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China aims to make Belt and Road sustainable, prevent debt risks: finance minister

Chinese Finance Minister Liu Kun attends a news conference during the ongoing NPC in Beijing
FILE PHOTO: Chinese Finance Minister Liu Kun attends a news conference during the ongoing National People's Congress (NPC), China's parliamentary body, in Beijing, China March 7, 2019. REUTERS/Jason Lee

April 25, 2019

BEIJING (Reuters) – China aims to make the Belt and Road Initiative sustainable and prevent debt risks, finance minister Liu Kun said at a forum on Thursday, adding that Beijing will support financing via multiple channels.

Yi Gang, the central bank governor, said at the Belt and Road Forum that local currencies will be used for investments related to China’s Belt and Road Initiative to curb exchange rate risks.

China will follow market principles and rely on commercial funds for Belt and Road financing, Yi said.

(Reporting by Kevin Yao; Editing by Jacqueline Wong)

Source: OANN

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Members of Congress allegedly sexually harassed night shift staff: report

Members of Congress allegedly sexually harassed night shift custodial staff as they cleaned their offices, according to a recent inspector general’s report on sexual harassment within the Architect of the Capitol.

The IG report, first reported by Roll Call, examines the Architect of the Capitol’s (AOC) response to sexual harassment complaints over the last 10 years. It includes allegations that workers endured sexual harassment by members of Congress and their staff,

STUDENT ACCUSES FORMER GOVERNOR OF SEXUAL HARASSMENT

“Staff have reported overhearing harassing conversations, being the target of harassment, and observing materials such as pornography, but do not speak up due to fear of losing their jobs,” the report says.

It found that it found 57 incidents of sexual harassment reported since 2008, 44 percent of which it says were substantiated. The report notes that it is a relatively low number, but the perception remains that harassment is a problem.

The IG said that it found “reluctance to cooperate” with the inquiry from AOC, and cited it as evidence of “cultural resistance and lack of transparency at all levels.” It blasted an “outdated cultural attitude” in some departments, which it said has set a tone of “permissibility.”

In its introduction the IG report says that the results of the inquiry were “primarily positive” and said that the majority of identified gaps were already receiving attention of officials.

Roll Call reported that Congress embarked on a mission in 2017-8 to overhaul the reporting of harassment for staffers on Capitol Hill, discussing in particular the imbalance of power that can occur when a lawmaker harasses a low-level employee.

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“No one had an answer when we asked ‘What happens if the harasser is a member of Congress?’” one employee told the IG. “This was not a hypothetical question. It happens.”

The outlet notes that dozens of lawmakers reportedly sleep in their offices rather than rent an apartment, some sleep of mattresses, futons and murphy bed -- meaning that night staff can possibly encounter lawmakers in states of undress.

Source: Fox News Politics

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Iraqi PM Abdul Mahdi met Saudi crown prince in Riyadh

Saudi Arabia's Crown Prince Mohammed bin Salman meets with Iraq's Prime Minister Adel Abdul Mahdi in Riyadh
Saudi Arabia's Crown Prince Mohammed bin Salman meets with Iraq's Prime Minister Adel Abdul Mahdi in Riyadh, Saudi Arabia April 17, 2019. Picture taken April 17, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

April 18, 2019

BAGHDAD (Reuters) – Iraqi Prime Minister Adel Abdul Mahdi met with Saudi Arabia’s Crown Prince Mohammed bin Salman, his office said on Thursday, a day after his first official visit to the kingdom which has been wooing Baghdad to stem the influence of Tehran.

Abdul Mahdi’s meeting with the crown prince came after he met King Salman on Wednesday. His office said the leaders signed 13 agreements in areas such as trade, energy and political cooperation, without giving further details.

The premier has said Iraq would maintain strong ties with Iran, but also with the United States and regional neighbors, many of which, like Saudi Arabia, consider Tehran a foe.

Abdul Mahdi went to Riyadh with a large delegation including officials and businessmen, with trade billed as a prime focus of the discussions between OPEC’s two largest oil producers.

The countries had historically been at loggerheads since the Iraqi invasion of Kuwait in 1990 but have recently undertaken a diplomatic push to improve ties.

Earlier this month, Saudi Arabia reopened a consulate in Baghdad which had been closed for 30 years. King Salman also announced his country would provide Iraq $1 billon to build sport facilities, an announcement which kicked of a two-day visit to Iraq by high-level Saudi officials.

U.S. intelligence agencies believe Crown Prince Mohammed, who many consider the de facto ruler of the kingdom, ordered an operation to kill journalist Jamal Khashoggi last year. Riyadh denies the prince had any involvement in the murder.

During his visit to Tehran, Abdul Mahdi met with President Hassan Rouhani and Supreme Leader Ayatollah Ali Khamenei. Many of Iraq’s leaders, from its Shi’ite majority, have close ties with Iran, the main Shi’ite power in the Middle East.

(Reporting by Ahmed Aboulenein; Editing by Raissa Kasolowsky)

Source: OANN

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Malaysian police say 41 Rohingya men land on northern beach

Malaysian police say a group of 41 Muslim Rohingya men have been detained in the northernmost state of Perlis, the second group to have landed in the country in just over a month.

Police say the men landed Monday on the same beach where 34 Rohingya women and children were found stranded March 2.

Police say one of the men told police they were part of over 200 Rohingya in a large boat that sailed overnight from Thailand and that 47 of them were transferred to a smaller boat to Perlis.

Based on the information, he said some 200 Rohingya are still believed to be stranded at sea in Thai waters and six others that landed in Malaysia are still missing.

Source: Fox News World

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Man sentenced to 29 years for Indiana post office pipe bomb

A man has been sentenced to 29 years in prison for sending a pipe bomb that exploded at a northwestern Indiana post office, injuring a worker.

Eric Krieg of Munster, Indiana, was sentenced Thursday after pleading guilty in December to making an unregistered destructive device and other charges.

Defense lawyer Kevin Milner said his client had previously lived a "model life" with a family and children. Krieg declined to elaborate in court on his lawyer's remarks.

In an earlier court filing, Krieg said he mailed the pipe bomb Sept. 6, 2017. It was addressed to an attorney who was representing a client who filed a lawsuit against Krieg. The bomb exploded at the East Chicago post office, injuring a worker.

Source: Fox News National

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Top 25 roundup: No. 3 North Carolina beats No. 4 Duke again

NCAA Basketball: Duke at North Carolina
Mar 9, 2019; Chapel Hill, NC, USA; North Carolina Tar Heels guard Coby White (2) reacts in the second half at Dean E. Smith Center. Mandatory Credit: Bob Donnan-USA TODAY Sports

March 10, 2019

Freshman guard Coby White ignited a second-half surge and finished with 21 points as third-ranked North Carolina defeated fourth-ranked Duke 79-70 Saturday night in Chapel Hill, N.C., to claim a share of the Atlantic Coast Conference title.

North Carolina will be the second seed, and Duke will be the No. 3 seed for the ACC Tournament in Charlotte. There could be a semifinals rematch Friday night.

Senior guard Kenny Williams scored 18 points in his last home game; Cameron Johnson, another senior, netted 14 points, and Garrison Brooks tallied 10 points. Nassir Little scored all nine of his points in the first half for the Tar Heels.

RJ Barrett pumped in 26 points and Cam Reddish scored 17 of his 23 in the first half for Duke.

No. 2 Virginia 73, Louisville 68

The Cavaliers clinched a share of the ACC regular-season title with their win over the Cardinals in Charlottesville, Va.

The Cavaliers wrapped up their fourth regular-season conference title in the last six seasons ahead of next week’s ACC Tournament in Charlotte, where they are the defending champions. No. 3 North Carolina beat No. 4 Duke later Saturday to claim the other share of the regular-season championship.

Junior guard Ty Jerome led all scorers with 24 points and added six assists and four rebounds. Louisville (19-12, 10-8) gave the Cavaliers all they wanted as the Cardinals put four players in double figures led by Jordan Nwora, who scored 19 points.

Auburn 84, No. 5 Tennessee 80

Chuma Okeke scored 22 points and notched four steals to help the host Tigers upset the Volunteers in their Southeastern Conference matchup.

Jared Harper had 16 points and eight assists, and senior guard Bryce Brown also scored 16 points for the Tigers (22-9, 11-7).

Grant Williams had 25 points and nine rebounds for the Volunteers (27-4, 15-3).

No. 6 Kentucky 66, Florida 57

The Wildcats pulled away in the second half against the Gators in Lexington, Ky., as Tyler Herro scored 16 points.

With Tennessee losing to Auburn earlier Saturday afternoon, the Wildcats (26-5, 15-3 SEC) looked to claim a three-way share of the league title. But LSU beat Vanderbilt later Saturday night to spoil Kentucky’s hopes.

Sophomore forward PJ Washington added 15 points and nine rebounds for Kentucky. Freshman guards Keldon Johnson and Ashton Hagans each had 14 points. Senior center Kevarrius Hayes led the Gators (17-14, 9-9) with 19 points on 8-of-9 shooting.

No. 9 Michigan State 75, No. 7 Michigan 63

Cassius Winston overcame a poor shooting night to score 23 points and lead the host Spartans over the Wolverines in East Lansing, Mich.

Michigan State (25-6, 16-4 Big Ten) clinched a share of the Big Ten championship with Purdue while locking up the No. 1 seed in next week’s conference tournament. Michigan (26-5, 15-5) finished a game out of first place and will be the third seed in the conference tournament.

Winston also handed out seven assists for the Spartans while Xavier Tillman scored 17 and Kenny Goins had nine points and 16 rebounds. Ignas Brazdeikis scored 20 for the Wolverines, but he fouled out with 5:10 left in the game. Jordan Poole added 15 points.

No. 8 Texas Tech 80, Iowa State 73

Improved shooting fueled a timely run and led the Red Raiders past the Cyclones to earn a share of the Big 12 Conference championship for the first time in league history.

Brandone Francis drained a clutch 3-pointer with 3:37 to snap a 65-65 tie and Jarrett Culver followed with a basket for two of his game-high 31 points to supply enough breathing room to hold on for the win.

Davide Moretti continued to quietly operate as one of the Big 12’s off-the-radar standouts with 20 points and joined Culver with four 3-pointers as the Raiders finished 11 for 26 from outside the arc. Matt Mooney scored 13 and led Tech with five assists, while Tariq Owens snared 14 rebounds.

No. 10 LSU 80, Vanderbilt 59

Playing without suspended head coach Will Wade and two of its top four scorers, the Tigers routed the Commodores in Baton Rouge, La.

Tremont Waters scored 14 points and had eight assists as LSU (26-5, 16-2) captured its first outright regular-season SEC title since 2009. Vanderbilt was paced by Saben Lee with 16 points.

With the sellout crowd waving “Free Will Wade” signs, LSU easily dispatched Vanderbilt (9-22, 0-18), which lost its last 19 games of the season and was the first team since Georgia Tech in 1953-54 to go winless in SEC play.

No. 13 Kansas 78, Baylor 70

Dedric Lawson recorded his 20th double-double, posting 23 points and 14 rebounds as the Jayhawks got past the Bears in Lawrence, Kan.

Although the Jayhawks (23-8, 12-6 Big 12) were eliminated from the Big 12 title chase earlier in the week, they finished undefeated at home for the 21st time.

Freshman guard Devon Dotson and freshman center David McCormack added 15 and 12 points, respectively. Jared Butler led Baylor (19-12, 10-8) with 31 points.

No. 14 Florida State 65, Wake Forest 57

The Seminoles won their 12th game in 13 tries by closing out the regular-season schedule with a win over the Demon Deacons in Winston-Salem, N.C.

Guard Trent Forrest had 11 points and five assists for the Seminoles (25-6, 13-5 ACC). Senior forward Phil Cofer added nine points in the victory, which set a school record for conference wins since the Seminoles joined the ACC in 1992.

Wake Forest fell to 11-19 overall and 4-14 in ACC play. The Demon Deacons were paced by guard Brandon Childress, who scored a game-high 13 points. Wake Forest guard Chaundee Brown added 11 points.

Georgetown 86, No. 16 Marquette 84

James Akinjo racked up 25 points, five rebounds and five assists as the Hoyas denied the Golden Eagles a share of the Big East title.

The 16th-ranked Eagles (23-8, 12-6) could have pulled even with Villanova after the Wildcats lost to Seton Hall earlier in the afternoon. But they instead dropped their fourth straight heading into the conference tournament.

Mac McClung supplied 23 points for the Hoyas (19-12, 9-9), while Jessie Govan and Jamorko Pickett had 10 points apiece. Markus Howard’s 28 points led Marquette. Joey Hauser had 16 points, Sacar Anim added 12 and Brendan Bailey tossed in 11.

No. 17 Nevada 81, San Diego State 53

Caleb Martin recorded 25 points, seven assists and six rebounds and the Wolf Pack earned the top seed in next week’s Mountain West Conference tournament by blowing out the Aztecs in Reno, Nev.

Jordan Caroline added 16 points and 12 rebounds to extend his Mountain West double-double record to 45. Cody Martin scored 14 points and senior power forward Trey Porter added 13 for the Wolf Pack (28-3, 15-3). Senior guard Jeremy Hemsley scored 16 points for San Diego State (19-12, 11-7).

Nevada tied with Utah State for first place in the conference. The two teams split their regular-season matchups, but the Wolf Pack win the tiebreaker because they swept third-place Fresno State while the Aggies split with the Bulldogs.

No. 18 Kansas State 68, Oklahoma 53

The Wildcats got a combined 45 points from its three seniors to knock off the Sooners on Senior Day in Manhattan, Kan.

The victory gave the Wildcats a share of their first Big 12 regular-season title since they shared the 2013 title with Kansas. Texas Tech defeated Iowa State in Ames, Iowa, earlier to claim a share.

The Wildcats, who will be the No. 1 seed at next week’s Big 12 Championship in Kansas City, were led by Kamau Stokes with 19 points. Barry Brown added 15 and Dean Wade added 11. Kristian Doolittle led Oklahoma (19-12, 7-11) with 14 points, and Jamal Bieniemy added 12.

No. 22 Wofford 99, Virginia Military Institute 72

Six Terriers players scored in double figures as they opened Southern Conference Tournament play by trouncing the Keydets in the quarterfinals in Asheville, N.C.

Nathan Hoover led Wofford (27-4, 18-0) with 17 points, while Chevez Goodwin notched 14 and Keve Aluma added 12. The Terriers will play East Tennessee State in Sunday’s semifinals.

Bubba Parham, the conference’s leading scorer, notched 14 of his 22 points in the first half for VMI (11-21, 4-14).

Seton Hall 79, No. 23 Villanova 75

Myles Powell scored 20 points and Sandro Mamukelashvili added 12 points and 18 rebounds as the host Pirates toppled the Wildcats in Newark, N.J.

Seton Hall (18-12, 9-9 Big East) remained on the NCAA Tournament bubble while preventing Villanova (22-9, 13-5) from earning the outright conference regular-season title, but only until Marquette lost to Georgetown later in the day.

Myles Cale scored 19 points, Jared Rhoden had 15 and Michael Nzei delivered 10 for Seton Hall. Collin Gillespie led Villanova with 22 points, while Phil Booth scored 16, Saddiq Bey had 13 and Jermaine Samuels had 10.

Temple 67, No. 25 UCF 62

Guard Quinton Rose scored nine of his 11 points over the last nine minutes of the game to spark the Owls’ upset of the Knights in their American Athletic Conference game in Philadelphia.

Guard Shizz Alston Jr. scored 21 points to lead the Owls (23-8, 13-5), who moved into a tie for third place with the Knights (23-7, 13-5) and kept alive their hopes for a No. 3 seed in next week’s league tournament in Memphis.

Rose’s late heroics and Alston’s steady play overcame a huge game from UCF junior guard Aubrey Dawkins, the son of Knights coach Johnny Dawkins, who was a game-time decision to play after hurting his back two nights earlier. Dawkins scored a career-high 36 points.

Murray State 77, Belmont 65

The Racers punched the first ticket to this year’s NCAA Tournament by rallying to beat the Bruins in the Ohio Valley Conference championship game in Evansville, Ind.

Prized NBA prospect Ja Morant scored 36 points to help Murray State advance. The Racers trailed 31-26 at halftime but outscored Belmont 51-34 in the second half.

Murray State (27-4, 16-2) closed the game with 11 straight points against Belmont (26-5, 16-2).

–Field Level Media

Source: OANN

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EU leaders give Britain ‘last chance’ for orderly Brexit

Britain's PM Theresa May arrives for a news briefing after meeting with EU leaders in Brussels
Britain's Prime Minister Theresa May arrives for a news briefing after meeting with EU leaders in Brussels, Belgium May 22, 2019. REUTERS/Toby Melville

March 22, 2019

By Alastair Macdonald and Robin Emmott

BRUSSELS (Reuters) – European Union leaders warned Britain on Friday it had a final opportunity to leave the bloc in an orderly fashion after giving Prime Minister Theresa May two weeks’ reprieve until April 12 before Britain could tumble out without a deal.

Arriving for a second day of a summit dominated by talks over Britain’s departure, Belgium’s prime minister said he hoped for a “rational” decision by British lawmakers to back the withdrawal treaty that May concluded with Brussels.

Preparations for a no-deal, in which Britain would face sudden trade barriers and restrictions on business, still were underway, however, Charles Michel told reporters.

“This is perhaps the last chance for Britain to say what it wants for the future,” Michel said. “More than ever, this is in the hands of the British parliament,” he said, adding that the 27 EU leaders were not blind to the risks of a no-deal.

Seven hours of summit brainstorming on Thursday kept a host of options open for leaders, who say they regret Britain’s decision to leave but are eager to move on from what they increasingly see as a distraction.

A first-ever leaders dinner debate over the EU’s China policy at the summit was delayed until Friday, for example.

May, who met leaders at the summit but missed out on the dinner because the 27 were forced to focus on Brexit rather than China, originally wanted to be able to delay Britain’s departure until June 30 to tie up legislative loose ends.

But now, a May 22 departure date will apply if parliament rallies behind the British prime minister next week. If it does not, Britain will have until April 12 to offer a new plan or choose to quit the bloc without a treaty.

That date corresponds to the six weeks’ legal notice required for the EU election – which the bloc would insist Britain hold on May 23 if it remains a member. If it does not hold the election, leaders said, the very last date Britain must leave would be June 30, before the new EU parliament convenes.

“We wanted to support May and we showed that,” German Chancellor Angela Merkel told reporters. “It was an intensive, but successful evening.”

A senior EU official said the key achievement was to shift the focus of responsibility to London from Brussels.

May will not attend the second day of the summit but will return to London to seek support for the withdrawal agreement.

DEPARTURE DETAILS STILL VAGUE

French President Emmanuel Macron argued at the summit that if the leaders left their decision until late next week, they would be seen as either pushing Britain out on Friday or blinking at their own deadline.

Instead, they have pushed the trigger back to Britain, which will be confronted by a choice by April 12 on whether to hold an EU election as part of a long-term rethink or prepare to quit by May 22, or possibly in June, without a deal.

“Everything is now in the hands of the House of Commons. That’s the message,” a senior EU official said.

The details of exactly how and when Britain would leave on or after April 12 are still somewhat vague.

It might leave abruptly at midnight (2200 GMT) on that Friday night. But EU officials said it could also agree a date with the EU to leave later, deal or no deal.

That could give some weeks to make a no-deal exit somewhat less chaotic, though the EU will refuse attempts to try and emulate the smoothness of the withdrawal treaty.

It would also try to insist on Britain being out by May 22 to avoid any problems over the EU election on May 23-26, but some leaders indicated that they could cope with Britain leaving any time until June 30 – before the new European Parliament convenes on July 2.

(Additional reporting by Robin Emmott, Philip Blenkinsop, Richard Lough, Francesco Guarascio, Andreas Rinke; Editing by Jon Boyle)

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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