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Philip Morris says Indian partner charges machinery costs; calls it ‘business expense’

A packet of Marlboro cigarettes made by Philip Morris are pictured in this photo illustration
FILE PHOTO: A packet of Marlboro cigarettes made by Philip Morris are pictured in this photo illustration July 3, 2017. REUTERS/Jason Reed/Illustration

March 13, 2019

By Aditya Kalra

NEW DELHI (Reuters) – Philip Morris International Inc’s Indian partner charges machinery-related costs for manufacturing its Marlboro cigarettes in India, the company said on Wednesday, following a Reuters article that showed it may have circumvented foreign direct investment rules.

Philip Morris has for years paid manufacturing costs to Godfrey Phillips, despite a nine-year-old government ban on foreign direct investment in the industry, Reuters reported last week, based on a review of dozens of internal company documents dated between May 2009 and January 2018. (https://reut.rs/2NIlHD8)

Philip Morris and Godfrey have said they comply with Indian rules.

India prohibited foreign direct investment in cigarette manufacturing in 2010. Ahead of the ban, Philip Morris formed a new wholesale trading company with Godfrey in 2009, and the two sides signed a procurement agreement.

Philip Morris’ director for corporate affairs in India, R. Venkatesh, said on Wednesday that under that agreement Godfrey “manufactures Marlboro cigarettes and recharges any costs related to special machinery for the manufacture” of those cigarettes to the global tobacco giant’s Indian unit.

“This recharge is simply a business expense,” Venkatesh told Reuters by e-mail, adding that the arrangements were in “full compliance” with Indian regulations.

Philip Morris had not commented on the Reuters story after it was published on March 6. On Monday, Godfrey told Indian stock exchanges it was in compliance with Indian laws and any suggestion it had violated foreign investment rules was “completely misconceived and misplaced”.

After the Reuters report was published, a senior official at India’s main financial crime-fighting agency, the Enforcement Directorate, said Philip Morris and Godfrey were being investigated for alleged violations of the country’s laws. The scope of the investigation, the source added, was much broader than the issues highlighted in the Reuters story.

Three former officials and one former head of the Enforcement Directorate had reviewed the Philip Morris documents for Reuters and said the dealings should be investigated for potentially breaking the foreign investment rules.

“We remain available to discuss this matter further with the appropriate regulatory authorities,” Venkatesh said in his e-mail to Reuters on Wednesday.

Philip Morris paid Godfrey for items ranging from large cigarette-making machines to costs of smaller equipment such as barcode scanners and printers deployed in Godfrey’s factories, the Reuters review of documents found.

Six invoices issued by Godfrey showed billing of 45.5 million Indian rupees ($644,200) to Philip Morris between December 2013 and January 2018 for manufacturing-related charges.

One invoice from January 2018 sent from Godfrey to Philip Morris showed the Indian company had spent 206 million rupees ($3 million) on capital expenditure for Marlboro-related manufacturing activities since 2009, though it was not clear how much of that was paid by Philip Morris.

Other than regular payments, Philip Morris also signed off on one-time expenses and refurbishment costs incurred by Godfrey on at least two occasions in 2013 and 2014. It then accounted those transactions internally under a heading “Packaging – Research”, the documents showed.

(Reporting by Aditya Kalra; Editing by Alex Richardson)

Source: OANN

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Post-Mueller report, journalists rethink handling of Romney’s 2012 Russia prediction

The release of Special Counsel Robert Mueller's Russia probe report has some journalists in apology mode, saying they paid too little attention to Mitt Romney's 2012 observations about the Kremlin's threat to U.S. interests.

Back in 2012, Senator Romney. R-Utah, was running for president. And he tagged Russia as the United States' greatest geopolitical foe.

Back then, Romney "was broadly mocked" over that position, New York Times reporter Maggie Haberman tweeted on Friday. "I was among reporters who should have given it more weight."

New Yorker reporter Ronan Farrow also joined in. So did Washington Examiner correspondent David M. Drucker, who said he wanted to "reset" his 2017 op-ed titled, "Romney was right about Russia."

ERIC SWALWELL: NO APOLOGY NECESSARY FOR SURVEILLING TRUMP CAMPAIGN

People on Twitter panned journalists for issuing those statements, suggesting they were disingenuous.

Their comments came as Romney caught heat for criticizing the president over claims made in the special counsel's report. "I am sickened at the extent and pervasiveness of dishonesty and misdirection by individuals in the highest office of the land, including the President," he said in a statement tweeted Friday.

Both Democrats and Republicans have seized on the report and what its findings meant for American democracy. While the administration celebrated the fact that no one helped Russia meddle in the 2016 election, Democrats have emphasized the extent to which Russian interference did occur.

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Fox News contributor Donna Brazile called the report a "wake-up call." "We had a foreign power, another government that was interfering in our election," said Brazile, who served as interim chairwoman for the Democratic National Committee in 2016.

Source: Fox News Politics

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California psychiatrist's body found in trunk of car, died of blunt-force injury, police say

A California psychiatrist was found bludgeoned to death in the trunk of his car in Nevada earlier this month and police have now launched an investigation into the man’s murder.

Thomas Burchard’s body was discovered March 7 near the entrance to the Lake Mead National Recreational Area, Las Vegas Metropolitan Police said. Authorities ruled that Burchard died from blunt force injury to the head, according to the Las Vegas Review-Journal.

DEFROCKED PRIEST ACCUSED OF ABUSING TEENAGE BOYS FATALLY SHOT IN NEVADA, POLICE SAY

The Clark County’s Coroner’s Office said Thursday the 71-year-old Salinas, California native's death could officially be ruled a homicide, but police added no one had been arrested in his death, according to the newspaper.

Burchard’s body was found after a passerby noticed that a parked vehicle had a rock thrown through one of the windows, police spokeswoman Laura Meltzer said.

"He’s a longstanding physician in the community who was very helpful to many of his patients," Community of Health of the Monterrey Peninsula spokeswoman Mary Baker told The Californian. “It was a sad situation and our hearts go out to his family.”

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Burchard had worked four decades in the behavioral health program with Montage Health, according to The Californian.

Source: Fox News National

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Over 70% of Swedes Don’t Want Cashless Society

Both young and old alike want to keep cash circulating, despite predictions that Sweden could go completely cashless as early as 2023. Only a fifth of the Swedish population is ready to embrace the change, a survey shows.

Amid the Swedish government’s ambitions to become the world’s first cashless society, more and more Swedes would like to retain the traditional way of payment in the future.

A total of 72 percent of Swedes are in favor of keeping traditional crisp banknotes, a new survey conducted by pollster Sifo on behalf of Bankomat AB, a chain of ATMs run in collaboration between a number of banks, has indicated. This marks a 4 percent increase compared with the previous year, when 68 percent of Swedes exhibited nostalgia for traditional bills in an increasingly digitized society.

At the same time, the proportion of Swedes who want a completely cashless society has fallen from 25 percent a year ago to 21 percent today.

Senior citizens over 65 appeared to be the most cash-positive group. There, as many as 85% opted for keeping cash. At about two million out of Sweden’s 10 million-strong population, they are a force to be reckoned with.


Owen Shroyer breaks down how society will soon become cashless and dependent on your smart phone.

Among the younger populace aged between 18 and 29, that is the group that is most used to digital payment, a solid 62 percent wanted to keep their cash, while 29 percent chose a completely cashless society.

In 2017, Niklas Arvidsson, associate professor of industrial dynamics at the Royal Institute of Technology (KTH) predicted that Sweden will go cashfree in 2023 and was specific enough to name a date, March 24. His study has unleashed a debate about the future of payments.

“I believe that the recent debate on the issue has made more people aware of the risks that come with a completely cashless society”, Bankomat AB manager Johan Nilsson explained. “Despite the fact that more and more people are choosing to pay digitally, support for retaining cash as a way of paying also increases. As long as there is a need for cash, we at Bankomat will do all in our power to keep it available”, Nilsson pledged.

(Photo by flickr, [email protected])

Nilsson stressed that over 1 million Swedes currently live in digital exclusion. For them to be able to handle their payments in an increasingly digitized society, the state must shoulder greater responsibility for maintaining the cash infrastructure, Nilsson said, calling it “socially important.”

As of today, four out of five purchases in Sweden (around 80 percent) are made electronically, and Sweden’s Central Bank, Riksbanken estimates that in the years 2012 to 2020, cash in circulation will have declined by up to 50 percent. Swedes mainly use debit cards and payment apps, such as Swish. In a study by KTH, the popular app has already been credited with reducing the amount of cash in circulation.


Ali Alexander presents video footage of MLK Jr.’s historic, and final, Mountain Top Speech and discusses how the civil rights leader and legend would feel about today’s political climate.

Source: InfoWars

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Papa John’s founder Schnatter says he welcomes hedge fund Starboard

John Schnatter, founder and CEO of Papa John's Pizza, arrives at the 2011 American Music Awards in Los Angeles
FILE PHOTO: John Schnatter (R), founder and chief executive of Papa John's Pizza, arrives at the 2011 American Music Awards in Los Angeles November 20, 2011. REUTERS/Danny Moloshok

February 18, 2019

By Jessica DiNapoli

NEW YORK (Reuters) – Papa John’s International Inc founder John Schnatter welcomes hedge fund Starboard Value LP’s investment in the pizza restaurant chain, his lawyer said, even as he filed an updated lawsuit on Monday against the company.

Papa John’s this month unveiled Starboard’s investment of up to $250 million and named the fund’s chief executive, Jeff Smith, as its chairman.

Schnatter, who according to Refinitiv data owns about 30 percent of the company he founded in his father’s bar, served as chairman until last summer. He stepped down after reports he had used a racial slur on a media training conference call, a decision he said he regrets. He had stepped down as chief executive in December 2017.

Schnatter, who is still a member of Papa John’s board of directors, has been trying to gain more control of the chain. With the Starboard investment, the number of directors jumped to nine from six, diluting his influence.

“Mr. Schnatter welcomes the comments that have come from Mr. Smith and the company in the past few days,” Schnatter’s attorney Garland Kelley said in a statement. “Today’s amended lawsuit reflects support for Mr. Smith and his plans to invigorate the company for the benefit of all shareholders.” 

In his amended lawsuit filed under seal in the Delaware Court of Chancery, Schnatter aims to undo a new provision of a voting agreement between Papa John’s and Starboard that requires the hedge fund vote its company shares in favor of Papa John’s preferred directors.

“Such a provision serves only one purpose, to further entrench the prior board, one that has repeatedly proven itself willing to place its own self-interest above that of shareholders,” Schnatter said in a statement.

Schnatter also continues to challenge the poison pill Papa John’s adopted last year that he says prevents him from having discussions about the restaurant chain with other shareholders. The lawsuit was first filed in August.

When Papa John’s accepted Starboard’s offer, it snubbed a rival one from Schnatter.

Schnatter had said in a regulatory filing that he was evaluating his legal options after his offer was rejected.

Last month he claimed a victory when Chancellor Andre Bouchard of Delaware Court of Chancery ordered the Papa John’s board to give Schnatter some internal documents and communications, including text messages on personal devices, related to his firing.

(Reporting by Jessica DiNapoli; Editing by Leslie Adler and Tom Brown)

Source: OANN

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Washington goes soft

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On the roster: Washington goes soft - Beto O’Rourke, hipster hacker - Trump issues first veto, slaps back at Congress’ rebuke - It's Mueller time (almost) - Life, liberty and the finger

WASHINGTON GOES SOFT
The Irish have a wonderful way to refer to days like this one in Washington: “soft.”

The air is cool but not chilly and certainly a little damp. The winds are mild and when the sun breaks through from time to time it reveals a glorious brilliance and sapphire-blue skies behind.

Yes, spring is springing here in America’s Mid-Atlantic and it is, as always, stirringly, heart-rendingly beautiful. Other places in America may have consistently better weather, but no place in America has a finer pageant of seasons than ours. An army of daffodils is rising up even now to protect our title.

But the effects on the population are noticeable. Children begin to slouch toward a touch of languid insolence and adults begin to stir at the thought of all the wonderful things they want to see and do in these fine days. Spring fever is here indeed.

With that in mind, perhaps we can best hold your attention with some newsy nuggets from a very unusual day and week in politics.

- How racist and sexist do Democrats believe Americans to be? Serious question. In 2008, there were plenty of Democrats who either openly or not-so-openly said that as much as they liiiiked Barack Obama that America just wasn’t “ready” for an African-American president. A similar argument was had about the party’s 2016 female nominee. There’s visible discontentment within the Democratic base that three members of the 2020 top tier are white dudes: Bernie Sanders, Beto O’Rourke and Joe Biden. Democrats have not selected a male person of pallor as their nominee for 15 years. And there’s no doubt that no matter how many “this is what a feminist looks like” t-shirts they wear, the B brothers will come in for continued criticism of their gender and ethnicity. But also don’t forget that many Democrats believe that sexism and racism were major forces against their Obama and Hillary Clinton. So if you are concerned about pervasive racism and sexism among Americans today might there be an incentive to actually pick a nominee who could avoid these issues? 

- It’s starting to dawn on Democrats that they picked a terrible time to give up their top-down, tightly controlled nominating process. The party has changed its nominating rules to open up the process to Sanders, who got shafted by party insiders in 2016. It will come at a considerable cost. The folks at FiveThirtyEight observe that with now more than a dozen credible contenders in the race, the chances of a contested convention are rising by the day. And if that moment – which would be the Dems’ first since 1952 – should come in Milwaukee next year, the party will be badly ill-equipped to keep the peace.

- White House whisperers tell Politico that President Trump is fixating on Biden as perhaps his most dangerous general election opponent. Trump may very well be right. Biden is the best known and best liked of any Democrat running for the party’s nomination. But Republicans should bear in mind that one of the other candidates might well emerge over the next 10 months as a more formidable opponent. Remember how Democrats in 2016 were gearing up the fight an establishment Republican and worked to stir up the GOP base in favor of long-shot candidates like… oh yeah, the guy who is now the sitting president of the United States.

- Jeb Bush has a lot in common with Hillary Clinton. They are both considered the less successful, more serious members of their respective political dynasties. Now we can add another one: Coming back from the political wilderness to make trouble for their political party. In an interview with David Axelrod set to air this weekend, the former Florida governor and exclamation point enthusiast called for a primary challenge to President Trump. “I think someone should run just because Republicans ought to be given a choice,” Bush said. “It’s hard to beat a sitting president, but to have a conversation about what it is to be a conservative, I think it’s important.” Bush also had encouraging words for Maryland Gov. Larry Hogan, who is currently considering a 2020 presidential run.

- What’s a ‘Jexodus’ anyway? The president tweeted about it this morning. And its apparently a follow up on Team Trump’s efforts to use professional celebrity Kanye West to sell something called “Blexit,” the purported mass exit of black voters from the Democratic Party in favor of Trump’s GOP. This portmanteau is Jewish + exodus = Jexodus. Coupla points here: First, the original Exodus was Jewish so isn’t that kind of redundant? Second, there’s no sign of such a thing. One way that Republicans often misunderstand Jewish voters is by imagining that it is their Jewishness that makes them Democratic. The major American metropolitan areas with the largest concentration of Jewish Americans – led by New York, Philadelphia and Miami by one estimate – are overwhelmingly Democratic. If you took a sampling of almost any major sect or ethnic group in those places they would also be overwhelmingly Democratic. Republicans’ staunch support for Israel has no doubt won many converts, but the partisan percentages for Jewish voters remain remarkably consistent. According to one poll, 67 percent of Jews backed Democrats in 2018 compared with 20 percent for the GOP.

- Trump had to take down a different tweet today. He had blasted out his ominous-sounding claim in an interview with a nationalist web site in which he warned of coming political violence. “I can tell you I have the support of the police, the support of the military, the support of the Bikers for Trump – I have the tough people, but they don’t play it tough — until they go to a certain point, and then it would be very bad, very bad.” But Trump’s account took down the tweet this morning when the president wanted to broadcast his expression of sympathy for the victims of a mass murder of Muslim worshipers in New Zealand. We suppose it’s good that the White House understands how such loose talk about civil strife is inappropriate. But if that’s so, wouldn’t that argue against ever saying such things in the first place?  

- As the daffodils prepare to raise their heads to face the glorious sun, we hope that you are preparing for your own splendid weekend. See you Monday. 

THE RULEBOOK: LOLZ
“It is evident from the state of the country, from the habits of the people, from the experience we have had on the point itself, that it is impracticable to raise any very considerable sums by direct taxation.”Alexander Hamilton, Federalist No. 12

TIME OUT: RATH DÉ ORT 
History: “Every March 17, the United States becomes an emerald country for a day. Americans wear green clothes and quaff green beer. Green milkshakes, bagels and grits appear on menus. In a leprechaun-worthy shenanigan, Chicago even dyes its river green. Revelers from coast to coast celebrate all things Irish by hoisting pints of Guinness and cheering bagpipers, step dancers and marching bands parading through city streets. These familiar annual traditions weren’t imported from Ireland, however. They were made in America. In contrast to the merry-making in the United States, March 17 has been more holy day than holiday in Ireland. Since 1631, St. Patrick’s Day has been a religious feast day to commemorate the anniversary of the 5th-century death of the missionary credited with spreading Christianity to Ireland. For several centuries, March 17 was a day of solemnity in Ireland with Catholics attending church in the morning and partaking of modest feasts in the afternoon.”

Flag on the play? - Email us at HALFTIMEREPORT@FOXNEWS.COM with your tips, comments or questions.

SCOREBOARD
Trump job performance
Average approval: 41.6 percent
Average disapproval: 53.8 percent
Net Score: -12.2 points
Change from one week ago: down 1.4 points
[Average includes: Gallup: 39% approve - 57% disapprove; Monmouth University: 44% approve - 52% disapprove; Quinnipiac University: 38% approve - 55% disapprove; IBD: 41% approve - 53% disapprove; NBC/WSJ: 46% approve - 52% disapprove.]

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**we now return you to our regularly scheduled political palaver**

BETO O’ROURKE, HIPSTER HACKER
Reuters: “While a teenager, [Beto O'Rourke] acknowledged in an exclusive interview, he belonged to the oldest group of computer hackers in U.S. history. … An ex-hacker running for national office would have been unimaginable just a few years ago. But that was before two national elections sent people from other nontraditional backgrounds to the White House and Congress, many of them vowing to blow up the status quo. Arguably, there has been no better time to be an American politician rebelling against business as usual. Still, it's unclear whether the United States is ready for a presidential contender who, as a teenager, stole long-distance phone service for his dial-up modem, wrote a murder fantasy in which the narrator drives over children on the street, and mused about a society without money."

Racks up endorsements, even on Gillibrand’s turf - The Texas Tribune: “Four Democratic members of Congress quickly endorsed former U.S. Rep. Beto O'Rourke's presidential bid within hours of his official announcement Thursday. U.S. Reps. Sean Patrick Maloney and Kathleen Rice, both of New York; Stephanie Murphy of Florida; and Veronica Escobar of El Paso all announced their support for O'Rourke to be their party's nominee for president in 2020. All four are part of the younger generation of Democratic House members. All joined the chamber either with O'Rourke in 2013 or afterwards. ‘I have endorsed Beto O’Rourke in every election he’s run — including this exciting run for President of the United States — because he is an extraordinary public servant, driven by compassion and a desire to unify,’ Escobar, who succeeded O'Rourke in his El Paso-based district in January, said in a post on Facebook.”

Barnstorms Iowa - Texas Tribune: “Making his debut Thursday in Iowa, hours after announcing his presidential campaign, Beto O'Rourke all but picked up where he left off in his blockbuster U.S. Senate run last year, bringing his off-the-cuff, frenetic campaign style to the towns that outline the Mississippi River. It was a return to form for O'Rourke, who has made ample public appearances in recent weeks but few that allowed him to practice the retail-heavy politics that animated his bid against U.S. Sen. Ted Cruz, R-Texas. If the style wasn't new, the setting certainly was. ‘This is my first time to ever visit Iowa,’ O'Rourke declared Thursday morning inside a coffee shop in Keokuk, where he kicked off the three-day Iowa swing. … Many of his rivals have already logged multiple trips to the state and made multiple hires, though if the reception O'Rourke got Thursday was any indication, he has not yet missed his moment.”

Bernie’s campaign becomes the first in history to unionize - AP: “Campaign workers for Bernie Sanders’ 2020 Democratic campaign have unionized, becoming the first presidential campaign workers in history to do so. The United Food & Commercial Workers Local 400 confirmed Friday that Sanders’ campaign workers were the first to win union representation. UFCW Local 400 President Mark P. Federici says he expects the decision will mean that Sanders’ campaign workers have pay parity and transparency, as well as no gender bias and harassment. Earlier this year, Sanders apologized to female staffers on his 2016 campaign who said they experienced sexual harassment from male staffers. The New York Times reported allegations of unwanted sexual advances, as well as pay inequity. Sanders’ campaign manager Faiz Shakir says the Vermont senator is honored to be the first presidential candidate with a unionized workforce.”

Bernie’s wife closes family non-profit amid ethics worries - AP: “The Sanders Institute, a think tank founded by Democratic presidential candidate Bernie Sanders' wife and son, is shutting down, at least for now, amid criticism that the nonprofit has blurred the lines between family, fundraising and campaigning. The Vermont-based institute has stopped accepting donations and plans to suspend all operations by the end of May "so there could not even be an appearance of impropriety," Jane Sanders told The Associated Press. …. Jane Sanders, who also serves as a chief adviser to her husband's presidential campaign, is not compensated for her role at the institute. Her son, David Driscoll, is paid $100,000 a year as co-founder and executive director. Driscoll previously was an executive for Nike and the Vermont snowboarding firm Burton, but had no previous nonprofit experience, according to his LinkedIn profile.”

Ouch: Bernie campaigns with big bandage after bathroom mishap - Politico: “Sen. Bernie Sanders cut his head on a glass shower door on Friday morning and received seven stitches, his campaign announced. But the 2020 candidate was given a ‘clean bill of health’ and will attend all of his previously scheduled campaign events over the next couple days. Arianna Jones, a Sanders spokeswoman, said ‘out of precaution, he went to a walk-in clinic’ to have the cut checked out.”

Harris keeps focus on South Carolina - Guardian: “This was the third trip [Sen. Kamala Harris] has made to South Carolina since launching her campaign, making it her most visited of the first four primary states in next year’s election. There is now established thought in Democratic circles that winning South Carolina, with its diverse voting constituency, provides the real gateway to the party’s nomination rather than the starting states of New Hampshire and Iowa with their overwhelmingly white electorate. Senior campaign aides say Harris will give equal time to all four early states throughout the race. Recent public polls place the senator third here at 13%, behind the more familiar names of Joe Biden, who has yet to declare a bid, and Bernie Sanders, who ran against Hillary Clinton in 2016 but failed to win the state. She placed fourth in a recent poll among caucus goers in Iowa.”

Klobuchar: It takes a tough boss to deal with Putin - Mediaite: “With presidential candidate and Sen. Amy Klobuchar (D-MN) dealing with, sometimes wild, reports about mistreatment of her staff in the Senate, Klobuchar defended her management style – saying toughness is needed on the world stage. ‘Your campaign was shaken up in the early days by multiple reports, negative reports about how you’ve treated your past at times. Your answer was, too, I can be too hard. What’s too hard,’ CNN’s Poppy Harlow asked. ‘…If, you know, they felt that something was unfair or they felt bad about something, but I still think that you have to demand good product. When you are out there on the world stage and dealing with people like Vladimir Putin, yeah, you want someone who is tough,’ she added. ‘You want someone that demands the answers and that is going to get things done. That’s what I’ve done my whole life.’”

Booker cops to romance with actress Rosario Dawson - Fox News: “Presidential candidate Sen. Cory Booker confirmed on Friday that he’s dating actress Rosario Dawson. ‘I am dating Rosario Dawson and I’m very happy about it,’ the New Jersey Democrat told reporters following a campaign stop in New Hampshire, the state that holds the first primary along the road to the White House. ‘She’s a wonderful actor,’ Booker highlighted. The 39-year old actress broke the news on Thursday, saying ‘yes, very much so,’ when asked by TMZ at Washington’s Reagan-National airport if she was involved with Booker, who turns 50 next month. ‘He’s a wonderful human being. It’s good to spend some time together when we can. Very busy.’ … If Booker wins the White House, he would become just the third bachelor in the nation’s history to serve as president.”

TRUMP ISSUES FIRST VETO, SLAPS BACK AT CONRESS’ REBUKE
AP: “President Donald Trump issued the first veto of his presidency on Friday, overruling Congress to protect his emergency declaration for border wall funding. Flanked by law enforcement officials as well as the parents of children killed by people in the country illegally, Trump maintained that he is not through fighting for his signature campaign promise, which stands largely unfulfilled 18 months before voters decide whether to grant him another term. ‘Congress has the freedom to pass this resolution,’ Trump said, ‘and I have the duty to veto it.’ A dozen defecting Republicans joined Senate Democrats in approving the joint resolution on Thursday, which capped a week of confrontation with the White House as both parties in Congress strained to exert their power in new ways. It is unlikely that Congress will have the two-thirds majority required to override Trump’s veto, though House Democrats have suggested they would try nonetheless.”

The week trump lost Congress - NYT: “Time and again … lawmakers on Capitol Hill warned him not to push them too far. This week, in a remarkable series of bipartisan rebukes to the president, Congress pushed back. On Wednesday, with seven Republicans breaking ranks, the Senate joined the Democrat-led House in voting to end American military aid to Saudi Arabia’s war in Yemen in protest over the killing of Jamal Khashoggi, a columnist for The Washington Post. On Thursday morning, the House voted unanimously on a nonbinding resolution to make public the findings of the special counsel, Robert S. Mueller III. And on Thursday afternoon, 12 Republican senators abandoned the president to pass legislation, already adopted by the House, that would block Mr. Trump from declaring a national emergency to build his border wall — an act of defiance that he has vowed to overturn with the first veto of his presidency.”

Senators facing 2020 re-election stick with Trump on emergency funding - Politico: “Two weeks ago, Sen. Thom Tillis said President Donald Trump’s national emergency declaration violated the separation of powers and created a dangerous precedent, stating in an op-ed that he would vote to reverse it. On Thursday, the North Carolina Republican flipped and sided with Trump on the border vote. While a dozen Senate Republicans joined Democrats to support a resolution undoing Trump’s move to fund a border wall, Tillis and all but one other Republican up for reelection in 2020 — Sen. Susan Collins of Maine — stuck with the president. The list includes Sen. Cory Gardner of blue-trending Colorado and Sen. Martha McSally, who was appointed this year but will face Arizona voters again in 2020 after losing a tough race in 2018. The vote underscores how little Republicans on the ballot in 2020 want to break with the president, even on an issue that divided the party and in states where Trump’s approval rating is low.”

Sasse, Tillis face conservative backlash - WashEx: “While consistent constitutional conservatives including Sens. Mike Lee and Rand Paul held firm, other conservatives who often warn about the erosion of checks on executive power, prominently Sens. Ted Cruz and Ben Sasse, caved. Thom Tillis, who actually wrote an op-ed outlining why he would vote against the measure, changed his mind when it came to vote. In explaining away his decision, Sasse said: "…I think that law is overly broad and I want to fix it, but at present Nancy Pelosi doesn't, so I am therefore voting against her politically motivated resolution. As a constitutional conservative, I believe that the NEA currently on the books should be narrowed considerably.” … He is setting up a classic false choice. Sasse has in the past lamented the tendency of people to put their preferred outcomes over respecting process and institutional checks on power, and yet here he is, embracing a move because of the policy outcome.

IT'S MUELLER TIME (ALMOST)
Fox News: “For weeks, rumors have been swirling that Special Counsel Robert Mueller is nearing the end of his years-long Russia investigation — and lawmakers on Capitol Hill are eager to make his final report public. The House of Representatives unanimously voted (420-0) Thursday in favor of a resolution to urge Attorney General William Barr to release Mueller’s full report to Congress and the country for the sake of ‘transparency.’ The probe was intended to examine Russian election interference and whether President Trump's campaign colluded with Russian officials during the 2016 election -- and has since resulted in charges for several former Trump campaign associates, though none have directly related to collusion. Trump called the investigation ‘illegal’ and ‘conflicted’ this week, arguing Mueller should have never been appointed in the first place. … When the investigation — which began in May 2017 — concludes, Mueller will release his final report to Barr, who has been overseeing the special counsel since he took office in February.”

Graham ready to deploy countermeasures - Politico: “Senate Judiciary Chairman Lindsey Graham is demanding answers from the Justice Department about former FBI Deputy Director Andrew McCabe’s explosive allegation that top officials there discussed invoking the 25th Amendment to remove President Donald Trump from office. In a letter to Attorney General William Barr on Friday, Graham said his panel intends to investigate the allegations and gave Barr a two-week deadline to turn over any documents relating to conversations between McCabe and Deputy Attorney General Rod Rosenstein about the 25th Amendment or about covertly recording Trump. Last month, during a media blitz to promote his new book, McCabe said that after the abrupt firing of FBI Director James Comey, Rosenstein had offered to wear a wire into the White House and furthermore had brought up whether Trump could be removed from office using the 25th Amendment.”

To investigate or to legislate? - NPR: “Nowhere else in the House of Representatives is the tension between legislation and investigation more present than on the House Transportation and Infrastructure Committee, where a bipartisan infrastructure deal could be in the making — even as the Democrats on the committee launch a reinvigorated investigation into the D.C. Trump Hotel. ‘I have to do my duty over here and get questions answered,’ committee Chairman Peter DeFazio told NPR. ‘But I also need to pursue vigorously working with the White House to try and move an infrastructure package. And I'm willing and able to do both, and I think that the president will understand that if he really wants to do infrastructure.’ Trump famously declared at his latest State of the Union address that members of Congress could choose between working with him on passing bills or probe his business and administration — not both.”

PLAY-BY-PLAY
House Democrats scramble to head off GOP legislative trolling - Politico

Trump will have another rally in Michigan - Fox 17

AUDIBLE: CHILLY
“…consider this our resolution of disapproval.” – Editorial from The Denver Post rescinding the newspaper’s 2014 endorsement of Sen. Cory Gardner. Gardner, facing a tough re-election fight, carried President Trump’s water, voting against the congressional resolution of disapproval for the president’s emergency declaration.

ANY GIVEN SUNDAY
This weekend Mr. Sunday will sit down with Pete Buttigieg, mayor of South Bend, Ind. and 2020 Presidential Candidate. Watch “Fox News Sunday with Chris Wallace.” Check local listings for broadcast times in your area.

#mediabuzz - Host Howard Kurtz has the latest take on the week’s media coverage. Watch #mediabuzz Sundays at 11 a.m. ET.

Share your color commentary: Email us at HALFTIMEREPORT@FOXNEWS.COM and please make sure to include your name and hometown.

LIFE, LIBERTY AND THE FINGER
NPR: “If you've ever been tempted to make a rude gesture at a police officer, you can rest assured that the Constitution protects your right to do so, a federal appeals court says. In the sequence of events described by the court, a woman in Michigan, Debra Cruise-Gulyas, was pulled over in 2017 for speeding. The officer showed leniency, writing her up for a lesser violation known as a nonmoving violation. As she drove away, apparently insufficiently appreciative of the officer's gesture, Cruise-Gulyas made a certain gesture of her own. Or as the court put it, ‘she made an all-too-familiar gesture at [Officer Matthew Minard] with her hand and without four of her fingers showing.’ Minard was not amused. He pulled her over again and rewrote the ticket for speeding. Cruise-Gulyas sued, arguing she had a First Amendment right to wiggle whatever finger she wanted at the police. … The court's ruling means Cruise-Gulyas' lawsuit can proceed in a lower court.”

AND NOW, A WORD FROM CHARLES…
“One day, we shall all have to account for what we did and what we said in this scoundrel year. For now, we each have our conscience to attend to.” – Charles Krauthammer (1950-2018) writing in the Washington Post June 9, 2016.

Chris Stirewalt is the politics editor for Fox News. Liz Friden contributed to this report. Want FOX News Halftime Report in your inbox every day? Sign up here.

Source: Fox News Politics

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Trump: Would Be Disappointed If North Korea Resumed Testing

President Donald Trump said on Friday he would be disappointed if Pyongyang were to resume weapons testing and reiterated his belief in his good relationship with North Korean leader Kim Jong Un despite the collapse last week of their second summit.

"I would be surprised in a negative way if he did anything that was not per our understanding. But we'll see what happens," Trump told reporters. "I would be very disappointed if I saw testing."

Trump's comments came after two U.S. think tanks and Seoul's spy agency said this week that North Korea was rebuilding a rocket launch site at Sohae in the west of the country.

There have also been reports from South Korea's intelligence service of new activity at a factory at Sanumdong near Pyongyang that produced North Korea's first intercontinental ballistic missiles capable of reaching the United States.

On Friday, U.S. National Public Radio quoted experts from California's Middlebury Institute of International Studies as saying that satellite images of Sanumdong taken on Feb. 22 and on Friday suggested North Korea could be preparing to launch a missile or a space rocket.

One of the experts, Jeffrey Lewis, told Reuters the activity at the two sites was "probably connected." NPR said the Feb. 22 photos showed cars, trucks, rail cars and two cranes at Sanumdong, while in those taken on Friday, the activity had died down and one of the cranes had disappeared.

Other experts, including Joel Wit at 38 North and Michael Elleman of the International Institute for Strategic Studies considered the conclusion speculative.

"In the past there have been multiple reports about activity at this place that turned out to be false alarms," Wit said, referring to Sanumdong. "It could either be preparation for an eventual launch or not."

The White House, State Department and Pentagon did not immediately respond to requests for comment.

North Korea has frozen nuclear and missile testing since 2017, and Trump has pointed to this as a positive outcome from nearly a year of high-level engagement with North Korea.

Sohae has been used in the past to test missile engines and to launch rockets that U.S. officials say have helped development of North Korea's weapons programs. A senior U.S. State Department official said on Thursday that any launch from there would be "inconsistent" with North Korean commitments.

Kim pledged at a first summit with Trump in Singapore in June that the engine test site and launch platform at Sohae would be dismantled. He repeated the pledge in a summit with the South Korean president in September.

Trump said he thought his and the U.S. relationship with Kim and North Korea was "a very good one."

"I think it remains good," he said.

SUMMIT COLLAPSE

Trump has been eager for a big foreign policy win on North Korea which has eluded his predecessors for decades and has repeatedly stressed his good relationship with Kim.

He went as far late last year as saying that they "fell in love," but the bonhomie has failed to bridge the wide gap between the two sides and a second summit between them collapsed last week in Vietnam over differences on U.S. demands for Kim to give up his nuclear weapons and North Korea's demands for sanctions relief.

U.S. National Security Adviser John Bolton and other U.S. officials have sought to play down the developments spotted at Sohae, although Trump on Thursday called recent North Korean activity "disappointing."

The senior State Department official who briefed reporters in Washington on Thursday said he would "not necessarily share the conclusion" of the think tanks that the Sohae site was operational again, but said any use of it would be seen as "backsliding" on commitments to Trump.

Pyongyang has used Sohae to launch satellites into space since 2011, and one such launch in April 2012 killed off an Obama administration deal for a freeze in North Korean nuclear and missile testing in return for food aid.

North Korean state media acknowledged the fruitless Hanoi summit for the first time on Friday, saying people were blaming the United States for the lack of an agreement.

"The public at home and abroad that had hoped for success and good results from the second ... summit in Hanoi are feeling regretful, blaming the U.S. for the summit that ended without an agreement," its Rodong Sinmun newspaper said.

The paper directed fiery rhetoric against Japan, accusing it of being "desperate to interrupt" relations between Pyongyang and Washington and "applauding" the breakdown of the summit.

Washington has said it is open to more talks with North Korea, but it has rejected an incremental approach to negotiations sought by Pyongyang and it remains unclear when the two sides might meet again.

U.S. Secretary of State Mike Pompeo said on Monday he was hopeful he would send a delegation to North Korea for more talks in the next couple of weeks, but had received "no commitment yet."

The senior State Department official who briefed reporters on Thursday declined to say whether there had been direct contact between the sides since the summit. He said Washington was keen to resume talks as soon as possible, but North Korea's negotiators needed to be given more latitude.

"There will necessarily need to be a period of reflection here. Both sides are going to have to digest the outcome to the summit," said the official, who spoke on condition of anonymity.

"Fundamentally, where we really need to see the progress, and we need to see it soon, is on meaningful and verifiable steps on denuclearization. That's our goal and that's how we see these negotiations picking up momentum."

The official said complete denuclearization was the condition for North Korea's integration into the global economy, a transformed relationship with the United States and a permanent peace regime on the Korean peninsula.

Bolton, who has argued for a tough approach to North Korea, said this week that Trump was open to more talks, but also warned of tougher sanctions if North Korea did not denuclearize.

Source: NewsMax Politics

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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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