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Dollar licks wounds after soft data fans bets on dovish Fed

Illustration photo of a U.S. Dollar note
A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

March 18, 2019

By Hideyuki Sano

TOKYO (Reuters) – The dollar licked its wounds on Monday after soft U.S. data increased bets the Federal Reserve will cut rates later this year while the pound hovered near nine-months high on hopes for a delay in Britain’s exit from the European Union.

The dollar’s index against a basket of six major currencies stood at 96.564, having shed 0.81 percent last week, the biggest loss since late August.

Weaker-than-forecast U.S. economic data on Friday cemented expectations the Fed could strike a dovish stance this week, sending U.S. bond yields down to 10-week lows.

U.S. manufacturing output fell 0.4 percent in February, weakening for a second straight month, while factory activity in New York state was softer than expected this month with an index reading of 3.7.

The 10-year Treasuries yield fell to as low as 2.580 percent, its lowest since Jan. 4, while Fed funds futures priced in about 40 percent chance of a rate cut this year, compared to almost zero percent seen earlier this month.

“The 10-year yield closed below 2.6 percent, for the second time this year after closing below that level only on one day at the beginning of year,” said Chotarto Morita, chief strategist at SMBC Nikko Securities.

“If it stays below that level sustainably, it will be the first time since January 2018, when yields started rising on expectations of accelerating growth and inflation following tax cuts. Yields are slipping back as U.S. economic sentiment is cooling down,” he said.

Against this background, many investors expect the Fed to suggest rates will be on hold in the near future and to unveil a plan to end its balance sheet runoff later this year in its meeting ending on Wednesday.

“The focus is on how dovish the Fed will be. I got the impression that markets have gone a bit too far in expecting rate cuts. There’s a risk such views will be rolled back if the Fed’s dot plots show the board members still expect a rate hike this year,” said Ayako Sera, market economist at Sumitomo Mitsui Trust Bank.

As the dollar loses steam, other major currencies rose by default. The euro traded at $1.1328, flat in early Monday trade having gained 0.86 percent, the biggest weekly gain since late September.

The dollar fetched 111.50 yen, slipping from Friday’s nine-day high of 111.90.

The British pound stood not far from last week’s nine-month high of $1.3380, supported by relief that a no-deal Brexit will likely be averted. It last stood at $1.3292.

It is not clear if British Prime Minister Theresa May can secure a support for her Brexit deal in the parliament, which has twice rejected her offer by a wide margin.

May has only three days to win approval for her deal to leave the European Union if she wants to go to a summit with the bloc’s leaders on Thursday.

May is warning hard-line Brexiteers that unless they approved her Brexit divorce deal, Britain’s exit from the European Union could face a long delay and could involve taking part in European parliament elections.

(Editing by Sam Holmes)

Source: OANN

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Hollywood celebrates the finale of the ‘Avengers’ movies

World premiere of Avengers: Endgame in Los Angeles
Director Anthony Russo, Disney CEO Robert Iger and director Joe Russo (L-R) at the world premiere of movie Avengers: Endgame in Los Angeles, California, U.S., April 22, 2019. REUTERS/Monica Almeida

April 23, 2019

By Lisa Richwine

LOS ANGELES (Reuters) – Marvel’s star-studded Avengers superhero team descended on Los Angeles on Monday at a lavish premiere to celebrate the final chapter in a 22-movie saga that ranks as the movie industry’s highest-grossing franchise of all time.

Hundreds of industry VIPs, cast members, fans and media watched the first showing of “Avengers: Endgame,” the three-hour action spectacle that has been held tightly under wraps.

The movie begins rolling out in theaters around the world on Wednesday.

Robert Downey Jr. (Iron Man), Chris Hemsworth (Thor), Scarlett Johansson (Black Widow), Chris Evans (Captain America), Brie Larson (Captain Marvel) and others walked a purple carpet underneath a giant, spinning Avengers logo set up inside the Los Angeles Convention Center.

“I’m excited that I’m finally going to get to see the movie,” said Paul Rudd, who plays Ant-Man and, like other cast members, had not seen the finished film due to Marvel’s secrecy around the project.

Rudd said he had been traveling the world to promote the movie and “trying to talk about it the best we can, and to do all of that without having seen the film is a strange experience. So now, to finally see the movie is great.”

Other A-list stars packed the premiere, including Chris Hemsworth’s brother Liam and his wife Miley Cyrus.

“Endgame” concludes the story of the six original Avengers in Marvel’s cinematic universe – Iron Man, Captain America, Black Widow, Hawkeye, Hulk and Thor.

It picks up after last year’s “Avengers: Infinity War” left fans hanging when many of the Marvel heroes seemed to turn to dust at the hand of the villain Thanos, played by Josh Brolin.In “Endgame,” the surviving superheroes plot to kill Thanos and try to undo his damage.

After the screening, the film’s stars gathered on stage and hugged. Evans said he “cried like six times” while watching the film. “I cried more than six times, Chris,” Hemsworth said.

Mark Ruffalo, who plays the Hulk, said working on the films had been “the trip of a lifetime.”

The 21 previous movies from the Walt Disney Co-owned Marvel studio are the highest-grossing franchise in film history, generating more than $18.6 billion at global box offices since 2007.

“Endgame” may set an opening weekend record in the domestic market, according to box office analysts. “Infinity War” holds the current record of $257.7 million over its first three days in the United States and Canada.

While the film wraps up the “Avengers” story, some characters will live on in future movies. Spider-Man, for example, returns to the big screen in July in “Spider-Man: Far from Home.”

A “Black Panther” sequel is also in the works.

(Reporting by Lisa Richwine and Rollo Ross; Editing by Paul Tait)

Source: OANN

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Jet Airways will do everything to revive airline, CEO says: ET Now

FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 23, 2019

MUMBAI (Reuters) – India’s Jet Airways is constantly engaging with the government and lenders for a resolution of the current debt crisis and will not leave any stone unturned to revive the airline, its chief executive officer Vinay Dube told television channel ET Now in an interview.

Once India’s largest private airline, Jet halted all flight operations indefinitely last Wednesday evening after lenders led by State Bank of India declined to extend more funds to keep the carrier going.

“We are in constant touch with the lenders on how to get it (debt resolution) done in a manner that makes sense for them and makes sense for us,” Dube told ET Now.

“But I would like to think that a flying Jet Airways makes definite sense for them (banks) because it preserves their value as well. So we are not talking about anything that does not make good economic sense for the lenders, this is not charity for the sake of it”.

The company has requested banks for 10 billion rupees ($143.29 million), Dube said.

Earlier in the day, newspaper Business Standard reported that all shortlisted bidders for the company had backed out of the bidding process that is due to complete on May 10.

Dube, however, said he was hopeful of finding a keen, healthy investor who can inject the requisite amount of equity into the company.

The government plans to form a committee to temporarily allocate takeoff and landing slots left vacant by the grounding of Jet Airways flights, a senior official said last week.

Dube, however, said the government had assured the airlines this was a temporary move and the slots will be protected for the airline once they start flying again.

“While we have a combination of aircraft that are being deregistered or early terminated, the majority of them have not left the premise,” Dube said referring to the aircraft and said they will be available to the airline when it starts flying again.

“We understand the banks’ position. This is a financial proposition for them as well and we are in constant touch with them and we will be. For us there is no stone that we will leave unturned. We believe in Jet Airways, we will do whatever we can to make other people also believe in us.”

(Reporting by Swati Bhat; Editing by Rashmi Aich)

Source: OANN

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Ohio State doc’s accusers await probe findings a year later

A year after Ohio State announced an investigation into allegations of decades-old sexual misconduct by a team doctor, his accusers are still waiting for the findings. Meanwhile, two related lawsuits are moving into mediation. A federal agency also launched a review of the school's response to student complaints. No one has publicly defended Strauss. A look at where things stand:

THE INVESTIGATIONS

Since the university first publicized allegations about Dr. Richard Strauss on April 5, more than 150 former students have provided firsthand accounts of alleged sexual misconduct by him.

The men's claims span from 1979 to 1997 — nearly all of Strauss' two decades at the university. The accusers include athletes from at least 16 sports and also students Strauss encountered through his work at the student health center and his off-campus clinic . Many of those speaking publicly say they were groped during exams.

A law firm investigating the allegations for Ohio State has interviewed more than 440 former students and university employees believed to have relevant information. Some accusers and their lawyers have questioned the independence of that review.

There is no set timeline or deadline for the investigation, which has cost over $1.5 million . OSU promised to share the findings.

"Our guiding principle since this process began has been to lift up and support our community while pursuing the truth, uncovering what happened, and determining what the university and its leaders knew at the time," OSU said in a statement Thursday.

The U.S. Department of Education Office for Civil Rights also said it would examine whether Ohio State responded "promptly and equitably" to students' complaints.

___

THE ACCUSERS

After a whistleblower helped to spur the investigation, middle-aged men found themselves sharing long-stifled stories about Strauss with their families and reevaluating the doctor's behavior and the locker room jokes it fueled.

Some sought counseling or reconnected with old teammates to talk. Many say they still love their alma mater.

Kent Kilgore, a swimmer in the early 1980s, said he remains haunted by thoughts of what might be different now if he had stood up to Strauss as a student early in the doctor's career at Ohio State, before many of the other accusers encountered him.

"That is my nightmare," Kilgore said recently. "That's my stress. That's my pain."

Former wrestler Mike Schyck said he thinks the investigation has taken too long. In the meantime, Schyck said, alumni who have publicly shared their experiences with Strauss have encountered mixed reaction — often support, but occasionally suggestions that the allegations are a money grab or a smear campaign against a dead man.

"It's not like there's 150 to 200 people that all of a sudden conspired to say, 'Look, we're going to make this up and we're going to go and try to take somebody down,'" Schyck said.

___

THE DOCTOR

Strauss, a well-regarded physician and sports-medicine researcher, killed himself in 2005. His family has said they were shocked at the allegations, but no one has publicly come to his defense.

Employment records released by the university reflect no major concerns about Strauss. But alumni say they complained as far back as the late 1970s, and Ohio State has a documented complaint from 1995.

The State Medical Board of Ohio said it never disciplined Strauss but acknowledged it has confidential records about the investigation of a complaint involving him. The board and university wouldn't share any details, but records of board communications indicated Ohio State reported Strauss to the medical board at some point.

Strauss' personnel records indicate he previously worked at five other schools. Most say they have little record of him, and none has said any concerns were raised about him.

___

THE LAWSUITS

Dozens of plaintiffs behind two lawsuits against OSU allege over 20 school officials and staff, including two athletic directors and a coach who is now a congressman, were aware of concerns about Strauss but didn't stop him.

The suits seek monetary damages, but many of the men say they're more concerned about accountability and transparency from the university.

Ohio State has sought to dismiss the lawsuits as being time-barred by law, though university leaders insist they're not ignoring the men's stories.

Lawyers involved couldn't agree on a mediator , so a judge recently picked a federal judge in Cincinnati. The mediation process is just beginning.

Meanwhile, Ohio State offered to help the men access counseling for free through outside providers.

___

Follow Franko on Twitter at http://www.twitter.com/kantele10 . Have a tip? Contact the author securely at https://www.ap.org/tips .

Source: Fox News National

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Valerie Plame, outed CIA agent and Trump critic, plans US Senate run in New Mexico: report

Valerie Plame, the former CIA operative who was at the center of an intelligence leak when her identity was publically revealed during the George W. Bush administration, plans to run for a U.S. Senate seat in New Mexico as a Democrat, according to reports.

Plame told the Washington Examiner on Friday that she would "like another opportunity to serve my country." Her disclosure follows the announcement Monday by U.S. Sen. Tom Udall, D-N.M., that he will not seek re-election.

Plame, 55, has a been vocal critic of President Trump, at one point raising nearly $90,000 on a crowdsourcing site to buy a stake in Twitter in hopes of banning the president from the social media platform. She also hosted a fundraiser for Hillary Clinton’s super PAC in 2014 and another for Clinton's presidential campaign.

FORMER CIA OPERATIVE VALERIE PLAME WILSON 'FELT HIT IN THE GUT' WHEN IDENTITY WAS REVEALED

But Plame could face a revival of the anti-Semitism allegations she faced in 2017 after retweeting an article in the Unz Review titled “America’s Jews Are Driving America’s Wars.” (The website was founded by former California GOP gubernatorial candidate Ron Unz.)

“First of all, calm down. Re-tweets don't imply endorsement,” Plame said in her initial response. “Yes, very provocative, but thoughtful. Many neocon hawks ARE Jewish." She later added: "OK folks, look, I messed up. I skimmed this piece, zeroed in on the neocon criticism, and shared it without seeing and considering the rest."

She later apologized and resigned from the board of the Ploughshares Fund, which provides grants for projects aimed at preventing the spread of nuclear weapons, according to the Examiner.

The ex-spy moved to New Mexico in 2007 after making headline following her outing during the Bush presidency. Journalist Robert Novak revealed Plame’s identity in a 2003 column that cited “two administrative officials” as sources. Plame claimed the revelation was payback from the Bush administration for an op-ed authored by her then-husband, former U.S. ambassador Joe Wilson, that questioned the intelligence used to invade Iraq.

Lewis “Scooter” Libby, former chief of staff to Vice President Dick Cheney, was convicted in 2007 of perjury, obstruction of justice and making false statements in connection with the leak. He was pardoned last year by President Trump. Plame later wrote a best-selling memoir, "Fair Game," about the ordeal that was made into a movie.

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In 2017, Plame and Wilson quietly divorced after nearly two decades of marriage, the Examiner reported.

Others contemplating bids for Udall’s seat include Rep. Ben Ray Lujan, New Mexico's Democratic Secretary of State Maggie Toulouse Oliver and freshman Democratic Rep. Deb Haaland, the news site said.

Possible Republican opponents include Mick Rich, a former Senate candidate and former New Mexico Lt. Gov John Sanchez.

Source: Fox News Politics

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Police hunt thieves in church donation box robberies caught on camera

New York City police have released surveillance video of a woman pilfering a donation box during a burglary at a parish church last week.

Police say the woman and her male accomplice forced their way into St. Helen’s Roman Catholic Church in Howard Beach, Queens, around 3 a.m. Thursday and looted four collection boxes, stealing about $400 in cash.

"The perpetrators then fled in a red four-door sedan,” the NYPD's 106th precinct said.

Police released the video footage seeking to identify the woman.

NYPD INVESTIGATING SEXUAL ASSAULT CLAIMS AGAINST MAGICIAN DAVID BLAINE

The video shows the woman appearing to look everywhere but at the camera before looting the large cash box, the New York Post reported.

The break-in damaged the church’s front door, according to WCBS-TV, which reported that news of the theft troubled parishioners.

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“Yeah everyone’s talking about it. They’re very upset about it,” one of them, Jasmine Mejia, told the station.

Source: Fox News National

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As pope visits Morocco, tiny Jewish community looks on with quiet pride

Pope Francis visits Morocco
Pope Francis attends a meeting with representatives of other Christian denominations at Saint Peter's Cathedral in Rabat, Morocco, March 31, 2019. REUTERS/Youssef Boudlal

March 31, 2019

By Ahmed Eljechtimi and Philip Pullella

RABAT (Reuters) – Suzanne Harroch speaks and sings in Judeo-Moroccan, a language of a once-thriving Jewish community that numbered about 300,000 – one of the largest in the Muslim world.

Today, she and her husband are two of only 2,500 Jews left in Morocco, a community that is aging and dwindling even as it enjoys constitutional recognition and protection.

“I identify myself as Moroccan first, then Jewish,” the mother of three said in her house in Rabat ahead of Pope Francis’ visit, which Jews have welcomed as an opportunity to highlight a status they say is unique in the Muslim world.

On Saturday, Jewish leaders joined Christian representatives in the front row at two events presided over by the pope and King Mohammed VI on interfaith dialogue.

Morocco’s 2011 constitution recognizes the “Hebraic” constituent as a component of the national identity. Jews in the north African Kingdom have their own courts, family code and schools and even a state-supported Jewish heritage museum.

Unlike many Moroccan Jews, who left for Israel, Europe and America in the past six decades because of grinding poverty and political uncertainty, Harroch and her husband decided to stay.

“Morocco is where I belong. I feel safe here,” said Harroch, who worked as hotel director until her recent retirement. Her husband is also Jewish and works as a doctor serving the Muslim community.

She now dedicates her time to singing in Judeo-Moroccan as part of a musical group made up of Muslim musicians who help her delve deep into the country’s ancient Jewish heritage.

The Moroccan Jewish community dates back to Roman times and for centuries Jews served the royal court as ambassadors, diplomats, ministers and advisors.

During the French colonial era, King Mohammed V refused to apply the anti-Semitic measures imposed by the collaborationist French Vichy regime during the Nazi occupation of France in World War Two.

In 2010, his grandson, the current king, launched a program to restore hundreds of synagogues, Jewish cemeteries and heritage sites across the country, and reinstated the original names of some Jewish neighborhoods that had been changed during and after the colonial era.

The king also paid for the restoration of the Jewish cemetery in the island nation of Cape Verde, more than 2,000 miles away, as it contains the graves of Moroccan Jews who emigrated there.

Moroccan Jews say they feel protected by the king.

“He is the head of all the faithful, both Muslims and Jews,” said Davide Toledano, head of Rabat’s Jewish community, which now has less than 200 members.

Morocco’s 23,000 Roman Catholics – most of them expatriate Europeans, mainly French, and sub-Saharan African migrants – make up less one percent of the population of about 35 million.

Addressing the pope on Saturday, the king, who is also Morocco’s top religious authority, said: “I cannot speak of the land of Islam as if only Muslims lived there …. I protect Moroccan Jews as well as Christians from other countries who are living in Morocco.”

Zhor Rehihel, director of the museum of Moroccan Judaism in Casablanca, is a Muslim.

“Jewish heritage is part of our collective and diverse Moroccan identity that we should preserve,” she said.

(Reporting by Ahmed Eljechtimi; Editing by Philip Pullella and Raissa Kasolowsky)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

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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)

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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)

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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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