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Washington woman raped after getting into fake ride-share, person of interest sought, police say

Washington state cops are hunting the person who posed as a ride-share driver in Seattle and raped a woman in who got into the wrong vehicle.

The King County Sheriff's Department said in a Facebook post Tuesday the incident happened Dec. 16, after the female victim left a bar in Seattle and went outside to catch a ride-share a friend ordered to get her home.

“She found multiple ride-share vehicles parked out front, so she started asking each of them if they were her rideshare,” King County Sgt. Ryan Abbott told Q13 News. “One of the guys said 'Oh yeah I’m your ride-share, go ahead and get in.'”

RIDE-HAILING SAFETY BILL INTRODUCED DAYS AFTER SOUTH CAROLINA COLLEGE STUDENT FOUND DEAD

But officials said the man behind the wheel wasn't a ride-share driver.

While driving the woman home, the man pulled the vehicle over and raped her in White Center, located south of Seattle, according to police.

A person of interest who is wanted in the rape of a woman in Washington state who got into a vehicle thinking it was her ride-share.

A person of interest who is wanted in the rape of a woman in Washington state who got into a vehicle thinking it was her ride-share. (King County Sheriff's Office)

“Then after he raped her, he got her address and drove her to her house," Abbott told Q13 News.

Surveillance footage released by the sheriff's office captured the man identified as a person of interest near the victim’s home as he unlocked her door and handed her cell phone back.

A man that police said claimed to be a ride-share driver who then raped a woman that got into his vehicle in December.

A man that police said claimed to be a ride-share driver who then raped a woman that got into his vehicle in December. (King County Sheriff's Office)

SOUTH CAROLINA MAN CHARGED WITH KIDNAPPING, MURDER OF COLLEGE STUDENT ACTIVATED CHILD LOCKS IN CAR, POLICE SAY

News of the incident in Washington state comes just days after a University of South Carolina student was kidnapped and killed after she got into a car she mistakenly believed was her Uber.

Ride-share users told Q13 News on Tuesday that people getting into the wrong vehicle is common.

“I called an Uber yesterday at the airport and another person tried to take my Uber,” Un Jung, who was visiting Seattle from Arkansas, told the television station.

In the South Carolina incident, officials said the man accused of killing Samantha Josephson activated the child locks in his backseat so the doors could be opened only from the outside.

Police said users should make sure to check the license plate and vehicle make/model and verify the driver's photo and name match before getting into a ride-share vehicle. Users should also ask the driver to tell them your name, according to police.

“There’s been other instances where child lock safety has been on in the backseat, so something horrible might happen and the victim can’t get out,” Abbott told Q13 News.

CLICK HERE FOR THE FOX NEWS APP

The person of interest sought in Washington may be driving a black Dodge Charger, according to police.

Anyone with information on the man is asked to contact the King County Sheriff’s Office at 206-296-3311.

Source: Fox News National

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Vietnam tells monks to stop profiting from karma rituals

Vietnamese authorities have ordered monks at a popular Buddhist pagoda to stop "soul summoning" and "bad karma eviction" ceremonies after an investigation found the rituals were a scam.

The state-run Lao Dong (Labor) newspaper said tens of thousands of worshippers have been paying the 18th century Ba Vang pagoda in northern Quang Ninh province between 1 million and several hundred million dong ($45-$13,500) to have their bad karma vanquished.

The Committee for Religious Affairs, a government body, issued a statement on its website on Friday saying "the ritual goes against Buddhist philosophy and violates Vietnam's law on religion and folk beliefs."

"It has a negative impact on social order and security," it added.

Calls to the pagoda were not answered Friday.

Monks at the pagoda teach that all illnesses and misfortune result from bad deeds in previous lives.

Three times a month, they hold a two-day ceremony to "summon wandering souls" and "remove bad karma," demanding donations, supposedly representing good deeds, to help cure bad karma and make up for supposed bad deeds in previous lives.

Such rituals have been going on for years, but the practice has drawn unfavorable attention as the amounts demanded by the monks soared to the point where they began taking payments by bank transfers and by installments.

Public outrage flared when an inspirational speaker associated with the pagoda blamed a victim for being gang raped, saying she had committed evil acts in a past life in comments posted on the pagoda's website and on social media. The 20-year-old college student was taken hostage and raped by five men for two days before she was killed on the eve of the Feb. 5 Lunar New Year.

"The teaching was hurtful and disrespectful to the soul of my daughter," Tuoi Tre, another official newspaper, quoted the woman's mother as saying.

The monks also teach that homosexuality comes from bad karma and should be "cured" by having people of the opposite sex spend time together.

"Vindictive wandering souls follow people. They bring you illness, marriage problems and make your children unwell. We have the power to summon the souls and evict them," the abbot of the pagoda, Thich Truc Thai Minh, told followers during a gathering that was live streamed on social media on Thursday.

A reporter for Lao Dong shot a video at the pagoda showing a monk telling another woman, who was distraught over losing her only child, that "It's your karma. In previous life, you were a witch."

"And the wandering soul says it will take your life, too. Not just your child," the monk said.

Ba Vang pagoda was built on a mountain slope in Uong Bi district of Quang Ninh province. It was recently renovated and expanded to become one of Vietnam's largest pagoda complexes.

Only a minority of Vietnam's 95 million people follow Buddhism, but many non-Buddhists go to pagodas and temples and practice a form of folk religion that includes some Buddhist practices.

Religions that are not registered with the government are prohibited. The Ba Vang pagoda belongs to a registered Vietnamese Buddhist association.

Source: Fox News World

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Stock futures flat as investors assess U.S.-China trade talks

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 19, 2019. REUTERS/Brendan McDermid

February 20, 2019

By Shreyashi Sanyal

(Reuters) – U.S. stock index futures were subdued on Wednesday after a handful of downbeat earnings reports and as investors weighed the latest developments in trade talks between the United States and China.

Hopes of a progress in trade negotiations have lifted stocks this year, driving all three major indexes to more than two-month highs.

President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a “magical” date.

“A market-friendly outcome this week will be for both sides to agree on extending the March 1 deadline, which should provide more time for finding a middle ground on trade policy,” FXTM analyst Lukman Otunuga wrote in a client note.

“Trump stating that the talks are ‘very complex’ and the current March deadline is not a ‘magical date’, a breakthrough deal is still some distance away.”

Tariffs on $200 billion worth of Chinese imports are set to rise to 25 percent from 10 percent if the world’s two largest economies fail to settle their trade dispute by March 1.

The benchmark S&P 500 index has climbed 18 percent from its December lows, fueled by optimism on trade, a largely upbeat fourth-quarter earnings season and a dovish Federal Reserve.

Investors will be looking for more clues on monetary policy on Wednesday, as the Federal Open Market Committee (FOMC) is slated to release minutes from its January policymaking meeting at 2 pm ET (1900 GMT).

The minutes are expected to reaffirm the Federal Reserve’s statement last month that it would be “patient” with further rate hikes after markets swooned late in December on fears of an economic slowdown.

“Investors expect more details regarding the shrinking of the Fed’s balance sheet and obviously more clues on the Fed pause,” said Peter Cardillo, chief market economist at Spartan Capital Securities in a client note.

At 7:20 a.m. ET, Dow e-minis were down 30 points, or 0.12 percent. S&P 500 e-minis were down 2 points, or 0.07 percent and Nasdaq 100 e-minis were up 0.75 points, or 0.01 percent.

Southwest Airlines Co fell 3.6 percent after the carrier cut its forecast for first-quarter revenue per seat mile, citing weak passenger demand and a $60 million hit from the partial U.S. government shutdown.

CVS Health Corp dropped 5.1 percent after the drugstore chain operator and pharmacy benefits manager missed full-year profit forecast.

LendingClub Corp shares tumbled 8.6 percent after the online lender forecast a bigger-than-expected first-quarter loss, due to seasonal weakness and economic uncertainty in the United States and overseas.

(Reporting by Shreyashi Sanyal in Bengaluru)

Source: OANN

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Jury finds man guilty of dismembering father, not murder

A Florida man has been acquitted of killing his father but convicted of dismembering the body.

The Palm Beach Post reports that jurors found 50-year-old James "Jimmy" Scandirito II guilty Thursday of abuse of a corpse and not guilty of first-degree murder. Sentencing is scheduled for June 21.

Boca Raton police say Scandirito killed and dismembered his father, James "Skip" Scandirito, in March 2018. The younger Scandirito initially claimed his father hadn't returned from a kayaking trip, but police found the body parts after following him to an abandoned golf club.

Prosecutors say he killed his father for inheritance money.

The son testified he found his father dead from an apparent drug overdose and hid the body because he was afraid.

Skip Scandirito resigned a judgeship in Macomb County, Michigan, in 2000 in the face of sexual misconduct charges.

___

Information from: The Palm Beach (Fla.) Post, http://www.pbpost.com

Source: Fox News National

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China wants ‘tranquillity’, navy chief says ahead of new warships reveal

Chinese navy personnel attend an event celebrating the 70th anniversary of the founding of the Chinese People's Liberation Army Navy (PLAN) in Qingdao
Chinese navy personnel attend an event celebrating the 70th anniversary of the founding of the Chinese People's Liberation Army Navy (PLAN) in Qingdao, China, April 22, 2019. REUTERS/Jason Lee

April 22, 2019

By Ben Blanchard

QINGDAO, China (Reuters) – China’s navy wants maritime “tranquillity and good order”, its chief said on Monday, ahead of a parade to mark its 70th anniversary at which the military is expected to display new warships including nuclear submarines and destroyers.

President Xi Jinping is overseeing a sweeping plan to refurbish the People’s Liberation Army (PLA) by developing everything from stealth jets to aircraft carriers as China ramps up its presence in the South China Sea and around self-ruled Taiwan, which has rattled nerves in the region.

The navy has been a key beneficiary of the modernization plan, with China looking to project power far from its shores and protect its trading routes and citizens overseas.

Last month, Beijing unveiled a target of 7.5 percent rise in defense spending for this year, a slower rate than last year but still outpacing its economic growth target.

Tuesday’s parade in the waters off the eastern city of Qingdao will feature 32 vessels and 39 aircraft, some of which will not have been unveiled before, as well as warships from 13 foreign countries including India, Australia and Vietnam.

Speaking at a reception in Qingdao, navy chief Shen Jinlong said China was looking to promote trust and cooperation this week in its interactions with foreign navies and delegations.

“China’s navy is willing to, together with other navies, tackle maritime security challenges and maintain maritime peace, tranquillity and good order, stay committed to maritime security and development and actively provide more public goods for world maritime security,” Shen, who is close to Xi, said.

“The PLA navy is willing to be your close, friendly and equal partner for mutual support, development and win-win cooperation and remain united and act resolutely with all of you to safeguard world peace and stability,” he added.

“Let us contribute more to an ocean of lasting peace common security and prosperity, an ocean that is open and inclusive.”

Military officers accompanying reporters in Qingdao have been at pains to point out China has no hostile intent with the naval parade and it is not a show of force but a sign of a genuine desire for global maritime cooperation.

China has not said which new equipment it may reveal, but state media has run several glowing reports in recent days about a second and as-yet unnamed aircraft carrier, domestically built and undergoing sea trials.

The Liaoning, its first carrier, was bought second-hand from Ukraine in 1998 and refitted in China.

While Chinese navy ships have participated in international anti-piracy patrols off Somalia’s coast since late 2008, its ships’ last naval battles were with the Vietnamese in the South China Sea, in 1974 and 1988, though these were relatively minor skirmishes.

(Reporting by Ben Blanchard; Editing by Robert Birsel)

Source: OANN

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Edwards scores 42 as Purdue ends Villanova’s reign

NCAA Basketball: NCAA Tournament-Second Round- Villanova vs Purdue
Mar 23, 2019; Hartford, CT, USA; Purdue Boilermakers guard Carsen Edwards (3) attempt a layup against the Villanova Wildcats during the second half of a game in the second round of the 2019 NCAA Tournament at XL Center. Mandatory Credit: Robert Deutsch-USA TODAY Sports

March 24, 2019

Carsen Edwards recorded career highs with nine 3-pointers and 42 points as third-seeded Purdue eliminated defending champion Villanova on Saturday with an 87-61 victory in an NCAA Tournament South Region second-round game at Hartford, Conn.

Matt Haarms collected 18 points and nine rebounds and Ryan Cline added 12 points for the Boilermakers (25-9), who were 16 for 30 from 3-point range to advance to the Sweet 16 for the third straight year. Purdue will face the winner of Sunday’s contest between second-seeded Tennessee and No. 10 Iowa.

Eric Paschall scored 19 points and Phil Booth added 15 on 5-of-13 shooting from the field for the sixth-seeded Wildcats (26-10), who were denied in their bid for a third NCAA title in four years.

The Boilermakers made seven of their first 11 3-point attempts and finished 9 for 18 from beyond the arc to seize a 43-24 lead at intermission. Villanova, conversely, went 3 for 14 from deep in the first half.

Edwards, who had a team-high 26 points in a 61-48 win over 14th-seeded Old Dominion on Thursday, drained four 3-pointers before Saturday’s game was six minutes old to stake Purdue to an early 19-10 lead.

The Boilermakers kept their foot on the gas, as Edwards and Cline each drilled another 3-pointer and Haarms’ emphatic dunk capped a 14-2 run to give Purdue a 41-22 lead with 1:25 left in the first half.

Edwards continued his torrid stretch by sinking an uncontested 3-pointer and working the baseline to set up a reverse layup to begin the second half. Cline drained two more 3-pointers and Edwards drilled his seventh shot from beyond the arc to highlight a 16-0 run and give Purdue a 59-24 lead just 5:37 into the second half.

Jermaine Samuels and Booth made 3-pointers on consecutive possessions to chip into the sizable deficit, but Edwards stopped the momentum with a three-point play.

Paschall ignited a 10-0 run for Villanova, but the deficit proved too great and the Boilermakers began making free throws. Edwards ended any doubt with his eighth 3-pointer to give Purdue a 71-42 lead with 6:35 to play.

–Field Level Media

Source: OANN

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NHL roundup: Flames clinch division, conference titles

NHL: Calgary Flames at San Jose Sharks
Mar 31, 2019; San Jose, CA, USA; San Jose Sharks center Micheal Haley (18) and San Jose Sharks right wing Joonas Donskoi (27) and Calgary Flames defenseman Rasmus Andersson (4) and teammates fight during the third period at SAP Center at San Jose. Mandatory Credit: Neville E. Guard-USA TODAY Sports

April 1, 2019

Three goals 75 seconds apart in the first period vaulted the Calgary Flames to a 5-3 victory over the host San Jose Sharks Sunday night, earning them their Pacific Division title since the 2005-06 season and the top spot in the Western Conference for the first time in 29 years.

Mike Smith needed to make just 12 saves for the Flames (49-23-7, 105 points), who will face the second wild-card winner — a spot currently occupied by the Colorado Avalanche but well within reach of the Arizona Coyotes — in the opening round of the Stanley Cup playoffs.

San Jose (44-26-9, 97 points) will finish second in the Pacific and will meet the Vegas Golden Knights in the opening round. The Sharks, who beat Vegas in an emotional game Saturday night, have just one win in nine games (1-7-1).

With the Flames trailing 1-0, Sean Monahan, Mark Jankowski and Dalton Prout completed the 75-second scoring spree. Mikael Backlund and Michael Frolik also scored for Calgary, and Timo Maier, Logan Couture and Kevin Labanc tallied for San Jose.

Red Wings 6, Bruins 3

Anthony Mantha recorded his first career hat trick and five-point game, and host Detroit scored four times in the third period to defeat Boston.

Mantha scored Detroit’s first three goals and assisted on the final two as Red Wings won their fifth straight game. Taro Hirose scored his first NHL goal, Dylan Larkin had a goal and an assist, and Tyler Bertuzzi notched three assists for the Red Wings.

Jimmy Howard made 31 saves to win his fourth straight decision, and Jaroslav Halak stopped 22 shots for Boston, which got goals from Jake DeBrusk, Brad Marchand, and David Backes.

Coyotes 4, Wild 0

Darcy Kuemper made 39 saves to record his second shutout in three starts, and Josh Archibald had two goals and an assist as Arizona downed Minnesota in Glendale, Ariz.

Alex Galchenyuk scored his team-leading 18th goal and Vinnie Hinostroza added a second empty-net tally for the Coyotes (38-33-8, 84 points), who moved within one point of Colorado for the final wild-card spot in the Western Conference.

Devan Dubnyk finished with 19 saves for Minnesota (36-34-9, 81 points), which has dropped eight of its last 11 contests (3-7-1) and sits four points behind the Avalanche with three games remaining.

Blue Jackets 4, Sabres 0

Sergei Bobrovsky stopped all 38 shots for his league-leading ninth shutout of the season as Columbus defeated host Buffalo.

It was the 36th victory of the season for Bobrovsky, putting him one behind league leader Andrei Vasilevskiy of Tampa Bay. The Blue Jackets sit in the first wild-card spot in the Eastern Conference, one point ahead of Carolina and two points up on Montreal.

Pierre Luc-Dubois, Oliver Bjorkstrand, Nick Foligno and Josh Anderson scored for the Blue Jackets, who have won five straight games. Linus Ullmark stopped 32 of 36 shots as the Sabres lost their seventh game in a row.

Penguins 3, Hurricanes 1

Pittsburgh’s fourth line combined for five points as host Pittsburgh topped Metropolitan Division rival Carolina.

Matt Cullen had a goal and an assist, Adam Johnson had two assists for his first two NHL points, and Garrett Wilson and Patric Hornqvist also scored for Pittsburgh, which has won four of its past five games.

Goaltender Matt Murray stopped 37 of 38 Hurricanes shots. The Penguins (43-25-11, 97 points) moved to within two points of the idle second-place New York Islanders in the division. A win would have tied Carolina (43-29-7, 93 points) with the Penguins in points with 95 and leapfrogged it into third place in the division based on tiebreakers.

Rangers 3, Flyers 0

Alexandar Georgiev made 29 saves to record his second career shutout as New York averted a season sweep at the hands of host Philadelphia.

Ryan Strome collected a goal and an assist, Pavel Buchnevich scored to reach the 20-goal plateau and defenseman Brady Skjei also tallied as the Rangers snapped a six-game skid versus Philadelphia.

Georgiev extended his right pad to deny James van Riemsdyk on a breakaway late in the second period to preserve New York’s 2-0 lead. Rookie Carter Hart finished with 22 saves for the Flyers, who have dropped seven of their last 10 games.

–Field Level Media

Source: OANN

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

Source: OANN

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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