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Will upbeat economic data make China tap the brakes on monetary easing?

Headquarters of the PBOC, the central bank, is pictured in Beijing
FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee

April 16, 2019

SHANGHAI (Reuters) – China’s bond market sold off sharply this week as a slew of unexpectedly strong economic indicators prompted investors to ask if country’s latest round of monetary easing may be drawing to a close.

The first sign of trouble came when Chinese 10-year Treasury futures for June delivery, the most-traded contract, fell as much as 0.7 percent in initial deals on Monday.

While they recovered slightly by Tuesday afternoon, they were still down 0.6 percent from Friday’s closing price.

The yield on benchmark 10-year government bonds has risen more than 7 basis points so far this week, according to Refinitiv data, the latest stage of a rout that has pushed the yield up around 33 basis points since the end of March.

At 3.40 percent, the 10-year yield has now retraced to levels last seen in December.

The latest selling pressure came after robust March credit data on Friday raised hopes that China’s economy may be starting to stabilize.

Hit by a multi-year financial deleveraging campaign and the trade war with the United States, China’s economic growth slowed to a near 30-year low of 6.6 percent in 2018.

Data due on Wednesday is expected to show the weakest first-quarter economic expansion in at least 27 years.

But March readings to be released at the same time (0200 GMT) are expected to show faster growth in industrial output, investment and retail sales, suggesting a flurry of policy support measures in recent months are starting to kick in.

“The stronger-than-expected credit expansion together with a rebound (in the) inflation reading reinforced market concerns that China may put easing monetary policy on hold,” said Tommy Xie, head of Greater China Research at OCBC Bank in Singapore.

China’s campaign to shore up slowing growth has seen it roll out billions of dollars worth of additional tax cuts and infrastructure spending this year.

That fiscal stimulus has been accompanied by five cuts to banks’ reserve requirement ratio (RRR) over the past year as the People’s Bank of China (PBOC) worked to encourage lending and reduce borrowing costs for small and private firms.

Economists polled by Reuters before Friday’s credit data had expected three more RRR cuts this year in the current quarter and the next two, in line with previous surveys. Many had penciled in the next cut for this month, though Xie said after the strong lending data that there was no urgency to roll out more measures at the moment.

A summary of a quarterly meeting of the central bank’s monetary policy committee published late on Monday suggested a more cautious approach.

The PBOC said it would maintain control of money supply “floodgates”, a term absent from the previous quarter’s statement.

“When the central bank reiterates risk prevention, the easing cycle of monetary policy might be ending,” said Qu Qing, chief economist at Jianghai Securities.

The policy signal conveyed by the PBOC meeting suggested that tightening is on the way, and a near-term reduction in reserve requirement ratio (RRRs) or interest rates is unlikely, he said.

Nomura said in a note on Tuesday that there is much less room for easing and stimulus in China this time because of surging debt, but added it would be too early to start withdrawing easing measures as a sustainable recovery is still in question.

Still, expectations of tightening pushed benchmark five-year interest rate swaps (IRS) up to a high of 3.25 percent on Tuesday, up from 3.12 percent at last week’s close.

Frances Cheung, head of macro strategy for Asia at Westpac in Singapore, also cautioned that any signs of a bottoming out in the economy were “preliminary”.

“At this junction, policymakers would not want to suffocate growth and would not like to see funding costs materially higher,” she said.

However, some traders and market watchers said that liquidity conditions were likely to tighten in mid-April as companies make first-quarter tax payments, boosting demand for cash and sucking funds out of the market.

Such liquidity concerns earlier this month had prompted some analysts to predict an imminent cut to banks’ reserve requirements.

Iris Pang, an economist at ING in Hong Kong, said she maintains her expectation for an RRR cut this month.

“As trade war uncertainties linger on, there is a need to keep the fast yuan loan growth to help small private firms survive. An RRR cut is needed to facilitate fast credit growth,” Pang said in a note.

“China may not need such fast ongoing credit injection into small private firms. That said, we believe that the central government will allow speedy credit growth to continue for some time, at least until it is satisfied that the job market is stable.”

Investors looking for indications of a policy shift will be closely watching the PBOC’s actions when medium-term lending facility (MLF) loans with a value of 366.5 billion yuan ($54.65 billion) expire on Wednesday.

A total of 1.1855 trillion yuan worth of the loans is due to mature in the second quarter, according to Reuters calculations based on official data.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Kim Coghill)

Source: OANN

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GOP: Dems Freezing Us Out of Bipartisan Bills

Democrats in Congress have effectively shut out Republicans from the legislative process since taking control of the House, multiple members of the GOP told Politico on Monday.

Rep. Richard Hudson, R-N.C., told Politico that in the past two sessions of Congress, he and Rep. Bobby Rush, D-Ill., have cooperated on a bill that would boost workforce-training initiatives. This year, however, Rush “reintroduced it… added all this money to it, and didn’t consult” Hudson, according to the Republican.

“I don’t have thin skin about this, but when they were in charge, they had the rules,” said Rep. Mike Doyle, D-Pa., who’s served in the House for more than two decades. “Now we’re in charge, and maybe some of them don’t understand that yet.”

“Now that Rep. Rush is chairman, he decided to beef up the legislation by adding funding to make it easier for candidates who are going through training to receive wages while they are doing so,” a spokesperson for the congressman told Politico. “Chairman Rush continues to reach out to Republicans in hopes that they will finally agree to fund this jobs program.”

Florida GOP Rep. Mario Diaz-Balart added that he thought Democrats would approach him to work on legislation for Dreamers, which has been a key issue of his in recent years, but Democrats released their own plan without any Republican sponsors.

“I feared that this was going to be Democratic leadership’s strategy — not trying to actually work in a way to put bills on the floor to become law, but on the contrary, doing it in a way that it won’t become law, just to score political points,” Diaz-Balart told Politico.

Source: NewsMax Politics

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“Submit to Islam”: South Carolina Church Vandalized With Islamic-Themed Graffiti

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Source: InfoWars

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Senate panel reviewing whistleblower claims on aviation safety: panel chair Wicker

FILE PHOTO: Senator Roger Wicker (R-MS) walks in the U.S. Capitol in Washington, DC
FILE PHOTO: Senator Roger Wicker (R-MS) walks in the U.S. Capitol in Washington, DC, U.S., August 22, 2018. REUTERS/Joshua Roberts

April 2, 2019

WASHINGTON (Reuters) – Whistleblowers claim U.S. aviation safety inspectors, including some who worked on the now-grounded Boeing 737 MAX, did not receive proper training and valid certifications, the chairman of the Senate Commerce Committee said on Tuesday.

Senator Roger Wicker, a Republican, said the committee was reviewing similar claims from multiple whistleblowers, and asked the Federal Aviation Administration to answer detailed questions.

Wicker said the FAA may have been notified about these deficiencies as early as in August 2018, citing information from the whistleblowers and documents.

The FAA did not immediately comment. 

(Reporting by David Shepardson; Editing by Bernadette Baum)

Source: OANN

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EU lawmaker Verhofstadt warns against Brexit extension

ALDE President and Former Belgium PM Verhofstadt takes part in the kick-off campaign of La Republique En Marche Benelux, in Brussels
FILE PHOTO: ALDE President and Former Belgium Prime Minister Guy Verhofstadt takes part in the kick-off campaign of La Republique En Marche Benelux, in Brussels, Belgium, April 7, 2018. Picture taken April 7, 2018. REUTERS/Eric Vidal

March 13, 2019

STRASBOURG (Reuters) – The European Union should reject a request from Britain to extend its Brexit deadline unless British lawmakers rally around a clear objective for what they want to achieve, the European Parliament’s Brexit coordinator said on Wednesday.

Liberal party leader Guy Verhofstadt told the chamber that extending Brexit beyond the May 23-26 EU legislative election would allow Brexit supporters to hijack the European debate.

He said that extending Brexit “even for 24 hours” beyond the current deadline of March 29 should only be done if the British parliament, which rejected the EU’s treaty offer on Tuesday, had a clear plan.

A decision on extension would have to be made by EU national leaders if the British government were to request one.

(Reporting by Alastair Macdonald @macdonaldrtr; editing by Francesco Guarascio)

Source: OANN

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Dems Erasing Middle America

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FDA says cybersecurity vulnerabilities found in some Medtronic devices

FILE PHOTO: The headquarters of the U.S. Food and Drug Administration is shown in Silver Spring near Washington
FILE PHOTO: The corporate logo of the U.S. Food and Drug Administration (FDA) is shown in Silver Spring, Maryland, November 4, 2009. REUTERS/Jason Reed/File Photo

March 22, 2019

(Reuters) – The U.S. Food and Drug Administration (FDA) on Thursday said cybersecurity vulnerabilities were identified in Medtronic Plc’s implantable cardiac devices, clinic programmers, and home monitors.

But, the FDA recommended the usage of the devices and said the medical device maker was developing updates to further mitigate those vulnerabilities. The health regulator added it was not aware of any reports of patients being harmed.

Last year, Medtronic disabled internet updates for some 34,000 CareLink programming devices that healthcare providers around the world use to access implanted pacemakers, saying the system was vulnerable to cyberattacks.

Medical device makers have bolstered efforts to mitigate product security vulnerabilities in recent years following a flurry of warnings from security researchers who have identified bugs in devices like the Medtronic implant programmers.

Shares of the company were down 1 percent in after-hours trading.

(Reporting by John Benny in Bengaluru; Editing by Chris Reese)

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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