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Exclusive: Chinese EV car maker NIO restricts its IPO banks from working for rivals – sources

FILE PHOTO: Chinese electric vehicle start-up Nio Inc. company logo is on display on its initial public offering (IPO) day at the NYSE in New York
FILE PHOTO: Chinese electric vehicle start-up Nio Inc. company logo is on display on its initial public offering (IPO) day at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid/File Photo

March 29, 2019

By Julia Fioretti and Kane Wu

HONG KONG (Reuters) – Chinese electric vehicle (EV) maker NIO Inc has blocked the eight top investment banks that did its IPO from working for rivals by tying them up in rare year-long non-compete clauses, several people with direct knowledge of the matter said.

The move highlights the fierce competition between China’s EV makers as they seek the capital needed to survive in a fast-growing market, also the world’s largest.

NIO, for its initial public offering in September, had hired Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and UBS.

These were also the top eight banks worldwide for equity sales in 2018, according to Refinitiv data.

The non-compete clause prevents them from helping NIO’s rivals raise public or private funds for 12 months following the IPO, the sources said, declining to be named as they were not authorized to speak publicly on the matter.

NIO and the banks declined to comment.

The list of rivals covered by the restrictions included up to 10 names, although it may have varied between the individual agreements, the people said.

Xpeng Motors and WM Motor were on that list, three sources said. A separate source said the list included those two and Byton, among others.

NIO’s non-compete demands were particularly restrictive both in their breadth and duration, several sources said.

Typically such deals restrict banks from working with rivals until the transaction closes or for a shorter period such as six months, two of the sources said.

“Issuers sometimes don’t like it when you’re doing an IPO for the competitors on a concurrent timetable because they will worry that you might divulge information to the benefit of the other clients,” said Stephen Chan, partner at law firm Dechert LLP, speaking about general industry practices.

One banker involved in the NIO deal said his bank had lost mandates because of the non-compete clause.

Adding to the banks’ frustration, they had signed up to NIO’s demands when the IPO was expected to raise about double the $1 billion it actually brought in – meaning banks would initially have expected a much larger payout.

“It would have been interesting in hindsight seeing if it could have got the same agreement with people knowing what the actual valuation was going to be,” a senior banker who worked on the deal said.

EV CAPITAL-RAISING RUSH

NIO’s move comes at a time when many Chinese EV makers are considering IPOs or have launched private fundraisings as China cuts the subsidies it has historically offered as part of its efforts to curb pollution.

On Wednesday, China said it had raised its standards for NEVs that qualify for subsidies and reduced the amount it was willing to provide.

In January, Byton was seeking to raise at least $500 million to finance its growth, people familiar with the matter told Reuters at the time.

Earlier this month, WM Motor announced it closed its Series C funding round of 3 billion yuan ($446.16 million).

Reuters reported on Friday that Leap Motor, a smaller EV maker, was seeking a private fundraising of 2.5 billion yuan, advised by Deutsche Bank.

NIO itself did not stop with its IPO.

In January, it sold a $750 million convertible bond to plug the gap between the money it raised in its IPO and what it had expected to raise.

($1 = 6.7241 Chinese yuan)

(Reporting by Julia Fioretti and Kane Wu; Additional reporting by Julie Zhu; Editing by Jennifer Hughes and Himani Sarkar)

Source: OANN

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What Massive Consumer Debt Really Means for Americans

As we reported last week, consumer debt continues to break records month after month.

Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008 (right before the crash) and 21.4% above the post-financial-crisis trough reached in the second quarter of 2013.

But many mainstream analysts downplay this surge in debt. And on the surface, the numbers do seem to indicate the risk isn’t as big as it was prior to the 2008 financial crisis. But as Wolf Richter explains, the averages conceal a different reality.

There are three factors that lead some analysts to minimize the debt issue.

First, the population has grown by about 25 million people since the 2008 crisis. That means this record level of debt is spread across a larger population.  Second, the economy and incomes have both grown over the last decade. Third, price inflation devalues the dollar and skews all of the numbers.

So, if you measure consumer debt by percentage of GDP, it has dropped from about 100% of GDP during the run-up to the financial crisis to about 76% of GDP today. And if we look at the debt load per capita, it comes to about $41,000 per person today compared with about $41,800 in 2008. But when you factor inflation, the per capita debt load has actually fallen by 16% since ’08.

“So, on average and thrown all into one bucket, consumers have reduced their leverage and this makes the financial system less risky – on average. But those are averages spread across the country with all households thrown into one bucket. Given how income disparity and wealth disparity have surged since 2008, with the top portion of Americans doing exceedingly well and with the lower 40% struggling more than ever, these averages conceal the real risks, disguise real problems and give us a false sense of peace of mind about the American consumer.”

As Wolf Richter points out, it’s always the most vulnerable who get in trouble first – specifically those in the bottom 40% of the earnings scale. They don’t have any savings to cushion even short term problems such as a layoff or extended illness. This has always been the case. But Wolf points out a big difference today.

“In the Fed-inspired economy where zero interest rate policy and QE purposefully inflated all asset prices including stocks and housing, asset holders have become immensely rich and those households making income from the assets are getting richer.”

(Photo by TBIT/Pixabay)

But this isn’t the case for the bottom 40% of households. While the top 20 to 40% have gotten a “fabulous ride” since the Fed started QE and repressed interest rates, the bottom 40% face an entirely different scenario. Household incomes for the bottom 20 to 40% barely ticked up over the past decade to $35,400. The very bottom 20% actually saw their household incomes decline to $13,250.

“Those bottom 40% of households are the consumers who are most at risk and the past decade has done nothing for them … Those 50 million households are as much at risk and are as vulnerable as they were before the financial crisis.”

So, the 50 million households at the top average out the 50 million at the bottom and create the illusion at overall everything is fine.

“When we talk about consumers being less at risk on average, we’re not seeing the reality that the income and wealth disparities are leaving behind in their tracks.”

We also see a similar problem in the housing market. About a third of homeowners bought recently near the peak of the housing market, or have refinanced their mortgages and have very little equity built up. This third is very vulnerable to a downturn. These households are also averaged out when you look at national aggregates.

Consider that during the housing crisis, only about 10% of mortgages went into default. Many of these mortgages were held by investors who simply walked away when the math no longer worked out.

“Today, there are more investors in the housing market than ever, from mom-and-pop entities to big corporate entities. Cheap money and tax advantages have encouraged that.”

We’re already seeing some fraying in the subprime auto market with a record 7 million-plus Americans at least 90 days delinquent on their auto loans. In its last report, the New York Fed said performance in the auto loan sector is “slowly worsening.”

Flows into serious delinquency for credit cards is also on this rise, increasing by 5% in Q4 2018, up from 4.8% in the third quarter.

“These risks are just slumbering beneath the rosy averages for now waiting for the day to reemerge.”


Gerald Celente hosts to break down the latest forecasts patriots should be aware of.

Source: InfoWars

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Pelosi Orders Capitol Hill Police To Beef Up Security For Rep. Omar

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Source: InfoWars

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UN expert wants trial suspects in Khashoggi's killing named

An independent U.N. human rights expert has denounced Saudi Arabia's closed-door trials of suspects in the slaying of journalist Jamal Khashoggi and called on the kingdom to name the defendants.

Agnes Callamard, the special rapporteur on extrajudicial executions mandated by the U.N.-backed Human Rights Council, also put an onus on the five permanent U.N. Security Council countries.

Callamard said in a statement Thursday that the Saudi government invited representatives from the five countries to attend some court hearings.

She says China, France, Britain, Russia and the United States "risk being participants in a potential miscarriage of justice" and could be "complicit" if the trials turn out to involve violations of human rights law.

Callamard is leading a human rights probe into the Khashoggi's killing at the Saudi consulate in Istanbul in October.

Source: Fox News World

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Investor AB, Cevian support ABB move to replace CEO

FILE PHOTO: Logo of Swiss power technology and automation group ABB is seen in Baden
FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File Photo

April 17, 2019

ZURICH (Reuters) – Big ABB shareholders Investor AB and Cevian backed on Wednesday the Swiss engineering group’s move to replace Chief Executive Ulrich Spiesshofer.

“We support the board’s decision that now is the right time for a new person at the helm in order to speed up the execution of the new strategy and deliver on the key financial targets,” an Investor AB spokeswoman said in an emailed comment.

Lars Forberg, co-founder of Cevian Capital, said: “We support the strategic direction of ABB, and have full confidence in Peter Voser and the management team to continue implementing the transformation of ABB.”

(Reporting by John Revill and Simon Johnson, Editing by Michael Shields)

Source: OANN

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Final moments of Ethiopian Airlines Boeing 737 Max revealed: Pilot recorded saying ‘pitch up, pitch up’

One of Ethiopian Airlines Flight ET302's pilots told the other "pitch up, pitch-up" moments before the doomed Boeing 737 Max jetliner crashed three weeks ago, a new report revealed.

That instruction and other information about the plane's final moments paint a picture of a flight crew that was quickly overwhelmed, The Wall Street Journal reported Friday.

A faulty anti-stalling system on the Max is suspected in the disaster, which occurred shortly after takeoff. All 157 people on board were killed.

The Maneuvering Characteristics Augmentation System (MCAS) flight-control feature is also suspected in the crash of a Lion Air Boeing 737 Max in Indonesia last October, according to the BBC. The Lion Air flight went down soon after takeoff, killing all 189 people on board.

The Ethiopian Airlines jet took off from Addis Ababa on March 10 and ran into trouble almost immediately, the Journal reported.

LION AIR BOEING 737 MAX 8 WAS REPORTEDLY SAVED BY OFF-DUTY PILOT DAY BEFORE DEADLY CRASH IN INDONESIA

First Officer Ahmed Nur Mohammed contacted the control tower and in a crackling transmission reported a “flight control problem,” according to the newspaper, which cited people close to the ongoing investigation.

The tower asked for details as Captain Yared Getachew tried to climb and correct the glide path, the paper reported. Two minutes into the flight oscillation became a wild bounce, then a dive. The flight lasted fewer than six minutes.

The pilot who urged the other to pitch up was not identified.

BOEING, FAA QUESTIONED ABOUT SAFETY OF 737 MAX SAFETY SYSTEM DAYS BEFORE ETHIOPIAN AIRLINES CRASH

The newspaper's report came as Boeing faces mounting pressure to roll out a software update for its 737 Max, its best-selling jet. Arlines grounded 737 Max jets in their fleets after the Ethiopian Airlines crash. It is hoped there will be a fix in time for the peak summer travel season, the Associated Press reported.

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The Max remains grounded worldwide and airlines are losing money because of canceled flights.

Source: Fox News World

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Sri Lanka Muslims brave militant threats for Friday prayers

At 12:10 p.m. Friday, men and boys in a Muslim neighborhood in Sri Lanka's capital did something everyone had warned them not to do: They came together to pray.

Hundreds gathered at the Masjidus Salam Jumma mosque for their communal Friday prayers, one of many mosques that conducted services despite warnings of more bomb attacks by Islamic State-claimed militants.

And while praying through tears to Allah to help their fellow countrymen, all stressed one thing. The Easter attacks targeting churches and hotels that killed at least 250 people came from people who didn't truly believe the teachings of Islam.

They are "not Muslims. This is not Islam. This is an animal," said Akurana Muhandramlage Jamaldeen Mohamed Jayfer, the chairman of the mosque. "We don't have a word (strong enough) to curse them."

Up until the call to prayer echoed through Colombo's Maligawatta neighborhood at noon, it wasn't certain the community would be able to pray. On Thursday, the U.S. Embassy in Sri Lanka issued a stark warning over Twitter that places of worship could be targeted by militants through the weekend. Sri Lankan Prime Minister Ranil Wickremesinghe also told The Associated Press he feared some of the suspects "may go out for a suicide attack" and local authorities urged Muslims to pray at home.

But Friday prayers hold a special importance to Muslims as the Quran has its own chapter on the worship called "Al-Jumah," or Friday in Arabic.

"When the call is made for prayer on Friday, hurry toward the remembrance of Allah, and leave all business," the Quran commands.

For Muslims, Friday prayers means dressing in their nicest clothes and communing with others, often sharing a meal after listening to the imam and praying.

The day carries the same significance for Muslims in Sri Lanka, where Arab traders brought Islam in the 7th century. Today, nearly 10% of Sri Lanka's 21 million people are Muslim.

In the hours before, community leaders decided that women should stay home for the prayers because of the threat. It remained unclear if they would hold the prayers, even as young men stopped in the mosque for a moment of quiet prayer, their sweat dripping from their brows as they bowed down on the purple-and-gray carpeting.

"Everyone is nervous," said Abdullah Mohammed, 48. "Not just the Muslims. Buddhists, Christians, Hindus — everybody's nervous."

But as the time drew closer, they decided to hold them. Sri Lankan police officers armed with Kalashnikov rifles stood guard around the mosque, blocking the street. Organizers posted young volunteers to watch surrounding streets above the mosque, near a major cricket stadium.

Inside the mosque, a young man worked on its internal security cameras, one hanging above wooden carvings of Arabic calligraphy and copies of the Quran. Jayfer said they had been installed two years earlier, but they needed repair "given what's happening."

When the electronic clock struck 12:10 p.m., a caller got on the loudspeaker, saying "Allah akbar," or God is great. Men and boys quickly filled two floors of the mosque and part of a third as Imam Mohamed Imran stood before them on the minbar, the pulpit from which he preached.

In English and later Tamil, Imran reminded the congregation they remain a minority in Sri Lanka, that they need to pray and ask for God's help.

As the sermon ended, he offered a prayer, growing emotional as he asked for God for help. Several men in the congregation cried.

Then they bowed toward Mecca and its cube-shaped Kaaba, finishing their prayers and walking safely out of the mosque into the street below. A new sign in Sinhala hung by the mosque outside offered condolences, saying that just because the attackers had Arab names didn't make them Muslims.

"It is our country. We are Sri Lankans," Jayfer said. All "Sri Lankans have a duty to be calm and quiet. (There) has to be peace."

___

Follow Jon Gambrell on Twitter at www.twitter.com/jongambrellap

Source: Fox News World

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FILE PHOTO: The Huawei logo is pictured outside its Huawei's factory campus in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo is pictured outside its Huawei’s factory campus in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Ben Blanchard

BEIJING (Reuters) – Britain must get to the bottom of the leak of confidential discussions during a top-level security meeting about the role of China’s Huawei Technologies in 5G network supply chains, British finance minister Philip Hammond said on Friday.

News that Britain’s National Security Council, attended by senior ministers and spy chiefs, had agreed on Tuesday to bar Huawei from all core parts of the country’s 5G network and restrict its access to non-core elements was leaked to a national newspaper.

The leak of secret discussions has sparked anger in parliament and amongst Britain’s intelligence community. Britain’s most senior civil servant Mark Sedwill has launched an inquiry and written to ministers who were at the meeting.

“My understanding from London (is) that an investigation has been announced into apparent leaks from the NSC meeting earlier this week,” said Hammond, speaking on the sidelines of a summit on China’s Belt and Road initiative in Beijing.

“To my knowledge there has never been a leak from a National Security Council meeting before and therefore I think it is very important that we get to the bottom of what happened here,” he told Reuters in a pooled interview.

British culture minister Jeremy Wright said on Thursday he could not rule out a criminal investigation. The majority of the ministers at the NSC meeting have said they were not involved, according to media reports.

Hammond said he was unaware of any previous leak from a meeting of the NSC.

“It’s not about the substance of what was apparently leaked. It’s not earth-shattering information. But it is important that we protect the principle that nothing that goes on in national security council meetings must ever be repeated outside the room.”

Allowing Huawei a reduced role in building its 5G network puts Britain at odds with the United States which has told allies not to use its technology at all because of fears it could be a vehicle for Chinese spying. Huawei has categorically denied this.

There have been concerns that the NSC’s conclusion, which sources confirmed to Reuters, could upset other allies in the world’s leading intelligence-sharing network – the Five Eyes alliance of the United States, Britain, Australia, Canada and New Zealand.

However, British ministers and intelligence officials have said any final decision on 5G would not put critical national infrastructure at risk. Ciaran Martin, head of the cyber center of Britain’s main eavesdropping agency, GCHQ, played down any threat of a rift in the Five Eyes alliance.

(Writing by Michael Holden; Editing by Mark Heinrich)

Source: OANN

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Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon
Park Yoo-chun, a K-pop idol singer, arrives at the Suwon district court in Suwon, South Korea, April 26, 2019. REUTERS/Kim Hong-Ji

April 26, 2019

SEOUL (Reuters) – K-pop and drama star Park Yu-chun was arrested on Friday on charges of buying and using illegal drugs, a court said, the latest in a series of scandals to hit the South Korean entertainment business.

Suwon District Court approved the arrest warrant for Park, 32, due to concerns over possible destruction of evidence and flight risk, a court spokesman told Reuters.

Park is suspected of having bought about 1.5 grams of methamphetamine with his former girlfriend earlier this year and using the drug around five times, an official at the Gyeonggi Nambu Provincial Police Agency said.

Park has denied wrongdoing, saying he had never taken drugs, and he again denied the charges in court, Yonhap news agency said.

Park’s contract with his management agency had been canceled and he would leave the entertainment industry, Park’s management agency, C-JeS Entertainment, said on Wednesday.

Park was a member of boyband TVXQ between 2003 and 2009 before leaving the group with two other members, forming the group JYJ.

A scandal involving sex tapes, prostitutes and secret chat about rape led at least four other K-pop stars to quit the industry earlier this year.

The cases sparked a nationwide drugs bust and investigations into tax evasion and police collusion at night clubs and other nightlife spots.

(Reporting by Joyce Lee; Additional reporting by Heekyong Yang; Editing by Nick Macfie)

Source: OANN

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FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight taxis after landing at Reagan National Airport in Washington
FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles taxis after landing at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts/File Photo

April 26, 2019

(Reuters) – American Airlines Group Inc cut its 2019 profit forecast on Friday, saying it expected to take a $350 million hit from the grounding of Boeing’s 737 MAX planes after cancelling 1,200 flights in the first quarter.

The company said it now expects its 2019 adjusted profit to be between $4.00 per share and $6.00 per share.

Analysts on average had expected 2019 earnings of $5.63 per share, according to Refinitiv data.

The No. 1 U.S. airline by passenger traffic said net income rose to $185 million, or 41 cents per share, in the first quarter ended March 31, from $159 million, or 34 cents per share, a year earlier.

Total operating revenue rose 2 percent to $10.58 billion.

(Reporting by Sanjana Shivdas in Bengaluru)

Source: OANN

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2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa
2020 Democratic presidential candidate Pete Buttigieg speaks at a campaign event in Des Moines, Iowa, U.S., April 16, 2019. REUTERS/Elijah Nouvelage

April 26, 2019

By James Oliphant

MARSHALLTOWN, Iowa (Reuters) – Four years ago, Donald Trump campaigned in small towns like Marshalltown, Iowa, vowing to restore economic prosperity to the U.S. heartland.

In his bid to replace Trump in the White House, Pete Buttigieg is taking a similar tack. The difference, he says, is that he can point to a model of success: South Bend, Indiana, the revitalized city where he has been mayor since 2012.

The Democratic presidential contender has vaulted to the congested field’s top tier in recent weeks, drawing media and donor attention for his youth, history-making status as the first openly gay major presidential candidate and a resume that includes military service in Afghanistan.

But Buttigieg’s main argument for his candidacy is that he is a turnaround artist in the mold of Trump, although the Democrat does not expressly invoke the comparison with the Republican president.

“I’m not going around saying we’ve fixed every problem we’ve got,” Buttigieg, 37, said after a house party with voters in Marshalltown. “But I’m proud of what we have done together, and I think it’s a very powerful story.”

Critics argue improving the fortunes of a Midwestern city of 100,000 people does not qualify Buttigieg, who has never held national office, for the presidency of a country of 330 million. Others say South Bend still has pockets of despair and that minorities, in particular, have failed to benefit from its growth.

Buttigieg has told crowds in Iowa and elsewhere that his experience in reviving a struggling Rust Belt community allows him to make a case to voters that other Democratic candidates cannot. That may give him the means to win back some of the disaffected Democratic voters who turned their backs on Hillary Clinton in 2016 to vote for Trump.

Watching Buttigieg at a union hall in Des Moines last week, Rick Ryan, 45, a member of the United Steelworkers, lamented how many of his fellow union workers voted for Trump. The president turned in the best performance by a Republican among union households since Ronald Reagan in 1984.

Ryan said he hoped someone like Buttigieg could return them to the Democratic fold.

“He’s aware of the decline in the labor force in America, not just in Indiana or Des Moines or anywhere else,” Ryan said. “Jobs are going overseas. We need a find to way to bring that back.”

Randy Tucker, 56, of Pleasant Hill, Iowa, a member of the International Brotherhood of Electrical Workers, said Trump appealed to union members “desperate for somebody to reach out to them, to help them, to listen to their voice.”

Buttigieg could do the same, he said. “In my heart right now, he’s No. 1.”

PAST VS. FUTURE

Buttigieg stresses a key difference in his and Trump’s approaches.

Trump, he tells crowds, is mired in the past, promising to rebuild the 20th century industrial economy. Buttigieg argues the pledge is misleading and unrealistic.

Buttigieg says his focus is on the future, and he often talks about what the country might look like decades from now.

“The only way that we can cultivate what makes America great is to look to the future and not be afraid of it,” Buttigieg said in Marshalltown.

Buttigieg knows his sexual preference may be a barrier to winning some blue-collar voters. But he notes that after he came out as gay in 2015, he won a second term as mayor with 80 percent of the vote in conservative Indiana.

Earlier this month, he announced his presidential bid at the hulking plant in South Bend that stopped making Studebaker autos more than 50 years ago. After lying dormant for decades, the building is being transformed into a high-tech hub after Buttigieg and other city leaders realized it would never again attract a large-scale industrial company.

“That building sat as a powerful reminder. We hoped we would get back that major employer that would fix our economy,” said Jeff Rea, president of the regional Chamber of Commerce.

Buttigieg is praised locally for spurring more than $100 million in downtown investment. During his two terms, unemployment has fallen to 4.1 percent from 11.8 percent.

But a study released in 2017 by the nonprofit group Prosperity Now said not all of the city’s residents had shared in its rebound. The median income for African-Americans remained half that of whites, while the unemployment rate for blacks was double.

Regina Williams-Preston, a city councilor running to replace Buttigieg as mayor, credits him for the revitalized downtown. But she said he had a “blind spot” when it came to focusing on troubled neighborhoods like the one she represents and only grew more engaged after community pressure.

“He understands it now,” she said. “The next step is figuring out how to open the doors of opportunity for everyone.”

‘ONE OF US’

Trump touts the fact that the United States added almost 300,000 manufacturing jobs last year as evidence he made good on his promise to restore the industrial sector. But that growth still left the country with fewer manufacturing jobs than in 2008.

The robust U.S. economy is likely the president’s greatest asset in his re-election bid, particularly in states he carried in 2016 such as Iowa, Wisconsin, Michigan and Pennsylvania. He won Buttigieg’s home state by 19 points over Clinton in 2016.

Sean Bagniewski, chairman of the Democratic Party in Polk County, Iowa, said Buttigieg would be well positioned to compete with Trump in the Midwest.

“People love the fact that he’s a mayor,” said Bagniewski, who has not endorsed a candidate in the nominating contest. “If you can talk about a positive future, and if you actually have experience that can do it, that’s a compelling vision in Iowa.”

Nan Whaley, the mayor of Dayton, Ohio, which faces many of the same challenges as South Bend, agreed.

“He’s one of us,” Whaley said. “That helps.”

(Reporting by James Oliphant; Editing by Colleen Jenkins and Peter Cooney)

Source: OANN

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A man looks out at a flooded residential area in Gatineau
A man looks out at a flooded residential area in Gatineau, Quebec, Canada, April 24, 2019. REUTERS/Chris Wattie

April 26, 2019

MONTREAL/OTTAWA (Reuters) – Rising waters were prompting further evacuations in central Canada on Thursday, with the mayor of the country’s capital, Ottawa, declaring a state of emergency and Quebec authorities warning that a hydroelectric dam was at risk of breaking.

Ottawa Mayor Jim Watson declared the emergency in response to rising water levels along the Ottawa River and weather forecasts that called for significant rainfall on Friday.

In a statement on Twitter, Watson asked for help from the Ontario provincial government and the country’s military.

He warned that “flood levels are currently forecasted to exceed the levels that caused significant damage to numerous properties in the city of Ottawa in 2017.”

Spring flooding had killed one person and forced more than 900 people from their homes in Canada’s Quebec province as of 1 p.m. on Thursday, according to a government website.

Ottawa has received 80 requests for service related to potential flooding such as sandbagging, a city spokeswoman said.

The prospect of more rain over the next 24 to 48 hours triggered concerns on Thursday that the hydroelectric dam at Bell Falls in the western part of Quebec could be at risk of failing because of rising water levels.

Quebec’s provincial police said 250 people were protectively removed from homes in the area as of late afternoon in case the dam on the Rouge River breaks.

The dam is now at its full flow capacity of 980 cubic meters per second of water, said Francis Labbé, a spokesman for the province’s state-owned utility, Hydro Quebec. He said Hydro Quebec expected the flow could rise to 1,200 cubic meters per second of water over the next two days.

“We have to take the worst-case scenario into consideration, since we`re already at the maximum capacity,” Labbé said by phone.

The dam is part of a power station that no longer produces electricity, but is regularly inspected by Hydro Quebec, he said.

(Reporting by Allison Lampert in Montreal and David Ljunggren and Julie Gordon in Ottawa; Editing by James Dalgleish and Peter Cooney)

Source: OANN

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