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RBI to cut rates again before vote; BJP victory best for economy: Reuters poll

FILE PHOTO: A Reserve Bank of India sign at its New Delhi offices
FILE PHOTO: A Reserve Bank of India (RBI) sign on the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File Photo

April 2, 2019

By Vivek Mishra

BENGALURU (Reuters) – The Reserve Bank of India will cut rates for a second consecutive time when its three-day policy meeting ends on Thursday, shortly before the first phase of the national election begins, a Reuters poll found.

Those expectations for another rate cut have strengthened over the past month after Shaktikanta Das was appointed as the new RBI Governor in December. Lending rates were lowered and the policy stance shifted at his first meeting in February.

While the central bank justified that move by highlighting a lower inflation outlook and a slowdown in growth, not everyone was convinced those were the only reasons behind the policy easing.

“We already know that the central bank is under pressure from the government to ease policy. We have two meetings in Q2 – April and June – with this pressure if they cut rates they would rather do it in April than in June,” said Prakash Sakpal, Asia economist at ING.

“No matter how effective this will be in time for the election – it is hard to imagine that just one week before the elections you cut the rate and that does magic and boosts growth. It will be a token from which the government takes credit.”

Sakpal, like many other contributors in the poll, wasn’t convinced the economy needs more easing at a time when the outlook for core inflation remains elevated and the government’s latest populist measures ahead of the general election would weigh on prices.

More than 85 percent of nearly 70 economists polled over the past week forecast the RBI would cut its benchmark lending rate, the repo rate, to 6.00 percent on April 4. The consensus showed the central bank would then keep rates on hold through to the middle of next year at least.

Just under half of economists expect the RBI to make at least one more cut after this month’s meeting, which would take the repo rate to its lowest since 2010.

Inflation has remained below the RBI’s 4 percent target for seven straight months and was expected to average 4.0 percent this fiscal year.

But core inflation, which excludes food and fuel, is running closer to 5.5 percent.

“My biggest worry is that the rate cut would be ineffective as banks are not ready to transfer that to borrowers,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank. “And a rate cut under (the) wrong circumstances can cause a rupee depreciation and macro instability.”

India’s growth outlook for the fiscal year ended in March and the current one was cut to 7.1 percent and 7.2 percent, respectively, from 7.3 percent predicted for both three months ago.

Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) has faced criticism from opposition parties and economists for having allegedly manipulated economic growth figures and suppressing the release of jobs data to show the economy has performed better under his leadership.

Fifty-three percent of economists who answered an additional question said they were confident about the accuracy of recent official Indian economic data releases, but the remaining 47 percent said they were not.

“There have been reports of the government forcing the statistical agency to sit on the report until after the elections. This is probably the fact with most big developing economies – China has the same issue, nobody trusts China’s data, but we still have to rely on that,” ING’s Sakpal added.

(GRAPHIC: Reuters Poll: Accuracy of Indian economic data – https://tmsnrt.rs/2WDx56u)

Economists unanimously said the BJP winning a majority or a BJP-led NDA (National Democratic Alliance) government would be best for the economy.

None said a Congress majority or the Congress-led UPA (United Progressive Alliance) or a coalition of regional parties – also known as the Third Front – would be best.

That broadly aligns with a separate Reuters poll of equity strategists and brokers, which showed a majority win for the ruling party would be the most favorable outcome for Indian stocks.

“In order to push reforms ahead, a BJP win is necessary, as the opposition mainly has been focusing on attacking the NDA, rather than presenting an alternative policy agenda,” said Hugo Erken, senior economist at Rabobank.

(Polling by Khushboo Mittal and Vivek Mishra; editing by Ross Finley and Sam Holmes)

Source: OANN

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Man shot dead after robbery at Albania’s airport

Albanian police report that a man has been shot dead after a group of unidentified individuals robbed money at the country's international airport.

In a statement, police said the robbery by masked and armed people took place on the tarmac at the Mother Teresa Rinasi International Airport, slightly north of the capital Tirana, on Tuesday afternoon.

Details of the amount or who the money belonged to were not immediately available.

One of the robbers was shot dead in an exchange of fire with police about one kilometer from the airport.

Special police forces and a helicopter still are combing the area.

Only one flight, to Vienna, was cancelled.

Source: Fox News World

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Kidnapping of Phoenix girl, 11, scuttled by witness with handgun: report

An attempted kidnapping of an 11-year-old Phoenix girl on the way to school was scuttled when a witness intervened, knocked down the suspect and threatened him with a handgun, police said in a Monday report.

The unidentified suspect allegedly grabbed the girl as she walked, took her arm and placed it behind her back and then covered her face with his own arm in an April 3 incident.

Noting the situation, a witness reportedly knocked the man to the ground and told him to leave the girl alone. He then pointed the gun at the suspect and demanded he leave, Sgt. Tommy Thompson with the Phoenix police said, according to Fox 10.

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A name and photo of the man in question was not immediately released. He was described as a black man with green eyes and a stud nose ring, sporting a black hooded sweatshirt.

A request for comment from the Phoenix police department was not immediately returned.

Source: Fox News National

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Catholic Journalist Criminally Investigated For ‘Using The Wrong Pronoun’ In Tweet

British police are now dedicated entirely to fighting perceived and imagined microaggressions on social media.

From Faithwire:

A British Catholic journalist is being investigated by the police for allegedly “misgendering” someone in a tweet. Caroline Farrow was contacted by authorities after making an appearance on “Good Morning Britain,” in which she engaged in a debate with a transgender activist, Susie Green, who has a trans child. Following this appearance, which took place last September, Farrow allegedly referred to Green’s daughter, Jackie, by the wrong pronoun.

In a series of tweets, Farrow noted that the police had told her she would “need to be interviewed under caution for misgendering Susie Green’s child.”

Farrow pointed out that, since the police announce that they would be taking action against her, online trolls have been sending the mother of five horrific, expletive-laden and sexually violent messages. However, while the police are highly concerned about Farrow’s alleged misgendering, they appear unbothered by this onslaught of cyber abuse.

Here’s some of Farrow’s tweetstorm:


Big Tech has proven they care more about virtue signaling to the left than standing up for free speech as world wide laws are being pushed to defeat the truth. Samuel from Australia calls in to raise this topic and Alex takes your calls on the future for freedom of speech.

Yeah, they’re fine with that. That’s what they call “fighting hate.”

As we learned with the whole Covington Catholic incident, doxing children, inundating them with death threats and harassing their families is fully justified to prevent smirk-crime.

In our brave new world, “misgendering” — also known as accurately gendering someone — is a crime worse than murder.

Source: InfoWars

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Biden Remains Strong in Poll, Early Voting States

Complaints surfacing about former Vice President Joe Biden and his actions around women haven't hurt his ratings among voters, who continue keep him at the top of the list of 2020 presidential race candidates even though he has not yet officially joined the race.

According to a new Morning Consult poll, Biden topped the list of candidates, netting 32 percent of voters who say they intend to participate in a Democratic Party primary or caucus next year, reports Politico.

His nearest contender was Sen. Bernie Sanders, I-Vt., at 23 percent. No other candidates came close to Biden and Sanders:

  • Kamala Harris, 9 percent;
  • Beto O'Rourke, 8 percent;
  • Elizabeth Warren, 7 percent;
  • Pete Buttigieg, 5 percent;
  • Corey Booker, 4 percent;
  • Kirsten Gillibrand, Amy Klobuchar, 2 percent.

Biden's score was down just one percentage point from a survey released last week. The latest poll, conducted from April 1-7, included 13,644 voters and carried a 1 percentage point margin of error.

Biden's support also remains strong in early voting states, reports Politico, after party leaders in said they do not believe the controversy about his interactions is enough to damage his candidacy, but they do wish he would quit joking about it.

“He has been acting the exact same way, as far as I know, for 30 years. It’s not anything that’s new or surprising for people who’ve been around him,” said Iowa Democratic strategist Jeff Link.  

But Judy Reardon, a longtime New Hampshire operative, said she does not think Biden's behavior disqualifies him, but it's also "not nothing."

Source: NewsMax Politics

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Qualcomm settlement with Apple paves way for Huawei dispute: analysts

A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego
FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake

April 17, 2019

(Reuters) – Qualcomm Inc’s surprise settlement of a prolonged legal fight with Apple Inc paves the way for the chipmaker to resolve a similar dispute with China’s Huawei Technologies Co Ltd, ahead of the launch of 5G phones, several analysts said.

Shares of Qualcomm, which closed up 23 percent on Tuesday, rose another 10 percent in premarket trade on Wednesday after it signed a six-year patent license deal with Apple.

If Wednesday’s gains hold, Qualcomm would tack on more than $20 billion in market value since announcing the settlement.

The two companies had been at odds over patents and royalties over modems. While Qualcomm did not close the terms of the deal, analysts estimated that Apple withheld $5 billion, or about $2 per share, under its previous royalty payment agreement.

Qualcomm and Huawei are also fighting over the same issues.

Huawei stopped royalty payments in April 2017 and Qualcomm said in January it has signed an interim agreement with the Chinese company and is in talks for a final resolution.

“We now expect an imminent settlement with Huawei which has also been withholding royalty payments, which we estimate will add another $0.50-$0.75 of EPS,” Cowen and Company analysts said.

Three brokerages raised their ratings on Qualcomm’s stock and at least eight brokerages boosted their price targets. Fourteen out of 25 brokerages rated the stock “buy” or higher and the rest “hold”, according to Refinitiv data.

A settlement with Apple and Huawei will not only bring in more royalty payments and reduce legal costs, it will help Qualcomm to focus more in rolling out its 5G modems, several analysts said.

The Qualcomm settlement means Apple will rely on the chipmaker for most if not all of its 5G modems in iPhones starting in 2020, with Qualcomm likely the leading to only supplier for the next several years, Canaccord Genuity analysts said.

Intel Corp, which was supplying modem chips to Apple for its latest iPhones, said late on Tuesday that it was exiting the phone modem business.

(Reporting by Akanksha Rana in Bengaluru; Editing by Bernard Orr)

Source: OANN

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Sauro’s goal lifts Crew over FC Dallas

MLS: FC Dallas at Columbus Crew SC
Mar 16, 2019; Columbus, OH, USA; Columbus Crew SC defender Gaston Sauro (22) plays the ball forward against FC Dallas at MAPFRE Stadium. Mandatory Credit: Greg Bartram-USA TODAY Sports

March 16, 2019

Gaston Sauro’s first-half goal was the difference when Columbus Crew SC remained unbeaten with a 1-0 victory against FC Dallas at Mapfre Stadium in Columbus, Ohio, on Saturday.

Zack Steffen made two saves for his second consecutive shutout for the Crew (2-0-1) and his 21st in 66 career MLS games.

Jesse Gonzalez also had two saves for Dallas (1-1-1), which played its first away match.

Sauro was at the edge of the 6-yard box to flick in a corner kick by Pedro Santos in the 10th minute to give the center back his second goal of the season as his comeback continues.

He missed the entire 2017 season after surgery to repair severe cartilage damage incurred from a posterior cruciate ligament injury in May 2016. He did not return to the field until May 27 of last season and appeared in seven regular season and two postseason games.

He had gone 24 matches without a goal until scoring from a header off corner kick in the season opener versus the New York Red Bulls on March 2.

The Crew squandered an opportunity to make it 2-0 in the 22nd minute when Gyasi Zardes couldn’t corral a bouncing rebound of a shot by Robinho that Gonzalez pushed away.

Dallas in the first half was outshot 7-2 and had none on target compared to two for the Crew despite the possession being nearly equal.

The first Dallas shot on goal almost resulted in the equalizer by Michael Barrios in the 57th minute. He took a turnover by Wil Trapp and forced Steffen off his line to make the point-blank stop that Sauro cleared it.

Dallas defender Matt Hedges made his 213th appearance to move past Bobby Rhine into second place on the team’s all-time games played list behind Jason Kreis’ 247.

The Crew plays the first of four straight Eastern Conference games when it goes to Philadelphia on March 23. FC Dallas hosts Colorado the same day.

–Field Level Media

Source: OANN

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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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