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Mnuchin says hopes U.S.-China trade talks nearing ‘final round’

U.S. Treasury Secretary Steven Mnuchin at the IMF and World Bank Spring Meetings in Washington
U.S. Treasury Secretary Steven Mnuchin leaves the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings, in Washington, April 12, 2019. REUTERS/James Lawler Duggan

April 13, 2019

By David Lawder and Pete Schroeder

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go “way beyond” previous efforts to open China’s markets to U.S. companies and hoped that the two sides were “close to the final round” of negotiations.

Mnuchin, speaking to reporters on the sidelines of the International Monetary Fund and World Bank spring meetings, said that he and U.S. Trade Representative Robert Lighthizer would hold two calls next week with Chinese Vice Premier Liu He. The officials also were discussing whether more in-person meetings were necessary to conclude an agreement.

“I think we’re hopeful that we’re getting close to the final round of concluding issues,” Mnuchin said.

Beijing and Washington are seeking a deal to end a bitter trade war marked by tit-for-tat tariffs that have cost the world’s two largest economies billions of dollars, disrupted supply chains and rattled financial markets.

Among the issues under discussion are U.S. demands that China open more sectors of its economy to foreign and U.S. firms. Asked whether such an opening would go beyond what was contemplated in the 2016 Bilateral Investment Treaty negotiations, he replied:

“We are making progress, I want to be careful. This is not a public negotiation … this is a very, very detailed agreement covering issues that have never been dealt with before,” Mnuchin said. “This is way beyond anything that looked like a bilateral investment treaty.

The BIT talks, pursued by former President Barack Obama’s administration, stalled as China refused to satisfy U.S. demands to open significant sectors of its economy to foreign investment. The talks were not taken up by the Trump administration, which pursued tariffs on Chinese goods instead, leading to the current talks.

Mnuchin called the agreement under negotiation “the most significant change in the trading relationship in 40 years,” adding that it would have “real enforcement on both sides.”

(Reporting by David Lawder and Pete Schroeder; Editing by Paul Simao)

Source: OANN

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Club for Growth: Trump Budget Deficits Similar to Obama's

The Club for Growth offered some constructive criticism of the White House budget unveiled Monday, saying the Trump administration and lawmakers on Capitol Hill need to work together to lower the federal deficit.

The group's president David McIntosh first praised the 2020 spending blueprint for helping to continue economic growth, but he quickly turned into a critic.

"Club for Growth remains deeply concerned about the deficits within the budget proposal, which totals over $1 trillion each year until 2023," McIntosh said in a statement. "These deficits mirror the deficits President Obama left on the American people.

McIntosh then brought up entitlement programs, saying they need to be reformed in order to stay afloat and lower costs.

"Club for Growth encourages President Trump to work with Congress to make abrupt reforms that save these important programs for future generations," he said.

"Club for Growth also encourages every Member of the United States House of Representatives and the United States Senate to look in the mirror and demand better of yourself on federal spending."

Source: NewsMax America

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U.S. home purchase sentiment rises to nine-month high: Fannie Mae

FILE PHOTO: Homes are seen for sale in the southwest area of Portland
FILE PHOTO: Homes are seen for sale in the southwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola/File Photo

April 8, 2019

NEW YORK (Reuters) – U.S. consumer sentiment for buying a home rose to its strongest in nine months as a result of a sturdy jobs market and a decline in mortgage rates so far this year, according to data released by Fannie Mae on Monday.

The federal mortgage agency said its home purchase sentiment index increased by 5.5 points to 89.8 points, its highest since last June.

Notably, Fannie Mae’s latest data showed the net share of consumers surveyed in March who said it is a good time to sell a home jumped 13 points to 43%.

A net share of 22% of consumers said it is a good time to buy a home, up 7 points from the month before.

The net share of consumers surveyed who said they are not concerned about losing their jobs fell 1 point to 80% from February’s 81%, which was the highest since the survey began in 2010.

Last Friday, the U.S. Labor Department said employers hired 196,000 workers in March, up from a revised 33,000 a month earlier, while average hourly earnings grew only 0.1% versus a 0.4% jump in February.

Moreover, the share of consumers who said mortgage rates will rise over the next 12 months surpassed those who thought home borrowing costs would decline was a difference of 45 percentage points.

The average 30-year home loan rate last week edged up 4.08% from prior week’s 4.06%, which was a 14-month low, Freddie Mac said on Thursday.

(Reporting by Richard Leong; Editing by Jeffrey Benkoe)

Source: OANN

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Italy has excessive economic imbalances, a risk to euro zone: EU

Women stand in a shoes shop in Rome
Women stand in a shoes shop in Rome, Italy, August 11, 2016. REUTERS/Max Rossi

February 27, 2019

By Jan Strupczewski

BRUSSELS (Reuters) – Italy’s economy is facing excessive imbalances and policies of its government are making matters worse, which also poses a threat to other euro zone countries, the European Commission said on Wednesday.

However, the EU executive arm, whose job is to analyze the economic performance of each of the EU’s 28 countries and warn of trouble ahead, said it would wait until it receives Italy’s reform program in April before taking action.

“Italy is experiencing excessive imbalances. High government debt and protracted weak productivity dynamics imply risks with cross-border relevance, in a context of still high level of non-performing loans and high unemployment,” the Commission said.

Last year, Italy narrowly escaped an EU disciplinary procedure over its very high public debt, which under EU rules should be falling every year.

In an unprecedented stand-off, the Commission rejected in October the initial 2019 draft budget of Italy’s ruling eurosceptic and populist coalition, that would have raised borrowing to cover election promises.

Rome and the Commission eventually reached a compromise over the deficit but it was based on an economic growth forecast of 1.2 percent. In February, the Commission revised that down to 0.2 percent.

“The government debt ratio is not expected to decline in the coming years, as the weak macroeconomic outlook and the government’s current fiscal plans, though less expansionary than its initial plans for 2019, will entail a deterioration of the primary surplus,” it said.

Italy’s borrowing costs surged in the second half of 2018 as investors grew worried about the extra borrowing needed to finance generous policies of tax cuts and spending on welfare and earlier pensions.

The Commission said Italian reforms broadly stalled last year and some, like the pension reform of the previous government, were reversed, which would make public finances less sustainable and hit productivity and potential GDP growth.

“Cost competitiveness is stable, but weak productivity growth persists. This is rooted in long-standing issues with the functioning of labor, capital and product markets, compounded by weaknesses in the public administration and justice system, which drags down potential GDP growth,” it said.

While Italian banks have significantly reduced the number of their bad loans, keeping that up could be a challenge in a slowing economy, the Commission said.

How bad Italy’s imbalances become depend on what the government does next, the Commission said, adding it would decide what action to take after Rome sends its reform plans in April.

“The Commission will therefore closely monitor developments and assess policy steps and commitments to address imbalances, in particular the level of ambition of the National Reform Programme, in the context of the forthcoming European Semester Spring Package,” it said.

(Reporting By Jan Strupczewski; editing by Philip Blenkinsop)

Source: OANN

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Oil prices stable amid sanctions and OPEC cuts, but economic concerns drag

FILE PHOTO: Drilling rigs in the Cromarty Firth near Invergordon, Scotland
FILE PHOTO: Drilling rigs are parked up in the Cromarty Firth near Invergordon, Scotland, Britain January 27, 2015. REUTERS/Russell Cheyne

March 15, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand.

International benchmark Brent crude oil futures were at $67.16 per barrel at 0029 GMT, down 7 cents from their last close, but still within a dollar of the $68.14 per barrel 2019-high reached the previous day.

U.S. West Texas Intermediate (WTI) crude oil futures were at $58.53 per barrel, down 8 cents from their last settlement, and also not far off their 2019-high of $58.74 from the previous day.

Despite Friday’s dips, crude has gained around a quarter in value since the start of the year.

“Crude oil continues to grind higher … in response to ongoing production cuts from the OPEC+ group of producers as well as another (output) slump from a blacked-out Venezuela,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.

The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russia – known as the OPEC+ alliance – has pledged to withhold 1.2 million barrels per day (bpd) in crude supply since the start of the year to tighten markets and prop up prices.

Meanwhile, a political and economic crisis in Venezuela combined with U.S. sanctions against Venezuela as well as Iran, have further tightened oil markets.

Holding crude back crude prices from rising further have been concerns that a global economic slowdown that has gripped large parts of Asia and Europe, and which is showing signs of spilling into North America, will soon dent growth in demand for oil.

“(But), worries about growth and future demand for crude oil remain just worries at this stage,” said Saxo Bank’s Hansen.

Crude oil use by China’s refineries in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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LA news anchor died from meth overdose during sexual encounter at hotel, autopsy reveals

A Los Angeles news anchor died in December after overdosing on methamphetamine during a sexual encounter with a male companion at a California hotel, an autopsy report revealed Friday.

Glendale Police were called to a Days Inn hotel around 1:15 p.m. on Dec. 27 to find KTLA news anchor Christopher Burrous unresponsive and suffering from a “medical emergency,” officials said in a press release.

Police say a male who'd been with Burrous at the time placed the call.

Burrous was transported to a hospital, where he was pronounced dead. Initial reports suggested that Burrous likely suffered a possible overdose.

The Los Angeles County coroner released a report on Friday ruling his death an accident by means of meth toxicity. It also elaborated on the circumstances of his death.

According to the report, Burrous was engaging in “various sexual activities with his companion” when he inserted a “rock” of meth into his rectum. He reportedly inserted a second rock later on in the encounter, placed a mask on and “doused the filters with ‘poppers.’”

“Poppers” refer to an inhalant of amyl nitrate.

Burrous began to grunt and vomit before becoming unresponsive. The male individual, who has not been identified, performed CPR on Burrous before the paramedics arrived, the report stated.

The coroner's office also noted that hypertension and atherosclerotic cardiovascular disease may have contributed to Burrous’ death.

Burrous had worked for KTLA since 2011 and previously worked at WPIX in New York. He is survived by his wife and a daughter, 9.

Fox News' Ryan Gaydos contributed to this report.

Source: Fox News National

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Argentine peso hits record low against US dollar

Argentina's state-run Banco de la Nación says the Argentine peso has hit a new low, closing at 45.90 to the dollar. It was as low 47.50 in midday trading Thursday.

The drop was attributed to investors' growing distrust of the economic management of conservative President Mauricio Macri, who is seeking a second term in this year's elections.

A financial consultant at the firm Pronóstico Bursátil told The Associated Press there is "a rejection of the peso due to the distrust that Macri's eventual re-election generates."

But consultant Marcelo Trovatto adds that there also is fear over the potential for interventionist and populist policies if former President Cristina Fernández should run and win the October election. The left-of-center Fernández led the country in 2007-2015, but has not announced a presidential bid.

Source: Fox News World

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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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)

Source: OANN

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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)

Source: OANN

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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)

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