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Not A Single Senate Democrat Votes “For” Green New Deal

How embarrassing is the green new deal?

So embarrassing that when Senate majority leader McConnell tried to force the Democratic party’s presidential contenders into an embarrassing vote over the berserk, MMT-inducing climate-change proposal (which Republicans are confident that even sober liberal will oppose), not a single Democrat voted for it. Instead, in the vote which was blocked late on Tuesday with a vote of 0-57, 43 Democrats voted merely “present”, including the Senate’s half-dozen presidential candidates, to sidestep the GOP maneuver and, as Bloomberg put it, “buy time to build their campaign positions.”

The vote was the first of many attempts by Republicans to force (socialist, MMT) supporters of the Green New Deal to come into the spotlight and suffer the public scrutiny. The proposal – mostly a collection of goals for mitigating climate change rather than a fully formed plan of action – which according to some would cost north of $100 trillion and would require the launch of helicopter money, also known as “MMT”, has been a favorite target for criticism by McConnell and Republicans ever since freshman Representative Alexandria Ocasio-Cortez of New York and Senator Ed Markey of Massachusetts rolled it out in February.

“I could not be more glad that the American people will have the opportunity to learn precisely where each one of their senators stand on this radical, top-down, socialist makeover of the entire U.S. economy,” McConnell said before the vote.


The time has come for America’s men to become the leaders they were meant to be and take a stand against tyranny in all it’s forms. Alex Jones throws down the gauntlet and challenges those still on the sidelines to get in the game!

Alas, that opportunity was denied because instead of voicing their support for the most ludicrous proposal in socialist history, 43 Democrats decided to take the easy way out.

Even the six Democratic presidential contenders, including Cory Booker of New Jersey, Elizabeth Warren of Massachusetts, Kamala Harris of California, Kirsten Gillibrand of New York, Bernie Sanders of Vermont and Amy Klobuchar of Minnesota, all voted present.

At this point, the candidates for the Democratic nomination generally haven’t spelled out specific proposals. Senator Cory Booker of New Jersey has called the Green New Deal “bold,” and Senator Kamala Harris of California has said it’s “an investment” worth the cost. Senator Amy Klobuchar of Minnesota described it somewhat less enthusiastically, as an “aspiration” to act on climate change.

Fresh off what has been dubbed the best day in Trump’s presidency, on Tuesday Trump, no longer the subject of Russia collusion conspiracy theories, met with Senate Republicans at the Capitol, and according to Lindsey Graham the president told them regarding the Green New Deal, “make sure you don’t kill it too much because I want to run against it” in 2020.

Well, so far so good. In an attempt to save face with progressives, Adam Green, a co-founder of the grassroots Progressive Change Campaign Committee, said McConnell was trying to force some “no” votes at a time when Democrats are still reviewing the plan. Voting “present” shows that Democrats aren’t going to hamper things with an early dissent, he said.

While the “present” votes were to be expected, what came as a surprise is that three Democrats voted with Republicans against the resolution including Kyrsten Sinema of Arizona, Joe Manchin of West Virginia, and Doug Jones of Alabama, who faces a tough re-election campaign next year in a deep-red state. Independent Angus King of Maine, a member of the Democratic caucus, also voted against the measure.

The challenge for Democrats looking ahead to next year’s campaigns is to avoid having their support for a still-evolving climate proposal tarred by Republican efforts to portray it as an extremist agenda that would do away with hamburgers and airplane travel.

“It’s one thing to be on the campaign trail and say here is what I believe in and fill in the details,” said Democratic strategist Rodell Mollineau, who was a top aide to former Senate Democratic leader Harry Reid. “It’s another thing to go on record and let other people fill in the details for you.”

As Bloomberg notes, “the Green New Deal has more than 100 congressional Democrats as co-sponsors, including the six senators running for president. While Democrats are united on the need for significant action to stem climate change, they don’t agree on specific proposals.” As a result, McConnell introduced his own version, drawing on the language of the Democratic measure.

Top Senate Democrat Chuck Schumer tried to shield Democrats from having to expose splits between moderates and progressives on the issue. He dismissed the vote as “gotcha politics” intended by Republicans to distract from the fact that they don’t have their own plan to curb greenhouse gas emissions.

“Republicans want to force this political stunt to distract from the fact that they neither have a plan nor a sense of urgency to deal with the threat of climate change,” he said.

Following tonight’s Senate vote, Democrats plan to introduce a resolution in the House this week that calls for the U.S. to remain part of the Paris Climate Accord and requires the Trump administration to create a plan to meet its emission reduction goal, according to a senior Democratic aide. As a reminder, in 2017 Trump announced that he intends to pull out of the Paris agreement, under which the U.S. pledged to reduce greenhouse gas emissions by at least 26 percent from 2005 levels by 2025.

While Senate Democrats weren’t under any real pressure from outside progressive groups to vote for the Green New Deal at this point, they will be in due course.

Meanwhile, capitalizing on the ultra-liberal faction within the Democratic Party, the GOP’s message focuses on the botched February rollout of the proposal, which included the release of documents from Ocasio-Cortez’s office promising economic security even for those “unwilling to work,” and suggesting the eventual elimination of air travel and “farting cows.”

Source: InfoWars

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Trump Is Turning His Pardon Power Into a Shield

Trump Is Turning His Pardon Power Into a Shield

AP Photo/Susan Walsh, File

Jennifer Rodgers writes that Trump's pardon history has been problematic, but the President has gone beyond using the pardon power on his personal whim and is now using it for his personal protection. Paul Manafort, Michael Flynn, and Michael Cohen, individuals charged by the Office of the Special Counsel in investigations into wrongdoing by the President, have been the subject of pardon talk.

Read Full Article »

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PewDiePie ‘Sickened’ by NZ Shooter Uttering His Name Ahead of Mosque Rampage

Police have arrested four people following attacks that took place in two Muslim places of worship in Christchurch on Friday afternoon (local time). One of the shooters wrote in a manifesto that he’d carried out the attack to “directly reduce immigration rates to European lands”.

The gunman who live-streamed himself killing Muslims at two mosques in Christchurch, New Zealand on Friday appeared to be rooting for the Swedish blogger.

In an extremely graphic 17-minute video published on an American internet forum, he can be heard saying “Remember lads, subscribe to PewDiePie” as he drove to the Al Noor Mosque.

An excerpt from the video:

Pewds himself condemned the shooting, saying that he was “absolutely sickened” by the shooter mentioning his name.

The man, who was apparently wearing a GoPro device, filmed himself storming into the mosque and gunning down worshippers with a semi-automatic weapon.

In the video, dozens appeared to be wounded or deceased, with reports circulating that he also opened fire at another Christchurch mosque. Fourty-nine people have been killed in these two attacks and nearly 20 wounded.


The tragic crash of a Boeing airplane has countries around the globe reevaluating their safety standards. Alex explains how the autopilot function follows the path of robots replacing humans.

The man in the shocking video described himself as Brenton Tarrant, a 28-year-old Australian. His Twitter and Facebook accounts have been taken down, but he published a lengthy manifesto shortly before the shooting, which sheds light on his beliefs and motives.

He described his actions as a “terrorist attack” and called himself a fascist. In the manifesto, he said white people are failing to reproduce and are being replaced by the “non-European population” as a result of mass immigration — something that he called an “invasion”.

He said he wanted to “take revenge” for Europeans lost to terror attacks in Europe, and it appears that he was most outraged by the death of Ebba Akerlund, a Stockholm schoolgirl who was one of the four people killed by a Muslim asylum-seeker who drove a hijacked lorry into a crowd in April 2017.

He said his actions were also inspired by a 2017 trip to France, where he was disappointed with the state of the cities; he described what he saw as an “invasion of France by non-whites”.

New Zealand Prime Minister Jacinda Ardern condemned the shooting, saying there is “no place” in the country for such acts of violence. “This is one of New Zealand’s darkest days,” she added. “Clearly, what has happened here is an extraordinary and unprecedented act of violence.”

Source: InfoWars

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The Latest: Possible tornado damage reported in Alabama

The Latest on severe weather in the South (all times local):

7:15 p.m.

Severe weather moving through Alabama caused heavy damage in parts of Cullman and Lawrence counties and moderate damage in Blount County, but no injuries have been reported.

The National Weather Service reports a possible tornado Thursday downed trees and threw debris from Cullman to northeast of Holly Pond but meteorologist Chelly Amin says it's too early to confirm whether a twister actually touched down. She says teams will assess the areas Friday before making an official notification.

Amin says there were reports of moderate roof damage to a few structures in Cullman and reports of several trees down in the Bankhead National Forest in southern Lawrence County.

Several central and north Alabama counties remain under a tornado watch.

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1:30 p.m.

Kentucky State Police say a state of emergency has been declared in an extreme western county where a tornado spread damage around a 5-square-mile (13-square kilometer) area, knocking down power lines and covering roadways in debris.

A statement from police says one injury has been reported in McCracken County from the storm. Emergency crews are going door-to-door in the area to check on residents.

Authorities said buildings were damaged, including a preschool. Forty students were inside but none were reported hurt.

Several roadways are shut down due to debris and down power lines including portions of U.S. 62 and Kentucky 286.

The American Red Cross has opened an evacuation center for those hit by the storm.

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11:30 am

State transportation officials are asking motorists to avoid traveling in some areas of western Kentucky due to damage from a reported tornado.

A statement from Kentucky Transportation Cabinet spokesman Keith Todd says motorists should avoid traveling in western McCracken County and southeastern Ballard County for at least the remainder of Thursday.

Todd says storm debris has blocked areas along U.S. 62 from Kentucky 305 to Kentucky 286 in McCracken County. Todd said there are report of pieces of grain bins, barns, homes and other debris in the roadway and some of it can't be cleared until utility crews arrive to cut power. He said there are additional areas of downed trees and power lines reported in the West Paducah area.

Todd says motorists should avoid US 62 and KY 286 to allow emergency responders to work in the area unimpeded.

Earlier, officials at the National Weather Service in Paducah tweeted that a tornado blew past their office.

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11 am

Weather officials in Kentucky say a tornado has blown past their office.

The National Weather Service in Paducah tweeted Thursday morning, "TORNADO JUST MISSED OUR OFFICE IN WEST PADUCAH. TAKE SHELTER NOW IF YOU'RE IN PADUCAH!!!!" The tweet was posted at 9:30 a.m., Central Daylight Time.

There was no immediate word on any damage.

Weather forecasters say numerous severe storms are possible beginning Thursday afternoon in the Tennessee Valley region and as far south as the northern Birmingham area.

Officials said schools are closing early in north Alabama because of the severe weather possibility.

Forecasters say winds up to 60 mph are possible along with isolated tornadoes and hail.

The state is on the southern end of a storm system that pummeled the central United States.

Source: Fox News National

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Russian pranksters posing as Ukraine president-elect trick France’s Macron

FILE PHOTO: Russian pranksters Kuznetsov and Stolyarov attend the presentation of their new book in Moscow
FILE PHOTO: Russian pranksters Vladimir Kuznetsov (L) and Alexei Stolyarov, also known as Vovan and Lexus, attend the presentation of their new book in Moscow, Russia September 14, 2017. REUTERS/Sergei Karpukhin/File Photo

April 24, 2019

MOSCOW (Reuters) – Russian pranksters posing as Ukrainian president-elect Volodymyr Zelenskiy tricked French President Emmanuel Macron into a hoax phone call after Sunday’s Ukrainian presidential vote.

In audio from a 15-minute phone call posted on YouTube on Wednesday, Russian pranksters Vovan and Lexus get through to Macron by pretending to be Zelenskiy, a comedian with no political experience who won the Ukrainian presidential vote in a landslide on Sunday. The exact timing of the call was unclear.

An official at the French presidency told Reuters that it would not comment on the video, saying it would neither confirm nor deny its authenticity.

Vovan and Lexus are known in Russia for targeting celebrities and politicians with prank phone calls and have in the past tricked British singer Elton John and former British Foreign Secretary Boris Johnson, among many others.

One of the pranksters, impersonating Zelenskiy, joked that his winning 73 percent of the vote in the Ukrainian election was reminiscent of Russian President Vladimir Putin’s own strong election results.

In the recording, a voice that sounds like Macron can be heard joking that Ukraine was not like Russia in at least one respect. “You haven’t yet put all opponents in jail.”

Zelenskiy met with Macron earlier this month in Paris ahead of the run-off against Ukrainian President Petro Poroshenko.

(Reporting by Gabrielle Tétrault-Farber and Jean-Baptiste Vey in Paris; Editing by Toby Chopra)

Source: OANN

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Judge Andrew Napolitano: Democrats can legally obtain and publicize Trump’s tax returns

An obscure federal statute makes it legal for Congress to obtain President Trump's tax returns for the last six years, and, through an additional loophole, can be made public, according to Judge Andrew Napolitano.

During an appearance on "Fox & Friends" on Thursday morning, the senior judicial analyst explained that the Chair of the House Committee on Ways and Means can compel the IRS to reveal anyone's tax returns, not just President Trump's, for any time period without reason. However, they are generally required to be kept secret and confidential.

"I honestly didn't know this statute existed because it's an obscure statute," Napolitano said. "The Chair of the House Ways and Means Committee, and/or the chair of the Senate Finance committee, can ask for anybody's tax returns, and the secretary, meaning the secretary of the treasury for whom the IRS works, shall furnish them. They don't have to give a reason."

The confidentiality of those records is a crucial part of the statute, in order to protect the privacy of the individual whom the records belong to. However, under certain circumstances, members of Congress can publicly reveal the records with immunity, Napolitano said.

HOUSE DEM ASKS IRS FOR 6 YEARS OF TRUMP'S TAX RETURNS, SETTING UP SHOWDOWN WITH WHITE HOUSE 

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"If these tax returns goes to the House Ways and Means Committee, and any member of Congress gets them, that member of Congress can go to the floor of the House of Representatives, and the tax returns of the President of the United States become public," Napolitano continued.

Judge Nap predicted the attempt to obtain President Trump's business and personal tax records will lead to a fight in court, because Treasury Secretary Steven Mnuchin will likely not want to reveal that information to Democratic lawmakers.

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"Mnuchin is not going to release it voluntarily, even though the statute says that he must," Napolitano continued.

If that's the case, it could be months or even years before the issue of Trump's tax returns is resolved.

President Trump, meanwhile, does not seem particularly concerned about the newest effort from the new crop of House Democrats. When asked about whether or not he would comply with the request, he said that "until such time as I'm not under audit I would not be inclined to do that."

Source: Fox News Politics

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Japan’s February consumer inflation slows, stays distant from BOJ’s goal

FILE PHOTO: Pedestrians stand in front of sale signs on a shopfront at a shopping district in Tokyo
FILE PHOTO: Pedestrians stand in front of sale signs on a shopfront at a shopping district in Tokyo, Japan, July 20, 2018. REUTERS/Kim Kyung-Hoon

March 22, 2019

By Leika Kihara

TOKYO (Reuters) – Japan’s core consumer prices rose 0.7 percent in February from a year earlier, data showed on Friday, slowing from the previous month’s pace and remaining distant from the central bank’s ambitious 2 percent target.

The price data underscores the fragile nature of Japan’s economic recovery, as escalating Sino-U.S. trade frictions and slowing Chinese growth weigh on exports and business sentiment.

The increase in the nationwide core consumer price index (CPI), which includes oil products but excludes volatile fresh food costs, compared with a median market forecast of 0.8 percent. In January, annual core consumer inflation hit 0.8 percent.

An index the Bank of Japan focuses on – the so-called core-core CPI that strips away the effect of both volatile food and energy costs – rose 0.4 percent in February, unchanged from the previous month’s gain.

The BOJ faces a dilemma. Years of heavy money printing have dried up market liquidity and hurt commercial banks’ profits, stoking concerns over the rising risks of prolonged easing.

And yet, subdued inflation has left the BOJ well behind its U.S. and European counterparts in dialing back crisis-mode policies, and with a dearth of ammunition to battle an abrupt yen spike that could derail an export-driven economic recovery.

Some analysts say core consumer inflation may grind to a halt in coming months as recent oil price falls push down gas and electricity bills, which could put the BOJ under pressure to ramp up an already massive stimulus program.

(Reporting by Leika Kihara; Editing by Shri Navaratnam)

Source: OANN

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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German drug and crop chemical maker Bayer holds annual general meeting
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, attends the annual general shareholders meeting in Bonn, Germany, April 26, 2019. REUTERS/Wolfgang Rattay

April 26, 2019

By Patricia Weiss and Ludwig Burger

BONN (Reuters) – Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63 billion takeover of seed maker Monsanto.

Several large investors said they will not support aspirin investor Bayer’s management in a key vote scheduled for the end of its annual general meeting.

Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.

A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.

“Due to the continued negative development at Bayer, high legal risks and a massive share price slump, we refuse to ratify the management board and supervisory board’s actions during the business year,” Janne Werning, representing Germany’s Union Investment, a top-20 shareholder, said in prepared remarks.

About 30 billion euros ($34 billion) have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.

Bayer suffered a similar defeat last month and more than 13,000 plaintiffs are claiming damages.

Bayer is appealing or plans to appeal the verdicts.

Deutsche Bank’s asset managing arm DWS said shareholders should have been consulted before the takeover, which was agreed in 2016 and closed in June last year.

“You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something – money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.

He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.

Two people familiar with the situation told Reuters this week that Bayer’s largest shareholder, BlackRock, plans to either abstain from or vote against ratifying the management board’s actions.

Asset management firm Deka, among Bayer’s largest German investors, has also said it would cast a no vote.

Baumann said Bayer’s true value was not reflected in the current share price.

“There’s no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” he said, adding it was the right decision to buy Monsanto and that Bayer was vigorously defending itself.

This month, shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis recommended investors not to give the executive board their seal of approval.

(Reporting by Patricia Weiss and Ludwig Burger; Editing by Alexander Smith)

Source: OANN

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