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Rome wants Singapore to take part in big investments in Italy: minister

Italian Economy Minister Giovanni Tria attends a final vote on Italy's 2019 budget law at the Lower House of the Parliament in Rome
FILE PHOTO: Italian Economy Minister Giovanni Tria attends a final vote on Italy's 2019 budget law at the Lower House of the Parliament in Rome, Italy, December 29, 2018. REUTERS/Remo Casilli

March 25, 2019

ROME (Reuters) – Italy aims to engage Singapore in big investment projects in the country, the Finance Minister Giovanni Tria said in a statement after meeting his Singaporean counterpart and officials at sovereign wealth funds GIC and Temasek.

Tria will also be in Singapore on Tuesday for an official trip.

(Reporting by Giuseppe Fonte; writing by Francesca Landini; Editing by Toby Chopra)

Source: OANN

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Trump, South Korea’s Moon to meet on April 10 in Washington: Yonhap

U.S. President Trump holds bilateral meeting with South Korean President Moon on the sidelines of the 73rd United Nations General Assembly in New York
U.S. President Donald Trump holds a bilateral meeting with South Korean President Moon Jae-in on the sidelines of the 73rd United Nations General Assembly in New York, U.S., September 24, 2018. REUTERS/Carlos Barria

March 29, 2019

SEOUL (Reuters) – U.S. President Donald Trump and South Korean President Moon Jae-in will meet in Washington on April 10, Yonhap news agency said on Friday, citing the South Korean presidential office.

The two leaders are expected to discuss stalled talks between the United States and North Korea after the second summit between Trump and North Korean leader Kim Jong Un broke down in late February, Yonhap reported.

(Reporting by Joyce Lee; editing by Darren Schuettler)

Source: OANN

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Dutch PM Rutte says path to Brexit breakthrough unclear

Dutch Prime Minister Mark Rutte attends Arab league and EU summit, in Sharm el-Sheikh
FILE PHOTO: Dutch Prime Minister Mark Rutte attends a summit between Arab league and European Union member states, in the Red Sea resort of Sharm el-Sheikh, Egypt, February 24, 2019. REUTERS/Mohamed Abd El Ghany

March 8, 2019

THE HAGUE (Reuters) – Dutch Prime Minister Mark Rutte said the path to a breakthrough on Brexit remained elusive, and he did not know what his British counterpart Theresa May meant when she said on Friday that only “one more push” was needed to reach a deal.

With just three weeks left before Britain is due to leave the European Union, May used the expression in a last-ditch appeal to the European Union and a deeply divided domestic parliament.

“The Brexit date is getting ever closer. The ball is still rolling toward the cliffs of Dover. I am worried (it)… is rolling the wrong way,” Rutte told journalists.

May and Rutte spoke by telephone Friday evening, Rutte said in a tweet, adding that he had expressed his “full confidence” in EU leaders.

“We both aim for a solution in the coming days,” he wrote, adding, “Tense days of negotiations ahead before the ‘meaningful vote’ in British Parliament on Tuesday.”

Rutte said May’s plan to amend her withdrawal agreement to secure parliamentary approval on Tuesday was unclear, and reiterated that British “red lines” for talks with the EU were preventing a solution.

“To be clear: we are running out of options. The British government and parliament must make up their minds,” he said. “If the British keep asking for a time limit for the (Irish) backstop that’s not going to work.”

London and Brussels are at loggerheads over the backstop, an insurance policy to prevent the return of border controls between Northern Ireland and Ireland – the only land frontier between the United Kingdom and the bloc.

Asked what the solution to the stalemate could be he answered: “I don’t know”.

He then suggested a supplementary, non-legally binding letter from European Council President Donald Tusk and other senior EU officials on details of the deal might help move negotiations forward.

The Netherlands, the world’s fifth largest exporter, is among nations most vulnerable to the economic disruptions that would be caused if Britain left the EU with no deal on March 29.

(Reporting by Stephanie van den Berg and Bart Meijer; Writing by Anthony Deutsch; Editing by Kevin Liffey, John Stonestreet and Frances Kerry)

Source: OANN

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The Latest: Sudanese protesters take heart from Algeria

The Latest on the change of power in Algeria (all times local):

10:45 a.m.

The organizers behind months of anti-government demonstrations in Sudan are welcoming the resignation of Algerian President Abdelaziz Bouteflika in response to mass protests, and are expressing hope that Sudan's Omar al-Bashir will do the same.

Sarah Abdel-Jaleel, a spokeswoman for the Sudanese Professionals Association, told The Associated Press on Wednesday that Bouteflika's resignation is "a very positive achievement," showing the "success of peaceful resistance within Africa."

She says it "definitely gives us all hope and reassurance that we must continue."

The group of independent professional unions has spearheaded demonstrations since December calling for al-Bashir to resign after nearly three decades in power.

Al-Bashir has refused to step down and has launched a heavy crackdown on dissent.

___

9:40 a.m.

Algeria is facing a new era after President Abdelaziz Bouteflika's resignation — and questions about what happens next for this gas-rich country and ally to the West in fighting terrorism.

Algeria's 12-member Constitutional Council is expected to meet Wednesday to confirm the departure. National television showed a frail Bouteflika handing his resignation letter to Constitutional Council president Tayeb Belaiz.

Algeria's Constitution says that when a president dies or resigns, the Constitutional Council confirms the leader's absence and both houses of parliament convene. The president of the upper house is named as interim leader for 90 days while a presidential election is organized.

The current upper house president is Abdelkader Bensalah, a Bouteflika ally — as is the prime minister. The protesters who drove Bouteflika out want a drastic change of Algeria's political elite, seen as corrupt and secretive.

Source: Fox News World

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Textron sees final certification of Longitude jet in third quarter

FILE PHOTO: Cessna employee Lee York works on an engine of a Cessna business jet at the assembly line at their manufacturing plant in Wichita
FILE PHOTO: Cessna employee works on an engine of a Cessna business jet at the assembly line in their manufacturing plant in Wichita, Kansas March 12, 2013. REUTERS/Jeff Tuttle/File Photo

April 22, 2019

(This April 17 story corrects headline and first paragraph to say the certification is expected in the ‘third’ quarter, not the ‘second’)

(Reuters) – Textron Inc said on Wednesday it expects the final certification of its newest Longitude business jet in the third quarter of 2019, after it was delayed for several months.

The company is expecting major revenue growth in 2019 from the sales of the Longitude jet and said deliveries of the aircraft would begin in the third quarter of this year.

“We continue to coordinate closely with the Federal Aviation Administration as our engineer group works to complete the underlying documentation that is required under the FAA’s design assurance process,” Chief Executive Officer Scott Donnelly said.

(Reporting by Divya R and Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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India asks World Court to order release of man sentenced to death in Pakistan

Final hearing in the Kulbhushan Jadhav case at the International Court of Justice in the Hague
A car with the Indian flag is parked outside the International Court of Justice during the final hearing of the Kulbhushan Jadhav case in The Hague, the Netherlands, February 18, 2019. REUTERS/Eva Plevier

February 18, 2019

By Stephanie van den Berg

AMSTERDAM (Reuters) – India asked the World Court on Monday to order the release of an Indian national sentenced to death by Pakistan, saying Islamabad had failed to allow him diplomatic assistance before his conviction, as required by an international treaty.

The hearings at the U.N. court, formally known as the International Court of Justice (ICJ), revolve around the case of Kulbhushan Sudhir Jadhav, a former Indian navy commander who was arrested in Pakistan in March 2016 and convicted of spying.

Hearings in the case, which will run for four days, come at a time of intense tension between the nuclear-armed neighbors, as Indian Prime Minister Narendra Modi has warned of a “strong response” to a suicide attack on a convoy in Kashmir last week that killed 44 Indians.

“It would be in the interest of justice, of making human rights a reality, to direct his (Jadhav’s) release,” said Harish Salve, India’s senior counsel.

Pakistan is due to respond at the ICJ on Tuesday. Officials in Islamabad said ahead of the hearing that India was trying to use the court intended to resolve international disputes as a criminal appeals court. They also said the relief sought by India is disproportionate even if the treaty were violated, and at most Jadhav’s case could be reviewed.

India filed a claim against Pakistan before the ICJ in May 2017 arguing Islamabad had breached the 1963 Vienna Convention by not allowing diplomatic assistance to Jadhav during his secretive trial. India won an injunction that ordered Jadhav’s execution stayed while the court looked into the case.

No date has been set for a ruling, which will likely come months after the close of the hearings.

The ICJ is the U.N.’s highest court, and its decisions are binding — though it has no power to enforce them and they have been ignored in rare instances.

The 1963 treaty has been a frequent source of cases before the ICJ. A 2004 ruling led the United States to review the cases of dozens of Mexican citizens on U.S. death row after they were found not to have been granted consular access.

(Reporting by Stephanie van den Berg. Writing by Toby Sterling; Editing by Susan Fenton)

Source: OANN

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BOJ policymakers disagree on next policy move as risks mount

A sign board of Bank of Japan is displayed at the headquarters in Tokyo
A sign board of Bank of Japan is displayed at the headquarters in Tokyo, Japan January 23, 2019. REUTERS/Issei Kato

March 20, 2019

By Leika Kihara

TOKYO (Reuters) – Bank of Japan policymakers disagreed on how quickly the central bank should ramp up monetary stimulus, minutes of their January rate review showed on Wednesday, as heightening overseas risks threatened to derail the country’s fragile economic recovery.

While most members agreed it was appropriate to maintain the BOJ’s current stimulus program, one of them said the central bank must stress its readiness to take “quick, flexible and bold” action including additional easing, the minutes showed.

“Given the timing of achieving the price target had been delayed, it was undesirable to adopt a stance of not taking action until a serious crisis occurred,” the member was quoted as saying in the minutes.

Another member, however, said acting too hastily during times of uncertainty could lead to financial imbalances and unnecessary swings in the economy, the minutes showed.

Some in the nine-member board also warned that an increasing number of regional banks could be taking excessive risks to secure profits as years of ultra-low interest rates hurt their bottom line, the minutes showed.

“We need to look carefully at whether regional banks are lending in a way where they are earning returns that meet the risks,” one of the members said.

The BOJ kept monetary settings unchanged at the January meeting, pledging to guide short-term rates at minus 0.1 percent and 10-year bond yields around zero under a policy dubbed yield curve control (YCC).

YCC IMPACT UNDER DOUBT

The BOJ faces a dilemma. Years of heavy money printing for asset purchases have dried up market liquidity and hurt commercial banks’ profits, stoking concern over the rising risks of prolonged easing.

And yet, subdued inflation has left the BOJ well behind other major central banks in dialing back crisis-mode policies, leaving it with little ammunition to battle the next recession.

In an interview with Reuters on Monday, Isao Kubota, the influential chairman of a major regional bank, said the BOJ’s ultra-loose policy is making it tough for commercial banks to earn profits out of lending.

“We are in the sixth year of this policy and, I think intuitively, the accumulation of the side-effects might be enormous,” Kubota said.

With weakening global demand hurting Japan’s export-reliant economy, the board debated the effectiveness of the current program in lifting prices.

One member said the BOJ’s YCC policy has had only a limited impact in boosting prices and inflation expectations.

“This member said further analysis and consideration were needed on the relationships between inflation and the levels of interest rates or monetary base,” according to the minutes.

A few policymakers saw room for more policy coordination with the government if overseas risks deal a severe blow to Japan’s economy, the minutes showed.

While the minutes do not identify the name of the board members who made the comments, BOJ’s Goushi Kataoka has publicly said stronger fiscal and monetary steps could be necessary to prevent a further economic slowdown.

Deputy Governor Masazumi Wakatabe is also considered by markets as among reflationist-minded members of the BOJ board.

Many in the BOJ are clinging to hopes that Japan’s economy will emerge from the current soft patch in the second half of this year. But if conditions continue to deteriorate, the BOJ could face pressure to offer additional monetary support, analysts say.

Yet, BOJ Governor Haruhiko Kuroda has ruled out the chance of additional monetary easing over the near term. A well-known fiscal hawk, he also warned against the idea that government can spend recklessly to pull the economy out of the doldrums.

(Reporting by Leika Kihara; Editing by Chang-Ran Kim & Shri Navaratnam)

Source: OANN

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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.)

NEED FOR CASH

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

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

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

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

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

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

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

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

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

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

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

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

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

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

STATE COMPETITION

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

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

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

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

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

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

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

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

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

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

Source: OANN

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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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