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Budget carrier FlyDubai ends 2018 with $43.5M loss

FlyDubai says revenues rose to $1.7 billion in 2018, but the company ended the year with a loss of $43.5 million.

In a statement Wednesday, Dubai's government-owned budget carrier blamed fuel costs, rising interest rates and "unfavorable currency exchange movements" for the loss. It had made $1.5 billion in revenue in 2017, earning a narrow profit of $10 million that year.

FlyDubai said it flew 11 million passengers last year, just slightly up from the 10.9 million it flew in 2017.

The low-cost carrier has operations out of both of Dubai's airports, including Dubai International Airport, which is ranked the world's busiest for international travel. FlyDubai also has code-share flights with Dubai's flagship long-haul carrier Emirates.

Source: Fox News World

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Live: President Trump Speaks At Republican Jewish Coalition in Las Vegas

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Source: InfoWars

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Texas deputy dies days after shooting, cops want suspect charged with capital murder

A sheriff's deputy who was shot Friday in West Texas succumbed to his injuries on Sunday, authorities said.

Deputy Peter Herrera's death was confirmed by the El Paso County Sheriff's office in a statement on Facebook.

"We ask for your continued prayers and support for Deputy Herrera, his wife, his family and friends during their time of need," the statement read. No further details were released.

WASHINGTON STATE DEPUTY KILLED BY ILLEGAL IMMIGRANT, ICE SAYS

Herrera was conducting a routine traffic stop early Friday morning in San Elizario -- about 25 miles southeast of El Paso -- when a man in the vehicle opened fire, striking Herrera multiple times, authorities said.

El Paso County Sheriff's Office spokesman Robert Flores said Herrera did not return fire and the shooter fled on foot along with a female passenger. Deputies found the pair hiding in a tool shed a few blocks away from where the deputy was shot, Flores said.

Facundo Chavez, 27 was been booked into the El Paso County Jail without bond on multiple charges, including attempted capital murder of the peace officer.

Facundo Chavez, 27 was been booked into the El Paso County Jail without bond on multiple charges, including attempted capital murder of the peace officer. (El Paso County Sheriff's Office via AP)

The suspected gunman, Facundo Chavez, 27, remains in custody at the El Paso County Jail on an attempted capital murder charge.

Sheriff Richard Wiles said Chavez's charge will be upgraded to capital murder and added that he will request the death penalty, the El Paso Times reported.

Authorities said the woman who was with Chavez had cooperated with authorities and was later released from custody. Their relationship wasn't immediately clear.

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Authorities had said on Friday that they expected Herrera to survive the shooting because he was wearing a protective vest. Over the weekend, Herrera was listed in critical but stable condition after undergoing surgery and was recovering in an area hospital. A Facebook fundraising campaign had been set up for Herrera Friday afternoon.

The Associated Press contributed to this report.

Source: Fox News National

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Turkish lira tumbles 5 percent, central bank acts on swap limits

A man sits in front of a currency exchange office in Izmir
A man sits in front of a currency exchange office in Izmir, Turkey August 18, 2018. REUTERS/Osman Orsal

March 28, 2019

By Nevzat Devranoglu and Behiye Selin Taner

ANKARA (Reuters) – The Turkish lira plunged as much as 5 percent against the dollar on Thursday as investors continued to fret about moves by Turkish authorities to withhold lira liquidity from the London market.

The central bank has made a series of moves to underpin the lira this week and bankers said it took a fresh step on Thursday, raising its total lira swap sale limit to 30 percent from 20 percent for swap transactions that have not matured.

It had raised the limit to 20 percent on Monday from 10 percent in a move aimed at increasing the bank’s forex reserves, which fell sharply in the first two weeks of March.

Those falls have raised uncomfortable questions about Turkey’s balance of payments and its ability to roll over foreign loans – and how and from whom it would seek emergency reserves if necessary.

The lira weakened as far as 5.6465 against the U.S. currency from 5.33 on Wednesday. Last year, it plunged almost 30 percent against the dollar.

Brokerage Integral Yatirim said volatility was likely to continue until the elections, making it difficult to identify a clear direction.

The London overnight swap rate plunged to 180 percent on Thursday, Refinitiv Eikon data showed.

On Wednesday it had surged as high as 1,200 percent in what was a stop-gap measure to bolster the lira. That was by far its highest on record, and economists said that level was no longer based on actual trading.

Such rates are a huge hurdle to foreign investors looking to bet against the lira, to hedge or close out positions. They have thus sold off holdings in Turkish stocks and bonds which have came under heavy pressure this week.

The cost of Turkey’s debt rose, with the yield on the benchmark 10-year bond climbing to 19.12 percent from 18.21 percent on Wednesday. It has risen 2.5 points since the end of last week.

The main Istanbul share index, which weakened more than 12 percent in the week to Wednesday’s close, rose 0.75 percent on Thursday morning.

The head of the Turkish banking association, in a statement to Reuters on Wednesday, said lira swap rates were not surging due to banks withholding liquidity from foreign banks.

(Additional reporting by Nevzat Devranoglu and Behiye Selin Taner; Writing by Daren Butler; Editing by Dominic Evans)

Source: OANN

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Japan father, son win release before US trial in Ponzi case

A father and son from Japan can be freed from federal custody to live with relatives in a rented Las Vegas apartment pending trial on fraud charges in what prosecutors call a $1.5 billion international Ponzi scheme, a judge decided Wednesday.

U.S. Magistrate Judge Cam Ferenbach acknowledged a federal prosecutor's argument that former MRI International Inc. executives Junzo Suzuki and his son, Paul Suzuki, had the money to flee the country before trial and could be motivated to avoid trial and the possibility of spending the rest of their lives in prison.

Ferenbach also was told U.S. Immigration and Customs Enforcement could deport the two men if they're freed.

But the judge said that wouldn't make sense after the 70-year-old father and 40-year-old son were extradited from Japan to the U.S. They arrived in custody in Las Vegas last week and pleaded not guilty to charges against them.

Prosecutor Danny Nguyen told Ferenbach the Suzukis reaped a combined $22.5 million in four years of a scheme that led a jury to find company chief Edwin Fujinaga guilty in November of 20 counts of mail fraud, wire fraud and money laundering.

In court documents, U.S. attorneys compare Fujinaga to the biggest-ever U.S. Ponzi schemers: Bernard Madoff in New York, Allen Stanford in Houston, Scott Rothstein in Miami and Thomas Petters in Minnesota. Prosecutors are asking a judge to sentence the 72-year-old Fujinaga to 50 years in prison. He's due for sentencing May 23.

Prosecutors said that from about 2009 to early 2013, more than $1 billion from more than 10,000 Japanese investors was wired to bank accounts in Las Vegas under Fujinaga's control. Investors were told they were buying claims from a medical collection business.

Fujinaga was found guilty of using new investors' money to pay off previous investors while he lived a lavish lifestyle in Las Vegas, California and Hawaii.

Nguyen said the Suzukis could face a theoretical sentence of up to 300 years in prison if they're convicted of all charges.

Defense attorney Junji Suzuki, representing Junzo and Paul Suzuki, told Ferenbach they were in Japan and "didn't have an idea what Fujinaga was doing here in the United States."

Paul Suzuki also spent several years living and working in Hawaii, his lawyer said.

Junji Suzuki is not related to his clients. He said they have few financial assets remaining after settling a civil lawsuit related to the MRI International scheme.

"We are sincerely trying to make a resolution before this case reaches trial," the attorney said.

Source: Fox News National

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Taiwan protests China jets crossing center of Taiwan Strait

Taiwan says its planes warned off Chinese military aircraft that crossed the center line in the Taiwan Strait, calling China's move a provocation seeking to alter the status quo in the waterway dividing the island from mainland China.

Taiwan's defense ministry said a pair of Chinese J-11 jet fighters crossed the line around 11 a.m. Sunday and entered the island's southwestern airspace. It said Taiwan scrambled jets to warn off the Chinese planes, which came within about 185 kilometers (115 miles) of the island itself.

The ministry said in a tweet that the Chinese planes "violated the long-held tacit agreement by crossing the median line" of the strait.

Taiwanese President Tsai Ing-wen told reporters that such acts sought to alter the status quo and threatened regional security and stability.

Source: Fox News World

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Australian senator slammed over mosque shooting comments

The Australian senator whose comments about the New Zealand mosque shootings led to him having an egg cracked on his head by a teenage boy has faced a stinging attack in the first sitting of Australia's Parliament since last month's attacks.

In the wake of the atrocity — over which an Australian white supremacist has been charged with murder — Sen. Fraser Anning was condemned for laying the blame on policies allowing Muslim fanatics to migrate to New Zealand.

Anning was further lambasted for striking the boy who cracked an egg on his head during a public appearance.

When Parliament resumed from a break Tuesday, acting government Senate leader Simon Birmingham said that Anning had shown a "lack of humanity," and that he should be charged for striking the boy.

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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German drug and crop chemical maker Bayer holds annual general meeting
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, attends the annual general shareholders meeting in Bonn, Germany, April 26, 2019. REUTERS/Wolfgang Rattay

April 26, 2019

By Patricia Weiss and Ludwig Burger

BONN (Reuters) – Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63 billion takeover of seed maker Monsanto.

Several large investors said they will not support aspirin investor Bayer’s management in a key vote scheduled for the end of its annual general meeting.

Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.

A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.

“Due to the continued negative development at Bayer, high legal risks and a massive share price slump, we refuse to ratify the management board and supervisory board’s actions during the business year,” Janne Werning, representing Germany’s Union Investment, a top-20 shareholder, said in prepared remarks.

About 30 billion euros ($34 billion) have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.

Bayer suffered a similar defeat last month and more than 13,000 plaintiffs are claiming damages.

Bayer is appealing or plans to appeal the verdicts.

Deutsche Bank’s asset managing arm DWS said shareholders should have been consulted before the takeover, which was agreed in 2016 and closed in June last year.

“You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something – money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.

He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.

Two people familiar with the situation told Reuters this week that Bayer’s largest shareholder, BlackRock, plans to either abstain from or vote against ratifying the management board’s actions.

Asset management firm Deka, among Bayer’s largest German investors, has also said it would cast a no vote.

Baumann said Bayer’s true value was not reflected in the current share price.

“There’s no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” he said, adding it was the right decision to buy Monsanto and that Bayer was vigorously defending itself.

This month, shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis recommended investors not to give the executive board their seal of approval.

(Reporting by Patricia Weiss and Ludwig Burger; Editing by Alexander Smith)

Source: OANN

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Sudan’s military, which ousted President Omar al-Bashir after months of protests against his 30-year rule, says it intends to keep the upper hand during the country’s transitional period to civilian rule.

The announcement is expected to raise tensions with the protesters, who demand immediate handover of power.

The Sudanese Professionals Association, which is spearheading the protests, said Friday the crowds will stay in the streets until all their demands are met.

Shams al-Deen al-Kabashi, the spokesman for the military council, said late Thursday that the military will “maintain sovereign powers” while the Cabinet would be in the hands of civilians.

The protesters insist the country should be led by a “civilian sovereign” council with “limited military representation” during the transitional period.

The army toppled and arrested al-Bashir on April 11.

Source: Fox News World

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FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture
FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture, March 30, 2019. REUTERS/Dado Ruvic

April 26, 2019

By Charlotte Greenfield

WELLINGTON (Reuters) – China’s Huawei Technologies said Britain’s decision to allow the firm a restricted role in building parts of its next-generation telecoms network was the kind of solution it was hoping for in New Zealand, where it has been blocked from 5G plans.

Britain will ban Huawei from all core parts of 5G network but give it some access to non-core parts, sources have told Reuters, as it seeks a middle way in a bitter U.S.-China dispute stemming from American allegations that Huawei’s equipment could be used by Beijing for espionage.

Washington has also urged its allies to ban Huawei from building 5G networks, even as the Chinese company, the world’s top producer of telecoms equipment, has repeatedly said the spying concerns are unfounded.

In New Zealand, a member of the Five Eyes intelligence sharing network that includes the United States, the Government Communications Security Bureau (GCSB) in November turned down an initial request from local telecommunication firm Spark to include Huawei equipment in its 5G network, but later gave the operator options to mitigate national security concerns.

“The proposed solution in the UK to restrict Huawei from bidding for the core is exactly the type of solution we have been looking at in New Zealand,” Andrew Bowater, deputy CEO of Huawei’s New Zealand arm, said in an emailed statement.

Spark said it has noted the developments in Britain and would raise it with the GCSB.

The reports “suggest the UK is following other European jurisdictions in taking a considered and balanced approach to managing supplier-related security risks in 5G”, Andrew Pirie, Spark’s corporate relations lead, said in an email.

“Our discussions with the GCSB are ongoing and we expect that the UK developments will be a further item of discussion between us,” Pirie added.

New Zealand’s minister for intelligence services, Andrew Little, did not immediately respond to a request for comment.

British culture minister Jeremy Wright said on Thursday that he would report to parliament the conclusions of a government review of the 5G supply chain once they had been taken.

He added that the disclosure of confidential discussions on the role of Huawei was “unacceptable” and that he could not rule out a criminal investigation into the leak.

The decisions by Britain and Germany to use Huawei gear in non-core parts of 5G network makes it harder to prove Huawei should be kept out of New Zealand telecommunication networks, said Syed Faraz Hasan, an expert in communication engineering and networks at New Zealand’s Massey University

He pointed out Huawei gear was already part of the non-core 4G networks that 5G infrastructure would be built on.

“Unless there is a convincing argument against the Huawei devices … it is difficult to keep them away,” Hasan said.

(Reporting by Charlotte Greenfield; Editing by Himani Sarkar)

Source: OANN

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FILE PHOTO: The logo commodities trader Glencore is pictured in Baar
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann

April 26, 2019

(Reuters) – Glencore shares plunged the most in nearly four months on Friday after news overnight that U.S. regulators were investigating whether the miner broke some rules through “corrupt practices”.

Shares of the FTSE 100 company fell as much as 4.2 percent in early deals, and were down 3.5 percent at 310.25 pence by 0728 GMT.

On Thursday, Glencore said the U.S. Commodity Futures Trading Commission is investigating whether the company and its units have violated some provisions of the Commodity ExchangeAct and/or CFTC Regulations.

(Reporting by Muvija M in Bengaluru)

Source: OANN

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