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Democratic socialists pick up slew of seats on Chicago’s City Council

Democratic socialists are making a power play in Chicago.

After Tuesday’s runoff elections, a total of four – and possibly five – democratic socialists have won seats for alderman on the city council. This marks the highest number of elected socialists the Second City has had since the 1910s.

Upstart Andre Vasquez beat out Ald. Patrick O’Connor, who serves as outgoing Mayor Rahm Emanuel's floor leader and the head of the city’s Finance Committee.

SOCIALISM RISING: DEMS TAKE HOUSE PUSHING MASSIVE GOVERNMENT EXPANSION

“Take a look around the room, we did this!” Vasquez said, according to local news reports. “Every person who knocked on a door and made a phone call … that’s what got us the win tonight.”

Along with Vasquez, Byron Sigcho-Lopez – a democratic socialist and public policy researcher at the University of Illinois at Chicago – won his runoff in the 25th Ward after longtime Ald. Danny Solis didn’t seek reelection.

A third democratic socialist candidate, Rosanna Rodriguez-Sanchez, is currently locked in a tight race with longtime Ald. Deb Mell – trailing Mell by only a few dozen votes. Mell is hoping that the mail ballots will help her retain her seat.

The victories for the democratic socialists on Tuesday come after two other candidates aligned with them won alderman seats back in February.

Alderman Carlos Ramirez-Rosa won his reelection bid two months ago and democratic socialist Daniel La Spata upset incumbent Ald. Proco “Joe” Moreno to take Chicago’s 1st Ward.

“The oligarchs are shaking in their boots tonight,” Ramirez-Rosa, who defeated challenger Amanda Yu Dieterich in Chicago's 35th, said, according to the Chicago Sun-Times. “Our continued organizing and movement-building over the last four years is paying dividends. And it appears to be a total transformation of political power at City Hall from the bottom up.”

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Despite the gains the democratic socialists hope to make in Chicago, they will be far from the majority on the council. The Chicago City Council has 50 aldermen. Nearly all are Democrats, with only one Republican and one independent currently serving.

Still, the organization’s success in Chicago highlights the gains the DSA has made in the last few years, especially among younger voters. Aside from the impact of Vermont Sen. Bernie Sanders' presidential run in 2016, DSA members Alexandria Ocasio-Cortez, D-N.Y., and Rashida Tlaib, D-Mich., were elected to the U.S. House last year.

Source: Fox News Politics

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Democratic megadonor Ed Buck waited 15 minutes before calling 911 on 2nd man who died in home, report says

The investigation into a second man who died of a methamphetamine overdose in the span of 18 months at the West Hollywood, Calif., apartment of Ed Buck found that the 64-year-old -- who has donated tens of thousands of dollars to Democrats and is well known in LGBTQ political circles -- waited 15 minutes before calling 911, according to a report.

Buck told a sheriff's deputy he attempted CPR on 55-year-old Timothy Dean of West Hollywood for approximately 15 minutes before calling 911, according to The Daily Beast citing a coroner's report.

“The witness [Buck] observed him using a piece of clothing to make a noose and tied it around his neck,” the coroner’s report said. “The witness relays that he removed the ‘noose’ and the decedent then stood up and began throwing clothes up in the air.”

The bodies of Gemmel Moore, left, and Timothy Dean, right, were found at the apartment of Ed Buck, center, 18 months apart. (Facebook/AP, File)

The bodies of Gemmel Moore, left, and Timothy Dean, right, were found at the apartment of Ed Buck, center, 18 months apart. (Facebook/AP, File)

“The witness reported that he did not see the decedent taking any drugs and they did not have sex,” according to the report.

Los Angeles County Sheriff’s Department Homicide Investigator Quilmes Rodriguez told Fox News via email Thursday night: “All I can say at this time is that the investigation is ongoing and upon completion of pending interviews, the case will be presented to the district attorneys’ office for filing consideration.”

Buck’s attorney, Seymour Amster, didn’t return Fox News’ request for comment.

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Amster had told Fox News on Monday night: “This is a tragedy. ... Mr. Buck had nothing to do with his death.”

He said his client didn't know where Dean “got the meth, and he came over to the apartment intoxicated.”

Amster blamed the L.A. drug problem on the West Hollywood City Council, which he said would rather focus on headlines than fix the issues of its community: “The meth problem is the issue in West Hollywood. … Drugs are out of control in West Hollywood.”

Activists and family members have been calling for Buck’s arrest, saying if Dean and the other man who died, 26-year-old Gemmel Moore, had been white, there would be more attention on the case.

Moore died of a methamphetamine overdose in July 2017. He was found naked on a mattress in Buck’s living room, which was littered with drug paraphernalia.

Prosecutors didn’t file criminal charges, citing insufficient evidence.

The Associated Press contributed to this report.

Source: Fox News National

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Update: City welcome sign with islamist woman in hijab shot to pieces by enraged Swedes

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California wildfire risk motivates newsrooms to collaborate

After the Carr Fire tore through our community of Redding, California, last summer, we mostly avoided the "what if" question.

Lines of cars tried to get out of the neighborhoods near the Sacramento River. A fire whirl the likes of which few had ever seen — a towering beast with 143-mph winds, the strength of an EF3 tornado — bore down on us.

It stopped just short of the cars that crept along, bumper to bumper.

What if it hadn't stopped?

That was in late July, and by November, we had an answer.

When the Camp Fire struck, people in Paradise, 85 miles south of Redding, didn't have time to get out. The cars were found in burned-out lines. Eight bodies were recovered from vehicles, two others were found near vehicles, and dozens of other people never made it out of their houses.

In all, 85 people perished. This is how bad it can be.

Tragedy, as we all know, brings people together. Journalists are no exception.

After the Paradise fire, Sacramento Bee Editor Lauren Gustus drove to Chico to meet with David Little, then editor of the Chico Enterprise-Record. Gustus is the top editor for McClatchy's western papers, and the Enterprise-Record is part of MediaNews, which publishes papers throughout the state.

They decided the critical issues surrounding wildfire in California were big enough to merit an ambitious partnership.

Soon the USA TODAY Network, where I work, and the Associated Press joined. We would tackle the issue from several critical perspectives. Our goal is to illuminate problems and point to potential solutions. We wanted to spark life-and-death policy discussions and to inspire Californians to get involved, to hold their leaders accountable and protect their own families and communities.

Two weeks ago, the first collaborative stories revealed the extent to which construction standards determine the destruction or survival of homes. These articles incorporated sophisticated data analysis, identifying 10 California communities at high risk as the next dry season arrives.

The second half of our reporting work is focused on how we get out.

In California, there are no statewide standards for evacuation planning, and most of the high-risk communities we surveyed had either no plan of their own or had one that was minimal or secret. A data analysis showed many existing exit routes are inadequate.

More traffic jams like those in Redding and Paradise are nearly inevitable, and they will happen throughout the state.

But the problem need not paralyze us.

We hope after reading these stories you'll feel more empowered to take action. California can't afford to live through another year like the one we just had. And we must do better at getting people to safety when the fires do come.

___

Silas Lyons is the executive editor for USA TODAY Network newsrooms in Northern California, Nevada and Utah. The USA TODAY Network includes The Redding Record Searchlight, The Reno Gazette Journal, The Ventura County Star, The Salinas Californian, The Visalia Times-Delta and The Desert Sun in Palm Springs.

Source: Fox News National

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Australian media charges over Cardinal Pell trial ‘chilling’ for open justice: lawyer

FILE PHOTO - Cardinal George Pell attends a news conference at the Vatican
FILE PHOTO - Cardinal George Pell attends a news conference at the Vatican, June 29, 2017. REUTERS/Remo Casilli/File Photo

April 15, 2019

By Melanie Burton

MELBOURNE (Reuters) – Charges against dozens of journalists and publishers in Australia over the reporting of Cardinal George Pell’s child sex abuse conviction will have a chilling effect on future news reporting if they are found guilty of breaching a suppression order, a lawyer defending the press told a court on Monday.

Prosecutors in the southern state of Victoria have accused 23 journalists and 13 news outlets of aiding and abetting contempt of court by overseas media and breaching suppression orders aimed at ensuring Pell a fair trial.

Pell became the most senior Catholic cleric worldwide to be convicted of child sex abuse and was jailed for six years in February. He is awaiting an appeal.

Among those facing contempt charges are Nine Entertainment Co, the Age, the Australian Financial Review, Macquarie Media, and several News Corp publications.

Breaches of suppression orders can be punished with jail for up to five years and fines of nearly A$100,000 ($71,000) for individuals, and nearly A$500,000 for companies.

Monday was the first day in court for a case that at once underscores the potentially severe consequences of breaching court reporting rules and their ineffectiveness at containing coverage in the digital news era.

A guilty verdict would have a “chilling effect” on open justice and democracy in Australia, said Matthew Collins QC, a lawyer representing all of the charged media organizations and reporters.

The county court of Victoria last year put a suppression order on reporting of Pell’s trial, or its eventual outcome, to prevent jury prejudice ahead of a second trial, which was eventually dropped.

In December, the jury in the first trial found Pell guilty of abusing two choir boys. The verdict was widely reported by foreign outlets online. Some Australian media alluded to the conviction without naming Pell directly.

Collins pressed the prosecution for more information about how Australian journalists could have broken court rules because none mentioned Pell by name or his conviction.

“I am at a loss to understand how they could have scandalized the court,” he said.

“They didn’t reference the cardinal, just referred to the fact that there was a broader story that could not be told.”

None of the accused journalists were present and Supreme Court Judge John Dixon ordered that prosecutors file an outline of their case by May 20 and that the matter return to court on June 26.

(Reporting by Melanie Burton in MELBOURNE and Tom Westbrook in SYDNEY; Editing by Michael Perry)

Source: OANN

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Euro zone March business activity stayed in the doldrums: PMI

General view shows atrium of Mall of Berlin shopping centre during its opening night in Berlin
A general view shows the atrium of the Mall of Berlin shopping centre during its opening night in Berlin, Germany, September 24, 2014. REUTERS/Thomas Peter/File Photo

April 3, 2019

By Jonathan Cable

LONDON, (Reuters) – Business activity across the euro zone was lethargic last month, according to a survey which suggested a downturn in manufacturing is gradually infecting the bloc’s dominant services industry.

IHS Markit’s Euro Zone Composite Final Purchasing Managers’ Index (PMI), considered a good measure of overall economic health, dipped to 51.6 in March from February’s 51.9.

That was higher than an earlier flash reading of 51.3 but closer to the 50 mark separating growth from contraction.

“The final euro zone PMI for March confirms the sluggish end to the first quarter, with business growth ebbing to one of the most lethargic rates seen since 2014,” said Chris Williamson, chief business economist at IHS Markit.

Williamson said the PMI was consistent with economic growth of 0.2 percent in the first quarter, weaker than the 0.3 percent predicted in a Reuters poll last month. [ECILT/EU]

Signs of a slowdown are likely to concern policymakers at the European Central Bank, who last month pushed back the timing of an interest rate rise until at least 2020 and said they would offer banks a new round of cheap loans to help revive the economy.

Factories had their worst month for almost six years in March, a sister survey showed on Monday, and while services activity notched up a tad last month it remained weak.

A services PMI rose to 53.3 from 52.8, ahead of the flash estimate of 52.7.

“The service sector has managed to sustain a relatively resilient rate of growth but has also lost momentum in recent months. This should come as no surprise as history tells us that robust service sector growth usually depends on a healthy manufacturing economy,” Williamson said.

But like their manufacturing counterparts, firms in the service industry generated some of that activity by running down old demand. The backlogs of work index fell below the breakeven mark to 49.4 from 51.0, indicating firms are operating with spare capacity.

With forward looking indicators providing little — if any — reason to cheer, overall optimism waned. The composite future output index dropped to 60.4 from 60.6.

(Reporting by Jonathan Cable; Editing by Catherine Evans)

Source: OANN

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U.S. ratchets up pressure on Venezuela, Cuban backers

U.S. Vice President Pence speaks at the CPAC annual meeting at National Harbor, Maryland near Washington
FILE PHOTO: U.S. Vice President Mike Pence speaks at the Conservative Political Action Conference (CPAC) annual meeting at National Harbor near Washington, U.S., March 1, 2019. REUTERS/Yuri Gripas

April 6, 2019

By Collin Eaton

HOUSTON (Reuters) – U.S. Vice President Mike Pence on Friday stepped up efforts to force Venezuelan President Nicolas Maduro from office by imposing new sanctions on its oil shipments, and promising “stronger action” against Cuba for helping to keep the regime afloat.

Greater efforts to prevent oil revenues from reaching Maduro, including sanctions on Venezuela’s finance and oil sectors, were coming, Pence said in Houston before a hand-picked audience of 300 people, many from the local Venezuelan community who support Maduro’s ouster.

“The United States will continue to exert all diplomatic and economic pressure to bring about a peaceful transition to democracy” in Venezuela, Pence said at Rice University’s Baker Institute for Public Policy, calling oil shipments “the lifeblood of that corrupt regime.”

The United States and leaders of most nations in the Western Hemisphere consider Maduro’s 2018 reelection illegitimate and have recognized opposition leader Juan Guaido as the company’s interim president. Maduro dismisses Guaido as a U.S. puppet.

After Pence’s speech, the U.S. Treasury announced sanctions on 34 vessels owned or operated by Venezuelan state-run oil company PDVSA that carry oil to customers outside the region. It also sanctioned two shipping operators and a vessel that delivered oil to Cuba in February and March.

Pence bashed the island nation’s leaders as the “real imperialists” in the Western Hemisphere, adding: “The time has come to liberate Venezuela from Cuba.”

An estimated 50,000 Venezuelans, the second-largest expatriate community outside of south Florida, live in Houston. Many of them support U.S. efforts to rid Venezuela of Maduro, having fled the socialist politics of former leader Hugo Chavez for a home in Houston’s energy industry.

However, some Venezuelan expatriates in Houston believe tougher actions than Pence’s proposals on Friday were needed to replace the government.

“It’s going to take more than economic sanctions,” said Andres Carvallo, a former Venezuelan lawyer and journalist who attended the speech. In addition to sanctions, the United States should organize a military coalition of countries to remove the current government, he said.

Francisco Monaldi, a Venezuelan native and Latin American energy expert at Rice, said many expatriates had hoped that Pence would deliver a plan to get the Venezuelan military to stop supporting Maduro.

“It doesn’t seem the military is willing to remove support from Maduro,” which has proven more difficult than opposition leaders had expected.

“We want to see more than barking. We want to see action,” said Miguel Eljuri, a Venezuelan living in Houston who also once worked for PDVSA.

Maria Gonzalez, an economist who listened to the speech, welcomed tougher action, adding her mother in Venezuela lacks water, power and basic supplies. As for the Trump administration’s reversal of the U.S. opening to Cuba, she said: “they do not deserve our help.”

(Reporting by Collin Eaton in Houston; editing by Gary McWilliams and Marguerita Choy)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

Source: OANN

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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Source: InfoWars

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