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Morgan Stanley quarterly profit falls 9 percent

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York
FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton

April 17, 2019

(Reuters) – Morgan Stanley reported a 9 percent drop in quarterly profit on Wednesday as equities and bond trading fell due to low market volatility.

The bank said earnings attributable to common shareholders fell to $2.34 billion, or $1.39 per share, in the first quarter ended March 31, from $2.58 billion, or $1.45 per share, a year ago. https://mgstn.ly/2vaVd4I

On an adjusted basis, the company earned $1.33 per share.

Analysts were looking for a profit of $1.17 per share, according to IBES data from Refinitiv, although it was not clear if the numbers were comparable.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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Powerful storms sweep across South, leaving at least 2 dead in Texas, 5 dead in Mississippi

Powerful storms -- including tornadoes -- were leaving a trail of death and destruction across the South over the weekend, with at least five people killed and many more injured in Mississippi early Sunday after two children reportedly died in Texas on Saturday.

The children, ages 3 and 8, perished when a tree toppled onto the back of their family’s car in Lufkin, Angelina County, while it was in motion, the county sheriff’s office confirmed. The parents were in the fronts seats and were not injured.

Details of the Mississippi fatalities, all of which were reported in Monroe County, were not immediately available, WCBI-TV in Columbus, Miss., reported.

The storms ripping through the South in recent days have leveled trees and homes and caused power outages, according to reports.

Parts of the state were placed under a tornado watch until 5 a.m. Sunday, the station reported.

In Texas, baseball-sized hail fell north of San Antonio, with larger hail falling closer to the Dallas-Fort Worth region.

A car lies upside down in a ditch following a suspected tornado, Saturday, April 13, 2019 in Franklin, Texas. (Associated Press)

A car lies upside down in a ditch following a suspected tornado, Saturday, April 13, 2019 in Franklin, Texas. (Associated Press)

A curfew was in effect from 8 p.m. to 7 a.m. Sunday in Franklin, Texas, about 125 miles south of Dallas, following a direct hit from a tornado that overturned mobile homes and damaged other residences. Two people suffered non-life threatening injuries and others were treated for minor injuries, Robertson County Sheriff Gerald Yezak said.

Another possible tornado touched down in the Vicksburg, Miss., area but no injuries were reported Saturday. Students at Mississippi State University sheltered in basements and hallways as a tornado made its way near the Starkville campus.

POWERFUL, DEADLY STORMS CONTINUE TO MOVE ACROSS SOUTH

The National Weather Service in Jackson canceled a tornado watch early Sunday, saying no additional serve weather was expected.

Debris was found but no injuries were reported, University spokesman Sid Salter said.

Debris is strewn in flooded water in the Pemberton Quarters strip mall following severe weather Saturday in Vicksburg, Miss. (Associated Press)

Debris is strewn in flooded water in the Pemberton Quarters strip mall following severe weather Saturday in Vicksburg, Miss. (Associated Press)

The severe weather was expected to continue into Sunday as it moves across the Deep South.

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"All facets of severe weather are anticipated this weekend, ranging from damaging wind gusts and large hail to frequent lightning strikes, flash flooding and tornadoes," AccuWeather Senior Meteorologist Alex Sosnowski said.

More than 140,000 people remained without power in Texas, Mississippi, Louisiana and Arkansas late Saturday. The National Weather Service said the storm was expected to move from the Ohio Valley to the Southeast.

The Associated Press contributed to this report.

Source: Fox News National

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Wizards’ Wall unsure he’ll be able to play next season

NBA: Boston Celtics at Washington Wizards
Apr 9, 2019; Washington, DC, USA; Washington Wizards guard John Wall (2) sits on the bench during the first quarter of the game against the Boston Celtics at Capital One Arena. Mandatory Credit: Tommy Gilligan-USA TODAY Sports

April 10, 2019

The foot injury that cost John Wall half of this season might sideline the Washington Wizards point guard for all of next season, too.

The five-time All-Star, speaking to reporters Tuesday during the Wizards’ season finale, expressed uncertainty regarding the timetable for his recovery. Wall hasn’t played since Dec. 26, and he underwent surgery in February to repair his left Achilles tendon.

“Whenever my body feels like it’s back to where I feel ready to play, that’s when I’ll come back,” Wall said, according to the Washington Post. “I think I’ve been through the process of plenty of injuries and just coming back before I was supposed to and injuring myself and making it a lot worse. So, this is one, just take my time and let my whole body heal and get back to being 100 percent.”

Wall, 28, appeared in 32 games this season, and he averaged 20.7 points (the second-highest mark of his career), 8.7 assists and 3.6 rebounds.

Asked his thoughts on the possibility the Wizards could select a point guard in this year’s draft, Wall said, according to the Post, “I’d be fine. I don’t have no problem with that because it is what it is. You have to do what’s best for the team and make sure that we have pieces. And when I come back, he can be a great backup to me.”

He said of his aim for the offseason: “Just getting the motion back in my foot, just being able to walk on two shoes. That’s what I’m really waiting to get to. Then after that, it’s just everything is taking my time and going with the process. That’s how long it takes.”

Wall still has four years and $170 million left on his contract.

–Field Level Media

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What are bump stocks? Federal ban to go into effect Tuesday

Days after yet another mass shooting sparked a nationwide debate on gun control and an immediate response from lawmakers, President Trump took action.

The president signed an order on Feb. 20, 2018, directing the Justice Department to ban "bump stocks" and other gun modifiers that make semi-automatic firearms fire faster.

"We must move past clichés and tired debates and focus on evidence-based solutions and security measures that actually work," Trump previously said during a ceremony to honor the 17 victims of the shooting at Marjory Stoneman Douglas High School in Parkland, Florida.

BUMP-STOCK BAN HAS GUN-RIGHTS ADVOCATES UP IN ARMS

On Tuesday, a federal ban on bump stocks is set to go into effect — though gun rights groups are asking the Supreme Court to stop that from happening.

Here's what you need to know about bump stocks, the devices involved in the 2017 Las Vegas shooting.

How do they work?

A bump stock is an attachment that allows a semi-automatic rifle to mimic a fully automatic weapon's "cyclic firing rate to mimic nearly continuous automatic fire," according to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

Semi-automatic rifles with bump stocks could fire hundreds of rounds per minute, according to experts.

They were originally created to make it easier for people with disabilities to fire a gun. The device essentially replaces the gun's stock and pistol grip and causes the weapon to buck back and forth, repeatedly "bumping" the trigger against the shooter's finger.

Are they legal?

Bump stocks had been legal under federal law. The ATF gave its seal of approval under the Obama administration in 2010. Since then, the government estimates more than 500,000 have been sold.

At the time, the bureau concluded bump stocks didn't convert a semi-automatic firearm into one that is fully automatic, meaning it was not equivalent to machine guns that are regulated under the National Firearms Act, which dates back to the 1930s.

However, it was illegal for U.S. citizens to own fully automatic firearms produced after May 19, 1986, The New York Times reported.

“The classification of these devices depends on whether they mechanically alter the function of the firearm to fire fully automatic,” Jill Snyder, a special agent in charge at the ATF, told The Times. “Bump-fire stocks, while simulating automatic fire, do not actually alter the firearm to fire automatically, making them legal under current federal law.”

But since the Las Vegas shooting, states and cities increasingly pushed for legislation to ban the devices.

Massachusetts became the first state to pass legislation banning the device after the incident. The state law, which went into effect Feb. 1, 2018, prohibits possession of the device under all circumstances. It also bans the possession of trigger cranks.

TRUMP ADMINISTRATION MOVES TO BAN SALE OF BUMP STOCKS, MAKE POSSESSION ILLEGAL BY MARCH

New Jersey, as well as large cities such as Denver and Columbia, South Carolina, also have enacted laws prohibiting the sale and possession of bump stocks. California law already prohibited the sale of bump stocks.

The National Rifle Association (NRA) even called for an immediate review of bump stocks after the Vegas shooting.

"The NRA believes that devices designed to allow semi-automatic rifles to function like fully-automatic rifles should be subject to additional regulations," the NRA said in a statement at the time.

Under this new federal ban, the government isn't allowing existing owners to keep their bump stocks. They must be destroyed or turned over to authorities. And the government isn't offering any compensation for the devices, which can cost hundreds of dollars. Violators can face up to 10 years in prison and thousands of dollars in fines.

What other actions has Trump taken?

Trump assured Americans that something would be done about bump stocks very quickly.

"I'm writing that out myself. I don't care if Congress does it or not," he said in February 2018. "You put it into the machine gun category, which is what it is, it becomes, essentially, a machine gun, and nobody is going to be able to — it's going to very hard to get them."

Last year, Trump signed a $1.3 trillion omnibus spending bill, which included several policy changes aimed at curbing gun violence, including the so-called "Fix NICS" measure to strengthen the background check system.

The measure to fix the National Instant Criminal Background Check System (NICS) provides additional funding to agencies and states that comply with the system. Those that do not, will be penalized.

More than $2 billion was also allocated to train school officials and law enforcement officers to identify signs of potential threats. This money would also be used to install metal detectors.

Another main action Trump has taken on guns has been to sign a resolution blocking an Obama-era background check rule designed to keep guns out of the hands of certain mentally disabled people.

Obama's rule, which affected an estimated 75,000 people, required the Social Security Administration to forward to the Justice Department the names of certain disabled beneficiaries to be added to an FBI database of individuals ineligible to purchase a firearm.

Fox News' Kaitlyn Schallhorn, Lucia I. Suarez Sang and The Associated Press contributed to this report.

Source: Fox News National

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Marine Raider killed in Camp Pendleton crash ID’d

A 29-year-old Marine Raider has been identified as the victim of a deadly crash during training at a Southern California base over the weekend.

Staff Sgt. Joshua Braica was injured Saturday when an MRZR tactical vehicle he was driving rolled over during an exercise at Camp Pendleton. He died at a local hospital the following day. Two other Marines suffered minor injuries.

Marine Corps Staff Sgt. Joshua Braica.

Marine Corps Staff Sgt. Joshua Braica. (United States Marine Corps)

Braica, of Sacramento, Calif., was a critical skills operator with the 1st Marine Raider Battalion and was an eight-year veteran. He is survived by his wife and son.

The cause of the accident is under investigation.

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Braica's death was the second tragedy at Camp Pendleton in less than a week. On April 11, the Marine Corps announced that 1st Lt. Matthew Kraft, who failed to return from a ski trip in the Sierra Nevada mountain range more than a month ago, had likely died of exposure.

Fox News' Travis Fedschun and The Associated Press contributed to this report.

Source: Fox News National

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Ilhan Omar raises nearly $1M after controversies, tops other progressive Dems like AOC, Tlaib

Embattled Minnesota Democrat Ilhan Omar is beating other House Democrats by raising nearly $1 million, despite a series of anti-Semitic controversies that plagued the first three months in office.

Omar, who continues to face a controversy over comments in which she appears to describe the September 11, 2011 terror attacks as “some people did something,” has proven to be able to monetize in the wake of a backlash.

TRUMP BLASTS PELOSI, OMAR AFTER 9/11 VIDEO CONTROVERSY

According to Federal Election Commission filing on Monday, Omar raised $832,000 in the first quarter this year, a figure that is among the best compared to other Congressional Democrats.

By comparison, Rep. Alexandria Ocasio-Cortez, who’s been pushing the party leftwards, raised $725,000 in the first quarter – more than $100,000 less than Omar.

Rep. Rashida Tlaib, another progressive, raised $316,000, which is over half a million dollars less than Omar.

In February, Omar drew bipartisan uproar after suggesting that politicians in the U.S. were bought by AIPAC, a non-partisan organization that seeks to foster the relationship between the U.S. and Israel.

“It’s all about the Benjamins baby,” Omar wrote in a now-deleted tweet, suggesting the group pays U.S. politicians to support Israel. AIPAC denied Omar’s claims that they fund politicians.

ILHAN OMAR'S ISRAEL TWEETS THE LATEST IN LONG LINE OF CONTROVERSIAL COMMENTS

“Congresswoman Omar's use of anti-Semitic tropes and prejudicial accusations about Israel's supporters is deeply offensive.”

— House Speaker Nancy Pelosi

Omar issued an apology but reiterated a “problematic role of lobbyists” in politics, particularly AIPAC as well as the NRA and fossil fuel industry.

Just weeks later, Omar reignited the controversy once again, this time saying that supporters of Israel were pushing for U.S. politicians to declare “allegiance” to that nation.

“I want to talk about the political influence in this country that says it is OK for people to push for allegiance to a foreign country,” Omar said. “I want to ask why is it OK for me to talk about the influence of the NRA, of fossil fuel industries, or big pharma, and not talk about a powerful lobbying movement that is influencing policy?”

“I want to talk about the political influence in this country that says it is OK for people to push for allegiance to a foreign country.”

— Rep. Ilhan Omar

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The FEC records show that Omar received over $415,000 from people who gave her less than $200. She also received larger donations from other Democrats, including from Ocasio-Cortez who gave her $2,000.

House Majority Whip Jim Clyburn, who caused a controversy of its own after defended Omar by saying that her experience was “more personal” than Jews whose parents survived the Holocaust, also donated $1,000 to Omar.

Source: Fox News Politics

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Irish central bank warns Brexit not the only risk to economy

FILE PHOTO:A sign for office space available to let is seen in the Irish Financial Services Centre in Dublin
FILE PHOTO:A sign for office space available to let is seen in the Irish Financial Services Centre in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne

April 4, 2019

DUBLIN (Reuters) – Ireland’s central bank warned on Friday that Brexit is not the only risk to the Irish economy, with rising wages and a diminishing supply of available labor possible problems at a time when the international economic outlook has weakened.

The Irish economy has been the best performing in Europe since 2014. But in its latest quarterly bulletin, the bank lowered its expectations for GDP growth this year to 4.2 percent from 4.4 percent, while keeping the forecast for 2020 at 3.6 percent.

“We expect growth to moderate in 2019 and 2020,” said Mark Cassidy, the central bank’s Director of Economics and Statistics.

“This moderation reflects both the impact of a weaker international economic environment and reduced potential for growth in the domestic economy.”

The central bank said it expected unemployment to fall to an average rate of 5.4 percent this year and 5 percent in 2020, down from 16 percent in 2012, when Ireland was midway through a three-year international bailout.

As the economy approaches full employment and spare capacity in the labor market shrinks, the central bank expects wages to increase by 3.6 percent this year and 3.7 percent next year.

Ireland is highly dependent on the activity of a relatively small number of multinational firms and a tight labor market and rising wages are off-putting for those that want to expand or for companies thinking of moving there.

While the underlying outlook for growth in the Irish economy remains positive, the central bank said underlying investment is expected to grow at a slower pace than in 2018 as uncertainty about Brexit and conditions in the external environment weigh on firms’ investment decisions.

Modeling by the bank suggests a disorderly, no-deal Brexit would knock as much as 4 percentage points off the Irish economy’s growth rate in its first full year and by more than 6 percentage points over a decade. [nL8N1ZO6K2]

The “worst-case” Brexit scenario would see British demand for Irish goods collapse while fresh falls in sterling weigh on the competitiveness of Irish exporters.

The central bank’s official forecasts assume Britain leaves the European Union with a deal that includes a transition period that would allow trading relationships between Ireland and the UK to continue for several years without substantial change.

The proposed Withdrawal Agreement, which has not yet been ratified by the British parliament, would see the UK continue to participate in the EU Customs Union and the Single Market until the end of 2020.

(Reporting by Graham Fahy; Editing by Catherine Evans)

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)

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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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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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