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Trump meets with Vietnam’s president ahead of Hanoi summit with North Korea’s Kim

President Trump paid a courtesy call Wednesday to the leaders of Vietnam, the nation hosting this week’s summit between Trump and North Korean leader Kim Jong Un.

During the visit, Trump and Vietnamese President Nguyen Phu Trong presided over the signings of several commercial trade deals affecting the airline industries of their two countries.

SOUTH KOREA HOPES TRUMP-KIM SUMMIT IN VIETNAM USHERS NEW ERA OF PEACE

U.S. aircraft manufacturer Boeing signed agreements with VietJet for 100 737 MAX planes and with Bamboo Airways for 10 787 Dreamliners as the two leaders looked on Wednesday.

U.S.-based aviation technology company Sabre also inked a deal with Vietnam Airlines.

The White House did not immediately provide details on the agreements.

Trump, who arrived in Hanoi on Tuesday, said he hoped for “great things” from his second meeting with Kim. The president is scheduled to meet with Kim later Wednesday in Hanoi for a second round of nuclear talks.

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The U.S. is attempting to achieve denuclearization on the Korean Peninsula following a series of missile tests by North Korea that have worried its immediate regional neighbors, such as China and Japan, and raised concerns that Pyongyang was developing weapons that could reach deep into the U.S. mainland.

The two heads of state previously met in Singapore last June.

The Associated Press contributed to this story.

Source: Fox News World

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Democrats who spoke at conference featuring chant quoting cop-killer Assata Shakur on ‘coward list:’ David Webb

David Webb reacted Tuesday after the crowd at a forum attended by eight prominent 2020 Democratic candidates was led in a chant that quoted a fugitive cop-killer.

Webb, host of “Reality Check” on Fox Nation, said on “Fox & Friends” that he wasn’t surprised at what happened Monday at the “We The People Summit” in Washington where an NAACP official asked the crowd to repeat after him a quote he attributed to the fugitive, Assata Shakur.

“It’s not that it’s not expected,” Webb said.

“My question is when to the candidates stand up and say we’re running to be president of all of America -- not just the segment... we need for votes,” he said.

CONFERENCE FEATURING 2020 DEMS BEGINS WITH FIERY CHANT QUOTING FUGITIVE COP-KILLER ASSATA SHAKUR

The eight presidential hopefuls weren’t on the stage when the chant went up during introductory remarks by the NAACP officials and others.

Shakur was convicted of the 1973 murder of a New Jersey state trooper when she was in the Black Liberation Army. After escaping from prison in 1979, Shakur fled to Cuba, which granted her asylum even as she remains on the FBI's list of most-wanted fugitive terrorists.

The Shakur quotation the forum crowd chanted concludes with the words, "We have nothing to lose but our chains."

Webb said that of all the Democratic candidates who addressed the forum he was putting Sen. Corey Booker, D-N.J., at “the top of the coward’s list.”

JETBLUE APOLOGIZES AFTER COP-KILLER ASSATA SHAKUR FEATURED IN BLACK HISTORY MONTH TRIBUTE

“How does he expect law enforcement in New Jersey to support him in the state he represents,” Webb said.

He added, “And law enforcement in New Jersey do you support someone who doesn’t object when a cop killer in your state is actually quoted on that same presidential stage?”

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The other candidates who spoke were Julián Castro, Beto O'Rourke, Amy Klobuchar, Bernie Sanders, Elizabeth Warren, Jay Inslee and Kirsten Gillibrand.

Source: Fox News Politics

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Biden video ‘highlighted all of his weaknesses’ and shows he’s ‘out of date’: Matthew Continetti

Former Vice President Joe Biden did not do himself any favors when he released a video message addressing the controversy over his history of inappropriate touching, Washington Free Beacon editor-in-chief Matthew Continetti argued Wednesday.

In the video posted earlier in the day on Twitter, Biden promised he would be “more mindful and respectful of people’s personal space” going forward but never offered an apology to the women accusing him of making them feel uncomfortable. Since the video was released, at least three more accusers have come forward with accusations against him, making the total at least seven women.

During Wednesday's All-Star panel segment on Fox News' "Special Report with Bret Baier," Continetti -- along with Washington Times opinion editor Charles Hurt and Reuters White House correspondent Jeff Mason -- weighed in on the political fallout of Biden’s attempt at damage control as he mulls a 2020 run for president.

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Continetti argued that you can “make a human connection” as Biden says “without sniffing somebody’s hair.”

“The video highlighted all of his weaknesses," Continetti continued. "His voice seemed frail, the production value is poor, he wasn’t framed very well, he was very pale, and he confesses that social norms have passed him by, which means he’s out of date -- which is exactly why Democrats are worried about him entering the race.

“This is another bad moment for Biden in several weeks of bad news. It makes me wonder whether he’ll actually pull the trigger and enter the race.”

“This is another bad moment for Biden in several weeks of bad news. It makes me wonder whether he’ll actually pull the trigger and enter the race.”

— Matthew Continetti, Washington Free Beacon editor-in-chief

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But Mason told the panel that Biden was being “authentic,” pointing out that the former vice president wasn’t reading from a script and that his video message indicated that his previous statements weren’t enough and that he didn’t “feel the need to apologize.”

Meanwhile, Hurt noted how “strange” it is that former President Barack Obama hasn’t weighed in on the controversy and suggested that Obama and Biden overhyped their relationship while they were in office.

Source: Fox News Politics

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ECB leaning toward rewarding banks who lend, skeptical on tiered rate: sources

FILE PHOTO: Reflection of the sign of the European central Bank (ECB) is seen ahead of the news conference on the outcome of the Governing Council meeting, at the ECB headquarters in Frankfurt
FILE PHOTO: Reflection of the sign of the European central Bank (ECB) is seen ahead of the news conference on the outcome of the Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, March 7, 2019. REUTERS/Kai Pfaffenbach/File Photo

April 11, 2019

By Balazs Koranyi, Francesco Canepa and Frank Siebelt

WASHINGTON/FRANKFURT (Reuters) – European Central Bank policymakers are increasingly leaning toward rewarding banks for lending to households and businesses but are mostly skeptical about giving lenders a reprieve from a charge on their idle cash, four sources told Reuters.

The sources said rate-setters, who met in Frankfurt on Wednesday, were now open to offering a zero or even negative interest rate to banks that pass through into the economy the cash they borrow under the ECB’s third Targeted Long-Term Refinancing Operation (TLTRO III), due to start in September.

ECB President Mario Draghi said on Wednesday that policymakers did not discuss the terms of the upcoming TLTRO at their meeting and would decide on the matter when they have more information about the state of the economy and bank lending, flagging the bank’s June gathering as a possible date.

With the growth outlook fading faster than feared, even hawkish policymakers have given up pricing the loans at the private market rate. Some are even discussing offering the TLTROs at minus 0.4 percent, which is currently the ECB’s deposit rate, the sources said.

Draghi also said policymakers were considering the need to mitigate the impact of the ECB’s negative deposit rate on lenders’ profits, a coded reference to a tiered system where some excess reserves are exempted from that charge.

But this option, which is being studied by the ECB’s staff and has already been adopted by countries such as Japan and Switzerland, met with widespread scepticism on the Governing Council, the sources said.

Many rate setters felt that the relief for banks, which are currently paying a 0.4 percent annualized rate of interest on some 1.9 trillion euro ($2.14 trillion) worth of idle cash, would be modest and outweighed by the risks.

Some fear that investors might interpret the move as a stealth rate hike, which would be particularly felt in countries in the euro zone’s south where cash is still scarce.

Others flagged the risk that tiered rates could be used for an arbitrage in combination with the new TLTROs if banks could access ECB funding at a lower rate than they get on some of their reserves.

Some analysts said a tiered rate would make room for the ECB to cut its deposit rate farther — a prospect that one source said was nowhere near being discussed.

Even policymakers who were open to the idea of tiering acknowledged it was a hard sell and would further complicate the ECB’s policy framework, the sources said.

An ECB spokesman declined to comment.

(Editing by Catherine Evans)

Source: OANN

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Revolutionary Camera Allows Scientists to Predict Evolution of Stars

For the first time scientists have been able to prove a decades-old theory on stars thanks to a revolutionary high-speed camera.

Scientists at the University of Sheffield have been working with HiPERCAM, a high-speed, multicolor camera, which is capable of taking more than 1,000 images per second, allowing experts to measure both the mass and the radius of a cool subdwarf star for the first time.

The findings published today (8 April 2019) in Nature Astronomy have allowed researchers to verify the commonly used stellar structure model — which describes the internal structure of a star in detail — and make detailed predictions about the brightness, the color and its future evolution.

Scientists know that old stars have fewer metals than young stars, but the effects of this on the structure of stars was, until now, untested. Old stars (often referred to as cool subdwarf stars) are faint and there are few in the solar neighborhood.


Paul Joseph Watson asks why scaremongers should continue to be believed.

Up until now scientists have not had a camera powerful enough to be able to get precise measurements of their stellar parameters such as the mass and the radius.

HiPERCAM can take one picture every millisecond as opposed to a normal camera on a large telescope which usually captures only one picture every few minutes. This has given scientists the ability to measure the star accurately for the first time.

Professor Vik Dhillon, Dr Steven Parsons and Dr Stuart Littlefair, from the Department of Physics and Astronomy at the University of Sheffield, led the HiPERCAM project in partnership with the Science and Technology Facilities Council’s Astronomy Technology Centre (ATC) and the Instituto de Astrofisica de Canarias, along with researchers from the University of Warwick and Durham University.

Professor Dhillon said: “Now we have been able to measure the size of the star we can see it is in line with stellar structure theory. These results would not have been possible with any other telescope.

“This not only proves stellar structure theory, but has also verified the potential of HiPERCAM.”

The paper is the first to be published using HiPERCAM data, which is mounted on the Gran Telescopio Canarias (GTC) — the world’s largest optical telescope, with a 10.4-meter mirror diameter.

(Photo by NASA)

The camera can take high-speed images of objects in the universe, allowing their rapid brightness variations — due to phenomena such as eclipses and explosions — to be studied in unprecedented detail.

Data captured by the camera, taken in five different colors simultaneously, allow scientists to study the remnants of dead stars such as white dwarfs, neutron stars and black holes.

The GTC is based on the island of La Palma, situated 2,500 meters above sea level, which is one of the best places in the world to study the night sky.

The study marks the first results of a pioneering five-year project funded by a 3.5 million Euro grant from the European Research Council (ERC).


Alex Jones discusses the possible future where all transportation is automated.

Source: InfoWars

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In market debut, Lyft counters Uber with ‘nice guy’ image

Uber and Lyft signs are seen on a car in Redondo Beach
Uber and Lyft signs are seen on a car in Redondo Beach, California, U.S., March 25, 2019. REUTERS/Lucy Nicholson

March 29, 2019

By Heather Somerville

SAN FRANCISCO (Reuters) – Lyft Inc has been challenging larger ride-hailing rival Uber Technologies Inc for years by cultivating an image of caring more for its drivers, riders and the environment. As the company debuts in the stock market on Friday, it hopes to convince investors the “nice guy” image will pay off.

“In the early days, people misunderstood, ‘Oh you guys are the nice guys. You guys are going to get crushed by a more competitive player,” Lyft President and co-founder John Zimmer told Reuters.

“We said, ‘No, we’re very competitive but treating our employees well, treating our drivers well, treating the local communities that we work with respect, which is also very good for business.”

Lyft exceeded market expectations with its initial public offering (IPO) on Thursday, raising $2.34 billion and fetching a valuation of $24 billion.

That is still a fraction of the $120 billion valuation that investment bankers have told Uber it could wind up with in its IPO in April, thanks to its international presence and expansion into sectors such as food delivery and freight hauling.

Despite its bigger size, Uber has evolved in lock-step with Lyft, adding new types of rides like car-pooling, changing fares investing in autonomous vehicle development and adding scooters and bikes.

As a result, Lyft and Uber look a lot alike. Both companies have been losing money, subsidizing rides to boost market share. But Lyft has been making inroads against Uber in the United States, boosting market share to 39 percent as of December from 35 percent in early 2018.

Some of Lyft’s gains are due to Uber’s woes. The latter is still recovering from a series of scandals in 2017, including allegations of sexual harassment made by female employees, the forced resignation of its chief executive officer and the departure of other senior executives, and its use of illicit software to deceive regulators.

A #DeleteUber campaign surged on social media. The negative publicity helped Lyft attract new drivers and riders without spending much on marketing.

Lyft, which operates in the United States and a few Canadian cities, also moved to boost its market share, adding more than 100 new cities since 2017. It targeted socially conscious millennials who are concerned about harming the environment by owning a car.

“We have barely scratched the surface of helping shift the world from a car ownership model to a transportation-as-a-service model,” Lyft’s CEO Logan Green, who is also a co-founder, told Reuters.

Lyft’s branding as a warmer, more caring alternative to Uber dates back to its launch in 2012. It borrowed marketing strategies from Southwest Airlines Co and Starbucks Corp, hoping to portray itself as friendly and customer-centric, and likened itself to the championship Golden State Warriors pro basketball team, according to Lyft executives.

‘PRICE IS MAIN FACTOR’

Anna-Marie Wascher, CEO and founding partner at Flat World Partners, an institutional advisory and asset management firm and early Lyft investor, said market share growth came as “consumers were being more discerning in their choices,” and recognizing the gulf in company culture and values between the two firms.

While some Lyft riders have turned into loyalists as a result of its branding efforts and Uber’s problems, many say they still pick the app with the lowest price.

“(My choice) is based on price and estimated time of arrival. But I would say price is the main factor,” said John Nickele, who owns a bicycle in San Francisco and spends about $30 a week on Lyft and Uber.

Both Lyft and Uber have been criticized for causing congestion in cities and creating hazards to bicyclists and pedestrians. A study by the San Francisco County Transportation Authority found that about half of new congestion in San Francisco from 2010 to 2016 was from ride-hailing.

Lyft said this week it will provide at least $50 million per year to cities to support transportation infrastructure, fight climate change and provide free rides to those in need, such as victims of natural disasters.

The first project will be in Los Angeles, where it will offer rides to individuals who provide services to the homeless.

Lyft’s and Uber’s relations with their drivers are not without strain. Lyft drivers this week held protests in San Francisco and Los Angeles over what they call wages that are too low to survive on. The company also faces a slew of arbitration claims and lawsuits from drivers who claim they are misclassified as independent contractors and owed back wages and reimbursement for expenses.

Zimmer told Reuters he believes the company’s ongoing work supporting drivers will help it stand apart from Uber. He said he still attends meetings with drivers to hear their grievances and exchanges texts with them.

(Reporting by Heather Somerville in San Francisco; Additional reporting by Jane Lee in San Francisco and Joshua Franklin and Carl O’Donnell in New York; Editing by Greg Roumeliotis and Jeffrey Benkoe)

Source: OANN

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Thyssenkrupp, Embraer to build four ships for Brazil’s navy

FILE PHOTO: Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil
FILE PHOTO: Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil, Germany, September 25, 2017. REUTERS/Michaela RehlE/File Photo

March 29, 2019

DUESSELDORF, Germany (Reuters) – Brazil’s navy has selected German industrial conglomerate Thyssenkrupp and domestic aircraft maker Embraer to build four corvettes, Thyssenkrupp said on Friday.

“We are very honored by the Brazilian Navy to entrust us with the mission to build the Tamandaré Corvettes Class,” Thyssenkrupp Marine Systems Chief Executive Rolf Wirtz said in a statement.

Thyssenkrupp did not disclose the value of the contract.

(Reporting by Tom Kaeckenhoff; Writing by Thomas Seythal; Editing by Edward Taylor)

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)

Source: OANN

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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)

Source: OANN

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

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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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