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Lufthansa reports loss as high fuel cost, overcapacity weigh

FILE PHOTO: A Lufthansa AIrbus A321 airplane takes off from the airport in Palma de Mallorca
FILE PHOTO: A Lufthansa Airbus A321-100 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. REUTERS/Paul Hanna

April 16, 2019

BERLIN (Reuters) – Germany’s biggest airline Lufthansa posted a loss for first three months of the year, hurt by rising fuel cost and overcapacity in Europe.

The company said in a statement on Monday evening that adjusted earnings before interest and tax (EBIT) fell to -336 million euros (-$380 million), compared to 52 million euros a year earlier.

Earnings were hit by a 202-million euro rise in fuel costs, as well as a strong comparison to the previous year when the airline benefited from the loss of capacity due to Air Berlin’s insolvency, Lufthansa said.

The airline said it expected unit revenues at constant currency to increase year-on-year in the second quarter, helped by favorable booking levels and a clear slowing of the market-wide capacity growth.

For 2019, Lufthansa said it still expected to report an adjusted operating profit margin of 6.5-8.0 percent.

Shares of the airline were indicated to open 5.5 percent lower in premarket trade on Tuesday morning at 0535 GMT.

(Reporting by Caroline Copley; Editing by Uttaresh.V)

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Airline SAS offers free rebooking of flights as pilot strike looms

FILE PHOTO: A Scandinavian SAS airline passenger plane flies near the air traffic control tower at Roissy airport, near Paris
FILE PHOTO: A Scandinavian SAS airline passenger plane flies near the air traffic control tower after taking off from Charles de Gaulle International Airport in Roissy, near Paris, August 21, 2013. REUTERS/Charles Platiau/File Photo

April 24, 2019

STOCKHOLM (Reuters) – Scandinavian airline SAS is offering travelers concerned about a possible strike by pilots the chance to reschedule flights for the April 26-29 period to another date free of charge.

The Swedish, Danish and Norwegian pilot unions’ joint SAS branch said this month they would go on strike on April 26 if there was no agreement on wages and terms by then, after an earlier talks round of talks broke down.

SAS said on its website the offer concerned flights operated by SAS but not those operated by its partners as they would not affected by the potential strike.

SAS employs around 1,500 pilots across its home markets of Sweden, Denmark and Norway.

National mediators in the three countries have since last week tried to broker a deal between delegations of the two parties but without success so far.

(Reporting by Anna Ringstrom; Editing by Edmund Blair)

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Crusaders drop knights, consider name change in Super Rugby

The Crusaders Super Rugby team has dispensed with the knights on horseback which have been traditional mascots in pre-match entertainment after attacks on two mosques in Christchurch provoked criticism of the name and symbolism.

New Zealand Rugby says the branding the Christchurch-based club has used since Super Rugby began in 1996 is "no longer tenable" after the mosque shootings which left 50 dead. A marketing company has been engaged to examine alternatives, including a name change or a change of branding which might make the name less contentious.

"In the wake of the Christchurch attacks, it is apparent that the symbolism the club has used, combined with the Crusaders name, is offensive to some in the community due to its association with the religious Crusades between Christians and Muslims," NZR chief executive Steve Tew said on Wednesday.

The Crusaders had delayed making changes after the March 15 shootings, arguing that the decision should be reserved until a less sensitive time.

But, urged by national rugby authorities, Crusaders chief executive Colin Mainsbridge accepted the club had an obligation to urgently but thoroughly address a divisive issue and he was "committed to do the right thing."

"This is an event that rocked our community and brought some important issues to the fore," Mansbridge said. "One of the contentious issues that has been brought up in the aftermath of the Christchurch attacks is the name of our rugby team — the Crusaders.

"Because of our desire to be the best we can be and to support our community, we are treating the question around the appropriateness of our brand extremely seriously."

Mainsbridge said the club would have to take into consideration the feelings of fans who have a strong emotional tie to the name. He accepted others in the community saw the name as a reference to the religious crusades of the 11th and 13th centuries when Christian and Muslim armies clashed over the ownership of holy sites in the eastern Mediterranean.

"Our challenge is that the name Crusader has come to mean something quite different to many of the team's supporters," Mainsbridge said. "The region has been through a number of tragic and trying events and the team has played an important role in helping galvanize the community and raise spirits following significant events. Through these events, the Crusaders name has become more reflective of a positive crusade."

But Tew said the current symbolism, which included the use of the crusading knights on horseback, would have to change.

"Maintaining the status quo in terms of the Crusaders name along with the current imagery of knights on horseback is, in our view, no longer tenable," he said. "That is therefore not one of the options that we will be considering."

Tew said marketing experts would investigate two options: either retaining the Crusaders name but changing the branding and associated imagery, or undertaking a complete rebranding.

____

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Eight years on, water woes threaten Fukushima cleanup

Storage tanks for radioactive water are seen at tsunami-crippled Fukushima Daiichi nuclear power plant in Okuma town, Fukushima prefecture
Storage tanks for radioactive water are seen at Tokyo Electric Power Co's (TEPCO) tsunami-crippled Fukushima Daiichi nuclear power plant in Okuma town, Fukushima prefecture, Japan February 18, 2019. Picture taken February 18, 2019. REUTERS/Issei Kato

March 11, 2019

By Kiyoshi Takenaka

OKUMA, Japan (Reuters) – Eight years after the Fukushima nuclear crisis, a fresh obstacle threatens to undermine the massive clean-up: 1 million tons of contaminated water must be stored, possibly for years, at the power plant.

Last year, Tokyo Electric Power Co said a system meant to purify contaminated water had failed to remove dangerous radioactive contaminants.

That means most of that water – stored in 1,000 tanks around the plant – will need to be reprocessed before it is released into the ocean, the most likely scenario for disposal.

Reprocessing could take nearly two years and divert personnel and energy from dismantling the tsunami-wrecked reactors, a project that will take up to 40 years.

It is unclear how much that would delay decommissioning. But any delay could be pricey; the government estimated in 2016 that the total cost of plant dismantling, decontamination of affected areas, and compensation, would amount to 21.5 trillion yen ($192.5 billion), roughly 20 percent of the country’s annual budget.

Tepco is already running out of space to store treated water. And should another big quake strike, experts say tanks could crack, unleashing tainted liquid and washing highly radioactive debris into the ocean.

Fishermen struggling to win back the confidence of consumers are vehemently opposed to releasing reprocessed water – deemed largely harmless by Japan’s nuclear watchdog, the Nuclear Regulation Authority (NRA) – into the ocean.

“That would destroy what we’ve been building over the past eight years,” said Tetsu Nozaki, head of the Fukushima Prefectural Federation of Fisheries Co-operative Associations. Last year’s catch was just 15 percent of pre-crisis levels, partly because of consumer reluctance to eat fish caught off Fukushima.

SLOW PROGRESS

On a visit to the wrecked Fukushima Dai-ichi plant last month, huge cranes hovered over the four reactor buildings that hug the coast. Workers could be seen atop the No. 3 building getting equipment ready to lift spent fuel rods out of a storage pool, a process that could start next month.

In most areas around the plant, workers no longer need to wear face masks and full body suits to protect against radiation. Only the reactor buildings or other restricted areas require special equipment.

Fanning out across the plant’s property are enough tanks to fill 400 Olympic-sized swimming pools. Machines called Advanced Liquid Processing Systems, or ALPS, had treated the water inside them.

Tepco said the equipment could remove all radionuclides except tritium, a relatively harmless hydrogen isotope that is hard to separate from water. Tritium-laced water is released into the environment at nuclear sites around the world.

But after newspaper reports last year questioned the effectiveness of ALPS-processed water, Tepco acknowledged that strontium-90 and other radioactive elements remained in many of the tanks.

Tepco said the problems occurred because absorbent materials in the equipment had not been changed frequently enough.

The utility has promised to re-purify the water if the government decides that releasing it into the ocean is the best solution. It is the cheapest of five options a government task force considered in 2016; others included evaporation and burial.

Tepco and the government are now waiting for another panel of experts to issue recommendations. The head of the panel declined an interview request. No deadline has been set.

NRA chief Toyoshi Fuketa believes ocean release after dilution is the only feasible way to handle the water problem. He has warned that postponing the decision indefinitely could derail the decommissioning project.

STORING INDEFINITELY

Another option is to store the water for decades in enormous tanks normally used for crude oil. The tanks have been tested for durability, said Yasuro Kawai, a plant engineer and a member of Citizens’ Commission on Nuclear Energy, a group advocating abandoning nuclear energy.

Each tank holds 100,000 tons, so 10 such tanks could store the roughly 1 million tons of water processed by ALPS so far, he said.

The commission proposes holding the tritium-laced water, which has a half life of 12.3 years, in tanks for 123 years. After that, it will be one thousandth as radioactive as it was when it went into storage.

Although experts caution that tanks would be vulnerable to major quakes, Japan’s trade and industry minister, Hiroshige Seko, said the committee would consider them anyway.

“Long-term storage … has an upside as radiation levels come down while it is in storage. But there is a risk of leakage,” Seko told Reuters. “It is difficult to hold the water indefinitely, so the panel will also look into how it should be disposed of eventually.”

Space is also a problem, said Akira Ono, Tepco’s chief decommissioning officer. By 2020, the utility will expand tank storage capacity by 10 percent to 1.37 million tons, and about 95 percent of total capacity will probably be used by the end of that year, he said.

“Tanks are now being built on flat, elevated spots in stable locations,” Ono said. But such ideal space is getting scarce, he added.

Many local residents hope Tepco will just keep storing the water. If it does get released into the ocean, “everyone would sink into depression,” said fishing trawler captain Koichi Matsumoto.

Fukushima was once popular with surfers. But young people in the area do not go surfing any more because they’ve been repeatedly warned about suspected radioactivity in the water, said surf shop owner Yuichiro Kobayashi.

Releasing treated water from the plant “could end up chasing the next generation of children away from the sea as well,” he said.

Ono says dealing with contaminated water is one of many complex issues involved in decommissioning.

A year ago, when he took over leading the effort, it felt like the project had just “entered the trailhead,” he said. “Now, it feels like we’re really starting to climb.”

(Reporting by Kiyoshi Takenaka; Editing by Malcolm Foster and Gerry Doyle)

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We need to protect the border, we need to stop drugs from stumbling upon the border

Trump: We need to protect the border, we need to stop drugs from coming across the border Jan. 03, 2019 – 8:04 – President Trump, border patrol experts address the press in the White House briefing room. Watch the latest video at foxnews.com I want a wall on our southern border and so does the […]

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Bristol-Myers profit slightly tops Wall Street view on blood thinner sales

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage
FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau/File Photo

April 25, 2019

By Michael Erman

NEW YORK (Reuters) – U.S drugmaker Bristol-Myers Squibb Co, which is set to buy biotechnology company Celgene Corp for $74 billion, posted slightly better-than-expected first-quarter earnings on Thursday on strong sales of its blockbuster blood thinner Eliquis.

Net earnings in the quarter rose to $1.71 billion, or $1.04 a share, from $1.49 billion, or 91 cents a share, a year earlier.

Excluding one-time items, the company said it earned $1.10 a share. That beat the average analyst estimate by a penny, according to IBES data from Refinitiv.

Bristol-Myers said it still expects full-year adjusted earnings of $4.10 to $4.20 per share.

Revenue in the quarter was $5.92 billion, exceeding analysts’ estimates of $5.75 billion.

That difference is largely due to Eliquis, which Bristol shares with Pfizer Inc. Sales of the drug used to prevent blood clots that can cause strokes jumped 28 percent from last year to $1.93 billion. Analysts had expected $1.82 billion from the drug in the quarter.

Sales of cancer immunotherapy Opdivo were in line with Wall Street expectations at $1.8 billion, up 19 percent from a year ago but basically flat compared with the previous quarter.

Bristol-Myers pioneered cancer immunotherapy with its first such drug Yervoy and later Opdivo. But Merck & Co’s rival treatment Keytruda has taken a dominant position in lung cancer – the most lucrative oncology market – taking a toll on Bristol-Myers shares.

Some analysts and investors have suggested that one reason Bristol launched its bid for Celgene was over concerns about Opdivo’s growth after losing ground to Merck.

Bristol said it still expects the deal to close in the third quarter, after its shareholders voted to approve the deal earlier this month despite a campaign by activist hedge fund Starboard Value LP to scuttle it.

The company announced in early January that it planned to buy Celgene in a cash and stock transaction to bring together companies that specialize in oncology and cardiovascular drugs in what would be the largest pharmaceutical industry merger ever.

The New York-based drugmaker has said the combined company will have six drugs with expected near-term launches – five from the Celgene pipeline – representing over $15 billion in annual revenue potential, as well as strong early-stage experimental assets.

Shares of Bristol-Myers closed at $44.62 on the New York Stock Exchange on Wednesday. They are off by about a third since October, when shares dropped due to setbacks for Opdivo in lung cancer.

(Reporting by Michael Erman; Editing by Bill Berkrot)

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Household Research Council 13th Annual Values Voter Summit Remarks by Senate Majority Leader Mitch McConnell

Family Research Council 13th Annual Values Voter Summit Remarks by Senate Majority Leader Mitch McConnell Speaker: Senate Majority Leader Mitch McConnell (R-KY) Location:  Omni Shoreham Hotel, Washington, D.C. Time:  10:07 a.m. EDT Date:  Friday, September 21, 2018   Transcript By Superior Transcriptions LLC www.superiortranscriptions.com   (Cheers, applause.)   SENATOR MITCH MCCONNELL (R-KY):  Thank you.  Well, […]

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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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