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Caterpillar raises 2019 profit outlook on tax gain

FILE PHOTO: A row of excavators are seen at the Caterpillar booth at the CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas
FILE PHOTO: A row of excavators are seen at the Caterpillar booth at the CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker/File Photo

April 24, 2019

(Reuters) – Caterpillar Inc raised its full-year profit forecast on Wednesday as it booked a tax gain in the first quarter stemming from the overhaul of U.S. tax laws.

The company said it now expects 2019 profit of $12.06 per share to $13.06 per share, compared with $11.75 to $12.75 per share forecast earlier.

(Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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NHL roundup: Blackhawks build big lead, hold off Leafs

NHL: Chicago Blackhawks at Toronto Maple Leafs
Mar 13, 2019; Toronto, Ontario, CAN; Chicago Blackhawks forward Brendan Perlini (11) pursues the play against Toronto Maple Leafs in the first period at Scotiabank Arena. Mandatory Credit: Dan Hamilton-USA TODAY Sports

March 14, 2019

Brendan Perlini had a goal and two assists, Brandon Saad added a goal and an assist, and the visiting Chicago Blackhawks held on to defeat the Toronto Maple Leafs 5-4 Wednesday night.

The Maple Leafs trailed 5-0 before scoring four consecutive goals, including three in the third period, when they took 30 shots.

Duncan Keith, Dominik Kahun and Alex DeBrincat also scored for the Blackhawks, who have won four in a row. Dylan Strome contributed two assists. Corey Crawford saved 17 of the 18 shots he faced in the Chicago goal but left because of illness after the second period.

Andreas Johnsson, Auston Matthews and Morgan Rielly each had a goal and an assist for the Maple Leafs, who have lost two in a row. John Tavares also scored for Toronto, and William Nylander and Mitch Marner each added two assists.

Devils 6, Oilers 3

Kenny Agostino, Damon Severson and Kevin Rooney each collected a goal and an assist, and six New Jersey players scored in snapping a seven-game losing streak to hand Edmonton a crushing loss.

Devils goalie Cory Schneider stopped 36 shots in the win. Going into the game, the injury-riddled Devils had 18 skaters who had combined for 99 goals this season.

Connor McDavid collected a pair of assists to give him three consecutive 100-point seasons, but the Oilers lost for the second time in three games. They sit six points out of a playoff spot with 12 games remaining.

Canucks 4, Rangers 1

Tyler Motte scored two goals 11 seconds apart in the second period and host Vancouver beat New York as the Canucks posted only their fifth NHL win in the past 18 games (5-10-3), while the Rangers took their eighth loss in nine outings.

Brock Boeser and Jake Virtanen, with an empty-netter in the final minute, also tallied for the Canucks. Pavel Buchnevich scored for the Rangers.

Vancouver goaltender Jacob Markstrom stopped 21 of 22 shots. New York goalie Henrik Lundqvist recorded 24 saves on 27 shots in the loss. Lundqvist was denied a chance to become only the sixth goalie to record 450 all-time NHL wins.

–Field Level Media

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France’s Macron says anti-Zionism is a form of anti-Semitism

FILE PHOTO: French President Emmanuel Macron speaks during the 34th annual dinner of the Representative Council of Jewish Institutions of France (CRIF - Conseil Representatif des Institutions juives de France) in Paris
FILE PHOTO: French President Emmanuel Macron speaks during the 34th annual dinner of the Representative Council of Jewish Institutions of France (CRIF - Conseil Representatif des Institutions juives de France) in Paris, France February 20, 2019. Ludovic Marin/Pool via REUTERS/File Photo

February 21, 2019

By Richard Lough

PARIS (Reuters) – France will adopt an international definition of anti-Semitism and look on anti-Zionism as one form of the hate crime, President Emmanuel Macron said.

Speaking at a dinner attended by Jewish leaders on Wednesday, Macron said a surge in anti-Semitic attacks in France was unprecedented since World War Two and promised a crackdown including a new law to tackle hate speech on the internet.

France will adopt the definition of anti-Semitism set by the International Holocaust Remembrance Alliance (IHRA), he said, adding: “Anti-Zionism is one of the modern forms of anti-Semitism.”

The IHRA definition does not use the phrase “anti-Zionism” but does say denying the Jewish people their right to self-determination “e.g., by claiming that the existence of a State of Israel is a racist endeavor,” is anti-Semitic.

Some critics of Israel, its occupation of territory internationally recognized as Palestinian, and its isolation of the Gaza Strip, say they risk being unfairly branded anti-Semitic, although the IHRA definition says: “criticism of Israel similar to that leveled against any other country” is not.

Welcoming Macron’s actions, the World Jewish Congress said: “This is just the beginning of a long road ahead. Adopting this definition of anti-Semitism must be followed by concrete steps to encode into law and ensure that this is enforced.”

The IHRA definition is not legally binding but does serve as an international guideline.

Germany and Britain adopted the definition in texts in 2016, though the European Union in 2018 adopted a softer tone, calling the IHRA definition a “guidance tool” amid concern from some member states that it could make criticism of Israeli policy, particularly with regards to Palestinians, difficult.

Macron said France would not change its laws relating to anti-Semitism and that recognizing the IHRA’s definition must not be seen as a means of preventing people from criticizing the Israeli government.

Jewish leaders in France have expressed growing alarm over anti-Semitism driven by fringe Islamist preachers, alongside that more commonly associated with Nazi ideology and the far right and a rise in anti-Zionism on the hard-left.

On Tuesday Macron visited a Jewish cemetery where dozens of headstones were desecrated with swastikas.

Macron said he had ordered the interior ministry to dismantle three neo-Nazi groups — Bastion Social, Blood and Honor Hexagone and Combat 18 — which he said fueled hate and promoted violence.

(Reporting by Richard Lough and Jean-Baptiste Vey in Paris; Additional reporting by Jeffrey Heller in Jerusalem; Editing by Robin Pomeroy)

Source: OANN

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Asian shares steady after Easter weekend; oil hits 2019 highs

Visitors are seen as market prices are reflected in a glass window at the TSE in Tokyo
FILE PHOTO: Visitors are seen as market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, October 1, 2018. REUTERS/Toru Hanai

April 23, 2019

By Tomo Uetake

TOKYO (Reuters) – Asian shares were little changed on Tuesday, hovering not far from nine-month peaks hit last week, with concerns China may slow the pace of policy easing curbing the market’s enthusiasm.

MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan’s Nikkei average eased 0.2 percent. Many markets around the world remained shut on Monday after the long Easter weekend.

China stocks fell from a 13-month high on Monday, posting their worst session in nearly four weeks, as comments from top policymaking bodies raised investor fears that Beijing will ease up on stimulative policies after some signs of stabilization in the world’s second-largest economy.

Stocks on Wall Street hovered near break-even on Monday as the benchmark S&P 500 index was about 1 percent away from its record high hit in September, while the S&P energy index led gains on higher oil prices.

Oil prices jumped more than 2 percent the previous day to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.

Washington said it would eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.

International benchmark Brent crude soared 2.9 percent to settle at $74.04 a barrel on Monday and U.S. West Texas Intermediate crude jumped 2.7 percent to settle at $65.70. Both indexes climbed to nearly six-month highs during the session.

U.S. crude futures last traded at $65.78 per barrel, up 0.4 percent on the day.

But sharp gains in oil prices have so far had a limited impact on the broader financial markets.

“Unless the WTI rises well above $70-75 per barrel, there will be limited impact on U.S. Treasuries and the dollar/yen,” said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities.

In the currency market, the dollar index, which measures the greenback against six major currencies, eased 0.2 percent overnight and last traded steady at 97.328. The index hit a two-week high of 97.485 on Thursday, before the start of Good Friday and the Easter weekend.

Against the Japanese yen, the dollar was largely flat at 111.96 yen, while the euro was steady to the greenback at 1.2530.

With the jump in the price of oil, one of Canada’s major exports, the Canadian dollar rose 0.4 percent against its U.S. counterpart overnight and last traded at C$1.3352.

On Monday, the Russian ruble hit its highest level against the euro in more than a year, and a one month-peak versus the dollar, also driven by the jump in oil.

(Additional reporting by Hideyuki Sano; Editing by Jacqueline Wong)

Source: OANN

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Proxy advisor ISS backs Bristol takeover of Celgene

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage
FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured on the blouse of an employee in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis Duvignau/File Photo

March 29, 2019

NEW YORK (Reuters) – Proxy advisory firm Institutional Shareholder Services on Friday recommended shareholders of drugmaker Bristol-Myers Squibb Co shareholders vote in favor of its proposed $74 billion takeover of rival Celgene Corp.

“The proposed transaction has sound strategic rationale and the valuation appears reasonable,” ISS said in its report.

Bristol-Myers’ second largest shareholder, Wellington Management, and activist investor Starboard Value LP have opposed the deal, calling it “poorly conceived and ill-advised.”

(Reporting by Svea Herbst, writing by Michael Erman; Editing by Chizu Nomiyama)

Source: OANN

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Trey Gowdy on next steps for the Mueller report, Adam Schiff’s future

Trey Gowdy, former chairman of the House Oversight Committee, said Friday he has full confidence that Attorney General Bill Barr was able to read and write an accurate summary of Special Counsel Robert Mueller’s Russia investigation report in a weekend.

A Justice Department official told Fox News this week that the Mueller report is more than 300 pages long.

“He summarized it, I’m quite certain he read it, he’s a really, really smart guy which is something that should give all of us confidence. Three hundred pages is not that much,” said Gowdy, who is also an attorney, on The Daily Briefing with Dana Perino.

Barr said Friday he plans to submit the full version of Mueller’s report to Congress by "mid-April, if not sooner," and will not give the White House a sneak peek.

BARR TO RELEASE MUELLER REPORT TO CONGRESS BY 'MID-APRIL, IF NOT SOONER;' WILL NOT TRANSMIT TO WHITE HOUSE FOR PRIVILEGE REVIEW

The timetable comes as lawmakers on both sides of the aisle – but especially Democrats – have been demanding that Barr release the full report. Barr submitted a four-page summary to congressional leaders last Sunday reporting Mueller did not find evidence of Trump-Russia collusion, while he did not reach a conclusion on whether President Trump obstructed justice.

Barr said the Justice Department and the special counsel are “well along in the process of identifying and redacting” sensitive material, including material that “by law cannot be made public,” “material the intelligence community identifies as potentially compromising sensitive sources and methods; material that could affect other ongoing matters, including those that the Special Counsel has referred to other Department offices; and information that would unduly infringe on the personal privacy and reputational interests of peripheral third parties.”

Meanwhile, Republican House Intelligence Committee members are calling for Democratic Chairman Adam Schiff’s resignation.

The Republican committee members demanded that Schiff step down as chairman over the California Democrat’s repeated claims to have evidence of Trump-Russia collusion. In a letter, obtained by Fox News and signed by every Republican on the committee, the lawmakers slammed Schiff for his claims in the media that there was “more than circumstantial evidence” of collusion between the Trump campaign and Russia.

They repeated their demand in person during a heated hearing on Thursday morning.

ADAM SCHIFF URGED TO STEP DOWN AS CHAIRMAN BY HOUSE INTELLIGENCE COMMITTEE REPUBLICANS 

The letter, which was sent to Schiff as he was confronted by those same Republicans, follows the conclusion of Special Counsel Robert Mueller's Russia probe.

“Your actions both past and present are incompatible with your duty as chairman of this committee,” the letter stated. “We have no faith in your ability to discharge your duties in a manner consistent with your constitutional responsibility and urge your immediate resignation as chairman of this committee.”

“Adam Schiff shouldn’t resign,” said Democratic congressman Ro Khanna of the House Oversight Committee on Fox & Friends Friday. “We have a separation of powers, that’s part of the Constitution. You have strong oversight.” Khanna encouraged everyone to “move on.”

Gowdy responded by listing the members of the Republican House Intelligence Committee. “These are not members of the bomb-throwing caucus and for them to say ‘Adam Schiff, we have lost confidence in your leadership,’ I’ll tell you I think what’s going to happen next, Dana, is the intelligence community is going to say ‘you know what Adam, you disregard the information that you’re provided, you prejudge the outcome of investigations, you had the president not just indicted but in jail, we’re going to stop sharing information with you,’” Gowdy said.

“’If you are the chairman of the House Intelligence Committee and you can’t act in a reasonable way, we’re going to stop sharing information with you’ in which case Pelosi will have no choice but to replace Schiff.”

Schiff, a vocal critic of the president, has doubled down on his claim that Trump and his administration colluded with Russia, and he defended himself during Thursday’s hearing.

Schiff pointed to evidence of Russian hacking during the last presidential election and noted that members of Trump’s campaign and family took meetings with Russians.

“You might think that’s OK that they lied about the meeting,” Schiff said. “I don’t think that’s OK.”

Mueller’s determination that the investigation did not support claims of collusion were touted by President Trump as a “total exoneration.”

CLICK HERE TO GET THE FOX NEWS APP

Democrats, though, have sought more information about what Mueller may have found on the obstruction issue. While Barr and Deputy Attorney General Rod Rosenstein determined the report could not support an obstruction case, Democrats challenged that conclusion as they wait to see the full report.

The Associated Press contributed to this report. 

Source: Fox News Politics

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Shaq Is Joining Papa John’s Pizza As A Member Of The Board Of Directors

Lauryn Overhultz | Columnist

Former NBA player Shaquille O’Neal has been named as the most recent addition to the Papa John’s Pizza Board of Directors.

Shaq made the announcement Friday on his Instagram account. He posted a photo of himself in front of the Papa John’s logo captioned, “Time for a pizza party! I’m excited to join @PapaJohns as a member of the Board of Directors and as an investor in nine stores in Atlanta.”

The announcement comes as a step forward for Papa John’s Pizza after founder John Schnatter stepped down last May. Schnatter admitted to using the N-word during a conference call with executives which ultimately led to his departure.

Papa John’s has been boycotted five times by members of the black community since, which has led to a decline in sales, according to TMZ. (RELATED: Shaq Somehow Managed To Spend $70,000 At Walmart)

“Because of my background, I know that behind every large company, there are thousands of people that put their heart and soul into the business. Papa John’s is no different,” Shaq said.

As part of the business deal, Shaq will now have ownership of nine stores in Atlanta. “As a soon-to-be investor in Atlanta Papa John’s restaurants, I am looking forward to engaging our community members, and, as board member, sharing my other experiences in business, marketing and teamwork,” Shaq said.

Source: The Daily Caller

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 26, 2019

By Joshua Schneyer and M.B. Pell

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

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

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

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

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

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

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

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

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

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

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

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

(Editing by Ronnie Greene)

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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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