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Boris Johnson takes victory lap of newly won north of England seats – Channel 4 News


Boris Johnson has promised former Labour voters he will ‘repay’ their trust as he visited the northeast of England to congratulate newly elected Tory MPs. He declared he wanted to spread opportunity to everyone.

Meanwhile Jeremy Corbyn has faced more fury from former Labour MPs who lost their seats, claiming he had ‘failed as a communicator’ and warning that if the party didn’t sort itself out, it could spell the end of the Labour movement altogether.



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Liam Payne on Maya Henry: It’s great to date someone who takes my fame in her stride



Liam Payne has praised his girlfriend Maya Henry for taking his fame “in her stride”.

The former One Direction star has been dating the Texan model, 19, since September. It is Payne’s first serious relationship since his split last year from singer Cheryl, with whom he has a son Bear, two.

Payne, 26, told Insider that Henry seemed unfazed by the level of attention he gets when out in public. 

The singer, who has more than 18 million followers on Instagram, said: “She is very understanding. The first time we got caught in a fan face-off, there were about 50 fans following us in an airport. It was chaotic. 

(Joe Pepler/PinPep)

“She got in the car and I asked if she is OK, and she was like, ‘Yeah’. I was more scared than she was. It is really great having someone who just takes that all in her stride. It is great.”

Payne, who shot to fame in 2010 on The X Factor when he was put together with Harry Styles, Niall Horan, Louis Tomlinson and Zayn Malik by Simon Cowell to create One Direction, revealed that he spent Thanksgiving with Henry and her family.

“I did Thanksgiving recently with my girlfriend and went for a load of bad food there, which was great. Maya made this sweet potato thing with marshmallow. Whatever it was, it was awesome. I said, ‘Darling, whatever happens, I have never had one before so yours will be the best I have ever eaten.’” Speaking at the launch party for his latest album LP1, which is released today, Payne also opened up about adapting to fatherhood.

(Dave Benett)

“When you look at it as a whole, parenting is a struggle,” he said. “You will never get it right. We can all remember things from our own childhood, but our parents did what they could. 

“I am going to do whatever I can to make sure he has the best things in life and to do what he wants to do. And make his dreams come true, whatever they may be. I have a very understanding ex-partner, who takes really good care of him.”

Last night, Payne performed an impromptu gig in partnership with Huawei and their new wireless headphones, FreedBuds 3, at Omeara in London Bridge



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Bank of Montreal hikes dividend but takes hit for job cuts


The chief executive of the Bank of Montreal vowed Tuesday that there will be “ongoing accountability” in the wake of another restructuring charge that the Canadian lender was forced to take in connection with job cuts.

BMO reported on Tuesday net income of nearly $1.2 billion for the three months ended Oct. 31, down from about $1.7 billion a year earlier, due in part to a $484-million pre-tax restructuring charge that Canada’s fourth-largest lender took for the quarter.

The fourth-quarter charge was tied to severance and some small real estate-related costs, BMO said, “to continue to improve our efficiency, including accelerating delivery against key bank-wide initiatives focused on digitization, organizational redesign and simplification of the way we do business.”

BMO CEO Darryl White told analysts during a conference call that the decision was made “with serious consideration,” and was in line with its strategy.

“All areas of the bank contributed to the charge, and there will be ongoing accountability throughout the organization for the decisions that have been made,” White said.

BMO’s chief financial officer, Tom Flynn, said the restructuring charge would affect around five per cent of the bank’s employees. He added that they expect their measures to create savings of approximately $200 million in its fiscal 2020 and to achieve run-rate savings of about $375 million by the first quarter of fiscal 2021.

The comments came after the Toronto-based bank also reported it had cut the number of full-time equivalent employees by 810 from the previous quarter, to 45,513 total for the period ending Oct. 31.

However, the restructuring costs have been a recurring theme for BMO, which recorded similar charges in recent years, including hits of $260 million in 2018 and $59 million in 2017. There was also a $120-million severance expense for the second quarter of 2019, which was attributed to the bank’s capital-markets unit.

“It is difficult for us to credit good expense control in the face of yet another restructuring charge from this bank, this time approaching $500 million,” CIBC World Markets analyst Robert Sedran wrote in a note. “However, the underlying segment performance was solid with improving volume growth, positive operating leverage, and stable credit quality. A decent result.”

White, though, suggested that the restructuring costs could be coming to an end.

One of BMO’s key targets has to do with what is known as its efficiency ratio, which is a percentage calculated as non-interest expense divided by total revenue. BMO’s adjusted efficiency ratio was 60 per cent for the quarter, down from 62.2 per cent a year ago, but the bank has set the goal of achieving 58 per cent by 2021.

White said that the latest charge would help BMO in reaching its efficiency target, “while continuing to optimize efficiency beyond that without the need for additional charges.”

In response to an analyst question, the CEO noted it was a “sizable move” affecting five per cent of the bank’s workforce, that the bank was “holding the line a lot more tightly” on expense growth and that the discipline they expect from managers going forward does not include a “reliance on this technique and the assist of a charge.”

“And so that’s a very sort of clear message to the entire organization in terms of how we expect to manage ourselves going forward,” White said. “So when I put all those together, in addition to the real benefits that we’re starting to see from technology and digitization, we’re confident in telling you that we’ll retire this play from our playbook.”

Affecting BMO’s latest results as well were some acquisition-related assets and costs and a $25-million reinsurance “adjustment” connected to the impact of claims from Japanese typhoons, which hit the bank after its previously announced decision to wind down the reinsurance business.

With the latest restructuring charge removed, BMO’s profit for the quarter was $1.6 billion, up five per cent from the same three months of 2018. Adjusted earnings per share were $2.43, an increase of five per cent and slightly above the $2.41 that analysts were expecting.

The bank said its results were boosted by good showings from its retail businesses and greater earnings out of its wealth management unit, offset somewhat by a drop in net income from its capital-markets operations. The previous year’s results also included a “favourable tax item” in the U.S.

BMO’s stock price fell Tuesday morning, and was around 2.5 per cent lower as of 10 a.m., at $98.22.

“We do not expect the slight beat to drive the stock; however, the news on the restructuring charge is likely to drive some near term upside in BMO shares given our expectation that management will suggest that this restructuring positions the bank well to deliver on its 58 per cent efficiency ratio target for 2021,” Eight Capital analyst Steve Theriault wrote.

For its fiscal 2019, which wrapped up at the end of October, BMO reported earnings of almost $5.8 billion, up six per cent from the previous year.

In addition to the earnings, BMO announced it was hiking its quarterly dividend payment by three cents to $1.06 per common share.

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Prince Andrew’s Accuser Takes Her Case to the BBC


LONDON — Virginia Roberts Giuffre recalled a whirlwind trip to London with her employer, the financier Jeffrey Epstein, when she was 17. It began at a townhouse where Prince Andrew was talking about his ex-wife, the Duchess of York. It moved on to a club, where she said she and the prince danced, and he sweated profusely. And it ended when, she said, she was ordered to have sex with him.

“It was disgusting,” Ms. Giuffre said in an interview broadcast Monday by the BBC. “I sat there in bed and felt horrified and ashamed.”

“I had just been abused by a member of the royal family,” she continued. “These powerful people were my chains.”

Ms. Giuffre’s account of the trip in 2001, and of two other incidents when she said she had sex with Prince Andrew at Mr. Epstein’s homes in New York and in the Caribbean, was the first time she described her story for a British audience.

Ms. Giuffre acknowledged that the passage of time may have fogged her memory about the dates or places of certain events. But she said she had a vivid memory of dancing with Prince Andrew. “He is the most hideous dancer I’ve ever seen in my life,” she said. “His sweat was like, ‘it’s raining everywhere.’”

The reaction to Prince Andrew’s remarks was swift and overwhelmingly negative. Several charities with which he was associated distanced himself from him, he was urged to testify under oath to the F.B.I. and his brother, Prince Charles, urged the queen to strip him of his public duties, which she did.

For the royal family, it was the worst public relations debacle since the aftermath of the death of Princess Diana in a car crash — stirring questions about the aging queen’s control over her family and drawing calls from the British news media for Prince Charles to take a more central role at Buckingham Palace.

For Ms. Giuffre, who described a history of abuse dating back to her childhood, the alleged encounters with Prince Andrew left her, she said, even more sickened than those with Mr. Epstein, whom she described as “having a sickness that could not be cured,” or with his girlfriend, Ghislaine Maxwell, who is accused of procuring teenage girls for him, and who Ms. Giuffre described as vicious.

“This is not some sordid sex story; this a story of being trafficked,” she said. “This is a story of your guys’ royalty.”



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