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Red Cross says Mozambique's Beira port hard hit by cyclone

The Red Cross says that as much as 90 percent of Mozambique's central port city of Beira has been damaged or destroyed by tropical Cyclone Idai.

Officials with the International Federation of Red Cross and Red Crescent Societies said Monday that Beira has been severely battered by the cyclone which cut off electricity and road access to the city of 500,000. The city's airport has been closed by the storm.

Cyclone Idai first hit Beira last week and then moved inland spreading heavy winds and rainfall to Zimbabwe and Malawi. Red Cross and government officials estimate that more than 150 people have been killed by the storm, hundreds more are missing and more than 1.5 million people have been affected by the widespread destruction and flooding.

Source: Fox News World

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Job boom to outweigh soft patch as Bank of Canada mulls rate moves

FILE PHOTO: Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa
FILE PHOTO: Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa, Ontario, Canada, January 9, 2019. REUTERS/Chris Wattie/File Photo

March 14, 2019

By Fergal Smith and Julie Gordon

TORONTO/OTTAWA (Reuters) – The Bank of Canada is unlikely to cut interest rates to support a flagging economy as long as job growth continues at a robust pace, an analysis of the central bank’s response to past divergences in economic data suggests.

The economy could also get a boost from a revival in consumer spending, with next week’s federal budget expected to offer incentives that may ease the burden of debt-laden consumers.

The Canadian economy has become sluggish, with trade uncertainty weighing on business investment and a housing downturn hitting consumer spending, prompting speculation the Bank of Canada could cut rates this year.

But the pace of job growth has historically been a better signal for easing than variations in economic growth, Refinitiv data analyzed by Reuters shows. On the last two occasions that job growth and the strength of the economy diverged, in 2006 and 2012, the Bank of Canada chose not to cut rates.

(GRAPHIC: Canada GDP, jobs and Bank of Canada – https://tmsnrt.rs/2UH2ynG)

If gross domestic product is expanding at a slow pace “but jobs are blasting ahead, then yes, the bank is unlikely to cut rates,” said Royce Mendes, a senior economist with CIBC Capital Markets, cautioning that job data can be volatile.

Dismal economic growth in the fourth quarter prompted the Bank of Canada – which has hiked rates five times since July 2017 – to warn about “increased uncertainty,” even as job gains topped 55,000 in four of the last six months.

MORE JOBS, RISING SALARIES

The more dovish tone has led the market to price in about a 30 percent chance of a rate cut this year, whereas before it had been pricing in a potential hike. Canada’s 10-year bond yield on Tuesday hit its lowest level since June 2017, dropping below the 1.75 percent level of the central bank’s benchmark interest rate.

But experts say the strong employment numbers suggest Canada is facing a temporary soft patch, making rate cuts a risky response that would leave the Bank of Canada little room to maneuver in the case of a real economic shock.

“The jobs data throws into question whether it is really that serious of a soft patch,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.

“This might be a three-month soft patch,” he added. “If you spend all your ammunition on a slow patch then there’s nothing else.”

In addition to the economy churning out jobs, there are signs wages are finally rising, something the central bank has been watching closely.

And Canadians may find their wallets padded further, with the potential for Prime Minister Justin Trudeau’s government to introduce measures next week on child care, pharmaceutical care and skills training in the ruling Liberals’ final budget ahead of an October election.

“The bank is rightly cautious because even with the job gains that we’ve had, disposable income growth is really not that supportive,” said Mark Chandler, head of Canadian fixed income and currency strategy at RBC Capital Markets.

“It may change if we get something in the budget – tax rates down, transfers up. Then, disposable income might look a little better.”

(Reporting by Fergal Smith in Toronto and Julie Gordon in Ottawa; Editing by Paul Simao)

Source: OANN

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Trump Repeats He Won’t Release Returns Under Audit

Facing a congressional deadline for his administration to provide his tax returns, President Donald Trump said Wednesday he "won't do it" while he is under audit by the IRS.

Trump told reporters on the White House lawn that "I would love to give them, but I'm not going to do it while I'm under audit."

Rep. Richard Neal, D-Mass., the powerful chairman of the House Ways and Means Committee, has asked the IRS to turn over six years of the president's tax returns by the end of the day.

Treasury Secretary Steven Mnuchin, who supervises the IRS, said Tuesday he is not seeking direction from the White House on whether to comply. He said the department would likely respond by Neal's deadline, but did not say whether he would provide the returns as demanded.

Democrats do not expect Treasury to comply but they have not sketched out their next steps.

Neal has adopted a methodical approach to seeking Trump's returns. He has the option of eventually seeking to subpoena the records or to go to court if the IRS does not comply, but it is not clear he will adopt a more confrontational approach just yet.

"We intend to follow through with this," Neal said Wednesday. "I'll let you know fast."

The request for Trump's tax filings is but one of many oversight efforts launched by Democrats after taking back the House in last fall's midterms. Neal is relying on a 1920s-era law that says the IRS "shall furnish" any tax return requested by the chairmen of key House and Senate committees.

Mnuchin told lawmakers Treasury will "follow the law" but has not shared the department's interpretation of the statute.

The head of the IRS, meanwhile, faced questions from lawmakers for a second day on his response to Neal's request.

"You are on the receiving end of a very aggressive political campaign by the Trump administration. . . . It is your job, and your job alone, to respond to Chairman Neal's request," Sen. Ron Wyden, D-Ore., the senior member on the Senate Finance Committee, told Commissioner Charles Rettig at a hearing by the panel.

Wyden cited the importance of the IRS to be independent of political pressure.

"We're working on a response with counsel and we will respond," Rettig said.

Rettig had agreed with Democrats on Tuesday it is primarily his decision to make — though he reports to Mnuchin.

"You must be aware that we're a bureau of Treasury, and Treasury supervises us," he told Wyden on Wednesday.

Rettig said he had not been instructed not to comply with the request by anyone acting on the White House's behalf.

Source: NewsMax America

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Giants manager Bochy retiring after 2019 season

San Francisco Giants Manager Bochy stands next to the World Series trophy before their MLB National League baseball game against St. Louis Cardinals in San Francisco
FILE PHOTO: San Francisco Giants Manager Bruce Bochy stands next to the World Series trophy before the team's MLB National League baseball game against the St. Louis Cardinals in San Francisco, California April 7, 2013. REUTERS/Stephen Lam

February 19, 2019

San Francisco Giants manager Bruce Bochy announced Monday that he will retire after the 2019 season.

The announcement was made on the club’s Twitter feed.

“I will be retiring after the season.” –@BruceBochy

Bochy, who turns 64 in April, has guided the Giants to three World Series titles (2010, 2012, 2014) during his tenure. He also managed the San Diego Padres to the 1998 World Series when that club lost to the New York Yankees.

Bochy enters the 2019 season with the 11th-most wins in major league history. He is 1,926-1,944 in 24 seasons — 12 with the Padres and 12 with the Giants.

“Words cannot adequately express the amount of admiration, gratitude and respect the Giants family has for Bruce Bochy,” team president and CEO Laurence M. Baer said in a prepared statement. “His honesty, integrity, passion and brilliance led to the most successful period of Giants baseball in the history of our franchise. He will always be a Giant and we look forward to honoring him and all of his achievements throughout his final season in San Francisco and inevitably in Cooperstown.”

He stands 74 ways away from reaching 2,000 career wins. Every manager who has reached that mark is enshrined in the National Baseball Hall of Fame in Cooperstown.

“It’s been an unbelievable ride,” Bochy said. “There’s so much I’m grateful for.”

Bochy’s teams went 951-975 in his tenure with San Diego from 1995-2006. He was National League Manager of the Year in 1996 and led the Padres to four postseason berths.

Bochy won division titles in each of his final two seasons in San Diego but was told after the 2006 campaign he could explore his options. He eventually accepted the Giants’ job.

World Series title No. 1 came after the 2010 season when San Francisco defeated the Texas Rangers in five games.

Two years later, the Giants won their second title under Bochy with a four-game sweep of the Detroit Tigers.

In 2014, San Francisco won a memorable seven-game series against the Kansas City Royals. Bochy made the call to install ace left-hander Madison Bumgarner in relief on two days rest and received five shutout innings to win his third title.

The Giants also made the playoffs in 2016 and were eliminated by the Chicago Cubs in the National League Division Series.

His record with San Francisco heading into 2019 stands at 975-969.

“Ever since I moved to San Francisco in 2007, the city and our awesome fans have embraced me,” Bochy said on Twitter. “I’m going to miss it, but I’m so grateful for the last 12 years and am looking forward to finishing strong this season.”

Bochy’s health has been a concern in recent seasons and he has undergone multiple heart procedures.

Bochy was a catcher for the Houston Astros (1978-80), New York Mets (1982) and Padres (1983-87) and batted .239 with 26 homers and 93 RBIs over nine major league seasons.

(Field Level Media)

Source: OANN

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Algeria's ruling coalition party calls for president to quit

Algeria's ruling coalition party has called for the resignation of ailing, 82-year-old President Abdelaziz Bouteflika.

The RND party's secretary general and former prime minister Ahmed Ouyahia said in a statement Wednesday it "recommends" Bouteflika's resignation in order to facilitate the transition of power.

The move comes one day after Algeria's powerful army chief called for starting the constitutional process to have Bouteflika declared unfit for office, possibly paving the way for the president's ouster after 20 years in power.

The country's presidential coalition is formed by an alliance of the RND with the FLN party.

Bouteflika, who has barely been seen in public since a 2013 stroke, has faced weeks of protests. He canceled this month an April national election and overhauled the government.

Source: Fox News World

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China March exports rebound to five-month high but imports fall more than expected

FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang
FILE PHOTO: Steel pipes to be exported are seen at a port in Lianyungang, Jiangsu province, China May 31, 2018. China Daily via REUTERS/File Photo

April 12, 2019

BEIJING (Reuters) – China’s exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace, painting a mixed picture of the economy as trade talks with the United States reach their endgame.

Investors are hoping for more signs of economic recovery in China to temper worries about slowing global growth, after the IMF this week downgraded its 2019 world outlook for the third time.

But veteran China watchers had said export gains may be due more to seasonal factors than any sudden turnaround in lackluster global demand, as shipments were expected to jump after long holidays in February.

March exports rose 14.2 percent from a year earlier, customs data showed on Friday, the strongest growth in five months. Economists polled by Reuters had expected a 7.3 percent gain after February’s 20.8 percent plunge.

But China’s imports fell more than expected, suggesting its domestic demand remains weak. Imports fell 7.6 percent from a year earlier, worse than analysts’ forecasts for a 1.3 percent fall and widening from February’s 5.2 percent drop.

That left the country with a trade surplus of $32.64 billion for the month, according to Reuters calculations based on the official data, much larger than forecasts of $7.05 billion.

In the first quarter, exports rose 1.4 percent from a year earlier, while imports fell 4.8 percent.

A customs spokesman said he expects mild growth in both exports and imports in the current quarter.

TENTATIVE SIGNS

China factory surveys for March had provided some glimmers of hope that demand was improving at home and abroad, suggesting government stimulus measures may be starting to take hold.

While export orders remained sluggish, there were signs that a long spell of contraction was easing even as trade talks with the United States appeared to be making progress.

Washington and Beijing have largely agreed on a mechanism to police any trade agreement they reach, including establishing new “enforcement offices,” U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

However, a top White House official said on Monday the U.S. side is “not satisfied yet” about all the issues standing in the way of a deal to end the U.S.-China trade war.

President Donald Trump said last week that an agreement could be reached in about four weeks.

But economists warn that even if a deal is reached, and both sides rescind tit-for-tat tariffs, Chinese exporters will still have to contend with weakening demand globally.

The International Monetary Fund trimmed its 2019 global growth forecast this week to 3.3 percent, while slightly boosting its forecast for China to 6.3 percent, in part because the Sino-U.S. trade war did not escalate as much as expected.

Chinese exporters will also likely have to scramble to win back lost market share.

The trade dispute has prompted some U.S. firms to shift purchases of tariff-targeted products like furniture and refrigerators to countries such as Vietnam, South Korea, Taiwan and Mexico, according to a report by S&P Global Market Intelligence’s trade data firm Panjiva.

SHRINKING IMPORTS

On imports, analysts said companies may not be restocking their inventories as much as usual due to concerns over the longer-term economic outlook.

Slackening demand has sent corporate profits into a tailspin, which could curb the fresh investment that Beijing is counting on to fuel an economic revival.

Policymakers have acknowledged the economy is under pressure as multi-year debt and pollution crackdown have deterred investment, while the U.S.-China trade war is hurting China’s exporters and their domestic supply chains.

In response, Beijing has announced more spending on roads, railways and ports, along with trillions of yuan of tax cuts to ease pressure on corporate balance sheets and avert a sharper economic slowdown.

Investors are closely watching to see how long it will take those support measures to take hold. But analysts believe China will still need to loosen policy further in coming months to ensure a sustained economic turnaround.

China’s economic growth is expected to cool to around 6.3 percent in the first quarter of the year and may not bottom out until later in the year, according to a Reuters poll. The economy grew 6.6 percent last year, a 28-year low.

(Reporting by Kevin Yao; Writing by Lusha Zhang and Yawen Chen; Editing by Kim Coghill)

Source: OANN

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Republicans block U.S. Senate Democrats’ move on making Mueller report public

Senator McConnell reacts to Trump's budget proposal
Senate Majority Leader Mitch McConnell speaks with reporters about his reaction to President Donald Trump's proposed FY2020 budget in Washington, U.S. March 12, 2019. REUTERS/Erin Scott

March 25, 2019

WASHINGTON (Reuters) – U.S. Senate majority leader Mitch McConnell on Monday blocked a second attempt by Democrats to pass a measure aimed at prodding the Justice Department to release to the public Special Counsel Robert Mueller’s report investigating Russian meddling in the 2016 U.S. presidential election.

Earlier this month, the House of Representatives voted 420-0 in favor of making the report public, with no Republican opposition.

On Sunday, Attorney General William Barr informed Congress that Mueller had concluded that President Donald Trump’s campaign did not collude with Russia to influence the outcome of the 2016 election. But the probe left unresolved the question of whether Trump engaged in obstruction of justice.

“There is no good reason not to make the report public,” Senate Democratic leader Chuck Schumer said.

The Justice Department has not said whether it will release Mueller’s full report, but Barr has said he will be as transparent as possible.

McConnell, noting that it took nearly two years for Mueller to conduct his investigation, said: “It’s not unreasonable to give the special counsel and the Justice Department just a little time to complete their review in a professional and responsible manner.”

The legislation does not set a deadline for the release of the report, and merely expresses Congress’ desire that it should be made publicly available.

The chairman of the House of Representatives Judiciary Committee, Jerrold Nadler, a Democrat, said on CNN on Sunday that he would “try to negotiate” with the Justice Department to obtain the full report, but the committee would issue subpoenas and litigate if needed.

Trump vented his anger on Monday at the Mueller inquiry and vowed investigations into unnamed political enemies who did “very, very evil” and “treasonous things.”

Trump pledged new investigations but did not specify who would conduct them or who should be targeted. Trump in the past has called for investigations of Hillary Clinton, the Democrat he defeated in 2016.

(Reporting by Richard Cowan; Editing by Peter Cooney and Leslie Adler)

Source: OANN

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FILE PHOTO: Customers shop in a Sainsbury's store in Redhill
FILE PHOTO: Customers shop in a Sainsbury’s store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls/File Photo

April 26, 2019

By James Davey

LONDON (Reuters) – With Sainsbury’s dream of creating Britain’s biggest supermarket group in tatters, its chastened CEO Mike Coupe needs to reassure investors he has the plan to arrest a sales decline when he presents annual results next week.

Britain’s competition regulator blocked Sainsbury’s 7.3 billion pound ($9.4 billion) takeover of Walmart’s Asda on Thursday, saying the deal would increase prices. Sainsbury’s shares fell 5 percent and are down 22 percent over the last three months.

For Sainsbury’s fourth quarter to March 9 analysts are on average forecasting a 1.6 percent fall in like-for-like sales, which would follow 1.1 percent decline over the Christmas period.

Monthly industry data from researcher Kantar has also shown Sainsbury’s as the weakest performer of the big four grocers this year and this month it lost its status as Britain’s No. 2 supermarket group by market share to Asda.

While Sainsbury’s has struggled, market leader Tesco has gained momentum, this month reporting a 34 percent jump in full year profit.

Prohibition of the deal was a major blow to Coupe, its architect and Sainsbury’s boss since 2014.

Martin Scicluna became Sainsbury’s chairman last month and when bedded-in may decide that if the group needs a major shake-up it is best carried out by a new leader.

Much will depend on the attitude of 22 percent shareholder the Qatar Investment Authority, which has so far declined to comment, as well as Coupe’s own appetite to continue after 15 years at the group.

THE RIGHT STRATEGY?

Coupe said on Thursday he was confident Sainsbury’s was pursuing the right strategy.

That was a clear indication that Wednesday’s results statement will not include radical changes to the group’s plans, such as a big margin reset — sacrificing profit to drive sales.

However, sources connected to Sainsbury’s said Coupe would likely acknowledge that more needs to be done on prices, so the supermarket business can better compete with its big four rivals – Tesco, Asda and No. 4 Morrisons – as well as German-owned discounters Aldi and Lidl.

Coupe’s strategy is based on differentiating Sainsbury’s food offer, growing its general merchandise, clothing business and bank, while investing in convenience and online channels.

Some analysts believe major change is needed.

HSBC analyst David McCarthy reckons Sainsbury’s needs a margin reset, should allocate more space for core lines and needs to drive better store standards. He said Sainsbury’s might consider closing down space in some of its larger stores and reducing its non-food offer.

For the full 2018-19 year analysts are on average forecasting a pretax profit of 626 million pounds, up from 589 million pounds in 2017-18 – a second straight year of profit growth. A full year dividend of 10.5 pence per share is forecast versus 10.2 pence last time.

Bank and lawyer fees related to the proposed combination with Asda were 17 million pounds in the first half and have reportedly jumped to around 50 million pounds.

(Reporting by James Davey; Editing by Keith Weir)

Source: OANN

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FILE PHOTO: FILE PHOTO: A Canadian dollar coin commonly known as the
FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie”, is pictured in this illustration picture taken in Toronto, Ontario, Canada, January 23, 2015. REUTERS/Mark Blinch/File Photo/File Photo

April 26, 2019

OTTAWA (Reuters) – Canada posted a budget surplus in the first 11 months of the 2018/19 fiscal year compared to a deficit the year earlier as revenues increased mostly on higher tax incomes, the finance department said on Friday.

The surplus for April-February was C$3.1 billion, compared to a deficit of C$6 billion in the same 2017/18 period. Revenues climbed by 8.5 percent, mainly due to higher tax receipts, while program expenses rose by 4.8 percent.

The surplus for February was C$4.3 billion compared with C$2.8 billion in February 2018. Revenues jumped by 12.2 percent while program expenses posted a more modest 6.9 percent gain.

Last month, the Liberals unveiled their new budget, projecting a C$14.9 billion deficit in 2018/19, with the deficit rising to C$19.8 billion in fiscal 2019/20.

(Reporting by Julie Gordon in Ottawa; Editing by Chizu Nomiyama)

Source: OANN

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President Trump said Friday he would beat Joe Biden “easily” in the 2020 presidential election, suggesting the former vice president could not have enough “energy” to hold the post—taking an apparent swipe at his age.

The president, departing the White House, was asked about Biden’s entrance into the Democratic primary field. Biden announced his presidential bid early Thursday morning, marking his third attempt at the White House.

JOE BIDEN OFFICIALLY LAUNCHES 2020 PRESIDENTIAL BID

“I think we’d beat him easily,” Trump told reporters Friday.

Trump, 72, said he feels “young” and is ready for 2020, and another term for his administration.

“I feel like a young man. I am a young, vibrant man,” Trump said. “I look at Joe, I don’t know about him.”

The president’s comments seemingly were a shot at the age of Biden, who is 76.

BIDEN ENTERS WHITE HOUSE RACE WITHOUT OBAMA’S ENDORSEMENT

“I would never say anyone’s too old,” Trump said. “I know they’re all making me look very young both in terms of age and in terms of energy.”

Biden became the 20th candidate to join the crowded Democratic primary field Thursday. But Biden is not the oldest in the pack. Sen. Bernie Sanders, I-Vt., is 77 and Sen. Elizabeth Warren, D-Mass., is 69.

Should Trump be re-elected, he would be 74 on Jan. 20, 2021—Inauguration Day. Should the presidency go to one of the elder Democrats in the field—Biden would be 78; Sanders would be 79; and Warren would be 71.

Meanwhile, in a wide-ranging interview on “Hannity” Thursday night, Trump dismissed Biden’s candidacy, nicknaming him “Sleepy Joe,” and saying he’s “not the brightest bulb.” Trump also said that while the former vice president has name recognition, he won’t “be able to do the job.”

Source: Fox News Politics

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Venezuela's Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas
Venezuela’s Foreign Affairs Minister Jorge Arreaza talks to the media during a news conference in Caracas, Venezuela April 8, 2019. REUTERS/Manaure Quintero

April 26, 2019

WASHINGTON (Reuters) – The U.S. Treasury Department on Friday imposed sanctions on Venezuela’s foreign minister and a Venezuelan judge, according to a statement on the department’s website.

Foreign Minister Jorge Arreaza and a judge, Carol Padilla, were targeted over the ongoing crisis in Venezuela, the Treasury Department said, the latest in a list of officials blacklisted by U.S. authorities for their role in President Nicolas Maduro’s government.

(Reporting by Susan Heavey, Makini Brice and Lesley Wroughton; Editing by Chizu Nomiyama)

Source: OANN

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Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of
Avengers fans gather at the TCL Chinese Theatre in Hollywood to attend the opening screening of “Avengers: Endgame” in Los Angeles, California, U.S., April 25, 2019. REUTERS/Mike Blake

April 26, 2019

LOS ANGELES (Reuters) – Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a record $60 million at U.S. and Canadian box offices during its Thursday night debut, distributor Walt Disney Co said.

Global ticket sales for the film about Iron Man, Hulk and other popular characters reached $305 million for the first two days, Disney said.

(Reporting by Lisa Richwine; Editing by Chizu Nomiyama)

Source: OANN

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