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Alex Jones Takes On Game of Thrones

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Source: InfoWars

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Giants QB Manning receives $5 million roster bonus

Giants' Manning lets fly a pass during a NFL football game in Kansas City, Missouri
New York Giants quarterback Eli Manning lets fly a pass during the second half of a NFL football game in Kansas City, Missouri September 29, 2013. REUTERS/Dave Kaup

March 17, 2019

Eli Manning has a lot more green in his pocket this St. Patrick’s Day.

The New York Giants paid their veteran quarterback a $5 million roster bonus that was due Saturday, virtually assuring he will remain with the Giants in 2019.

If the Giants were to change their mind and release the 38-year-old Manning, they would lose that money plus $6.2 million in dead salary cap space.

The Giants have the Nos. 6 and 17 overall picks in next month’s NFL draft, and after passing on selecting a quarterback last year in favor of running back Saquon Barkley, New York is expected to take a QB in the first round.

A rookie quarterback could learn from Manning for a year, just as Patrick Mahomes did behind Alex Smith in Kansas City. Mahomes, in his second season in 2018, was the league MVP.

Manning, the No. 1 pick in the 2004 NFL Draft, is entering the final year of a four-year, $84 million contract extension signed in 2015. His 55,981 career passing yards place him seventh on the all-time list.

–Field Level Media

Source: OANN

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Wary of Xinjiang backlash, China invites waves of diplomats to visit

FILE PHOTO: Residents at the Kashgar city vocational educational training centre attend a Chinese lesson during a government organised visit in Kashgar
FILE PHOTO: Residents at the Kashgar city vocational educational training centre attend a Chinese lesson during a government organised visit in Kashgar, Xinjiang Uighur Autonomous Region, China, January 4, 2019. REUTERS/Ben Blanchard/File Photo

February 21, 2019

By Ben Blanchard

BEIJING (Reuters) – China is stepping up its diplomatic outreach over controversial camps in its heavily Muslim region of Xinjiang, inviting more foreign diplomats to visit as it seeks to head off criticism from Muslim-majority countries and at the United Nations.

Since December, China has taken at least three groups of foreign diplomats to visit to what it calls re-education and training facilities, but rights groups say are internment camps. A fourth group is scheduled to visit this month.

The country’s foreign ministry said on Saturday that Geneva-based diplomats from Pakistan, Venezuela, Cuba, Egypt, Cambodia, Russia, Senegal and Belarus were visiting Xinjiang on a trip that ended on Tuesday.

Six diplomatic sources told Reuters that the government had invited for the next visit China-based diplomats from Saudi Arabia, Algeria, Morocco, Lebanon, Egypt, Singapore, Vietnam, Laos, Myanmar, Cambodia, Bangladesh, Russia, Turkmenistan, Georgia, Hungary and Greece.

Two sources said that trip was scheduled for next week.

Officials from Myanmar, Laos, Vietnam, Russia, Hungary, Morocco, Egypt, Algeria, Saudi Arabia and Greece did not respond to requests for comment. Officials from Singapore, Bangladesh and Turkmenistan declined to comment. Cambodian officials said they were unaware of the visit.

A source at the Lebanese foreign ministry said Lebanon would not participate. Georgian diplomats received an invitation, but would not be able to attend, its foreign ministry press service said.

China’s Foreign Ministry, in a faxed response to Reuters, confirmed the Xinjiang government was inviting China-based diplomats to visit in coming days, but did not give details.

“We believe this trip will help increase their understanding and knowledge of Xinjiang,” it said. “Xinjiang is open, and we believe that anyone who is unprejudiced can objectively see the success of Xinjiang’s development.”

Xinjiang officials did not respond to requests for comment.

Separately, government officials will on Friday brief foreign envoys in Beijing about the situation in Xinjiang, four of the diplomats said. China’s Foreign Ministry did not immediately respond to a request for comment on that meeting.

‘VERY RATTLED’

Diplomatic sources say China has become increasingly worried about the overseas backlash against the camps, especially threats of U.S. sanctions, and has sought to counter that with a public push for a friendlier narrative.

“They’re very rattled,” one senior diplomat, who has discussed Xinjiang with Chinese officials, told Reuters, speaking on condition of anonymity.

Muslim countries have generally held off criticizing China, at least in public.

But in February, Turkey called on China to close the camps, saying they are a “great shame for humanity,” prompting an angry reaction from Beijing.

“China does not want any other Muslim countries joining Turkey in criticizing the camps,” a second Beijing-based diplomat said.

All the diplomats who spoke to Reuters requested anonymity because they were not authorized to speak to the media.

China’s Foreign Ministry told Reuters that the country’s efforts in Xinjiang had made “positive contributions” towards regional peace and security.

“China’s relevant measures have received understanding and support from numerous Islamic countries. Terrorism is the common enemy of mankind,” the ministry said in a separate faxed statement.

The government has also taken foreign reporters to the camps, including a small group in January that included Reuters. The tightly choreographed and chaperoned visit marked the first time non-Chinese media had been given access the camps.

U.N. MEETING

China hopes to mute criticism of its Xinjiang policies at two upcoming events, diplomats say.

One is the United Nations’ Human Rights Council, which starts on Monday in Geneva; the other is the Belt and Road summit in late April in Beijing, at which leaders from several Muslim nations are expected.

This month, rights activists urged European and Muslim nations to establish a U.N. investigation into the Xinjiang camps.

Switzerland, Germany, Britain and the United States were among the most critical of China’s policies in Xinjiang at its Universal Periodic Review by the U.N. Human Rights Council in January.

Yang Shu, head of the Institute for Central Asia Studies at Lanzhou University in northwestern China, told Reuters that it was important to take foreign visitors to Xinjiang, but that the effect would probably not be obvious.

“For countries that have good relations with China and have similar problems, it is easy for both to reach consensus on the Xinjiang issue,” said Yang, an expert on security and terrorism.

“For other countries, explanations will not have much effect. The United States and other countries have been criticizing China for a long time over the Xinjiang issue, and an explanation will not change their minds,” he said. “But overall, it’s better to do it than not to do it.”

China has pointed to the lack of attacks in the two years or so since it began running the camps as evidence of their success. Hundreds of people had died during unrest there, which the government blames on separatists and Islamist extremists.

The ruling Communist Party’s official People’s Daily wrote last week, in a commentary excoriating Turkey for its criticism, that “the facts win out over oratory.”

Several Western diplomats told Reuters in recent weeks they were frustrated at Muslim countries’ unwillingness to speak out about Xinjiang.

A group of about a dozen ambassadors from Western countries wrote last year to request a meeting with Xinjiang’s top official, Communist Party chief Chen Quanguo, to discuss their concerns. No meeting has been scheduled.

The letter was circulated widely, but no Muslim country signed it, diplomats say.

Turkey’s outburst, however, has given some hope that the wider Islamic world could soon start making critical comments about Xinjiang, though Beijing-based diplomats admit this is unlikely, as many of them have human rights problems of their own.

(Reporting by Ben Blanchard; Additional reporting by Margarita Antidze in Tblisi, Tom Perry in Beirut, Ahmed Eljechtimi in Rabat, Prak Chan Thul in Phomn Pehn, James Pearson in Hanoi, Stephen Kalin in Riyadh, Antoni Slodkowski in Yangon, Maria Tsvetkova in Athens, Jack Kim in Singapore, Serajul Quadir in Dhaka, Marton Dunai in Budapest, Olzhas Auyezov in Almaty, Stephanie Ulmer-Nebehay in Geneva and Christian Lowe in Moscow; Editing by Gerry Doyle)

Source: OANN

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Options-based funds offer succor to investors wary of volatility

FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid

April 3, 2019

By Saqib Iqbal Ahmed

NEW YORK (Reuters) – The Federal Reserve’s pivot on tightening U.S. monetary policy this year and a change in a bond market gauge that is often viewed as a harbinger of a recession pose a dilemma for investors: how to stay in stocks without running the risk of losing one’s shirt when risk assets stumble.

Alternative mutual funds that use options to maintain exposure to stocks even as they tamp down volatility could provide the buffer between mild gains and massive losses.

“We definitely think now is a good time to be looking at strategies that can both participate in market advances and reliably deliver protection,” said David Jilek, chief investment strategist at Gateway Investment Advisers in Boston.

The $8.27 billion Gateway Fund – the oldest and largest fund in Morningstar’s options-based category – has a three-decade history of running low-volatility equity index options strategies.

The fund, which marries stock ownership with index call and put options hedges, aims to capture a portion of equity market returns but with less volatility.

In the fourth quarter when the S&P 500 Total Return index tanked 13.52%, the fund’s Y class shares fell only 7.47%. On the flip side, when stocks rebounded 13.65% in the first quarter, the fund’s shares only gained 5.01%.

Like any investment, gaining protection from volatility carries risk. Over the longterm, investors may miss out on big gains by opting for nearterm protection from huge losses.

For instance, an investment of $10,000 in the Gateway fund 10 years ago would now be worth about $17,500, according to Thomson Reuters data. By comparison, the same amount invested in the S&P 500 S&P 500 Index’s tracking fund, the SPDR S&P 500 ETF Trust, would have returned more than $44,000, albeit with a higher degree of volatility.

“Investors would be better off just putting their money in passive funds,” said Mark Hebner, president of Irvine, California-based independent financial adviser Index Funds Advisors.

Equity markets have enjoyed a period of very low volatility and strong returns over the last decade, but that may be set to change.

Stocks tumbled hard late last year, as investors fretted over mounting concerns about global growth, waning corporate profits, U.S.-China trade tensions and the Fed’s path on rate hikes.

Even though most of those losses have been recouped, jitters remain, with some worrying that the Fed’s dovish tilt is an implicit confirmation of the markets’ anxiety about growth.

The recent inversion of the yield curve — the yield on the 10-year U.S. Treasury bond slipped below 3-month T-bill rates for the first time in more than a decade – is considered a classic signal that a recession may follow in the next one to two years.

“I think there are a lot of advisers who are looking for that downside protection, but they don’t want to bet against the market and they don’t want to be overallocated to bonds. Our strategy fits that need pretty well,” Jilek said.

GRAPHIC: Gateway fund performance, click https://tmsnrt.rs/2VcjmDs

ROCKY PATH AHEAD

Notwithstanding worries about an approaching recession, quitting stocks altogether may prove expensive.

“Historically, equity markets tended to produce some of the strongest returns in the months and quarters following an inversion,” J.P. Morgan strategist Marko Kolanovic said in a recent note.

But it might not be all smooth sailing.

“The last three years of the ’90s bull market were very profitable but very volatile,” said Eli Pars, co-chief investment officer at fund manager Calamos Investments in Chicago. “We may be looking at a period like that again.”

Pars leads strategy for the Calamos Hedged Equity Income Fund, which uses a covered call strategy – selling call options against a portfolio of equities – while using puts to limit downside.

“It’s geared toward investors that may be a little less comfortable – either because where we are in the cycle or just in general – with full-on exposure to the equity market,” Pars said.

For 2018 fourth quarter, the fund fell 6.32%, compared with a drop of 13.52% for the S&P 500 Total Return index, according to Morningstar data. In the 2019 first quarter, the fund’s shares gained 6.38%, compared with a 13.65% gain for stocks.

The fund, a relatively new spinoff from the $6 billion Calamos Market Neutral Income Fund, has gone from managing $10 million to $160 million over the last 18 months, Pars said.

(Reporting by Saqib Iqbal Ahmed; editing by Jennifer Ablan and Leslie Adler)

Source: OANN

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Ex-officer says she had sex while child was dying in hot car

A former Mississippi Gulf Coast police officer has told a judge that she was having sex with her supervisor while her 3-year-old daughter was dying inside an overheated patrol car.

Cassie Barker pleaded guilty Monday to manslaughter in a plea bargain. The Sun Herald reports prosecutors recommend the 29-year-old Barker spend 20 years in prison. Harrison County Circuit Judge Larry Bourgeois says he will sentence the ex-Long Beach officer April 1.

Cheyenne Hyer died Sept. 30, 2016, after her mother left her strapped in a car seat for four hours while Barker was with her then-supervisor at his home. The car was running with the air-conditioner turned on, but wasn't blowing cold air.

The girl was unresponsive when Barker returned. Authorities say Hyer's body temperature was 107 degrees when found.

___

Information from: The Sun Herald, http://www.sunherald.com

Source: Fox News National

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Trump Gains Weight, Now Considered Obese

Trump Gains Weight, Now Considered Obese

President Donald Trump has put on some pounds and is now officially considered obese.

The White House on Thursday released results of his most recent physical, revealing that his Body Mass Index is now 30.4. That's based on the fact that he's now carrying 243 pounds on his 6-foot, 3-inch frame. People with an index rating above 30 are considered obese.

Dr. Sean Conley, the president's physician, said the 72-year-old president "remains in very good health overall."

He gained four pounds from last year. His resting heart rate is 70 beats a minute and his blood pressure reading was 118 over 80, well within the normal range.

Conley said routine lab tests were performed and Trump's liver, kidney and thyroid functions are all normal as were his electrolytes and blood counts. An electrocardiogram, a test that measures electrical activity generated by the heart as it beats, remained unchanged from last year.

Trump went to Walter Reed National Military Medical Center last week for his second periodic physical, which lasted about four hours. During his exam, he received a flu shot and an inoculation to help prevent shingles, a viral infection that causes a painful rash.

"I performed and supervised the evaluation with a panel of 11 different board-certified specialists," Conley wrote in a memorandum to the White House. "He did not undergo any procedures requiring sedation or anesthesia."

Source: NewsMax America

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Mexican police investigated in deadly fall from building

Authorities in the northern Mexico state of Nuevo Leon are investigating five law enforcement officers for their alleged involvement in the death of a man who fell from the 14th floor of a building.

Deputy state prosecutor Luis Enrique Orozco says authorities are looking for one more person believed to have been involved.

The man fell to his death early Sunday in Monterrey. Prosecutors say police allegedly arrived at the building with a false arrest warrant and then the man fell from a window.

Prosecutors say two officers with the state investigative unit of the public safety agency are believed directly involved and the others allegedly helped in some way.

State security secretary Aldo Fasci Zuazua denies that any members of the state police were involved.

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)

Source: OANN

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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)

Source: OANN

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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)

Source: OANN

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

Source: OANN

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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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