Vornado Realty Trust -- Moody's downgrades Vornado Realty's senior unsecured debt rating to Baa3, outlook is stable

Moody's

March 29, 2022 at 5:30 PM·16 min read

Rating Action: Moody's downgrades Vornado Realty's senior unsecured debt rating to Baa3, outlook is stableGlobal Credit Research - 29 Mar 2022New York, March 29, 2022 -- Moody's Investors Service ("Moody's") has downgraded Vornado Realty L.P.'s senior unsecured debt rating to Baa3 from Baa2. In same rating action, Vornado Realty Trust's (REIT parent of Vornado Realty, collectively ÂVornado Realty or Âthe REIT') preferred stock rating was also downgraded to Ba1 from Baa3. These rating actions reflect our expectation that the REIT's leverage metrics will remain elevated over the next two years despite income growth and the REIT's capital strategy will include significant secured leverage and large development projects. The outlook was revised to stable from negative.The stable outlook considers the REIT's strong liquidity position, good leasing track record, healthy unsecured debt and interest coverage ratios, and proven capital access.The following ratings were downgraded:..Issuer: Vornado Realty L.P.....Subordinated Shelf, Downgraded to (P)Ba1 from (P)Baa3....Senior Unsecured Shelf, Downgraded to (P)Baa3 from (P)Baa2....Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3 from Baa2..Issuer: Vornado Realty Trust....Preferred Shelf, Downgraded to (P)Ba1 from (P)Baa3....Preferred Shelf Non-cumulative, Downgraded to (P)Ba1 from (P)Baa3....Preferred Stock, Downgraded to Ba1 from Baa3Outlook Actions:..Issuer: Vornado Realty L.P.....Outlook, Changed to Stable from Negative..Issuer: Vornado Realty Trust....Outlook, Changed to Stable from NegativeRATINGS RATIONALEVornado Realty's Baa3 senior unsecured debt rating reflects the strong operating track record of its high quality portfolio of primarily office properties, the laddered lease maturity schedule, diversified tenant base, and elevated leverage metrics. The ratings also incorporate the significant geographic concentration in the REIT's portfolio, its large development pipeline, and the modest unencumbered asset ratio in large part due to its preference for non-recourse, property level mortgage debt.At YE 2021, Vornado Realty's effective leverage (debt + preferred as a % of gross assets) was 54.1% and net debt + preferred to EBITDA was 9.8x, both metrics calculated including pro-rata share of unconsolidated joint ventures and 100% of Alexander's Inc. (NYSE:ALX), a publicly traded REIT in which Vornado Realty owns 32.4% of the equity. Secured leverage, including pro-rata consolidation of JVs and 100% of Alexander's, is also elevated at 38.5%. We expect that the REIT's EBITDA would grow at a healthy pace in 2022 and 2023 due to the completion of two of its large development projects- Farley Building and PENN 1, and improving market conditions in the office and retail segments. Nevertheless, its net debt + preferred to EBITDA ratio would likely remain at about current levels due to continued investment in other development projects including PENN 2 and new sites such as Hotel Penn. Secured leverage would also remain high as mortgage debt will remain an important component of the REIT's financing strategy.Vornado Realty's fixed charge coverage has improved to 2.8x in YE 2021 from 2.4x a year earlier primarily due to recovery in EBITDA. The ratio would likely remain in the 2.5-3.0x over the next two years as improvement in EBITDA would be offset by a modest increase in interest expense related to variable rate debt.The operating environment for New York office landlords has been challenging over the last few quarters with low office utilization, increasing vacancy rates, and a decline in investment activity. However, top-tier assets have outperformed the market by a sizeable margin. According to CBRE-EA, Manhattan office vacancy rate increased by 600 bps since YE 2019. Vornado Realty's occupancy rate declined by 470 bps in the same period. Higher quality office properties with laddered lease maturity schedules were also less vulnerable to rising tenant concession packages that resulted in lower net effective rents. Given the current expectations of recovery in utilization and leasing and a moderate supply pipeline, we expect the REIT's operating metrics like occupancy, renewal pricing and same-store NOI to improve over the next few quarters.New York office and retail properties accounted for almost 82% of Vornado Realty's cash NOI in 2021 and the proportion would likely increase over the next few years with stabilization of its New York projects and, to a lesser extent, growth in retail income. Tenant and tenant sector exposure is moderate and the lease maturity schedule is laddered with only 14.7% of office leases expiring through YE 2023.At the end of 2021, the REIT had a $2.4 billion development pipeline (budgeted cost) with $1.0 billion of remaining investment. Two of its large projects, Farley Building and PENN 1, will be largely completed this year, however, we expect the pipeline to remain meaningful with the addition of new projects such as the Hotel Penn site over the medium term.Predictable cash flows from its high-quality office portfolio, strong liquidity, and proven capital access are some key factors incorporated in Vornado's stable rating outlook.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe rating could be upgraded if net debt + preferred to EBITDA is at 9.0x or below, fixed charge coverage is above 3.0x, and unencumbered asset ratio is above 65%, all on a consistent basis and including pro-rata share of joint ventures and 100% of Alexander's. Favorable operating trends including improvement in occupancy to pre-pandemic levels and 5% or higher cash re-leasing spreads, and strong liquidity would be some other important considerations for upward ratings movement.Fixed charge coverage below 2.2x, net debt + preferred to EBITDA above 10.5x both metrics calculated with pro-rata share of joint ventures and 100% of Alexander's, or weak operating metrics would create downward rating pressure.Vornado Realty Trust (NYSE: VNO) is a large office focused REIT that owns over 23 million square feet of office space, including its share in unconsolidated joint venture assets, in New York City, Chicago and San Francisco, owns (has interests in) over 2.2 million square feet of retail real estate.The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms Methodology published in July 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1272320. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Ranjini Venkatesan VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Philip Kibel Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

AFP
Ex-Thai PM Thaksin to face trial for royal insult
Former Thai prime minister Thaksin Shinawatra will be prosecuted for insulting the monarchy, the attorney general's office said Wednesday, over comments he made almost a decade ago."The attorney general has decided to indict Thaksin for insulting the monarchy," Prayuth told reporters.
Associated Press
Owner of UK's Royal Mail says it has accepted a takeover offer from a Czech billionaire
The owner of Britain’s Royal Mail said Wednesday it has accepted a 3.6 billion pound ($4.6 billion) takeover offer from Czech investor Daniel Křetínský. Under the deal, Křetínský’s EP Group would buy International Distribution Services, which owns Royal Mail, for 370 pence ($4.72) per share. It said EP Group would offer a series of “contractual commitments and intentions” to protect public service aspects of the 500-year-old postal service.
Yahoo Finance
A 'robust' earnings outlook is driving further optimism for stocks in 2024
Earnings estimates for the S&P 500 holding up better than normal is one of the key reasons Wall Street strategists are optimistic about the path for stocks in the second half of 2024.
TODAY
BTS' military service: Everything you need to know
All BTS members have officially enlisted in the South Korean army. Here is everything to know about their military service.
AFP
Royal Mail owner accepts Czech billionaire's takeover
The owner of Britain's struggling Royal Mail said Wednesday it had accepted a takeover proposal from Czech billionaire Daniel Kretinsky worth £3.6 billion ($4.6 billion).Former state monopoly Royal Mail was privatised in 2013 and has since seen its core letters business ravaged as consumers increasingly communicate online, which has conversely helped its international parcels business, GLS. Britain's communications regulator Ofcom has proposed that Royal Mail cut delivery to five days, or even t
Reuters
U.S. Treasury's No. 2 Adeyemo visits Ukraine for talks on tighter Russia sanctions
U.S. Deputy Treasury Secretary Wally Adeyemo will visit Kyiv on Wednesday for talks with Ukrainian Finance Minister Serhiy Marchenko and other government officials about upcoming plans to tighten sanctions on Russia, a Treasury official said. Adeyemo will meet with Marchenko, aides to President Volodymyr Zelenskiy, lawmakers, academics and civil society groups to preview a major speech on U.S. plans to further degrade Russia's military industrial complex that he will give in Berlin on Thursday, the official said.
AFP
BHP asks for more time to explore Anglo American takeover
Mining behemoth BHP on Wednesday sought a deadline extension in its takeover pursuit of Anglo American, outlining a suite of measures to soothe shareholder concerns that have derailed previous offers. With a May 29 deadline looming, BHP -- which is listed in London and Sydney -- on Wednesday made a last-ditch attempt to mollify these concerns and keep its bid alive.
Associated Press
US Treasury official visits Ukraine to discuss sanctions on Russia and seizing Russian assets
A senior U.S. Treasury official is in Kyiv this week to talk with government officials about U.S. financial support for Ukraine, efforts to tighten sanctions on Russia and plans to use immobilized Russian sovereign assets for the benefit of Ukraine as it fends off Russian forces. Deputy Secretary Wally Adeyemo's trip comes as Russia gains territory on the battlefield after an especially lengthy delay in U.S. military aid left Ukraine at the mercy of Russia’s bigger army and as the outlook for Ukraine’s state finances is on shakier ground.
Associated Press
IMF upgrades its forecast for China's economy, but says reforms are needed to support growth
The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth. The IMF's report, issued late Tuesday, said the world's second-largest economy will likely expand at a 5% annual rate this year, based on its growth in the first quarter and recent moves to support the property sector. The ruling Communist Party has set its annual growth target at “around 5%,” and the economy grew at a faster-than-expected 5.3% in the first quarter of the year, boosting the global economy.
AFP
Indian capital records highest-ever temperature of 49.9 Celsius
Temperatures in India's capital have soared to a record-high 49.9 degrees Celsius (121.8 Fahrenheit) as authorities warn of water shortages in the sprawling mega-city.- 'Water scarcity' - New Delhi authorities have also warned of the risk of water shortages as the capital swelters in headache-inducing heat -- cutting supplies to some areas.
AFP
Asian markets fall on US rate concerns, oil rallies after attack
Equities fell Wednesday on lingering worries about the outlook for US interest rates, while oil prices extended their rally after an attack on a ship in the Red Sea stoked fresh worries about supplies from the Middle East.Oil prices rose again on geopolitical concerns after a bulk carrier was attacked in the Red Sea, a key waterway for shipping and particularly crude.
CNN
More than 500,000 Texas homes and businesses without power after a streak of powerful storms
Hundreds of thousands of Texans are without power and many could be in the dark for several days after fierce and deadly storms tore through the state Tuesday and over the holiday weekend, leaving people to pick up the pieces of devastated homes and businesses amid uncomfortably hot weather.
AFP
Aid reaches Papua New Guinea landslide site
Supplies of food and medicine began arriving at the scene of a deadly landslide in Papua New Guinea Wednesday, with aid workers discovering children rendered mute by the shock of the disaster."What we are hearing is that, because of what they saw and experienced, many of the children have stopped talking," Justine McMahon from CARE Papua New Guinea told AFP. Niels Kraaier from UNICEF Papua New Guinea said workers were aware of nine orphaned children.
NBC News
GOP Rep. Tony Gonzales narrowly defeats pro-gun YouTuber in Texas primary runoff
The congressman, who represents Uvalde, faced attacks from his own party after voting in favor of gun reform and same-sex marriage.
CNN
More than 50 killed by Cyclone Remal in India and Bangladesh
More than 50 people have died in India and Bangladesh after Tropical Cyclone Remal lashed the area with torrential rain and heavy winds, according to local officials.
AFP
Colombia congress passes bill banning bullfighting
Colombia's congress passed a bill Tuesday banning bullfighting, a controversial yet popular pastime in the South American country with hundreds of events drawing thousands of spectators every year.Colombia will leave the "sad list" of countries "where bullfighting, which is animal torture, is still considered a cultural institution," he told AFP. In 2018, the Constitutional Court recognized bullfights as part of Colombia's cultural tradition.
CNN
Thailand indicts former leader Thaksin Shinawatra on royal insult charges
Thailand’s former Prime Minister Thaksin Shinawatra was indicted on lese majeste charges, authorities said Wednesday, in the latest twist in a decades-long political saga in the Southeast Asian kingdom.
Associated Press
What's at stake in the European Parliament election next month
Around 400 million European Union citizens go to the polls next month to elect members of the European Parliament, or MEPs, in one of the biggest global democratic events. Far-right parties are seeking to gain more power amid a rise in the cost of living and farmers' discontent, while the wars in Gaza and Ukraine are on the minds of voters. One of the biggest questions is whether European Commission President Ursula von der Leyen will remain in charge as the most visible face of the EU.
Popular Science
Farmer finds hunk of charred space debris, potentially from a SpaceX rocket
A hunk of space debris that crash-landed in a canola field has one farmer seeing dollar signs and hockey sticks. Near Ituna—a small town in Saskatchewan, Canada, Barry Sawchuk and his son “were out driving around just checking fields to see where we could start seeding” when the two discovered a roughly 88-pound, 6.5-feet wide […]
AFP
South Africans vote with ANC rule in balance
South African voters turned out for a landmark general election on Wednesday, with the ruling ANC's exclusive grip on power in doubt three decades after the advent of democracy.Some 27 million voters are registered for the most uncertain poll since the African National Congress (ANC) led the nation out of apartheid rule, with opposition challenges from both the left and right.

Latest Stories