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Rep. Mark Green blasts Dems’ ‘massive leveraging’ of legislative against executive branch

Amid the fallout of Robert Mueller's investigation, Congressman Mark Green, R-Tenn, has called the subsequent investigations by Democrats a "massive leveraging of the legislative branch against the executive branch" which, in his opinion, constitutes a "ridiculous abuse of power."

In the days since a full, redacted version of the Mueller report was released last Thursday, continued discussions about the possibility of impeachment proceedings have been brought up amongst Democrats as they investigate various elements of the President's life and attempt to determine whether he actually obstructed justice throughout Mueller's probe.

"Nearly every single Democrat committee chairman is investigating some aspect of the president," Rep. Green, a member of the House Homeland Security Committee, said during an appearance on "America's Newsroom" on Wednesday afternoon.

DEMOCRATS' EXTREME 2020 POLICIES ON ABORTION, IMMIGRATION ARE PLAYING INTO TRUMP'S REELECTION, ANALYST SAYS

FORMER CLINTON ADVISER, FIERCE CRITIC OF SANDERS NOW PRAISES 2020 CAMPAIGN

"You look at ways and means. They are looking at his taxes. The finance services, they're looking at Deutsche Bank. Oversight is looking at Mr. Klein. Judiciary is looking at McGahn. Intel is looking at collusion," he continued.

"This is a ridiculous abuse of power. They're leveraging the legislative branch against the executive branch," he said.

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He continued by arguing that despite extensive investigations by leading Democrats, the party has little to show for it. In addition, President Trump wants to reach across party lines to discuss big issues like immigration, but Democrats aren't interested, Green said.

"We can get this done, and they just want to keep investigating the president," he said. "For them, it's 2020 talking points and that's it."

Ultimately, Democrats will pay for that at the polls, Green argued.

Source: Fox News Politics

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Washington Capitals Goalie to Skip Visit With Trump

The star goaltender of the 2018 Stanley Cup champion Washington Capitals is opting out of the team's visit to the White House on Monday, calling it a "personal thing" that he hopes does not detract from the visit.

Braden Holtby told ESPN on Friday that he decided not to meet with President Donald Trump, making him the third player from the winning squad to skip the private meet and greet.

"It's one of those things you have to think about, but for me, I have to stay true to my values. I'm going to respectfully decline the offer," Holtby said.

"It's a tough situation for everyone, to be forced into making a decision. You're a team. You want to stick together, no matter what. I hope everyone kind of blows it away — that you don't worry about who goes and who doesn't. For me, it's just a personal thing. I believe in what I believe in.

"In order to stick to those values, I have to do what I think is right, but that doesn't make a difference in anyone else's decision. We stick by every teammate and their decision."

Capitals forward Brett Connolly also declined to attend the event, as did Devante Smith-Pelly — who is currently playing on the Capitals' farm team, the Hershey Bears.

After the Capitals won the Stanley Cup last June, Smith-Pelly, an African-American, said, "the things that [Trump] spews are straight-up racist and sexist."

Capitals coach Todd Reirden told ESPN his players have the right to decline the meeting with Trump, which will not be open to the media.

"I understand our players and their decisions and I respect it," Reirden said. "They're allowed to make their own decisions. It's important that we support them in whatever decision that they make."

The Capitals play at Capital One Arena, which is about a mile from the White House.

Source: NewsMax Politics

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Emotional statements from parents, kids in torture case

A Southern California couple who pleaded guilty to locking up and abusing 12 of their 13 children for years, as well as some of the victims, made their first public comments Friday during an emotion-charged hearing where the parents were sentenced to 25 years to life in prison.

Louise Turpin wept and said she hoped to hug her children again one day. Her husband, David Turpin, was overcome with emotion as he tried to read his statement just after the two eldest of the couple's 13 children, also in tears, described the impact of the abuse.

The children, ranging from 3 to 30, have not been publicly identified. Here are excerpts from their statements and from the judge:

___

Jane Doe 4, age 30:

"My parents took my whole life from me but now I'm taking my life back. I'm in college now and living independently.

"I believe everything happens for a reason. Life may have been bad but it made me strong. I fought to become the person I am. I saw my dad change my mom. They almost changed me but I realized what was happening. I immediately did what I could to not become like them.

"I'm a fighter, I'm strong and I'm shooting through life like a rocket."

___

John Doe 2, age 27:

"Sometimes I still have nightmares of things that have happened, such as my siblings being chained up or getting beaten. But that is the past and this is now. I love my parents and have forgiven them for a lot of the things that they did to us.

"Since January I have learned so much and become very independent. In June of last year I learned how to ride a bike and ever since then I've been hooked and ride it everywhere, such as to school, the store, or sometimes I just go on long rides because I enjoy it so much.

"I'm getting a bachelor's degree in software engineering and after I get my bachelor's degree. I'm going to get a job as a software engineer and go to school part-time to get my master's degree. I also have learned how to advocate for myself, how to swim, how to eat healthy and prepare a balanced meal. I have also been learning how to manage money wisely."

___

John Doe 2, reading a statement from another sister:

"I love both of my parents so much. Although it may not have been the best way of raising us, I am glad that they did because it made me the person I am today. I just want to thank them for teaching me about God and faith. I hope that they never lose their faith. God looks at the heart and I know he sees theirs. I pray often for them."

___

Attorney Janet Latourette, reading a statement on behalf of another daughter:

"I want the court to know that our parents loved each other and loved each of their children. People ... said our parents were having too many children. Our parents didn't agree. They felt that God blessed them with all their children so they kept away from the world and trusted God would guide them through life.

"Through the years things became more and more overwhelming but they kept trusting in God. I remember our mother sitting in her recliner and crying saying she don't know what to do. She didn't want to use rope or chain, but she was afraid her children were taking in too much sugar and caffeine. The reason our parents didn't stop buying the soda was because father needed it for work. He would fall asleep driving and got in an accident. They didn't know what else to do.

"I believe our parents feared if they asked for help, they would lose their children.

"I feel like 25 years is too long. I believe with all my heart our parents tried their best to raise all 13 of us and they wanted to give us a good life. They believed everything they did was to protect us.

"If at all possible, I would appreciate if the court would place our parents as close to the detention center they are in right now so if we ever want to visit them, we can."

___

David Turpin's attorney, Allison Lowe, read from his statement:

"I thank God for all of my children. Each one of them is a blessing from God. My homeschooling and discipline had good intentions. I never intended for any harm to come to my children. I'm sorry if I've done anything to cause them harm.

"I love my children and I believe my children love me. I hope and pray that my children can stay close to each other and look out for each other since their mother and father cannot be there for them and with them."

David Turpin then took over reading, saying he wants his children to be successful in school.

"I am so proud of each and every one of my children. I miss all of my children and I will be praying for them. I long for the opportunity to have contact with them again."

___

Louise Turpin:

"I'm sorry for everything I've done to hurt my children. I love my children so much. I'm blessed to be the mother of each one of them. I really want the best for them. Their happiness is very important to me.

"They are very smart, amazing individuals. I hope they get all the education they need to make their dreams come true. They deserve only the best in life. I don't want any of them to be sad or depressed because of all of this.

"I want them to know that Mom and Dad are going to be OK. ... I really look forward to the day I can see them, hug them and tell them I'm sorry."

___

Judge Bernard Schwartz:

The lives of the children "have been permanently altered in their ability to learn, grow and thrive. You have delayed their mental, physical and emotional health. To the extent that they do thrive ... it'll be not because of you both but in spite of you both.

"The only reason that your punishment is less than the maximum time in my opinion is because you accepted responsibility at an early stage in the proceedings to spare your children from having to relive the humiliation and the harm they endured in that house of horrors."

Source: Fox News National

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Overt Racism of Democrats on Full Display

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Source: InfoWars

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China says would welcome a visit by UK finance minister Hammond

FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond is seen outside Downing Street in London
FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond is seen outside Downing Street in London, Britain January 30, 2019. REUTERS/Toby Melville/File Photo

February 22, 2019

BEIJING (Reuters) – China’s foreign ministry said on Friday that Beijing would welcome a visit by Britain’s finance minister Philip Hammond, a day after the minister had said talk of deploying a British warship in the Pacific had complicated bilateral relations.

Foreign ministry spokesman Geng Shuang made the remarks during a daily news briefing.

(Reporting by Ben Blanchard; writing by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)

Source: OANN

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UK police say 1,065 climate protesters arrested in last week

British police say more than 1,000 people have been arrested since mass climate change protests began in London one week ago.

Police said Monday the arrest total stands at 1,065 since Extinction Rebellion set out to paralyze parts of central London to emphasize the need for sharp reductions in carbon use. Only 53 of those people have been formally charged with criminal offenses.

Police say Waterloo Bridge was reopened to vehicles overnight, having been occupied by the demonstrators since last Monday.

Officials say protest sites at Oxford Street and Parliament Square had been cleared the day before.

The non-violent protest group is seeking negotiations with the government on its demand to make slowing climate change a top priority.

Source: Fox News World

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'Serial' killer Adnan Syed has conviction reinstated in ruling

“Serial” podcast star Adnan Syed faces more time in prison after Maryland’s top court on Friday reinstated his murder conviction.

The 4-3 Court of Appeals decision reversed a lower court judge who granted Syed’s request for a new trial three years ago.

“We will not give up,” Syed’s lawyer Justin Brown said in a tweet after the ruling was postedm the Baltimore Sun reported.

The court ruled against Syed on his claim of ineffective assistance of counsel.

MARYLAND'S TOP COURT TO HEAR ARGUMENTS IN 'SERIAL' CASE

The majority agreed the performance of Syed’s trial counsel was “deficient” in failing to investigate the story of an alibi witness, but rejected the argument that the deficiency prejudiced Syed, the Sun reported.

“Given the totality of the evidence the jury heard, we conclude that there is not a significant or substantial possibility that the verdict would have been different had trial counsel” called the alibi witness to the stand, the court ruled.

A jury convicted Syed of murdering his 17-year-old ex-girlfriend and fellow high school classmate, Hae Min Lee, in 2000. He was sentenced to life in prison.

‘SERIAL’ PODCAST SUBJECT ADNAN SYED GRANTED NEW TRIAL

The 2014 “Serial” podcast casting doubt on Syed's conviction became the most downloaded podcast of all time – and the investigation into his claims of innocence led to a hearing in which his attorneys challenged the evidence against him.

Syed has remained in prison after his request for bail in December was rejected.

Source: Fox News National

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

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But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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