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Occidental offers to buy Anadarko in $57 billion deal, topping Chevron

The Occidental Petroleum Corp headquarters in Los Angeles
FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni

April 24, 2019

(Reuters) – Oil and gas producer Occidental Petroleum Corp on Wednesday offered to buy rival Anadarko Petroleum Corp in a $57 billion deal, topping Chevron Corp’s agreement to buy Anadarko for $50 billion.

Both cash-and-stock deals include Anadarko’s debt.

Occidental’s $76 per share offer comprises $38 in cash and 0.6094 shares of Occidental for each share of Anadarko, representing a premium of 19 percent to Anadarko’s closing price on Tuesday.

(Reporting by Debroop Roy in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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White House to Congress: top Trump immigration aide won’t testify

White House adviser Miller departs with U.S. President Trump on travel to Michigan from Joint Base Andrews in Maryland
White House adviser Stephen Miller walks across the tarmac to board Air Force One as he departs Washington with U.S. President Donald Trump for travel to Grand Rapids, Michigan from Joint Base Andrews, Maryland, U.S., March 28, 2019. REUTERS/Joshua Roberts

April 25, 2019

WASHINGTON (Reuters) – The White House is refusing to allow President Donald Trump’s top immigration aide to testify to Congress about the administration’s immigration policies, its latest salvo against oversight efforts by Democratic lawmakers.

In a letter on Wednesday to the House of Representatives Oversight Committee, the White House declined a request for Stephen Miller to testify about Trump immigration initiatives, including the policy of separating migrant children from their parents and his threat to send illegal immigrants to so-called sanctuary cities.

“In accordance with longstanding precedent, we respectfully decline the invitation to make Mr. Miller available for testimony before the committee,” the White House counsel said in the letter, first posted online by CNN.

The refusal is part of a wider pushback by the Republican president against legal requests from the Democratic-led House, which is conducting multiple investigations of his administration, including his tax returns, White House security clearances and possible obstruction of justice by Trump.

U.S. Representative Elijah Cummings, the Democratic chairman of the Oversight Committee, on Wednesday accused Trump of a “unprecedented, and growing pattern of obstruction” after he ordered federal employees not to comply with congressional investigations.

Cummings on April 17 invited Miller to testify voluntarily about why the administration decided to separate immigrant children from their parents at the border.

Cummings also called for an explanation of “transferring asylum seekers to sanctuary cities as a form of illegal retribution against your political adversaries, and firing top administration officials who refuse orders to violate the law.”

Trump has said he is considering sending immigrants in the country illegally to jurisdictions that have adopted some form of “sanctuary city” policies in which they refuse to use their resources to help federal agents enforce deportations.

Miller, a former Senate aide, has helped shape some of Trump’s most controversial immigration policies, from the first Muslim ban shortly after he took office in 2017 to last year’s child separation policy, both of which were rejected by courts.

The oversight panel could exercise its power to subpoena him, although the White House could invoke executive privilege to protect Miller’s discussions with Trump.

(Reporting by Doina Chiacu and Roberta Rampton; Editing by Jonathan Oatis)

Source: OANN

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UK economy grows as factories get boost from pre-Brexit stockpiling

A worker at perforating company Bion uses a machine at the factory in Reading
A worker at perforating company Bion uses a machine at the factory in Reading, Britain September 22, 2016. REUTERS/Peter Nicholls/Files

April 10, 2019

LONDON, (Reuters) – Britain’s economy unexpectedly grew in February, helped by clients of manufacturers rushing to stockpile goods ahead of Brexit, official data showed on Wednesday.

Gross domestic product grew by 0.2 percent from January, the Office for National Statistics said.

Economists taking part in a Reuters poll had expected zero growth.

Britain’s economy has held up better than many economists expected since the 2016 Brexit referendum although it has slowed ahead of its departure from the European Union and as the world economy loses momentum.

The International Monetary Fund said on Tuesday that Britain would grow by 1.2 percent in 2019 — as long as it avoids the shock of a no-deal Brexit. That would be faster than Germany’s 0.8 percent and only a touch slower than France’s 1.3 percent.

However, Britain still looks set for its weakest growth in a decade this year, according to forecasts from the IMF and the Bank of England which assume a Brexit deal will be done.

Prime Minister Theresa May will seek a new delay to Brexit when she meets EU leaders on Wednesday, just two days before Britain is due to leave the bloc without the cushion of a transition deal.

Wednesday’s data showed that over the three months to February, the economy grew by 0.3 percent, holding at the same pace as in January — which was revised up from a previous estimate — and stronger than a forecast of 0.2 percent in the Reuters poll.

Manufacturing output jumped by 0.9 percent in February from January, stronger than all forecasts in the Reuters poll and accounting for about half of the overall economic growth rate.

The ONS said it seen signs that clients of manufacturers were stockpiling goods to get ahead of any border delays in the event of a no-deal Brexit which was scheduled for March 29 but was subsequently delayed.

An ONS official said orders were being brought forward to beat the Brexit schedule, suggesting a likely drag on the numbers for coming months.

The statistics office said it could not quantify the impact of stockpiling on the data.

Britain’s dominant services sector grew by 0.1 percent in monthly terms in February, held back by the 12th fall in a row in the financial services sector – the longest such run on record — while construction rose by 0.4 percent.

There were signs that the slowdown in the global economy was also weighing on Britain’s economy.

Export volumes fell by 0.4 percent in the three months to February from the three months to November while imports jumped by 6.8 percent.

So far, Britain’s exporters have shown no sign of being helped by the fall in the value of the pound caused by the 2016 Brexit referendum.

The ONS said it could not say whether the increase in imports was driven by pre-Brexit stockpiling.

(Reporting by William Schomberg and Andy Bruce)

Source: OANN

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North Macedonia president in standoff with parliament

North Macedonia's lawmakers have passed for a second time a package of bills which the country's president has refused to sign into law in protest at a landmark agreement this year with neighbor Greece.

On Wednesday, Parliament passed pieces of draft legislation — including changes to telecommunications regulations — under the country's new name, North Macedonia, which President Gjorge Ivanov has so far refused to approve, arguing that they violate the constitution and the national interest.

The president is legally obliged to sign bills approved a second time.

Ivanov's second and final five-year term ends May 12.

He was a fierce opponent of a name-change deal signed with Greece that ended Athens' objections to North Macedonia joining NATO.

Source: Fox News World

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Concerned EU to seek clarification on Romania justice law change

FILE PHOTO: Romanian President Klaus Iohannis arrives at a European Union leaders summit in Brussels
FILE PHOTO: Romanian President Klaus Iohannis arrives at a European Union leaders summit in Brussels, Belgium December 13, 2018. REUTERS/Francois Lenoir/File Photo

February 20, 2019

BRUSSELS (Reuters) – The European Commission is greatly concerned about the latest changes to Romanian judicial legislation through a government emergency decree and will ask Bucharest to explain itself, the Commission said on Wednesday.

The Romanian government’s decree on Tuesday prompted criticism from the president that the move would weaken prosecutors while tightening political control over the judiciary.

It was the latest in a slew of legislative and personnel changes the governing Social Democrats have made in the past two years that the European Commission, the U.S. State Department and thousands of Romanian magistrates say threaten the independence of the judiciary and the rule of law.

“The Commission is following with great concern the latest developments concerning the rule of law in Romania,” Commission spokesman Margaritis Schinas told a news briefing.

“Both the content and the procedure of the latest changes using emergency ordinances without any consultation with the judiciary and stakeholders seem to be in direct contradiction with the recommendations of the Commission.”

Transparency International ranks Romania as one of the European Union’s most corrupt countries and the European Commission keeps its justice system under special monitoring.

“Romania needs very urgently to put the reform process back on track. This means going forward, not backwards, and abstaining from any steps that reverse the progress accomplished over past years,” Schinas said.

“The Commission will seek clarification from the Romanian government on these latest changes.”

(Reporting by Jan Strupczewski; Editing by David Goodman)

Source: OANN

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Vandals decapitate 800-year-old ‘crusader’ in crypt at Dublin church

Authorities in Ireland on Monday said vandals decapitated an 800-year-old “crusader” mummy that was held inside a crypt at a church in Dublin.

GRAPHIC IMAGE

Archdeacon David Pierpoint told the BBC that a tour guide at St. Michan’s was getting ready for visitors when he noticed that the mummy's head was “severed” and missing. Reports from Ireland said that the crypt was badly damaged, which also included the remains of a 400-year-old nun.

The crypt was damaged back in 1996.

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“I am shocked that someone would target this ancient burial place and desecrate the remains of those lying within it,” Diarmuid Martin, the Archbishop of Dublin, said in a statement. “Not only have these individuals desecrated the sacred crypt but they have destroyed these historic mummies which have been preserved in St Michan’s for hundreds of years.”

Police are investigating.

Source: Fox News World

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

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.)

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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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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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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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