT (Reuters) - The Syrian army on Saturday paused its bombardment of Douma, the last rebel bastion near Damascus, a war monitor said, as insurgents prepared to leave the rest of their former enclave of eastern Ghouta.</p> Syrian army soldiers fire tracer bullets into the air to celebrate their victory outside Harasta in eastern Ghouta, in Damascus, Syria March 23, 2018. REUTERS/Omar Sanadiki <p>Buses that will carry thousands of fighters, along with their families and other civilians, into exile in northwestern Syria began entering the southern part of eastern Ghouta.</p> <p>It follows the departure of thousands of others on Friday from the town of Harasta in a similar deal for insurgents to depart with light weapons in return for surrendering their territory.</p> <p>The buses queued at a crossing point before moving into the enclave along a road on the former front lines that had been cleared of barricades, debris and unexploded ordnance.</p> <p>Some captives held by the insurgents were released and state television showed them leaving in a minibus.</p> Related Coverage <a href="/article/us-mideast-crisis-syria-ghouta-civilians/russia-says-over-105000-civilians-have-left-syrias-eastern-ghouta-ria-idUSKBN1H00BQ" type="external">Russia says over 105,000 civilians have left Syria's Eastern Ghouta: RIA</a> <p>The army was advancing into towns the rebels had retreated from in preparation for their exit, state television said. It broadcast pictures of the massive trenches and other fortifications the rebels were leaving behind.</p> <p>It means only Douma is left of the opposition&#8217;s eastern Ghouta enclave which a month ago the United Nations said was home to 400,000 people and constituted the rebels&#8217; main stronghold near Damascus.</p> <p>The army offensive to capture it, heralded by one of the heaviest bombardments in the seven-year conflict with warplanes, helicopters and artillery, has killed more than 1,600 people, said the war monitor, the Syrian Observatory for Human Rights.</p> <p>Residents and rights groups have accused the government of using weapons that kill indiscriminately - inaccurate barrel bombs dropped from helicopters, chlorine gas and incendiary material that sets raging fires.</p> <p>Syrian President Bashar al-Assad and his close ally Russia, which has helped his air campaign, have denied using all those weapons and say their offensive was needed to end the rule of Islamist militants over civilians.</p> Buses are seen entering into rebels Harasta area in eastern Ghouta in Damascus, Syria March 23, 2018. REUTERS/ Omar Sanadiki EVACUATION <p>About 7,000 fighters, along with family members and other civilians who do not wish to come back under Assad&#8217;s rule, were to leave the towns of Zamalka, Arbin, Ein Terma and Jobar starting on Saturday, rebels and state media said.</p> <p>They will go to Idlib province in the northwest - the destination for many such &#8220;evacuations&#8221; after sieges and ground offensives forced numerous rebel enclaves to surrender in the past two years.</p> <p>It will not mean an end to their experience of war. Syrian military and Russian air raids on Idlib have increased in the past week, killing dozens of people.</p> Slideshow (2 Images) <p>Idlib is also unsettled by fighting between the rebel groups. On Saturday, an explosion at a headquarters for al Qaeda&#8217;s former affiliate killed at least seven people and injured 25 others.</p> <p>The Britain-based Observatory said there were also negotiations with the Jaish al-Islam rebel group that controls Douma to release prisoners.</p> <p>Russia will guarantee that civilians who remain in the areas recaptured by Assad will not be prosecuted, rebels said on Friday. However, rights groups have said some men were forcibly conscripted after fleeing the fighting.</p> <p>Wael Alwan, spokesman for the Failaq al-Rahman group that was dominant in Zamalka, Arbin, Ein Terma and Jobar, was quoted by al-Hadath television on Saturday as saying he did not trust Russia&#8217;s guarantees.</p> <p>A Russian military webcam at the al-Wafideen crossing point near Douma showed small groups of civilians continuing to flee the danger of further bombardment into government territory on Saturday, carrying children and sacks of belongings.</p> <p>Russia&#8217;s military said on Saturday more than 105,000 people had left eastern Ghouta, including over 700 on Saturday.</p> <p>Tens of thousands have fled their homes in the past week as the bombardment of Douma intensified and refugees from other parts of Ghouta found the basement bomb shelters already too full to take them.</p> <p>Reporting by Angus McDowall; Editing by Mark Heinrich and Dale Hudson</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>VATICAN CITY (Reuters) - It might be called Cappuccino Catholicism.</p> Casey Kretsch, 20, from Minnesota, a pilgrim attending the World Meeting of Families, signs a poster drawing of Pope Francis, by artist Mark Gaines, in Philadelphia, Pennsylvania, September 23, 2015. REUTERS/Mark Makela <p>Young Catholics told their Church elders on Saturday that the faith should be spread in the places where they like to hang out, such as coffee bars.</p> <p>&#8220;We would like the Church to meet us in the various places in which she currently has little or no presence,&#8221; reads part of a 12-page document written by some 300 young Catholic delegates from around the world, who met for a week at the Vatican.</p> <p>&#8220;The Church should try to find creative new ways to encounter people where they are comfortable and where they naturally socialize: bars, coffee shops, parks, gyms, stadiums and any other popular cultural centers,&#8221; it said.</p> <p>The delegates met in Rome to share their ideas and concerns with Vatican officials ahead of a synod, or meeting of bishops, in October, on the theme of &#8220;Young People, the Faith and Vocational Discernment&#8221;.</p> <p>At a news conference presenting the paper, which will feed into a larger working document to be used by the bishops, participants said they wanted their Church to be more open and transparent and less severe.</p> <p>The document called for a greater role for women in the Church, which bars them from the priesthood.</p> FILE PHOTO: Pope Francis uses a tablet to register for Panama 2019 World Youth Day during the Angelus prayer in Saint Peter's Square at the Vatican, Feb. 11, 2018. REUTERS/Max Rossi/File Photo <p>&#8220;What are the places where women can flourish within the Church and society? The Church can approach these problems with real discussion and open-mindedness to different ideas and experiences,&#8221; it said.</p> <p>&#8220;If it is difficult for young people to feel a sense of belonging and leadership in the Church, it is much more so for young women,&#8221; the document said.</p> FILE PHOTO: Pope Francis is greeted by youth as he arrives to lead his Wednesday General Audience in Saint Peter's Square at the Vatican, Feb. 14, 2018. REUTERS/Alberto Lingria/File Photo <p>They said they wanted to &#8220;encourage the Church to deepen its understanding of the role of women and to empower</p> <p>young women ...&#8221;</p> <p>Earlier this month, Catholic women led by former Irish president Mary McAleese, demanded a greater decision-making role for women in the Church, urging the pope to tear down its &#8220;walls of misogyny&#8221;.</p> <p>The document said the 1.2 billion-member Church &#8220;oftentimes appears as too severe and is often associated with excessive moralism&#8221;. It called for a Church that is &#8220;welcoming and merciful ... and which loves everyone, even those who are not</p> <p>following the perceived standards&#8221;.</p> <p>Reporting By Philip Pullella; Editing by Andrew Bolton</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

BRIEF-Spirit Airlines sees 'pretty big' tax deferral following tax overhaul Massive crowds rally across U.S. to urge tighter gun controls France mourns 'hero' officer who took place of hostage in attack As Syrian rebels quit Ghouta, Douma stands alone The Catholic Church - coming to a Starbucks near you?

https://reuters.com/article/brief-spirit-airlines-sees-pretty-big-ta/brief-spirit-airlines-sees-pretty-big-tax-deferral-following-tax-overhaul-idUSS8N1O302A

2018-01-23

2least

Jan 23 Reuters Spirit Airlines Inc SPIRIT AIRLINES TREASURER SAYS WOULD WANT TO SECURE AGREEMENT WITH PILOTS BEFORE CONFIRMING A NEW PLANE ORDER SPIRIT AIRLINES TREASURER SAYS THE TAX REFORM IS A 8216BIG DEAL8217 FOR THE AIRLINE HAS A PRETTY BIG TAX DEFERRAL LIABILITY SPIRIT AIRLINES TREASURER SAYS IF RIGHT OPPORTUNITY THERE SPIRIT WILL ALWAYS LOOK AT CONSOLIDATION OPPORTUNITIES Source text for Eikon Further company coverage Reporting By Conor Humphries Our Standards The Thomson Reuters Trust Principles WASHINGTONPARKLAND Fla Reuters Hundreds of thousands of Americans galvanized by last month8217s Florida school massacre rallied on Saturday at nationwide March For Our Lives protests led by students demanding tighter gun laws Carrying signs with slogans including 8220If they choose guns over our kids vote them out8221 protesters in Washington jammed Pennsylvania Avenue as students from the Parkland Florida high school where 17 people were killed called on lawmakers and President Donald Trump to confront the issue The massive rallies aim to break a legislative gridlock that has long stymied efforts to increase restrictions on firearms sales in a nation where mass shootings like the one on Feb 14 at Marjory Stoneman Douglas High School have become frighteningly common 8220Politicians either represent the people or get out Stand with us or beware the voters are coming8221 Cameron Kasky a 17yearold junior at the high school told the crowd Another Parkland survivor David Hogg said the sun was shining on a new day 8220You can hear the people in power shaking8221 he said to loud applause 8220We8217re going to make sure the best people get in our elections to run not as politicians but as Americans Because this this is not cutting it8221 he said pointing at the whitedomed Capitol 8220We can and we will change the world8221 Television images showed youthful marchers filling streets in cities across the United States including Atlanta Baltimore Boston Chicago Los Angeles Miami Minneapolis and New York More than 800 demonstrations were set to take place in the United States and around the world according to coordinators with sister events taking place as far afield as London Mauritius and Stockholm Organizers want the US Congress many of whose members are up for reelection in November to ban the sale of assault weapons like the one used in the Florida rampage and to tighten background checks for gun buyers On the other side of the debate gun rights advocates cite constitutional guarantees of the right to bear arms In Los Angeles marcher Carly Dutcher a high school freshman from Studio City California said she was shocked when a theater teacher showed her and her classmates how they could pull a tampon dispenser off a bathroom wall and use it to battle a school shooter 8220Regardless if I can vote or not it gun violence is the most important issue affecting me and the most important issue in the country right now8221 Dutcher said Protesters hold photos of victims of school shootings during a March For Our Lives demonstration demanding gun control in New York City US March 24 2018 REUTERSShannon Stapleton 8216THIS IS THE NORM FOR US8217 At a rally near New York8217s Central Park a moment of silence was held for the Parkland victims The accused gunman 19yearold former Marjory Stoneman student Nikolas Cruz faces the death penalty if convicted on multiple murder charges Pop star Paul McCartney was among the marchers telling CNN he had a personal stake in gun control 8220One of my best friends was shot not far from here8221 he said referring to Beatles bandmate John Lennon who was gunned down near the park in 1980 Jack Graziano a 16yearold junior from Long Island8217s Massapequa High School said he wanted gun violence to end so his own children would not have to suffer it 8220Anybody who8217s in high school right now has been growing up on school violence8221 he said 8220As awful as it sounds this is the norm for us8221 Slideshow 30 Images Taking aim at the National Rifle Association gun lobby teenagers chanted 8220Hey hey NRA how many kids have you killed today8221 The youthful US organizers have won kudos and cash from dozens of celebrities with singer Demi Lovato and 8220Hamilton8221 creator LinManuel Miranda among those performing in Washington 8220Trainwreck8221 star Amy Schumer is set to appear at the Los Angeles rally Actor George Clooney and his human rights attorney wife Amal have donated 500000 and said they would be at the Washington rally On Friday Trump signed a 13 trillion spending bill that includes modest improvements to background checks for gun sales and grants to help schools prevent gun violence Democrats and nonpartisan groups hope to register at least 25000 firsttime voters at the rallies potentially a boost for Democrats who generally favor stricter gun controls White House deputy press secretary Lindsay Walters said the administration applauded 8220the many courageous young Americans8221 exercising their freespeech rights on Saturday 8220Keeping our children safe is a top priority of the president8217s8221 said Walters noting that on Friday the Justice Department proposed rule changes that would effectively ban 8220bump stock8221 devices that let semiautomatic weapons fire like a machine gun Former president Barack Obama said on Twitter that he and his wife Michelle were inspired by all the young people who made the marches happen 8220Keep at it You8217re leading us forward Nothing can stand in the way of millions of voices calling for change8221 Obama said Reporting by Ian Simpson Lacey Johnson Katanga Johnson and Lauren Young in Washington Alice Popovici in New York Phoenix Tso in Los Angeles and Jim Oliphant in West Palm Beach Editing by Daniel Wallis and James Dalgleish Our Standards The Thomson Reuters Trust Principles PARIS Reuters France was in mourning on Saturday for a French security officer who died from gunshot wounds after voluntarily taking the place of a female hostage during a supermarket siege by an Islamist militant Arnaud Beltrame 44 a gendarme who once served in Iraq had been raced to hospital fighting for his life after being shot by the gunman during the siege at the Super U store in the southwestern town of Trebes near the Pyrenees mountains His actions were described as heroic by politicians across the political spectrum and calls for a national tribute increased on social media networks 8220He fell as a hero giving up his life to halt the murderous outfit of a jihadist terrorist8221 President Emmanuel Macron said in a statement shortly before dawn on Saturday Friday8217s attacker was identified by authorities as Redouane Lakdim a 25yearold Moroccanborn French national from the city of Carcassonne not far from Trebes the tranquil town of about 5000 people where he struck on Friday afternoon Lakdim was known to authorities for drugdealing and other petty crimes but had also been under surveillance by security services in 20162017 for links to the radical Salafist movement Paris prosecutor Francois Molins said on Friday The attacker whose rampage began when he fired on a group of police joggers and also shot the occupants of a car he stole killed three people and injured 16 others on Friday according to a government readout Beltrame8217s death took the number killed to four He was part of a team of gendarmes who were among the first to arrive at the supermarket scene Most of the people in the supermarket escaped after hiding in a cold storage room and then fleeing through an emergency exit He offered to trade places with a hostage the attacker was still holding whereafter he took her place and left his mobile phone on a table line open When shots rang out elite police stormed the building to kill the assailant Police sources said Beltrame was shot three times Politicians from the left and right called Beltrame a 8220hero8221 on Twitter including opposition leader Laurent Wauquiez farright National Rally party leader Marine Le Pen and Olivier Faure set to become the next Socialist party head ArnaudBeltrame was a trending topic on the social network where people expressed their respect and gratitude for the officer and thoughts for his wife Several cities the National Assembly and police stations lowered their flags in his honor The Grand Mosque of Paris the largest in the country said the Muslim community joined in mourning for a man who had 8220fallen heroically under the bullets of the terrorist Redouane Lakdim in the exercise of his mission8221 British Prime Minister Theresa May hailed Beltrame8217s courage and sacrifice on Twitter saying they would never be forgotten Flowers and messages in tribute to victim are seen in front of the Gendarmerie of Carcassonne the day after a hostage situation in Trebes France March 24 2018 REUTERSRegis Duvignau ARRESTS Police arrested two people as part of the investigation into the attack one of them a woman connected to Lakdim on Friday and a 17yearold man said to be one of his friends overnight judicial sources said Searches at the attacker8217s home showed notes referring to Islamic State that appeared to be a will as well as a phone and a computer judicial sources said Investigators also found three improvised explosive devices a 765 millimeter handgun and a hunting knife in the supermarket the source said Slideshow 6 Images The Islamic State IS militant group claimed responsibility for the attack Macron said security services were checking the claim US President Donald Trump condemned 8220the violent actions of the attacker and anyone who would provide him support8221 8220We are with you EmmanuelMacron8221 he added on Twitter More than 240 people have been killed in France in attacks since 2015 by assailants who either pledged allegiance to Islamic State or were inspired by the ultrahardline group France is part of a group of countries whose warplanes have been bombing Islamic State strongholds in Iraq and Syria where in recent months IS has lost much of a selfproclaimed 8220caliphate8221 of territory it seized in 2014 One multiple attack by Islamist gunmen and suicide bombers killed 130 people in Paris in November 2015 while another killed close to 90 when a man ran a truck into partying crowds in the Riviera seaside city of Nice in July 2016 Beltrame was a qualified parachutist who served in Iraq in 2005 He also worked as part of the elite Republican Guard that protects the presidential Elysee Place offices and residence in Paris Macron said Friday8217s assault was the first deadly Islamist attack in France since October 2017 when a man stabbed two young women to death in the port city of Marseille before soldiers killed him Several attacks over the past year or more have targeted police and soldiers deployed in big numbers to protect civilians and patrol sensitive spots such as airports and train stations The news of Beltrame8217s death was first announced by France8217s interior minister who said in a Twitter post 8220Dead for his country France will never forget his heroism bravery and sacrifice8221 Additional reporting by Emmanuel Jarry Editing by Mark Heinrich and Helen Popper Our Standards The Thomson Reuters Trust Principles BEIRUT Reuters The Syrian army on Saturday paused its bombardment of Douma the last rebel bastion near Damascus a war monitor said as insurgents prepared to leave the rest of their former enclave of eastern Ghouta Syrian army soldiers fire tracer bullets into the air to celebrate their victory outside Harasta in eastern Ghouta in Damascus Syria March 23 2018 REUTERSOmar Sanadiki Buses that will carry thousands of fighters along with their families and other civilians into exile in northwestern Syria began entering the southern part of eastern Ghouta It follows the departure of thousands of others on Friday from the town of Harasta in a similar deal for insurgents to depart with light weapons in return for surrendering their territory The buses queued at a crossing point before moving into the enclave along a road on the former front lines that had been cleared of barricades debris and unexploded ordnance Some captives held by the insurgents were released and state television showed them leaving in a minibus Related Coverage Russia says over 105000 civilians have left Syrias Eastern Ghouta RIA The army was advancing into towns the rebels had retreated from in preparation for their exit state television said It broadcast pictures of the massive trenches and other fortifications the rebels were leaving behind It means only Douma is left of the opposition8217s eastern Ghouta enclave which a month ago the United Nations said was home to 400000 people and constituted the rebels8217 main stronghold near Damascus The army offensive to capture it heralded by one of the heaviest bombardments in the sevenyear conflict with warplanes helicopters and artillery has killed more than 1600 people said the war monitor the Syrian Observatory for Human Rights Residents and rights groups have accused the government of using weapons that kill indiscriminately inaccurate barrel bombs dropped from helicopters chlorine gas and incendiary material that sets raging fires Syrian President Bashar alAssad and his close ally Russia which has helped his air campaign have denied using all those weapons and say their offensive was needed to end the rule of Islamist militants over civilians Buses are seen entering into rebels Harasta area in eastern Ghouta in Damascus Syria March 23 2018 REUTERS Omar Sanadiki EVACUATION About 7000 fighters along with family members and other civilians who do not wish to come back under Assad8217s rule were to leave the towns of Zamalka Arbin Ein Terma and Jobar starting on Saturday rebels and state media said They will go to Idlib province in the northwest the destination for many such 8220evacuations8221 after sieges and ground offensives forced numerous rebel enclaves to surrender in the past two years It will not mean an end to their experience of war Syrian military and Russian air raids on Idlib have increased in the past week killing dozens of people Slideshow 2 Images Idlib is also unsettled by fighting between the rebel groups On Saturday an explosion at a headquarters for al Qaeda8217s former affiliate killed at least seven people and injured 25 others The Britainbased Observatory said there were also negotiations with the Jaish alIslam rebel group that controls Douma to release prisoners Russia will guarantee that civilians who remain in the areas recaptured by Assad will not be prosecuted rebels said on Friday However rights groups have said some men were forcibly conscripted after fleeing the fighting Wael Alwan spokesman for the Failaq alRahman group that was dominant in Zamalka Arbin Ein Terma and Jobar was quoted by alHadath television on Saturday as saying he did not trust Russia8217s guarantees A Russian military webcam at the alWafideen crossing point near Douma showed small groups of civilians continuing to flee the danger of further bombardment into government territory on Saturday carrying children and sacks of belongings Russia8217s military said on Saturday more than 105000 people had left eastern Ghouta including over 700 on Saturday Tens of thousands have fled their homes in the past week as the bombardment of Douma intensified and refugees from other parts of Ghouta found the basement bomb shelters already too full to take them Reporting by Angus McDowall Editing by Mark Heinrich and Dale Hudson Our Standards The Thomson Reuters Trust Principles VATICAN CITY Reuters It might be called Cappuccino Catholicism Casey Kretsch 20 from Minnesota a pilgrim attending the World Meeting of Families signs a poster drawing of Pope Francis by artist Mark Gaines in Philadelphia Pennsylvania September 23 2015 REUTERSMark Makela Young Catholics told their Church elders on Saturday that the faith should be spread in the places where they like to hang out such as coffee bars 8220We would like the Church to meet us in the various places in which she currently has little or no presence8221 reads part of a 12page document written by some 300 young Catholic delegates from around the world who met for a week at the Vatican 8220The Church should try to find creative new ways to encounter people where they are comfortable and where they naturally socialize bars coffee shops parks gyms stadiums and any other popular cultural centers8221 it said The delegates met in Rome to share their ideas and concerns with Vatican officials ahead of a synod or meeting of bishops in October on the theme of 8220Young People the Faith and Vocational Discernment8221 At a news conference presenting the paper which will feed into a larger working document to be used by the bishops participants said they wanted their Church to be more open and transparent and less severe The document called for a greater role for women in the Church which bars them from the priesthood FILE PHOTO Pope Francis uses a tablet to register for Panama 2019 World Youth Day during the Angelus prayer in Saint Peters Square at the Vatican Feb 11 2018 REUTERSMax RossiFile Photo 8220What are the places where women can flourish within the Church and society The Church can approach these problems with real discussion and openmindedness to different ideas and experiences8221 it said 8220If it is difficult for young people to feel a sense of belonging and leadership in the Church it is much more so for young women8221 the document said FILE PHOTO Pope Francis is greeted by youth as he arrives to lead his Wednesday General Audience in Saint Peters Square at the Vatican Feb 14 2018 REUTERSAlberto LingriaFile Photo They said they wanted to 8220encourage the Church to deepen its understanding of the role of women and to empower young women 8221 Earlier this month Catholic women led by former Irish president Mary McAleese demanded a greater decisionmaking role for women in the Church urging the pope to tear down its 8220walls of misogyny8221 The document said the 12 billionmember Church 8220oftentimes appears as too severe and is often associated with excessive moralism8221 It called for a Church that is 8220welcoming and merciful and which loves everyone even those who are not following the perceived standards8221 Reporting By Philip Pullella Editing by Andrew Bolton Our Standards The Thomson Reuters Trust Principles

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<p>TORONTO (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Tuesday after U.S. President Donald Trump said talks to renegotiate NAFTA were going well and as oil prices rose.</p> FILE PHOTO: A Canada Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo <p>At 4 p.m. (2100 GMT), the Canadian dollar <a href="/finance/currencies/quote?srcCurr=CAD&amp;amp;destCurr=USD" type="external">CAD=D4</a> was trading 0.1 percent higher at C$1.2426 to the greenback, or 80.48 U.S. cents.</p> <p>The currency traded in a range of C$1.2422 to C$1.2490.</p> <p>&#8220;Oil has returned as a driver, it has helped push USD-CAD lower in today&#8217;s session,&#8221; said Greg Anderson, global head of foreign exchange strategy in New York. &#8220;We also got a nice little move on the Trump headlines.&#8221;</p> <p>Trump previously threatened to withdraw from the North American Free Trade Agreement, which could hurt Canada&#8217;s economy. The country sends 75 percent of its goods exports to the United States.</p> <p>It has helped the Canadian dollar that Trump was not issuing more threats, Anderson said.</p> <p>The sixth and penultimate round of talks on renegotiating NAFTA among Canada, the United States and Mexico opened in Montreal on Tuesday. Trump, who has blamed NAFTA for the loss of U.S. jobs, told reporters the talks were going &#8220;pretty well.&#8221;</p> <p>Canada has responded to the lack of clarity over the future of the 1994 agreement by attempting to diversify its trade. Earlier on Tuesday, it and 10 other nations agreed to sign a reworked Asia-Pacific trade pact.</p> <p>The price of oil, one of Canada&#8217;s major exports, was lifted by healthy world economic growth prospects and production curbs by the Organization of the Petroleum Exporting Countries, Russia and their allies.</p> <p>U.S. crude CLc1 prices settled 1.4 percent higher at $64.47 a barrel.</p> <p>The U.S. dollar .DXY extended recent weakness against a basket of major currencies to hit a three-year low. Canadian government bond prices were mixed across the yield curve, with the two-year CA2YT=RR flat to yield 1.803 percent and the 10-year CA10YT=RR rising 5 Canadian cents to yield 2.233 percent.</p> <p>On Monday, the 10-year yield touched its highest intraday in more than three years at 2.249 percent.</p> <p>Canadian retail sales data for November is due on Thursday and the December inflation report is due on Friday.</p> <p>Reporting by Fergal Smith; Editing by Bernadette Baum and Peter Cooney</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. President Donald Trump made a surprising threat on Friday to veto Congress&#8217; newly passed $1.3 trillion spending bill, a move that raised the specter of a government shutdown ahead of a midnight deadline to renew funding for federal agencies.</p> <p>In a tweet on Friday morning Trump said he was displeased about immigration issues in the bill, even though the White House had given assurances on Thursday that he would sign it.</p> <p>At the White House on Friday, many aides were caught by surprise by the veto threat and had no immediate explanation for what prompted it. Trump was scheduled on Friday to fly to Florida for a weekend at his private resort.</p> <p>After passing the measure, lawmakers in the Senate and House of Representatives, which both are dominated by Trump&#8217;s fellow Republicans, left Washington for a scheduled two-week spring recess.</p> <p>A senior House aide said there were no plans to call lawmakers back for a special session, all but guaranteeing there would be a shutdown unless Trump backed down from his threat.</p> <p>&#8220;I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded,&#8221; Trump wrote.</p> <p>Neither Speaker Paul Ryan nor Senate Leader Mitch McConnell commented publicly on Trump&#8217;s tweet.</p> <p>&#8220;The government will only shut down if President Trump vetoes this bipartisan bill,&#8221; Democratic Senator Chris van Hollen said in an interview on MSNBC. &#8220;No one&#8217;s being fooled by the president&#8217;s claim.&#8221;</p> <p>The threat marks the third consecutive month of government funding snafus. In January, the government shut down for three days as lawmakers fought over immigration. In February, there was an hourslong shutdown when a Republican lawmaker delayed a funding bill to protest a hike in the U.S. deficit.</p> CAUGHT BY SURPRISE <p>White House spokeswoman Sarah Sanders was expected to face questions about the veto threat at a briefing scheduled for 1 p.m. EDT (1700 GMT).</p> <p>Trump has been frustrated that Congress has not turned over funding to make good on his campaign promise to build a wall along the U.S.-Mexico border. The bill includes $1.6 billion for six month&#8217;s of work on the project, although he had sought $25 billion for it.</p> The U.S. Capitol building is seen in Washington, U.S., February 8, 2018. REUTERS/ Leah Millis <p>Trump also has been at odds with Democrats in Congress over the fate of Dreamer immigrants - those brought to the United States illegally when they were children.</p> <p>In a hastily arranged news conference on Thursday, Trump&#8217;s budget director and top legislative aide had insisted he would sign the bill and tried to cast the budget as a downpayment on Trump&#8217;s wall pledge.</p> <p>&#8220;It does a lot of what we wanted - not everything we wanted - but a lot of what we wanted on immigration,&#8221; White House budget director Mick Mulvaney told reporters.</p> <p>As the six-month spending deal was coming together, there had been reports Trump had balked at the deal and had to be persuaded by Republican Speaker Paul Ryan to support it.</p> Slideshow (9 Images) <p>Only minutes before Trump&#8217;s threat, Ryan had tweeted: &#8220;Our men and women in uniform have earned a pay raise. That&#8217;s why yesterday, we voted to provide the biggest pay raise for our troops in 8 years.&#8221;</p> &#8216;SWAMP BUDGET&#8217; <p>Senator John Cornyn, the No. 2 Republican in the Senate, tweeted at Trump that the bill had &#8220;benefits&#8221; for &#8220;national security, border security, opioid crisis, infrastructure, school safety and fixing gun background check system&#8221; - all policies that Trump supports.</p> <p>But the Conservative wing of Trump&#8217;s party had panned the bill because of its spending increases. On Friday morning, Pete Hegseth, a Fox News host who Trump admires, said on the channel&#8217;s morning show that it was a &#8220;swamp budget&#8221; and a &#8220;Mitch McConnell special,&#8221; casting the budget as a win for Democrats.</p> Related Coverage <a href="/article/us-usa-fiscal-congress-factbox/factbox-what-is-in-the-1-3-trillion-spending-bill-before-the-congress-idUSKBN1GY3C9" type="external">Factbox: What is in the $1.3 trillion spending bill before the Congress</a> <p>Some deficit hawks cheered Trump&#8217;s threat to veto it.</p> <p>&#8220;Please do, Mr. President,&#8221; Republican Senator Bob Corker said on Twitter. &#8220;I am just down the street and will bring you a pen. The spending levels without any offsets are grotesque, throwing all of our children under the bus.&#8221;</p> <p>If Trump forces Congress to renegotiate a deal, he is likely to get one that is even less favorable on his priorities, said one Democratic aide.</p> <p>Democratic lawmakers said Trump created his own crisis by canceling the Deferred Action for Childhood Arrivals (DACA) program that gives work permits to certain young immigrants and protects them from deportation. The decision is currently tied up in court cases.</p> <p>&#8220;NOW you care about the Dreamers Mr. President?&#8221; Democratic Representative Jan Schakowsky said on Twitter. &#8220;Six months after throwing their lives into chaos? Is this a cruel joke?&#8221;</p> <p>Reporting by Richard Cowan and Steve Holland; additional reporting by Roberta Rampton, Amanda Becker, Susan Heavey and Patricia Zengerle; Editing by Bill Trott</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - Dropbox Inc&#8217;s shares soared around 40 percent in their market debut on Friday as investors rushed to buy into the biggest tech IPO in more than a year.</p> Dropbox co-founders Drew Houston and Arash Ferdowsi celebrate while ringing the opening bell. REUTERS/Lucas Jackson <p>The stock opened at $29 on the Nasdaq and shot up to as high as $31 in early trading. At the stock&#8217;s opening price, the company touched a market valuation of $12.67 billion, above the $10 billion valuation it had in its last private funding round.</p> <p>Dropbox&#8217;s debut marks an end to a long dry spell in the U.S. IPO market for big names in the technology sector. The last so-called tech unicorn to hit the market was Snapchat owner Snap Inc last March.</p> <p>The pop in price may bode well for music streaming service Spotify - valued at roughly $19 billion in the private market - that has also filed for a direct listing and will start trading on the New York Stock Exchange on April 3.</p> <p>&#8220;Dropbox is going public at the right time It has an attractive story to justify its need for financing and the market dynamics are good,&#8221; said Josh Lerner, professor of Investment Banking at Harvard Business School.</p> <p>&#8220;But at the same time the environment is also competitive&#8221;.</p> <p>The San Francisco-based company, which started as a free service to share and store photos, music and other large files, competes with much larger technology firms such as Alphabet Inc&#8217;s Google, Microsoft Corp and Amazon.com Inc. Its main rival is Box Inc.</p> <p>It has yet to turn a profit, but that&#8217;s common for startups that invest heavily in their growth. However, as a public company Dropbox will be under pressure to quickly trim its losses.</p> <p>The company reported revenue of $1.11 billion in 2017, up from $844.8 million a year earlier. Full-year net loss nearly halved from the $210.2 million in 2016.</p> <p>The IPO was priced at $21 apiece late on Thursday - $1 above the projected range of $18 to $20 on the back of strong demand.</p> <p>&#8220;We are excited to see that markets are receptive to a tech IPO,&#8221; said Michael Carvin, Chief Executive of personal finance technology firm SmartAsset.</p> <p>Reporting by Sweta Singh in Bengaluru; Additional reporting by Nikhil Subba; Editing by Dan Burns</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>BRUSSELS (Reuters) - European Union leaders called on U.S. President Donald Trump on Friday to make permanent an EU exemption from U.S. metal import duties, saying they reserved the right to respond &#8220;in a proportionate manner&#8221; to protect the bloc&#8217;s interests.</p> <p>The 40-day reprieve granted by Washington was like U.S. President Donald Trump pointing a gun at Europe, French President Emmanuel Macron said at a summit in Brussels.</p> <p>&#8220;We will talk about anything in principle with a country that respects WTO rules. We will not talk about anything when it is with a gun to our head,&#8221; he told a news conference.</p> <p>The EU&#8217;s trade chief demanded that the United States drop &#8220;artificial deadlines&#8221; and her boss, European Commission President Jean-Claude Juncker, said it was impossible to reach agreement by May 1.</p> <p>Trump said on Thursday he would suspend tariffs for the EU, the United States&#8217; biggest trading partner, as well as Argentina, Australia, Brazil, Canada, Mexico and South Korea. The tariffs are suspended until May 1 as discussions continue.</p> <p>EU heads of state and government said in a joint statement that the measures were regrettable, could not be justified on national security grounds which was the basis cited by Washington and the exemption should be permanent.</p> <p>&#8220;Sector-wide protection in the U.S. is an inappropriate remedy for the real problems of overcapacity,&#8221; they said.</p> <p>The leaders also said they supported steps taken by the European Commission to respond to the U.S. measures &#8220;as appropriate and in a proportionate manner&#8221;.</p> <p>Cecilia Malmstrom, the trade commissioner who negotiates on behalf of the 28 nations, said Europeans did not want to be penalized by actions prompted largely by accusations of Chinese dumping and said Washington and Brussels should be cooperating.</p> <p>She told Reuters it was still unclear what Trump wanted in return for granting a permanent waiver and said the EU could bring up a list of its own &#8220;trade irritants&#8221; if he insisted that EU car import duties be cut. [L8N1R55IY]</p> <p>Allies should not be subject to &#8220;artificial deadlines&#8221;, she said.</p> Slideshow (5 Images) TEMPORARY EXEMPTION <p>German industry, aware that Trump has warned he could raise duties on EU cars, welcomed the reprieve but said the threat of a trade war had not disappeared.</p> <p>&#8220;We still have the threat of escalating global trade conflict. And U.S. President Donald Trump will demand a price for the tariff exclusion,&#8221; Thilo Brodtman, head of Germany&#8217;s VDMA engineering federation said in a statement.</p> <a href="/finance/stocks/overview?symbol=HOG.N" type="external">Harley-Davidson Inc</a> 42.09 HOG.N New York Stock Exchange -0.04 (-0.09%) HOG.N <p>German Chancellor Angela Merkel said Europe was trying to avoid a trade war in which everyone would lose.</p> <p>European steelmakers group Eurofer said the danger to the EU market had not disappeared, with the exemption only temporary, and the EU needed its own quotas or tariffs to stop steel otherwise bound for the United States from flooding into Europe.</p> <p>Europe says it wants to avert a trade war but the European Commission has proposed a series of measures if the White House hits EU producers.</p> <p>It would launch a challenge at the World Trade Organization, consider measures to prevent a surge of metal imports into Europe and impose import duties on U.S. products to &#8220;rebalance&#8221; EU-U.S. trade. Malmstrom said the EU was keeping its options open.</p> <p>The counter-measures would include EU tariffs on U.S. orange juice, tobacco, bourbon and Harley-Davidson Inc ( <a href="/finance/stocks/overview?symbol=HOG.N" type="external">HOG.N</a>) motorbikes.</p> <p>Belgian Prime Minister Charles Michel underlined the irritation among some EU leaders at Trump&#8217;s negotiating tactics.</p> <p>&#8220;I have the impression that the U.S. leader wants to negotiate with the European Union by putting a gun to our head,&#8221; Michel said, in an expression that was later echoed by Macron.</p> Related Coverage <a href="/article/us-usa-trade-eu-malmstrom/still-unclear-what-trump-wants-from-europe-eu-trade-chief-says-idUSKBN1GZ2GZ" type="external">Still unclear what Trump wants from Europe, EU trade chief says</a> <a href="/article/us-usa-trade-eu-juncker/deadline-for-u-s-tariff-exemption-talks-not-realistic-eus-juncker-idUSKBN1GZ23A" type="external">Deadline for U.S. tariff exemption talks not realistic - EU's Juncker</a> <a href="/article/us-usa-trade-eu-statement/eu-demands-permanent-exemption-from-u-s-steel-tariffs-idUSKBN1GZ197" type="external">EU demands permanent exemption from U.S. steel tariffs</a> <p>&#8220;That&#8217;s a strange way to negotiate with an ally.&#8221;</p> <p>Additional reporting by Georgina Prodhan in Frankfurt and Paul Carrel in Berlin; Writing by Richard Lough; Editing by Noah Barkin and Edmund Blair</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON/BEIJING (Reuters) - A U.S. Navy destroyer carried out a &#8220;freedom of navigation&#8221; operation on Friday, coming within 12 nautical miles of an artificial island built by China in the South China Sea, U.S. officials told Reuters.</p> <p>The operation, which infuriated Beijing, was the latest attempt to counter what Washington sees as China&#8217;s efforts to limit freedom of navigation in the strategic waters.</p> <p>The officials, speaking on condition of anonymity, said the destroyer Mustin traveled close to Mischief Reef in the Spratly Islands and carried out maneuvering operations. China has territorial disputes with its neighbors over the area.</p> <p>Twelve nautical miles is an internationally recognized territorial limit.</p> <p>The United States has criticized China&#8217;s construction of islands and buildup of military facilities in the area, and is concerned they could be used to restrict free nautical movement.</p> <p>The latest operation, the first since January, occurred just a day after U.S. President Donald Trump lit a slow-burning fuse by signing a presidential memorandum that will target up to $60 billion in Chinese goods with tariffs, following a 30-day consultation period that starts once a list is published.</p> <p>When asked about the operation, the U.S. military said its activities are carried out under international law and American forces operate in the region on a daily bases.</p> <p>&#8220;We conduct routine and regular freedom of navigation operations, as we have done in the past and will continue to do in the future,&#8221; said Lieutenant Commander Nicole Schwegman, a spokeswoman for U.S. Pacific Fleet.</p> <p>China&#8217;s Defense Ministry said two Chinese naval ships had been sent to identify the U.S. ship and warn it to leave. It described the actions of the American ship as seriously harming China&#8217;s sovereignty and security, which threatens regional peace and stability.</p> <p>Such actions cause forces from both countries to come into close proximity and could easily cause a misjudgment or accident, and create serious political and military provocation for China, the ministry said.</p> <p>China has always dedicated itself to protecting freedom of navigation and overflight in the South China Sea, but opposes &#8220;illegal and provocative&#8221; moves in the name of freedom of navigation, it added.</p> FILE PHOTO: The warship USS Mustin sails near the port in Sihanoukville, 223 km (139 miles) west of Phnom Penh, October 11, 2008. REUTERS/Stringer <p>&#8220;The provocative behavior by the U.S. side will only cause the Chinese military to further strengthen building up defense abilities in all areas.&#8221;</p> <p>In January, another U.S. Navy destroyer sailed near Scarborough Shoal, a disputed lagoon claimed by China in the South China Sea.</p> &#8220;MANUFACTURING TENSIONS&#8221; <p>In a separate statement, China&#8217;s Foreign Ministry said the country would continue to take all necessary steps to protect its sovereignty and peace and stability in the South China Sea, where it said the situation was developing for the better with the hard work of China and Southeast Asian nations.</p> <p>The U.S. determination to &#8220;manufacture tensions&#8221; flies in the face of the wishes of countries in the region to seek cooperation and development and will not enjoy popular support, the foreign ministry said.</p> <p>The U.S. military has a longstanding position that its operations are carried out throughout the world, including in areas claimed by allies, and they are separate from political considerations.</p> <p>China&#8217;s claims in the South China Sea, through which about $5 trillion in ship-borne trade passes each year, are contested by Brunei, Malaysia, the Philippines, Taiwan and Vietnam.</p> <p>The U.S. military put countering China and Russia at the center of a new national defense strategy unveiled in January.</p> <p>China&#8217;s navy will carry out combat drills in the South China Sea, the military&#8217;s official newspaper said on Friday, calling the move part of regular annual exercises.</p> <p>Taiwan&#8217;s Defense Ministry said on Wednesday it had shadowed a Chinese aircraft carrier group traversing the Taiwan Strait in a southwesterly direction - meaning into the disputed South China Sea - in what Taiwan judged to be a drill.</p> <p>The United States has been pushing allies to carry out freedom of navigation operations as well.</p> <p>Britain last month said one of its warships would pass through the South China Sea to assert freedom-of-navigation rights.</p> <p>Reporting by Idrees Ali and Ben Blanchard; editing by Jonathan Oatis and Tom Brown</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Canadian dollar firms as Trump avoids NAFTA threats, oil rises Trump threatens to veto budget, raising risk of government shutdown Dropbox shares surge in biggest tech debut since Snap EU complains of Trump's 'gun to our head' over tariffs Exclusive: U.S. warship sails near disputed South China Sea island, officials say

https://reuters.com/article/us-canada-forex/canadian-dollar-firms-as-trump-avoids-nafta-threats-oil-rises-idUSKBN1FC31U

2018-01-23

2least

TORONTO Reuters The Canadian dollar edged higher against its US counterpart on Tuesday after US President Donald Trump said talks to renegotiate NAFTA were going well and as oil prices rose FILE PHOTO A Canada Dollar note is seen in this June 22 2017 illustration photo REUTERSThomas WhiteIllustrationFile Photo At 4 pm 2100 GMT the Canadian dollar CADD4 was trading 01 percent higher at C12426 to the greenback or 8048 US cents The currency traded in a range of C12422 to C12490 8220Oil has returned as a driver it has helped push USDCAD lower in today8217s session8221 said Greg Anderson global head of foreign exchange strategy in New York 8220We also got a nice little move on the Trump headlines8221 Trump previously threatened to withdraw from the North American Free Trade Agreement which could hurt Canada8217s economy The country sends 75 percent of its goods exports to the United States It has helped the Canadian dollar that Trump was not issuing more threats Anderson said The sixth and penultimate round of talks on renegotiating NAFTA among Canada the United States and Mexico opened in Montreal on Tuesday Trump who has blamed NAFTA for the loss of US jobs told reporters the talks were going 8220pretty well8221 Canada has responded to the lack of clarity over the future of the 1994 agreement by attempting to diversify its trade Earlier on Tuesday it and 10 other nations agreed to sign a reworked AsiaPacific trade pact The price of oil one of Canada8217s major exports was lifted by healthy world economic growth prospects and production curbs by the Organization of the Petroleum Exporting Countries Russia and their allies US crude CLc1 prices settled 14 percent higher at 6447 a barrel The US dollar DXY extended recent weakness against a basket of major currencies to hit a threeyear low Canadian government bond prices were mixed across the yield curve with the twoyear CA2YTRR flat to yield 1803 percent and the 10year CA10YTRR rising 5 Canadian cents to yield 2233 percent On Monday the 10year yield touched its highest intraday in more than three years at 2249 percent Canadian retail sales data for November is due on Thursday and the December inflation report is due on Friday Reporting by Fergal Smith Editing by Bernadette Baum and Peter Cooney Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US President Donald Trump made a surprising threat on Friday to veto Congress8217 newly passed 13 trillion spending bill a move that raised the specter of a government shutdown ahead of a midnight deadline to renew funding for federal agencies In a tweet on Friday morning Trump said he was displeased about immigration issues in the bill even though the White House had given assurances on Thursday that he would sign it At the White House on Friday many aides were caught by surprise by the veto threat and had no immediate explanation for what prompted it Trump was scheduled on Friday to fly to Florida for a weekend at his private resort After passing the measure lawmakers in the Senate and House of Representatives which both are dominated by Trump8217s fellow Republicans left Washington for a scheduled twoweek spring recess A senior House aide said there were no plans to call lawmakers back for a special session all but guaranteeing there would be a shutdown unless Trump backed down from his threat 8220I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800000 plus DACA recipients have been totally abandoned by the Democrats not even mentioned in Bill and the BORDER WALL which is desperately needed for our National Defense is not fully funded8221 Trump wrote Neither Speaker Paul Ryan nor Senate Leader Mitch McConnell commented publicly on Trump8217s tweet 8220The government will only shut down if President Trump vetoes this bipartisan bill8221 Democratic Senator Chris van Hollen said in an interview on MSNBC 8220No one8217s being fooled by the president8217s claim8221 The threat marks the third consecutive month of government funding snafus In January the government shut down for three days as lawmakers fought over immigration In February there was an hourslong shutdown when a Republican lawmaker delayed a funding bill to protest a hike in the US deficit CAUGHT BY SURPRISE White House spokeswoman Sarah Sanders was expected to face questions about the veto threat at a briefing scheduled for 1 pm EDT 1700 GMT Trump has been frustrated that Congress has not turned over funding to make good on his campaign promise to build a wall along the USMexico border The bill includes 16 billion for six month8217s of work on the project although he had sought 25 billion for it The US Capitol building is seen in Washington US February 8 2018 REUTERS Leah Millis Trump also has been at odds with Democrats in Congress over the fate of Dreamer immigrants those brought to the United States illegally when they were children In a hastily arranged news conference on Thursday Trump8217s budget director and top legislative aide had insisted he would sign the bill and tried to cast the budget as a downpayment on Trump8217s wall pledge 8220It does a lot of what we wanted not everything we wanted but a lot of what we wanted on immigration8221 White House budget director Mick Mulvaney told reporters As the sixmonth spending deal was coming together there had been reports Trump had balked at the deal and had to be persuaded by Republican Speaker Paul Ryan to support it Slideshow 9 Images Only minutes before Trump8217s threat Ryan had tweeted 8220Our men and women in uniform have earned a pay raise That8217s why yesterday we voted to provide the biggest pay raise for our troops in 8 years8221 8216SWAMP BUDGET8217 Senator John Cornyn the No 2 Republican in the Senate tweeted at Trump that the bill had 8220benefits8221 for 8220national security border security opioid crisis infrastructure school safety and fixing gun background check system8221 all policies that Trump supports But the Conservative wing of Trump8217s party had panned the bill because of its spending increases On Friday morning Pete Hegseth a Fox News host who Trump admires said on the channel8217s morning show that it was a 8220swamp budget8221 and a 8220Mitch McConnell special8221 casting the budget as a win for Democrats Related Coverage Factbox What is in the 13 trillion spending bill before the Congress Some deficit hawks cheered Trump8217s threat to veto it 8220Please do Mr President8221 Republican Senator Bob Corker said on Twitter 8220I am just down the street and will bring you a pen The spending levels without any offsets are grotesque throwing all of our children under the bus8221 If Trump forces Congress to renegotiate a deal he is likely to get one that is even less favorable on his priorities said one Democratic aide Democratic lawmakers said Trump created his own crisis by canceling the Deferred Action for Childhood Arrivals DACA program that gives work permits to certain young immigrants and protects them from deportation The decision is currently tied up in court cases 8220NOW you care about the Dreamers Mr President8221 Democratic Representative Jan Schakowsky said on Twitter 8220Six months after throwing their lives into chaos Is this a cruel joke8221 Reporting by Richard Cowan and Steve Holland additional reporting by Roberta Rampton Amanda Becker Susan Heavey and Patricia Zengerle Editing by Bill Trott Our Standards The Thomson Reuters Trust Principles Reuters Dropbox Inc8217s shares soared around 40 percent in their market debut on Friday as investors rushed to buy into the biggest tech IPO in more than a year Dropbox cofounders Drew Houston and Arash Ferdowsi celebrate while ringing the opening bell REUTERSLucas Jackson The stock opened at 29 on the Nasdaq and shot up to as high as 31 in early trading At the stock8217s opening price the company touched a market valuation of 1267 billion above the 10 billion valuation it had in its last private funding round Dropbox8217s debut marks an end to a long dry spell in the US IPO market for big names in the technology sector The last socalled tech unicorn to hit the market was Snapchat owner Snap Inc last March The pop in price may bode well for music streaming service Spotify valued at roughly 19 billion in the private market that has also filed for a direct listing and will start trading on the New York Stock Exchange on April 3 8220Dropbox is going public at the right time It has an attractive story to justify its need for financing and the market dynamics are good8221 said Josh Lerner professor of Investment Banking at Harvard Business School 8220But at the same time the environment is also competitive8221 The San Franciscobased company which started as a free service to share and store photos music and other large files competes with much larger technology firms such as Alphabet Inc8217s Google Microsoft Corp and Amazoncom Inc Its main rival is Box Inc It has yet to turn a profit but that8217s common for startups that invest heavily in their growth However as a public company Dropbox will be under pressure to quickly trim its losses The company reported revenue of 111 billion in 2017 up from 8448 million a year earlier Fullyear net loss nearly halved from the 2102 million in 2016 The IPO was priced at 21 apiece late on Thursday 1 above the projected range of 18 to 20 on the back of strong demand 8220We are excited to see that markets are receptive to a tech IPO8221 said Michael Carvin Chief Executive of personal finance technology firm SmartAsset Reporting by Sweta Singh in Bengaluru Additional reporting by Nikhil Subba Editing by Dan Burns Our Standards The Thomson Reuters Trust Principles BRUSSELS Reuters European Union leaders called on US President Donald Trump on Friday to make permanent an EU exemption from US metal import duties saying they reserved the right to respond 8220in a proportionate manner8221 to protect the bloc8217s interests The 40day reprieve granted by Washington was like US President Donald Trump pointing a gun at Europe French President Emmanuel Macron said at a summit in Brussels 8220We will talk about anything in principle with a country that respects WTO rules We will not talk about anything when it is with a gun to our head8221 he told a news conference The EU8217s trade chief demanded that the United States drop 8220artificial deadlines8221 and her boss European Commission President JeanClaude Juncker said it was impossible to reach agreement by May 1 Trump said on Thursday he would suspend tariffs for the EU the United States8217 biggest trading partner as well as Argentina Australia Brazil Canada Mexico and South Korea The tariffs are suspended until May 1 as discussions continue EU heads of state and government said in a joint statement that the measures were regrettable could not be justified on national security grounds which was the basis cited by Washington and the exemption should be permanent 8220Sectorwide protection in the US is an inappropriate remedy for the real problems of overcapacity8221 they said The leaders also said they supported steps taken by the European Commission to respond to the US measures 8220as appropriate and in a proportionate manner8221 Cecilia Malmstrom the trade commissioner who negotiates on behalf of the 28 nations said Europeans did not want to be penalized by actions prompted largely by accusations of Chinese dumping and said Washington and Brussels should be cooperating She told Reuters it was still unclear what Trump wanted in return for granting a permanent waiver and said the EU could bring up a list of its own 8220trade irritants8221 if he insisted that EU car import duties be cut L8N1R55IY Allies should not be subject to 8220artificial deadlines8221 she said Slideshow 5 Images TEMPORARY EXEMPTION German industry aware that Trump has warned he could raise duties on EU cars welcomed the reprieve but said the threat of a trade war had not disappeared 8220We still have the threat of escalating global trade conflict And US President Donald Trump will demand a price for the tariff exclusion8221 Thilo Brodtman head of Germany8217s VDMA engineering federation said in a statement HarleyDavidson Inc 4209 HOGN New York Stock Exchange 004 009 HOGN German Chancellor Angela Merkel said Europe was trying to avoid a trade war in which everyone would lose European steelmakers group Eurofer said the danger to the EU market had not disappeared with the exemption only temporary and the EU needed its own quotas or tariffs to stop steel otherwise bound for the United States from flooding into Europe Europe says it wants to avert a trade war but the European Commission has proposed a series of measures if the White House hits EU producers It would launch a challenge at the World Trade Organization consider measures to prevent a surge of metal imports into Europe and impose import duties on US products to 8220rebalance8221 EUUS trade Malmstrom said the EU was keeping its options open The countermeasures would include EU tariffs on US orange juice tobacco bourbon and HarleyDavidson Inc HOGN motorbikes Belgian Prime Minister Charles Michel underlined the irritation among some EU leaders at Trump8217s negotiating tactics 8220I have the impression that the US leader wants to negotiate with the European Union by putting a gun to our head8221 Michel said in an expression that was later echoed by Macron Related Coverage Still unclear what Trump wants from Europe EU trade chief says Deadline for US tariff exemption talks not realistic EUs Juncker EU demands permanent exemption from US steel tariffs 8220That8217s a strange way to negotiate with an ally8221 Additional reporting by Georgina Prodhan in Frankfurt and Paul Carrel in Berlin Writing by Richard Lough Editing by Noah Barkin and Edmund Blair Our Standards The Thomson Reuters Trust Principles WASHINGTONBEIJING Reuters A US Navy destroyer carried out a 8220freedom of navigation8221 operation on Friday coming within 12 nautical miles of an artificial island built by China in the South China Sea US officials told Reuters The operation which infuriated Beijing was the latest attempt to counter what Washington sees as China8217s efforts to limit freedom of navigation in the strategic waters The officials speaking on condition of anonymity said the destroyer Mustin traveled close to Mischief Reef in the Spratly Islands and carried out maneuvering operations China has territorial disputes with its neighbors over the area Twelve nautical miles is an internationally recognized territorial limit The United States has criticized China8217s construction of islands and buildup of military facilities in the area and is concerned they could be used to restrict free nautical movement The latest operation the first since January occurred just a day after US President Donald Trump lit a slowburning fuse by signing a presidential memorandum that will target up to 60 billion in Chinese goods with tariffs following a 30day consultation period that starts once a list is published When asked about the operation the US military said its activities are carried out under international law and American forces operate in the region on a daily bases 8220We conduct routine and regular freedom of navigation operations as we have done in the past and will continue to do in the future8221 said Lieutenant Commander Nicole Schwegman a spokeswoman for US Pacific Fleet China8217s Defense Ministry said two Chinese naval ships had been sent to identify the US ship and warn it to leave It described the actions of the American ship as seriously harming China8217s sovereignty and security which threatens regional peace and stability Such actions cause forces from both countries to come into close proximity and could easily cause a misjudgment or accident and create serious political and military provocation for China the ministry said China has always dedicated itself to protecting freedom of navigation and overflight in the South China Sea but opposes 8220illegal and provocative8221 moves in the name of freedom of navigation it added FILE PHOTO The warship USS Mustin sails near the port in Sihanoukville 223 km 139 miles west of Phnom Penh October 11 2008 REUTERSStringer 8220The provocative behavior by the US side will only cause the Chinese military to further strengthen building up defense abilities in all areas8221 In January another US Navy destroyer sailed near Scarborough Shoal a disputed lagoon claimed by China in the South China Sea 8220MANUFACTURING TENSIONS8221 In a separate statement China8217s Foreign Ministry said the country would continue to take all necessary steps to protect its sovereignty and peace and stability in the South China Sea where it said the situation was developing for the better with the hard work of China and Southeast Asian nations The US determination to 8220manufacture tensions8221 flies in the face of the wishes of countries in the region to seek cooperation and development and will not enjoy popular support the foreign ministry said The US military has a longstanding position that its operations are carried out throughout the world including in areas claimed by allies and they are separate from political considerations China8217s claims in the South China Sea through which about 5 trillion in shipborne trade passes each year are contested by Brunei Malaysia the Philippines Taiwan and Vietnam The US military put countering China and Russia at the center of a new national defense strategy unveiled in January China8217s navy will carry out combat drills in the South China Sea the military8217s official newspaper said on Friday calling the move part of regular annual exercises Taiwan8217s Defense Ministry said on Wednesday it had shadowed a Chinese aircraft carrier group traversing the Taiwan Strait in a southwesterly direction meaning into the disputed South China Sea in what Taiwan judged to be a drill The United States has been pushing allies to carry out freedom of navigation operations as well Britain last month said one of its warships would pass through the South China Sea to assert freedomofnavigation rights Reporting by Idrees Ali and Ben Blanchard editing by Jonathan Oatis and Tom Brown Our Standards The Thomson Reuters Trust Principles

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<p>CHICAGO (Reuters) - Illinois incurred $1.03 billion in late bill payment penalties last year largely as a result of the state&#8217;s unprecedented two-year budget impasse, the state comptroller reported on Monday.</p> <p>The first monthly debt transparency report by Democratic Comptroller Susana Mendoza found Illinois ended 2017 with $9.246 billion in unpaid bills from vendors, service providers and others. This also included invoices held by state agencies and bills totaling $2.3 billion that still lack legislative appropriation.</p> <p>The fuller picture of Illinois&#8217; chronic inability to pay its bills promptly was made possible by a new law that took effect on Jan. 1. The law requires monthly instead of annual reports from state agencies to the comptroller, whose office pays Illinois&#8217; bills.</p> <p>&#8220;Now we can all see a clearer picture of what Illinois owes to small businesses, universities, community colleges, social service providers and others,&#8221; Mendoza said in a statement. &#8220;The Debt Transparency Report takes the politics out of the numbers to provide meaningful data.&#8221;</p> <p>An impasse between Illinois&#8217; Republican Governor Bruce Rauner and Democrats who control the legislature left the state without complete budgets for two straight years. That situation ended in July when lawmakers enacted a fiscal 2018 spending plan and income tax rate increase that overruled Rauner&#8217;s vetoes.</p> <p>The budget&#8217;s enactment stopped Illinois&#8217; credit ratings, which are the lowest among the 50 states, from slipping into junk.</p> <p>Despite the budget stalemate, Illinois continued to operate on spending mandated by state law or by court orders, ballooning the unpaid bill backlog to a record high $16.675 billion.</p> <p>With the state accruing late bill payment penalties of as much as 12 percent annually, Illinois sold $6 billion of general obligation bonds in October to help pay down the backlog.</p> <p>The spread for Illinois&#8217; 10-year bonds over the municipal market&#8217;s benchmark triple-A yield scale widened to as much as 335 basis points last June. The spread, which subsequently narrowed to 177 basis points at year end, stood at 185 basis points on Friday.</p> <p>The bond proceeds, along with $2.2 billion in federal matching funds, helped deflate the backlog to $8.835 billion, according to the comptroller&#8217;s office.</p> <p>Mendoza called on Rauner, who is scheduled to unveil his fiscal 2019 budget next month, &#8220;to present taxpayers with a detailed proposal for paying off the operating debt and interest penalties his administration ran up.&#8221;</p> <p>The comptroller said the state needs to deal with $2.3 billion of incurred liabilities that cannot be paid without enacted appropriations.</p> <p>Under a program launched by Rauner in 2015, outside private lenders were allowed to purchase certain overdue state bills from vendors and service providers in exchange for the late payment penalties owed by the state.</p> <p>Reporting by Karen Pierog; Editing by Daniel Bases and Matthew Lewis</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>(Reuters) - A fatal crash and vehicle fire of a Tesla Inc Model X near Mountain View, California, last week has prompted a federal field investigation, the U.S. National Transportation Safety Board said on Tuesday, sparking a big selloff in Tesla stock.</p> <p>Tesla tumbled 8.2 percent, or $25 a share, to close at $279.18, the lowest close in almost a year, after news of the investigation.</p> <p>Late on Tuesday, Moody&#8217;s Investors Service downgraded Tesla&#8217;s credit rating to B3 from B2. Moody&#8217;s said the ratings &#8220;reflect the significant shortfall in the production rate of the company&#8217;s Model 3 electric vehicle.&#8221; It also &#8220;faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds.&#8221;</p> <p>Tesla shares fell another 2.6 percent in after-hours trading.</p> <p>Tesla has $230 million in convertible bonds maturing in November 2018 and $920 million in March 2019.</p> <p>Moody&#8217;s said its negative outlook for Tesla &#8220;reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity shortfall.&#8221;</p> <p>Moody&#8217;s said Tesla is targeting weekly production of 2,500 Model 3 vehicles by the end of March, and 5,000 per week by the end of June, down from the company&#8217;s year-earlier production expectations of 5,000 per week by the end of 2017 and 10,000 by the end of 2018. Tesla plans to provide an update on Model 3 production next week.</p> <p>Shares of chipmaker Nvidia Corp, which supplies Uber Technologies Inc [UBER.UL], Tesla, Volkswagen AG ( <a href="/finance/stocks/overview?symbol=VOWG_p.DE" type="external">VOWG_p.DE</a>) and other automakers, closed down 7.8 percent after it disclosed it suspended self-driving tests across the globe.</p> QUESTIONS ABOUT ACCIDENT <p>In last week&#8217;s accident, it was unclear if Tesla&#8217;s automated control system was driving the car. The accident involved two other cars, the NTSB and police said. Tesla vehicles have a system called Autopilot that handles some driving tasks. The 38-year-old Tesla driver died at a nearby hospital shortly after the crash.</p> <p>Late Tuesday, Tesla said in a blog post it does &#8220;not yet know what happened in the moments leading up to the crash,&#8221; but added data shows that Tesla owners have driven the same stretch of highway with Autopilot engaged &#8220;roughly 85,000 times... and there has never been an accident that we know of.&#8221;</p> <p>The company said it is working with authorities to recover the logs from the computer inside the vehicle to try to gain a better understanding of what happened. The company statement did not address if the crashed vehicle was in Autopilot mode.</p> <p>&#8220;We have been deeply saddened by this accident, and we have offered our full cooperation to the authorities as we work to establish the facts of the incident,&#8221; Tesla said in a statement earlier.</p> <p>Government scrutiny of the Palo Alto, California company is mounting. This is the second NTSB field investigation into a Tesla crash since January.</p> <p>The California Highway Patrol said the electric-powered Tesla Model X crashed into a freeway divider on Friday and then was hit by a Mazda before colliding with an Audi.</p> <p>The Tesla&#8217;s lithium batteries caught fire, and emergency officials consulted company engineers before determining how to extinguish the battery fire and move the vehicle safely. NTSB said the issues being examined include the post-crash fire and removing the vehicle from the scene.</p> Slideshow (5 Images) <p>The Tesla blog post said Tesla battery packs are designed to ensure that a battery spreads slowly in the rare circumstance it catches fire.</p> <p>In January, the NTSB and U.S. National Highway Traffic Safety Administration sent investigators to California to investigate the crash of a fire truck and a Tesla that apparently was traveling in semi-autonomous mode. The agencies have not disclosed any findings.</p> <p>The NTSB can make safety recommendations but only NHTSA can order automakers to recall unsafe vehicles or fine automakers if they fail to remedy safety defects in a timely fashion. Before the agency can demand a recall, it must open a formal investigation, a step it has not yet taken.</p> <p>Tesla&#8217;s Autopilot allows drivers under certain conditions to take their hands off the wheel for extended periods. Still, Tesla requires users to agree to keep their hands on the wheel &#8220;at all times&#8221; before they can use Autopilot.</p> <p>The NTSB faulted Tesla in a prior fatal Autopilot crash.</p> <p>In September, NTSB Chairman Robert Sumwalt said operational limitations in the Tesla Model S played a major role in a May 2016 crash in Florida that killed a driver using Autopilot. That crash raised questions about the safety of systems that can perform driving tasks for long stretches but cannot completely replace human drivers.</p> <a href="/finance/stocks/overview?symbol=VOWG_p.DE" type="external">Volkswagen AG</a> 161.38 VOWG_p.DE Xetra +6.38 (+4.12%) VOWG_p.DE <p>Tesla in September 2016 unveiled improvements to Autopilot, adding new limits on hands-off driving.</p> <p>Reporting by David Shepardson; editing by Lisa Shumaker, David Gregorio and Cynthia Osterman</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - The internal watchdog at the U.S. Justice Department said on Wednesday he is launching a review into allegations by Republican lawmakers that the FBI made serious missteps when it sought a warrant to monitor a former adviser to President Donald Trump&#8217;s 2016 election campaign.</p> Justice Department Inspector General Michael Horowitz testifies during a Judiciary Committee hearing into alleged Russian meddling in the 2016 election on Capitol Hill in Washington, U.S., July 26, 2017. REUTERS/Aaron P. Bernstein <p>Michael Horowitz, the department&#8217;s inspector general, said in a statement his review will examine whether the Federal Bureau of Investigation and the Justice Department followed proper procedures when they applied for a warrant with the Foreign Intelligence Surveillance Court to secretly conduct surveillance on Carter Page and his ties to Russia.</p> <p>Attorney General Jeff Sessions told reporters last month he planned to ask Horowitz to investigate the alleged surveillance abuses.</p> <p>The allegations were outlined in a memo commissioned by U.S. House Intelligence Committee Chairman Devin Nunes and declassified for public release by Trump, over the objections of Justice Department officials and Democrats on the panel.</p> <p>The Republican memo claims that the FBI used in part a dossier compiled by former British intelligence officer Christopher Steele to justify the warrant, and failed to disclose to the court that Steele was employed by a firm funded by Democrats to do opposition research on Trump&#8217;s business dealings.</p> <p>The FBI staunchly opposed the public release of the memo at the time, saying there were &#8220;material omissions of fact.&#8221;</p> <p>Democrats on the House Intelligence Committee have since released their own memo, accusing Republicans of deliberately omitting facts in an effort to undermine Special Counsel Robert Mueller&#8217;s investigation into whether Trump&#8217;s campaign colluded with Russia.</p> <p>The Democrats concluded that the Justice Department did not engage in misconduct when applying for the warrant.</p> <p>House Judiciary Committee Ranking Democrat Jerrold Nadler said it is a &#8220;shame&#8221; that Horowitz must devote resources to probe a &#8220;conspiracy theory.&#8221;</p> <p>Trump lambasted Sessions in late February for referring the Republican memo to Horowitz for investigation. The president wrote in a tweet: &#8220;Why is A.G. Sessions asking the Inspector General to investigate massive FISA abuse? Will take forever, has no prosecutorial power and already late with reports on Comey, etc.&#8221;</p> <p>Trump&#8217;s tweet mischaracterized the role inspector generals play in investigating alleged misconduct inside federal agencies, and it prompted Sessions to issue a sharp rebuttal defending his decision.</p> <p>Horowitz was sworn into his post in 2012 during the Obama administration, and previously served on the U.S. Sentencing Commission under Republican President George W. Bush.</p> <p>A still non-public report by Horowitz accusing former FBI Deputy Director Andrew McCabe of lack of candor was used recently as the basis for Sessions to fire McCabe on March 16, less than two days before he was set to retire.</p> <p>Despite Trump&#8217;s prior concerns with letting Horowitz investigate the alleged surveillance abuses outlined by Republicans, the president cheered the decision to terminate McCabe, calling it on Twitter a &#8220;great day for Democracy.&#8221;</p> <p>Reporting by Sarah N. Lynch; editing by James Dalgleish and David Gregorio</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>WASHINGTON (Reuters) - U.S. President Donald Trump accused Amazon.com Inc ( <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">AMZN.O</a>) on Thursday of not paying enough tax, taking advantage of the U.S. postal system and putting small retailers out of business, but did not present any evidence to back up his criticisms or suggest any specific actions he planned to take.</p> <p>Trump has attacked Amazon and its Chief Executive Jeff Bezos several times, and his latest comment on Twitter came a day after news website Axios reported that Trump was obsessed with the world&#8217;s largest online retailer and wanted to rein in its growing power with federal antitrust laws.</p> <p>&#8220;I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state &amp;amp; local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!&#8221; Trump tweeted early on Thursday.</p> <p>Amazon shares fell as much as 4.5 percent in morning trade, but later pared losses, down 1.3 percent at midday. The stock dropped 5 percent on Wednesday following the Axios report. Amazon declined to comment on the tweet.</p> Related Coverage <a href="/article/us-amazon-com-trump-whitehouse/trump-has-no-actions-against-amazon-white-house-idUSKBN1H52SZ" type="external">Trump 'has no actions' against Amazon: White House</a> <a href="/article/us-amazon-com-trump-lobbying/amazons-washington-influence-machine-built-to-withstand-trumps-attacks-idUSKBN1H52RF" type="external">Amazon's Washington influence machine built to withstand Trump's attacks</a> <p>It was not clear what Trump&#8217;s comments were based on.</p> <p>Amazon has in the past been criticized for attempting to skirt state sales taxes, but since April last year it has voluntarily collected state sales tax on items it sells direct to customers in all 45 states that have one. Amazon does not have to collect taxes on third-party or marketplace sellers.</p> <p>States and municipalities could gain between $8 billion and $13 billion in annual revenue if they could require online retailers to collect sales tax, according to the non-partisan Government Accountability Office.</p> <p>The issue is still being disputed at the federal level, with the U.S. Supreme Court set to hear oral arguments on April 17 in a case which could reverse a 1992 decision and let states require online retailers to collect state sales tax.</p> <p>Washington and Pennsylvania recently enacted laws requiring collection of third-party merchants&#8217; sales taxes, and other states are expected to follow.</p> POST DISPUTE <p>Trump&#8217;s charge that Amazon causes the United States Postal Service (USPS) to lose money is unsubstantiated.</p> <p>Details of Amazon&#8217;s payments to USPS, which delivers its packages to millions of U.S. consumers and businesses, are not publicly known. USPS declined to comment on Trump&#8217;s tweet.</p> <p>An independent agency of the U.S. federal government, USPS reported a net loss of $2.7 billion for fiscal 2017, largely due to increased costs of retirement benefits.</p> <p>Lucrative online retail delivery for Amazon and other online retailers is the fastest-growing part of USPS&#8217; business, helping offset a sharp decline in regular first-class mail. Its revenue from shipping and packages in fiscal 2017 was $19.5 billion, up 13 percent from the previous year.</p> Slideshow (2 Images) <p>&#8220;Common sense suggests USPS needs Amazon more than Amazon needs USPS,&#8221; Stifel analysts wrote in a research report this week.</p> PERSONAL VENDETTA? <p>Amazon founder Bezos also privately owns the Washington Post, which won a Pulitzer Prize last year for its investigation of Trump&#8217;s donations to charities. The probe found that many of Trump&#8217;s philanthropic claims were exaggerated and often were not charitable donations. Trump often refers to the paper on Twitter as the #AmazonWashingtonPost.</p> <p>White House Deputy Press Secretary Raj Shah denied on Thursday that Trump&#8217;s criticism was a personal grudge.</p> <a href="/finance/stocks/overview?symbol=AMZN.O" type="external">Amazon.com Inc</a> 1450.495 AMZN.O Nasdaq +19.08 (+1.33%) AMZN.O <p>&#8220;A lot of people have made this, with respect to Amazon, about personalities and the CEO at Amazon - we&#8217;re talking about Jeff Bezos here,&#8221; he said on Thursday on the Fox News channel. &#8220;It&#8217;s really about policy.&#8221;</p> <p>Shah said Trump was not making specific policy changes.</p> <p>&#8220;There are a number of proposals that have worked their ways through the House and the Senate or have been considered by the House and the Senate. He&#8217;d be supportive of such efforts,&#8221; he said.</p> <p>Additional reporting by Damon Darlin in Washington and Sonam Rai in Bengaluru; Editing by Mary Milliken and Bill Rigby</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a> <p>NEW YORK (Reuters) - A U.S. judge on Wednesday rejected Saudi Arabia&#8217;s bid to dismiss lawsuits claiming that it helped plan the Sept. 11, 2001, attacks and should pay billions of dollars in damages to victims.</p> People watch the Tribute in Light installation illuminated over lower Manhattan as seen from Brooklyn, marking the 16th anniversary of the 9/11 attacks in New York City, U.S., September 11, 2017. REUTERS/Brendan McDermid <p>U.S. District Judge George Daniels in Manhattan said the plaintiffs&#8217; allegations &#8220;narrowly articulate a reasonable basis&#8221; for him to assert jurisdiction over Saudi Arabia under the Justice Against Sponsors of Terrorism Act (JASTA), a 2016 federal law.</p> <p>The Saudi government has long denied involvement in the attacks in which hijacked airplanes crashed into New York&#8217;s World Trade Center, the Pentagon outside Washington, D.C., and a Pennsylvania field. Nearly 3,000 people died.</p> <p>Lawyers for Saudi Arabia did not immediately respond to requests for comment on the decision. At a Saudi stock market event in New York, asked whether the court decision would have a negative impact on Saudi investment in the United States, Capital Market Authority Chairman Mohammed A. ElKuwaiz declined to comment, saying he had not seen the news.</p> <p>Daniels&#8217; decision covers claims by the families of those killed, roughly 25,000 people who suffered injuries, and many businesses and insurers.</p> <p>The judge also dismissed claims that two Saudi banks, National Commercial Bank and Al Rajhi Bank, and Saudi Binladin Group, a construction company controlled by the bin Laden family, provided funds and financial services for the attacks, saying he lacked jurisdiction.</p> <p>Saudi Arabia had long had broad immunity from Sept. 11 lawsuits in the United States.</p> <p>That changed in September 2016, when the U.S. Congress overrode President Barack Obama&#8217;s veto of JASTA, allowing such cases to proceed.</p> <p>Obama had warned that the law could expose U.S. companies, troops and officials to lawsuits in other countries.</p> <p>Daniels said the plaintiffs could try to prove that Saudi Arabia was liable for the alleged activities of Fahad al Thumairy, an imam at the King Fahad Mosque in Culver City, California, and Omar al Bayoumi, said to be an intelligence officer.</p> <p>They were accused of helping two hijackers acclimate themselves to the United States, and begin preparing for the attacks.</p> <p>Saudi Arabia had argued that the plaintiffs could not show that any Saudi official, employee or agent planned or carried out the attacks.</p> <p>James Kreindler, a lawyer for many of the plaintiffs, said he was &#8220;delighted&#8221; the case can proceed.</p> <p>&#8220;We have been pressing to proceed with the case and conduct discovery from the Kingdom of Saudi Arabia, so that the full story can come to light, and expose the Saudi role in the 9/11 attacks,&#8221; he said in a phone interview.</p> <p>The judge also dismissed claims against the state-affiliated charity Saudi High Commission for Relief of Bosnia &amp;amp; Herzegovina, saying the plaintiffs&#8217; &#8220;guilt-by-association&#8221; claims did not overcome its presumption of immunity.</p> <p>The case is In re: Terrorist Attacks on September 11, 2001, U.S. District Court, Southern District of New York, No. 03-md-01570.</p> <p>Reporting by Jonathan Stempel in New York; Editing by Tom Brown and Grant McCool</p> Our Standards: <a href="" type="internal">The Thomson Reuters Trust Principles.</a>

Illinois budget impasse cost state $1 billion in late payment penalties U.S. opens probe into fatal Tesla crash, fire in California U.S. watchdog to probe Republican claims of FBI surveillance abuses Trump escalates attack on Amazon, focusing on tax, shipping Saudi Arabia must face U.S. lawsuits over Sept. 11 attacks

https://reuters.com/article/illinois-budget/illinois-budget-impasse-cost-state-1-bln-in-late-payment-penalties-idUSL2N1PH147

2018-01-22

2least

CHICAGO Reuters Illinois incurred 103 billion in late bill payment penalties last year largely as a result of the state8217s unprecedented twoyear budget impasse the state comptroller reported on Monday The first monthly debt transparency report by Democratic Comptroller Susana Mendoza found Illinois ended 2017 with 9246 billion in unpaid bills from vendors service providers and others This also included invoices held by state agencies and bills totaling 23 billion that still lack legislative appropriation The fuller picture of Illinois8217 chronic inability to pay its bills promptly was made possible by a new law that took effect on Jan 1 The law requires monthly instead of annual reports from state agencies to the comptroller whose office pays Illinois8217 bills 8220Now we can all see a clearer picture of what Illinois owes to small businesses universities community colleges social service providers and others8221 Mendoza said in a statement 8220The Debt Transparency Report takes the politics out of the numbers to provide meaningful data8221 An impasse between Illinois8217 Republican Governor Bruce Rauner and Democrats who control the legislature left the state without complete budgets for two straight years That situation ended in July when lawmakers enacted a fiscal 2018 spending plan and income tax rate increase that overruled Rauner8217s vetoes The budget8217s enactment stopped Illinois8217 credit ratings which are the lowest among the 50 states from slipping into junk Despite the budget stalemate Illinois continued to operate on spending mandated by state law or by court orders ballooning the unpaid bill backlog to a record high 16675 billion With the state accruing late bill payment penalties of as much as 12 percent annually Illinois sold 6 billion of general obligation bonds in October to help pay down the backlog The spread for Illinois8217 10year bonds over the municipal market8217s benchmark tripleA yield scale widened to as much as 335 basis points last June The spread which subsequently narrowed to 177 basis points at year end stood at 185 basis points on Friday The bond proceeds along with 22 billion in federal matching funds helped deflate the backlog to 8835 billion according to the comptroller8217s office Mendoza called on Rauner who is scheduled to unveil his fiscal 2019 budget next month 8220to present taxpayers with a detailed proposal for paying off the operating debt and interest penalties his administration ran up8221 The comptroller said the state needs to deal with 23 billion of incurred liabilities that cannot be paid without enacted appropriations Under a program launched by Rauner in 2015 outside private lenders were allowed to purchase certain overdue state bills from vendors and service providers in exchange for the late payment penalties owed by the state Reporting by Karen Pierog Editing by Daniel Bases and Matthew Lewis Our Standards The Thomson Reuters Trust Principles Reuters A fatal crash and vehicle fire of a Tesla Inc Model X near Mountain View California last week has prompted a federal field investigation the US National Transportation Safety Board said on Tuesday sparking a big selloff in Tesla stock Tesla tumbled 82 percent or 25 a share to close at 27918 the lowest close in almost a year after news of the investigation Late on Tuesday Moody8217s Investors Service downgraded Tesla8217s credit rating to B3 from B2 Moody8217s said the ratings 8220reflect the significant shortfall in the production rate of the company8217s Model 3 electric vehicle8221 It also 8220faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds8221 Tesla shares fell another 26 percent in afterhours trading Tesla has 230 million in convertible bonds maturing in November 2018 and 920 million in March 2019 Moody8217s said its negative outlook for Tesla 8220reflects the likelihood that Tesla will have to undertake a large nearterm capital raise in order to refund maturing obligations and avoid a liquidity shortfall8221 Moody8217s said Tesla is targeting weekly production of 2500 Model 3 vehicles by the end of March and 5000 per week by the end of June down from the company8217s yearearlier production expectations of 5000 per week by the end of 2017 and 10000 by the end of 2018 Tesla plans to provide an update on Model 3 production next week Shares of chipmaker Nvidia Corp which supplies Uber Technologies Inc UBERUL Tesla Volkswagen AG VOWG_pDE and other automakers closed down 78 percent after it disclosed it suspended selfdriving tests across the globe QUESTIONS ABOUT ACCIDENT In last week8217s accident it was unclear if Tesla8217s automated control system was driving the car The accident involved two other cars the NTSB and police said Tesla vehicles have a system called Autopilot that handles some driving tasks The 38yearold Tesla driver died at a nearby hospital shortly after the crash Late Tuesday Tesla said in a blog post it does 8220not yet know what happened in the moments leading up to the crash8221 but added data shows that Tesla owners have driven the same stretch of highway with Autopilot engaged 8220roughly 85000 times and there has never been an accident that we know of8221 The company said it is working with authorities to recover the logs from the computer inside the vehicle to try to gain a better understanding of what happened The company statement did not address if the crashed vehicle was in Autopilot mode 8220We have been deeply saddened by this accident and we have offered our full cooperation to the authorities as we work to establish the facts of the incident8221 Tesla said in a statement earlier Government scrutiny of the Palo Alto California company is mounting This is the second NTSB field investigation into a Tesla crash since January The California Highway Patrol said the electricpowered Tesla Model X crashed into a freeway divider on Friday and then was hit by a Mazda before colliding with an Audi The Tesla8217s lithium batteries caught fire and emergency officials consulted company engineers before determining how to extinguish the battery fire and move the vehicle safely NTSB said the issues being examined include the postcrash fire and removing the vehicle from the scene Slideshow 5 Images The Tesla blog post said Tesla battery packs are designed to ensure that a battery spreads slowly in the rare circumstance it catches fire In January the NTSB and US National Highway Traffic Safety Administration sent investigators to California to investigate the crash of a fire truck and a Tesla that apparently was traveling in semiautonomous mode The agencies have not disclosed any findings The NTSB can make safety recommendations but only NHTSA can order automakers to recall unsafe vehicles or fine automakers if they fail to remedy safety defects in a timely fashion Before the agency can demand a recall it must open a formal investigation a step it has not yet taken Tesla8217s Autopilot allows drivers under certain conditions to take their hands off the wheel for extended periods Still Tesla requires users to agree to keep their hands on the wheel 8220at all times8221 before they can use Autopilot The NTSB faulted Tesla in a prior fatal Autopilot crash In September NTSB Chairman Robert Sumwalt said operational limitations in the Tesla Model S played a major role in a May 2016 crash in Florida that killed a driver using Autopilot That crash raised questions about the safety of systems that can perform driving tasks for long stretches but cannot completely replace human drivers Volkswagen AG 16138 VOWG_pDE Xetra 638 412 VOWG_pDE Tesla in September 2016 unveiled improvements to Autopilot adding new limits on handsoff driving Reporting by David Shepardson editing by Lisa Shumaker David Gregorio and Cynthia Osterman Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters The internal watchdog at the US Justice Department said on Wednesday he is launching a review into allegations by Republican lawmakers that the FBI made serious missteps when it sought a warrant to monitor a former adviser to President Donald Trump8217s 2016 election campaign Justice Department Inspector General Michael Horowitz testifies during a Judiciary Committee hearing into alleged Russian meddling in the 2016 election on Capitol Hill in Washington US July 26 2017 REUTERSAaron P Bernstein Michael Horowitz the department8217s inspector general said in a statement his review will examine whether the Federal Bureau of Investigation and the Justice Department followed proper procedures when they applied for a warrant with the Foreign Intelligence Surveillance Court to secretly conduct surveillance on Carter Page and his ties to Russia Attorney General Jeff Sessions told reporters last month he planned to ask Horowitz to investigate the alleged surveillance abuses The allegations were outlined in a memo commissioned by US House Intelligence Committee Chairman Devin Nunes and declassified for public release by Trump over the objections of Justice Department officials and Democrats on the panel The Republican memo claims that the FBI used in part a dossier compiled by former British intelligence officer Christopher Steele to justify the warrant and failed to disclose to the court that Steele was employed by a firm funded by Democrats to do opposition research on Trump8217s business dealings The FBI staunchly opposed the public release of the memo at the time saying there were 8220material omissions of fact8221 Democrats on the House Intelligence Committee have since released their own memo accusing Republicans of deliberately omitting facts in an effort to undermine Special Counsel Robert Mueller8217s investigation into whether Trump8217s campaign colluded with Russia The Democrats concluded that the Justice Department did not engage in misconduct when applying for the warrant House Judiciary Committee Ranking Democrat Jerrold Nadler said it is a 8220shame8221 that Horowitz must devote resources to probe a 8220conspiracy theory8221 Trump lambasted Sessions in late February for referring the Republican memo to Horowitz for investigation The president wrote in a tweet 8220Why is AG Sessions asking the Inspector General to investigate massive FISA abuse Will take forever has no prosecutorial power and already late with reports on Comey etc8221 Trump8217s tweet mischaracterized the role inspector generals play in investigating alleged misconduct inside federal agencies and it prompted Sessions to issue a sharp rebuttal defending his decision Horowitz was sworn into his post in 2012 during the Obama administration and previously served on the US Sentencing Commission under Republican President George W Bush A still nonpublic report by Horowitz accusing former FBI Deputy Director Andrew McCabe of lack of candor was used recently as the basis for Sessions to fire McCabe on March 16 less than two days before he was set to retire Despite Trump8217s prior concerns with letting Horowitz investigate the alleged surveillance abuses outlined by Republicans the president cheered the decision to terminate McCabe calling it on Twitter a 8220great day for Democracy8221 Reporting by Sarah N Lynch editing by James Dalgleish and David Gregorio Our Standards The Thomson Reuters Trust Principles WASHINGTON Reuters US President Donald Trump accused Amazoncom Inc AMZNO on Thursday of not paying enough tax taking advantage of the US postal system and putting small retailers out of business but did not present any evidence to back up his criticisms or suggest any specific actions he planned to take Trump has attacked Amazon and its Chief Executive Jeff Bezos several times and his latest comment on Twitter came a day after news website Axios reported that Trump was obsessed with the world8217s largest online retailer and wanted to rein in its growing power with federal antitrust laws 8220I have stated my concerns with Amazon long before the Election Unlike others they pay little or no taxes to state ampamp local governments use our Postal System as their Delivery Boy causing tremendous loss to the US and are putting many thousands of retailers out of business8221 Trump tweeted early on Thursday Amazon shares fell as much as 45 percent in morning trade but later pared losses down 13 percent at midday The stock dropped 5 percent on Wednesday following the Axios report Amazon declined to comment on the tweet Related Coverage Trump has no actions against Amazon White House Amazons Washington influence machine built to withstand Trumps attacks It was not clear what Trump8217s comments were based on Amazon has in the past been criticized for attempting to skirt state sales taxes but since April last year it has voluntarily collected state sales tax on items it sells direct to customers in all 45 states that have one Amazon does not have to collect taxes on thirdparty or marketplace sellers States and municipalities could gain between 8 billion and 13 billion in annual revenue if they could require online retailers to collect sales tax according to the nonpartisan Government Accountability Office The issue is still being disputed at the federal level with the US Supreme Court set to hear oral arguments on April 17 in a case which could reverse a 1992 decision and let states require online retailers to collect state sales tax Washington and Pennsylvania recently enacted laws requiring collection of thirdparty merchants8217 sales taxes and other states are expected to follow POST DISPUTE Trump8217s charge that Amazon causes the United States Postal Service USPS to lose money is unsubstantiated Details of Amazon8217s payments to USPS which delivers its packages to millions of US consumers and businesses are not publicly known USPS declined to comment on Trump8217s tweet An independent agency of the US federal government USPS reported a net loss of 27 billion for fiscal 2017 largely due to increased costs of retirement benefits Lucrative online retail delivery for Amazon and other online retailers is the fastestgrowing part of USPS8217 business helping offset a sharp decline in regular firstclass mail Its revenue from shipping and packages in fiscal 2017 was 195 billion up 13 percent from the previous year Slideshow 2 Images 8220Common sense suggests USPS needs Amazon more than Amazon needs USPS8221 Stifel analysts wrote in a research report this week PERSONAL VENDETTA Amazon founder Bezos also privately owns the Washington Post which won a Pulitzer Prize last year for its investigation of Trump8217s donations to charities The probe found that many of Trump8217s philanthropic claims were exaggerated and often were not charitable donations Trump often refers to the paper on Twitter as the AmazonWashingtonPost White House Deputy Press Secretary Raj Shah denied on Thursday that Trump8217s criticism was a personal grudge Amazoncom Inc 1450495 AMZNO Nasdaq 1908 133 AMZNO 8220A lot of people have made this with respect to Amazon about personalities and the CEO at Amazon we8217re talking about Jeff Bezos here8221 he said on Thursday on the Fox News channel 8220It8217s really about policy8221 Shah said Trump was not making specific policy changes 8220There are a number of proposals that have worked their ways through the House and the Senate or have been considered by the House and the Senate He8217d be supportive of such efforts8221 he said Additional reporting by Damon Darlin in Washington and Sonam Rai in Bengaluru Editing by Mary Milliken and Bill Rigby Our Standards The Thomson Reuters Trust Principles NEW YORK Reuters A US judge on Wednesday rejected Saudi Arabia8217s bid to dismiss lawsuits claiming that it helped plan the Sept 11 2001 attacks and should pay billions of dollars in damages to victims People watch the Tribute in Light installation illuminated over lower Manhattan as seen from Brooklyn marking the 16th anniversary of the 911 attacks in New York City US September 11 2017 REUTERSBrendan McDermid US District Judge George Daniels in Manhattan said the plaintiffs8217 allegations 8220narrowly articulate a reasonable basis8221 for him to assert jurisdiction over Saudi Arabia under the Justice Against Sponsors of Terrorism Act JASTA a 2016 federal law The Saudi government has long denied involvement in the attacks in which hijacked airplanes crashed into New York8217s World Trade Center the Pentagon outside Washington DC and a Pennsylvania field Nearly 3000 people died Lawyers for Saudi Arabia did not immediately respond to requests for comment on the decision At a Saudi stock market event in New York asked whether the court decision would have a negative impact on Saudi investment in the United States Capital Market Authority Chairman Mohammed A ElKuwaiz declined to comment saying he had not seen the news Daniels8217 decision covers claims by the families of those killed roughly 25000 people who suffered injuries and many businesses and insurers The judge also dismissed claims that two Saudi banks National Commercial Bank and Al Rajhi Bank and Saudi Binladin Group a construction company controlled by the bin Laden family provided funds and financial services for the attacks saying he lacked jurisdiction Saudi Arabia had long had broad immunity from Sept 11 lawsuits in the United States That changed in September 2016 when the US Congress overrode President Barack Obama8217s veto of JASTA allowing such cases to proceed Obama had warned that the law could expose US companies troops and officials to lawsuits in other countries Daniels said the plaintiffs could try to prove that Saudi Arabia was liable for the alleged activities of Fahad al Thumairy an imam at the King Fahad Mosque in Culver City California and Omar al Bayoumi said to be an intelligence officer They were accused of helping two hijackers acclimate themselves to the United States and begin preparing for the attacks Saudi Arabia had argued that the plaintiffs could not show that any Saudi official employee or agent planned or carried out the attacks James Kreindler a lawyer for many of the plaintiffs said he was 8220delighted8221 the case can proceed 8220We have been pressing to proceed with the case and conduct discovery from the Kingdom of Saudi Arabia so that the full story can come to light and expose the Saudi role in the 911 attacks8221 he said in a phone interview The judge also dismissed claims against the stateaffiliated charity Saudi High Commission for Relief of Bosnia ampamp Herzegovina saying the plaintiffs8217 8220guiltbyassociation8221 claims did not overcome its presumption of immunity The case is In re Terrorist Attacks on September 11 2001 US District Court Southern District of New York No 03md01570 Reporting by Jonathan Stempel in New York Editing by Tom Brown and Grant McCool Our Standards The Thomson Reuters Trust Principles

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<p>In late 2009, environmental justice activists in New York State began to build a very large grassroots movement and an impressive coalition of over 70 groups calling for a ban on a particularly destructive method of methane mining called horizontal hydrofracking or &#8216;fracking&#8217;. Fracking is a water- and energy-intensive form of drilling for &#8216;natural gas&#8217; (an industry euphamism for methane which has also tried to sell the public on &#8216;clean burning natural gas&#8217;) and is used to force nearly impermeable geological formations like tight sands and shales to yield methane gas trapped in tiny pores. Developed by Halliburton and used extensively throughout the country west of the Appalachian Trail, fracking was unknown to all except for the most ardent environmentalists in the New York. The movement for a ban on horizontal hydrofracking in New York State is one of the largest (if not the largest) campaign in that state responding to the threat of this relatively new fossil fuel extraction method. Yet, in his film Gasland, which enjoys its theatrical premiere in New York City on September 15th, Josh Fox chronicles his cross-country odyssey searching for answers about the impacts of gas drilling, while failing to support or even refer to the existence of this or any other campaign to ban gas drilling. Which brings us to a provocative question this review of the film will touch on: why are Josh Fox and his film becoming famous? To begin to address this question, we need to explore how people came to learn about the threat of horizontal hydrofracking to their way of life, the environment and public helath and to recognize the various responses to that threat by communities directly threatened, professional environmentalists, politicians, and finally the artist.</p> <p>In 2008, a shale formation stretching from New York State through Pennsylvania, part of Ohio, all the way to Tennessee began to be mentioned outside of circles of gas industry speculators. New Yorkers began to hear more about &#8216;natural gas&#8217; in general as the mainstream media began promoting the importance of gas and as multibillionaire energy investor, T. Boone Pickens, began promoting the use of methane gas. As the new Congress began secretly shaping legislation ostensibly to address the threat of catastrophic climate change, the media became a vehicle for various hydrocarbon industries (coal, gas, oil) to posture, schmooze and tout their particular form of fossil fuel to the public and hopefully receive a fat piece of what were to become the pork-laden &#8216;climate&#8217; bills of Representatives Waxman and Markey and Senators Kerry, Lieberman, Graham and Boxer. The Marcellus Shale, where exploratory wells had been drilled in 2004, saw a rapid expansion of new drilling operations from that point on, as the media described the multi-state deposit of gas locked in shale rocks as an exciting new &#8216;play&#8217;.</p> <p>But horizontal hydraulic fracturing had already been underway for a few years across the country &#8211; in the Barnett shale in Texas, the Fayetteville and Haynesville shales in Louisiana, and tight sands and shale in Wyoming, Illinois, Colorado and elsewhere. And stories in local papers, published on the internet, and word of mouth revealed how communities in those states had faced massive water withdrawals, contaminated waterways and wells, toxic spills, ozone levels requiring people to stay indoors, destroyed roadways, large-scale wilderness destruction, and, over the last few years, the emergence of illnesses, including rare brain cancers.</p> <p>As more New Yorkers began to learn about the experience of Americans in the South, the Great Plains, and the Rockies, many came to the realization that the mining process Halliburton had developed, which was being presented as a means of obtaining &#8216;clean energy&#8217;, economic revitalization, and addressing climate change, was in fact completely unsustainable and had to be stopped. Those New Yorkers became activists fighting a media-savvy, well-connected fossil fuel industry for their lives, their homes, and the well-being of their rural communities.</p> <p>On &#8216;Environmental&#8217; organizations and Legislators</p> <p>A primary obstacle to consolidating nationwide movements to ban hydrofracking is the promotion of methane as a &#8216;transitional&#8217; or &#8216;bridge&#8217; fuel by major environmental organizations like the Natural Resources Defense Council and the National Sierra Club. They claim that &#8216;natural&#8217; gas is a stepping-stone on the way to a zero, or suitably low, carbon economy, based on the fact that methane burns cleaner than other hydrocarbons. Associated with these pro-gas drilling groups are high-profile figures like Riverkeeper and Natural Resources Defense Council attorney Robert Kennedy, Jr., the Sierra Club&#8217;s Chairman Carl Pope and its new Executive Director Michael Brune, some of whom have toured the United States with gas industry reps. These &#8216;environmental&#8217; leaders lend their name to the gas industry. Industry&#8217;s front groups like the Clean Sky Initiative promote &#8216;natural&#8217; gas and give it a non-profit face , thereby deceiving those receiving information from them into believing that the information is being shared by a disinterested party (or a party interested in clean skies, for instance) as opposed to an industry-funded public relations outfit. Nevertheless, these &#8216;environmental&#8217; groups promoting methane gas are unable to point to a single comparative life-cycle analysis showing that the greenhouse gas (GHG) footprint of shale gas is less than that of coal or oil. Such a study, necessary for any argument arguing for gas as a bridge fuel, has been initiated by Professor Robert Howarth at Cornell, who put together a preliminary assessment of the comparative GHG emissions of coal and unconventional gas. Howarth&#8217;s assessment suggests that gas is more GHG intensive than coal, when including conservative estimates of methane leakage from the drill pads and transportation systems. As the public becomes more aware of such measures, the industry has devised more devious deceptions to prevent its lies from being uncovered.</p> <p>In New York State, various distractions have undermined the movement for a statewide ban on unconventional gas drilling. One such distraction was the (failed) campaign to have the NYS Dept. of Environmental Conservation (DEC) restart its environmental review of the potential dangers of horizontal hydrofracking in the Marcellus and simlar geological formations. The campaign urged that the Draft General Environmental Impact Statement (DGEIS) which the NYS DEC had issued be withdrawn, on the dubious premise that a de-facto moratorium on such hydrofracking instituted by New York Governor Paterson would stay in place, and that the DGEIS was not the appropriate vehicle for reviewing flaws in any proposed regulatory scheme.</p> <p>Another distraction from the statewide ban movement building has been the promotion, with great urgency, of carve outs or &#8220;special protected areas&#8221; that are deemed more deserving of protection &#8212; such as efforts to protect the &#8220;New York City watershed&#8221;. Such efforts have been advanced by New York City politicians like Councilmember Gennaro and Borough President Scott Stringer who have hidden behind excuses of (non-existent) jurisdictional restrictions to justify their promotion of carve outs. They have at every turn been supported by the pro-gas drilling Natural Resources Defense Council and Riverkeeper, for whom sacrificing upstate watersheds and foodsheds (where much regional food supply is sourced) to the contamination of drilling operations seems less important than cashing in with funders and new (na&#239;ve) members on a hollow victory.</p> <p>Finally, there has been a push at the State government level for a one-year moratorium on gas drilling in New York State, which recently passed the New York State Senate and may be headed to the New York State Assembly this month. If passed, it would possibly delay drilling for nine months. Even more revealing is the fact that, since the issuing of new drilling permits by the NYS DEC is unlikely in any case to take place before May 2011, the entire exercise of rallying people for a moratorium bill will have taken energy and resources away from activists pursuing what they actually want: to ban horizontal hydrofracking in New York State and the country.</p> <p>The campaigns around bills proposing either a moratorium for one year, or a moratorium until the EPA completes its study on the impacts of drilling, which would be about two years, distracted from the growing momentum towards a gas drilling ban. A moratorium bill has been presented by some activists as a means of buying time to organize for a ban; by others it&#8217;s presented as &#8216;realistic&#8217;. But many advocates for the ban believe that the timing of a moratorium plays into the hands of the gas industry while pointing out that declaring what activists and upstate communities want &#8216;unrealistic&#8217; is a self-fulfilling prophecy because it stifles those demanding urgently needed transitions away from polluting energy sources while insulating politicians from the true demands of their constituents. A moratorium not only delays the ban effort, but also serves the gas drilling industry. Because of the moratorium, some shale plays may become more attractive according to the industry itself. Because of the recession/depression and the glut of gas on the market, gas prices are very low. During the moratorium period and, in part because of the moratorium, leases can be scooped up by major players at bargain basement prices, thereby adding to the gas industry&#8217;s economic and political muscle. Statewide ban advocates have tried unsuccessfully to determine how the sponsoring legislators for the moratorium efforts decided to introduce moratorium bills as opposed to a ban bill, in light of the already strong movement for a ban, and the absence of any moratorium movement prior to the introduction of the legislation. They have also asked how these two bills were drafted (with which &#8216;environmental&#8217; organization support), given NRDC&#8217;s role in drafting and pushing for the inadequate Federal legislation known as the FRAC Act.</p> <p>At the Federal level, some environmental organizations, who have played into the gas industry&#8217;s strategy of divide-and-conquer, for instance, by supporting &#8216;special&#8217; areas or carve-outs to be granted protections which poorer, disenfranchised communities would not receive, were also involved in drafting (largely by the NRDC) and introducing the Fracturing Responsibility and Awareness of Chemicals (FRAC) Act in Congress. This legislation has been deceptively presented as protecting all the nation&#8217;s drinking water through what would be a repeal of the gas industry&#8217;s exemption from the Safe Drinking Water Act. See the link to a letter here in which some groups suggest that the FRAC Act would protect all of our water, claiming &#8220;(e)very American deserves clean drinking water&#8221;. The FRAC Act is consistent with NRDC lead counsel and Riverkeeper Director Robert F. Kennedy Jr.&#8217;s advocacy for gas as a transition fuel, in ads for the industry-sponsored Clean Skies Initiative (e.g. in the New Yorker magazine February 11, 2010 issue, at P.61). The truth is that the FRAC Act only protects public water supplies (or water that could &#8211; because of flow rates and amount &#8211; serve as such). This would leave effectively unregulated and unprotected a vast landscape of rural America, where individuals and small-town communities are supplied with water from private wells and/or small aquifers.</p> <p>A small change to the proposed legislation would allow these legislators, and the NRDC, to put their money where their mouth is by protecting all of our drinking water. In December 2009, advocates met with the NRDC&#8217;s President and lead staff person dealing with shale gas drilling, asking that they redraft the legislation to include that small change, which would properly represent their, and the sponsoring legislators&#8217;, avowed goal &#8212; that all water supplies be equally protected. Yet it has become clear that neither they nor those legislators are willing to advocate for such common sense and equitable environmental demands.</p> <p>An engaged environmentalist movement fighting one of the most powerful fossil fuel interests in the world for the future of rural America might reasonably wonder why this is the case.</p> <p>Public Awareness and Pressure &#8211; Information and Action in Fox&#8217;s Gasland</p> <p>A similar story &#8212; of misleading representations of supposedly environmentally-friendly political maneuvers &#8212; is occurring around the film Gasland. There is no doubt that Josh Fox&#8217;s film has done a great job of raising concern about this massive environmental threat across the country. For this, we should all be appreciative. Nevertheless, the film perpetuates support for pro-drilling legislation, groups and politicians who can &#8211; without considerable educational efforts as a corrective&#8211; undermine the effectiveness of the movement for a ban on hydrofracking Marcellus and similar geological formations.</p> <p>As Fox documents in his film, the devastation which shale gas drilling using horizontal hydrofracking has unleashed is real, and being felt on the ground by farmers, ranchers, and rural property owners and communities nationwide. But these communities are not just passive victims of the gas industry. They have mobilized against this threat to their health and well-being in Fox&#8217;s own region of the country, the Northeast, and in particular, in New York State.</p> <p>Unfortunately Fox has refused to take on &#8211; and actually featured and celebrated &#8211; the pro-drilling environmental groups, as well as pro-drilling legislators such as New York City Councilmember James Gennaro, Senator Casey, and Upstate New York Representative Hinchey (here), who continue to ignore the widespread popular demand for a ban. Fox fails to challenge the politicians who insist tapping US shale and tight sands gas reserves be done &#8216;safely&#8217;, and his film neither shows, nor supports, the impressive coalition to ban gas drilling in New York State!</p> <p>Why is that? There are excellent documentaries, which expose terrible threats to communities at the same time as they show those communities as central and active agents of resistance with their own positive vision of alternative futures. Harlan County USA (about a community rallying against corrupt mining company owners and their brutal thugs), Allegheny County (successful fight against the federal government&#8217;s decision to site 3 national nuclear waste repositories in rural and poor Allegheny county), and The Garden (featuring a community organizing against unscrupulous local Los Angeles politicians and a connected selfish real estate investor) all have threatened communities playing an active role in their own defense. Fox&#8217;s documentary is focused on his quixotic search for answers about gas drilling. I don&#8217;t remember him asking any person &#8220;what would you like the government to do?&#8221; &#8220;do you want gas drilling on your land, near your land, near your community or anywhere?&#8221; Imagine how much more powerful the film&#8217;s impact would be if it had featured the grassroots mobilized to ban gas drilling questioning these legislators and pro-drilling environmentalists, instead of providing valuable air time for their spin. And if he had asked politicians like Hinchey to explain why they support horizontal hydrofracking in rural America.</p> <p>Fox does call visitors to his <a href="http://gaslandthemovie.com/" type="external">movie&#8217;s website</a> to action, urging them to &#8220;Do Something&#8221; and he offers a &#8220;House Party Guide&#8221; to help organize house parties where his film would be shown. But here again, while he does give talks about the threat and he says he supports a ban, so do politicians like those mentioned above when they&#8217;re in front of a certain crowd. And when it comes time for actions to be suggested, the website of the film which documents gas drilling-related disasters befalling individuals and communities counsels communities fighting to ban gas drilling to support existing pro-drilling legislation like the FRAC Act instead of organizing around the call to ban drilling.</p> <p>Obstacles of environmental opportunism and corruption on the road to banning methane mining in New York State, the U.S., and the world</p> <p>The hydrocarbon industry plays for keeps, and undermines principled grassroots movements by fostering all sorts of individual and institutional corruption and propaganda.</p> <p>The movement for banning methane mining exists despite some of the well-funded environmental organizations. Why would environmental organizations like the NRDC, Riverkeeper, and the national Sierra Club (as opposed to the New York State Sierra Club Chapter (known as the Atlantic Chapter), which supports a statewide ban of drilling), support gas drilling and the FRAC Act? I think there are a number of institutional reasons that would make this attractive:</p> <p>1. They could declare victory for the environment because New York City residents and the residents of large municipalities supplied by public water systems would ostensibly be protected (even though toxic fluids have contaminated water as far as 28 miles from the nearest drilling site making the contiguity of one watershed with another a meaningless demarcation;</p> <p>2. They could collect funding from rich donors in &#8220;protected&#8221; and politically well-connected municipalities (like NYC);</p> <p>3. They could avoid fighting the industry for equal and adequate environmental and public health protection of less-enfranchised rural areas;</p> <p>4. They could avoid alarming some of their hydrocarbon industry-connected board members (for instance the NRDC Board has many such potential conflicts).</p> <p>Despite the obstacles which advocacy by some environmental organizations for regulated &#8216;transitional&#8217; this gas drilling process poses the movement to ban it, a powerful network of environmental and community-based organizations in New York State is calling for a statewide ban on hydrofracking in New York State. Such a ban would set a critical precedent to stop the process nationwide, and worldwide.</p> <p>In a section of the Gasland website offering a House Party guide entitled &#8220;Let&#8217;s Talk&#8221;, Fox asks us to discuss the film after a screening and to ask a number of questions to examine the threat more closely. One question stands out: &#8216;How can you protect your local community, state or country from the adverse affects of unregulated gas drilling?&#8217;</p> <p>As if to answer that exact question, over 70 organizations have signed onto a petition calling Governor Paterson to ban drilling. Joining their call for a ban (and not a moratorium or the FRAC Act which would leave rural lands exposed) and organizing around it seems the key to protect communities from unregulated and regulated gas drilling.</p> <p>Some grassroots groups that are involved in New York State are fighting for their lives and livelihood and are doing great work. People who would like to become involved in this campaign can support and join them, including the Chenango Delaware Otsego Gas Drilling Opposition Group (contact through <a href="http://www.un-naturalgas.org" type="external">www.un-naturalgas.org</a>), Friends of Brook Park ( <a href="http://www.friendsofbrookpark.org" type="external">www.friendsofbrookpark.org</a>), Neighbors of the Onondaga Nation ( <a href="http://www.peacecouncil.net/noon)" type="external">www.peacecouncil.net/noon)</a> and the Shaleshock Citizens Action Alliance ( <a href="http://www.shaleshock.org" type="external">www.shaleshock.org</a>).</p> <p>ROBERT JERESKI is an environmentalist and compost systems builder living in New York City with his family. He can be reached at: <a href="mailto:mutualaid@earthlink.net" type="external">mutualaid@earthlink.net</a></p>

Banning Methane Mining

https://counterpunch.org/2010/09/17/banning-methane-mining/

2010-09-17

4left

In late 2009 environmental justice activists in New York State began to build a very large grassroots movement and an impressive coalition of over 70 groups calling for a ban on a particularly destructive method of methane mining called horizontal hydrofracking or 8216fracking8217 Fracking is a water and energyintensive form of drilling for 8216natural gas8217 an industry euphamism for methane which has also tried to sell the public on 8216clean burning natural gas8217 and is used to force nearly impermeable geological formations like tight sands and shales to yield methane gas trapped in tiny pores Developed by Halliburton and used extensively throughout the country west of the Appalachian Trail fracking was unknown to all except for the most ardent environmentalists in the New York The movement for a ban on horizontal hydrofracking in New York State is one of the largest if not the largest campaign in that state responding to the threat of this relatively new fossil fuel extraction method Yet in his film Gasland which enjoys its theatrical premiere in New York City on September 15th Josh Fox chronicles his crosscountry odyssey searching for answers about the impacts of gas drilling while failing to support or even refer to the existence of this or any other campaign to ban gas drilling Which brings us to a provocative question this review of the film will touch on why are Josh Fox and his film becoming famous To begin to address this question we need to explore how people came to learn about the threat of horizontal hydrofracking to their way of life the environment and public helath and to recognize the various responses to that threat by communities directly threatened professional environmentalists politicians and finally the artist In 2008 a shale formation stretching from New York State through Pennsylvania part of Ohio all the way to Tennessee began to be mentioned outside of circles of gas industry speculators New Yorkers began to hear more about 8216natural gas8217 in general as the mainstream media began promoting the importance of gas and as multibillionaire energy investor T Boone Pickens began promoting the use of methane gas As the new Congress began secretly shaping legislation ostensibly to address the threat of catastrophic climate change the media became a vehicle for various hydrocarbon industries coal gas oil to posture schmooze and tout their particular form of fossil fuel to the public and hopefully receive a fat piece of what were to become the porkladen 8216climate8217 bills of Representatives Waxman and Markey and Senators Kerry Lieberman Graham and Boxer The Marcellus Shale where exploratory wells had been drilled in 2004 saw a rapid expansion of new drilling operations from that point on as the media described the multistate deposit of gas locked in shale rocks as an exciting new 8216play8217 But horizontal hydraulic fracturing had already been underway for a few years across the country 8211 in the Barnett shale in Texas the Fayetteville and Haynesville shales in Louisiana and tight sands and shale in Wyoming Illinois Colorado and elsewhere And stories in local papers published on the internet and word of mouth revealed how communities in those states had faced massive water withdrawals contaminated waterways and wells toxic spills ozone levels requiring people to stay indoors destroyed roadways largescale wilderness destruction and over the last few years the emergence of illnesses including rare brain cancers As more New Yorkers began to learn about the experience of Americans in the South the Great Plains and the Rockies many came to the realization that the mining process Halliburton had developed which was being presented as a means of obtaining 8216clean energy8217 economic revitalization and addressing climate change was in fact completely unsustainable and had to be stopped Those New Yorkers became activists fighting a mediasavvy wellconnected fossil fuel industry for their lives their homes and the wellbeing of their rural communities On 8216Environmental8217 organizations and Legislators A primary obstacle to consolidating nationwide movements to ban hydrofracking is the promotion of methane as a 8216transitional8217 or 8216bridge8217 fuel by major environmental organizations like the Natural Resources Defense Council and the National Sierra Club They claim that 8216natural8217 gas is a steppingstone on the way to a zero or suitably low carbon economy based on the fact that methane burns cleaner than other hydrocarbons Associated with these progas drilling groups are highprofile figures like Riverkeeper and Natural Resources Defense Council attorney Robert Kennedy Jr the Sierra Club8217s Chairman Carl Pope and its new Executive Director Michael Brune some of whom have toured the United States with gas industry reps These 8216environmental8217 leaders lend their name to the gas industry Industry8217s front groups like the Clean Sky Initiative promote 8216natural8217 gas and give it a nonprofit face thereby deceiving those receiving information from them into believing that the information is being shared by a disinterested party or a party interested in clean skies for instance as opposed to an industryfunded public relations outfit Nevertheless these 8216environmental8217 groups promoting methane gas are unable to point to a single comparative lifecycle analysis showing that the greenhouse gas GHG footprint of shale gas is less than that of coal or oil Such a study necessary for any argument arguing for gas as a bridge fuel has been initiated by Professor Robert Howarth at Cornell who put together a preliminary assessment of the comparative GHG emissions of coal and unconventional gas Howarth8217s assessment suggests that gas is more GHG intensive than coal when including conservative estimates of methane leakage from the drill pads and transportation systems As the public becomes more aware of such measures the industry has devised more devious deceptions to prevent its lies from being uncovered In New York State various distractions have undermined the movement for a statewide ban on unconventional gas drilling One such distraction was the failed campaign to have the NYS Dept of Environmental Conservation DEC restart its environmental review of the potential dangers of horizontal hydrofracking in the Marcellus and simlar geological formations The campaign urged that the Draft General Environmental Impact Statement DGEIS which the NYS DEC had issued be withdrawn on the dubious premise that a defacto moratorium on such hydrofracking instituted by New York Governor Paterson would stay in place and that the DGEIS was not the appropriate vehicle for reviewing flaws in any proposed regulatory scheme Another distraction from the statewide ban movement building has been the promotion with great urgency of carve outs or 8220special protected areas8221 that are deemed more deserving of protection 8212 such as efforts to protect the 8220New York City watershed8221 Such efforts have been advanced by New York City politicians like Councilmember Gennaro and Borough President Scott Stringer who have hidden behind excuses of nonexistent jurisdictional restrictions to justify their promotion of carve outs They have at every turn been supported by the progas drilling Natural Resources Defense Council and Riverkeeper for whom sacrificing upstate watersheds and foodsheds where much regional food supply is sourced to the contamination of drilling operations seems less important than cashing in with funders and new na239ve members on a hollow victory Finally there has been a push at the State government level for a oneyear moratorium on gas drilling in New York State which recently passed the New York State Senate and may be headed to the New York State Assembly this month If passed it would possibly delay drilling for nine months Even more revealing is the fact that since the issuing of new drilling permits by the NYS DEC is unlikely in any case to take place before May 2011 the entire exercise of rallying people for a moratorium bill will have taken energy and resources away from activists pursuing what they actually want to ban horizontal hydrofracking in New York State and the country The campaigns around bills proposing either a moratorium for one year or a moratorium until the EPA completes its study on the impacts of drilling which would be about two years distracted from the growing momentum towards a gas drilling ban A moratorium bill has been presented by some activists as a means of buying time to organize for a ban by others it8217s presented as 8216realistic8217 But many advocates for the ban believe that the timing of a moratorium plays into the hands of the gas industry while pointing out that declaring what activists and upstate communities want 8216unrealistic8217 is a selffulfilling prophecy because it stifles those demanding urgently needed transitions away from polluting energy sources while insulating politicians from the true demands of their constituents A moratorium not only delays the ban effort but also serves the gas drilling industry Because of the moratorium some shale plays may become more attractive according to the industry itself Because of the recessiondepression and the glut of gas on the market gas prices are very low During the moratorium period and in part because of the moratorium leases can be scooped up by major players at bargain basement prices thereby adding to the gas industry8217s economic and political muscle Statewide ban advocates have tried unsuccessfully to determine how the sponsoring legislators for the moratorium efforts decided to introduce moratorium bills as opposed to a ban bill in light of the already strong movement for a ban and the absence of any moratorium movement prior to the introduction of the legislation They have also asked how these two bills were drafted with which 8216environmental8217 organization support given NRDC8217s role in drafting and pushing for the inadequate Federal legislation known as the FRAC Act At the Federal level some environmental organizations who have played into the gas industry8217s strategy of divideandconquer for instance by supporting 8216special8217 areas or carveouts to be granted protections which poorer disenfranchised communities would not receive were also involved in drafting largely by the NRDC and introducing the Fracturing Responsibility and Awareness of Chemicals FRAC Act in Congress This legislation has been deceptively presented as protecting all the nation8217s drinking water through what would be a repeal of the gas industry8217s exemption from the Safe Drinking Water Act See the link to a letter here in which some groups suggest that the FRAC Act would protect all of our water claiming 8220every American deserves clean drinking water8221 The FRAC Act is consistent with NRDC lead counsel and Riverkeeper Director Robert F Kennedy Jr8217s advocacy for gas as a transition fuel in ads for the industrysponsored Clean Skies Initiative eg in the New Yorker magazine February 11 2010 issue at P61 The truth is that the FRAC Act only protects public water supplies or water that could 8211 because of flow rates and amount 8211 serve as such This would leave effectively unregulated and unprotected a vast landscape of rural America where individuals and smalltown communities are supplied with water from private wells andor small aquifers A small change to the proposed legislation would allow these legislators and the NRDC to put their money where their mouth is by protecting all of our drinking water In December 2009 advocates met with the NRDC8217s President and lead staff person dealing with shale gas drilling asking that they redraft the legislation to include that small change which would properly represent their and the sponsoring legislators8217 avowed goal 8212 that all water supplies be equally protected Yet it has become clear that neither they nor those legislators are willing to advocate for such common sense and equitable environmental demands An engaged environmentalist movement fighting one of the most powerful fossil fuel interests in the world for the future of rural America might reasonably wonder why this is the case Public Awareness and Pressure 8211 Information and Action in Fox8217s Gasland A similar story 8212 of misleading representations of supposedly environmentallyfriendly political maneuvers 8212 is occurring around the film Gasland There is no doubt that Josh Fox8217s film has done a great job of raising concern about this massive environmental threat across the country For this we should all be appreciative Nevertheless the film perpetuates support for prodrilling legislation groups and politicians who can 8211 without considerable educational efforts as a corrective8211 undermine the effectiveness of the movement for a ban on hydrofracking Marcellus and similar geological formations As Fox documents in his film the devastation which shale gas drilling using horizontal hydrofracking has unleashed is real and being felt on the ground by farmers ranchers and rural property owners and communities nationwide But these communities are not just passive victims of the gas industry They have mobilized against this threat to their health and wellbeing in Fox8217s own region of the country the Northeast and in particular in New York State Unfortunately Fox has refused to take on 8211 and actually featured and celebrated 8211 the prodrilling environmental groups as well as prodrilling legislators such as New York City Councilmember James Gennaro Senator Casey and Upstate New York Representative Hinchey here who continue to ignore the widespread popular demand for a ban Fox fails to challenge the politicians who insist tapping US shale and tight sands gas reserves be done 8216safely8217 and his film neither shows nor supports the impressive coalition to ban gas drilling in New York State Why is that There are excellent documentaries which expose terrible threats to communities at the same time as they show those communities as central and active agents of resistance with their own positive vision of alternative futures Harlan County USA about a community rallying against corrupt mining company owners and their brutal thugs Allegheny County successful fight against the federal government8217s decision to site 3 national nuclear waste repositories in rural and poor Allegheny county and The Garden featuring a community organizing against unscrupulous local Los Angeles politicians and a connected selfish real estate investor all have threatened communities playing an active role in their own defense Fox8217s documentary is focused on his quixotic search for answers about gas drilling I don8217t remember him asking any person 8220what would you like the government to do8221 8220do you want gas drilling on your land near your land near your community or anywhere8221 Imagine how much more powerful the film8217s impact would be if it had featured the grassroots mobilized to ban gas drilling questioning these legislators and prodrilling environmentalists instead of providing valuable air time for their spin And if he had asked politicians like Hinchey to explain why they support horizontal hydrofracking in rural America Fox does call visitors to his movie8217s website to action urging them to 8220Do Something8221 and he offers a 8220House Party Guide8221 to help organize house parties where his film would be shown But here again while he does give talks about the threat and he says he supports a ban so do politicians like those mentioned above when they8217re in front of a certain crowd And when it comes time for actions to be suggested the website of the film which documents gas drillingrelated disasters befalling individuals and communities counsels communities fighting to ban gas drilling to support existing prodrilling legislation like the FRAC Act instead of organizing around the call to ban drilling Obstacles of environmental opportunism and corruption on the road to banning methane mining in New York State the US and the world The hydrocarbon industry plays for keeps and undermines principled grassroots movements by fostering all sorts of individual and institutional corruption and propaganda The movement for banning methane mining exists despite some of the wellfunded environmental organizations Why would environmental organizations like the NRDC Riverkeeper and the national Sierra Club as opposed to the New York State Sierra Club Chapter known as the Atlantic Chapter which supports a statewide ban of drilling support gas drilling and the FRAC Act I think there are a number of institutional reasons that would make this attractive 1 They could declare victory for the environment because New York City residents and the residents of large municipalities supplied by public water systems would ostensibly be protected even though toxic fluids have contaminated water as far as 28 miles from the nearest drilling site making the contiguity of one watershed with another a meaningless demarcation 2 They could collect funding from rich donors in 8220protected8221 and politically wellconnected municipalities like NYC 3 They could avoid fighting the industry for equal and adequate environmental and public health protection of lessenfranchised rural areas 4 They could avoid alarming some of their hydrocarbon industryconnected board members for instance the NRDC Board has many such potential conflicts Despite the obstacles which advocacy by some environmental organizations for regulated 8216transitional8217 this gas drilling process poses the movement to ban it a powerful network of environmental and communitybased organizations in New York State is calling for a statewide ban on hydrofracking in New York State Such a ban would set a critical precedent to stop the process nationwide and worldwide In a section of the Gasland website offering a House Party guide entitled 8220Let8217s Talk8221 Fox asks us to discuss the film after a screening and to ask a number of questions to examine the threat more closely One question stands out 8216How can you protect your local community state or country from the adverse affects of unregulated gas drilling8217 As if to answer that exact question over 70 organizations have signed onto a petition calling Governor Paterson to ban drilling Joining their call for a ban and not a moratorium or the FRAC Act which would leave rural lands exposed and organizing around it seems the key to protect communities from unregulated and regulated gas drilling Some grassroots groups that are involved in New York State are fighting for their lives and livelihood and are doing great work People who would like to become involved in this campaign can support and join them including the Chenango Delaware Otsego Gas Drilling Opposition Group contact through wwwunnaturalgasorg Friends of Brook Park wwwfriendsofbrookparkorg Neighbors of the Onondaga Nation wwwpeacecouncilnetnoon and the Shaleshock Citizens Action Alliance wwwshaleshockorg ROBERT JERESKI is an environmentalist and compost systems builder living in New York City with his family He can be reached at mutualaidearthlinknet

In/ADP late/ADJ 2009/NUM environmental/ADJ justice/NOUN activists/NOUN in/ADP New/PROPN York/PROPN State/PROPN began/VERB to/PART build/VERB a/DET very/ADV large/ADJ grassroots/ADJ movement/NOUN and/CCONJ an/DET impressive/ADJ coalition/NOUN of/ADP over/ADP 70/NUM groups/NOUN calling/VERB for/ADP a/DET ban/NOUN on/ADP a/DET particularly/ADV destructive/ADJ method/NOUN of/ADP methane/NOUN mining/NOUN called/VERB horizontal/ADJ hydrofracking/NOUN or/CCONJ 8216fracking8217/NOUN Fracking/NOUN is/AUX a/DET water/NOUN and/CCONJ energyintensive/ADJ form/NOUN of/ADP drilling/VERB for/ADP 8216natural/ADJ gas8217/NOUN an/DET industry/NOUN euphamism/NOUN for/ADP methane/NOUN which/PRON has/AUX also/ADV tried/VERB to/PART sell/VERB the/DET public/NOUN on/ADP 8216clean/NOUN burning/VERB natural/ADJ gas8217/NOUN and/CCONJ is/AUX used/VERB to/PART force/VERB nearly/ADV impermeable/ADJ geological/ADJ formations/NOUN like/ADP tight/ADJ sands/NOUN and/CCONJ shales/NOUN to/PART yield/VERB methane/NOUN 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