Asian markets trade mixed after a negative lead from Wall Street

Asian stocks were mostly lower on Thursday following a subdued lead from Wall Street, while the dollar pulled up from near two-week lows and sterling languished under the weight of political fears one week before Britain's election.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent and looked set for its fifth straight session of losses as investors took profits after stocks hit a two-year high last week and as economic and geopolitical concerns continued to weigh on sentiment.

Japan's Nikkei advanced 0.8 percent after data showing recurring first-quarter corporate profits were the highest on record for the January to March period.

An increase in capital expenditure in the first quarter also adds to a raft of recent data pointing to economic expansion.

Manufacturing growth in Japan also rose to a three-month high, according to a business survey.

Australian stocks retreated 0.2 percent.

South Korea's KOSPI fell 0.3 percent and the Korean won weakened 0.2 percent to trade at 1,121 won to the dollar after data showed factory activity in May shrank for the 10th straight month.

Overnight, Wall Street closed slightly lower as financials lost ground after JPMorgan and Bank of America warned of revenue weakness in the current quarter, but gains in defensive plays offset the decline.

All three major US indexes ended May in positive territory.

The dollar gained after touching a near two-week low against the yen overnight.

It was up 0.2 percent from its previous close at 110.95 early on Thursday, its first positive session in five, but concerns about US politics capped gains.
READ MORE

IS hates what Ariana Grande stands for - that's why we should celebrate her

The so-called Islamic State (IS) has claimed responsibility for the recent bombing of an Ariane Grande concert in Manchester. Whether it really was involved or not has yet to be verified. What is not in doubt, however, is that IS extremists hate everything the popstar represents. She is an independent young woman with a mind of her own and thousands of loyal followers keen to follow in her footsteps. To IS, Grande lives up to the tagline of her tour: she really is a “dangerous woman”.

Terrorism is a “communicative act” – its targets are not only those who died or were injured – but the wider audiences drawn in by its spectacular violence. Terrorists are frequently defined because they target non-military, non-state infrastructure or people. They do so to generate fear and panic.

Targeting is never accidental. Strategic choices are made to generate that chosen effect. In Pakistan, Iraq and Afghanistan, market squares, queues for pay cheques, music shops, ice cream stores, beauty parlours, airports, Sufi shrines, schools and political rallies have all fallen victim to terrorist attacks. They were chosen because these are places where everyday living and politics happen.

In Paris, London, Madrid, Bali, Tunisia and now Manchester, everyday living and politics is in the cafes, on the bus, the train, the beach, in nightclubs, shopping malls and music venues. These everyday places are where “politics is at”. They are the ordinary mundane expressions of “togetherness” and worldliness that enable societies to function.

Music epitomises this. It has that ability to unite and connect with people regardless of faith, age, race or gender. There is “collective effervescence” (or karma of the crowd). Music literally brings people into sync.
READ MORE

US markets end flat as financials drop, defensives gain

US stocks were little changed on Wednesday as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.

JPMorgan blamed lower volatility for a 15 percent decline in trading revenue in the current quarter compared with last year, while Bank of America said trading revenue in the second quarter was on track to be 10 to 12 percent lower than last year.

Financials rallied more than 20 percent in the wake of the US presidential election on hopes of fiscal stimulus and deregulation under President Donald Trump, but they have struggled in recent weeks. The sector is now down 0.3 percent on the year.

"All the things that Trump told us were going to happen, which was infrastructure spend, deregulation, tax reform, people don’t believe any of those will happen, certainly the magnitude and with the speed the market had originally priced in," said Ernesto Ramos, head of equities at BMO Global Asset Management in Chicago.

"That is why you’ve seen a lot of the move back, specifically banks."

Measures of market volatility are at rock-bottom, hitting trading desks at big banks. The US stock market's main gauge of investor anxiety closed at its lowest level in over two decades on May 8 and has not topped its long-term average of 20 since November. It did, however, hit a seven-day high of 11.30 on Wednesday.

JPMorgan shares lost 2.1 percent while Bank of America was down 1.9 percent as the two biggest weights on the S&P 500. Goldman Sachs fell 3.3 percent, the biggest drag on the Dow.

Defensive plays such as utilities, up 0.46 percent and telecoms, up 0.35 percent, were the bright spots as enthusiasm fades for sectors that would benefit from Trump policies.

Energy stocks, down 0.4 percent, also lost ground. Oil prices touched a three-week low as rising output from Nigeria and Libya fueled concerns that OPEC-led output cuts are being undermined. US crude settled down 2.7 percent at $48.32 a barrel and Brent settled 3 percent lower at $50.1.

The Dow Jones Industrial Average fell 20.82 points, or 0.1 percent, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05 percent, to 2,411.81 and the Nasdaq Composite dropped 4.67 points, or 0.08 percent, to 6,198.52.

Shares of Michael Kors plunged 8.5 percent to $33.18. The luxury fashion retailer gave a bleak full-year forecast and said it would shut more than 100 full-price retail stores in the next two years.
READ MORE

Kabul attack: Death toll reaches 90

KABUL ATTACK - The Afghan government's media center has raised the death toll from the massive suicide truck bombing in Kabul to 90 killed.

The centre also says that 400 people are now reported to have been wounded in the attack on Wednesday morning. No group has claimed responsibility for the bombing that hit in a highly secure diplomatic area of the Afghan capital.

The media centre quoted a statement from the Afghan Ulema Council, the country's top religious body that includes Muslim clerics, scholars and men of authority in religion and law, as giving the new casualty tolls.

The Council strongly condemned the attack, saying that "carrying out such attacks in the holy month of Ramadan is completely against humanity.
READ MORE

Nestle invests in Latin American factories, creates 2,900 jobs

Swiss-based food company Nestle SA is creating thousands of jobs and investing in new factories in Latin America as it looks to tackle social issues and shore up its position in one of its strongest markets, the regional head said on Tuesday.

The maker of Kit Kat chocolate bars and Nespresso coffee is working with government officials in the four countries that are members of the Pacific Alliance trade group -- Chile, Mexico, Peru and Colombia - to create 2,900 jobs for young people over three years and teach job-hunting skills.

"Our view on corporate responsibility is that to make it sustainable we have to do it in a way that is embedded in our business model. Integrating young people can help us shape our company at a time of digital revolution," the company's Americas head Laurent Freixe said in an interview with Reuters on Tuesday in Chilean capital Santiago.

"We're not proposing the jobs just to do good for society. Our business is developing and we have real needs."

The initiative follows a similar project carried out by Nestle in Europe in recent years, where some countries are just beginning to recover from a youth unemployment crisis.

The company employs some 60,000 people in roles ranging from factory operatives to veterinarians in Latin America.

Although a recession in Brazil and commodities-driven slowdown throughout the region had an impact, Freixe said areas such as pet care and coffee offered potential growth as Latin America's middle class expands.

"We have investments in many places. We are finalizing investments in pet food and infant nutrition in Mexico. We are discussing new sites (through the region)," he said, adding that the company was finalizing a new factory in southern Chile and that one slated for Cuba should be signed off by the end of the year.

He said the United States, where sales have limped recently, did not yet show signs of recovery, with constrained wage growth crimping consumer spending.

"Consumption in the U.S. is subdued and will remain subdued in the near future," he said.

Nestle, like many food companies, is working to reduce sugar, salt and saturated fat in its products to meet rising consumer demands for healthier food.

While those demands have been louder in developed countries, emerging markets are also increasingly expressing concerns as obesity rates surge.

Chile, for instance, demands manufacturers add stickers to food deemed high in calories and sugar. Freixe criticized the initiative for using 100 grams (3.5 ounces) as a portion size benchmark.

"There are many products where no one consumes that much," he said, adding that nutrition education was the key to tackling the obesity problem.
READ MORE

Donald Trump pulling US out of Paris climate deal: Reports

US President Donald Trump has decided to withdraw from the Paris climate deal, Axios news outlet reported on Wednesday, citing two unidentified sources with direct knowledge of the decision.

Trump, who has previously called global warming a hoax, refused to endorse the landmark climate change accord at a summit of the G7 group of wealthy nations on Saturday, saying he needed more time to decide. He then tweeted that he would make an announcement this week.

Fox News also cited an unidentified source confirming the pullout.

The decision will put the United States in league with Syria and Nicaragua as the world's only non-participants in the Paris Climate Agreement. It could have sweeping implications for the deal, which relies heavily on the commitment of big polluter nations to reduce emissions of gases scientists blame for sea level rise, droughts and more frequent violent storms.

The accord, agreed on by nearly 200 countries in Paris in 2015, aims to limit planetary warming in part by slashing carbon dioxide and other emissions from the burning of fossil fuels.

Under the pact, the United States committed to reducing its emissions by 26 to 28 percent from 2005 levels by 2025.

Axios said details of the pullout are being worked out by a team that includes EPA Administrator Scott Pruitt. The choice is between a formal withdrawal that could take three years or leaving the UN treaty that the accord is based on, which would be quicker but more extreme, according to Axios.

The decision to withdraw from the climate accord was influenced by a letter from 22 Republican US senators, including Majority Leader Mitch McConnell, calling for an exit, Axios reported.

Former President Barack Obama, who helped broker the accord, praised the accord during a trip to Europe this month.

The United States is the world's second-biggest carbon dioxide emitter behind China.

Supporters of the climate pact are concerned that a U.S. exit could lead other nations to weaken their commitments or also withdraw, softening an accord that scientists have said is critical to avoiding the worst impacts of climate change.

Canada, the European Union, and China have said they will honour their commitments to the pact even if the United States withdraws. A source told Reuters that India had also indicated it would stick by the deal.

Trump had vowed during his campaign to "cancel" the Paris deal within 100 days of becoming president, as part of an effort to bolster US. oil and coal industries. That promise helped rally supporters sharing his skepticism of global efforts to police US carbon emissions.

After taking office, however, Trump faced pressure to stay in the deal from investors, international powers and business leaders, including some in the coal industry. He also had to navigate a split among his advisers on the issue.
READ MORE

Wall Street flat as oil offsets gains in tech, healthcare

US stocks were little changed on Wednesday, with the three major indexes on track to end the month higher, as gains in healthcare and technology were outweighed by a drop in energy shares due to a steep fall in oil prices.

The S&P 500 and the Nasdaq Composite looked set to post their best monthly percentage gain since February. The Nasdaq also hit a record intraday high in early trading.

Oil prices fell by more than 2 per cent to a three-week low, as rising Libyan production fueled concerns that OPEC-led output cuts are being undermined by several countries that are excluded from the deal.

The S&P 500 and the Nasdaq snapped their seven-day winning streak on Tuesday as weakness in the energy and financial sectors outweighed gains in technology shares.

With stocks at record levels and the earnings season in the rear-view mirror, analysts say investors need to see strong economic data and progress on President Donald Trump's pro-business policies for further meaningful gains.

"We had the Memorial day weekend and volumes on Tuesday were low, so this is the first day that Wall Street is coming back in full force and we could see a resumption of strong equity buying that we saw last week," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

At 9:41 a.m. ET (1341 GMT), the Dow Jones Industrial Average was down 1.23 points, or 0.01 percent, at 21,028.24, the S&P 500 was up 1.97 points, or 0.08 percent, at 2,414.88 and the Nasdaq Composite was up 10.98 points, or 0.18 percent, at 6,214.17.

Seven of the 11 major S&P sectors were higher, with the healthcare index's 0.48 percent rise leading the advancers.

Johnson and Johnson was up 0.67 percent and provided the biggest boost to the S&P and the Dow.

While first-quarter economic data was mixed, with dips in consumer spending and sentiment, continuing strength in the labor market suggests economic activity will regain momentum as the year progresses.

The Federal Reserve issues its Beige Book at 2 p.m. ET (1800 GMT), a compendium of anecdotes on the health of the economy, that will likely provide further evidence that the economy continues to strengthen giving the Federal Reserve impetus to raise rate next month.

Traders currently see an 86.6-percent chance of a quarter-point rate hike at the Fed's June meeting, according to Thomson Reuters data.

Shares of Michael Kors fell 8.9 percent to $33 after the luxury fashion retailer gave a bleak full-year forecast and said it would shut more than 100 full-price retail stores in the next two years.

Mallinckrodt was up 0.6 percent at $43.94, after sources said the drugmaker is exploring a sale of its generic drug unit, in a deal that could fetch as much as $2 billion.

Analog Devices rose 4.7 percent to $88.75 after the chipmaker's quarterly results came in above expectations.

Exact Sciences was up 9.3 percent at $35.58 after two brokerages raised their price target on the diagnostic test maker's shares.

Advancing issues outnumbered decliners on the NYSE by 1,371 to 1,186, for a 1.16-to-1 ratio on the upside. On the Nasdaq, 1,221 issues rose and 1,007 fell for a 1.21-to-1 ratio favoring advancers.

The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.
READ MORE

Amazon shares break $1,000; accounts for 17% market cap of the S&P 500

Amazon.com on Tuesday became the second of the current S&P 500 components to hit the $1,000 price mark, beating Google parent Alphabet to the punch and underscoring a massive rally in large-cap technology-related stocks.

Shares of Amazon have risen 33 percent so far in 2017 alone, adding roughly $120 billion to its market value. Priceline was the first S&P 500 stock to hit $1,000, doing so in September 2013. Analysts on average expect Amazon to rise another 10 percent according to the median price target of $1,100.

"The world is becoming more and more aware of how unstoppable the business plan is," said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York. He said Amazon accounts for 3.5 percent to 5 percent of the firm's portfolios.

"The $1,000 is a bit of a psychological barrier for any stock, but it is just another number and we're still big believers in it."

Among the other four largest U.S. companies by market cap, Apple and Facebook share prices have also risen nearly 33 percent this year while Alphabet has gained 26 percent and Microsoft has added 13 percent.

The combined market cap of the top five is near $3 trillion, or more than 13 percent of the S&P 500 index stocks' capitalization.

Amazon, the only one of the top five not in the technology sector, accounts for 17 percent of the market cap of the S&P 500 consumer discretionary sector.

In terms of stock prices, Amazon's high of $1,001.20 is second among the S&P 500 behind Priceline, which recently hit $1,850.50. Priceline's near $92 billion market cap is, however, runs far below Amazon's $476 billion.

Apple dominates that metric with a capitalization of more than $800 billion.

Amazon beat Alphabet, which recently hit $994.32, in a race to $1,000. The other S&P component above $900 per share is Intuitive Surgical, at $912.80.

Apple three years ago split its stock in seven. If it had not, its current stock price would be about $1,080.11.

Amazon is ahead of Facebook in the race to become the fourth U.S. company with a market cap of more than half a trillion dollars, joining Apple, Alphabet and Microsoft.
READ MORE

Trump meets two candidates for FBI chief

US President Donald Trump has met two candidates to head the FBI at the White House, presidential spokesman Sean Spicer said.

The two candidates are Chris Wray, who served as an assistant attorney general from 2003-2005, and John Pistole, the former head of the Transportation Security Administration who also served as deputy FBI chief from 2004-2010, Spicer said on Tuesday, Efe news reported.

"The president will be meeting with two additional candidates this afternoon, both Chris Wray and John Pistole," Spicer told reporters at his daily press briefing.

"When the president feels as though he's met with the right candidate he'll let us know," he said.

Currently, Wray is a partner at the law firm of King & Spalding, where he heads a group involved in government investigations.

Meanwhile, Pistole, who left the government in 2014, served at the FBI under Robert Mueller, whom the Justice Department on May 17 named special counsel for the investigation into Russian involvement in the November presidential election and possible coordination between the Kremlin and the Trump campaign to favor the mogul.

Mueller was succeeded at the FBI by James Comey, who was abruptly fired by Trump on May 9, a decision that ignited a political firestorm in Washington.

Finding a new FBI director has become an issue of crucial importance for the White House, which has not clearly explained why, how and when Trump made the decision to fire Comey, who at the time was heading the agency's investigation into the links between the Kremlin and the president.

The favorite so far to take over the FBI had been former Sen. Joe Lieberman, who on May 25 told the White House that he was not interested in the post.

Besides Lieberman, Trump has interviewed three other candidates for FBI chief: Acting FBI Director Andrew McCabe, who took over from Comey, former FBI agent Richard McFeely and Frank Keating, the former Republican governor of Oklahoma.
READ MORE

Europeans can carry laptop on US flights; a big 'no' for Middle East

The US will not impose a ban on carry-on laptops on flights coming from Europe for now, an official spokesperson today said, days after America underlined the need to "raise the bar" on airline security, including screening certain carry-on items.

The ban is already in place for flights from certain regions of the Middle East and North Africa after intelligence reports that al Qaeda in the Arabian Peninsula is developing ways to hide explosives in batteries and battery compartments.

No laptop ban on US flights from Europe for now but the option is still on the table, Homeland Security Secretary Dave Lapan announced after a call between Homeland Security Secretary John Kelly and European Home Affairs Commissioner Dimitris Avramopoulos and Transport Commissioner Violeta Bulc.

"While a much-discussed expansion of the ban on large electronic devices in the cabin on flights to the United States was not announced today, the Secretary made it clear that an expansion is still on the table," Lapan said in a statement.

Lapan was referring to comments by Homeland Security Secretary John Kelly who in a call today with European Home Affairs Commissioner Dimitris Avramopoulos and Transport Commissioner Violeta Bulc discussed aviation security.

"Kelly affirmed he will implement any and all measures necessary to secure commercial aircraft flying to the United States - including prohibiting large electronic devices from the passenger cabin - if the intelligence and threat level warrant it," Lapan said, after the conference call between American and European leaders, during which two other items were discussed.
READ MORE

Manchester Arena attack: 'No defeat, no pity', city unites against bomber

Thousands of Manchester residents gathered in the centre of the northern English city on Tuesday in a show of defiance against a suspected suicide bomber who killed 22 people, including children, in an attack at a crowded concert hall.

The vigil, held in warm evening sunshine in front of the Town Hall, drew representatives of different religions who, one by one, condemned Monday evening's bombing, which ripped through a crowd leaving a show by US singer Ariana Grande.

Members of the city's Muslim, Christian, Jewish and Sikh communities said they wanted to show that Manchester, while shocked, would not be cowed.

"It was incredibly emotional ... for us especially as Muslim citizens," said Muhammad Khursheed, an imam of a mosque in the Manchester suburb of Hulme. "We will stand together in spite of oppression, terrorism. A strong, powerful message today."

British police on Tuesday identified the suicide bomber as 22-year-old Salman Abedi but gave no further details. US security officials, citing British intelligence officials, said Abedi was born in Manchester to Libyan parents.

After speeches by officials, people attending the vigil gathered in small groups to talk among themselves. Some students took turns to hug a woman dressed in a burka.

"Together. Unified," Daniel Liptrott, a 45 year-old businessman said when asked how the vigil made him feel. "A single act of terrorism isn't going to break that."

After a moment of silence, when many wept, the crowd broke into repeated chants of "Manchester, Manchester."

A placard read: "Hate will never tear us apart", alluding to the song "Love will tear us apart" by Joy Division, one of Manchester's best known music groups.

Fans of the city's rival soccer teams Manchester United and Manchester City stood together at the protest.

A local poet, Tony Walsh, read a poem from the steps of the Town Hall to the crowd which drew loud cheers and applause.

"There's hard times again in these streets of our city, but we won't take defeat and we don't want your pity, because this is the place where we stand strong together with a smile on our face, Mancunians forever," Walsh said.
READ MORE

UK attack: 19 dead after explosion at Ariana Grande concert in Manchester

At least 19 people have been killed and 50 injured in an explosion which is treated as a "terrorist incident", at a pop concert by US star Ariana Grande in the Manchester city in the UK, police said today.

"Police were called to reports of an explosion at Manchester Arena. So far 19 people have been confirmed dead with around 50 others injured," Greater Manchester Police said in a statement.

"This is currently being treated as a terrorist incident until police know otherwise," the statement said.

Eyewitnesses reported hearing a loud "bang" from inside the venue, which was playing host to a concert by American pop star Ariana Grande. Video footage from the scene showed bloodied victims being helped by emergency services.

Grande is safe, her spokesperson said.

"It was one bang and essentially everyone from the other side of the arena where the bang was heard from suddenly came running towards us," an eyewitness said.

The blasts reportedly went off at the end of the concert near the box office area of the venue.

"Some people were screaming they'd seen blood but other people were saying it was balloons busting or a speaker had been popped," said another eyewitness.

The UK's Network Rail said train lines out of Manchester Victoria station, which is close to the concert venue, were blocked.
READ MORE

Donald Trump visits Israel after urging West Asia to 'drive out' terrorists

US President Donald Trump was on Monday set to land in Israel to tackle the Israeli-Palestinian peace process, a day after urging Arab and Islamic leaders to unite and "drive out" terrorists while toning down his own harsh rhetoric about Muslims.

Trump's Israel visit comes after he delivered a powerful speech at the Arab-Islamic-American summit in Riyadh on Sunday.

The US President will hold talks with both Israeli and Palestinian leaders and also address regional security issues during the course of his two-day stop, CNN reported.

Trump, while addressing the leaders of 55 Muslim-majority countries in Saudi Arabia, sought to redefine his relationship with the Muslim world after making a slew of Islamophobic remarks on the campaign trail, calling for a ban on Muslims and declaring "Islam hates us".

He described the battle against terrorist groups as a "battle between good and evil" as he told Muslim-majority countries to redouble their counterterrorism efforts.

Trump rejected the idea that the fight against terrorism was a struggle between religions.

"This is not a battle between different faiths, different sects or different civilisations," Trump said.

"This is a battle between barbaric criminals who seek to obliterate human life, and decent people of all religions who seek to protect it. This is a battle between good and evil," he said.

While Trump said that he was "not here to lecture" the Muslim world, his speech went beyond outreach.

In his most forceful argument, Trump exhorted Muslim-majority countries to do more to eradicate terrorist groups that claim the mantle of Islam, urging Muslims to "drive out" terrorists.
READ MORE

Wall Street opens higher after $110 bn arms deal between US, Saudi Arabia

Wall Street opened higher on Monday as oil prices climbed and defense stocks rose following a $110 billion arms deal between the United States and Saudi Arabia.

The Dow Jones Industrial Average rose 74.81 points, or 0.36 per cent, to 20,879.65.

The S&P 500 gained 6.99 points, or 0.29 percent, to 2,388.72.

The Nasdaq Composite added 17.51 points, or 0.29 per cent, to 6,101.21.
READ MORE

Post-Brexit trade deal: No talks before UK settles what it owes, says EU

European Union governments agreed a common Brexit negotiating plan on Monday and renewed their insistence that they would not open talks on a post-Brexit trade deal until London agrees to settle what it owes the Union.

Ministers from the 27 other EU states met in Brussels to sign off on a common strategy and mandate the EU executive, in the form of chief Brexit negotiator Michel Barnier, to launch talks on their behalf after Britain's June 8 election. The strategy and mandate were adopted unanimously, officials said.

Barnier said he expected to sit down with British officials for the first time in the week starting Monday, June 19, and to report to EU leaders on the talks during a summit on June 22-23, exactly a year since Britons shocked the Union by voting to leave in a referendum on June 23, 2016.

Several ministers stressed their priorities are to provide legal clarity for EU citizens in Britain before they find themselves living outside the EU in March 2019 and to agree how to calculate what London owes Brussels before departure.

The Union's leaders agreed last month on a phased structure of talks, under which the free trade agreement which British Prime Minister Theresa May wants with the EU would only be discussed after a first phase of talks makes "significant progress" on issues such as citizens' rights and the budget.

"It's clear that in this matter, on the finance issue, if we get stuck then we will not get onto 'phase two', what should come afterwards between the European Union and Great Britain," Luxembourg Foreign Minister Jean Asselborn said on arrival.

His Dutch counterpart Bert Koenders told reporters: "It's very British to know that if you're part of a club and then you leave you have to settle your accounts."

Deal or No Deal

Barnier's British counterpart, Brexit Secretary David Davis, told a weekend newspaper that his threat to walk out without a deal with the EU was serious. Barnier said that was "not my option" and he did not want to think about such an outcome, which EU officials say would create a chaotic legal limbo.
READ MORE

Iran doesn't need US permission to conduct missile tests, says Rouhani

President Hassan Rouhani said today that Iran does not need the permission of the United States to conduct missile tests, which would continue "if technically necessary".

"Our missiles are for our defence and for peace, they are not offensive. Know that while there is a technical need to conduct missile tests, we will do so and we will ask the permission of no one," Rouhani told reporters in Tehran, following renewed criticism from US President Donald Trump.
READ MORE

Despite travel ban, Nikki tells Syrian refugees 'Trump wants to help you'

America's ambassador to the United Nations is getting a firsthand look at the refugee crisis spilling over from Syria's civil war.

Nikki Haley visited a refugee camp in Jordan yesterday. She says the Trump administration wants to step up help for the millions of people displaced.

Yet Haley's message is at odds with President Donald Trump's "America First" agenda, his planned budget cuts and his hardline position on admitting refugees.

Haley toured the Zaatari Refugee Camp and inspected a convoy of humanitarian aid set to cross the border into Syria.

She also got a rare look at a high-risk operation to airdrop supplies into besieged territory surrounded by the Islamic State group.

It's her first trip abroad as UN ambassador.
READ MORE

In Saudi Arabia with Trump, Melania and Ivanka give the headscarf a miss

United States First Lady Melania Trump and President Donald Trump's daughter Ivanka Trump eschewed the strict Saudi Arabia dress code while attending different events in the country.

Melania and Ivanka, who are accompanying Trump on his first international trip as President, were seen without headscarves during Trump's key speech in front of heads of state in Saudi Arabia on Sunday.

Melania on Sunday visited the American International School in Riyadh and an all-women General Electric service center without a headscarf.

"Enjoyed talking to the incredible women working hard @GE_Saudi service center. Great strides being made towards the empowerment of women," Melania tweeted.

"Had the honor of visiting 1st all-women process service center in #Riyadh, #SaudiArabia. Thanks to @GE_Saudi for the invite!" she said in another tweet.

Similarly, Ivanka Trump was also seen without a headscarf while attending a women's empowerment roundtable at Tuwaiq Palace with civil society leaders, prominent businesswomen and female Saudi elected government officials, CNN reported.

"Today I met with Saudi Arabian women leaders and learned directly of their accomplishments, challenges & vision for the future. #POTUSAbroad," Ivanka tweeted.

READ MORE

Cathay Pacific sacks 600 to cut down on costs; shares rise

Hong Kong's flagship airline Cathay Pacific said on Monday it would cut 600 staff as part of a major overhaul to slash costs and repair its bottom line.

The company posted its first annual net loss in eight years in March, citing intense competition as lower cost airlines, particularly from mainland China, eat into its market share.

It pledged at the time to slash costs by 30 per cent, saying that middle and senior management would be targeted without giving numbers.

In a company statement Monday, the airline said it would shed a quarter of its management — or 190 roles — as well as 400 non-managerial positions at its Hong Kong head office.

"We have had to make tough but necessary decisions for the future of our business and our customers," said CEO Rupert Hogg.

"Changes in people's travel habits and what they expect from us, evolving competition and a challenging business outlook have created the need for significant change."

No pilots, cabin crew or frontline employees would be affected, but they would be asked "to deliver greater efficiencies and productivity improvements", the statement said.

Cathay has been struggling despite an expansion of international air travel in the region, and announced a major restructuring programme in January after posting its first annual net loss since 2008 at the height of the financial crisis.

The airline is also losing premium travellers as it comes under pressure from Middle East rivals that are expanding into Asia and offering more luxury touches.

Today's announcement is the first since Hogg replaced Ivan Chu on May 1 as part of a management shake up.

Cathay shares rose 2.3 per cent in early trade today.
READ MORE

Trump taking world back to horse & cart: Arnold Schwarzenegger at Cannes

Arnold Schwarzenegger laid into US President Donald Trump on Sunday saying his plans to revive coal would bring the world back to the horse and cart.

The Hollywood star and former California governor said he despairs of what Trump's energy policy, which is heavy on fossil fuels, will do to the planet.

"When I hear he wants to bring coal back, that's going backwards. The next thing he'll want to bring horses and buggies (carts) back," the actor and activist told reporters at the Cannes film festival.

"Trump or no Trump we all have to move forward," he added.

And he urged people worldwide to rise up to save the planet.

"All great movements -- civil rights, the vote for women, the anti-apartheid movement, the freedom movement in India -- all started on a grassroots level.

"We cannot wait for Washington. The people have to rise up and say we got to protect what we have so we don't have climate change and seven million people dying every year because of pollution."

Schwarzenegger narrates a new documentary by the son of undersea explorer Jacques Cousteau, "Wonders of the Sea 3D", which he claimed would make "people fall in love with the ocean".

He said its positive message worked much better than "the shaming, guilt and finger pointing" that Schwarzenegger believes puts people off environmentalism.

"You can't just tell people all the time you should turn off your jacuzzi and not drive a big car," he told the Hollywood Reporter.

"If you want people to change you got to make people feel good. Like 'Come to the gym and you will feel so much better.' When you see this film you will inevitably fall in love with the ocean," he added.

READ MORE

Facebook post casts shadow on crackdown of alleged Islamists in Bangladesh

Five young Bangladeshis accused of being Islamist militants surrendered to authorities on Sunday, an official said, after a lengthy siege that prompted questions about heavy-handed police tactics.

Elite counter-terror troops surrounded a one-storey house in the central district of Narsingdi on Saturday afternoon after a tip-off that Islamist extremists were holed up there.

The information came from militants arrested in April after a raid on an extremist hideout that left 10 people including a senior police officer dead, said Rapid Action Battalion spokesman Mufti Mahmud Khan.

The five young men in Narsingdi had "surrendered peacefully, which was our main goal", after a siege that lasted more than 20 hours, he told AFP.

But the incident raised questions about police tactics after one of the five alleged Islamists took to Facebook to profess his innocence, urging authorities not to storm the building.

"Attention journalists and law enforcers, we are innocent. Please search us if you can find anything. We are locked from outside. Please rescue us," Abuzafar Mia wrote on the social media website.

A second post, addressing Prime Minister Shiekh Hasina, was shared at the same time saying: " Honourable Prime Minister, please rescue us. We are innocent. We are with the Awami League. We are victims of a conspiracy.Please rescue us. We are ordinary students. Please help us."

READ MORE

Get terrorists out of your mosques & communities, Donald Trump tells Saudis

US President Donald Trump called on Middle Eastern leaders to combat a "crisis of Islamic extremism" emanating from the region, casting the fight against terrorism as a "battle between good and evil," not a clash between the West and Islam.

Trump's address today was the centrepiece of his two-day visit to Saudi Arabia, his first stop overseas as president.

During a meeting of more than 50 Arab and Muslim leaders, he sought to chart a new course for America's role in the region, one aimed squarely on rooting out terrorism, with less focus on promoting human rights and democratic reforms.

"We are not here to lecture - we are not here to tell other people how to live, what to do, who to be, or how to worship," Trump said, speaking in an ornate, multi- chandeliered room. "Instead, we are here to offer partnership - based on shared interests and values - to pursue a better future for us all."

Even as the president pledged to work alongside Middle Eastern nations, he put the onus for combating terrorism on the region. Bellowing into the microphone, he implored Muslim leaders to aggressively fight extremists: "Drive them out of your places of worship. Drive them out of your communities."

The president has been enthusiastically embraced in Riyadh, where the ruling royal family has welcomed his tougher stance on Iran, its regional foe.

Trump slammed Iran for spreading "destruction and chaos" throughout the region. His comments were echoed by Saudi King Salman, who declared, "The Iranian regime has been the spearhead of global terrorism."

For Trump, the visit has been a welcome escape from the crush of controversies that have consumed his administration in recent weeks. He's been besieged by a series of revelations about the ongoing federal investigation into his campaign's possible ties to Russia and his decision to fire FBI Director James Comey, who had been overseeing the Russia probe.

READ MORE

Victims call hackers' bluff as ransomware deadline nears

With the clock ticking on whether a global hacking attack would wipe out his data, Bolton Jiang had no intention of paying a 21st-century ransom.

Since a week ago, when the malware first struck, Mr. Jiang has been busily fixing and replacing computers at the electronics company where he works in Shanghai. Paying is a bother, he said, and there was no guarantee he would get his data back.

“Even if you do pay, you won’t necessarily be able to open the files that are hit,” he said. “There is no solution to it.”

Tens of thousands of computer users around the world faced the same dilemma on Friday, their last chance to pay the anonymous hackers behind the ransomware attack known as WannaCry. The malicious software exposed the widespread vulnerability of computers and offered a peek at how a new type of crime could be committed on a global scale.

As part of the hacking, attackers demanded that individuals pay a fee to regain control of their machines, or face losing their data.

The latest strain of ransomware was particularly virulent, experts warned, because it had been based on software stolen from the National Security Agency. Law enforcement agencies in the United States and elsewhere have been hunting for the culprits, with attention focused on hackers linked to North Korea.

Despite a week of widespread disruption, the total ransom paid so far looks relatively modest. An online tracking system showed that the amount sent in the electronic currency Bitcoin to accounts listed by the attackers had begun to plateau on Wednesday, and had reached about $90,000 on Friday afternoon in Europe. Early estimates of what the virus could ultimately earn had ranged into the tens of millions or even hundreds of millions of dollars. Victims have seven days to pay from when their computers were originally infected, so the deadline will vary from case to case.

A number of people and companies have struck a defiant tone. The Japanese conglomerate Hitachi, which had been identified in the news media as a victim, declined to confirm those reports on Friday but said that it had no intention of paying a ransom and that it aimed to be fully secure against future attacks by Monday.
READ MORE

From bridesmaid to bride for Prince William's sister-in-law Pippa

After turning heads at her sister Kate's wedding to Prince William, Pippa Middleton graduated from bridesmaid to bride on Saturday at a star-studded wedding in an English country church.

The 33-year-old married financier James Matthews, 41, at a ceremony attended by the royal couple and tennis star Roger Federer, as she wore a couture dress by British designer Giles Deacon.

Middleton made headlines around the world in a figure- hugging bridesmaid's dress at William and Kate's wedding in 2011.

William, the second in line to the throne, arrived with his brother Prince Harry at St Mark's Church in Englefield, a quiet rural village west of London near the Middleton family home.

William's wife, now Duchess of Cambridge, took charge of their two children, three-year-old Prince George and two- year-old Princess Charlotte, who were among eight young page boys and bridesmaids.

William's cousin Princess Beatrice also attended, as did 18-time Grand Slam winner Federer and his wife Mirka, reflecting Middleton's keen interest in tennis.

The bride arrived with her father Michael in a Jaguar Mark V open-top car, wearing a high-necked, capped-sleeved dress with a corseted bodice and sweeping skirt, worn with a veil by milliner Stephen Jones.

She received a cheer from around 100 local residents and well-wishers from the village who were invited to watch the event from the green in front of the church.

The presence of so many senior royals means security around the village was tight, and no-fly zones banning aircraft including drones were imposed around the area.

READ MORE

US, Saudi firms sign deals worth $200 bn as Trump visits

US and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump, as Riyadh seeks help to develop its economy beyond oil.

National oil firm Saudi Aramco said it signed $50 billion of agreements with US firms. Energy minister Khalid al-Falih said deals involving all companies totalled over $200 billion, many of them designed to produce things in Saudi Arabia that had previously been imported.

Business leaders on both sides were keen to demonstrate their talks had been a success, so there was an element of showmanship in the huge numbers. Some deals had been announced previously; others were memorandums of understanding that would require further negotiations to materialise.

Nevertheless, the deals illustrated Saudi Arabia's hunger for foreign capital and technology as it tries to reduce its dependence on oil exports. Low oil prices in the past couple of years have slowed the economy to a crawl and saddled the government with a huge budget deficit.

"We want foreign companies to look at Saudi Arabia as a platform for exports to other markets," Falih told the conference.

In March, Saudi Arabia's King Salman toured Asia and his delegation signed similar agreements worth tens of billions of dollars there, including deals worth as much as $65 billion in China.

Top Saudi economic policy makers, including the finance minister and head of the kingdom's main sovereign wealth fund, described investment opportunities in Saudi Arabia to a conference attended by dozens of U.S. executives on Saturday.
READ MORE

Softbank-Saudi tech fund becomes world's biggest with $93 bn of capital

The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

In addition to Softbank and Saudi Arabia's Public Investment Fund, the new fund's investors include Abu Dhabi's Mubadala Investment, which has committed $15 billion, and Apple Inc.
READ MORE

Trump leaves on maiden foreign trip; to visit Saudi Arabia, 4 other nations

President Donald Trump today left on a nine-day maiden overseas trip during which he will visit five countries and is expected to push for his agenda of boosting US economy, bringing peace in conflict-prone zones of the world and calling for greater security cooperation.

Trump will visit Saudi Arabia, Israel, Vatican, Belgium and Italy during his visit with the defeat of ISIS topping his agenda.

"Getting ready for my big foreign trip. Will be strongly protecting American interests - that's what I like to do!" Trump told his nearly 30 million followers on Tweeter hours before he boarded Air Force One along with his top officials and a battery of White House reporters from Joint Andrews Air Force Base.

In Saudi Arabia, the first stop of his trip, Trump will address leaders from more than 50 Muslim countries with the message of peace and calling for a partnership with the Islamic world.

The leaders of the Muslim world - including those from Afghanistan and Pakistan - would be asked to sign a pledge to make it illegal in their countries to raise funds for extremist and terrorist groups.

Senior administration officials said the US later would hold these countries accountable if there is any violation of the pledge.

However, a major highlight of his trip would be his address to the Muslim world.

"The speech is intended to unite the broader Muslim world against common enemies of all civilisation and to demonstrate America's commitment to our Muslim partners," his National Security Adviser Lt General H R McMaster said ahead of the trip.

McMaster said Trump will also participate in a signing ceremony of several agreements that will further solidify US- Saudi security and economic cooperation.

According to senior administration officials, agreements are expected to cross a whopping $500 billion in all, with security co-operation alone accounting for $300 billion.

READ MORE

Venezuelan Prez Nicolas Maduro to Trump: 'Get your pig hands out of here"

Venezuelan President Nicolas Maduro delivered his most scathing critique of US President Donald Trump, telling him to stop intervening and "get your pig hands out of here."

Speaking before a crowd of supporters, a fired-up Maduro yesterday accused Trump of promoting an interventionist policy that infringes on his socialist government's sovereignty.

"Go home, Donald Trump!" he said in heavily accented English.

The remarks come a day after the Trump administration slapped sanctions against eight members of Venezuela's Supreme Court, accusing them of damaging the nation's democracy. A ruling by the court in late March stripping the opposition- controlled assembly of its remaining powers ignited a deadly wave of unrest.

While Venezuelan leaders have lashed out at US presidents frequently in the past, Maduro had largely been careful not to antagonise Trump. But Trump's repeated criticisms of the troubled South American nation appear to have struck a nerve.

Speaking alongside Colombian President Juan Manuel Santos Thursday, Trump expressed dismay at Venezuela's crisis, asking how a country holding the nation's largest oil reserves could be stricken by so much poverty and turmoil.

Trump described Venezuela's current state as a "disgrace to humanity."

Nearly two months of street protests throughout Venezuela have left at least 46 people dead. Demonstrators are demanding new elections and blaming Maduro for the nation's triple-digit inflation, rising crimes and vast food shortages.

Trump's comments and US sanctions against Venezuelan officials played to the government's longstanding accusations of US imperialism.

"Get your hands out of here. Get your pig hands out of here!" Maduro said to the US president.
READ MORE

Libya: 141 killed in airbase attack

An attack on an airbase in south Libya has killed 141 people, mostly soldiers loyal to military strongman Khalifa Haftar, a spokesman for his forces said today.

Members of the Third Force militia loyal to the UN-backed Government of National Accord in Tripoli yesterday attacked the base used by Haftar's self-proclaimed Libyan National Army (LNA), military sources said earlier.

LNA spokesman Ahmad al-Mesmari late today said the victims included civilians who worked at the Brak al-Shati airbase or were in the nearby area, also reporting that summary executions took place.

"The soldiers were returning from a military parade. They weren't armed. Most of them were executed," he said.

The GNA said in a statement late today a commission of inquiry had been set up to investigate the attack.

It said it had decided to suspend its defence minister, al-Mahdi al-Barghati, and the head of the Third Force from their duties until those responsible were identified.

Both the GNA and defence ministry earlier condemned the assault and said they had not ordered any such action.

The unity government, the rival administration in eastern Libya and their respective backers are battling for influence in the North African country which has been wracked by chaos since the fall of dictator Moamer Kadhafi in 2011.

The LNA does not recognise the authority of the GNA, and instead supports the rival authorities based in the east.

The UN envoy to Libya earlier on Friday voiced alarm at reports of the attack on the base, 650 kilometres (400 miles) south of Tripoli.

"I am outraged by reports of significant numbers of fatalities, including civilians and by reports that summary executions may have taken place," UN envoy Martin Kobler said in a statement.
READ MORE

Dollar slides on Donald Trump concern, but stocks rise

The U.S. dollar fell on Friday and was set to close its worst week in more than a year, with losses steepening after reports an investigation into possible collusion between Russia and Donald Trump's presidential campaign now include a person close to the President.

Stocks pared gains on Wall Street and Treasury yields hit session lows after the report from the Washington Post. Separately, the New York Times reported more details on Trump's recent meeting with Russian diplomats in the Oval Office.

A senior White House adviser is a significant person of interest in the investigation of possible ties between Donald Trump's presidential campaign and Russia, the Post reported citing people familiar with the matter.

It was the most eventful week of the year so far for financial markets, with many major equity markets scaling record highs and then plunging mid-week in one of the sharpest cross-asset routs in years.

Triggering the move was uproar over Trump's firing of FBI director James Comey and allegations he pressed Comey to stop investigating his former national security chief's alleged ties with Russia.

Stocks on Wall Street pared gains of as much as 1 per cent on the S&P 500. The Friday reports out of Washington came after European markets had closed.

"I'm sure some of (the move in markets) is related to that, and the fact that Trump is going to be out of the country and nobody's quite sure what he's going to do," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, speaking of the latest headlines from Washington.

"We've got two days now to wring our hands about what might happen," he said, adding that the stock market didn't seem too concerned at this point.

The Dow Jones Industrial Average <.DJI> rose 141.82 points, or 0.69 per cent, to 20,804.84, the S&P 500 <.SPX> gained 16.01 points, or 0.68 per cent, to 2,381.73 and the Nasdaq Composite <.IXIC> added 28.57 points, or 0.47 per cent, to 6,083.70.
READ MORE

Trump to Russians: Ex-FBI Director James Comey was a 'real nut job, crazy'

US President Donald Trump told Russian officials at an Oval Office meeting last week that firing FBI Director James Comey eased pressure on him as he was a "real nut job" and "crazy", a media report claimed today.

"I just fired the head of the FBI. He was crazy, a real nut job," Trump told Russian Minister Sergei Lavrov and the country's Ambassador to the US, the Times reported, citing minutes of the meeting between Trump and the Russians.

According to the US daily, the quotes and other excerpts from the minutes was readout to its correspondent by a Trump administration official.

Another on the condition of anonymity confirmed the quotes from the said document.

"I faced great pressure because of Russia. That's taken off...I am not under investigation," he was quoted as saying by said the daily.

The White House did not comment on the authenticity of Trump's conversation with the Russian officials in the Oval Office on May 9.

White House Press Secretary Sean Spicer told The New York Times in a statement that Comey had behaved politically and put unnecessary pressure on the president's ability to conduct diplomacy with Russia on matters such as Syria, Ukraine and the Islamic State.

"By grandstanding and politicising the investigation into Russia's actions, James Comey created unnecessary pressure on our ability to engage and negotiate with Russia," Spicer said.

He said the investigation would have always continued, and the termination of Comey would not have ended it.

"Once again, the real story is that our national security has been undermined by the leaking of private and highly classified conversations," he added.
READ MORE

Chinese jets intercept US radiation-sniffing plane in East China sea: WH

China denied US accusations that its jets conducted an unprofessional intercept of an American radiation-sniffing surveillance plane in the East China Sea and urged Washington to stop such activities.

The two Chinese SU-30 jets on Wednesday approached a WC- 135 Constant Phoenix aircraft a modified Boeing C-135 conducting a routine mission in international airspace in accordance with international law, Pacific Air Forces spokeswoman Lt Col Lori Hodge said in a statement.

The WC-135 crew characterised the intercept as unprofessional "due to the manoeuvres by the Chinese pilot, as well as the speeds and proximity of both aircraft," Hodge said.

She declined to provide further details and said the issue would be addressed with China through "appropriate diplomatic and military channels."

"We would rather discuss it privately with China," Hodge said in an email to The Associated Press. "This will allow us to continue building confidence with our Chinese counterparts on expected manoeuvring to avoid mishaps."

In China, Defence Ministry spokesman Wu Qian said the American plane was conducting surveillance over the Yellow Sea the northern part of the East China Sea and that the Chinese jets moved to identify and verify the plane "in accordance with laws and regulations."

In a statement on the ministry's website, Wu said the operation was "professional and safe." Wu blamed surveillance by US planes and vessels as the "root cause of military security problems concerning sea and air" between the two countries and urged the US to stop such activities.
READ MORE

TPP trade deal members seek to move ahead without US

Remaining members of the Trans Pacific Partnership (TPP) free trade agreement are working on a statement to reaffirm their commitment to it, despite the withdrawal of the United States, sources close to the discussions said.

Some still hope for the eventual return of the United States to the deal ditched by US President Donald Trump, because of his readiness to shift position on other issues, Malaysia's trade minister said.

Talks are happening on the sidelines of an Asia-Pacific Economic Cooperation (Apec) meeting, the biggest trade gathering since Trump upended the world order with his "America First" policy.

The competing visions are evident at this weekend's Apec meeting of ministers from countries that account for well over 40 per cent of world trade.

While new US Trade Representative Robert Lighthizer will hold bilateral talks with key countries, China will be pushing its favoured Asian trade agreement as it puts itself forward as a global free trade champion.

Japan is leading the countries that still want to persist with the much more comprehensive TPP agreement, abandoned by Trump in one of his first acts in office and which does not include China.

Sources close to the discussions said the so-called TPP-11 nations - the 11 left after the United States withdrew - were planning a statement of commitment to the pact.

"There will be two main points: 1. To aim for an early entry into force of the TPP-11 2. To bear in mind an environment where a signatory country can return," said one source close to the discussions who was not authorised to speak to the media.

The agreement is due to take effect next year.

CHALLENGES

Among the challenges is keeping on board Vietnam and Malaysia, which would have been big beneficiaries from the agreement if it included the United States.

Some renegotiation would be needed for the deal to proceed without the United States, Malaysian Trade Minister Mustapa Mohamed told Reuters. A Vietnamese official expressed a similar view.

Mustapa said there was optimism the United States would return one day, because Trump had shown readiness to shift his position on other matters, such as softening his stance towards China.
READ MORE

Wall Street opens higher as Donald Trump slump eases

US stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over Wall Street in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.

The Dow Jones industrial average was up 34.11 points, or 0.17 per cent, at 20,697.13, the S&P 500 was up 6.46 points, or 0.273067 per cent, at 2,372.18 and the Nasdaq composite was up 19.85 points, or 0.33 per cent, at 6,074.98.
READ MORE

US stocks suffered $8.9 bn outflow as Trump stirs trouble in White House

Investors ditched almost $9 billion of US equities as political turmoil in Washington built up in the past week, Bank of America Merrill Lynch figures showed on Friday.

Funds invested in US equities saw outflows of $8.9 billion in the week to Wednesday- their third straight week of outflows -- while those dedicated to European stocks added $1.1 billion, the largest in 39 weeks and the ninth straight week of inflows.

"Washington DC disruption: new risk ... Washington political malaise causes capital flight from US," BAML summarised, referring to White House battles over the struggles over alleged links to Russia and to the removal of the FBI director.

The big winner for the week, meanwhile, were global tech stocks, now enjoying the biggest annualised inflows since the dot-com bubble.

Tech stocks raked in $1 billion in the week to Wednesday in their 11th straight week of inflows, BAML said in its regular 'Flow Show' analysis.

It also noted that the Nasdaq internet index, a modified market capitalisation-weighted index designed to track the largest and most liquid US online firms, was running at an annual rate of 75 per cent gains year to date.

It expressed some concern about this.

"(The) longer it takes the economy and yields to pick-up, greater (the) risk of tech mania," BAML said.

Investors also remained in emerging markets, with equities adding $3.9 billion in a ninth week of gains while developing market debt saw inflows of $1.6 billion in their 16th straight positive week.

"Emerging markets equal year-to-date flow winner and year-to-date return winner as weaker dollar, lower yields overwhelm China credit fears," BAML said in its note.

The data, however, was collected before a broad sell of roiled emerging markets on Thursday following allegations that Brazil's President Michel Temer condoned bribes to silence a key witness in a corruption probe.

Overall, bond funds attracted $9.7 billion of inflows in the week to Wednesday, with around two thirds of that ($6.6 billion) going into investment grade funds, BAML said.
READ MORE

Worldwide effort set to keep Donald Trump happy on 1st trip abroad

When President Donald Trump sits down for dinner in Saudi Arabia, caterers have ensured that his favorite meal - steak with a side of ketchup - will be offered alongside the traditional local cuisine.

At Nato and the Group of 7 summits, foreign delegations have gotten word that the new US president prefers short presentations and lots of visual aids.

And at all of Trump's five stops on his first overseas trip, his team has spent weeks trying to build daily downtime into his otherwise jam-packed schedule.

It's all part of a worldwide effort to accommodate America's homebody president on a voyage with increasingly raised stakes given the ballooning controversy involving his campaign's possible ties to Russia. For a former international businessman, Trump simply doesn't have an affinity for much international.

Even before Trump's trip morphed from a quick jaunt to Europe into a nine-day behemoth, White House aides were on edge about how the president would take to grueling pressures of foreign travel: the time zone changes, the unfamiliar hotels, the local delicacies.

Two officials said they feared that a difficult trip might even lead the president to hand off future traveling duties to Vice President Mike Pence.

Trump's final itinerary hardly eases him into the delicate world of international diplomacy on foreign soil. After departing Friday on an overnight flight on Air Force One, Trump will hopscotch from Saudi Arabia to Israel to the Vatican. He'll close his trip with a pair of summits in Brussels and Sicily, often-staid affairs that require leaders to be locked in lengthy plenary sessions.

"The chance of something going wrong - you insult the hosts, you get sick, your boss gets sick, you miscommunicate with your hosts, you make a scheduling error, you need to change the schedule just hours before a meeting, the motorcade get stuck in traffic, or the plane is stranded due to bad weather - is extremely high," said Julianne Smith, who served as a foreign policy adviser to Vice President Joe Biden and is now a senior fellow at the Center for New American Security. "Personally, I think they should cut it back now before they regret it," she said of Trump's long jaunt.
READ MORE

How Donald Trump could be removed from office under the US Constitution

As Washington becomes increasingly engulfed by the spiralling crises in Donald Trump’s presidency, and even prominent Republicans compare it to the dark days of Watergate, even Republican voices have been asking how Donald Trump might be replaced.

Six decades ago, Dwight Eisenhower’s various illnesses stimulated a serious debate in the Congress over this question, but it was not until the 1963 assassination of his successor John F. Kennedy that Congress approved the 25th Amendment to the US Constitution, which provided a set of procedures for replacing a president in the event of death, removal (permanently or temporarily), resignation, or incapacity.

This plugged a significant constitutional gap. Although Article II, section one of the US Constitution discusses the issue of presidential succession, it did not spell out how a vice-president would assume the presidency if an incumbent died, resigned or was unable to perform the office’s duty. When Kennedy died, the new president, Lyndon Johnson, had known health issues; the next two people in line for the presidency were 71-year-old House speaker, John McCormack, and the 86-year-old Senate president pro tempore, Carl Hayden.

Ultimately ratified by a majority of the states in 1967, the 25th Amendment’s procedures were first invoked in 1973, when Richard Nixon’s vice-president, Spiro Agnew, resigned after pleading no contest to a charge of federal income tax evasion in exchange for the dropping of political corruption charges. The amendment was triggered again less than a year later during the Watergate affair, after the Judiciary Committee of the House of Representatives approved articles of impeachment against Nixon for obstruction of justice, abuse of power, and contempt of Congress.

Nixon resigned, and his new vice-president, Gerald Ford, was sworn in as the 38th president under section one of the amendment; for his new vice-president he nominated Nelson Rockefeller, whom both congressional chambers confirmed by simple majorities. Thus the nation’s two highest offices were filled without a popular vote.
READ MORE

Lawsuits accusing Facebook of supporting Hamas terrorist group dismissed

A federal judge on Thursday dismissed two lawsuits accusing Facebook Inc of supporting terrorist groups by letting them use its social media platform to further their aims, including violence against Jews.

US District Judge Nicholas Garaufis in Brooklyn dismissed a lawsuit brought on behalf of roughly 20,000 Israeli citizens and a lawsuit by family members and the estates of victims of attacks by Hamas.

Garaufis said the plaintiffs in the first lawsuit lacked standing to pursue their claims in federal court, and that Facebook was immune from claims in the second lawsuit.
READ MORE