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Mizrahi Tefahot Bank to pay $195 million over U.S. tax evasion charges

FILE PHOTO: A Mizrahi-Tefahot Bank logo is seen at a branch in Jerusalem
FILE PHOTO: A Mizrahi-Tefahot Bank logo is seen at a branch in Jerusalem August 29, 2011. REUTERS/Baz Ratner

March 12, 2019

WASHINGTON (Reuters) – Mizrahi Tefahot Bank Ltd agreed to pay $195 million for a deferred prosecution agreement after the Israeli bank admitted it had defrauded the United States, the U.S. Justice Department said on Tuesday.

The bank engaged in schemes to hide clients’ funds so they could avoid paying income taxes between 2002 and 2012, the Justice Department said.

(Reporting by Makini Brice)

Source: OANN

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‘Awakening’ happening in women’s sports, says LA Mayor Garcetti

FILE PHOTO: Los Angeles Mayor Eric Garcetti moderates a discussion at the Conference of Mayors winter meeting in Washington
FILE PHOTO: Los Angeles Mayor Eric Garcetti moderates a discussion on 'New Challenges and Solutions to Homelessness" at the United States Conference of Mayors winter meeting in Washington, U.S., January 24, 2019. REUTERS/Yuri Gripas/File Photo

April 6, 2019

By Rory Carroll

LOS ANGELES (Reuters) – The lawsuit recently filed by the U.S. women’s soccer team is part of a wider public “awakening” to the challenges that women athletes face, Los Angeles Mayor Eric Garcetti told Reuters on Saturday.

Speaking on the sidelines of the launch of an initiative aimed at the development of more women coaches, Garcetti said the suit against the U.S. Soccer Federation alleging wage discrimination marked an important step toward gender equality.

“I think there is an awakening happening in women’s sports whether it’s abuse, discrimination or simply having basic civil rights denied,” he told Reuters.

“I support women athletes who are saying enough is enough. That for too long the federations have not done right by them to protect them and empower them,” he said.

“It’s an exciting moment to see that happening.”

Closing the pay gap between male and female athletes is critical to attracting women to professional sports, which will in turn boost the popularity of women’s sports leagues, he said.

Women would no longer accept being treated as second class citizens by their sports, he said, and will demand a greater share of the overall wealth it generates going forward.

“The WNBA survives and it has been great to see it survive but women who play in the WNBA have to cobble together jobs in Europe in between,” he said.

“We have to step up as a society and say this matters and that men and women should be on as equal a footing as we can be.”

The next generation of woman athletes will be better served if they can see similarities between themselves, their coaches and the sports icons they look up to, U.S. gold medalist gymnast Laurie Hernandez said at the Women Coach LA launch event.

“I took it as a really big responsibility to be a role model for these kids,” she told a gathering of about 400 women at the kickoff for the initiative, which is a partnership between the City of LA and Nike.

“Growing up I didn’t see many, if any, Hispanic gymnasts and I just resorted to being my own person,” she said.

“I guess I didn’t realize how big of a deal it was to be a Hispanic American on the Olympic team because then so many little girls started becoming gymnasts,” she said.

“And it’s because they saw someone that looked like them.”

(Reporting by Rory Carroll, editing by Nick Mulvenney)

Source: OANN

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American father had to choose which of his two children to rescue in Sri Lanka bombing

It’s a nightmare hard to fathom.

Former New York investment banker Matthew Linsey, 61, has spoken out in grief about the painful split-second decision he was forced to make on Sunday after a suicide bomber tore through the breakfast buffet in the Shangri-La Hotel in Sri Lanka’s capital city, Colombo.

“My son looked worse than my daughter, I tried to revive him,” Linsey, who survived the attack with facial lacerations, told the Times of London. “People were screaming. I was with my children. I couldn’t tell whether they were all right, it was dark. I was worried there would be another blast.”

AMERICAN FATHER MOURNS THE DEATH OF 11-YEAR-OLD SON IN SRI LANKA ATTACK

His children Amelie, 15, and Daniel, 19 – dual citizens of the U.S. and the U.K. – were both severely wounded by shrapnel in the blast. Amid the chaos, Linsey recalled how he had to leave his daughter behind in the wreckage, believing that she had a better chance of survival, as another survivor pledged she would take her to the hospital.

SRI LANKA SUICIDE BOMBERS BECAME DISTANT, ‘TOTALLY CRAZY’ IN YEARS LEADING UP TO EASTER MASSACRE, SIBLINGS SAY

He carried his son’s lifeless body downstairs to a waiting ambulance, but doctor’s efforts to revive him failed and he later learned that Amelie also did not make it.

“Amelie was really fun. She was smart, beautiful. Very loving, very caring, understanding. She cared about her family and her friends. And the same with Danny,” the former Chase Bank vice president said. “They loved traveling abroad. That’s a very important part of who they were.”

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Linsey, with the help of the U.S. Embassy, was able to travel back to the U.K that day and now is left to pick up the pieces of life alongside his wife and two other sons while attempting to repatriate the bodies of his son and daughter.

Amelie and Daniel were two of four U.S. citizens killed in the coordinated Easter terrorist attack, which claimed the lives of more than 300 people and severely wounded some 500 churchgoers and hotel guests from all corners of the globe.

Source: Fox News World

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IRS Insider: Federal Reserve Committed Over 100 Years Of Fraud And Deceit

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Source: InfoWars

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Islamic Minaret Should Replace Notre Dame Spire, Says Architecture Expert

An architecture expert has called for Notre Dame’s fallen spire to be replaced with an Islamic minaret as an apology to Algerian Muslims killed by French police.

Writing in Domus, Tom Wilkinson, history editor of the Architectural Review, argues that the rebuild is an opportunity to communicate a message of political correctness.

“I can’t say I ever thought it the most beautiful cathedral in the world,” writes Wilkinson, before going on to slam Eugène Viollet-le-Duc, the cathedral’s 19th century restorer, accusing him of “utterly unforgettable fantasies of structural engineering”.

He goes on to call for the rebuild to reflect “a more up-to-date form of political truth,” which could include “transforming Notre-Dame into a memorial to the generations of peasants who were exploited to fund it.”

According to Wilkinson, it could also include replacing the church’s perished 200 year old spire with an Islamic minaret.

“What about the approximately 100 Algerians who were killed by the French police while protesting the Algerian War in 1961, many of them thrown into the Seine at the foot of Notre-Dame?” he writes.

“These victims of the state could be memorialised by replacing Viollet-le-Duc’s flèche with – why not? – a graceful minaret.”

A minaret is a tower built next to a mosque that is normally used to broadcast the Islamic call to prayer.

As I document in the video below, while Wilkinson’s proposal is unlikely to be taken seriously, top architects and President Macron himself have called for the rebuild of Notre Dame to reflect the country’s new “diversity”.

The favorite to secure the rebuilding contract, Foster + Partners, has been responsible for some of western architecture’s most hideous eyesores, including the new ‘Tulip’ tower in London, which critics say reminds them of a giant dildo.

Those who prayed for Notre Dame to be rescued from the fires that nearly destroyed it should keep praying because the threat posed by modernist architects may be substantially greater.

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Source: InfoWars

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Autos lead rally in European shares on trade hopes, China data

FILE PHOTO: The German share price index DAX graph at the stock exchange in Frankfurt
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 28, 2019. REUTERS/Staff/File Photo

April 1, 2019

By Medha Singh and Agamoni Ghosh

(Reuters) – European shares were on course for their biggest daily gain in eight weeks on Monday, as a surprise recovery in China’s factory data and signs of progress in Sino-U.S. trade talks boosted investor sentiment on the first trading day of second quarter.

Following the best quarterly performance in four years, the pan-European index climbed 0.9 percent at 0922 GMT, with all major sectors higher.

While gains spread across all regional bourses, Germany’s trade-sensitive DAX outperformed with its 1.3 percent rise, helped by 3 percent jump in auto stocks which were set for their best daily surge since Jan. 4.

Peugeot SA rose about 3 percent while Fiat Chrysler Automobiles gained 1.6 percent on a report that the two companies are exploring a partnership to share investments to build cars in Europe.

European chip stocks were another bright spot after better-than-expected results from Apple-supplier Foxconn Industrial.

Shares in Dialog Semiconductor Plc, Infineon Technologies, Ams AG and Siltronic AG and STMicroelectronics N.V. rose between 3 percent and 5 percent.

The upbeat mood spilled over from Asian markets, after both official and private surveys showed factory activity in China unexpectedly grew for the first time in four months in March.

China’s economic data comes on the heels of fresh concerns over a slowing world economy that resurfaced last month after the U.S. Federal Reserve abruptly ended its plans for policy tightening this year and signals from the bond market of an imminent recession.

“The economic growth in China will strengthen from here and that is the strongest signal which is driving the markets today,” said Naeem Aslam, chief market analyst at TF Global Markets (UK) Ltd in London.

In contrast, markets seemed to shrug off a survey that found factories in the euro zone had their worst month in March for almost six years. Another survey showed Germany’s Markit’s Purchasing Managers’ Index (PMI) for manufacturing fell to an 80-month low reading of 44.1.

“The German number is nothing short of a disaster. We are talking of recession territory over here and this is a huge concern for the European Central Bank. But for the markets today, the focus is on China and the optimism around it,” Aslam said.

Adding to the buoyant mood, China said over the weekend that it would continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1, the latest sign of optimism as the world’s two largest economies work out a deal to end their trade dispute.

Swiss logistics group Panalpina jumped 14 percent on bowing to an increased 4.6 billion Swiss francs ($4.6 billion) bid from Danish rival DSV, ending a more than two-month takeover battle designed to build scale in the consolidating transport sector.

EasyJet slipped 7 percent, among the biggest decliners on the STOXX, after the British low-cost airline warned that demand and pricing were suffering from Brexit jitters and a weaker economic outlook.

Ryanair Holdings also shed over 3 percent.

London’s FTSE 100 and the Dublin bourse, often seen as a barometer for Brexit sentiment, rose 0.7 percent each.

Britain’s exit from the European Union was in disarray after a third defeat of Prime Minister Theresa May’s divorce deal left her under pressure from rival factions to leave without a deal, go for an election or forge a much softer divorce.

Parliament will vote on different Brexit options on Monday and then May could try to bring her deal back to a vote in parliament one more time, possibly as early as Tuesday.

Goldman Sachs says the balance of risks around Brexit outcomes is tilted toward a softer, longer departure from the European Union, after a May’s withdrawal agreement was rejected for a third time.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Peter Graff and Jon Boyle)

Source: OANN

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Feds Raid Baltimore Mayor’s Homes As ‘Children’s Book’ Corruption Scandal Snowballs

As one of the most absurd corruption scandals in recent American memory continues to snowball, agents from the FBI and IRS on Thursday raided two homes owned by Baltimore Mayor Catherine Pugh, as well as city hall, presumably in connection with the “children’s book” corruption scandal that has inflamed tensions in the city and prompted calls for Pugh to resign immediately.

According to AP, Dave Fitz, an FBI spokesman from the agency’s Baltimore office, said the agents were “executing court-authorized search warrants” but couldn’t release any more details because the warrants were sealed.

On April 1, Maryland Gov. Larry Hogan asked state prosecutors to begin a criminal investigation into what appears to be a brazen kickback scheme involving sales of Pugh’s “Healthy Holly” book series. Agents also raided a non-profit with which Pugh has been associated.

Yes, you read that right. The mayor of Baltimore has been accused of using her position to secure contracts worth hundreds of thousands of dollars from the University of Maryland Medical System and managed-care consortium KaiserPermanente. The contracts were agreements to buy thousands of copies of Pugh’s “Healthy Holly” books, a series written by Pugh.

Pugh was sitting on the organization’s board when she received the contract from the University of Maryland system. And shortly after she received a payment from KaiserPermanente, the company received a $48 million contract from the city. Though we’re sure that’s just a coincidence. Furthermore, some of the “Healthy Holly” copies that Pugh sold to the University of Maryland Medical System remain unaccounted for, and some suspect they may never have been printed.

In response to the scandal, which was uncovered by reporters from the Baltimore Sun earlier this month, the city council demanded that Pugh resign in a terse letter signed by the entire membership. The city’s congressional delegation has also called on Pugh to resign, as have other state officials.

Adding to the farce, Pugh and five of her closest aids took a paid leave a few weeks ago, around the time Hogan called for a criminal investigation, with Pugh claiming that she has been recuperating after a brutal bout of pneumonia. She has barely been heard from or seen in that time.

Maryland’s chief accountant called Pugh’s “self-dealing” arrangements to sell her books as “brazen, cartoonish corruption.”

Unfortunately for its long-suffering residents, who have been fleeing the city in droves as crime spirals out of control, City Hall is no stranger to absurd corruption cases. Pugh won the mayor’s seat after triumphing over ex-Mayor Sheila Dixon, who spent much of her prior tenure as mayor battling corruption allegations stemming from her ‘misappropriation’ of $500 in gift cards intended for needy families. Dixon was accused of taking the gift cards and using them as gifts for family members. Dixon left office in 2010 as part of a plea deal with prosecutors.

Pugh’s predecessor, Stephanie Rawlings-Blake, who took over from Dixon after her resignation, opted not to seek another term after she was roundly criticized for her handling of the Freddie Gray protests/riots.

Unfortunately for the city, only a conviction can force a Baltimore mayor’s removal from office. The city’s charter leaves no options for ousting the mayor, which amounts to a major bargaining chip for Pugh.

However, now that she appears to have become the target of a federal investigation, it will likely become increasingly difficult for her to hang on. Perhaps she’ll need to invent another illness to avoid dealing with the public fallout from these raids.



On his way to bullhorn the White House, Alex Jones bumped into Max Keiser of MaxKeiser.com.

Source: InfoWars

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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