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BOJ policymakers disagree on next policy move as risks mount

A sign board of Bank of Japan is displayed at the headquarters in Tokyo
A sign board of Bank of Japan is displayed at the headquarters in Tokyo, Japan January 23, 2019. REUTERS/Issei Kato

March 20, 2019

By Leika Kihara

TOKYO (Reuters) – Bank of Japan policymakers disagreed on how quickly the central bank should ramp up monetary stimulus, minutes of their January rate review showed on Wednesday, as heightening overseas risks threatened to derail the country’s fragile economic recovery.

While most members agreed it was appropriate to maintain the BOJ’s current stimulus program, one of them said the central bank must stress its readiness to take “quick, flexible and bold” action including additional easing, the minutes showed.

“Given the timing of achieving the price target had been delayed, it was undesirable to adopt a stance of not taking action until a serious crisis occurred,” the member was quoted as saying in the minutes.

Another member, however, said acting too hastily during times of uncertainty could lead to financial imbalances and unnecessary swings in the economy, the minutes showed.

Some in the nine-member board also warned that an increasing number of regional banks could be taking excessive risks to secure profits as years of ultra-low interest rates hurt their bottom line, the minutes showed.

“We need to look carefully at whether regional banks are lending in a way where they are earning returns that meet the risks,” one of the members said.

The BOJ kept monetary settings unchanged at the January meeting, pledging to guide short-term rates at minus 0.1 percent and 10-year bond yields around zero under a policy dubbed yield curve control (YCC).

YCC IMPACT UNDER DOUBT

The BOJ faces a dilemma. Years of heavy money printing for asset purchases have dried up market liquidity and hurt commercial banks’ profits, stoking concern over the rising risks of prolonged easing.

And yet, subdued inflation has left the BOJ well behind other major central banks in dialing back crisis-mode policies, leaving it with little ammunition to battle the next recession.

In an interview with Reuters on Monday, Isao Kubota, the influential chairman of a major regional bank, said the BOJ’s ultra-loose policy is making it tough for commercial banks to earn profits out of lending.

“We are in the sixth year of this policy and, I think intuitively, the accumulation of the side-effects might be enormous,” Kubota said.

With weakening global demand hurting Japan’s export-reliant economy, the board debated the effectiveness of the current program in lifting prices.

One member said the BOJ’s YCC policy has had only a limited impact in boosting prices and inflation expectations.

“This member said further analysis and consideration were needed on the relationships between inflation and the levels of interest rates or monetary base,” according to the minutes.

A few policymakers saw room for more policy coordination with the government if overseas risks deal a severe blow to Japan’s economy, the minutes showed.

While the minutes do not identify the name of the board members who made the comments, BOJ’s Goushi Kataoka has publicly said stronger fiscal and monetary steps could be necessary to prevent a further economic slowdown.

Deputy Governor Masazumi Wakatabe is also considered by markets as among reflationist-minded members of the BOJ board.

Many in the BOJ are clinging to hopes that Japan’s economy will emerge from the current soft patch in the second half of this year. But if conditions continue to deteriorate, the BOJ could face pressure to offer additional monetary support, analysts say.

Yet, BOJ Governor Haruhiko Kuroda has ruled out the chance of additional monetary easing over the near term. A well-known fiscal hawk, he also warned against the idea that government can spend recklessly to pull the economy out of the doldrums.

(Reporting by Leika Kihara; Editing by Chang-Ran Kim & Shri Navaratnam)

Source: OANN

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Abortion: Tennessee Lawmakers Advance Fetal Heartbeat Bill

A bill that would ban most Tennessee women from obtaining abortions once a fetus' heartbeat is detected cleared a key hurdle Tuesday, advancing for a full House vote in the GOP-dominated Legislature.

The move comes amid a national movement from anti-abortion legislators and activists who hope that President Donald Trump's appointments to the Supreme Court will increase their chances of undermining abortion rights.

Tennessee is among several states with pending bills to ban most abortions once a fetal heartbeat is detected, about six weeks into pregnancy. The goal is to trigger a legal challenge to the 1973 Roe v. Wade ruling that established a nationwide right to abortion and possibly upend the ruling that established a woman's right to an abortion, as well as other rulings that have determined states cannot place undue burdens on a woman's constitutional right to abortion before a fetus is viable — typically between 24 and 28 weeks.

"This is an issue that has been on my heart my whole life," said Rep. Micah Van Huss, a Republican sponsoring the bill, during Tuesday's hearing. "I aim to save babies lives."

Republicans on the House Health Committee voted 15-4 to send the legislation to the House floor for a full vote, sparking heavy applause from supporters. Only Democratic members voted in opposition. While the bill still has to clear the House floor and the Senate, the bill is expected to win support from Republicans. Furthermore, first-term Gov. Bill Lee has promised his support if the bill reaches his desk.

Advocates on both sides of the issue packed the room to watch lawmakers spar over possible legal challenges and discuss hypothetical situations of women being forced to carry a baby to term even in cases of rape or incest.

By the meeting's close, many were breaking out in cheers and jeers in response to lawmakers' comments.

"I have three girls. I've raised them to be independent so no boy tells them what to do. Well, except for me," said Democratic Rep. Darren Jernigan. "But I've also said they're in control of their bodies and it bothers me the government would tell them what to do and it bothers me the bill is likely unconstitutional."

When asked if it would be acceptable for a 15-year-old student who was raped by her coach to be barred from having an abortion if she was past the six-week viability marker because a fetus's heartbeat was detected, Van Huss simply said 'yes.'

He responded similarly when asked if he agreed that the same ban should be in place in cases of incest.

"It is not up to me to determine someone else's life," Van Huss said.

Critics of the bill predict enactment of the fetal heartbeat measure would trigger an immediate legal challenge, warning that an Iowa judge struck down a similar law last month. In Mississippi, a federal judge declared banning abortion after 15 weeks was unconstitutional.

"On the one hand, sensibly speaking, this is unconstitutional and it's going to cost taxpayers dollars. While on the other hand, litigation would most surely help to uphold Roe v. Wade as the continued law of the land for women's health and privacy protections," said Francie Hunt, executive director of Tennessee Advocates for Planned Parenthood.

Even the state's top anti-abortion group, Tennessee Right to Life, has opposed the bill due to the surrounding legal concerns. In 2017, the group testified before lawmakers that its opposition stemmed from Supreme Court rulings banning criminalizing abortion prior to viability. Right to Life has been more subdued in airing concerns surrounding this year's bill, arguing Tennessee should let other states fight the legal battle.

"A woman should be able to make decisions about what is best for her health and her family in consultation with her doctor and her loved ones, without politicians interfering or trying to force her hand," said Hedy Weinberg, executive director of the American Civil Liberties Union of Tennessee.

Added Weinberg in a statement: "If this bill passes, the ACLU of Tennessee stands ready to file a lawsuit immediately."

Source: NewsMax Politics

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Catholic cardinal calls mass migration ‘a new form of slavery,’ says Bible shouldn’t be used to promote it

A top African cardinal of the Catholic Church branded mass migration a “new form of slavery” and said those who seek to use the Bible to promote migration are pushing a “false" interpretation of the scriptures.

“It is a false exegesis to use the Word of God to promote migration. God never wanted these rifts,” Cardinal Robert Sarah said in a new interview with French publication Valeurs Actuelles.

POPE FRANCIS TAKES THINLY VEILED SWIPE AT TRUMP, CALLS OUT LEADERS WHO WANT WALLS

Sarah, who serves as the head of the Vatican's liturgy office, is often named in traditionalist circles as their hope to one day succeed Pope Francis. He's frequently made waves with his more conservative stances on liturgical practices, Islam, migration and other issues.

Those positions were on full display in the French article, in which Sarah, from Guinea, blasted priests and bishops who “say fuzzy things, vague, imprecise, to escape criticism, and they marry the stupid evolution of the world.” On Europe, Sarah said that the Church should not cooperate with the increasing acceptance by politicians of mass migration into the traditionally Christian continent.

“All migrants who arrive in Europe are penniless, without work, without dignity...This is what the Church wants?” he asked. “The Church can not cooperate with this new form of slavery that has become mass migration. If the West continues in this fatal way, there is a great risk that, due to a lack of birth, it will disappear, invaded by foreigners, just as Rome has been invaded by barbarians.”

Sarah added: “My country is predominantly Muslim. I think I know what reality I'm talking about."

POPE FRANCIS CALLS CHURCH CRITICS 'FRIENDS OF THE DEVIL' AS ABUSE VICTIMS DEMAND TO MEET HIM 

Sarah’s comments are in stark contrast to those from Pope Francis on the subject. Francis has repeatedly stressed the value of migration and has encouraged European countries, in particular, to open their border to flows of migrants coming from the third world.

Last week, he spoke in Morocco, the main destination for sub-Saharan African migrants seeking to reach Europe via Spain, and frequently mentioned migration.

"The issue of migration will never be resolved by raising barriers, fomenting fear of others or denying assistance to those who legitimately aspire to a better life for themselves and their families," Francis said.

He also praised Morocco’s efforts to allow religious coexistence and to promote moderate forms of Islam.

But Sarah is much more skeptical of whether the Church should be open to immigration. He cited the example of Poland, a Catholic country that has strict immigration policies, and said he had urged it not to sacrifice its Polish and Catholic identities “on the altar of a technocratic and stateless Europe.”

“She is free to tell Europe that everyone was created by God to be placed in a specific place, with its culture, traditions, and history,” he told the paper. “This current desire to globalize the world by suppressing nations, specificities, is pure madness.”

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In the interview, he urged Europe to avoid embracing materialism and forgetting its Christian heritage, warning that it could lead to the extinction of Europe itself.

“If Europe disappears, and with it the invaluable values of the old continent, Islam will invade the world," Sarah said. "And we will totally change culture, anthropology, and moral vision."

Source: Fox News World

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Pelosi appears to mock Ocasio-Cortez over reliance on Twitter for support

House Speaker Nancy Pelosi appeared to mock Rep. Alexandria Ocasio-Cortez – without mentioning her name – over her reliance on Twitter for support while neglecting the work to pass the Democratic agenda into laws.

The New York Democrat, who has nearly 4 million followers on Twitter, has used the platform to rally the online support for her radical proposals like the Green New Deal, though none of the support translated into actual legislative victories.

NY DEM CALLS AOC'S GREEN NEW DEAL A 'SOCIALIST' LIE, DARES HER TO RECRUIT CANDIDATE TO BEAT HIM

Pelosi was asked during a USA Today interview published on Monday about her struggles of running a House caucus while freshmen Democrats such as Ocasio-Cortez are pushing the party further to the left and fighting over more symbolic gestures rather than actually implementing Democratic policies.

“While there are people who have a large number of Twitter followers, what's important is that we have large numbers of votes on the floor of the House,” Pelosi said.

“While there are people who have a large number of Twitter followers, what's important is that we have large numbers of votes on the floor of the House.”

— House Speaker Nancy Pelosi

The top House Democrat also noted that progressives are “fine” after she had to tell them that they need realistic legislation that could actually pass the House.

“As I say to my own district, ‘You go out and elect 218 people, just like San Francisco, then we can talk,'” she said.

OCASIO-CORTEZ RESPONDS TO TRUMP OVER 'BARTENDER' COMMENT; LASHES OUT AT AMAZON

This isn’t the first time Pelosi threw shade on Ocasio-Cortez. Earlier this year, the House Speaker somewhat dismissed the Green New Deal during an interview with Politico.

“It will be one of several or maybe many suggestions that we receive,” Pelosi said. “The green dream, or whatever they call it, nobody knows what it is, but they're for it, right?”

Ocasio-Cortez was reportedly left out of the Pelosi-approved Select Committee on the Climate Crisis, though some reports suggest the New York Democrat voluntarily decided not to join the committee where the legislation to combat climate change will actually be worked out.

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The Green New Deal is estimated to cost up to $93 trillion or $600,000 per household, according to studies. The radical measure proposes the transformation of the U.S. economy to cut emissions in addition to retrofitting and replacing every building in an effort to reach the goal.

Source: Fox News Politics

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Brookfield buys most of Oaktree to build juggernaut to rival Blackstone

People walk to Brookfield Place off Bay Street on the day of the AGM for Brookfield Asset Management shareholders in Toronto
FILE PHOTO: People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014. REUTERS/Mark Blinch

March 13, 2019

By Joshua Franklin and Debroop Roy

(Reuters) – Brookfield Asset Management Inc said on Wednesday it will buy most of Oaktree Capital Group LLC in a roughly $4.8 billion deal, creating an alternative-asset manager that would rival industry leader Blackstone Group in size.

The decision by Oaktree, led by distressed debt investor Howard Marks, to sell a majority stake of itself comes after a sustained period in which its stock has underperformed the broader market.

Oaktree’s stock is down around 13 percent in the last five years, even after a price bump on Wednesday following the deal’s announcement. By comparison, the S&P 500 Index is up more than 50 percent over the same time and Blackstone’s share price is up 4 percent.

Brookfield approached Oaktree about the deal sometime during the fall season, a person familiar with the matter said.

The deal is also a bet by Brookfield, which currently focuses on private equity, real estate, infrastructure and renewable power, on the prospects for investing in debt, which makes up around 70 percent of Oaktree’s assets under management.

“This transaction enables us to broaden our product offering to include one of the finest credit platforms in the world, which has a value-driven, contrarian investment style, consistent with ours,” Brookfield Chief Executive Bruce Flatt said in a statement.

The combined businesses will have about $475 billion of assets under management, Brookfield said in a statement.

Industry leader Blackstone had $472 billion in assets under management at the end of 2018.

Oaktree shareholders can exchange each of their shares for either $49 in cash or 1.0770 Class A shares of Brookfield. However, Brookfield said the total amount will be paid in 50 percent stock and rest in cash.

The offer represents an 11.8 percent premium to Oaktree’s Tuesday closing price. The stock was up 11.8 percent in mid-day trading.

Both companies will continue to operate as independent businesses, while Marks, Oaktree’s co-chairman, would join Brookfield’s board of directors.

Oaktree shareholders, consisting primarily of its founders, certain members of management and employees, will own the remaining 38 percent of the company.

Starting from 2022, Oaktree’s founders, senior management as well as current and former employee shareholders will be able to sell their remaining Oaktree units to Brookfield over time.

(Reporting by Joshua Franklin in New York and Debroop Roy in Bengaluru; Editing by Arun Koyyur and Shinjini Ganguli)

Source: OANN

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Federal landlord blames U.S. Congress for FBI HQ delay, change

FILE PHOTO - FBI headquarters building is seen in Washington
FILE PHOTO - FBI headquarters building is seen in Washington, U.S., December 7, 2018. REUTERS/Yuri Gripas

March 13, 2019

By Mark Hosenball

WASHINGTON (Reuters) – The U.S. agency in charge of federal buildings is blaming Congress for delays and a sudden change in plans for a new FBI headquarters, an issue that lawmakers are investigating as a possible conflict of interest for President Donald Trump.

Before Trump was elected, the Federal Bureau of Investigation, currently based near the Trump International Hotel in central Washington, was headed for a new home in the suburbs; its crumbling headquarters, for the wrecking ball. But that all changed abruptly in 2017.

The General Services Administration (GSA) has told Congress that the FBI could have proceeded with its plans to relocate to the Maryland or Virginia suburbs if Congress had provided funding for it, as the FBI requested in 2017.

“Unfortunately, when Fiscal Year … 2017 appropriations were enacted in May 2017, sufficient funds for the project were not made available,” GSA said in a chronology sent to Congress.

As a result, in July 2017, the government abandoned its original plan, the GSA said in a submission to a congressional oversight committee that was seen by Reuters on Wednesday.

GSA told Congress the FBI subsequently devised a plan to move 2,300 jobs out of Washington to four other states, cutting FBI headquarters staffing from 10,600 to 8,300 employees.

Then, by November 2017, GSA says, the FBI came up with a plan to renovate its current headquarters in Washington. FBI director Christopher Wray told GSA chief Emily Murphy in December 2018 that the bureau preferred to “remain at its current site,” the GSA says.

The chronology made no mention of any role played by Trump, who has defied tradition by retaining ownership interests in a sprawling business organization, including his Washington hotel, while serving U.S. citizens in the White House.

The White House and the FBI had no immediate comment.

Democrats in November expressed concern to GSA about what they called “Trump’s direct involvement in the administration’s abrupt decision to reverse longstanding plans to relocate the Federal Bureau of Investigation headquarters.”

Democrats said the administration’s support for keeping the FBI where it is on prime commercial land, would “block potential competitors from developing the existing property on Pennsylvania Avenue across the street from the Trump Hotel.”

They questioned “why the White House and GSA allowed President Trump to participate directly in a decision that affects his own personal financial interests.”

Aides to House of Representatives Government Oversight Committee Chairman Elijah Cummings, who is leading efforts to probe the Trump administration’s FBI plan, had no immediate comment on the administration’s latest responses.

(Reporting by Mark Hosenball; editing by Kevin Drawbaugh and Susan Thomas)

Source: OANN

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Austria: Anti-migration party on defensive over rat poem

An anti-migration party that serves in Austria's government has called "tasteless" a poem written by a local official that compared migrants with rats and angered Chancellor Sebastian Kurz.

The ditty titled "The Town Rat" appeared in a local publication of the Freedom Party in Braunau. It warned against mixing cultures and drew strong criticism from the center-left opposition. Kurz, a conservative who governs Austria with the party as his coalition partner, demanded Monday that its branch in Upper Austria province distance itself from the poem and said that "the choice of words is abhorrent, inhuman and deeply racist."

A top official with the Freedom Party's regional branch, Erwin Schreiner, later Monday said that "the allegory of rat and human is historically loaded, and so tasteless and to be rejected."

Source: Fox News World

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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German drug and crop chemical maker Bayer holds annual general meeting
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, attends the annual general shareholders meeting in Bonn, Germany, April 26, 2019. REUTERS/Wolfgang Rattay

April 26, 2019

By Patricia Weiss and Ludwig Burger

BONN (Reuters) – Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63 billion takeover of seed maker Monsanto.

Several large investors said they will not support aspirin investor Bayer’s management in a key vote scheduled for the end of its annual general meeting.

Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.

A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.

“Due to the continued negative development at Bayer, high legal risks and a massive share price slump, we refuse to ratify the management board and supervisory board’s actions during the business year,” Janne Werning, representing Germany’s Union Investment, a top-20 shareholder, said in prepared remarks.

About 30 billion euros ($34 billion) have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.

Bayer suffered a similar defeat last month and more than 13,000 plaintiffs are claiming damages.

Bayer is appealing or plans to appeal the verdicts.

Deutsche Bank’s asset managing arm DWS said shareholders should have been consulted before the takeover, which was agreed in 2016 and closed in June last year.

“You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something – money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.

He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.

Two people familiar with the situation told Reuters this week that Bayer’s largest shareholder, BlackRock, plans to either abstain from or vote against ratifying the management board’s actions.

Asset management firm Deka, among Bayer’s largest German investors, has also said it would cast a no vote.

Baumann said Bayer’s true value was not reflected in the current share price.

“There’s no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” he said, adding it was the right decision to buy Monsanto and that Bayer was vigorously defending itself.

This month, shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis recommended investors not to give the executive board their seal of approval.

(Reporting by Patricia Weiss and Ludwig Burger; Editing by Alexander Smith)

Source: OANN

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