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U.S.’s Malpass headed for top World Bank job as no challengers emerge

FILE PHOTO: U.S. President Donald Trump introduces the U.S. candidate in election for the next President of the World Bank David Malpass at the White House in Washington
FILE PHOTO: U.S. President Donald Trump introduces the U.S. candidate in election for the next President of the World Bank David Malpass at the White House in Washington, U.S., February 6, 2019. REUTERS/Jim Young

March 14, 2019

By David Lawder

WASHINGTON (Reuters) – U.S. President Donald Trump’s pick to lead the World Bank appeared headed for approval as a nomination deadline passed on Thursday with no challengers emerging, continuing the tradition of the United States choosing the development lender’s president.

David Malpass, the U.S. Treasury undersecretary for international affairs, will move on to an interview with the World Bank’s executive directors in the coming days, the bank said in a statement.

The directors expect to conclude their selection process before the April 12-14 World Bank and International Monetary Fund Spring Meetings, the World Bank said.

(Reporting by David Lawder in Washington; Editing by James Dalgleish)

Source: OANN

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Judiciary Chairman Nadler accused of hypocrisy on Mueller report as vintage video surfaces from Clinton days

House Judiciary Committee Chairman Jerry Nadler is being accused of hypocrisy by Republican critics for moving to subpoena Special Counsel Robert Mueller’s Russia report, as vintage video surfaces from the Clinton days showing him urging caution regarding the release of details from then-Independent Counsel Kenneth Starr's report.

Committee Ranking Member Doug Collins, R-Ga., blasted Nadler, D-N.Y., on Wednesday for voting to authorize subpoenas, noting that in 1998, Nadler sought to protect grand jury material.

HOUSE JUDICIARY COMMITTEE DEMOCRATS AUTHORIZE SUBPOENAS FOR MUELLER REPORT

“But now a different political landscape compels the chairman to adopt new standards of fairness, ignore existing law and demand the material he once considered ‘unfair to release,’” Collins said Wednesday. “As much as the chairman or I may want to view this material, it is a fundamental underpinning of our justice system and law that we cannot.”

Nadler maintains he has been consistent in both cases -- calling in 1998 and the present day for the committee to first review the documents, acknowledging in both cases concerns about the release of grand jury materials to the general public.

"In 1998, the central debate was about the public release of some of the materials accompanying the Starr report — materials that Congress already had, and that described private sexual acts in lurid detail. Congress has no business broadcasting graphic accounts of the president’s sex life. It was inappropriate in 1998. It would be inappropriate today," he said Wednesday.

But Republicans suggest that Nadler was far more concerned about the release of sensitive material during the Clinton days than he is now.

A vintage video, posted by The Washington Examiner this week, shows Nadler doing an interview with Charlie Rose in 1998 discussing how the committee would have to go through documents already obtained to screen out “salacious material” that would be “unfair to release.”

“[Grand jury material]—that is material by law unless contravened by a vote in the House, must be kept secret. Somebody, staff of the Judiciary Committee, perhaps the chairman and ranking minority members of the Judiciary Committee is going to have to go over this material—at least the four or five hundred pages of the report to determine what is fit for release,” Nadler said in 1998.

Today, Nadler acknowledges that “some material will have to be redacted before it’s released to the public to protect ... various rights,” saying that's a judgment the committee can make.

But his focus has been largely on obtaining the full report, plus underlying documents, from the Justice Department immediately -- while stressing the importance of some version of that getting out to the public.

"We — the members of the Judiciary Committee, the House of Representatives and the entire American public — are still waiting to see that report. We will not wait much longer," he wrote in The New York Times. “By offering us his version of events in lieu of the report, the attorney general, a recent political appointee, undermines the work and integrity of the department. He also denies the public the transparency it deserves.”

At issue is Attorney General Bill Barr’s decision to review the more than 300-page Mueller report, with the assistance of the special counsel’s team, to determine which sensitive details should be redacted prior to releasing the report to Congress. Some of that material, the attorney general says, could be grand jury material which is typically kept secret, per U.S. code.

Nadler has argued that the Justice Department is “wrong to try to withhold that information” from the committee.

“Congress is entitled to all of the evidence. This isn’t just my opinion,” Nadler said Wednesday. “It is also a matter of law.”

Republicans charge that Nadler has changed his tune.

“Jerry Nadler was on the opposite side of this, and he thought it was a disgusting terrible thing to even think about giving the Starr report. But now, we should give the Mueller report,” President Trump said in the Oval Office this week.

The president also tweeted that: “In 1998, Rep. Jerry Nadler strongly opposed the release of the Starr Report on Bill Clinton. No information whatsoever would or could be legally released. But with the NO COLLUSION Mueller Report, which the Dems hate, he wants it all. NOTHING WILL EVER SATISFY THEM.”

Nadler rejected the president's claims during the committee meeting Wednesday, where the panel -- on a party-line vote -- authorized subpoenas for the Mueller report.

BARR TO RELEASE MUELLER REPORT TO CONGRESS BY 'MID-APRIL, IF NOT SOONER' 

Barr, last month, revealed his summary of the Mueller report, which stated that the special counsel found no evidence of collusion between members of the Trump campaign or the Russians during the 2016 presidential election. The special counsel was also reviewing whether the president had obstructed justice in any way, but ultimately did not come to a conclusion on that issue. Barr and Deputy Attorney General Rod Rosenstein, though, said the evidence was “not sufficient to establish that the President committed an obstruction-of-justice offense.”

Last week, Barr said that he and the special counsel were ““well along in the process of identifying and redacting” sensitive material, including material that “by law cannot be made public,” “material the intelligence community identifies as potentially compromising sensitive sources and methods; material that could affect other ongoing matters, including those that the Special Counsel has referred to other Department offices; and information that would unduly infringe on the personal privacy and reputational interests of peripheral third parties.”

Barr vowed to release the report to Congress by mid-April, “if not sooner.”

Source: Fox News Politics

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Albania opposition supporters try to storm parliament

Albanian opposition protesters have made further attempts to enter the parliament by force as they demand the government's resignation and an early election.

The center-right Democratic Party-led protesters on Thursday used smoke bombs and projectiles and clashed with police trying to break the cordon protecting the parliament building where the weekly session was held.

The opposition accuses the leftist Socialist Party government of Prime Minister Edi Rama of being corrupt and linked to organized crime, which the government denies.

Since mid-February opposition supporters have repeatedly tried to enter the parliament or government buildings and police have responded with tear gas and water cannons.

The Socialists say the opposition's protests are damaging Albania's progress toward membership in the European Union.

Source: Fox News World

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New Jersey's largest port drug bust in decades sees 3,200 pounds of cocaine worth $77M

Authorities seized roughly 3,200 pounds of cocaine in Newark, New Jersey last month in a shipment officials claim is the largest amount recovered at the ports of entry in 25 years.

Officials said the cocaine is worth an estimated $77 million. It was seized on Feb. 28, according to U.S. Customs and Border Protection.

BOY, 7, PICKS UP BAG OF COCAINE, FENTANYL DROPPED BY MAN IN SUBWAY, POLICE SAY

Captured at the Port of New York/Newark by multiple law enforcement agencies, officials said in a news release that the shipping container included "six packages containing a white powdery substance that field-tested positive for cocaine."

Roughly 3,200 pounds of cocaine was recovered at the Port of New York/Newark in February, officials said.

Roughly 3,200 pounds of cocaine was recovered at the Port of New York/Newark in February, officials said. (U.S. Customs and Border Protection)

“This is a significant seizure, in fact it is the largest cocaine seizure at the Port of New York/Newark since May 1994,” Troy Miller, director of New York field operations for the agency, said. “This interception prevents a massive quantity of drugs from getting to the streets and in the hands of our children.”

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The container, according to a spokesperson for the agency, was recovered from a ship that originated in South America.

Officers turned the drugs over to federal Homeland Security officials for investigation.

The Associated Press contributed to this report.

Source: Fox News National

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Sanctions on Iranian oil bring U.S. drivers pain at the pump

FILE PHOTO: Traffic is pictured at twilight along 42nd St. in Manhattan
FILE PHOTO: Traffic is pictured at twilight along 42nd St. in the Manhattan borough of New York, U.S., March 27, 2019. REUTERS/Carlo Allegri

April 23, 2019

By Richard Leong and Trevor Hunnicutt

(Reuters) – American middle class consumers are enjoying the strongest wage growth in a decade, but higher gasoline prices are eating a good chunk of that increase for many, and it looks like pump prices are headed higher.

Gasoline pump prices have already jumped about 25% this year, the fastest rate in three years. Trump administration sanctions against Iranian crude oil exports had something to do with that, and this week’s move to tighten sanctions could soon send prices even higher.

Crude oil prices hit their highest in about six months on Tuesday.

Some analysts expect the national average pump price, currently near $2.85 a gallon, will climb above $3 a gallon for the first time since 2014. Few goods prices aggravate U.S. consumers as much as high gasoline prices.

“It’s an important part of consumers’ psyche,” Mark Zandi, chief economist at Moody’s Analytics, said of a further rise in energy prices. “They live with it everyday.”

Zandi and other analysts said higher gasoline prices would irritate U.S. motorists heading into the summer driving season, but they do not think a moderate fuel price hike would force people to cut spending in other areas.

For now, consumer spending has remained resilient, with wages growing in a tight job market. Average hourly earnings in the private sector are rising at roughly 3.2% year over year, the strongest in a decade.

Those bigger paychecks helped pay for costlier gasoline after the Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russia reduced output to prop up prices. Retail prices for regular gasoline have risen around 55 cents a gallon so far this year from $2.30 at end of 2018, according to AAA, an automotive advocacy group.

“So far it hasn’t been a particularly large headwind for U.S. consumers,” said Matt Luzzetti, senior economist at Deutsche Bank AG.

The Trump administration called for buyers of Iranian oil to stop purchases by May 1 or face sanctions, ending six months of waivers that allowed Iran’s eight biggest buyers to keep importing limited volumes.

Analysts noted that U.S. domestic crude production is surging and said higher output from OPEC and Russia could help offset losing about 1 million barrels per day of Iranian oil from world markets. But sources on Tuesday said Gulf OPEC members were ready to raise output only if they saw sufficient demand.

(GRAPHIC: U.S. wages, gasoline link: https://tmsnrt.rs/2IC9wbu)

PINCHED CONSUMERS

Some U.S. consumers are already paying $3 a gallon at the pump, and will feel the squeeze if prices rise further. In February, filling a 25.5 gallon tank of a sports utility vehicle with regular gasoline would have cost around $57 on average. That has risen to nearly $73, based on government data.

For a $15-an-hour employee working 35 hours a week, filling up once a week now costs 14% of gross pay, up from less than 11% just 10 weeks ago.

“I’m hyper-aware of the gas pricing,” said Brittany Trotter, a part-time driver for Lyft Inc based in Washington, D.C. She said rising fuel costs have cut her profits and stretched her budget.

Even before the latest Iran news, drivers expected rising prices at the pump to cut their income. A survey in March showed consumers expected prices to rise 4.7% over the next year, the largest figure in nine months, according to the Federal Reserve Bank of New York. The consumers surveyed expected their wages to rise 2.6% over the year, though earnings growth expectations slipped for people with a high school diploma or less education.

(GRAPHIC: U.S. gasoline demand, prices, GDP link: https://tmsnrt.rs/2Dtnnga).

(GRAPHIC: Iran seaborne crude oil & condensate exports link: https://tmsnrt.rs/2DE8CHt).

(GRAPHIC: Russian, U.S. & Saudi crude oil production link: https://tmsnrt.rs/2EUHeFO).

(Additional reporting by Dan Burns; Graphic by Stephen Culp, Richard Leong; Editing by David Gregorio)

Source: OANN

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Sudan protest leaders urge people to remain in streets amid military coup, with 16 people killed in last few days

Sudanese protest leaders are urging people to remain in the streets of the capital Khartoum following the military coup even as activists say 16 people have been killed by the regime in the last few days.

The protesters marched for the introduction of the civilian rule rather than letting the military to rule the country after the army forced President Omar al-Bashir from power amid months of anti-government protests.

“We will never leave the place. We will shout together. We will shout to our freedom, to our liberty,” protester Rami Mustafa said Saturday.

“We will never leave the place. We will shout together. We will shout to our freedom, to our liberty.”

— Protester Rami Mustafa

SUDAN'S UPHEAVAL BRINGS FEARS FOR SOUTH SUDAN'S PEACE DEAL

The army said it wants to govern the country for two years and only then call an election for a new head of government, a plan that raised concerns among human rights experts and groups.

The demonstrators fear that the military, dominated by al-Bashir loyalists, won’t give up the power after two years or will hand it only to one of their own.

Sudanese activists say that 16 people, including a soldier, have been killed in the two days since the military coup.

Demonstrators gather in Sudan's capital of Khartoum, Friday, April 12, 2019. The Sudanese protest movement has rejected the military's declaration that it has no ambitions to hold the reins of power for long after ousting the president of 30 years, Omar al-Bashir.

Demonstrators gather in Sudan's capital of Khartoum, Friday, April 12, 2019. The Sudanese protest movement has rejected the military's declaration that it has no ambitions to hold the reins of power for long after ousting the president of 30 years, Omar al-Bashir. (AP Photo)

At least 13 people were shot dead on Thursday while another three people were killed on Friday, activists from the Sudan Doctors Committee said, claiming that the victims died “at the hands of regime forces and its shadow militias.”

Sudanese police confirmed the figure on Friday, though saying that the 16 people were killed by “stray bullets. At least 20 people were also wounded at rallies and sit-ins across the country.

A TIMELINE OF KEY EVENTS IN RULE OF SUDAN'S AL-BASHIR

The activist group said that at least 38 people, including at least six soldiers, have been killed since the protests began on April 6.

Demonstrators gather in Sudan's capital of Khartoum, Friday, April 12, 2019. The Sudanese protest movement has rejected the military's declaration that it has no ambitions to hold the reins of power for long after ousting the president of 30 years, Omar al-Bashir.

Demonstrators gather in Sudan's capital of Khartoum, Friday, April 12, 2019. The Sudanese protest movement has rejected the military's declaration that it has no ambitions to hold the reins of power for long after ousting the president of 30 years, Omar al-Bashir. (AP Photo)

Al-Bashir was ousted from power earlier this week following nearly four months of protests calling for an end to his nearly 30-year rule. The people at first protested against price hikes and shortages, but it quickly turned into a larger movement for Democracy and autocratic rule.

The ousted president is under house arrest and will be tried for unspecified crimes by Sudanese courts, the military said.

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Al-Bashir is wanted by the International Criminal Court for allegedly playing a role in a genocide linked to the war in Sudan’s Darfur region in the 2000s.

The Associated Press contributed to this report.

Source: Fox News World

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Ohio couple accused of having sex on giant spinning Ferris wheel

A man and his girlfriend have been arrested after cops say they were caught having sex on a popular Ferris wheel tourist attraction 150 feet above downtown Cincinnati.

Cops say the couple’s sex romp on the SkyStar Wheel at The Banks Thursday evening took place in front of children and others, according to reports.

Michael Mathisen, 30, of Florence, Ohio, and Lauren Wilder, 31, of North College Hill, Ohio, were drunk at the time, according to court documents, the Cincinnati Enquirer reported.

A Fox 19 Cincinnati reporter tweeted a portion of his arrest slip which read, “Mr. Mathisen engaged in sexual intercourse in a public place (sky wheel fairest [sic] wheel) while intoxicated.”

JOHN WETTELAND, FORMER WORLD SERIES MVP, INDICTED ON CHILD SEX CHARGES

Mathisen was jailed overnight on a disorderly conduct while intoxicated, Fox 19 reported.

Wilder was released on her own recognizance on a charge of disorderly conduct.

COLORADO DAD CONVERTS DAUGHTER'S WHEELCHAIR INTO MINI-POLICE CRUISER

The attraction, overlooking the city and the Ohio River, is billed as the largest portable observation wheel in North America.

Each ride consists of four spins and lasts 12 minutes.

CLICK HERE TO GET THE FOX NEWS APP

Each of 36 enclosed gondolas holds up to six persons.

Source: Fox News National

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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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