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Macron’s party reaches out to Greens for coalition in European Parliament

FILE PHOTO: French President Emmanuel Macron waits for guests arrivals at the Elysee Palace in Paris
FILE PHOTO: French President Emmanuel Macron waits for guests arrivals at the Elysee Palace in Paris, France, March 26, 2019. REUTERS/Philippe Wojazer

March 27, 2019

PARIS (Reuters) – French President Emmanuel Macron’s party will seek to draw Greens in the European Parliament into a centrist coalition it hopes to build after May’s elections, a candidate on Macron’s ticket said on Wednesday.

“We’ll champion a coalition deal and clearly we’ll offer the European Greens the opportunity to join,” Pascal Canfin, number two on Macron’s list of candidates for the May 26 election told France Inter radio.

Macron is hoping to break the dominance of the conservative EPP and Social-Democrats (S&D) in the European Parliament, much like he did to France’s mainstream parties in the country’s 2017 election.

Voter intention surveys show both the EPP and S&D will fail to win an outright majority, potentially placing the centrists Macron is hoping to unite in a position of king-maker.

(Reporting by Michel Rose and Mathieu Rosemain; Editing by Richard Lough)

Source: OANN

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Old Rules of Thumb Yield to Even Older Ones

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Success in politics -- and in political predictions -- depends on the ability to distinguish between old rules of thumb that don't apply any more and old rules of thumb that do.

Take the old rule that an officeholder's chances of re-election depend on what James Carville in 1992 took to calling "the economy, stupid."

That used to be a real thing. The Great Depression took President Herbert Hoover down from 58 percent of the vote in 1928 to 40 percent in 1932. The return of economic growth enabled President Franklin Roosevelt to increase his 57 percent in 1932 to 61 percent in 1936, and then to win re-election twice in the shadow of World War II in the 1940s.

Amid recession, President Ronald Reagan's job approval sunk to 41 percent in January 1983. Amid surging growth, it rose to 58 percent in October 1984. A month later, he won 59 percent of the popular vote and carried 49 states.

During President Donald Trump's time in office, the economy has improved sharply, with record-low unemployment and -- something not seen since Reagan's time or before -- with the biggest income gains for low earners. The public's rating of the economy has improved sharply as well.

But Trump's job approval has barely changed at all. After hitting a low of 37 percent in the RealClearPolitics average of public polls in December 2017, it has remained steady for more than a year, oscillating between 40 and 44 percent.

Analysts have attributed wobbles upward or downward to specific events. But given the inexactitude inevitable in polling, they may not represent any change at all. Trump's numbers remain slightly below the high 40s, the pre-election-year approval numbers of recent presidents who have won a second term. But their approval numbers were closely tied to perceptions of the economy. Trump's aren't.

One reason old political rules stop working is that one generation of voters has different experiences from those of the generations before. Voters who remembered the Great Depression of the 1930s and World War II in the 1940s rewarded incumbent presidents who seemed to have produced prosperity and peace with landslide re-elections.

They were willing to cross party lines to express their gratitude for policies that seemed to prevent the horrors that were all too familiar. So incumbent presidents of both parties won between 57 and 61 percent of the popular vote in 1956, 1964, 1972 and 1984. Since 1988, only a shrinking sliver of voters remembers what Americans used to call "the depression" and "the war," and no president has won more than 53 percent.

Just as Trump has not been able to raise his job rating to the improving economy, so his political enemies have not been able to lower it significantly. Each new supposedly shocking personal revelation has failed to shock; each eagerly whispered allegation of criminal collusion has failed to disenchant.

It's apparent now that Trump's support -- the 21st-century Republican core minus a couple million white college grads, plus a couple million white non-grads -- is sticking with him pretty much regardless of events or outcomes. And that the coalition that makes up the 21st-century Democrats, with the reverse adjustments, is solidly arrayed against.

This is actually in line with old political rules, rules with origins far before the 1930s and 1940s. The Republican Party, from its formation in 1854, has been built around a core of people considered to be ordinary Americans but not by themselves a majority. The Democratic Party, from its formation in 1832, has been a coalition of those regarded as out-peoples, often at odds with one another but together often a majority.

Both parties' voters today are acting characteristically. The vast body of Republicans has no truck with the plaints of never-Trumpers. The Democrats are in turmoil, panicking at the possibility of having enemies on the left, to the point that House Democrats at first couldn't pass a resolution decrying the blatant anti-Semitism of one of their own.

So we see multiple presidential candidates racing to embrace programs with 8 to 20-some percent support in the general electorate -- racial reparations, ninth-month abortions, tearing down existing border walls, abolishing Immigration and Customs Enforcement.

We see eminences, hoarse from denouncing Donald Trump for violating longstanding norms, now advocating the abolishment of the Electoral College; packing the Supreme Court; enacting the 16-year-old vote and the Green New Deal, with its abolition of gas-powered automobiles and flatulent cattle.

Old rules of thumb, it seems, can yield to even older ones.

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Rep. Ilhan Omar slams Barack Obama's message of 'hope and change' as a 'mirage'

Rookie Democratic Rep. Ilhan Omar, fresh off igniting an intra-party uproar with comments widely viewed as anti-Semitic, took a swipe at former President Barack Obama, saying in an explosive interview the 44th president's message of "hope and change" was a "mirage" and blasting his administration's drone and border detention policies.

Omar, D-Minn., took aim at the president's famed slogan, while further criticizing the Democratic Party for “perpetuating the status quo,” in the interview with Politico.

“Recalling the ‘caging of kids’ at the U.S.-Mexico border and the ‘droning of countries around the world’ on Obama’s watch," Omar charged that Obama "operated within the same fundamentally broken framework as his Republican successor,” the piece reads.

TRUMP SLAMS DEMS AFTER VIRAL PHOTO OF CHILDREN IN CAGES, FROM OBAMA'S TERM, 'BACKFIRES'

Omar is then quoted as saying: “We can’t be only upset with Trump… His policies are bad, but many of the people who came before him also had really bad policies. They just were more polished than he was.

“And that’s not what we should be looking for anymore. We don’t want anybody to get away with murder because they are polished. We want to recognize the actual policies that are behind the pretty face and the smile.”

The comments came after the passage Thursday of a broad anti-bigotry resolution prompted by Omar's prior comments about Israel. The resolution and the drama surrounding its passage exposed chasms in the Democratic caucus regarding Israel and marked a coup of sorts for a tight-knit band of House freshmen who – in a matter of hours – were able to shift the spotlight away from Omar’s allegedly anti-Semitic remarks and refocus on issues like Islamophobia and pro-Israel lobby AIPAC.

“The week was supposed to start off with a rebuke of Omar's anti-Semitic comments and it ended up turning into a long list of other hateful actions,” House Republican Whip Steve Scalise, R-La., told Fox News on Friday, saying the final product “fell short of addressing the real problem.”

But the broadside delivered at Obama is highly unusual for any Democrat, especially one who has been in the House for two months and has already ticked off party elders with her outspokenness.

DEM FROSH TURN TABLES ON ANTI-SEMITISM REBUKE, SHIFT SPOTLIGHT TO ISLAMOPHOBIA AND AIPAC POWER

The House resolution, following a week of Democratic infighting over the language, was approved on a 407-23 vote. The measure originally was drafted in response to Omar, a freshman Democrat from Minnesota, suggesting last week that Israel supporters want U.S. lawmakers to pledge “allegiance” to the Jewish state – which was widely condemned as echoing the age-old “dual loyalties” smear against Jewish politicians.

Yet after Speaker Nancy Pelosi faced a rebellion in the ranks amid concerns the resolution would unfairly single out Omar, a Muslim, and increase security threats against her (she was recently the subject of an inflammatory poster at the West Virginia capitol falsely tying her to the 9/11 attacks), the resolution was overhauled.

The result was a broad rebuke of bigotry, including anti-Semitism as well as “anti-Muslim discrimination and bigotry against minorities” perpetrated by white supremacists and others. The resolution condemned “dual loyalty” accusations, but did not mention Omar by name.

The fight exposed deep divisions in the party. But on the 2020 campaign trail, heavyweights came to Omar's side. Vermont independent Sen. Bernie Sanders, who was raised Jewish, defended Omar, arguing that “we must not, however, equate anti-Semitism with legitimate criticism of the right-wing, Netanyahu government in Israel.

MEGHAN McCAIN SLAMS REP. ILHAN OMAR'S 'BLATANTLY ANTI-SEMITIC RHETORIC' AMID BITTER TWITTER SPAT

“What I fear is going on in the House now is an effort to target Congresswoman Omar as a way of stifling that debate," the senator added. “That's wrong.”

Sen. Elizabeth Warren of Massachusetts also slammed anti-Semitism but defended Omar.

“Branding criticism of Israel as automatically anti-Semitic has a chilling effect on our public discourse and makes it harder to achieve a peaceful solution between Israelis and Palestinians,” she wrote in a statement obtained by Fox News.

Many Democrats, while strong supporters of Israel, have concerns with the country’s long-time prime minister, Benjamin Netanyahu, and his government’s treatment of Palestinians.

2020 DEMOCRATIC PRESIDENTIAL HOPEFULS CIRCLE THE WAGONS AROUND OMAR

There was a similar response from Sen. Kamala Harris of California, who called out all instances of bigotry and worried about possible violence directed at Omar.

“You can both support Israel and be loyal to our country,” she said. “I also believe there is a difference between criticism of policy or political leaders, and anti-Semitism."

Harris spotlighted that “like some of my colleagues in the Congressional Black Caucus, I am concerned that the spotlight being put on Congresswoman Omar may put her at risk.”

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Meanwhile, Sen. Kirsten Gillibrand, D-N.Y., was more critical of Omar in response to the controversy, while also accusing the GOP of "hypocrisy."

Fox News contacted President Obama’s office for comment.

Fox News' Judson Berger contributed to this report.

Source: Fox News Politics

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Nigerians vote for powerful governor posts amid some unrest

Nigerians are going to the polls to choose governors in 29 of 36 states in Africa's largest democracy amid reports of heavy military deployment and attacks against electoral facilities in a few areas.

Saturday's election comes two weeks after the presidential vote and is expected to be more contentious in some areas as the country's two top political parties vie for control of powerful states that in certain cases have larger budgets than some African nations.

Heavy military deployment is reported in Rivers state in Nigeria's restive south.

Local officials confirm to The Associated Press the burning of electoral facilities in Benue and Ebonyi states. Observers note scattered reports of thuggery or suspected underage voters.

And Nigeria's top anti-corruption agency says it has intercepted "bags of cash meant for vote-buying."

Source: Fox News World

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Indigenous groups in Brazil protest health care changes

Indigenous groups across Brazil are protesting a proposal to transfer indigenous health services from the federal government to municipalities.

Hundreds of demonstrators in traditional garb and body paint danced and prayed at a protest in Sao Paulo. Wednesday morning, a group entered the building and were pepper-sprayed, according to a community leader. They did a ritual dance in the entryway before going back outside. Other protests were held across Brazil.

Health Minister Luiz Henrique Mandetta last week discussed closing the federal indigenous health office. Indigenous leaders say the specialized agency can attend them in indigenous languages, which municipalities can't.

President Jair Bolsonaro has said he thinks indigenous people are just like any other Brazilians and should not be treated differently and "maintained on reserves like animals in a zoo."

Source: Fox News World

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Nissan’s Infiniti to exit western Europe early next year

Logo of Infiniti, Nissan Motor's premium brand, is seen at its Global Design Center in Atsugi
FILE PHOTO: The logo of Infiniti, Nissan Motor's premium brand, is seen at its Global Design Center in Atsugi, Japan, April 18, 2018. Picture taken April 18, 2018. REUTERS/Toru Hanai

March 12, 2019

By Norihiko Shirouzu

BEIJING (Reuters) – Nissan Motor Co’s premium brand Infiniti said on Friday it will exit western Europe early next year, as it restructures its global operations and turns its attention to sales in the world’s top two auto markets.

Infiniti said it will discontinue the Q30 sedan and the QX30 sport-utility vehicle (SUV) and cease their production by the middle of 2019 at Nissan’s manufacturing factory in Sunderland. Both models are sold globally but produced only in Britain.

The move comes as Infiniti seeks to divert its resources to markets with bigger opportunities, such as China and the United States, from a region where non-European premium brands are struggling to compete against local players such as Audi, BMW and Mercedes-Benz.

Nissan also recently scrapped plans to build its new X-Trail SUV in Britain amid the uncertainty surrounding Brexit, saying it had taken the decision to optimize its investments by building the next generation model in Japan.

“Western Europe remains the most challenging and competitive region for premium cars,” Infiniti’s chief spokesman, Trevor Hale, told Reuters. Infiniti’s sales in western Europe almost halved last year to 5,800 vehicles.

In addition to the tough competition, the Japanese premium brand, headquartered in Hong Kong since 2012, has struggled to effectively meet emissions and other regulatory requirements in the region, Hale said, referring to stringent Euro 6 emissions requirements and other regulatory challenges.

“The commercial reality for Infiniti in western Europe is that there is simply no visibility of a viable and sustainable business, especially given the regulatory challenges,” he said.

Infiniti said an exit from western Europe will allow it to focus on its initiative to “electrify” a good portion of its product portfolio from 2021 and discontinue diesel offerings.

The brand plans to focus more on its SUV lineup in North America, bring five new or significantly-redesigned vehicles to China over the next five years, improve quality of sales and residual value and realize more synergies with Nissan.

“This is all part of Infiniti’s vision to become a top challenger brand in the premium segment,” it said.

As it prepares to withdraw from western Europe, Infiniti said it is working to find alternative opportunities for employees who would be affected, consulting with employee representatives where necessary and identifying opportunities for transition and training support where appropriate.

Infiniti has 51 employees in its western Europe operations. There are 55 Infiniti retail stores in western Europe.

(Reporting By Norihiko Shirouzu; Editing by Himani Sarkar)

Source: OANN

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Nunes to send eight criminal referrals to DOJ concerning leaks, conspiracy amid Russia probe

House Intelligence Committee ranking member Devin Nunes exclusively told Fox News' "Sunday Morning Futures" that he is preparing to send eight criminal referrals to the Department of Justice this week concerning alleged misconduct from "Watergate wannabes" during the Trump-Russia investigation, including the leaks of "highly classified material" and conspiracies to lie to Congress and the Foreign Intelligence Surveillance Act (FISA) court.

The bombshell move comes as Republicans have pushed for the release of key documents to uncover the origins of the now-discredited narrative that the Trump campaign colluded improperly with the Russian government. President Trump recently told Fox News he would release the entirety of FBI FISA applications to surveil one of his top aides, and other related documents.

Nunes said he has been working on the referrals for more than two years, and wanted to wait until the confirmation of Attorney General Bill Barr.

"We're prepared this week to notify the attorney general that we're prepared to send those referrals over," Nunes said. "First of all, all of these are classified or sensitive. ... Five of them are what I would call straight up referrals -- so just referrals that name someone and name the specific crimes," Nunes told Maria Bartiromo. "Those crimes are lying to Congress, misleading Congress, leaking classified information. So five of them are those types."

FOX NEWS EXCLUSIVE: INTERNAL FBI TEXTS REVEAL FBI, DOJ SPARRED OVER 'BIAS' IN KEY SOURCE USED TO SURVEIL TRUMP TEAM

It was not immediately clear whom Nunes would specifically refer. Both Democrats and Republicans have said former Trump fixer Michael Cohen is likely to face new charges of lying to Congress in the wake of his recent explosive testimony, which seemed to contradict his previous statements on a variety of matters, including whether he had sought a job in the Trump White House.

The memo pointed out that in December 2017, then FBI deputy director Andrew McCabe testified that “no surveillance warrant would have been sought” from the FISA court “without the Steele dossier information.”

The memo pointed out that in December 2017, then FBI deputy director Andrew McCabe testified that “no surveillance warrant would have been sought” from the FISA court “without the Steele dossier information.”

And House Freedom Caucus Chairman Mark Meadows, R-N.C., touched off a firestorm last August after claiming on Twitter that his office had "hard evidence" suggesting the FBI leaked information to the press and used the resulting articles to help obtain surveillance warrants. The claim stemmed in part from FBI intelligence analyst Jonathan Moffa’s Friday testimony behind closed doors before the House Judiciary and Oversight committees.

Nunes added: "There are three [referrals] that I think are more complicated. ... So on the first one, is FISA abuse and other matters. We believe there was a conspiracy to lie to the FISA court, mislead the FISA court by numerous individuals that all need to be investigated and looked at that, and we believe the [relevant] statute is the conspiracy statute. The second conspiracy one is involving manipulation of intelligence that also could ensnarl many Americans."

FBI BLAMES 'SYSTEM WIDE SOFTWARE GLITCH' FOR MISSING STRZOK, PAGE TEXTS --- STRZOK'S MUELLER PHONE TOTALLY WIPED

Nunes asserted that "we've had a lot of concerns with the way intelligence was used" during the Trump-Russia probe.

Just nine days before the FBI applied for a FISA warrant to surveil Carter Page, then a Trump campaign aide, bureau officials were battling with a senior Justice Department official who had "continued concerns" about the "possible bias" of a source pivotal to the application, according to internal text messages obtained by Fox News in March.

Redacted versions of FISA documents already released have revealed that the FBI extensively relied on documents produced by Christopher Steele, an anti-Trump British ex-spy working for a firm funded by the Hillary Clinton campaign and Democratic National Committee (DNC), to surveil Trump aide Carter Page. The FISA application did not clearly state that the firm was funded by the Clinton team and DNC.

Michael Cohen, President Donald Trump's former personal lawyer, reads an opening statement as he testifies before the House Oversight and Reform Committee on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite, File)

Michael Cohen, President Donald Trump's former personal lawyer, reads an opening statement as he testifies before the House Oversight and Reform Committee on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite, File)

The leaked dossier, and related FBI surveillance, kickstarted a media frenzy on alleged Russia-Trump collusion that ended with a whimper last month, when it was revealed Special Counsel Robert Mueller's probe concluded finding no evidence of such a conspiracy, despite several offers by Russians to help the Trump campaign. Page was never charged with wrongdoing, and he is currently suing the DNC for defamation.

DOJ guidelines preclude the FBI from omitting exculpatory evidence, or misrepresenting sources, in FISA applications.

FBI INCORRECTLY ASSURED FISA COURT ON FOUR OCCASSIONS THAT YAHOO NEWS ARTICLE WAS INDEPENDENT BASIS TO SPY ON TRUMP AIDE

"The third is what I would call a global leak referral," Nunes said. "So there are about a dozen highly sensitive classified information leaks that were given to only a few reporters over the last two-and-a-half-plus years. So you know, we don't know if there's actually been any leak investigations that have been opened, but we do believe that we've got pretty good information and a pretty good idea of who could be behind these leaks."

Nunes specifically named a series of known "horrific" leaks, including the leak of conversations between Trump and the leaders of Australia and Mexico, and the transcripts of former National Security Adviser Michael Flynn's calls.

Nunes noted that the eight criminal referrals could involve more than eight people, and that a conspiracy referral could involve "a dozen, two dozen people." He added that more referrals could be coming.

"I think it's impossible to ignore," Nunes said. "If the Mueller team was busting people for lying to the FBI -- there are some pretty simple times when people lied to Congress for the sole purpose of obstructing our investigation."

News that the FBI had been secretly monitoring Flynn's communications with Russians broke in January in The Washington Post, and was sourced to anonymous "U.S. officials." Flynn met with FBI officials shortly after the publication of that article, and eventually pleaded guilty to one charge of lying to investigators about whether he had spoken to Russia's ambassador concerning an upcoming U.N. resolution on Israel and the Obama administration's sanctions against Russia.

FBI Deputy Assistant Director Peter Strzok, testifies before a House Judiciary Committee joint hearing on "oversight of FBI and Department of Justice actions surrounding the 2016 election" on Capitol Hill in Washington, Thursday, July 12, 2018. (AP Photo/Evan Vucci)

FBI Deputy Assistant Director Peter Strzok, testifies before a House Judiciary Committee joint hearing on "oversight of FBI and Department of Justice actions surrounding the 2016 election" on Capitol Hill in Washington, Thursday, July 12, 2018. (AP Photo/Evan Vucci) (Copyright 2018 The Associated Press. All rights reserved.)

And last year, text messages between FBI lovers Peter Strzok and Lisa Page surfaced that referred to government employees "leaking like mad" in the runup to the Russia collusion probe.

Strzok and Page exchanged numerous anti-Trump text messages when Strzok was a high-level investigator looking into both Clinton and the Trump campaign. The DOJ Inspector General found that the texts violated policy and compromised the bureau's appearance of impartiality.

“I want to believe the path you threw out for consideration in Andy’s office – that there’s no way he gets elected – but I’m afraid we can’t take the risk. It’s like an insurance policy in the unlikely event you die before you’re 40,” Strzok texted Page prior to Election Day. Strzok also assured Page that Trump won't become president, because "we'll stop" it.

"The American people have only seen the pieces that have been declassified so far," Nunes said. "There's still more information. This was their insurance policy. A lot of people think the insurance policy was just the overall investigation of the Trump campaign. It's actually much more conspiratorial than that. There was exculpatory information."

Donald Trump Jr. told Fox News in January that "there’s a 99.9 percent chance [House Intelligence Committee Chairman Adam Schiff is] the guy” who leaked private testimony that he gave in 2017 before the House Intelligence Committee to discuss the Trump Tower meeting with a Russian who offered dirt on Hillary Clinton.

“I came out of testimony 8 at night and CNN is running quotes from noon on about my testimony, you know, in the House Intelligence Committee,” Trump Jr. said. “I mean, that has to say something about what is going on and who they are. Since [Schiff has] never met a camera he didn’t love, I would bet a lot of money that it was him.”

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Schiff, whom the president has derided as "little Adam Sh--," denied the accusation.

“That’s not a leak, it is exposure of his non-cooperation and his stonewalling of our committee,” Schiff said, referring to his statements.

Source: Fox News 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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