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Americans Not Optimistic on Economy

Every time the folks at the Federal Reserve talk about the “Powell Pause,” they assure us that the US economy is still strong. The president assures us that the US economy is still strong. The pundits on the financial news networks assure us that the US economy is still strong. But the US consumer doesn’t seem to be buying it.

US consumer confidence declined for the fourth month out of five in February, surprising economists who expected an increase in optimism.

The Conference Board’s consumer confidence index fell from 131.4 to 124.1. This missed every economist’s estimate in a Bloomberg survey. They were expecting a rise to 132.5. Meanwhile, consumers’ views on the present situation fell to the lowest level in almost a year, and the expectations index weakened as well.

The consumer confidence numbers come even as a major recession warning sign is flashing. Last week, the yield curve inverted. The yield on 10-year Treasurys fell below the yield on 3-year bonds for the first time since 2007 – the cusp of the Great Recession.


Mike Adams exposes the agenda of the private Fed as a war against the prosperity of Americans that simply want to make America great.

Peter Schiff has been saying a recession is a done deal for quite some time. Economist Marc Faber says we’re probably already in a recession. Perhaps American consumers are figuring it out. As Bloomberg put it “dimmer assessments of present conditions suggest that weak first-quarter growth and slower job gains in February are weighing on attitudes and potentially spending.”

According to Bloomberg, the weak February jobs report likely shook consumer confidence. The economy added just 20,000 jobs last month. There are also concerns about rising gasoline prices “leaving Americans with less power to spend on other goods and services.”

There are other gloomy numbers out there that we’ve reported, including rising wholesale inventories, high levels of consumer debt, and skyrocketing federal budget deficits.

(Photo by Chris Dlugosz, Flickr)

Interestingly, the economists Bloomberg quoted tried to slap some lipstick on the pig, saying that consumers are overreacting.

“While economic conditions are likely to moderate this year –- meaning we’ve passed peak confidence for the cycle — this month’s slump is too severe when measured against underlying conditions.”

This underscores a point Peter made in his podcast earlier this week. The markets and the pundits still haven’t caught on to what’s going on. The Fed is giving us every signal we need. It has done a complete 180 on monetary policy. But it’s not telling the truth about why. It’s making excuses. It’s talking about a global slowdown and muted inflation. The truth is given the enormity of these deficits and the ever-upward spiraling debt, the Fed has no choice but to call off the tightening. You can’t raise interest rates in an economy built on piles of debt. But the Fed can’t tell the markets that, and at this point, the markets haven’t figured it out. Peter said they don’t really want to.

“They don’t want to admit I was right from the beginning – that the Fed checked us into a monetary roach motel and there’s no way to ever check out. But I do believe the markets are going to figure this out, whether the Fed admits it or not – during the next recession.”

The recent drop in consumer confidence indicates the American public might just be a step ahead of the markets.


Alex Jones coins a new word while breaking down how elites manipulate online comments to control content creators.

Source: InfoWars

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Parole granted for driver in deadly 1981 Brink’s heist

Former radical activist Judith Clark has been granted parole after serving more than 37 years behind bars for her role as getaway driver in a deadly 1981 Brink's armored truck robbery in New York.

Clark's spokesman says her parole was approved Wednesday.

Democratic Gov. Andrew Cuomo praised Clark's behavior as a model prisoner when he commuted her 75-years-to-life sentence in 2016 to make her eligible for parole. The 69-year-old inmate has trained service dogs, founded an AIDS education program and counseled mothers behind bars.

Clark had a parole hearing April 3 and presented support statements from more than 2,000 people. But some law enforcement officials and families of victims opposed her release. The $1.6 million Brink's heist in suburban New York led to the shooting deaths of two police officers and a security guard.

The parole board first denied Clark's release in 2017, saying she was "still a symbol of violent terroristic crime."

Source: Fox News National

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Man Charged In New York City Subway Attack On 78-Year-Old Woman

Neetu Chandak | Education and Politics Reporter

A man was charged with assault Saturday after allegedly kicking a 78-year-old woman in the face on a New York City subway as others watched on in early March.

Marc Gomez, 36, was arrested Saturday, the New York Police Department (NYPD) said to The Daily Caller News Foundation over email. He was charged with multiple counts of assault and harassment.

WATCH:

A community tip reportedly led to the arrest, according to a tweet from ABC 7 reporter Naveen Dhaliwal Saturday. (RELATED: Police: Two People Pretending To Be Officers Abduct Woman, Drop Her Off At Police Headquarters)

The elderly woman, who has not been identified, was treated for swelling, cuts to the face and bleeding after getting assaulted on the subway March 10 around 3 a.m. Video footage shows onlookers watching and yelling as she got hit.

WATCH (warning, graphic content):

“It’s terrible,” an MTA worker said, the New York Post reported. “I can’t believe something like that could happen.”

It is unclear why Gomez allegedly kicked the woman.

NYPD Chief of Detectives Demort Shea said Gomez was in custody in a tweet Saturday.

“Thank you to the worldwide community for the tremendous assistance,” Shea tweeted.

Follow Neetu on Twitter

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Source: The Daily Caller

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Fed’s ‘hotter’ economy can boost jobs, Kaplan says

Dallas Federal Reserve Bank President Kaplan speaks in Dallas
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks with an attendee at an annual energy conference at the Dallas Fed headquarters in Dallas, Texas, U.S. September 7, 2018. REUTERS/Ann Saphir

February 25, 2019

By Ann Saphir

DALLAS (Reuters) – The Federal Reserve’s approach of letting the U.S. economy run “hotter” is aimed at helping people in impoverished communities not only get jobs but also keep them, a goal that has been hard to achieve in the past, Dallas Federal Reserve Bank President Robert Kaplan said on Monday.

“You want to run maybe a little hotter, but you don’t want to go too far,” Kaplan said. But because “inflation is not running away from us,” he said, Fed policymakers “might have the luxury of trying to do more to get more people into this workforce on a sustainable basis …”

The Fed, which had been raising interest rates very slowly over the past three years as the economy has improved, last month put its rate hikes on hold because of concerns over mounting risks to growth.

Unemployment, at 4 percent, is still well below what most policymakers believe is sustainable, but inflation has only recently reached the Fed’s 2 percent target and now shows signs of sagging downward. Fed policymakers see the economy slowing because of weaker global growth, a waning stimulus from tax cuts and the impact of Fed’s recent round of rate hikes.

Speaking with reporters at the St. Philips School and Community Center after an event also attended by Fed Vice Chair Richard Clarida, Kaplan said that vulnerable groups who get jobs as an economy heats up are sometimes the first people to lose their jobs when it cools.

Kaplan and Clarida earlier went on a bus tour of Dallas that took them to a colony of new-built tiny houses, a food pantry that electronically tracks nutritional choices in coordination with healthcare workers, and blocks and blocks of empty lots and shuttered businesses.

The goal, said Kaplan, is to figure out “how do we conduct monetary policy … to create that kind of stable employment where you don’t have people in and then out.”

Kaplan’s and Clarida’s visit is part of a series of events and academic conferences this year meant to inform an ambitious review of how the Fed tries to achieve full employment and stable prices, the U.S. central bank’s two mandates.

Much of that review will be conducted with models and equations, as policymakers assess whether they should stick with the Fed’s current flexible inflation-targeting approach or tweak it to better respond to stubbornly low inflation.

On display Monday was a second prong of the Fed’s policy rethink – trying to figure out how to create conditions where more people not only get but keep their jobs.

“To do that effectively we have to move beyond the numbers and statistics,” Clarida, a former economics professor, told community leaders, philanthropists and business leaders at the event.

(Reporting by Ann Saphir; Editing by James Dalgleish and Steve Orlofsky)

Source: OANN

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NBA notebook: Knee soreness sidelines Embiid

NBA: All Star Game
Feb 17, 2019; Charlotte, NC, USA; Team Giannis forward Joel Embiid of the Philadelphia 76ers (21) shoots the ball against Team Lebron forward Lebron James of the Los Angeles Lakers (23) during the 2019 NBA All-Star Game at Spectrum Center. Mandatory Credit: Bob Donnan-USA TODAY Sports

February 21, 2019

Joel Embiid’s return from the All-Star break is expected to be delayed as the Philadelphia 76ers forward/center is experiencing left knee soreness, the team announced Wednesday.

In addition, an MRI on the right knee of guard/forward Furkan Korkmaz revealed a meniscus tear, with a surgical procedure a possibility to repair the injury.

According to Sixers vice president of athlete care Daniel Medina, Embiid will be out of action immediately and will be re-evaluated in one week. An MRI showed no structural damage.

The third-year player, who scored 10 points and grabbed 12 rebounds in 23 minutes of action Sunday in the All-Star Game, will undergo a treatment program “involving physical therapy and load management.” The team did not disclose when the injury might have taken place.

–Washington Wizards center Dwight Howard will return to on-court workouts, the latest step in his attempt to return from spinal surgery.

Shams Charania of The Athletic and Stadium reported Howard has been rehabbing from the surgery, performed in November, in Atlanta.

Howard, 33, has played just nine games this season for the Wizards, who signed him to a two-year, $11 million contract last July. In his limited action, he averaged 12.8 points and 9.2 rebounds per game, far below his career averages of 17.4 points and 12.6 rebounds.

–Houston center Clint Capela said he expects to be back in the lineup Thursday when the Rockets meet the Lakers in Los Angeles.

He has been out with ligament damage to his right thumb since Jan. 13. The Rockets went 9-6 in his absence.

Capela has played in 42 games, averaging 17.6 points and 12.6 rebounds.

–The Golden State Warriors do not plan to limit DeMarcus Cousins’ playing time for the duration of the regular season. The team had been careful with Cousins’ workload since the big man returned to the court in mid-January after recovering from a torn left Achilles tendon.

Cousins had been limited to 25 minutes per game, but coach Steve Kerr said he and his staff would be more lenient as the team returns from the All-Star break.

Cousins is averaging 13.9 points and 6.8 rebounds in 11 starts with Golden State. He has played an average of 23.4 minutes per contest.

–Boston Celtics guard Kyrie Irving expanded on the telephone call he made to former Cleveland Cavaliers teammate LeBron James earlier this season.

Irving broke down the phone call with ESPN’s Rachel Nichols, saying he needed to contact James, now with the Lakers, in order to move forward. Irving and James led the Cavaliers to a NBA championship in 2016, but the duo could not repeat the feat in 2017 and Irving eventually requested a trade.

“Now, mind you, I have no regrets in terms of any decision I made, going about my individual journey and what I want and foresee for my career,” Irving said. “But for me, it’s just … apologizing, yeah, that was a step for me, just to move forward in my life.”

–Field Level Media

Source: OANN

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Lion Air Boeing 737 Max 8 was reportedly saved by off-duty pilot day before deadly crash in Indonesia

The day before a brand new Lion Air jet crashed into the sea shortly after taking off from Indonesia's capital city last fall -- likely due to an equipment malfunction -- an off-duty pilot reportedly helped save the aircraft when it began to dive.

The extra pilot was on the flight from Bali to Jakarta and was seated in the cockpit jumpseat when the crew of the Boeing 737 Max 8 struggled for control of the aircraft, Bloomberg reported on Tuesday.

During the flight, the jet displayed unusual variations in altitude and airspeed in its first several minutes, Reuters previously reported. Some of those variations included an 875-foot drop over 27 seconds when the plane would typically be ascending, before stabilizing and flying on to Jakarta.

As the jetliner was in a dive, the extra pilot figured out what was wrong and told the crew how to disable a malfunctioning flight-control system to save the aircraft, two people familiar with Indonesia's investigation told Bloomberg.

ETHIOPIAN AIRLINES CRASH DATA SHOWS 'CLEAR SIMILARITIES' WITH LION AIR ACCIDENT, TRANSPORT MINISTER SAYS

The crew was told to cut power to the motor causing the plane's nose to dive down, which is part of a checklist that all pilots are required to memorize, according to Bloomberg.

Boeing 737 Max jets are grounded at Sky Harbor International Airport, Thursday, March 14, 2019 in Phoenix.

Boeing 737 Max jets are grounded at Sky Harbor International Airport, Thursday, March 14, 2019 in Phoenix. (AP Photo/Matt York)

Hours later with a different crew on board, the same aircraft crashed into the Java Sea after takeoff, killing all 189 aboard.

Officials investigating the Lion Air crash previously said they were looking into the plane’s anti-stall system, which was engaged and repeatedly pushing down the aircraft’s nose prior to it crashing into the sea. The Indonesia safety committee report also said the plane had had multiple failures on previous flights and hadn’t been properly repaired.

“All the data and information that we have on the flight and the aircraft have been submitted to the Indonesian NTSC. We can’t provide additional comment at this stage due to the ongoing investigation on the accident,” Lion Air spokesman Danang Prihantoro told Bloomberg.

The new information comes as investigators are trying to piece together what caused Ethiopian Airlines Flight 302 to crash earlier this month just minutes after takeoff, killing all 157 people, including eight Americans, aboard.

The French civil aviation investigation bureau, BEA, said Monday that black box data from the Ethiopian Airlines flight showed "clear similarities" to the Lion Air crash. Ethiopian authorities asked BEA for help in extracting and interpreting the crashed plane's black boxes because Ethiopia does not have the necessary expertise and technology.

INFIGHTING HAMPERS ANALYSIS OF ETHIOPIAN AIRLINES FLIGHT RECORDERS, SOURCE SAYS

The U.S. Federal Aviation Administration previously said satellite-based tracking data showed that the movements of the Ethiopian Airlines flight were similar to those of the Lion Air plane. In both incidents, the planes flew with erratic altitude changes that could indicate the pilots struggled to control the aircraft. Shortly after their takeoffs, both crews tried to return to the airports but crashed.

The Federal Aviation Administration last Wednesday announced Boeing 737 Max 8 and 737 Max 9 models were being temporarily grounded in the U.S. "as a result of the data gathering process and new evidence collected at the [Ethiopia crash] site and analyzed."

U.S. prosecutors are looking into the development of Boeing's 737 Max jets, a person briefed on the matter revealed Monday, the same day French aviation investigators concluded there were "clear similarities" in the crash of an Ethiopian Airlines Max 8 last week and a Lion Air jet in October.

U.S. prosecutors are looking into the development of Boeing's 737 Max jets, a person briefed on the matter revealed Monday, the same day French aviation investigators concluded there were "clear similarities" in the crash of an Ethiopian Airlines Max 8 last week and a Lion Air jet in October. (AP Photo/Ted S. Warren)

The U.S. joined several other countries in grounding the aircraft following the deadly crash.

On Monday, the Associated Press reported that prosecutors are looking into the development of Boeing's 737 Max jets, including how the company was regulated by the Federal Aviation Administration.

A federal grand jury in Washington sent a subpoena to someone involved in the plane's development seeking emails, messages and other communications, the person briefed on the matter told the AP.

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Spokesmen for the Justice Department and the inspector general said Monday they could neither confirm nor deny the existence of any inquiries, while the FAA would not comment.

"Boeing does not respond to or comment on questions concerning legal matters, whether internal, litigation or governmental inquiries," Boeing spokesman Charles Bickers told the AP in an email.

The company late Monday issued an open letter from its CEO, Dennis Muilenburg, addressed to airlines, passengers and the aviation community.

Muilenburg did not refer to the reports of the Justice Department probe, but stressed Boeing is taking actions to ensure its 737 Max jets are safe, including a software update and offer related pilot training for the 737 Max to "address concerns" that arose in the aftermath of October's Lion Air crash. The planes' new flight-control software -- which automatically pushes the plane's nose down when a single sensor detects the nose is pointed too high, indicating the possibility the aircraft could stall -- is suspected of playing a role in the crashes.

Fox News' Katherine Lam and The Associated Press contributed to this report.

Source: Fox News World

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Vela’s second goal gives LAFC 2-2 draw at NYCFC

MLS: Los Angeles FC at New York City FC
Mar 17, 2019; New York, NY, USA; Los Angeles FC forward Carlos Vela (10) celebrates his goal against New York City FC during the first half at Yankee Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY Sports

March 17, 2019

Carlos Vela scored his second goal of the game on a penalty kick in the 76th minute as visiting Los Angeles FC remained unbeaten by rallying for a 2-2 draw over winless New York City FC on Sunday afternoon at Yankee Stadium.

Vela helped LAFC improve to 2-0-1 by recording his fourth career two-goal game and scored on the penalty kick after NYCFC defender Ben Sweat took down Latif Blessing in the center of the box.

He scored his second goal of the season in the 42nd minute and then became the sixth player in the league to reach three goals.

Vela improved to 5-for-5 all-time on penalty kicks when he got NYCFC goalkeeper Sean Johnson to move to his left. As Johnson moved, Vela hammered the shot into the wide-open right side of the net.

LAFC nearly won the game right before stoppage time expired but Adama Diomande’s left footed shot from the center of the box sailed just wide.

Alexandru Mitrita scored his first goal with NYCFC in the 39th minute and Alexander Ring scored his second goal of the season in the 62nd minute.

Despite controlling possession for 61 percent of the match, NYCFC settled for its third straight tie in a physical game that featured 31 fouls and eight yellow cards.

LAFC goalkeeper Tyler Miller made four saves while Johnson stopped two shots.

NYCFC took a 1-0 lead when Mitrita avoided a tackle, sped past defender Jordan Harvey, made an inside move on Walker Zimmerman and lifted a right-footed shot from the right side of the box past Miller.

Two minutes later, Mitrita had a shot go off the crossbar.

Moments after Mitrita missed his second goal, LAFC tied the game by capitalizing on a turnover by NYCFC defender Maxime Chanot near midfield. Blessing gained possession and found a streaking Vela, who eluded Mitrita and lifted a left-footed shot from the right side of the box into the net.

Ring made it 2-1 when he hammered a right-footed shot inside the near post.

–Field Level Media

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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