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Caterpillar raises 2019 profit outlook on tax gain

FILE PHOTO: A row of excavators are seen at the Caterpillar booth at the CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas
FILE PHOTO: A row of excavators are seen at the Caterpillar booth at the CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker/File Photo

April 24, 2019

(Reuters) – Caterpillar Inc raised its full-year profit forecast on Wednesday as it booked a tax gain in the first quarter stemming from the overhaul of U.S. tax laws.

The company said it now expects 2019 profit of $12.06 per share to $13.06 per share, compared with $11.75 to $12.75 per share forecast earlier.

(Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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GOP Hits Romney for Criticizing Trump

Several Republicans hit back at Sen. Mitt Romney, R-Utah, over the weekend after he said he was “sickened” by President Donald Trump’s actions as detailed in special counsel Robert Mueller’s report.

Romney said it was “good news that there was insufficient evidence to charge” Trump with conspiracy following the report’s release and that “the alternative would have taken us through a wretching process with the potential for constitutional crisis.”

However, he went on to slam Trump, writing, “Even so, I am sickened at the extent and pervasiveness of dishonesty and misdirection by individuals in the highest office of the land, including the President.”

Former Arkansas Gov. Mike Huckabee on Friday ridiculed Romney for his loss to President Barack Obama in 2012 – Trump took a similar swipe on Saturday – while Trump's personal lawyer Rudy Giuliani called Romney, “a hypocrite.”

“Know what makes me sick, Mitt? Not how disingenuous you were to take @realDonaldTrump $$ and then 4 yrs later jealously trash him & then love him again when you begged to be Sec of State, but makes me sick that you got GOP nomination and could have been @POTUS” Huckabee tweeted.

Giuliani took aim at Romney during an appearance on CNN Sunday.

“Stop the bull. Stop this pious act that you weren’t trying to dig up dirt on people, putting dirt out on people,” he said. “What a hypocrite.”

Source: NewsMax Politics

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Women’s tournament helps Augusta National erase stain

Jennifer Kupcho of the U.S. celebrates a birdie putt on the 18th hole to win the inaugural Augusta National Women's Amateur championship at Augusta National Golf Club in Augusta
Jennifer Kupcho of the U.S. celebrates a birdie putt on the 18th hole to win the inaugural Augusta National Women's Amateur championship at Augusta National Golf Club in Augusta, Georgia, U.S., April 6, 2019. REUTERS/Brian Snyder

April 7, 2019

By Steve Keating

AUGUSTA, Georgia (Reuters) – With the successful staging of the Augusta National Women’s Amateur on Saturday, the home of the Masters removed a little more of the stain left by decades of gender discrimination.

But more polish will be needed if one of the world’s most exclusive clubs hopes to clean the slate entirely.

“You are now part of history of Augusta National along with all the great Masters champions who have been right here in this Butler Cabin,” said Augusta National chairman Fred Ridley as he presented the winner’s trophy to Jennifer Kupcho.

The fact is, however, that women have long been a part of the history of Augusta National, albeit the dark chapter of exclusion.

Founded by Bobby Jones and Clifford Roberts and opened for play in January 1933, Augusta National was a private sanctuary for some of the world’s most powerful white men and for decades immune to outside influences and pressures.

Ron Townsend became the first African-American member in 1990 but it would be another two decades before women were admitted with former U.S. Secretary of State Condoleezza Rice and financier Darla Moore allowed through the doors in 2012.

While the pace remains glacial, change has nonetheless crept into the Augusta DNA.

Club membership is top secret but it is believed that four to six of the 300 or so members are women and have one of the iconic green jackets hanging in their lockers.

Augusta National also hosts the hugely popular Drive, Chip and Putt Championship for both boys and girls and has now put its name and branding muscle to a women’s tournament.

The images of women competing at a club where they had previously been denied entry was a powerful one that was universally applauded.

Some, like activist Martha Burk, who in 2003 led a protest against Augusta National’s men only policy, remain skeptical. She described the event as a “baby step” and “tokenism”.

Certainly it was an emotional day for golfing greats Nancy Lopez, Pak Se-ri, Lorena Ochoa and Annika Sorenstam, who took part in a ceremonial tee shot then watched as 30 young women seized an opportunity that had never been open to them.

“When we were talking I was tearing up,” said Lopez. “I was trying to hold back tears because there’s so much pride involved in this.

“It was just a tremendous feeling to be there and represent amateur golf, professional golf and what golf stands for here at Augusta National.”

“GREAT MOTIVATION”

There was no downplaying the significance of the moment for Lorena Ochoa, who compared it to golf being played at the Olympics.

“It’s going to be a great motivation for the new generations,” she said.

“This is as big as a tournament that you have in your mind — the U.S. Amateur, or the Olympics — that you dream that you want to win.”

Without the Augusta National name attached to it, a tournament of this type would have been one watched by no more than a handful of family and friends.

Instead women’s amateur golf on Saturday found itself in the sporting spotlight.

The final round was broadcast live on national television and a gallery worthy of a major tournament descended on the course to witness a bit of history.

While the golfing world was all but silent in 2003 when Burk was pushing for change, top men’s players were squarely behind the women on Saturday.

Masters champion Bubba Watson, wearing his green jacket, watched from the first tee, while others like Rory McIlroy and Jack Nicklaus offered support on social media.

While Augusta has put its name to the tournament, only one round was played at the iconic course and the question remains as to what happens next for women’s golf and Augusta National.

“This is an historic moment, and hopefully they will continue to carry the torch, and who knows what opportunities will come 10, 15 years from now,” said Sorenstam. “This is just the beginning.

“We are trying to increase the interest in the game of golf, and tournaments like this will certainly do it.

“I’ve never seen so much exposure for a tournament, and to see these girls come up here and step it up and have so much fun and enjoy it, I mean, this is a dream come true.”

(Editing by Nick Mulvenney)

Source: OANN

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Assyrian Christians Warn of “Civil War” in Sweden

A prominent organization representing Assyrian Christians in Sweden has warned that "civil war" is looming, citing increasing threats from Islamists vowing to continue their persecution of the endangered group in Scandinavia.

The Syriac Federation of Sweden (SFS), which describes itself as "the umbrella organization for 30 Aramaic (Syriac) associations and is thus one of the largest organizations in Sweden," recently advised members that a local association has been receiving death threats from Arabic-speaking callers.

However, when officials reported the calls to police, they were told the threats were not illegal and no investigation would be opened.

"The police simply refuse to understand the situation and the seriousness," SFS wrote on Facebook. "They do not even want to endeavor to find out who the person could be behind the conversations."

An SFS coordinator told Samhällsnytt that the organization and its affiliates are accustomed to harassment, but the latest threats are particularly troubling and increased safety measures are being taken, including installing more surveillance cameras and hiring private security guards.

"At one point they said they will do the same with us in Sweden as they did in the Middle East," the coordinator said.

"It is the genocide that has been carried out in the Middle East against Christians," he explained. "We fled from these groups to Sweden, but they have caught up with us here."

When asked to forecast conditions in a few years if authorities continue to ignore the budding crisis, he replied, "We expect some f**king civil war between different groups if someone does not put their foot down. The people who committed terrible acts in the Middle East, they are here now... and no one seems to care."

Assyrian organizations estimate their population in Sweden to be as high as 120,000, most of whom fled persecution in their homeland, located in present-day Turkey, Syria, Iran, and Iraq.

A Syrian Orthodox church was recently the target of a bombing in Södertälje, which is considered the unofficial Assyrian capital of Europe.

It's been announced that the Notre Dame spire will be replaced by a new design after being burned down. Leo Zagami joins Owen to expose those who want to replace Christian symbols with symbols inspired by the Illuminati.

(PHOTO: JONATHAN NACKSTRAND/AFP/Getty Images)

Source: InfoWars

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Leader of Sudan coup on US sanction list for Darfur genocide

Sudan's defense minister, who led the overthrow Thursday of autocratic ruler Omar al-Bashir, has had his assets blocked by the U.S. Treasury since 2007 for supporting and managing militias accused of carrying out genocide in the country's Darfur conflict.

In a televised statement, Gen. Awad ibn Ouf declared that the military had removed and arrested al-Bashir and that it will rule the country for the next two years as part of a transitional council along with the powerful security and intelligence agencies.

His appearance made him the face of military rule, and the general is likely to become the country's formal leader, though the makeup of the council has not yet been announced. That has stunned and angered protesters who have been holding rallies for months demanding al-Bashir's ouster and the establishment of civilian-led democracy.

Ibn Ouf, in his mid-60s, is a longtime insider in the leadership of al-Bashir's 30-year rule. He rose up in the ranks to become chief of Sudan's military intelligence and was made defense minister in 2015. Al-Bashir named him as a vice president in February.

He was among other Sudanese officials placed on a U.S. sanctions list for his role in the bloodshed in the western region of Darfur. Al-Bashir was indicted by the International Criminal Court on charges of genocide over the conflict in which 200,000 people were killed.

The Darfur conflict began in 2003 when ethnic Africans rebelled, accusing the Arab-dominated government of discrimination. The government in Khartoum was accused of retaliating by arming local nomadic Arab tribes in militias known as the Janjaweed and unleashing them on civilian populations. The militias became notorious for massacres and rapes. Government officials denied the charges.

In 2007, the U.S. Treasury Department blocked ibn Ouf's assets along with two other Sudanese officials for their role in "fomenting violence and human rights abuses in Darfur."

It accused them of acting as "liaisons" between the government and the Janjaweed. It said ibn Ouf "provided the Janjaweed with logistical support and directed attacks."

At the time, Treasury Secretary Henry M. Paulson, Jr. said, "Even in the face of sanctions, these individuals have continued to play direct roles in the terrible atrocities of Darfur."

George Clooney and John Prendergast, co-founders of The Sentry, an investigative initiative created to uncover the financial networks behind conflicts in Africa, singled out ibn Ouf for his role in Darfur and said al-Bashir's ouster is not enough.

"Removing the leader of a violent, corrupt system without dismantling that system is inadequate. The next steps are crucial," the two said in a statement. They urged the international community to help Sudan to have a new president who "reflects the will of people."

Source: Fox News World

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Italian students handed $30M fine after barbecue started massive forest fire

Two university students are accused of igniting a massive forest fire in northern Italy last December and they were hit with the bill for the damages: a cool $15.3 million each.

The two students – identified in the Italian press as Alessio Molteni and Daniele Borghi, both 22 – were having a cookout to celebrate the upcoming New Year at one of their grandparents’ mountain-side homes near Lake Como when the blaze broke out.

Molteni told La Stampa that he and Borghi immediately called the fire department and “threw ourselves into the flames to try to extinguish them.”

FORMER NFL STAR IS HELPING TO REBUILD 3 LOUISIANA CHURCHES RUINED IN ARSON ATTACKS

He claimed they were “scapegoats” for the blaze and that their barbecue did not spark the forest fire because there were “many outbreaks.”

Prosecutors said they traced the path of the fire back to the mountain-side property and said it had started from the embers from the barbecue.

MACRON’S VOW TO REBUILD NOTRE DAME CATHEDRAL WITHIN 5 YEARS UNREALISTIC, SOME EXPERTS SAY

The fire, which last several days, destroyed almost 2,500 acres of forest on Monte Berlinghera, the BBC reported

The fine was calculated by forest police based on an established formula under local laws, which calls for a fine of $135 to $670 per square meter. The estimated damage was calculated at some 6,840 square meters, La Stampa reported.

His attorney, Ivana Anomali, slammed the fine, telling La Stampa that fining the two students such a huge sum made no sense because they would never be able to pay it.

“What is the sense of imposing a sanction of €13.5 million ($15.3 million) each knowing that these two kids, who are still students, cannot pay it,” she said.

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Prosecutors told local outlet Il Giorno Como that the fine was a “signal that we need to push people to greater responsibility in protecting the environment.”

Source: Fox News World

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Paul Whelan, ex-US Marine suspected by Russia of being a spy, to remain jailed until May

The former U.S. Marine being held in Moscow for alleged spying will remain behind bars for at least another three months pending an investigation, a court announced Friday.

Paul Whelan was arrested by Russian officials in December after he was handed a flash-drive with classified information that he had been unaware of, his lawyer says. Whelan’s brother, David, insists he is not a spy and said in January it “sounds like he was set up.”

The court in Moscow ruled to keep Whelan, who arrived Friday under escort by a masked man, imprisoned until May, despite not yet being formally charged.

Meanwhile, the U.S. Embassy complained that Russian authorities are not letting Whelan sign and hand over a waiver that would allow consular officials to release more details about his case.

KIN OF ACCUSED SPY PAUL WHELAN DEFENDS HIM: ‘SOUNDS LIKE HE WAS SET UP’

Paul Whelan, a former U.S. Marine, who was arrested in Moscow at the end of last year, attends a hearing in a court in Moscow, Russia, on Friday.

Paul Whelan, a former U.S. Marine, who was arrested in Moscow at the end of last year, attends a hearing in a court in Moscow, Russia, on Friday. (AP)

The embassy said it is the first time that the Russian Investigative Committee is not allowing a U.S. national in a Russian jail to pass on a signed privacy waiver form.

"Why is this case any different? Consular access without being able to do true consular support is not real access," U.S. Embassy spokeswoman Andrea Kalan said on Twitter.

The Whelan family has been frustrated that they have so little information about the accusations against Paul. Most information has come from Russian media reports, which have suggested the flash drive that came to be in his possession contained names of people who work for a sensitive security-related branch of the government.

“We only know what has been published, which is really everything I learned on the first day when I looked it up on Google, which is that he’s been arrested for alleged violations of the espionage act,” David Whelan said in January. “And Foreign Minister Lavrov said at one point it was something to do with ‘collection,’ which is one of the elements of the espionage act.  It sounds like he was set up to me.”

A Moscow court has extended arrest for Whelan, who was detained at the end of December for alleged spying.

A Moscow court has extended arrest for Whelan, who was detained at the end of December for alleged spying.

WHELAN HAD ‘STATE SECRETS’ ON HIM, LAWYER SAYS

If Paul Whelan were to be convicted of espionage, he could face up to 20 years behind bars. His family wants him out of Russia before a trial for such serious charges might even begin.

Whelan, 48, of Novi, Michigan, a former U.S. Marine, was born in Canada to British parents before the family moved to the U.S. He holds British, Canadian and Irish passports.

Whelan had reportedly asked an unnamed person to email him information about that person’s travels in Russia but could not download it and asked the person to put it on a flash drive.

"He was expecting to see on the flash drive some personal information like pictures or videos, something like that, about that person's previous trips around Russia," his lawyer, Vladimir Zherebenkov, told Russian news agencies in January. "We don't know how the materials that contain state secrets ended up there."

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However, Whelan was detained before he could look at the documents, the lawyer said.

Whelan previously worked for Kelly Services, which maintains offices in Russia. He received a “bad conduct” discharge from the Marines, according to his official military personnel file obtained by Fox News. His dates of service were listed as starting from May 10, 1994 to Dec. 2, 2009. David Whelan says Paul fought in Iraq on multiple tours of duty.

Fox News’ Amy Kellogg, Kathleen Joyce and the Associated Press contributed to this report.

Source: Fox News World

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

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

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

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

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

School authorities instituted a similar measure in 2016.

Source: Fox News World

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

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

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

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

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

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

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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