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Turkish Airlines aims to spread its wings at Istanbul’s giant new airport

A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul
A Turkish Airlines (THY) Boeing 737-800 aircraft prepares to take off at Ataturk International Airport in Istanbul, Turkey, April 3, 2019. REUTERS/Murad Sezer

April 4, 2019

By Ceyda Caglayan and Dominic Evans

ISTANBUL (Reuters) – After three false starts and a labor protest over harsh working conditions, Turkey will fully open a new airport in Istanbul this week that will give its fast-growing flagship airline a platform to challenge Gulf rivals for regional dominance.

Authorities plan to shift flights from the city’s Ataturk Airport, on the edge of the Sea of Marmara, to the new airport 30 km (20 miles) north on the Black Sea shores, in a mammoth 45-hour transfer operation starting on Friday.

The $8 billion airport is one of several infrastructure mega-projects championed by President Tayyip Erdogan and will initially be able to handle 90 million passengers a year, a number which Turkey hopes to more than double by 2027.

That would make it the biggest in the world, measured against current airport operations globally.

“Istanbul Airport will rise to second place in terms of passenger numbers it serves in around five years,” Transport Minister Cahit Turhan told reporters in the gleaming departure hall. “When all phases are complete, Istanbul Airport will sit in the leader’s chair.”

The airport is supposed to be fully operational on Sunday after authorities transport 10,000 pieces of equipment, from massive aircraft-towing vehicles to sensitive security sensors, across the city in a complex two-day operation, after which Ataturk Airport will close for passenger flights.

The move should support Turkey’s ambition to make Istanbul a global aviation hub and will offer Turkish Airlines a chance to grow beyond the restrictions of Ataturk airport’s limited size.

After 15 years of rapid growth, the airline flies to more countries than any competitor, helped by its Istanbul base which is close to European, African and Middle Eastern destinations.

That location means many cities are within a 4-5 hour flight radius which can be flown by fuel-efficient, narrow-bodied planes. The relatively low costs helped deliver profit last year of 4.05 billion lira ($716 million).

With more slots available, the airline plans to increase its total fleet from 338 aircraft to 476 over the next four years, and analysts say it will challenge the three big regional competitors: Emirates, Qatar Airways and Etihad.

“It puts them on a level playing field with the Gulf carriers,” aviation expert John Strickland said.

However there are potential risks ahead. The airport is opening just as years of strong economic growth are grinding to a halt in Turkey, and any weakness in the domestic market could prove a drag on Turkish Airlines’ business.

‘HUGE THREAT’

Istanbul’s opening comes a decade ahead of the expansion of Dubai’s Al Maktoum International Airport to handle 130 million passengers a year, which has been pushed back to 2030.

Dubai-based Emirates will one day shift to the airport, which ultimately aims to be able to handle 260 million passengers a year. For now, Dubai plans to focus on Emirates’ current hub Dubai International, which handled nearly 90 million passengers in 2018.

The Gulf airlines already face testing times. Qatar Airways said last month it would report a second consecutive annual loss this year, after losing access to 18 Middle East destinations over a dispute with Gulf neighbors.

Emirates warned in November of tough times after first-half profit fell to its lowest in a decade, and Abu Dhabi has abandoned its goal of becoming a major air travel hub akin to Dubai.

Turkey’s aviation sector has become a “huge threat” to Gulf airlines, a senior executive at one Middle Eastern airport said, and also to rivals in Asia and Europe.

That includes Frankfurt Airport, one analyst said. It is the hub of Lufthansa, one of Europe’s largest airlines, and handled 69.5 million passengers last year. It is a roughly three-hour flight from Istanbul, slightly closer than the Gulf.

Turkish Airlines is not the only emerging rival.

Ethiopia overtook Dubai last year as a conduit for long-haul passengers to Africa, highlighting the success of the state airline’s drive to win back market share on routes to and from Africa which had been dominated by Turkish Airlines and Emirates.

Turkish Airlines has targeted fast-growing Asian economies, signing a code share agreement with India’s largest domestic carrier Indigo on December, and setting up a joint venture with China’s ZTO to extend its cargo operations.

“The upside of the new airport … is its potential to tap Chinese, Indian and other emerging Asian markets,” said Erdem Kayli, senior analyst at TEB Investment/BNP Paribas.

POLITICAL RISKS

The project has been plagued by delays and a protest last year over conditions for workers, after the government said 27 workers had died since construction started in 2015.

Full operations at the new airport have already been held up three times. Formally opened by Erdogan in October, it has handled fewer than 20 daily flights as the full opening was pushed back first to January, then March and now April.

The opening comes at a time when Turkey’s ties with the United States and Europe have frequently been strained. This presents another potential risk for Turkish Airlines – as Qatar’s dispute with other Arab states has shown, politics can damage a country’s carrier.

“There is uncertainty about Turkey’s relationships with other parts of the world, not least the United States,” Strickland said. “That gives uncertainty.”

The airport is one of the showcase projects of a 16-year construction boom under Erdogan, who has overseen the building of bridges, ports and railways that have transformed the country.

Some of the biggest schemes, including a planned 40-km shipping canal parallel to the Bosphorus, have been criticized as ill-conceived and wasteful.

Some analysts question whether the airport’s ultimate target of 200 million passengers a year is feasible, given the presence of a second international airport, Sabiha Gokcen, on Istanbul’s Asian side.

“It seems unrealistic to expect to reach such passenger numbers, because of airspace constraints,” said an aviation analyst at an international brokerage company who asked not to be named. “The city has another airport, and there’s a question mark whether total passenger numbers of the two airports can exceed 150 million.”

(Additional reporting by Alexander Cornwell in Dubai; Editing by Pravin Char)

Source: OANN

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Shares in Australia’s Crown tumble after Wynn walks from takeover talks

FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne
FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed

April 10, 2019

SYDNEY (Reuters) – Shares in Australian casino operator Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd abruptly ended takeover talks overnight.

Wynn, the world’s second-largest casino operator, had proposed a buyout valuing Crown at A$10 billion ($7.1 billion), Crown disclosed on Tuesday, but it walked away from the deal after details of the offer became public.

Crown shares fell 10 percent to A$12.50 at the open of trade while the broader market opened 0.1 percent lower.

(Reporting by Tom Westbrook and Paulina Duran; Editing by Michael Perry)

Source: OANN

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Russian ballet moves like Jagger in Stones-inspired show

FILE PHOTO: Mick Jagger of the Rolling Stones performs during a concert of their
FILE PHOTO: Mick Jagger of the Rolling Stones performs during a concert of their "No Filter" European tour at the Orange Velodrome stadium in Marseille, France, June 26, 2018. REUTERS/Jean-Paul Pelissier/File Photo

March 27, 2019

ST PETERSBURG, Russia (Reuters) – A ballet set to music by The Rolling Stones and choreographed by Mick Jagger’s ballerina girlfriend has premiered in Russia.

The eight-minute “Porte Rouge” (Red Door) show, inspired by the veteran British singer’s zany dance style, delighted a packed crowd at St Petersburg’s famous Mariinsky Theatre on Tuesday night.

Jagger’s partner Melanie Hamrick, a U.S. dancer, masterminded the production featuring classic Stones tracks “Paint it Black,” “Sympathy for the Devil” and “She’s a Rainbow”.

“I tried to incorporate that feel of just the love of dance and the enjoyment when he is in concert,” Hamrick said.

“He has a very unique way of moving, a very free way of moving, so I tried to capture the essence of that.”

Jagger, now 75, curated the music and helped whittle down the tracklist from the Stones’ litany of hits.

“Very impressive, it is interesting to see the songs we all know in this style. The choreography is original, so it was very cool, I think,” said spectator and dancer Nicolas Mackay.

(Reporting by Alexander Сhizhenok; Writing by Tom Balmforth; Editing by Andrew Cawthorne)

Source: OANN

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Ethiopians cheer as London museum returns plundered royal hair

FILE PHOTO: A traditionally-dressed Ethiopian woman walks past a mural depicting Ethiopia's Emperor Tewodros II in Addis Ababa, Ethiopia
FILE PHOTO: A traditionally-dressed Ethiopian woman walks past a mural depicting Ethiopia's Emperor Tewodros II in Addis Ababa, Ethiopia, June 1, 2007. REUTERS/Andrew Heavens/File Photo

March 21, 2019

LONDON (Reuters) – A London museum has handed back locks of hair cut from the corpse of an Ethiopian emperor during a British invasion 150 years ago, after a campaign by activists seeking the return of hundreds of pieces of colonial plunder.

Ethiopians, many dressed in the national colors of red, gold and green, cheered as staff at the National Army Museum handed over the remains in a black leather box to Ethiopia’s minister of culture, tourism and sport on Wednesday.

Hirut Kassaw will take the hair back to Ethiopia at the weekend where it will eventually be buried at the grave of Emperor Tewodros II at monastery in northern Ethiopia, an embassy official said.

She thanked the museum for its “brave and principled” decision to hand over the hair, but called on it and other British institutions to return other items taken during the Victorian-era expedition.

“For Ethiopians, these are not simply artifacts or treasures but constitute a fundamental part of the existential fabric of Ethiopia and its people,” she said.

There was no immediate response to her request or statement on the return from the museum.

Successive emperors, governments and then activists have called for Britain to hand back crowns, religious regalia and illuminated manuscripts taken after the fight – in campaigns paralleled by Greece’s demands for its Parthenon sculptures, and Nigeria’s for the Benin Bronzes.

The emperor claimed a bloodline dating back to the biblical King Solomon and the Queen of Sheba.

Britain invaded his territory of then Abyssinia in 1867 to rescue a group of European missionaries, adventurers and officials – including the British consul – imprisoned by Tewodros after a series of diplomatic gaffes.

They reached his mountain fortress of Magdala in April 1868, defeated his troops and freed the prisoners. The emperor shot himself as the invaders stormed his last stronghold.

Journalists on the campaign described how soldiers descended on the emperor’s body and tore off strips of his clothing as souvenirs. The museum’s records suggest the hair was taken from Magdala by an artist on the British force.

Institutions including the British Museum have resisted repatriation campaigns citing legislation preventing them from breaking up collections and arguing that they can preserve items and present them to an international audience.

Campaigners have argued that a special case should be made for human remains.

(Writing by George Obulutsa; Editing by Andrew Heavens)

Source: OANN

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Pelosi reaffirms U.S. support for Ireland amid Brexit impasse

U.S. House Speaker Pelosi visits Dublin
Ireland's Prime Minister (Taoiseach) Leo Varadkar welcomes U.S. House Speaker Nancy Pelosi at the Government Buildings in Dublin, Ireland April 16, 2019. REUTERS/Clodagh Kilcoyne/File Photo

April 17, 2019

By Padraic Halpin and Graham Fahy

DUBLIN (Reuters) – The United States would not agree to any trade deal with Britain if future Brexit arrangements undermine peace in Ireland, U.S. House of Representatives Speaker Nancy Pelosi said on Wednesday during a visit to Dublin.

Reaffirming a message of U.S. solidarity with Ireland first delivered in a speech on Monday in London, Pelosi said it was vital to keep a “seamless border” between the Irish Republic and British-ruled Northern Ireland after the UK exits the European Union.

Her comments are likely to irk some members of British Prime Minister Theresa May’s Conservative Party whose insistence on a ‘clean’ break with the EU’s customs union and single market have raised the prospect of new border controls on the island of Ireland. They also want a new trade deal with the United States.

“I’ve said it before and I’ll say it again, we must ensure that nothing happens in the Brexit discussions that imperils the Good Friday accord, including, but not limited to, the seamless border between the Irish Republic and Northern Ireland,” Pelosi told a special joint sitting of Ireland’s parliament.

“Let me be clear, if the Brexit deal undermines the Good Friday accord, there will be no chance of a U.S/UK trade agreement. As you face the challenges posed by Brexit, know that the United States Congress, Democrats and Republicans in the House and in the Senate, stand with you.”

Pelosi is leading a Congressional delegation to Europe.

How to keep EU-member Ireland’s 500km (350 mile) border with Northern Ireland open after Brexit is proving the most intractable issue in Britain’s tortuous efforts to leave the EU.

May’s government is now in talks with the opposition Labour Party to build support for her divorce deal that parliament has already rejected three times, forcing a delay of at least six months in the UK’s departure date.

Much of the opposition to May’s deal within her own party is centered on fears that it would not provide a clean enough break to allow the United Kingdom to forge new trade deals around the world, especially with the United States.

Democratic congressman Brendan Boyle told the Irish Times newspaper that pro-Brexit Conservative lawmakers the Congressional delegation had met in London this week “were not exactly pleased with what they heard from the U.S. side”.

Democrat Richard Neal, another visiting member and chairman of the Congressional committee overseeing trade, sounded a similar warning in February when Ireland’s deputy prime minister visited Washington to ask members of Capitol Hill’s powerful Irish-American caucus for their support on Brexit.

The Congressional delegation is due to visit Northern Ireland on Thursday.

(Editing by Gareth Jones)

Source: OANN

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Univision team deported from Venezuela after Maduro interview

Jorge Ramos, anchor of Spanish-language U.S. television network Univision, talks to the media, after he and his team were released, in Caracas
Jorge Ramos, anchor of Spanish-language U.S. television network Univision, shows a video of young Venezuelans eating from a garbage truck, while talking to the media, in Caracas, Venezuela February 25, 2019. REUTERS/Carlos Garcia Rawlins

February 26, 2019

CARACAS (Reuters) – Venezuela on Tuesday deported a team from U.S. television network Univision after anchor Jorge Ramos said authorities detained them at the presidential palace because President Nicolas Maduro was upset by their interview questions.

The six-person team was held for more than two hours and had their equipment confiscated, Ramos told reporters on Monday evening after arriving back at his Caracas hotel which was surrounded by intelligence agents.

Ramos left the hotel on Tuesday morning guarded by personnel from the U.S. and Mexican embassies while intelligence agents escorted them to Caracas’ Maiquetia airport. They left on a midday flight to Miami, according to Reuters witnesses.

“They didn’t give us a reason” for the deportation, Ramos told reporters as he arrived at the terminal. “They just said to us last night that we had been expelled from the country.”

Ramos, a veteran anchor born in Mexico, told Mexican broadcaster Televisa that Maduro became annoyed when they showed him a video of young Venezuelans eating from a garbage truck, a sign of widespread food shortages across the country.

Maduro faces his biggest political challenge since he replaced Hugo Chavez six years ago, with dozens of countries recognizing his rival Juan Guaido as the country’s legitimate leader. At least seven foreign journalists who flew in to cover the turmoil were briefly detained in January.

Information Minister Jorge Rodriguez said on Monday that the government had previously welcomed hundreds of journalists to the presidential palace, but it did not support “cheap shows” put on with the help of the U.S. Department of State.

(Reporting by Carlos Garcia Rawlins and Carlos Carrillo; Writing by Angus Berwick; Editing by James Dalgleish)

Source: OANN

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MLB notebook: Machado, Padres reportedly agree to deal

MLB: World Series-Boston Red Sox at Los Angeles Dodgers
FILE PHOTO - Oct 27, 2018; Los Angeles, CA, USA; Los Angeles Dodgers shortstop Manny Machado (8) celebrates after scoring on a three run home run hit by outfielder Yasiel Puig (66) in the sixth inning against the Boston Red Sox in game four of the 2018 World Series at Dodger Stadium. Mandatory Credit: Richard Mackson-USA TODAY Sports

February 20, 2019

The San Diego Padres reached an agreement with free agent infielder Manny Machado on a 10-year, $300 million deal, according to multiple reports Tuesday.

It would be the most lucrative free agent contract in the history of American sports, according to MLB.com.

Padres executive chairman Ron Fowler cautioned in an interview with The Athletic the deal was not done. “We do not have a deal. We are continuing discussions,” Fowler said.

But The Athletic’s Ken Rosenthal characterized Fowler’s comments as “semantics,” reporting that the financial terms are in place and that the two sides are finalizing the language. Machado also needs to pass a physical.

–St. Louis Cardinals right-hander Carlos Martinez will halt a throwing program and attempt to reboot with strength training due to weakness in his throwing shoulder.

The same issue was a problem throughout the 2018 season, when Martinez eventually shifted to the bullpen.

Cardinals manager Mike Shildt told the St. Louis Post-Dispatch that Martinez would be idle for two weeks to focus on strength and flexibility training, then attempt to rejoin the throwing program.

–Oakland Athletics reliever Joakim Soria is experiencing tendinitis in his right hip and will temporarily stop throwing off the mound.

“It will probably be a couple-day thing,” manager Bob Melvin said at the team’s spring training complex in Mesa, Ariz. “We’ll see how he feels after he plays catch.”

Soria split the 2018 season between the Chicago White Sox and Milwaukee Brewers, posting a 3-4 record with 16 saves and a 3.12 ERA in 66 bullpen appearances.

–National League MVP and Cy Young Award-winning pitcher Don Newcombe, one of the Dodgers franchise’s final links to Brooklyn, died after a lengthy illness. He was 92.

Calling Newcombe “a role model for major leaguers across the country,” Los Angeles team president Stan Kasten added in a statement: “He was a constant presence at Dodger Stadium and players always gravitated to him for his endless advice and leadership. The Dodgers meant everything to him and we are all fortunate he was a part of our lives.”

Newcombe, a right-hander, pitched for 10 seasons in the majors, earning NL Rookie of the Year honors in 1949 and All-Star selections in 1949, 1950, 1951 and 1955.

–Looking to prevent sign-stealing, Major League Baseball is set to tighten its in-house video rules, Sports Illustrated’s Tom Verducci reported.

According to the report, MLB will ban outfield cameras, aside from the live broadcast feed, from foul pole to foul pole. Clubhouse and bullpen televisions will have access to the game feed only on an eight-second delay.

Teams’ designated replay-watchers, who determine whether the club should ask the umpires for an official review, still will get access to the live video feed. However, a monitor will make sure those employees have no communication with the rest of the team regarding signs.

–A victory celebration proved to be somewhat costly for Minnesota Twins third baseman Miguel Sano heading into spring training.

After cutting his right foot while reveling in a championship with Estrellas, his Dominican Winter League team, Sano will miss at least a week of full-squad workouts while wearing a walking boot to help protect a laceration above the heel.

According to Twins manager Rocco Baldelli, Sano will wear the boot for seven to 10 days before being re-evaluated.

–Field Level Media

Source: OANN

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The headquarters of Wirecard AG is seen in Aschheim near Munich
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

April 26, 2019

BERLIN (Reuters) – Wulf Matthias will not stand for a second term as Wirecard’s chairman in 2020, German daily Handelsblatt said on Friday, citing sources in the financial industry.

For age reasons alone this would not be an option for Matthias, aged 75, Handelsblatt added.

Matthias will keep his mandate until it ends in 2020, the paper quoted a company spokeswoman as saying.

Wirecard was not immediately available for comment when contacted by Reuters.

(Reporting by Tassilo Hummel; Editing by Thomas Seythal)

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FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva
FILE PHOTO: The Credit Suisse logo is pictured on a bank in Geneva, Switzerland, October 17, 2017. REUTERS/Denis Balibouse/File Photo

April 26, 2019

ZURICH (Reuters) – Shareholders approved Credit Suisse’s 2018 compensation report with an 82 percent majority on Friday, overriding frustrations expressed at its annual general meeting over jumps in executive pay during a year its share price plummeted.

Three shareholder advisers had recommended investors vote against Switzerland’s second-biggest bank’s remuneration report, while a fourth backed the report but expressed reservations about whether management pay matched performance.

The approval marked a slight increase over the 80.8 percent support garnered for the bank’s 2017 compensation report.

(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London
FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

April 26, 2019

By Simon Jessop and Sinead Cruise

LONDON (Reuters) – Activist investor Edward Bramson is likely to fail in his attempt to get a board seat at Barclays’ annual meeting next week, even though shareholders are dissatisfied with performance of the group’s investment bank.

New York-based Bramson’s Sherborne Investors and the board of the British bank have been sparring for months over Barclays’ strategy.

Bramson wants to scale back Barclays’ investment bank to reduce risk and boost shareholder returns. Barclays Chief Executive Jes Staley remains staunchly committed to growing the business out of trouble.

After failing to persuade Staley to change course since he began building a 5.5 percent stake in the bank in March last year, Bramson hopes a board seat will rachet up the pressure.

Both sides have written to shareholders pitching their case and Bramson has courted investors in one-on-one meetings, although none have publicly backed him yet.

Interviews by Reuters with five institutional investors in Barclays suggest Bramson has failed to persuade them.

Sherborne declined to comment.

Mirza Baig, head of investment stewardship at top-40 shareholder Aviva Investors, said Bramson was welcome on the bank’s register but the boardroom was a step too far.

“He has created a lot of value at other businesses, but, generally, when he has come in as executive chair and taken full control. This would be a different case where he would just be one lone voice on the board,” he said.

A second Barclays shareholder said he backed Bramson’s goal of improving returns but via an “evolutionary” approach.

“If you look at banks that have tried to restructure their operations in investment banking – you look at Natwest Markets, Deutsche Bank – I struggle to think of an example where a roughshod restructuring has been accretive to shareholder value.”

A third, top-30 investor said he had been impressed by incoming Chairman Nigel Higgins’ grasp of the challenge in hand, and felt investors would give him time.

“Management know they have to execute and deliver improved returns… [Higgins] will continue to re-shape the board but obviously he didn’t feel that having someone with a diametrically opposed view on it would be helpful.”

A fourth, top-30 investor agreed: “We voted for the chairman to come in and it would be crazy to allow an activist to join the board (at this time).”

Jupiter Fund Management, the 24th largest investor, said it also planned to vote against Bramson.

Barclays has nearly 500 institutional shareholders, Refinitiv data showed.

Since Staley joined Barclays in 2015, the investment bank returns relative to capital invested have increased but are still underperforming the overall business.

Barclays’ first-quarter figures showed the investment bank posted a 6 percent drop in income from its markets business and a 17 percent fall in banking advisory fees.

Returns in the investment bank fell to 9.5 percent from 13.2 percent a year ago.

Famed for successful campaigns against smaller British companies in sectors from chemicals to advertising, Bramson’s board seat pitch has been rebuffed by shareholder advisory firms.

Institutional Shareholder Services, the world’s biggest, said Bramson’s proposal “falls short of what can reasonably be expected from a shareholder trying to address issues at a 28 billion pounds, systemically important bank”.

Glass Lewis also flagged concern about Bramson’s lack of banking experience and “questionable” shareholding structure, referring to Sherborne’s use of derivative contracts to hedge losses should its strategy fail.

Critics said the arrangement meant his interests are not truly aligned with those of other long-term shareholders.

British advisory firm Pirc, however, said it recommended that investors abstain in the vote on Bramson’s proposal as a challenge to the board to do better in the year ahead – or face a similar contest in 2020.

(Editing by Jane Merriman)

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https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

After an over 15-month pregnancy, “Akuti,” a 7-year-old Greater One Horned Indian Rhinoceros, gave birth as a result of induced ovulation and artificial insemination at Zoo Miami, April 23, 2019.

Ron Magill/Zoo Miami

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/02_2.jpg?ve=1&tl=1

Source: Fox News World

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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