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China will fend off cross-border capital flow risks: FX regulator

A vendor selling flowers hands over change to a customer in Kunming
FILE PHOTO: A vendor selling flowers hands over change to a customer in Kunming, Yunnan province, August 19, 2015. REUTERS/Wong Campion

March 29, 2019

BEIJING (Reuters) – China will fend off cross-border capital flow risks and keep the yuan exchange rate basically stable in 2019, the country’s foreign exchange regulator said on Friday.

Cross-border capital flows will be adjusted via “market-based counter cyclical measures”, the State Administration of Foreign Exchange (SAFE) said in a report, without elaborating.

Since 2016, China has imposed stringent curbs to prevent capital flight, a move made in the aftermath of a spectacular stock market collapse during the last economic downturn. Regulators will continue to crack down on illegal foreign exchange activities, SAFE added.

While China’s economy has continued to cool, analysts believe the risk of strong capital outflows has greatly diminished in recent months, as the yuan regained its footing and foreign investors piled back into battered Chinese stock markets.

On March 24, central bank governor Yi Gang said China has basically exited from regular interventions in the foreign exchange market, and that Beijing will push for reforms which enhance the yuan’s exchange rate flexibility.

China will push forward capital account convertibility in an orderly way this year, with further opening-up in its equity and stock markets, SAFE said on Friday.

“(We will) increase the depth of the foreign exchange market, expand trading entities, increase trading tools, expand trading scope, promote market opening, and meet the risk-hedging needs of different entities,” the regulator said.

China’s current account is expected to be “basically balanced” in 2019 as physical goods imports and exports are both likely to rebound and stabilize, maintaining a surplus, it said.

For 2018, China’s final current account surplus came in at $49.1 billion, equivalent to 0.4 percent of gross domestic product (GDP) last year.

China had a final current account surplus of $54.6 billion for the fourth quarter, compared to the $23.3 billion surplus in the July-September, according to SAFE.

(Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Richard Borsuk)

Source: OANN

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The Latest: DOC chief disappointed in prison riot verdict

The Latest on the verdicts of four inmates charged in the prison riot at Vaughn Correctional Center in February 2017 (all times local):

4 p.m.

The commissioner of Delaware's Department of Correction says he's disappointed that a jury delivered no guilty verdicts against four inmates charged in the fatal prison uprising in February 2017.

Commissioner Perry Phelps said in news release Monday that the department is disappointed but respects the jury's decisions.

He says he's grateful for the work of Delaware State Police and the Department of Justice which "tirelessly pursued justice on behalf of our fallen officer." He was referring to Officer Steven Floyd, who died during the 18-hour standoff.

The News Journal of Wilmington reported that jurors returned no guilty verdicts Monday for four inmates charged with murder and riot during the uprising at Vaughn Correctional Center near Smyrna.

Twenty-six-year-old Abednego Baynes and 28-year-old Kevin Berry were acquitted of all charges after about five days of deliberation.

The jury could not reach unanimous verdicts on a riot and assault charge against 29-year-old John Bramble. Jurors also didn't reach a unanimous decision on murder charges and a riot charge against 26-year-old Obadiah Miller. The two were acquitted of all other charges.

___

3 p.m.

Prosecutors will have to decide whether they want to renew the effort to convict two inmates in the riot at the Delaware's largest prison that killed one correctional officer.

The News Journal of Wilmington reports jurors returned no guilty verdicts Monday for four inmates charged with murder and riot during the uprising at Vaughn Correctional Center near Smyrna in February 2017.

Twenty-six-year-old Abednego Baynes and 28-year-old Kevin Berry were acquitted of all charges after about five days of deliberation.

The jury could not reach unanimous verdicts on a riot and assault charge against 29-year-old John Bramble. Jurors also didn't reach a unanimous decision on murder charges and a riot charge against 26-year-old Obadiah Miller. The two were acquitted of all other charges.

Prosecutors must decide whether to retry Bramble and Miller. Deputy Attorney General John Downs declined comment as he exited the courthouse after the verdict.

___

2:25 p.m.

The trial for four inmates charged with murder in a 2017 Delaware fatal prison riot has ended with no convictions.

The News Journal of Wilmington reports jurors returned no verdicts Monday against John Bramble and Obadiah Miller for the riot at Vaughn Correctional Center near Smyrna. They also could not come to a unanimous decision for Miller's murder charge and assault charges for Bramble. They were acquitted of all other charges.

Abednego Baynes and Kevin Berry were acquitted of all charges.

Jurors reported earlier Monday that they were at an impasse on some charges.

Officer Steven Floyd died during the 18-hour standoff. The two other guards were released and a prison counselor was rescued by police.

Each defendant proclaimed his innocence from the stand during the four-week trial.

___

1:05 p.m.

Jurors in the trial of four inmates charged in a deadly Delaware prison riot have told the judge that they're at an impasse on some charges.

Delaware State News reports jurors passed a note Monday to Judge Jan Jurden. They are hearing charges against John Bramble, Abednego Baynes, Kevin Berry and Obadiah Miller.

The four are charged with riot, assault, kidnapping, conspiracy and murder in connection with the 2017 uprising at the James T. Vaughn Correctional Center near Smyrna. Corrections officer Lt. Steven Floyd died in the riot.

Jurden told jurors to continue deliberations but they can deliver the partial verdict later if necessary.

Defense attorney Tony Figliola said the jurors have deliberated for five days, and their note indicates they've decided 35 of the 40 counts.

__

This story corrects 3 p.m. item and introductory line to show uprising was in February 2017, not June 2017

___

Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

Source: Fox News National

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Netflix documentary claims Madeleine McCann is still alive; top cop says, 'we'll find out'

A top child protection cop insists the 12-year mystery of missing Madeleine McCann will be solved.

The claim will be made in a bombshell new Netflix documentary to be released this week.

"The Disappearance of Madeleine McCann" features 40 experts and key figures in the case, some of whom argue the three-year-old was abducted by a people-trafficking gang and taken to another foreign country. But the series, which will be released Friday and took two years to make, also delivers a message of hope, with police claiming they will still solve the 12-year-old mystery.

MADELEINE MCCANN WAS NEVER ABDUCTED, EXPERT FOLLOWING THE CASE SAYS

Jim Gamble, the top child protection cop in the UK’s first Maddie investigation, says: “I absolutely believe that in my lifetime we will find out what has happened to Madeleine McCann.

“There’s huge hope to be had with the advances in technology. Year on year DNA is getting better. Year on year other techniques, including facial recognition, are getting better.

“And as we use that technology to revisit and review that which we captured in the past, there’s every likelihood that something we already know will slip into position.”

WE'LL SOLVE MADDIE MYSTERY

The documentary also claims Madeleine is likely to have been kept alive by child traffickers because, as a middle-class British girl, she would be more financially valuable.

Julian Peribanez, the private investigator hired by the McCanns, explains: “They usually go for lower-class kids from third world countries — that’s the main supplier of these gangs.

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“The value that Madeleine had was really high because if they took her it’s because they were going to get a lot of money.”

To continue reading on The Sun, click here.

Source: Fox News World

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Miami student charged after attempting wrestling move on high school principal, cops say

A Miami high school student was arrested Wednesday after allegedly attempting a popular wrestling move on his principal.

Gianny Sosa, a senior at Miami Southridge Senior High School, was in a hallway when he allegedly placed his arm around the neck of Principal Humberto Miret to allegedly attempt an “RKO” move caught on cellphone video. It was unclear what led to the alleged incident.

An “RKO” is performed by jumping into the air and grabbing the back of an opponent’s head and slamming their face into the mat. Miret was able to get Sosa into a chokehold and appears to punch him, WLPG-TV reported.

Sosa, 18, a recorded a video of himself and Miret after the incident.

"Oh, now that I'm recording you don't want to touch me? You don't want to hit me now?" Sosa said to Miret in the video. "It's crazy, ain't it? Now that the camera has your face, you don't want to hit me. Now that the superintendent might see this, you don't want to touch me."

CLICK HERE TO GET THE FOX NEWS APP

The teen is charged with battery on a school official and interference with an educational institution, according to the station. It was not immediately whether the student or Miret will face discipline by the Miami-Dade County Public Schools district.

Source: Fox News National

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Papadopoulos: Trump Campaign Was Spied on

George Papadopoulos, the former foreign policy adviser to Donald Trump’s 2016 election effort, says he knows for certain that the campaign was spied on.

Papadopoulos made his comments in a column posted on The Wall Street Journal website on Wednesday. They came after Attorney General William Barr told a Senate panel last week that “I think spying did occur.”

“The spying happened, and it happened to me,” Papadopoulos wrote.  

“What drove U.S. intelligence organizations during the Obama administration to use unvetted information and inconclusive spy operations against the Republican nominee and his staff?”

Papadopoulos said during his time with the campaign he was contacted on “multiple occasions” by operatives for federal intelligence and law-enforcements organizations.

“Operatives” is a euphemistic term for these men,” he said. “Spies is a more fitting label. One is Stefan Halper, a professor at the University of Cambridge who runs intelligence seminars and has ties to the Central Intelligence Agency. The Washington Post named him as the FBI informant who approached at least three members of the Trump campaign.

“Then there’s Alexander Downer, who had the lofty title of Australian high commissioner to the U.K. and was an adviser to the British private intelligence firm Hakluyt & Co.

“Finally, there’s Joseph Mifsud, who taught at Rome’s Link Campus University, where many faculty members have ties to intelligence agencies.

“These men spied on me,” he said. “As spies, they hid behind the cloak of their public personas while trying to ferret out information about the campaign and Moscow, and prod me into corroborating their bad intelligence.”

Source: NewsMax Politics

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V.P. Mike Pence Calls for Europe to Leave Iran Nuclear Deal, Support Guaido

V.P. Mike Pence Calls for Europe to Leave Iran Nuclear Deal, Support Guaido

OAN Newsroom
UPDATED 8:24 AM PT — Sat. Feb. 16, 2019

Vice President Mike Pence urges the European Union to withdraw from the Iran Nuclear Deal.

On Saturday, Pence delivered a speech to world leaders at the Munich Security Conference, calling for European countries to join the U.S. in pressuring the Iranian regime to give the people the peace and freedom they deserve.

United States Vice President Mike Pence delivers his speech during the Munich Security Conference in Munich, Germany, Saturday, Feb. 16, 2019. (AP Photo/Kerstin Joensson)

He also warned of the threat posed by telecoms equipment supplied by Chinese provider Huawei.

Pence also addressed a terrorism issue and said the U.S. will continue fighting the Islamic State.

Additionally, Pence asked the leaders in the room to support Venezuela in its struggle for democracy and recognize Juan Guaido as the only legitimate President of Venezuela.

Source: OANN Top News

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Draft notebook: Kentucky’s Montgomery submits his name

NCAA Basketball: NCAA Tournament-Midwest Regional-Houston vs Kentucky
FILE PHOTO: Mar 29, 2019; Kansas City, MO, United States; Kentucky Wildcats forward EJ Montgomery (23) controls the ball against Houston Cougars guard Armoni Brooks (3) during the first half in the semifinals of the midwest regional of the 2019 NCAA Tournament at Sprint Center. Mandatory Credit: Denny Medley-USA TODAY Sports

April 19, 2019

Kentucky freshman forward EJ Montgomery announced Friday he will enter the 2019 NBA Draft but will return to school if he doesn’t receive a first-round draft grade. He has until May 29 to withdraw his entry.

“I have sat down with Coach Cal (John Calipari) and my family and decided to take full advantage of the rules that are in place and enter my name in the draft process,” he said. “My goal is to be a first-rounder. If the information I receive supports that, my plan is to stay in the draft and pursue my dreams of playing in the NBA.”

He becomes the fourth Kentucky underclassman to declare for the June draft, joining sophomore forward PJ Washington and freshman guards Keldon Johnson and Tyler Herro.

A 6-foot-10 forward from Florida, Washington appeared in 37 games (10 starts) for Kentucky in the 2018-19 season. He averaged 15.1 minutes per game, scoring 3.8 points and grabbing 4.1 rebounds.

–Vermont junior forward Anthony Lamb, the America East player of the year, also announced he will enter the draft.

The 6-foot-6 Lamb played in 32 games for the Catamounts, averaging 21.1 points, 7.8 rebounds and 2.3 assists in 31.6 minutes per game.

–Field Level Media

Source: OANN

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Joe Biden’s brain surgeon said his former patient is “totally in the clear” as speculation over the candidate’s health — with Biden possibly becoming the oldest president in U.S. history — is likely to become a campaign issue.

The former vice president, who had been perceived by many as the strongest potential contender for the Democratic Party’s 2020 presidential nomination, formally announced his candidacy Thursday.

But Biden’s age – 76 – is expected to become a source of attacks from a younger generation of Democrats not because of obvious generational differences, but possibly for actual health concerns if Biden gets into office.

WHY THE MEDIA ARE CONVINCED JOE BIDEN WILL IMPLODE

Biden himself agreed last year that “it’s totally legitimate” for people to ask questions about his health if he decides to run for president, given his medical history — which has included brain surgery in 1988.

“I think they’re gonna judge me on my vitality,” Biden told “CBS This Morning.” “Can I still run up the steps of Air Force Two? Am I still in good shape? Am I – do I have all my faculties? Am I energetic? I think it’s totally legitimate people ask those questions.”

“I think they’re gonna judge me on my vitality. …  I think it’s totally legitimate [that] people ask those questions.”

— Joe Biden

But Dr. Neal Kassell, the neurosurgeon who operated on Biden for an aneurysm three decades ago, told the Washington Examiner that Biden appears to be “totally in the clear” — and even joked that the operation made Biden “better than how he was.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it,” Kassell said. “That’s more than I can say about all the other candidates or the incumbents.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it.”

— Dr. Neal Kassell

BIDEN’S CLAIM HE DIDN’T WANT OBAMA TO ENDORSE TRIGGERS MOCKERY

At the same time, however, Biden hasn’t been forthcoming about his health at least since 2008 when he released his medical records as a vice presidential candidate. The disclosure that time revealed some fairly minor issues such as an irregular heartbeat in addition to detailing previous operations, including removing a benign polyp during a colonoscopy in 1996, the outlet reported.

It remains unclear if Biden had more aneurysms. Some medical experts say that people who have had an aneurysm can have another one.

An aneurysm, or a weakening of an artery wall, can lead to a rupture and internal bleeding, potentially placing a patient’s life in jeopardy.

Biden won’t be the only Democrat grappling with old age. Sen. Bernie Sanders, another 2020 frontrunner, is currently 77 years old and agreed with Biden last year that their ages will be an issue in the race.

“It’s part of a discussion, but it has to be part of an overall view of what somebody is and what somebody has accomplished,” Sanders told Politico.

“Look, you’ve got people who are 50 years of age who are not well, right? You’ve got people who are 90 years of age who are going to work every day, doing excellent work. And obviously, age is a factor. But it depends on the overall health and wellbeing of the individual.”

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Sanders released his medical records in 2016, with a Senate physician saying in a letter that the senator was “in overall very good health.”

Source: Fox News 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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