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Why the Sprint/T-Mobile Merger Makes Sense for America

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It is very rare to find much bipartisanship in Washington, D.C., these days. The rules of engagement right now appear to be if one side is for something, the knee-jerk reaction by the other side is to immediately come out against it, no matter the merits of the idea or policy being proposed. 

So when congressional Democrats, Republicans -- and the Trump White House -- agree on something, it’s worth taking note. That is precisely what is taking place right now regarding the potential Sprint/T-Mobile merger. For those who haven’t been following the issue, it would appear to be dry subject matter. But once you understand the implications of the United States and China moving pieces around on the chessboard over who will control global 5G networks, the stakes are enormous. 

According to Fox Business, the administration has signaled support for the merger. Why? Because it would create another formidable competitor to countries, especially China, in the battle over the 5G networks. Citing national security concerns and the healthy impact of marketplace competition, policymakers as divergent as Silicon Valley Democratic Rep. Anna Eshoo and Newt Gingrich have come out in support.

There are many reasons why the merger should happen: Sprint and T-Mobile are seeking to form a third major competitor to Verizon and AT&T. Verizon and AT&T don’t want a third competitor in the 5G battle as they have for all intents and purposes been acting as a duopoly. Adding a third competitor to the mix upsets the balance of power and will likely lead to great competitive pricing. Progressives have come out strongly against it, reflexively asserting that the merger will somehow, in defiance of the laws of competition, raise prices. The Communications Workers Association union, a significant donor to the Democratic Party, is claiming that somehow this will result in major job losses. As the Washington Free Beacon pointed out, CWA has not always been opposed to massive telecommunication mergers. “It threw its full support behind the proposed merger of AT&T and Time Warner,” the Free Beacon  noted. Not so coincidentally, this happened around the time CWA and AT&T signed a regional labor contract requiring CWA to support the company’s legislative agenda. What a coincidence that the CWA would oppose a merger that would lead to great competition for AT&T.

A Sprint/T-Mobile merger would make it the first nationwide 5G carrier, absolutely leading to greater competition, igniting an arms race of innovation and deployment that will benefit consumers, not only with lower costs, but with greater reach on a shorter timeline. It will also help the United States in the fight with China over the 5G networks: The issue of control cannot be understated when one considers the implications of the 5G networks on the Internet of Things, which could see over 20 billion smart devices in the next few years, and sets the standards and decides who controls the data and how it’s being used. 

On top of all of those reasons, one of the biggest conversations taking place in regard to deploying 5G networks is how deep the deployment can go into rural America. There are massive benefits to rural America having 5G networks, from farming to new openings for remote jobs. For personal reasons, I’m rooting for greater competition to accelerate deep rural deployment because I live in the countryside of Loudoun County, Virginia. Cellphone coverage isn’t the greatest there. Somehow, the farm was hardwired with high-speed internet by a previous owner, which allows me to make calls with wi-fi, but I often wonder how I live in one of the wealthiest counties in America and can’t get decent cellphone coverage. 

One of T-Mobile’s major pledges regarding this merger is to take 5G networks into rural areas: The  company has publicly pledged, if the merger were to take place, to provide coverage for 96 percent of rural America by 2024. Rural interconnectivity is not only a big issue for the Trump administration, it is key to expanding economic opportunity to overlooked areas. While 5G won’t be replacing broadband or fiber anytime soon, 5G deployment can come sooner and reach more rural areas faster than fiber. The beauty of it is that 5G can offer the same speeds as most internet providers: 5G networks will, in a perfect scenario, allow for 500 megabytes-per-second download speed. For comparison, the average internet download speed in the U.S. just a few years ago was only 6.5 megabytes-per-second. 

When you realize that, by the FCC’s own estimates, about 40 percent of rural America lacks broadband and that 5G could be an integral part of the solution for rural interconnectivity, this isn’t a hard decision. Having a third major player in this sector would accelerate the timeline on everything. This week the House Judiciary Committee will hold a hearing on the merger. Sometime soon, the Department of Justice and the FCC will make a decision. For the sake of competition, for the sake of the consumer, for greater innovation, and for the sake of helping America beat out China to become the world leader in 5G, this merger should be approved. 

Ned Ryun is a former presidential writer for George W. Bush and the founder and CEO of American Majority. You can find him on Twitter @nedryun.

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French group Thales completes 4.8 billion euro takeover of Gemalto

The logo of French defence and electronics group Thales is seen at the company's headquarters in Merignac near Bordeaux
The logo of French defence and electronics group Thales is seen at the company's headquarters in Merignac near Bordeaux, France, March 22, 2019. REUTERS/Regis Duvignau

April 2, 2019

PARIS (Reuters) – French aerospace and defense electronics group Thales said it had completed its previously announced 4.8 billion euros ($5.4 billion) takeover of chipmaker Gemalto, boosting Thales’ presence in the booming security services market.

Thales had to clear various regulatory hurdles before finally completing the deal, and the company reiterated that buying Gemalto would increase its overall revenues and lift its presence in Latin America, north America and Asia.

“Together, we are creating a giant in digital identity and security with the capabilities to compete in the big leagues worldwide,” said Thales Chairman and Chief Executive Patrice Caine in a statement on Tuesday.

(Reporting by Jean-Michel Belot; Editing by Sudip Kar-Gupta)

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HNA denies embezzlement claims as it fights for control of Hong Kong Airlines

The HNA Group logo is seen on the gate of HNA Plaza building in Beijing
The HNA Group logo is seen on the gate of HNA Plaza building in Beijing, China July 4, 2018. REUTERS/Elias Glenn

April 19, 2019

By Jennifer Hughes

HONG KONG (Reuters) – Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines (HKA) as the two sides fight for control of the struggling carrier.

The allegations were made by Zhong Guosong and Frontier Investment Partner who between them control 61 percent of HKA’s shares. On Tuesday, they declared they had taken control of the carrier and made Zhong, a former HKA director, chairman after an extraordinary shareholder meeting.

The pair said on Wednesday, via a spokesperson, that an investigation had been launched into “the embezzlement of HKA assets and serious financial misappropriation by HNA Group parties.”

In an emailed statement to Reuters on Friday, HNA said that the allegations “are false”.

“HNA Group is committed to the highest standards of integrity in all of its activities and expects the same of all of its representatives,” it added.

HKA’s website still lists Hou Wei as chairman.

Hou joined HKA in September last year after more than four years with HNA-controlled Hainan Airlines, according to his LinkedIn profile.

HNA holds about 29 percent of HKA, having cut its majority holding two years ago.

This week’s battle comes as HKA is struggling to survive. Earlier this month, airline executives told shareholders the company needed at least HK$2 billion ($254.95 million) to avoid the risk of losing its operating license – and that it swung to a loss of about HK$3 billion last year.

Zhong and Frontier representatives at that meeting, however, demanded details of the 2018 accounts and questioned the close ties between HKA and HNA affiliates, which include loans and equity investments by HKA to HNA groups, according to HKA’s 2017 accounts seen by Reuters.

On Thursday this week, the two sides clashed again when Zhong and Frontier accused HNA of storming HKA’s head offices and removing documents – claims denied by an HKA spokesperson.

HKA said later that day that the extra security staff visible in the lobby and foyer of HKA’s offices were to preserve order that had been disrupted by the shareholder dispute.

On Thursday evening, Hong Kong’s Transport and Housing Bureau said it had met with representatives for both sides and was monitoring the situation.

It added that the Civil Aviation Department had stepped up its oversight of HKA’s flight operations to ensure no disruption over the holiday weekend.

(Reporting by Jennifer Hughes, Kane Wu and Julie Zhu; Editing by Himani Sarkar)

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UK’s Hammond says not there yet on Brexit vote support

Britain's Chancellor of the Exchequer Philip Hammond is seen outside Downing Street ahead of a Brexit vote in London
Britain's Chancellor of the Exchequer Philip Hammond walks outside Downing Street ahead of a Brexit vote in London, Britain March 14, 2019. REUTERS/Toby Melville

March 17, 2019

LONDON (Reuters) – The British government does not yet have the support of enough lawmakers to win a parliamentary vote on its Brexit deal but a “significant number” of colleagues are coming around to back the plan, finance minister Philip Hammond said on Sunday.

Prime Minister Theresa May is expected to bring her deal back to parliament for a third vote this week, but Hammond said it would only go ahead if the government thought it could win.

“What has happened since last Tuesday is that a significant number of colleagues, including some very prominent ones who have gone public, have changed their view on this and decided that the alternatives are so unpalatable to them that they on reflection think the prime minister’s deal is the best way to deliver Brexit,” he told BBC’s Andrew Marr program.

Asked if the government had enough numbers yet, he replied: “Not yet, it is a work in progress.”

British lawmakers rejected May’s deal by 149 votes on March 12.

(Reporting by Kate Holton and Elizabeth Piper)

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Brexit is wrecking Britain’s business reputation: Siemens UK head

A small toy figure is seen in front of a Brexit logo in this illustration picture
A small toy figure is seen in front of a Brexit logo in this illustration picture, March 30, 2019. REUTERS/Dado Ruvic/Illustration

April 1, 2019

LONDON (Reuters) – Britain is wrecking its reputation for business stability with political divisions over Brexit and risks leaving the trading bloc with a hugely damaging “no-deal”, the UK head of German industrial giant Siemens has said.

After Prime Minister Theresa May’s Brexit deal was rejected by parliament for a third time last week there is pressure from rival factions for a no-deal exit, a much softer divorce or an election.

“Where the UK used to be beacon for stability, we are now becoming a laughing stock,” Juergen Maier said in open letter to lawmakers published by website Politico.

“It has been clear for weeks, that the only way that this will be resolved is through compromise between the government and parliament,” Maier said, calling for a softer Brexit.

Maier said it was becoming hard for him to win support from his board for investment decisions as Britain heads toward a “hugely damaging no-deal Brexit.”

“Enough is enough. We are all running out of patience. Make a decision and unite around a customs union compromise that delivers economic security and stability,” he said.

In year to September 2018, Siemens UK generated revenue of 5 billion pounds ($6.53 billion), the company’s website said. At the end of September 2018, the company had 15,000 employees in Britain.

(Reporting by Elisabeth O’Leary. Editing by Jane Merriman)

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Huge ghost town next door clouds Iowa city’s future

Crunching slowly down snow-covered Liberty Lane between stately brick buildings, Brian Hatch can recall when the sprawling veterans' center on the edge of his small Iowa town teemed with activity as patients walked the lush, tree-covered grounds and hundreds of doctors, nurses and other staffers kept the round-the-clock campus humming.

Apart from chirping birds and occasional dog walkers, there's now only silence.

"It's like a ghost town," said Hatch, the mayor of Knoxville. But unlike relics of the old West with a few hollowed-out buildings decaying on the prairie, this ghost town has 39 buildings that until 2009 operated as a separate city. There's a power plant, fire station, water tower, green houses, laundry and chapel, and even an old bowling alley fashioned from a Quonset hut.

Now this complex is not only dead, it's dragging down the adjacent living city of 7,000, which has lost more than 10 percent of its population in the last decade and is desperate to free itself from the specter of the huge relic that clouds its future.

"It was a beautiful campus," Hatch said. "Now the buildings are rotten. They've had raccoons living in them."

But the government has no plans for it, and the city, even if it gets ownership, would somehow have to come up with the millions of dollars to demolish most or all of it.

Veterans Affairs oversees more than 6,000 buildings and in 2017 announced plans to clear a backlog of about 430 vacant structures scattered around the country. But the problem with the Knoxville center, which merged with a VA facility 40 miles north in Des Moines, appears unique, given the campus' size and location in a community so small and with so few resources.

Across the country, bigger cities have found money for restorations or recruited developers eager to construct housing or office space in unique historic structures.

In Milwaukee, a $40 million project will begin soon to restore Old Main, a 152-year-old gothic-style building with soaring towers that has housed veterans since soon after the Civil War.

"It hasn't been easy," said Dawn McCarthy, the interim executive director of the Milwaukee Preservation Alliance, of the years-long effort that led to Old Main's redevelopment as housing. "There were some bumps along the road."

Other efforts are moving ahead in the Los Angeles area, where plans call for building hundreds of units for homeless veterans on a 388-acre VA campus, and near Cleveland where a developer plans to transform the former Brecksville Veterans Affairs Hospital site into apartments, retail and other uses.

But whereas millions of people live near those VA campuses, it's a different story in Knoxville, a city with a vibrant square surrounding a towering county courthouse but one that like many rural communities has struggled economically and is eager to attract new investment. The city is relatively isolated, surrounded by farmland and roughly an hour's drive along state highways from Des Moines.

After the Knoxville center's closing, bank president Bob Wims joined with other community leaders to develop alternative uses for it, including as a college and housing, but none of the proposals went far. One stumbling block was that any purchaser would need to invest heavily to connect the campus to city utilities.

As talks continued for years, the empty buildings, without heat, deteriorated.

"It was kind of like watching someone with cancer," Wims said.

City officials said the town's future hinges on finding a solution. More meetings are planned with the state historic preservation office and the federal General Service Administration, which is responsible for unloading surplus federal property.

In a statement, the federal agency said it disposes of more than 100 properties a year, though most are single buildings. "GSA is continuing to closely collaborate with the Knoxville local government and public partners, with the goal of achieving the best outcome for the community and federal taxpayers."

The mayor, City Council and county board are pushing for the city to acquire the property at no cost and divide it into zones to develop over decades, with an emphasis on housing. But it's unclear where the up to $10 million needed for demolitions would come from.

Barb Pahl, a senior vice president at the National Trust for Historic Preservation, which advocates saving as many buildings as possible, recommended Knoxville residents seek state and federal tax credits for uses such as an assisted living facility.

"The key is to come up with a compelling use," she said.

Hatch, the mayor, said the VA campus is integral to Knoxville's history, but he and other city officials think it would be too expensive to save the buildings.

"We'd plan to give them a dollar for it, and that's 75 cents too much," Hatch said. "It's a terrible deal but it's where we are and we're trying to make the best of it."

___

Follow Scott McFetridge on Twitter: https://twitter.com/smcfetridge

Source: Fox News National

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Biden slams Trump's treatment of European allies as speculation mounts of possible 2020 run

Amid widespread speculation that he could soon declare his candidacy for the 2020 presidential race, former Vice President Joe Biden offered up this weekend his latest critique of the Trump administration and its foreign policy direction.

Speaking during a security conference in Munich on Saturday, Biden criticized President Trump’s treatment of the United States' traditional allies in Western Europe and promised a rekindling of the close ties European powers shared with Washington.

“The America I see does not wish to turn our back on the world or our closest allies,” Biden said, as The Washington Post reported.

He added: “The America I see cherishes a free press, democracy, the rule of law. It stands up to the aggression of dictators and against strongmen.”

BIDEN, SANDERS, HARRIS, WARREN TOP 2020 DEM FIELD IN NEW POLL

Biden has been one of the harshest voices speaking out against Trump’s isolationist “America First” initiatives and his continued condemnation of the White House’s policies have added more fuel to the rumors that he could plan to challenge Trump in the 2020 race.

“This too shall pass. We will be back. We will be back," Biden said in Munich, according to the New York Times.

A source close to the Biden camp told Fox News last week that the former vice president is almost certain to enter the race soon.

The source said the timing of an announcement is still up in the air. With such a crowded field of Democratic hopefuls, Biden wants to keep big donors and potential staffers with him and has been conducting outreach to former colleagues, grassroots activists and contributors, the source said.

The 76-year-old former vice president’s decision comes as a slew of younger and more liberal Democrats have already jumped into the fray, including Massachusetts Sen. Elizabeth Warren, California Sen. Kamala Harris, and New Jersey Sen. Cory Booker.

BIDEN STRIKES CONTRAST WITH 2020 FIELD, JOKES ABOUT LIKING REPUBLICANS

However, some close to Biden have suggested that with his name recognition and long record of public service, he could afford to wait before moving forward.

Also speaking at the conference in Munich was the man who took Biden’s job when Trump came into office, Vice President Mike Pence.

Pence used his time at the pulpit to double down on American criticism of Europe.

Pence stuck to the U.S. line that the NATO guideline for its nations to spend 2 percent of its gross domestic product on defense is a strict commitment rather than a target, saying while more alliance members have met the criteria, "the truth is, many of our NATO allies still need to do more."

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He also reiterated American opposition to the joint German-Russian Nord Stream 2 pipeline project, which Washington has claimed could make Europe overly reliant on Russian gas.

"The United States commends all our European partners who've taken a strong stand against Nord Stream 2," he said. "And we commend others to do that same."

He added: "We cannot ensure the defense of the West if our allies grow dependent on the East."

Fox News’ Alex Pappas and The Associated Press contributed to this report.

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

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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)

Source: OANN

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