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Marriott says variety of brands is a strength not weakness

FILE PHOTO: Logo of Marriott hotel is seen in Vienna, Austria
FILE PHOTO: Logo of Marriott hotel is seen in Vienna, Austria April 9, 2018. REUTERS/Heinz-Peter Bader/File Photo

April 11, 2019

HONG KONG (Reuters) – Marriott International Inc, the world’s biggest hotel company with luxury brands such as St. Regis and Ritz-Carlton, says it is committed to all of its brands which give it the breadth to take advantage of fast-growing markets like China.

The company was criticized recently by activist investor Jonathan Litt who, according to media reports, has urged Marriott to consider culling its 30 brands to better align itself with competitors such as Hilton Worldwide Holdings Inc.

Marriott’s Global Chief Commercial Officer Stephanie Linnartz, however, said the group aimed to keep expanding across all sectors of the market, especially in Asia.

“We’re focused on growing multiple tiers (in Asia Pacific), not just luxury… we’re also excited about growing our Courtyard brand in China,” Linnartz told Reuters on Thursday.

Mid-scale brands like Courtyard are Marriott’s fastest-growing segment in Asia Pacific, the company said.

She was speaking to Reuters during a visit to Hong Kong, where the group opened its first St Regis in the city on Wednesday.

Last month Marriott announced plans to open more than 1,700 hotels globally as part of its three-year growth strategy. It has more than 300 hotels in China in the pipeline for the next three to five years and plans to have all 30 of its brands operating in the Asia Pacific region eventually, up from 23 at present.

The number of brands was one of the group’s greatest strengths, Linnartz said.

“Because you have so much breadth and choice. We see in our data that, last year, half of the people who stayed in W globally, also stayed in Courtyard, why? Because people will stay in one brand for business trip, and they want to go on their romantic vacation with their spouse.”

The St Regis in Hong Kong is Marriott’s 7,000th property globally. The company also plans to bring the JW Marriott Marquis brand to China later this year, and the Tribute Portfolio brand into India.

“We need to be careful to bring what brand into what market, not just the country, but the city. You have to really think about the right consumer demand – is that a luxury market or not?” Linnartz said.

(Reporting by Clare Jim; Editing by Susan Fenton)

Source: OANN

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Belarusian investigators raid independent TV channel

Investigators in Belarus have searched the office of a leading independent satellite channel as part of a criminal probe.

Tuesday's search of the Belsat office in Minsk was the latest episode in an official crackdown on independent media in the ex-Soviet nation.

Belarus' state investigative agency said the search was part of a slander probe looking into a Belsat report about the arrest of corruption suspects that proved erroneous.

Belsat, which broadcasts from Poland, said its computers were confiscated during the search. It said Belarusian authorities are trying to muzzle independent voices ahead of next year's presidential election.

Belarusian President Alexander Lukashenko has ruled the ex-Soviet nation of 10 million for a quarter-century, cracking down on dissent and free media and maintaining Soviet-style control over its economy.

Source: Fox News World

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China says it will continue to suspend additional tariffs on US vehicles, auto parts

FILE PHOTO: Man drives red car past parking lot where large numbers of newly manufactured cars are parked at Dayaowan port of Dalian
FILE PHOTO: A man drives a red car past a parking lot where large numbers of newly manufactured cars are parked at Dayaowan port of Dalian, Liaoning province June 10, 2012. REUTERS/Stringer

March 31, 2019

BEIJING (Reuters) – China’s state council said on Sunday that China will continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1, in a goodwill gesture to the U.S. decision to delay tariff hikes on Chinese imports.

In December, China said it would temporarily suspend additional 25 percent tariffs on U.S.-made vehicles and auto parts for three months, following a truce in a trade war between the world’s two largest economies.

(This version of the story corrects day of the week in lede)

(Reporting by Stella Qiu and Yawen Chen; Editing by Raissa Kasolowsky)

Source: OANN

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UGA fraternity suspended after racist video spread online

Four students were expelled from a University of Georgia fraternity on Saturday after a video depicting them using racial slurs and mocking the mistreatment of slaves went viral on social media.

According to UGA student newspaper The Red and Black, the video that surfaced online on Friday showed four members of the Xi-Lambda chapter of Tau Kappa Epsilon pretending to use a belt as a whip while saying "pick my cotton," followed by a curse word and a racial slur.

The fraternity said that the incident took place off-campus at a non-Tau Kappa Epsilon function and condemned the students' behavior in a statement posted online.

AS CRUCIAL BREXIT VOTES LOOM, THERESA MAY BACKED BY MINISTERS AMID COUP REPORTS

"Tau Kappa Epsilon is disgusted, appalled and angered by the remarks shown in a video of four expelled members," the fraternity said in a statement. "TKE will not tolerate any actions such as these that would be defined as racist, discriminatory and/or offensive."

The video had attracted the notice of UGA's student government association, which said the chapter of TKE was "currently suspended" pending an investigation.

The university also rebuked the video in its own statement on Saturday.

THOUSANDS ATTEND NEW ZEALAND VIGIL TO MOURN CHRISTCHURCH VICTIMS AND PROTEST RACISM

"The University of Georgia condemns racism in the strongest terms. Racism has no place on our campus. We will continue our efforts to promote a welcoming and supportive learning environment for our students, faculty and staff," the university said on Twitter.

The University of Georgia, which was founded in 1785 and is one of the country's oldest public universities, was racially integrated in 1961.

Source: Fox News National

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US-Russia chill stirs worry about stumbling into conflict

It has the makings of a new Cold War, or worse.

The deep chill in U.S.-Russian relations is stirring concern in some quarters that Washington and Moscow are in danger of stumbling into an armed confrontation that, by mistake or miscalculation, could lead to nuclear war.

American and European analysts and current and former U.S. military officers say the nuclear superpowers need to talk more. A foundational arms control agreement is being abandoned and the last major limitation on strategic nuclear weapons could go away in less than two years. Unlike during the Cold War, when generations lived under threat of a nuclear Armageddon, the two militaries are barely on speaking terms.

"During the Cold War, we understood each other's signals. We talked," says the top NATO commander in Europe, U.S. Army Gen. Curtis Scaparrotti, who is about to retire. "I'm concerned that we don't know them as well today."

Scaparrotti, in his role as Supreme Allied Commander Europe, has met only twice with Gen. Valery Gerasimov, the chief of the Russian general staff, but has spoken to him by phone a number of other times.

"I personally think communication is a very important part of deterrence," Scaparrotti said, referring to the idea that adversaries who know each other's capabilities and intentions are less likely to fall into conflict. "So, I think we should have more communication with Russia. It would ensure that we understand each other and why we are doing what we're doing."

He added: "It doesn't have to be a lot."

The United States and Russia, which together control more than 90 percent of the world's nuclear weapons, say that in August they will leave the 1987 treaty that banned an entire class of nuclear weapons. And there appears to be little prospect of extending the 2010 New Start treaty that limits each side's strategic nuclear weapons.

After a period of post-Cold War cooperation on nuclear security and other defense issues, the relationship between Washington and Moscow took a nosedive, particularly after Russian forces entered the former Soviet republic of Georgia in 2008. Tensions spiked with Russia's annexation of the Crimea in 2014 and its military intervention in eastern Ukraine. In response, Congress in 2016 severely limited military cooperation with Russia.

The law prohibits "military-to-military cooperation" until the secretary of defense certifies that Russia "has ceased its occupation of Ukrainian territory" and "aggressive activities." The law was amended last year to state that it does not limit military talks aimed at "reducing the risk of conflict."

Relations frayed even further amid U.S. allegations that Russia interfered in the 2016 U.S. presidential election, although President Donald Trump has doubted Russian complicity in what U.S. intelligence agencies assert was an effort by Moscow to boost Trump's chances of winning the White House. After a Helsinki summit with Putin in July, Trump publicly accepted the Kremlin leader's denial of interference.

Marine Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, said in an interview Friday that Russian behavior is to blame for the strained relationship.

"It's very difficult for us to have normal relationships with a country that has not behaved normally over the last few years," Dunford said. "There are major issues that affect our bilateral relationship that have to be addressed, to include where Russia has violated international laws, norms and standards."

Dunford said he speaks regularly with Gerasimov, his Russian counterpart, and the two sides talk on other levels.

"I'm satisfied right now with our military-to-military communication to maintain a degree of transparency that mitigates the risk of miscalculation," he said. "I think we have a framework within to manage a crisis, should one occur, at the senior military-to-military level."

James Stavridis, a retired Navy admiral who was the top NATO commander in Europe from 2009 to 2013, says the West must confront Russia where necessary, including on its interventions in Ukraine and Syria. But he believes there room for cooperation on multiple fronts, including the Arctic and arms control.

"We are in danger of stumbling backward into a Cold War that is to no one's advantage," he said in an email exchange. "Without steady, political-level engagement between the defense establishments, the risk of a true new Cold War rises steadily."

No one is predicting a deliberate Russian act of war in Europe, but the decline in regular talks is a worry to many.

Moscow says it is ready to talk.

"Russia remains open for interaction aimed at de-escalating tension, restoring mutual trust, preventing any misinterpretations of one another's intentions, and reducing the risk of dangerous incidents," the Russian Ministry of Foreign Affairs said in a statement last week in response to NATO's 70th anniversary celebration.

Sam Nunn, who served in the Senate as a Democrat from Georgia from 1972 to 1997, argues that dialogue with Russia is too important to set aside, even if it carries domestic political risk.

"You can't call time out," he said in an interview. "The nuclear issues go on, and they're getting more dangerous."

Nunn co-wrote an opinion piece with former Secretary of State George Shultz and former Defense Secretary William Perry arguing that the U.S. and its allies and Russia are caught in a "policy paralysis" that could lead to a military confrontation and potentially the first use of nuclear weapons since the U.S. bombed Japan in August 1945.

"A bold policy shift is needed," they wrote in the Wall Street Journal on Thursday, "to support a strategic re-engagement with Russia and walk back from this perilous precipice. Otherwise, our nations may soon be entrenched in a nuclear standoff more precarious, disorienting and economically costly than the Cold War."

A group of U.S., Canadian, European and Russian security experts and former officials in February issued a call for talks with Russia on crisis management.

"The risks of mutual misunderstanding and unintended signals that stem from an absence of dialogue relating to crisis management ... are real," the Euro-Atlantic Security Leadership Group said in a statement.

It said this could lead to conventional war with Russia or, in a worst case scenario, "the potential for nuclear threats, or even nuclear use, where millions could be killed in minutes."

Source: Fox News National

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French Journalist: Two Churches in France Are Vandalized EVERY DAY and No One Gives a F*ck

French journalist Maxime Lepante warns that France’s history is “in the process of burning down” as a result of two churches being vandalized every day and that political and religious leaders don’t “give a f*ck.”

Lepante highlighted recently released statistics that show there were 1062 anti-Christian acts in 2018, compared to just 100 anti-Muslim acts. Throughout 2018, no less than 875 churches in France were targeted.

“Two churches were vandalized per day,” said Lepante, adding, “This government, this regime….including the Pope, including the cardinals, shut their mouth, say nothing when our churches are being vandalized, and in contrast, the minute there is a mosque that has a pot of pork sausage in front of it, there’s immediately arrest and prison for the person who did it….apologies from the whole of France, the stigmatization of racism and so on, it’s an absolutely unbearable double standard!”

Lepante then pointed out that the Notre Dame cathedral was vandalized a few years ago by feminist protesters who sprayed urine everywhere and that the left’s response was to laugh while the perpetrators were acquitted.

The journalist then cited the story of how a Pakistani migrant who had only been in the country two months caused “extensive damage” to the Basilica of Saint-Denis in Paris.

“I would like to remind you that in the week March 12th-19th, twelve French churches were vandalized,” said Lepante, before citing several examples of how leading leftist figures in France have openly called for the destruction of Paris’ historical buildings and monuments and how political leaders don’t “give a f*ck” about the situation.

“The situation is grave, the situation is scandalous, it’s the pride of our history that is in the process of burning down,” said Lepante.

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Source: InfoWars

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Smollet Busted!

(CBS) –“Empire” actor Jussie Smollett, upset after a racist letter sent to the show’s studio didn’t get a “bigger reaction,” is suspected of paying two men to attack him a week later, according to multiple sources with direct knowledge of the investigation.

“When the letter didn’t get enough attention, he concocted the staged attack,” a source told CBS 2 Investigator Brad Edwards. Other sources corroborated that information.

The blockbuster revelation into at least part of Smollett’s potential motive comes two days after CBS 2’s Charlie De Mar reported Smollett and two brothers — Ola and Abel Osundairo — staged the attack on Jan. 29 in Streeterville.

De Mar spoke on the phone exclusively with the Osundairo brothers Monday afternoon. In a joint statement, they said: “We are not racist. We are not homophobic, and we are not anti-Trump. We were born and raised in Chicago and are American citizens.”

Smollett received a letter containing a white powder Jan. 22. The letter was mailed to Chicago’s Cinespace Studios, where the show “Empire” is filmed. The letter prompted a HAZMAT response. CPD says the “white substance” was later determined to be aspirin.

The note was crafted with letters apparently cut out from magazines to form words. The pieced-together message contained racial and homophobic threats directed at Smollett. A magazine is one of the pieces of evidence retrieved from the brother’s home last week during a search conducted by CPD. Investigators also recovered a book of stamps.

Read more.

Source: InfoWars

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

Source: OANN

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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