off
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
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
Apr 25, 2019; Houston, TX, USA; Cleveland Indians starting pitcher Trevor Bauer (47) delivers a pitch during the second inning against the Houston Astros at Minute Maid Park. Mandatory Credit: Troy Taormina-USA TODAY Sports
April 26, 2019
Trevor Bauer won his individual matchup against Gerrit Cole, his former UCLA staff mate, and the Cleveland Indians claimed the opener of their four-game series with the host Houston Astros 2-1 Thursday.
Bauer (3-1) allowed at least one baserunner in each of his eight innings yet faced just one batter with a runner in scoring position. The Astros managed one run off Bauer: a 411-foot solo home run from George Springer in the third.
Bauer yielded four hits and six walks while fanning three. Cleveland got solo homers from Leonys Martin in the third inning and Jake Bauers in the fifth. Brad Hand threw a perfect ninth inning for his seventh save.
Cole (1-4) allowed two runs on three hits and three walks in seven innings. He struck out 10.
Diamondbacks 5, Pirates 0
Zack Greinke pitched seven two-hit scoreless innings and tripled and scored to lead visiting Arizona past Pittsburgh, completing a four-game series sweep.
Greinke (4-1) struck out seven and walked one. He retired the final 14 batters he faced. Andrew Chafin pitched the eighth and Yoshihisa Hirano the ninth to complete the combined five-hit shutout.
Christian Walker doubled twice, scored once and drove in a run, and Jarrod Dyson was 3 for 5 with an RBI and two runs scored for Arizona, which has won nine of its last 11.
Angels 11, Yankees 5
David Fletcher drove in a career-high five runs, helping Los Angeles rally from a four-run deficit to beat New York in Anaheim, Calif. The result ended the Yankees’ six-game winning streak.
Fletcher snapped a 4-4 tie in the sixth inning with a two-run single, then added a three-run triple in the seventh inning, extending the Angels’ lead to 11-4. Both hits came with two outs.
Tommy La Stella and Kole Calhoun homered for the Angels. Luke Voit had three hits for the Yankees, who got a home run from Gio Urshela.
Reds 4, Braves 2
Luis Castillo pitched six shutout innings, and Eugenio Suarez drove in three runs and scored another to lift Cincinnati past visiting Atlanta.
Castillo (3-1) allowed eight hits, no walks and struck out a season-low two batters. He also got a base hit — his first of the season — and scored a run. Castillo has posted a 1.16 ERA in his past 11 starts since Aug. 1, 2018.
The Reds won two games in the three-game series and have not lost a series against Atlanta since 2014. Cincinnati has won five of its past seven.
Marlins 3, Phillies 1 (10 innings)
Starlin Castro hit a two-run home run off Hector Neris with two outs in the 10th inning to lift visiting Miami over Philadelphia.
Neil Walker had three hits, including a pair of doubles, while Castro and Jorge Alfaro each added two hits for Miami. Walker’s double in the 10th set up Castro for the go-ahead homer. Tayron Guerrero (1-0) earned the win with a scoreless ninth. Sergio Romo picked up his fourth save in four chances this season.
Sean Rodriguez hit a solo home run and Cesar Hernandez had two hits for the Phillies.
Red Sox 7, Tigers 3
Rick Porcello collected his first victory of the season, rookie Michael Chavis hit his second career homer, and host Boston downed Detroit.
Porcello (1-3), who began the night with an 8.47 ERA, allowed three runs on six hits in six innings with five strikeouts. The Red Sox salvaged the last two games of the four-game series after dropping a day-night doubleheader on Tuesday.
Nicholas Castellanos hit a two-run homer, his first this season, for Detroit. Jordan Zimmermann (0-4) gave up five runs on five hits in three innings.
Dodgers 2, Cubs 1
A pair of runs without the aid of a base hit were all Los Angeles needed to earn a victory at Chicago that salvaged the finale of the three-game series.
The Dodgers scored once in the fifth inning when Chris Taylor’s hot smash to shortstop in the fifth inning eluded the glove of the Cubs’ Javier Baez, allowing Alex Verdugo to score from third. They added an insurance run in the eighth on a sacrifice fly from Cody Bellinger.
The Cubs got their lone run with two outs in the ninth inning when Albert Almora Jr. hit a home run against Dodgers closer Kenley Jansen.
–Field Level Media
Source: OANN
Apr 25, 2019; Nashville, TN, USA; T.J. Hockenson (Iowa) is selected as the number eight overall pick by the Detroit Lions in the first round of the 2019 NFL Draft in Downtown Nashville. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports
April 26, 2019
Only the first 32 picks are in the books, but the winners and losers after Day One of the NFL draft were abundantly obvious.
Here’s a look at the best and worst of the first round:
Winners:
Detroit Lions: TE T.J. Hockenson, No. 8 overall
A tight end at No. 8 feels rich, especially when you consider the last top-10 tight end in the NFL draft was Eric Ebron, who disappointed in Detroit after going 10th overall in 2014.
Don’t fret, Lions fans. Hockenson is a far more complete and much safer prospect than Ebron, but he still has plenty of upside. His blocking is well documented — he regularly handled defensive ends and often buried linebackers and defensive backs at Iowa — but he is also an excellent receiver.
Hockenson isn’t as athletic as Hawkeye teammate Noah Fant, but he’s a much better route-runner, showing the nuance to set up defenders and find soft spots in zones. He’s also far from a slouch as an athlete, with the speed to threaten up the seam and the power to bulldoze defenders after the catch.
Buffalo Bills: DT Ed Oliver, No. 9 overall
With plenty of pre-draft smoke connecting Oliver to the New York Jets, Oakland Raiders, New York Giants and even the Atlanta Falcons via a trade-up, it seemed the Bills wouldn’t have a shot at him. Instead, after surprise picks at Nos. 4 and 6 overall, Oliver slid right into Buffalo’s lap.
With Kyle Williams retiring, the Bills needed more interior pass rush, and Oliver’s athleticism will fit very well next to 2017 third-round pick Harrison Phillips. Oliver isn’t nearly as polished as a pass rusher as Aaron Donald was when he came out in 2014, but he has comparable explosiveness for his size and will be a disruptor — if not a finisher — from Day 1.
Washington Redskins: QB Dwayne Haskins, No. 15 overall; OLB Montez Sweat, No. 26 overall
Leaks sprung like crazy from Washington over the last few days, painting an unflattering picture of an organization in disagreement. Reports on Thursday said owner Dan Snyder and team president Bruce Allen loved Haskins, while head coach Jay Gruden and some others preferred Daniel Jones.
But Washington wound up with the better prospect, and did so without having to trade up. Despite being a redshirt sophomore and one-year starter, Haskins is far more mentally advanced than most college quarterbacks. He ran a pro-style offense and read the field very well at Ohio State, and he has an excellent arm and the accuracy to hit open receivers at all three levels.
Haskins should fit well in Gruden’s scheme — assuming Gruden is there beyond 2019, which is far from certain — and he could be afforded the opportunity to sit behind Case Keenum or Colt McCoy. Washington’s franchise is almost infamous for its instability, but this pick could very well bring a long-term answer at the game’s most important position.
With a trade back into Round 1 later Thursday night, Washington got another dynamite player in Montez Sweat, who slid due to reported medical and character concerns. I don’t love the price Washington paid — a 2020 second-round pick to jump from No. 46 to No. 26 — but Sweat is extremely explosive and should fit in well opposite Ryan Kerrigan.
Losers:
New York Giants: QB Daniel Jones, No. 6 overall; DT Dexter Lawrence, No. 17 overall; CB DeAndre Baker, No. 30 overall
Washington’s gains were indirectly a result of a division rival’s worrisome decisions.
If you have conviction about a quarterback, you should take him at your first opportunity, and the Giants did. But that doesn’t mean they picked the right quarterback.
Despite his cerebral reputation — as a Duke product who has worked with David Cutcliffe and Peyton and Eli Manning — Jones needs plenty of work. He ran a lot of half-field reads and worked primarily short and intermediate with the Blue Devils. He also made far too many poor decisions for a player whose arm is just OK. This one will look especially rough if Haskins develops into a star and Jones does not.
The Giants’ pick at No. 17 also raised some eyebrows. Lawrence is an excellent run defender but might never be a great pass rusher. If he tops out as a solid pocket pusher who gets to QBs now and then, he might only play 55 percent of the snaps. That’s not a great return for the top asset that the trade of Odell Beckham Jr. brought back.
It’s also odd that the Giants traded Damon Harrison with the intention of moving Dalvin Tomlinson to nose tackle… and then added another nose tackle. They also have B.J. Hill, a promising third-round pick who had 5.5 sacks as a rookie. An edge rusher — and Sweat was there for the taking — would have made much more sense.
Getting Baker at No. 30 gives the Giants a nice, instinctive cover man, but they had to give up fourth- and fifth-round picks to get him.
Overall, that’s just too many question marks for a roster that needs a lot of work.
Oakland Raiders: DE Clelin Ferrell, No. 4 overall; RB Josh Jacobs, No. 24 overall; S Johnathan Abram, No. 27 overall
On one hand, the Raiders drafted three very good players and filled three holes. On the other, they made some questionable decisions when it came to value.
Very few evaluators pegged Ferrell as a top-10 pick, and virtually nobody had him going in the top five. It’s unclear if the Raiders tried to move down to add value while still getting Ferrell, but even if they tried and failed, there were better ways to get their guy.
It’s possible, perhaps probable, that Ferrell would have been available closer to the Raiders’ second pick at No. 24 than to their first at No. 4. With plenty of draft capital at their disposal, they could have worked the draft board and traded up into the mid-teens to grab him.
The player they wound up taking at No. 24, Jacobs, is an excellent talent and a well-rounded back who can block and catch. Still, there’s a convincing argument to be made that it’s never worth drafting a running back in the first round, given the fungibility and short shelf life at the position.
It’s harder to quibble with Abram, who brings tremendous physicality and energy, but his selection does appear to be a sign that former first-round pick Karl Joseph doesn’t have a future with the team.
With three first-round picks, including one in the top five, the Raiders simply could have gotten more value.
Houston Texans: OT Tytus Howard, No. 23 overall
Perhaps Howard was the top-ranked offensive tackle on Houston’s board. And he might very well develop into an excellent player.
But this feels like a reach at a position of (dire) need. Jonah Williams was the first tackle off the board at No. 11, and the Philadelphia Eagles swooped in to nab Andre Dillard, the best pass protector in the draft, one pick in front of the Texans. Houston could have ensured itself Dillard with a modest trade-up, or it could have simply taken Jawaan Taylor, who some consider a top-10 prospect and was still on the board.
Instead, they opted for a raw, small-school prospect who might not be ready to start but could be forced into the lineup to protect Deshaun Watson. That sounds a lot like current left tackle Julién Davenport, who has not worked out thus far.
–By David DeChant, Field Level Media
Source: OANN
FILE PHOTO: An aerial photo looking north shows shipping containers at the Port of Seattle and the Elliott Bay waterfront in Seattle, Washington, U.S. March 21, 2019. REUTERS/Lindsey Wasson
April 26, 2019
By Lucia Mutikani
WASHINGTON (Reuters) – The U.S. economy likely maintained a moderate pace of growth in the first quarter, which could further dispel earlier fears of a recession even though activity was driven by temporary factors.
The Commerce Department’s gross domestic product (GDP) report to be published on Friday at 8:30 a.m. EDT (1230 GMT) is expected to sketch a picture of an economy growing close to potential, mostly reflecting the impact of an ebbing boost from a giant fiscal stimulus and past interest rate increases.
Gross domestic product probably increased at a 2.0 percent annualized rate in the first quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset slowdowns in consumer and business spending, according to a Reuters survey of economists.
With global growth still sluggish, the surge in exports is likely to reverse and the inventory build will probably need to be worked off, which could curtail production at factories. That could restrain growth in the second quarter.
The economy grew at a 2.2 percent pace in the October-December period. Growth has stepped down from a peak 4.2 percent pace in the second quarter of 2018, when the White House’s $1.5 trillion tax cut package jolted consumer spending.
Economists estimate the speed at which the economy can grow over a long period without igniting inflation at between 1.7 and 2.0 percent. The economy will mark 10 years of expansion in July, the longest on record.
“The economy remains solid, but we anticipate a slowing in the pace of growth in the medium term as the tailwinds from fiscal stimulus fade and the headwinds of tighter monetary policy take hold,” said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.
The economy stumbled at the turn of the year, with a batch of weak economic reports suggesting first-quarter GDP growth as low as a 0.2 percent rate. The soft data stream stoked fears of a recession that were also exacerbated by a brief inversion of the U.S. Treasury yield curve.
Some of the weak data, especially retail sales, were blamed on a 35-day partial shutdown of the federal government, which hurt confidence and delayed processing of tax refunds. Since the shutdown ended on Jan. 25, economic data have mostly perked up, leading to a sharp upgrading of first-quarter GDP estimates.
“Slower, but moderate economic growth is continuing and we might see some slight acceleration as we head into second quarter,” said Sung Won Sohn, an economics professor at Loyola Marymount University in Los Angeles.
WEAK DOMESTIC DEMAND
The improvement in the economy’s fortunes has been mirrored by strong corporate profits for the quarter.
Some economists caution that growth could surprise on the downside because of a seasonal quirk. The so-called residual seasonality has tended to understate economic growth in the first quarter. Though the government said last year it had addressed the methodology problem, economists believe residual seasonality has not been entirely eliminated from the data.
A surge in exports and weak imports are expected to have sharply narrowed the trade deficit in the first quarter. Trade is believed to have added more than one percentage point to GDP after being neutral in the fourth quarter.
Trade tensions between the United States and China have caused wild swings in the trade deficit, with exporters and importers trying to stay ahead of the tariff fight between the two economic giants.
The trade standoff has also had an impact on inventories, which are expected to have increased in the first quarter at their strongest pace since 2015. Part of the inventory build is related to weak demand, especially in the automotive sector.
Inventories are expected to have contributed a full percentage point to first-quarter GDP after adding one-tenth of a percentage point in the October-December period.
Excluding trade and inventories, the economy is expected to have expanded at a roughly 1.6 percent rate in the first quarter. Economists said Federal Reserve officials were likely to focus on this growth measure.
The Fed recently suspended its three-year monetary policy tightening campaign, dropping forecasts for any interest rate hikes this year. The U.S. central bank increased borrowing costs four times in 2018.
“The composition of the data will not look favorably on domestic economic activity, nor provide a positive forward look at current quarter activity,” said Joe Brusuelas, chief economist at RSM in New York. “Policymakers will likely look past this growth report when formulating rate policy.”
Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to have slowed significantly from the fourth quarter’s 2.5 percent rate. Economists said the government shutdown was the main factor behind the anticipated deceleration in spending.
A moderation is also expected in businesses spending on equipment because of the delayed impact of sharp drops in oil prices toward the end of 2018 and fading depreciation provisions in the 2018 tax bill. Supply chain disruptions caused by Washington’s trade war with Beijing were also seen crimping business investment.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
Source: OANN
FILE PHOTO: A Scandanavian Airlines, known as SAS, Airbus A320-200 airplane takes off from the airport in Palma de Mallorca, Spain, July 29, 2018. REUTERS/Paul Hanna
April 26, 2019
OSLO (Reuters) – Wage talks broke down on Friday between SAS and its pilots in Norway, triggering a strike, a government-appointed mediator said in a statement.
SAS said earlier its Swedish pilots would also go on strike, affecting tens of thousands of passengers.
(Reporting by Terje Solsvik; Editing by Jacqueline Wong)
Source: OANN
Apr 25, 2019; Nashville, TN, USA; Devin Bush (Michigan) is selected as the number ten overall pick to the Pittsburgh Steelers and poses for a photo with NFL commissioner Roger Goodell during the 2019 NFL Draft in Downtown Nashville. Mandatory Credit: Kirby Lee-USA TODAY Sports
April 26, 2019
Two teams looking to dethrone the New England Patriots as kings of the AFC — the Denver Broncos and Pittsburgh Steelers — joined forces Thursday night and pulled off the first trade of the 2019 NFL Draft.
The Broncos sent the 10th overall pick in the draft to the Steelers, who in turn used the pick to select Devin Bush, an inside linebacker who played at Michigan.
In return, Pittsburgh sent Denver the Nos. 20 and 52 picks in this year’s draft and a third-round pick in 2020. The Broncos used the 20th pick to select Iowa tight end Noah Fant.
According to multiple reports, the teams had been in talks about the 10th pick, but as the Broncos went on the clock, they presumed the Steelers were no longer interested in making a deal. However, in the closing minute of Denver’s allotted time to make a pick, Pittsburgh called and made the trade.
Bush will be looked upon to help address the void in production the Steelers have yet to fill since losing Ryan Shazier to a spinal injury in 2017. As a junior last season with the Wolverines, Bush had 66 tackles, 4.5 sacks, 8.5 tackles for loss and four passes defended.
According to reports, the Broncos were eyeing tight end T.J. Hockenson — Fant’s teammate at Iowa — with the 10th pick. However, Hockenson went to the Detroit Lions at No. 8.
–The Seattle Seahawks traded the 21st overall selection to the Green Bay Packers, who used the pick on safety Darnell Savage Jr. from Maryland. In return, the Seahawks got pick No. 30 plus a pair of 2019 fourth-round picks.
Savage was the first defensive back taken in a draft that initially was dominated by front-seven players and offensive linemen. Though not viewed by many prognosticators as being in the running to be the first defensive back off the board, the 5-foot-11, 200-pound Savage had at least 52 tackles in each of his final three seasons with the Terrapins. He also had seven interceptions and 10 passes defended over the last two seasons.
Savage could pair with Adrian Amos in a new-look back line for the Packers. The team signed Amos to a four-year contract this offseason after he spent his first four seasons in Chicago.
–On the very next pick, the Baltimore Ravens sent the No. 22 overall selection to the Philadelphia Eagles in exchange for the No. 25 overall pick as well as fourth- and sixth-round picks in this draft.
The Eagles used the pick to select offensive tackle Andre Dillard out of Washington State. He is the first offensive lineman from Washington State taken in the first round.
According to NFL Network’s Ian Rapoport, the Houston Texans targeted Dillard with the No. 23 pick, forcing the Eagles’ hand. Cornerstone tackle Jason Peters, a likely future Pro Football Hall of Fame member, is 37 and entering his 16th season.
–Field Level Media
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FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee
April 26, 2019
By Jennifer Hughes and Julie Zhu
HONG KONG (Reuters) – Shareholders summoned by Hong Kong Airlines this month for a meeting were greeted with some shocking news: the airline needed at least HK$2 billion in fresh funds or it would lose its operating license.
The carrier had lost HK$3 billion ($382.54 million) in 2018, they were told, and an infusion was crucial, according to people present.
Dialed in, but silent for the hour-long meeting on April 1, were executives for Hainan-based HNA Group,, which holds 29 percent of the airline’s shares.
Investors were blunt about HNA’s role in the company’s troubles, according to people at the meeting – including accusations that it was siphoning off cash, which the conglomerate denies.
“There’s no point raising fresh capital if we cannot solve the problem of (a) major shareholder pumping out HKA’s assets,” said Zhong Guosong, who holds 27 percent of the shares and is vying for chairmanship of the company.
Another shareholder echoed his views: “This is Hong Kong, not Hainan.”
In the last week, drama from the call has spilled into the open as HNA and a rival group battled for control of Hong Kong Airlines’ chairmanship. The airline declined to comment on shareholders’ activities and said its operations “remain normal.”
The infighting illustrates the convoluted nature of HNA’s holdings around the world, which range from real estate to banks and are often divided among opaque, related entities.
On paper, HNA gave up control of Hong Kong Airlines two years ago just as it began selling off assets collected in a $50 billion worldwide acquisition spree.
But the carrier has close ties with several HNA affiliates.
“HNA’s shareholding structure and how they structure investments has always been very complicated, and the HKA case isn’t any different,” said David Yu, adjunct professor of finance at New York University, Shanghai. “The issue now is that there is some distress at the parent group, and this is obviously having implications on the underlying companies, including HKA.”
HNA TANGLE
Since Beijing in 2017 began cracking down on Chinese conglomerates’ rapid debt-fuelled global expansions, HNA has sold about $26 billion in assets, according to Dealogic data and Reuters calculations.
Disposals include control of the Radisson hotel group; a quarter stake in Hilton Hotels; prime property in New York, Sydney, Shanghai, San Francisco and Hong Kong; regional Chinese airlines; a stake in aircraft lessor Avolon; and half of its stake in Deutsche Bank.
But the prices HNA has sought and the complex structures, loans and other business links that bind its holdings have made unwinding its investments difficult.
HNA’s wider Hong Kong interests are a case in point. This week, HNA-controlled CWT International said lenders had seized assets, including U.S. property and its Singapore-based commodity trading and logistics unit, because it failed to repay a HK$1.4 billion ($178 million) loan.
HNA said that it was monitoring the situation, but that it was a matter for CWT and its creditors. Yet HNA units own 51 percent of CWT’s shares, and each of CWT’s executive directors has ties to other HNA businesses. CWT’s co-chairman, Mung Kin Keung, is a shareholder in Hong Kong Airlines.
HNA’s involvement with the airline is just as complicated. The conglomerate took control of CR Airways in 2006 and renamed it Hong Kong Airlines. In July 2017 it cut its stake, according to filings, by selling 34 percent to Chinese private equity group Frontier Investment Partners.
According to Hong Kong Airlines’ 2017 accounts, seen by Reuters, the airline held shares in four unlisted HNA affiliates, worth $367 million at the end of 2017, and had loaned $300 million to two other HNA firms.
That year, the airline’s trade receivables – money owed to it but not collected – jumped 50 percent even as revenue rose only 11 percent. Of those payments due, the amount HNA companies owed the airline more than doubled to HK$1.3 billion, or 73 percent of receivables.
Zhong is closely linked with HNA as well, having been a director of the airline for almost four years until August 2018. Since 2017, he has also been chairman of Hong Kong Express, Hong Kong Airlines’ low-cost sister, which HNA recently agreed to sell to Cathay Pacific for HK$4.93 billion.
Cathay’s announcement of the deal contained a warning that an HK Express shareholder planned to contest it. That shareholder is Zhong, according to two sources with direct knowledge of the issue. They declined to be identified because they were not authorized to speak to the media.
In a further sign that the relationship between Zhong and HNA had soured, court papers show that HNA in December sued the company through which Zhong holds his 27 percent stake in the airline, seeking repayment of a HK$854 million debt from 2010.
A representative for Zhong did not provide comment.
CONTROL DISPUTES
Since the April 1 meeting, Frontier has aligned itself with Zhong, working to appoint him chairman of the airline as part of efforts to seize control and investigate its financial ties with HNA.
Late last week they won an injunction that blocked directors and executives from removing or destroying the airline’s documents.
That followed a week in which both Zhong and airline executive Hou Wei – still listed on its website as chairman – claimed control and fought over who had access to the company’s headquarters.
Adding to the confusion, a group called Grand City Investment Capital Limited this week said it owned the Frontier stake after a transfer dated April 11.
A spokesman for Grand City declined to discuss his company’s ownership. Frontier disputes Grand City’s claim to the stake.
Frontier and Zhong have also accused HNA of “embezzlement of HKA assets and serious financial misappropriation by HNA Group parties” – accusations that HNA has denied.
They and other shareholders are still demanding access to the airline’s 2018 accounts and details of how it lost so much money before they address its HK$2 billion capital shortfall.
Amid the court orders and competing statements uncertainty remains over who is in charge – although both sides have gone to lengths to ensure the airline keeps operating normally.
“There are so many moving parts that corporate control is under dispute because the changes are happening too rapidly for the company to organize coherently,” said Andrew Collier, managing director of Orient Capital Research, which focuses on China. He described HNA as “a poster child for overexpansion of China’s worst conglomerates.”
He added: “Because there is always a lack of transparency at HNA, this makes it twice as hard to figure out what the nature of the dispute is.”
(Reporting by Jennifer Hughes, Julie Zhu, Kane Wu and Alun John; Additional reporting by Shellin Li and Jamie Freed; Editing by Gerry Doyle)
Source: OANN
The Trump administration said Thursday it is reevaluating its controversial plan to sharply expand offshore drilling as it responds to a court ruling that blocked oil and gas development off Alaska and parts of the Atlantic.
Governors and lawmakers from both Republican- and Democratic-led states have strongly opposed the expanded drilling. And a federal judge last month ruled against President Donald Trump’s executive order to open the Arctic and parts of the Atlantic to broader oil and gas development, saying Trump had exceeded his authority.
Interior Secretary David Bernhardt told The Wall Street Journal on Thursday that the legal challenges may be “discombobulating” to the administration’s overall drilling plans. Bernhardt says the administration may have to wait for the challenges to fully play out in court.
Interior spokeswoman Molly Block said that given the court setback, the agency “is evaluating all of its options.”
The Interior Department’s Bureau of Ocean Energy Management “will carefully consider all public input received, including comments from governors of affected states, before making final decisions” on expanded drilling off the country’s coasts, Block added.
Environmental groups welcomed what they said amounted to a delay in the administration’s coastal drilling expansion plans. Collin O’Mara of the National Wildlife Federation said the administration “needs to go one step further and fully and permanently scrap its plan to open our coasts to unfettered offshore drilling.”
But Randall Luthi, head of the National Ocean Industries Association trade group, urged against a “hard stop” in administration planning on expanded offshore drilling. “What cannot be delayed … is the importance of domestic production to meet the growing demand for affordable, reliable American energy,” he said.
The Trump administration announced a new five-year plan last year that would open up 90 percent of U.S. offshore reserves to development by private companies. Then-Interior Secretary Ryan Zinke said it would promote responsible energy development, boost jobs and pay for coastal conservation efforts.
The plan calls for expanded drilling in the Arctic and off the Atlantic coast and would open up waters off California for the first time in more than three decades. Drilling would be allowed from Florida to Maine in areas that have been blocked for decades.
Industry groups said the plan would encourage economic growth and create thousands of jobs, while environmental groups denounced the plan, saying it would cause severe harm to America’s oceans, coastal economies, public health and marine life.
The plan drew bipartisan criticism in Congress, as lawmakers in coastal states said oil drilling off the coast could put their economy, environment and marine life at risk.
Governors from coastal states asked to be removed from the plan, but Interior officials said they were pressing forward even as they promised to take local concerns into consideration.
Offshore drilling was a key factor as the Senate confirmed Bernhardt as interior chief this month. Florida Republican Sens. Marco Rubio and Rick Scott voted in favor of Bernhardt after receiving assurances from him and other administration officials that Florida would be excluded from drilling proposals. A moratorium on offshore drilling in Florida expires in 2022.
Rubio said in a statement on the day of the vote that he is “confident that when all is said and done the ban on oil drilling off of Florida’s coasts will remain in place.”
Bernhardt has declined to publicly rule out drilling off any state, including Florida.
Source: NewsMax America
FILE PHOTO – September 9, 2018; Carson, CA, USA; Kansas City Chiefs wide receiver Tyreek Hill (10) runs the ball against the Los Angeles Chargers during the second half at StubHub Center. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
April 26, 2019
An explosive audio recording aired by a Kansas City television station on Thursday night reportedly includes Kansas City Chiefs wide receiver Tyreek Hill threatening his fiancée, who accused him of injuring their young son.
In the recording broadcast by CBS affiliate KCTV, a voice identified as the boy’s mother, Crystal Espinal, tells Hill that her son said regarding who punched him, “Daddy did it.” She adds, “He is terrified of you.”
A voice alleged to be Hill replies, “You need to be terrified of me, too, b—.” The man identified by the TV station as Hill adds, “I didn’t do nothing.”
Espinal reportedly made the recording as an “insurance policy” and gave it to a friend, who passed it along to the TV station, according to a report from the Kansas City Star. The 11-minute recording, reportedly taped at a Dubai airport, includes Espinal accusing Hill of using a belt on the boy, along with an accusation that “you open up his arms and you punch him in the chest.”
–The Kansas City Chiefs officially announced their acquisition of defensive end Frank Clark from the Seattle Seahawks. The team’s announcement did not mention any signing of a new contract, but it did include a photo of Clark putting pen to paper. According to multiple reports Tuesday, Clark agreed to a five-year, $105.5 million contract, with $63.5 million guaranteed, as part of the trade.
The deal, which was reported Tuesday, sent the 29th overall pick in Thursday’s first round and a 2020 second-round pick to the Seahawks. The teams also swapped 2019 third-round picks, with the Chiefs moving up eight spots from No. 92 overall to No. 84.
Clark, who turns 26 in June, was set to make $17.1 million on the franchise tag in 2019, after being tagged by the Seahawks. Clark has 35 sacks and 72 QB hits through 62 games (33 starts) over four seasons since being drafted in the second round by Seattle in 2015.
–The Houston Texans are open to trading franchise-tagged defensive end Jadeveon Clowney for the right price, ESPN’s Chris Mortensen reported.
The Texans tagged Clowney earlier this offseason, and various reports since have said the sides are not close to a long-term extension. They have until July 15 to agree to a new deal, or Clowney will play 2019 on the tag, which is worth $15.967 million.
Clowney, 26, has 18.5 sacks and 42 quarterback hits over the last two seasons. He is likely seeking more than $20 million annually on a contract extension.
–The Philadelphia Eagles and defensive tackle Tim Jernigan agreed to a one-year contract. The move comes after Philadelphia previously declined to pick up Jernigan’s $11 million option in March.
Jernigan, 26, played in just three games last season after undergoing offseason back surgery to repair a herniated disc.
The previous season, he was a key cog in the Eagles’ Super Bowl-winning campaign and recorded 29 tackles and 2.5 sacks in 15 games.
–The Tampa Bay Buccaneers exercised their fifth-year option on cornerback Vernon Hargreaves III.
In 2018, Hargreaves was placed on injured reserve with a season-ending shoulder injury he suffered in the season opener against the New Orleans Saints. He also ended the previous season on injured reserve.
Selected 11th overall in the 2016 draft, Hargreaves is coming off a down 2017 season that saw him post 42 tackles over nine games, missing the team’s final seven contests with a hamstring injury. He had 76 tackles, a forced fumble and an interception in his 16-game rookie season in 2016.
–Field Level Media
Source: OANN
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