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EU court shields ECB from disclosing key document in Greek crisis

FILE PHOTO: People line up at an ATM outside a National Bank branch in Athens
FILE PHOTO: People line up at an ATM outside a National Bank branch in Athens, Greece June 29, 2015. REUTERS/Alkis Konstantinidis

March 12, 2019

FRANKFURT (Reuters) – The European Union’s top court on Tuesday denied access to a key European Central Bank document which underpinned its decision to freeze vital funding to Greek banks in 2015, a turning point in the country’s financial crisis.

Former Greek finance minister Yanis Varoufakis and German parliamentarian Fabio De Masi had requested access to a legal opinion informing the ECB decision, which they say was illegitimate and aimed at forcing Athens to cave in during bailout negotiations with its lenders.

But the EU’s General Court said the ECB was right to deny access to the document in order to protect its “space to think”.

“Contrary to the applicants’ claim, the ECB could legitimately take into account the hypothetical effects that the disclosure of the contested document could have on its space to think in 2015 and also after 2015,” the three judges said in their ruling.

Varoufakis and De Masi have two months to appeal the verdict.

The ECB decision to freeze the amount of emergency cash it was providing to Greek banks forced Alexis Tsipras’ government to temporarily close them and impose capital controls, sinking the Greek economy and weakening his negotiating position during heated talks with international lenders.

Eventually, hard-liner Varoufakis resigned and Tsipras struck a deal with the EU that gave Greece cash in return for austerity measures and reforms.

The document requested by Varoufakis and De Masi relates to the granting of Emergency Liquidity Assistance (ELA) by the Eurosystem, which includes the ECB and national central banks

After their request was rejected by the ECB, the pair turned to the EU’s General Court.

The ECB was not immediately available for comment but a spokesman said previously that the legal opinion preceded the decision to withhold funding by at least two months, adding the ECB decided not to disclose it to protect its legal advisers and its internal deliberations.

The ECB’s Agreement on ELA, published in 2017, prohibits national central banks from providing emergency cash if it threatens price stability or payments in the euro zone’s monetary system.

(Reporting By Francesco Canepa and Frank Siebelt; Editing by Kirsten Donovan)

Source: OANN

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Boeing profit falls 21 percent after 737 MAX groundings

FILE PHOTO: An aerial photo shows Boeing 737 MAX airplanes parked on the tarmac at the Boeing Factory in Renton
FILE PHOTO: An aerial photo shows Boeing 737 MAX airplanes parked on the tarmac at the Boeing Factory in Renton, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson/File Photo

April 24, 2019

(Reuters) – Boeing Co reported a 21 percent fall in first-quarter profit on Wednesday and suspended its 2019 outlook as the world’s largest planemaker worked to get its 737 MAX jets back in the air after two deadly accidents.

The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.

Excluding certain items, Boeing said its core earnings fell to $1.99 billion, or $3.16 per share, in the quarter ended March 31 from $2.51 billion, or $3.64 per share, a year earlier.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Bill Rigby and Anil D’Silva)

Source: OANN

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Mexican police detain hundreds of Central American migrants

Mexican police and immigration agents have detained hundreds of Central American migrants in the largest single raid on a migrant caravan since the groups started moving through Mexico last year.

Police targeted the tail end of a caravan of about 3,000 migrants who were making their way through the southern state of Chiapas.

Federal police and agents on Monday forced the migrants and their families into pickup trucks to take them to buses, presumably to deport them.

Mexico had welcomed the first caravans last year with open arms, but the reception has gotten colder since tens of thousands of migrants overwhelmed U.S. border crossings.

Source: Fox News National

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House set to uphold Trump veto, let border emergency stand

President Donald Trump is nearing a victory over Democrats as the House tries overriding his first veto, a vote that seems certain to fail and would let stand his declaration of a national emergency at the Mexican border.

Tuesday's vote would keep the border emergency intact, which for now would let him shift an additional $3.6 billion from military construction projects to work on a barrier along the southwest boundary. Building the wall was one of his most oft-repeated campaign promises, though he claimed the money would come from Mexico, not taxpayers.

Trump's emergency declaration drew unanimous opposition from congressional Democrats and opposition from some Republicans, especially in the Senate, where lawmakers objected that he was abusing presidential powers.

But while Congress approved a resolution voiding Trump's move, the margins by which the House and Senate passed the measure fell well short of the two-thirds majorities that will be needed to override the veto. That's expected to happen again when the House votes Tuesday.

"The president will be fine in the House," said Minority Leader Kevin McCarthy, R-Calif., in a brief interview. "The veto will not be overridden."

Even with his veto remaining intact, Trump may not be able to spend the money for barriers quickly because of lawsuits that might take years to resolve.

Tuesday's vote was coming as Trump claimed a different political triumph after Attorney General William Barr said special counsel Robert Mueller had ended his two-year investigation without evidence of collusion by Trump's 2016 campaign with the Russian government.

Democrats were hoping to use the border emergency battle in upcoming campaigns, both to symbolize Trump's harsh immigration stance and claim he was hurting congressional districts around the country.

The Pentagon sent lawmakers a list last week of hundreds of military construction projects that might be cut to pay for barrier work. Though the list was tentative, Democrats were asserting that GOP lawmakers were endangering local bases to pay for the wall.

Congress, to which the Constitution assigned control over spending, voted weeks ago to provide less than $1.4 billion for barriers. Opponents warned that besides usurping Congress' role in making spending decisions, Trump was inviting future Democratic presidents to circumvent lawmakers by declaring emergencies to finance their own favored initiatives.

Trump supporters said he was simply acting under a 1976 law that lets presidents declare national emergencies. Trump's declaration was the 60th presidential emergency under that statute, but the first aimed at spending that Congress explicitly denied, according to New York University's Brennan Center for Justice, which tracks the law.

The House approved the resolution blocking Trump's emergency by 245-182 in February. On Tuesday, Trump opponents will need to reach 288 votes to prevail.

Just 13 Republicans opposed Trump in February, around 1 in 15. Another 30 would have to defect to override his veto.

This month, the GOP-led Senate rebuked Trump with a 59-41 vote blocking his declaration after the failure of a Republican effort to reach a compromise with the White House. Republicans were hoping to avoid a confrontation with him for fear of alienating pro-Trump voters.

Twelve GOP senators, nearly 1 in 4, ended up opposing him.

If the House vote fails, the Senate won't attempt its own override and the veto will stand.

Source: Fox News National

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Palestinian prisoners in Israeli jails start hunger strike

Palestinian officials say leaders of prisoners in Israeli jails have launched a hunger strike, demanding better conditions.

Qadora Faris, head of Palestinian Prisoners Club, said on Monday that 30 inmates in Israeli jails have refused their meals as part of the strike, and that hundreds more plan to join.

The Israel Prison Service says it's prepared for any scenario but that it isn't aware of any mass hunger strike by Palestinian inmates.

At the root of the prisoner protest is an Israeli crackdown on cellular phones smuggled into the prisons, and electronic jammers used to disable them. The prisoners are also protesting alleged mistreatment by Israeli guards, including regular searches of cells for phones.

The hunger strike begins a day before Israel heads to the polls for national elections.

Source: Fox News World

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UK should have said soft Brexit was inevitable in 2017: chief whip

Britain's Conservative Party Chief Whip Julian Smith is seen outside Downing Street in London
Britain's Conservative Party Chief Whip Julian Smith is seen outside Downing Street in London, Britain, March 28, 2019. REUTERS/Hannah McKay

April 1, 2019

LONDON (Reuters) – The chief whip in parliament of British Prime Minister Theresa May’s Conservative Party has said her government should have said that a softer Brexit was inevitable after it lost its majority in a 2017 election, the BBC said on Monday.

Julian Smith was also strongly critical of a lack of discipline among senior ministers, the BBC said.

The BBC said it was unprecedented for a chief whip to publicly criticize the government. It comes as May’s ministers are deeply split over how to break Britain’s Brexit impasse.

Lawmakers are due to vote on alternatives to May’s deal on Monday.

(Writing by William Schomberg; Editing by Stephen Coates)

Source: OANN

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Mitt Romney Defends John McCain Amid Trump Bashing

Sen. Mitt Romney, R-Utah, came to the defense of the late Sen. John McCain on Tuesday after President Donald Trump launched another verbal attack at the former war hero and POW.

"I can't understand why the president would, once again, disparage a man as exemplary as my friend John McCain: heroic, courageous, patriotic, honorable, self-effacing, self-sacrificing, empathetic, and driven by duty to family, country, and God," Romney tweeted.

Trump and McCain feuded ever since the former called into question McCain's status as a war hero during the 2016 presidential campaign. McCain, who died last August after a battle with brain cancer, also cast the deciding vote that prevented the Senate from repealing Obamacare in 2017. It has been reported McCain gave the FBI a portion of the salacious, unverified dossier about Trump shortly before Trump took office.

Trump tweeted his displeasure at McCain over the weekend, and he followed that up with more bashing in front of the White House press corps Tuesday afternoon.

Source: NewsMax Politics

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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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