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Micro-blogging site Twitter filed a lawsuit in an Ankara court on Thursday, seeking to annul a fine by the Turkish authorities for not removing content Turkey says is “terrorist propaganda”, a source familiar with the case told Reuters.

A Turkish official said much of the material in question was related to the Kurdistan Workers Party (PKK) which Ankara deems as a terrorist organization.

A spokesperson for Twitter confirmed the company has taken legal action over the fine without providing further details.

Ankara has taken a tough stance on social media under President Tayyip Erdogan and the ruling AK Party he founded. It has temporarily banned access to Twitter site several times in the past for failing to comply with requests to remove content.

But the 150,000 lira ($50,000) fine, imposed by the BTK communications technologies authority, was the first of its kind by Turkish authorities on Twitter.

Twitter, in its lawsuit, is arguing that the fine is against the law and should be annulled, the source said.

The content Turkish authorities have asked to be removed includes tweets in relation to the PKK, which is also considered a terrorist organization by the European Union and the United States, a Turkish official said. Some tweets are related to the far-left DHKP-C.

“We have shown 15-20 tweets from several accounts to Twitter as examples. We have imposed the fine because Twitter failed to comply with the court order,” this official said.

Transport Minister Binali Yildirim said on Wednesday that Turkey would not give up on its demand for Twitter to pay the fine.

The government has also introduced legislation making it easier for such bans to be imposed. Turkey is among the top countries with the highest number of content-removal requests to Twitter, data from U.S.-based company shows.

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Deutsche Telekom is facing growing pressure from investors and lawmakers to ensure proper treatment of workers at its American business T-Mobile US.

The German company’s biggest subsidiary has enjoyed two years of rapid expansion in a fiercely competitive U.S. market that has seen it overtake its closest rival Sprint in terms of subscribers.

But it has been accused by its main labor union, the Communications Workers of America (CWA), of flouting employees’ rights and was last year found to have engaged in illegal work practices in two U.S. National Labor Relations Board cases.

T-Mobile, which has about 45,000 employees, says it abides by the law and denies mistreating workers.

Two major investors in Deutsche Telekom have expressed concern to the company about the treatment of T-Mobile employees, according to sources. Lawmakers in Washington and Berlin have, meanwhile, called on the German government – which controls 30 percent of Deutsche Telekom – to put pressure on the company to ensure its U.S. business respects workers’ rights.

Pension fund manager APG Asset Management, which owns 0.15 percent of Deutsche Telekom, told Reuters it had requested an update on T-Mobile’s treatment of workers in light of rulings by the U.S. National Labor Relations Board (NLRB) and the CWA allegations. “Based on this (update), we will consider our position,” it said, without elaborating.

In 2011, APG removed Wal-Mart from its portfolio, citing working conditions and insufficient willingness to allow staff to unionize.

“Human capital management is very important to us,” said APG sustainability specialist Anna Pot. “It is an important indicator of the quality of management.”

Norges Bank Investment Management (NBIM) – Deutsche Telekom’s fourth-biggest shareholder with a 1.6 percent stake – has also expressed concerns to the company about the treatment of U.S. workers, according to two sources familiar with the matter.

NBIM said it had a policy of not commenting on specific investments or companies.

A senior manager at another top-30 Deutsche Telekom shareholder, who declined to be named because his employer does not allow him to discuss individual investments, said it was also concerned about the treatment of U.S. workers, but had not raised the issue with the German company.

Deutsche Telekom declined to comment, saying discussions with its shareholders were confidential.

POLITICAL PRESSURE

Following complaints from the CWA, a judge on the National Labor Relations Board (NLRB) ruled in March that a number of T-Mobile’s national policies were illegal.

The violations included those that prohibited employees from discussing wages with colleagues, speaking to the media about their work environment and seeking help from co-workers to gather evidence in disciplinary proceedings.

T-Mobile is appealing against the rulings on two of the 11 practices judged illegal, but has accepted the decisions on the other nine. At the time, it said the judge’s rulings on the 11 policies were only on “a technical issue in the law”, adding: “There are no allegations that any employee has been impacted by these policies.”

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From the carnitas crisis of early 2015 to the more recent E. Coli outbreak. And now, tough love from Wall Street. Chipotle Mexican Grill Inc’s (CMG.N) shareholders have never had it so bad.

At least six brokerages slashed their price targets on the burrito chain operator’s stock on Thursday, a day after the company said it was served with a grand jury subpoena related to a probe into a norovirus incident at one of its restaurants.

Chipotle’s stock, once a Wall Street darling, has lost a third of its value since the end of October, when an E. Coli outbreak linked to its restaurants was first reported.

The shares were down 1.6 percent at $420.02 on Thursday.

Chipotle’s announcement on Wednesday highlighted deepening problems at the chain, which has been plagued by a spate of food-borne illnesses among other issues since October.

Last year started on a sour note, when the company said it would not serve its popular “carnitas” at some restaurants after it found that a key supplier was not complying with its animal-welfare standards.

BTIG analysts on Thursday cut their price target by $134 to $530 and said the consistent negative news flow was keeping investors on the sidelines.

Analysts at Deutsche Bank, who cut their price target to $400 from $480, said until Chipotle identified the source of the outbreak, fundamentals would continue to remain challenged.

Barclays cut its target to $465 from $540.

“Given the series of negative headlines and outsized media/social attention, we believe the time frame for a complete Chipotle recovery is extended,” Barclays analysts wrote in a note.

Chipotle said on Wednesday it was further reducing its fourth-quarter same-store sales forecast, mainly due to media attention surrounding another norovirus incident at a Boston restaurant in December.

The company said it now expects same-store sales to fall 14.6 percent in the fourth quarter, its first ever decline.

Maxim Group analysts said on Monday it was unlikely that same-stores would become positive until 2017.

Despite all its problems, Wall Street analysts still have a largely positive outlook on the stock. Only two of the 34 analysts covering the stock have a “sell” rating. Thirteen recommend a “buy” or higher rating, while 19 a “neutral” recommendation.

While the median price target has fallen to $495 from $766 in the last 90 days, it is still well above the current stock price.

There were no changes in recommendations on Thursday.

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The doorknob rattled. Two of the men occupying a federal biologist’s office in a stand-off over land rights hopped from their chairs and swung rifles toward the locked door.

There was no knock – the established procedure for gaining entry to the nerve center of the siege mounted by brothers Ammon and Ryan Bundy at this eastern Oregon nature center.

The Bundys’ bodyguard stood in silent alert but heard no voices from the snowy darkness outside.

“Should we approach the door or not?” Ryan asked, creeping toward a window.

Ammon, armed with only a cell phone, remained seated and shook off the tension, saying dryly, “Oh, it’s fun to live this way.”

Since Saturday, the brothers and a small band of supporters have occupied the Malheur National Wildlife Refuge, which they seized to protest the U.S. government’s control of vast tracts of Western land.

On Tuesday, for the first time, they allowed two reporters to join them inside their refuge for a night marked by long discussions and moments of hair-trigger tension.

Earlier, the Bundys had heard from people they trusted that federal law enforcement agents were assembling in Burns, the nearest town, a half hour’s drive away. Federal officials have said they have no plans to approach the refuge.

As the two Reuters reporters arrived just after nightfall, the occupiers were moving into a state of high alert. The group’s head of security, a man known as Booda Bear, had been out of touch since driving off-site hours earlier. Amid efforts to locate him, the Bundys talked at length about what had brought them into this wilderness – and what it would take for them to leave.

They began the occupation after a demonstration in support of two ranchers convicted of setting fires on their land that spread to this reserve. Dwight Hammond and his son Steven were sent back to prison this week after a judge ruled that the sentences they previously served for arson were not long enough under federal law.

For the Bundy brothers, the occupation is personal. Their father, Nevada rancher Cliven Bundy, who was not at the reserve but was offering his sons advice by phone, became a symbol of the anti-government ethos after a stand-off over grazing rights with federal authorities in 2014.

When the brothers heard about the Hammonds’ legal troubles, they felt a need to show support and confront a federal government they believe tramples on local control. But how the occupation will end still isn’t clear.

“When we can say, ‘OK, now we can go home,’ would be when the people of Harney County are secure enough and confident enough that they can continue to manage their own land and their own rights and resources without our aid,” Ryan Bundy said. “And we intend to turn this facility into a facility that will aid that process.”

To underscore his point, he grabbed a piece of paper from the office printer. It featured a new name and logo the group had decided on for the Malheur refuge, which plays host annually to a wide range of migrating waterfowl. In the Bundy-designed logo, the words “Harney County Resource Center” float over an image of the reserve’s horizon in the glow of dusk.

FISH PRINTS, PIZZA AND BULLETS

The brothers have taken over the cozy and cluttered office of Linda Sue Beck, a biologist and civil servant they have come to view as a symbol the federal government. They said they would allow Beck to come to gather her personal belongings. But they don’t want her to return to work.

“She’s not here working for the people,” declared Ryan Bundy, the more outspoken of the brothers. “She’s not benefiting America. She’s part of what’s destroying America.”

He referred to her as the “Carp Lady,” a nod to the fish-themed block prints and “Carpe Carp” sign on her office walls

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With U.S. stocks now on pace for their worst start to the year since 2000, investors are questioning whether Wall Street is headed for a bona fide bear market. The truth is, many stocks are already there.

U.S. stocks have fallen nearly 4.0 percent so far in 2016, and more than 40 percent of the stocks in the benchmark S&P500 stock index are 20 percent or more off of their highs, the definition of a bear market.

In addition to the 219 stocks in the S&P 500 index that are down 20 percent or more from their 52-week highs, there are 374 stocks off more than 10 percent, said Ryan Detrick, market strategist at Kimble Charting Solutions in Cincinnati, Ohio.

“U.S. equity markets are extremely oversold to start this year, so a bounce could happen at anytime. The bigger issue is the deterioration of stocks under the surface,” said Detrick.

It may get worse before it improves: shares still are pricey and investors who say they can’t calibrate geopolitical woes such as weakness in China’s economy and war in the Middle East are sticking to the sidelines for now. There seems little reason for optimism.

But the sluggish start doesn’t necessarily point to a year of losses. January often is a bad month for stocks and all of the recent selling has beaten down some shares low enough to interest selective investors.

The average stock in the S&P 500 is off almost 21.3 percent from its 52-week high, according to Detrick, suggesting there is a wide swath of stocks that have been beaten down and may be able to provide value.

“There are very legitimate reasons for concerns. You could argue the market response has been very rational. At the same time, how much have things really changed? I would argue not much,” said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass.

“I could make a case that we could may see a number of positive surprises here in the U.S.”, he said.

U.S. stocks still appear to be expensive, with the forward price earnings ratio of the S&P 500 at 16.4, below the 17.4 reached in March but still at highs not seen since 2004.

But those valuations could be exaggerated by a smaller group of stocks that have driven the S&P over the last year and are priced richly. Amazon, part of the so-called “FANG” group of stocks that helped keep the S&P 500 near steady in 2015, has a PE for the next 12 months of 114.3, for example. Netflix is even higher, showing a ratio of 368.5 for the next 12 months. The FANG group includes Facebook, Amazon, Netflix and Google.

With the sluggish start to the year for the FANG stocks, the broader market indices have lost a major source of support. The outsized effect of the market leaders last year is illustrated by the performance of a pair of ETF’s. For 2015, the Guggenheim S&P 500 Equal Weight ETF lost 2.6 percent for the year while the SPDR S&P 500 ETF gained 1.3 percent on a total return basis.

But through Wednesday, that spread had narrowed considerably, with the equal weight ETF down 4.9 percent over the past month while the SPDR ETF was down 4.6 percent.

That doesn’t mean investors should blindly buy any stocks that have lost ground.

“The problem with things that are cheap is that they can always get cheaper,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.

The technical picture for stocks has also deteriorated, as losses on Wednesday pushed the S&P 500 below a key support level around the 1,990 mark which could result in a full retest of its August lows near 1,870, according to Jeff Saut, chief investment strategist at Raymond James Financial in St. Petersburg, Florida.

The lows seen in August 2105 were partly triggered by worries over a slowdown in China’s economic growth, and this remains a concern as reflected in a further slide in the Chinese yuan on Thursday to the lowest level in March 2011.

However, other geopolitical factors are now in play also including tensions between oil producers Saudi Arabia and Iran and a nuclear bomb test by North Korea.

“I don’t know how to handicap the Saudi Arabia and Iran war, an H-bomb in Korea, so I am not doing anything right here,” said Saut.

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The next big move in the price of oil will be up. For now, OPEC producers are flooding the market with cheap crude. But low-cost OPEC producers will win the hydrocarbon price war because they can fight harder for longer. And when they win, the price of oil will rise.

Brent crude has fallen about 40 percent over the last year to less than $40 a barrel as the Organization of the Petroleum Exporting Countries has sought to defend its market share by pumping record volumes of oil and driving profit out of higher-cost production. Shale oil drillers in America and offshore operators in areas such as the UK’s North Sea are among the most vulnerable. Improving wellhead efficiency has softened the blows thus far. But these gains will be harder to repeat in 2016.

The International Energy Agency (IEA) expects shale oil production in the United States to shrink by more than 600,000 barrels per day next year if current low oil prices persist. At that rate, daily U.S. shale production would soon fall below 5 million barrels per day.

Lower prices will accelerate shutdowns in areas like the North Sea too. Energy consultancy Wood Mackenzie reckons that over a third of the area’s 330 fields could be threatened by early closure if prices remain below $85 per barrel for an extended period.

Like shale, the North Sea was once seen as a serious rival to OPEC’s cheap oil but now it looks like its first victim. Wood Mackenzie reckons that at least 1.5 million barrels of daily global production are uneconomic at $40. Those volumes make up no more than a couple of percent of supply. But the global oil market is finely balanced. Small changes can lead to big shifts.

As more high-cost production is either shut down or slowed down, OPEC’s pricing power will come to the fore. The IEA says oil prices will swill around the bottom of the barrel until 2018. If demand for oil rises with a global economic growth spurt – fuelled perhaps by the low cost of energy – the oil prices will move up sooner than that.

The precise price to be seen at any moment in 2016 is unpredictable. But elemental oil market forces suggest that a barrel of black stuff will revert back towards its 10-year mean above $80.