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Democrats cool toward NAFTA replacement, question labor standards

FILE PHOTO: Rep. Pramila Jayapal (D-WA) speaks at a press conference about a House resolution designed to prevent President Donald Trump from firing Special Counsel Robert Mueller on Capitol Hill in Washington
FILE PHOTO: Rep. Pramila Jayapal (D-WA) speaks at a press conference about a House resolution designed to prevent President Donald Trump from firing Special Counsel Robert Mueller on Capitol Hill in Washington, U.S., July 27, 2017. REUTERS/Aaron P. Bernstein

March 13, 2019

By David Lawder

WASHINGTON (Reuters) – Democrats in the U.S. House of Representatives gave a cool reception to the replacement for the North American Free Trade Agreement on Wednesday as the top U.S. trade negotiator opened a campaign to win broad support for the accord in Congress.

Several Democrats said a closed-door meeting between United States Trade Representative Robert Lighthizer and their caucus failed to ease their concerns about the new U.S.-Mexico-Canada Agreement’s (USMCA) provisions on labor, biologic drugs and some other issues.

A USTR spokeswoman declined to comment on the meeting.

The support of Democrats, who control the House, is considered important to passage of the USMCA, and Wednesday’s meeting at the U.S. Capitol signaled that the Trump administration has a lot of work to do to address the party’s concerns.

Democrats questioned whether new labor standards aimed at ensuring workers have the right to organize can be adequately enforced, as this depends partly on Mexico passing new labor laws.

“What you’re hearing is that a lot of people don’t think it’s good enough,” Representative Pramila Jayapal said of USMCA after the meeting, adding that she was concerned the new pact would not solve the biggest shortcoming of NAFTA, which allowed Mexican wages to stagnate.

“We know that when you don’t have strong enforcement provisions, you are essentially facilitating the outsourcing of jobs and bad worker protections and undercutting of U.S. workers,” said Jayapal.

NAFTA dealt with labor provisions in an unenforceable side-letter, allowing unions in Mexico to remain weak and wages low, drawing factories from the United States and Canada.

While USMCA’s labor chapter is part of the trade agreement itself and requires Mexico to adhere to International Labor Organization standards, Democrats questioned whether this could be adequately enforced through a state-to-state dispute settlement mechanism.

The Mexican government expects its Congress to pass a labor bill by the end of April that it says will strengthen the rights of unionized workers and fulfill its commitments under USMCA.

Mexico “could say they passed the laws, but the laws could be very weak,” said Representative Judy Chu, a Democrat on the House Ways and Means Committee.

She said Lighthizer told Democrats that he believed that Mexico’s labor law would meet the terms of the agreement and that any enforcement issues could be resolved through a subsequent agreement following ratification. Jayapal added that Lighthizer said this could be addressed through implementing legislation.

Some Democrats said that Lighthizer listened closely to their concerns and that he would work to address them.

“He understands the concerns of our caucus and he knows we’re not there yet,” said Representative Bill Pascrell.

Other Democrats raised concerns about the prospect for higher drug prices resulting from the USMCA’s provision for 10 years of data exclusivity for biologic drugs. The United States allows 12 years currently and negotiated a five-year exclusivity period in the Trans-Pacific Partnership trade deal, which President Donald Trump declined to join in 2017.

Representative Rosa DeLauro, a Democrat who opposed several previous trade deals, called this an “absolutely unbelievable giveaway to the pharmaceutical industry.”

House Ways and Means Committee Chairman Richard Neal, whose panel will handle the USMCA legislation, said the meeting did not provide any further clarity on the timing of the Trump administration’s submission of implementing legislation to Congress, or when a vote might occur.

(Reporting by David Lawder; editing by Grant McCool)

Source: OANN

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House and Senate building superintendents placed on administrative leave over inappropriate emails

The superintendents for both the House and Senate office buildings have been placed on administrative leave pending an investigation into inappropriate emails, Fox News has learned.

Multiple sources confirm to Fox that House Building Superintendent Bill Weidemeyer and Senate Building Superintendent Takis Tzamaras were placed on administrative leave pending an investigation.

At issue are inappropriate emails regarding Acting Architect of the Capitol Christine Merdon.

Weidemeyer and Tzamaras both report to Merdon. Weidemeyer is in charge of the Cannon, Longworth and Rayburn House Office Buildings, and Tzamaras is in charge of the Russell, Dirksen and Hart Senate Office Buildings.

Lawmakers and congressional committees maintain their offices in those sets of buildings, located just across the street from the Capitol.

Merdon became Acting Architect of the Capitol in February after Architect of the Capitol Stephen Ayers retired last year. There have only been 11 Architects of the Capitol in U.S. history. The Architect of the Capitol is nominated by the president and confirmed by the Senate. Architects of the Capitol handle the congressional campus infrastructure, including the Capitol itself, the adjacent office buildings and the Library of Congress.

President Trump has not formally nominated anyone for the open Architect of the Capitol position.

An aide for House Speaker Nancy Pelosi, D-Calif., directed inquires about the matter to the Architect of the Capitol’s office.

The Architect of the Capitol’s office did not respond to inquiries by Fox News.

Source: Fox News Politics

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Penn State to collect $733K from Sandusky's defunct charity

Penn State is set to collect hundreds of thousands of dollars from the defunct charity for at-risk youth founded by now-imprisoned Jerry Sandusky while he was an assistant football coach.

The state attorney general's office tells The Associated Press that the university will receive $733,000 as a result of a recent agreement.

The university says it will receive additional money from the insurers of the charity, The Second Mile, though terms are confidential.

When Penn State took steps in 2017 to sue The Second Mile it didn't spell out why it was going after the charity.

But prosecutors have said Sandusky used The Second Mile to find children he would later abuse. Some testified at Sandusky's 2012 trial.

The Sandusky scandal has cost Penn State over a quarter-billion dollars, including over $100 million to settle abuse claims.

Source: Fox News National

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Netflix Toronto production hub to create 1,850 jobs annually

FILE PHOTO - The Netflix logo is seen on their office in Hollywood, Los Angeles
FILE PHOTO - The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo GLOBAL BUSINESS WEEK AHEAD

February 19, 2019

By Tyler Choi

TORONTO (Reuters) – Netflix Inc said on Tuesday it is creating a production hub with two studios in Toronto that is expected to create 1,850 jobs per year.

Netflix will lease Cinespace Studios, a Toronto-based film studio comprising four sound stages, office space and support space that measures 164,000 square feet, and Pinewood Toronto Studios, which measures 84,850 square feet, the streaming company said in a statement.

It did not disclose the size of its latest investments or the duration of the leases.

In October 2017, Netflix secured government approval to start a C$500 million ($377 million) production unit in Canada, in its first such unit outside the United States.

Netflix leases British Columbia-based Martini Film Studios, along with other sites in Canada like Calgary and Montreal on a production-by-production basis.

The Toronto studios will work on production for upcoming series and films like horror anthology series “Guillermo del Toro Presents Ten After Midnight” and the film “Let It Snow.”

“With Cinespace having hosted 2 Best Picture Oscar winners – ‘Chicago’ and ‘The Shape of Water’ – and having catalyzed tens of thousands of jobs in the Studio District and on Toronto’s waterfront, Netflix has made an auspicious choice for its new production hub,” Cinespace Studio CEO Steve Mirkopoulos said in the same statement.

Previous Netflix productions in Canada include “A Series of Unfortunate Events” and “The Chilling Adventures of Sabrina and Polar.” The company has also partnered with the Canadian Broadcasting Corporation to show “Anne with an E.”

(Reporting by Tyler Choi; Editing by Dan Grebler)

Source: OANN

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How Capitalists — Unlike Environmentalists — Make Life Easier for the Disabled

When I was a kid in the 1980s, Velcro shoes hit the stores in force.

Although Puma first started using the fasteners in 1968, it was not until the 1980s that the shoes became commonplace on the street and at retail outlets.

At the time, many of us mocked the idea. “Who is so lazy he can’t tie shoelaces?” we snickered. We were all sure we were quite superior in our willingness to tie our own shoelaces. Years later, I noticed that quite a few elderly people — and others with reduced mobility or disabilities such as severe arthritis or cerebral palsy, often wore shoes fastened with Velcro. At that point, my playground cleverness didn’t seem quite so clever anymore.

Velcro shoes, of course, aren’t the only product that might strike us as only for lazy people.

The Huffington Post has mocked tomato slicers and corn “kernelers,” to name just two examples among the plethora of “useless” products marketed by greedy capitalists who will sell anything to make a buck.

Many of these products, however, aren’t pointless at all. While everyday tasks like slicing a tomato may be easy for those of us with normally functioning bodies, that’s not necessarily the case for everyone.

In Vox last year, responding to criticisms of allegedly useless products like the “Sock Slider,” author s.e. smith [sic] writes :

“If I didn’t have that silly piece of plastic with ropes, I wouldn’t be able to put socks on,” says Emily Ladau, a disabled advocate, writer, and speaker with Larsen syndrome , a congenital skeletal disorder.  Ladau, who uses a wheelchair for mobility, cannot bend over to put on socks. Without a “sock putter-onner,” as she calls it, she would be forced to rely on the assistance of a personal care attendant (PCA) to put her socks on every morning. “Something that people think is a silly piece of plastic is one of the reasons I don’t need a PCA when I travel.”

Environmentalists to the Disabled: Screw You

The daily hassles faced by the disabled, though, appear to have gone quite unnoticed by environmentalists who have taken to attacking useless products as not only silly, but as morally objectionable. These products, we are told, are environmentally damaging.

One example is a case of Twitter-manufactured outrage over “wasteful” packaging of pre-peeled oranges at Whole Foods. In 2016, an apparently non-disabled woman posted a photo of the oranges on the shelf and complained — with the usual level of tiresome snark we’ve come to expect on Twitter — “If only nature would find a way to cover these oranges so we didn’t need to waste so much plastic on them.”

As of this writing, the comment has over 104,000 likes, and Whole Foods eventually responded, saying “Definitely our mistake. These have been pulled. We hear you, and we will leave them in their natural packaging: the peel.”

That comment received over 750 likes.

What received far fewer likes was a comment from another user, who wrote:

I’m so sorry you’ve decided to do that. I have rheumatoid disease and it’s often impossible to peel an orange.

This, however, was apparently not very convincing to the Environmental Justice Warriors. One dismissively told the woman claiming to have rheumatoid disease to buy an orange peeler, which earned the response “If I could handle that, I could handle an orange. 🙂 It’s really no different from baby carrots in a bag or getting a pizza delivery.” To that, the Enlightened Environmentalist essentially responded “tough luck, there’s too much plastic in the ocean.”

Another environmentalist posted in response to the photo of the pre-peeled oranges:

Fu—ing hell. That makes me unbelievably angry actually. Talk about necessarily contributing to plastic taking over the planet.

When confronted with the idea that “not everyone is physically able to peel an orange,” she retorted “You know, as well as i do, that that is NOT who that is marketed towards.”

By this way of thinking, products that help the disabled are only to be tolerated if their packaging is emblazoned with phrases like “great for cripples!” or “designed for invalids!” All other products that aren’t obviously aids for disabled people shall be mocked as “useless,” and “wasteful” or perhaps banned under force of law.

The environmentalists’ war against the disabled perhaps reached a fever pitch in 2018 when activists throughout the wealthy West began demanding that small business remove all plastic straws from their stores, and that governments even outlaw them.

Some advocates for the disabled noted that plastic straws as essential in allowing many disabled people to enjoy the products and services many other people take for granted. One of these advocates, Alice Wong, explained at eater.com:

Plastic is seen as cheap, “anti-luxury,” wasteful, and harmful to the environment. All true. Plastic is also an essential part of my health and wellness. With my neuromuscular disability, plastic straws are necessary tools for my hydration and nutrition.

This argument didn’t get much of a better hearing than the orange-peel argument. Many social media readers suggested that disabled people should just carry their own straws everywhere. And after all, what’s the big deal? What did disabled people do before straws anyway?

 

Entrepreneurs vs. Consumers

There are many unpleasant lessons we could learn from these exchanges about the problems that come with being smug and self-centered.

But as this is an economics site, I’d like to focus here on what the “useless products” debate illustrates about the difference between consumers and entrepreneurs.

The lack of sensitivity we encounter with the anti-plastic environmentalists isn’t only a product of a single-minded ideology. It’s also the result of the narrow-mindedness that comes from thinking primarily as a consumer and lacking the broader mindset of an entrepreneur.

For example, in order to consume, one needs to think only in terms of himself and others like him. “I don’t need a tomato slicer,” the thinking goes, “so it’s safe to say that no one else needs one either.”

The entrepreneur, on the other hand, approaches things far differently. He (or she) thinks in terms of changing the status quo. The entrepreneur thinks in terms of meeting an unmet need.

Whether or not the entrepreneur thinks explicitly in terms of meeting the needs of disabled people is, of course, completely beside the point. The fact is that many new products created by entrepreneurs end up helping disabled people, and that’s now a common outcome in a marketplace. It’s to be expected in a marketplace where entrepreneurs think constantly in terms of expanding the world of products and services available to a large number of consumers.

So, as the universe of consumer goods expands to include Sock Sliders and tomato peelers and plastic straws, the market also expands to meet the unmet needs of more and more people.

Also irrelevant is the fact that many entrepreneurs and inventors of various products may have no idea of how these products might be used ahead of time. Entrepreneurs are partly in the business of guessing what new products and services people want. But since those products and services don’t exist already in the marketplace, they can’t know for sure.

Some products may, at first, appear to be useless. It may be the inventor of the Sock Slider didn’t set out to invent a “sock-putter-onner”  at all. The inventor may have simply been toying around with a variety of different ideas, as is suggested by inventor Simone Giertz:

The true beauty of making useless things [is] this acknowledgment that you don’t always know what the best answer is … It turns off that voice in your head that tells you that you know exactly how the world works.

Giertz is summarizing what many entrepreneurs also ready know: they can’t be sure about “exactly how the world works.” But, they are willing to try to deliver new products and services that the world might be willing to pay for. They often fail to guess properly. But they also sometimes succeed. The question is always this: can I meet an unmet need at a cost below the price people are willing to pay?” When the answer is “yes,” the world often gets new and better products — and many of them improve the lives of the disabled.

The consumer who wants to ban plastic straws and “useless” products for “lazy” people thinks in an entirely different way. These people already consider themselves experts on what everyone needs. They think they know exactly “how the world works” and they’re itching to pass laws and shame others to make sure the world fits their vision. Rather than expanding the world of new products and services, these consumers want to shrink it — to keep it in line with their personal needs, and to reflect what they themselves consider to be important.

While the consumer thinks “nobody needs that!” the entrepreneur thinks “I wonder if someone needs that.” These are two very different ways of looking at the world. Only one of them helps disabled people live easier lives.



Will Johnson presents a video and breaks down how a female was attacked by a leftist simply for wearing her ‘Make America Great Again’ hat.

Source: InfoWars

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Man surrenders in death of teen daughter shaken in infancy

A Pennsylvania man has turned himself in to face a criminal homicide charge after the death of a teenage daughter he injured when she was an infant.

Authorities say 37-year-old Ariden Jackson surrendered around noon Thursday to Allegheny County detectives. It's not clear whether he has an attorney to speak for him.

Authorities say Jackson told police in May 2005 that he shook 4-week-old Janiya in an apartment in the community of McKees Rocks, near Pittsburgh, because she would not stop crying.

Police say doctors called the injuries life-threatening and "likely to cause long-term developmental disability." Court documents indicate Jackson pleaded guilty to aggravated assault and child and reckless endangerment.

Police say that the now-13-year-old girl died in February of "complications of a seizure disorder resulting from remote abusive head trauma." The death was ruled homicide.

Source: Fox News National

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Soccer: England women must win trophies before fighting for equal pay – Duggan

Women's International Friendly - England v Sweden
FILE PHOTO: Soccer Football - Women's International Friendly - England v Sweden - New York Stadium, Rotherham, Britain - November 11, 2018 England's Toni Duggan Action Images via Reuters/Craig Brough

April 19, 2019

By Richard Martin

BARCELONA (Reuters) – England women’s forward Toni Duggan says her nation must match the achievements of three-times world champions the United States and “put trophies on the table” before they also ask for equal conditions as the men’s team.

All 28 members of the U.S. 2015 World Cup winning squad have filed a lawsuit against their national federation, complaining about wages and working conditions compared to the men’s side, who failed to qualify for the 2018 World Cup.

“You look at the U.S. team and they’re a lot more successful than the men’s and that’s their argument. So first and foremost England need to be more successful,” Duggan told Reuters in an interview at Barcelona’s training ground.

“I can’t sit here and say we’re going to get to that stage, we need to be putting trophies on the table. Hopefully one day we’ll be like that, but fair play to the U.S. team because it (equal pay) is what they deserve.”

Duggan was part of the England side which reached the World Cup semi-finals in 2015 and the last four of the 2017 European Championships.

After the Lionesses piped the U.S. to win the four-nation SheBelieves Cup in March, she challenged the team to take the next step and go all the way in this year’s World Cup in France.

“I believe we can, we’ve got to two semi-finals at major tournaments, we’ve beat all the tough opponents. So it’s possible but it’s OK saying it, it’s about doing it,” Duggan said.

She is also confident her side will be able to continue the feel-good factor Gareth Southgate’s men’s side provided back home with their run to the last four in Russia, which she said began with the women’s excellent 2015 World Cup campaign.

“To be honest, we started it, we had amazing support in Canada and Gareth followed on from that, great credit to him because he got them playing nice soccer and people wanted to be part of supporting England again,” she said.

“There was a dip in the past few years but the buzz is back and I’m sure everyone will be behind us this summer.”

Former Manchester United and Everton player Phil Neville had no experience of the women’s game when he succeeded Mark Sampson as England coach last year but Duggan praised the impact he has had on the team.

“We need people like Phil who have experienced winning trophies to share that experience with us,” she said. “The standards he sets are important to him, everyone’s enjoying life under him and the new style we play, hopefully we can see that in the summer.”

CHAMPIONS LEAGUE PUSH

Before the World Cup, Duggan can look forward to a thrilling end to the season with Barcelona, who are involved in a close-run title-tilt with Atletico Madrid and meet Bayern Munich in the Champions League semi-finals.

Barca have missed out on the last-four stage on three occasions and last year were beaten in the quarter-finals by eventual winners Olympique Lyonnais.

“I just felt Lyon had a little more than us. We were a new team but we’re more together now,” Duggan said.

“We’re on a good run, winning games comfortably. Bayern won’t be easy but I believe this is our chance.”

Duggan has already made history with Barca, scoring in a 2-0 win at title rivals Atletico in front of 60,739 people at the Wanda Metropolitano stadium which smashed the world attendance record for a women’s game.

More than 20,000 people watched last week’s derby between Real Betis and Sevilla, while 48,000 went to Athletic Bilbao’s San Mames to see their women’s side take on Atletico Madrid in January.

“I’ve played in big games, at Wembley, a World Cup semi-final, but the atmosphere with 60,000 people was amazing,” Duggan added.

“In Spain they’re doing something right because the attendances keep creeping up and teams are getting the opportunity to play at the men’s stadiums.

“That’s the way forward for this women’s game and you see it spreading across the world with Juventus doing it. It was a great occasion and hopefully we can keep the ball rolling.”

(Reporting by Richard Martin; Editing by Christian Radnedge)

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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