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Malaysian PM Mahathir says some state-owned entities may be listed

FILE PHOTO: Malaysia's Prime Minister Mahathir Mohamad arrives at APEC Haus, during the APEC Summit in Port Moresby, Papua New Guinea
FILE PHOTO: Malaysia's Prime Minister Mahathir Mohamad arrives at APEC Haus, during the APEC Summit in Port Moresby, Papua New Guinea November 18, 2018. REUTERS/David Gray

March 19, 2019

KUALA LUMPUR (Reuters) – Malaysia may list certain state-owned entities to reduce government debt and liabilities, Prime Minister Mahathir Mohamad said on Tuesday.

A government committee on reducing debt is looking at strategies, including “identification of opportunities on potential asset monetization, which means mature unlisted government entities may be listed in the stock market,” Mahathir said at an investor conference in Kuala Lumpur.

Reducing some equity stakes of state-owned firms is also being considered, he said.

(Reporting by Liz Lee, Writing by A. Ananthalakshmi; Editing by Kim Coghill)

Source: OANN

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A call to Action from @NCGOP 58 candidate, Gay Republican @PeterBoykin: #ComeOutForTrump & Pro-2nd Amendment Counter Protest to the David Hogg-” March for Our Lives” anti-gun rally in Greensboro NC

    Peter Boykin Gay Republican?? — A message and call to action from House 58 candidate, Peter Boykin: WHERE: Sidewalk in front of the Cultural Arts Center, across from Lebauer Park, Downtown Greensboro WHEN: 4:30-7:00pm, Wednesday, August 1 WHAT: Pro-2nd Amendment Counter Protest to the David Hogg-“March for Our Lives” anti-gun rally which will […]

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Exclusive: Citgo, Valero try to return Venezuelan oil following sanctions: document

FILE PHOTO: Crude oil tankers are docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao
FILE PHOTO: Crude oil tankers are docked at Isla Oil Refinery PDVSA terminal in Willemstad on the island of Curacao, February 22, 2019. REUTERS/Henry Romero

March 11, 2019

By Marianna Parraga

(Reuters) – The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions on the South American nation and its state-run energy firm PDVSA.

PDVSA’s U.S. refining subsidiary Citgo Petroleum Corp and Valero Energy are proposing to return 2 million barrels of crude loaded before sanctions, while a third U.S. oil company, Chevron Corp, has sought so far unsuccessfully to legally pay for 4.3 million barrels, according to an internal PDVSA document seen by Reuters.

In effect, more than 6 million barrels of Venezuelan crude remain in limbo as a result of U.S. sanctions imposed on Jan. 28 by Washington in an effort to oust President Nicolas Maduro. The United States and dozens of other nations recognized opposition leader Juan Guaido as the nation’s legitimate leader.

To comply with U.S. sanctions, Valero, Citgo and others are not allowed to pay PDVSA. Guaido’s administration has yet to establish its own bank accounts to receive proceeds from oil sales to U.S. customers, leaving those shipments stranded.

Overall oil exports from the OPEC member state dropped by about 40 percent in the first full month of sanctions, as the U.S. sought to cut oil revenue to Maduro, who presides over a nation beset by a years-long economic crisis, with millions fleeing for a lack of food and medicine.

PDVSA, Citgo and Valero did not reply to requests for comment. Chevron does not comment on supply and trade matters, a spokesman said.

STRANDED TANKERS

The standoff has stranded some 6.4 million barrels of Venezuelan heavy crude onboard 11 tankers originally destined for the United States, as they have not been authorized to set sail. The vessels fell into limbo because PDVSA demanded prepayment for the cargos after sanctions were imposed, which U.S. firms cannot do.

Chevron, the second-largest U.S. oil firm by market value, wanted to take the oil shipments in lieu of loans and dividends stemming from joint ventures with PDVSA, a person close to the matter said. The cargoes were loaded at Venezuelan ports ahead of sanctions, but they remain undelivered, according to the document, and it is unclear if PDVSA would accept that offer.

Valero proposed to pay PDVSA for 1.05 million barrels of Venezuelan oil, but that request was rejected by the U.S. Office of Foreign Assets Control (OFAC), which oversees sanctions, the documents said.

The Houston-based Citgo cut ties with its parent company in compliance with U.S. measures that halted its purchases of PDVSA’s oil, the documents said.

A U.S. Treasury spokesperson declined to comment on the requests to pay PDVSA for the cargoes.

As of March 8, the 11 loaded vessels remained anchored off ports in Venezuela. Two other Chevron-chartered cargoes were stuck off the U.S. Gulf Coast and a third was returned to Venezuela’s Amuay terminal, according to Refinitiv Eikon vessel-tracking data.

PDVSA does not expect Citgo or Valero to accept the cargos and intends to “commercially reallocate the volumes onboard so tankers can be freed,” a Feb. 21 trade and supply document showed. The same document expressed worry over demurrage fees – the daily cost for storing the oil on tankers – which have been accumulating for over a month.

PDVSA SCRAMBLES TO AVOID EXPORT SHORTFALL

Separately, a days-long blackout across the country has halted exports from Jose port, the nation’s primary crude export terminal. PDVSA on Monday was trying to restart operations.

The Venezuelan company has been forced to redesign its production and export logistics in recent weeks to avoid halting operations, including formulating new crude blends, swapping a large portion of its oil for imported fuel, selling through intermediaries and finding new customers.

But the efforts have not been enough to avoid an export decline. The OPEC-member country’s oil shipments fell to some 920,000 barrels per day (bpd) in February according to Refinitiv Eikon data.

PDVSA exports could fall further due to a lack of imported naphtha, a light distillate, needed to dilute its extra heavy oil as the company has been able to secure only two 500,000-barrel cargoes versus 2-3 million barrels per month needed, according to the document.

If it cannot import enough naphtha to formulate its oil for export, PDVSA plans to start mixing other domestic fuels to ready oil for export.

Lack of maritime crews to take PDVSA tankers idled due to unpaid shipping fees is also hampering oil deliveries between domestic ports and to the Caribbean, where PDVSA stores and ships much of its export barrels.

Some shipping firms’ reluctance to work in Venezuela after sanctions have stopped PDVSA from using leased tankers to ease storage bottlenecks at its Orinoco Belt’s joint ventures. The ones willing to work with PDVSA are charging high prices and extra fees, the document added.

On March 4, PDVSA completely shut output at its Corocoro oilfield, which was producing some 12,000 bpd, due to lack of storage capacity. Its Pedernales oilfield could follow due to similar issues, according to the report. The four Orinoco upgraders were working at minimum on Monday.

(GRAPHIC: Venezuelan crude exports to U.S. refiners link: https://tmsnrt.rs/2t4ullS).

(Graphic: Top importers of Venezuelan crude link: https://tmsnrt.rs/2RYGk2E).

(Reporting by Marianna Parraga; additional reporting by Leslie Wroughton in Washington and Luc Cohen in New York; Editing by Marguerita Choy)

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Turkish Finance Minister Says He Had Fruitful Meetings at White House

Turkish Finance Minister Berat Albayrak said on Monday he held very productive meetings in Washington with international financial institutions, following the unveiling last week of Turkey's economic turnaround plan.

A source familiar with the matter said Albayrak, who is Turkish President Tayyip Erdogan's son-in-law, also met on Monday with White House adviser Jared Kushner, who is U.S. President Donald Trump's son-in-law. It was not immediately clear what the two discussed.

Albayrak has been in Washington since last Thursday, his first official visit to the U.S. capital since he took charge of the economy last July. He held a series of investor meetings and attended International Monetary Fund and World Bank spring meetings.

"This is an important week for cooperation between our two nations," Albayrak told American and Turkish business leaders in Washington. "Since last Thursday ... my team and I held series of meetings. We had productive ones with many international finance institutions," he said.

"Moreover, Treasury Secretary Steve Mnuchin and I discussed lots of different topics. ... This morning, I had fruitful talks in the White House with my counterparts," he added, without giving further details.

A day before departing from Turkey, Albayrak unveiled an economic reform package in which Ankara pledged to boost the capital level of banks and relieve bad debts in a sector left reeling by last year's currency crisis.

Turkey's economy experienced its worst quarterly contraction in nearly a decade after the currency crisis, which sent inflation soaring as high as 25 percent and left companies and banks saddled with foreign-currency debt.

Jittery international investors have been waiting for the government to signal an unambiguous break from the credit-fueled growth strategy under Erdogan. At a private meeting in Washington last Thursday, investors left unconvinced by Albayrak's turnaround plan.

On Monday, Albayrak said Turkey's banking system remained 'well-capitalized' and continued to offer credit. He said there would be complimentary policy actions after last week's reform program to boost growth potential.

"There's never been a better time to invest in Turkey," he said, adding the United States and Turkey should do more to boost bilateral trade. He acknowledged the two NATO allies had disagreements.

"We need to strengthen our resilience partnership despite our policy differences," he said. Washington and Ankara have been at loggerheads over a range of issues, the most recent being Turkey's planned purchase of a Russian air defense missile system.

Source: NewsMax Politics

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Finland’s center-left Social Democrats narrowly top poll

Finland's center-left Social Democratic Party is facing the tough task of trying to form a government coalition after becoming the Nordic country's largest party by an extremely narrow margin following Sunday's highly fragmented parliamentary election.

With all votes counted Monday, the party led by Antti Rinne took 17.7% of votes and 40 seats in the Eduskunta legislature, far from the 101 seats needed for a majority.

Right behind came the populist Finns Party with 17.5%, while the conservative National Coalition party took the third spot with 17% of votes. Outgoing Prime Minister Juha Sipila's Center Party was fourth with 13.8 %.

Tackling climate change and reforming Finland's social and health care system were key topics in the vote where established parties lost support to populists in line with an overall European trend.

Source: Fox News World

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Christians’ ethnic inclusion in Sri Lanka keeps fragile calm

During the bad years, when rebels mostly from the ethnic minority Tamils and majority Sinhalese government forces were slaughtering each other in a horrific civil war, Gnanamani found solace in something many of her fellow Tamils didn't have: Christianity, and especially its long inclusion in Sri Lanka's main ethnic groups.

A religious minority here, Christians are part of both the Sinhalese and Tamil ethnic groups, unlike the mainly homogenous Tamil Hindus and Sinhalese Buddhists on the teardrop-shaped island in the Indian Ocean.

After Islamic militants detonated suicide bombs on Sunday that killed Easter worshippers in three churches, including St. Anthony's, a few blocks from Gnanamani's home in the warren of streets of Colombo's 13th zone, she and other Tamil and Sinhalese Christians are once again turning to a religion that, unusually for Sri Lanka, binds people of different ethnicities by a single faith.

Experts and Christians interviewed by The Associated Press after the attacks say this imbedded ethnic cooperation, along with Christian leaders who have consistently preached restraint, helps explain the measured calm that has — so far — been the response to the coordinated bombing of churches and hotels that killed 253 people.

"Being a Christian sets an example to others, because we did not retaliate after this violence was done to us. We were restrained — Sinhalese and Tamil Christians both," Gnanamani, a 60-year-old housewife who goes by one name, said as she squatted on her stoop in a narrow, sunless alley, hundreds of black and white condolence streamers fluttering in a breeze above. "If this happened to Buddhist shrines or temples, there would have been an explosion of violence."

There is indeed widespread fear here that more attacks, especially if they target other faiths, could return Sri Lanka, which is majority Buddhist but has significant Christian, Muslim and Hindu populations, to something like the cycle of sectarian violence and retaliation that marked the nearly three-decade civil war that ended in 2009.

"Within the Christian community there has to be moderation because by its nature it consists of two different ethnic communities. There's a natural instinct for them to look at such religious and ethnic issues with deep compassion," said Rohan Gunaratna, a religion and security expert and co-author of "The Three Pillars of Radicalization."

But peace is not guaranteed.

"Sri Lanka must not take this Christian interreligious harmony for granted," Gunaratna said in a phone interview. "The danger is that the Christian patience could break if there are more attacks, and that is what the terrorists want."

About 7% of Sri Lanka's 21 million people are Christian, and most are Roman Catholic, according to Mathew Schmalz, a professor at the College of the Holy Cross and an expert on Christianity in South Asia.

There has not always been universal Christian unity and restraint in Sri Lanka.

During the civil war that began in 1983, Christianity was divided, with members of the faith fighting for both the largely ethnic Tamil separatists and the mostly Sinhalese Buddhist government forces, experts say, and some tension still lingers.

With the recent attacks against Christians and foreigners, there's worry that militant anti-Muslim Buddhists might be strengthened. "There might be less incentive now to step in to defend Muslims, and militant Buddhists might claim that they had been right all along to see Muslims as a threat," Schmalz said by email.

The largely peaceful mixing of religions and ethnicities found in many parts of Colombo can be seen in the extended family of Anoma Damayanthi Liyanage, a 52-year-old Buddhist factory worker who lives in a small, neat, tin-roofed house in an alley off Jampettah Street in the Kochchikade neighborhood near St. Anthony's.

Liyanage's 25-year-old daughter, who married into a Christian family, was seriously injured in the blast. Liyanage herself was at St. Anthony's and escaped the bomb only because she left a few minutes earlier with her Christian son-in-law when her 1 ½-year-old granddaughter began crying too loudly.

"It's common for Tamil and Sinhalese Christians to marry each other," Pradeepa Jayasinghe, a Sinhalese Christian relative, said. "We've always understood each other very well. We were raised from childhood together."

Her daughter, 21-year-old Hishara, said, "We get together because of our Christian traditions. We're not Tamil or Sinhalese. We look first if there is Christianity."

The bombings, however, have stirred complex feelings among Christians.

Not far from the bombed church of St. Sebastian's in a village in the city of Negombo, beyond the metal security barriers and the dozens of camouflaged soldiers carrying automatic weapons, Catholic priests Niroshan Perera and Anthony Nishan stand in their long white cassocks and watch fresh graves being dug for Christians killed by the attack on their church. There are 41 dirt mounds piled with flowers and candles, with wooden crosses marked mostly with numbers that correspond to names in a book that the priests keep.

There's fear of more violence and deep grief in this majority Christian enclave outside Colombo. "The whole village is a funeral. The houses here are filled with coffins," Nishan said of a place where about 120 Christians died in the bombing.

There's also rage. Father Perera, 45, had a single description for the politicians who were told that terror attacks against Christians might be coming but didn't notify the communities: "terrorists."

A Catholic villager — Senake Perera, 55, a Sinhalese Catholic — said he would follow the restraint preached by Catholic leaders. But he also had a very human response to the fresh graves and wooden crosses, to the coffins and the dozens of color photos of the victims displayed on banners that fill this neighborhood.

"I have a feeling in my heart that we should go after the Muslims, that we should retaliate," he said.

For the time being, however, like the Christians of Colombo interviewed by AP, there's a belief that Catholics won't hit back.

"After the tragedy, we are united because of the practice of dealing with other ethnicities which is within our Christianity," said Father Nishan, 29, who's the son of a Tamil father and Sinhalese mother, and who often gives Masses in Tamil, Sinhala and English. "Even if there are more attacks, Catholics won't respond with violence," he said. "That's the beauty of Christianity here. We don't have the division. We have to live together."

Source: Fox News World

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Sweden charges 3 policemen in shooting of disabled man

Sweden's prosecution authority has charged three police officers in the fatal shooting in Stockholm last year of a disabled man who waved a toy gun.

Prosecutor Martin Tiden says one officer was charged with causing another person's death and the others for misconduct. In the wake of the Aug. 2 shooting.

Tiden said Friday the case will be heard before the Stockholm District Court. No date for the trial was set. None of the police officers' names was released.

Eric Torell, who had Down Syndrome and autism and struggled to communicate, was holding a plastic toy resembling a submachine gun — a birthday present from his mother when he turned 5 — when he was shot dead.

Source: Fox News World

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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)

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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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