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Japan’s Heisei imperial era: three generations look back, and ahead

Kenji Saito cooks at his ramen noodle shop in Tokyo
Kenji Saito cooks at his ramen noodle shop in Tokyo, Japan April 12, 2019. REUTERS/Kim Kyung-hoon

April 24, 2019

By Linda Sieg and Kwiyeon Ha

TOKYO (Reuters) – Japan’s Heisei era, which began when Emperor Akihito inherited the throne on Jan. 7, 1989, and ends when he abdicates on April 30, saw economic stagnation, disasters and technological change.

Generations of Japanese lived through those decades. Their differing views and experiences will shape the legacy of the Heisei years.

WARTIME EXPERIENCES

For decades, Haruyo Nihei kept her wartime memories locked away: mothers and infants burnt alive by incendiary bombs; herself struggling under corpses of fleeing victims; her sister’s body covered with maggot-infested burns.

But in 2002, almost six decades after World War Two ended and 13 years after Akihito took the throne, she decided to speak out. The trigger: a visit to a new museum about the March 10, 1945, U.S. firebombing that killed an estimated 100,000 people in Tokyo.

Nihei, now 82, still hopes that by recounting her experience as an eight-year-old in the final days of the conflict, she can convey the horrors of war to young Japanese who know only peace.

“Children today … don’t know anything about war and that’s wonderful. But if they don’t know about how Japan fought a war some 70 years ago, we may follow a mistaken path again,” Nihei told Reuters before speaking to students at the museum.

Preventing Japan from forgetting the tragedy of war has been a consistent priority of Akihito, in the name of whose father, Hirohito, Japanese troops fought World War Two.

Nihei said she admired Akihito’s efforts, including trips to overseas battle sites such as Saipan in 2005 to pray for war dead from Japan and other countries.

“When I saw the image of the emperor and empress (bowing at a seaside cliff) on Saipan, I felt they were truly sorry for the sins the Emperor Showa had committed,” she said, referring to Hirohito by his posthumous name. “I was moved.”

But she worries the wartime past has little resonance for today’s Japanese youth.

“I want them to study about the past properly and link that to the future,” she said.

BURST BUBBLE

For Kenji Saito, Heisei was a time of shocking change and liberating opportunity.

Saito, a former computer systems engineer, was on a business trip in November 1997 when he got a phone call.

“Don’t you work for Yamaichi?” a relative asked.

Media had reported Yamaichi Securities, Japan’s oldest and fourth-largest brokerage, was headed for collapse under the weight of losses hidden for years after the “bubble economy” of soaring asset prices burst.

The image of Yamaichi’s then-president Shohei Nozawa apologizing and crying as he begged for jobs for the firm’s nearly 8,000 employees became a symbol of the financial turmoil that ushered in Japan’s “lost decade” of stagnation.

The Heisei era also saw the unraveling of a lifetime employment system that was once a pillar of the country’s post-war rise.

“No one ever thought Yamaichi would collapse,” said Saito, who had joined the firm as a 22-year-old college graduate.

After the brokerage failed, he worked for a computer systems company run by his former boss. By 2005, he’d had enough of the corporate rat race and left to start a ramen shop that has since expanded to 10 restaurants.

The economic stagnation of much of the era has left a gloomy taste for many, but Saito said he felt liberated.

“I think for myself and can act on my own,” he said. “For me, the Heisei years were good.”

Still, he worries too many Japanese lack entrepreneurial spirit. “People want stability. To put it negatively, they lack the spirit to challenge.”

FUTURE ANGST

A massive natural disaster, technological change, and anxiety about the future are what university student Yuri Harada thinks of when she ponders the Heisei era.

Harada was 11 when a massive 9.0-magnitude earthquake and tsunami hit northeast Japan on March 11, 2011, triggering a nuclear meltdown in Fukushima.

“Even in Tokyo, the shaking was strong and students panicked,” said Harada, 19 and a student at Waseda University. She walked three hours to get home because trains had stopped and later saw the devastation on TV. “It was really shocking.”

In elementary school, Harada longed for a smartphone, just beginning to spread in Japan. At first, her parents said it was too costly, but by the time she was in junior high, the devices were ubiquitous.

“I feel as if the advance of technology corresponded with my growing up,” she said.

Japan is in the midst of a historic labor shortage, but Harada recalled the “employment ice age” her elders suffered through after the economic bubble burst. She is concerned a potential downturn could wreck the job market again.

“Frankly … I worry whether this sellers’ market will persist,” she said.

Longer-term, she worries whether Japan’s social stability will crumble.

Japan this month introduced a visa program to let in more blue-collar workers, a big step in the immigration-shy country.

“If we don’t do this properly, we could follow the same path” as Western countries gripped by anger over immigration, said Harada, who has studied abroad and majors in international relations.

Such fears cloud her hopes for the new “Reiwa” imperial era, which begins on May 1.

“I’d like to be optimistic, but I can’t,” she said.

(Writing by Linda Sieg; Editing by Gerry Doyle)

Source: OANN

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Turkish unemployment surges to almost 10-year high in December-February: stats institute

FILE PHOTO: A street vendor stands next to his stall in front of a jewellery shop in Istanbul
FILE PHOTO: A street vendor stands next to his stall in front of a jewellery shop in Istanbul, Turkey, April 11, 2019. REUTERS/Murad Sezer

April 15, 2019

ISTANBUL (Reuters) – Turkey’s unemployment rate surged to 14.7 percent in the December-February period, its highest level in almost 10 years, data from the Turkish Statistics Institute showed on Monday.

Non-agricultural unemployment stood at 16.8 percent in the same period, the data showed. In the November-January period, unemployment stood at 13.5 percent while non-agricultural unemployment was at 15.6 percent.

Unemployment last stood at 14.7 percent in the February-April period of 2009.

(Reporting by Behiye Selin Taner; Writing by Tuvan Gumrukcu; Editing by Dominic Evans)

Source: OANN

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U.S. lawyer Michael Avenatti arrested in Nike extortion scam: prosecutors

FILE PHOTO: Attorney Michael Avenatti speaks in Chicago
FILE PHOTO: Attorney Michael Avenatti speaks to the media members at the Leighton Criminal Courthouse after R. Kelly was ordered held on a $1 million bond in Chicago, Illinois, U.S., February 23, 2019. REUTERS/Kamil Krzaczynski

March 25, 2019

NEW YORK (Reuters) – Attorney Michael Avenatti, who represented adult film star Stormy Daniels in her legal battles against U.S. President Donald Trump, was arrested on Monday and charged with extorting more than $20 million from Nike, federal prosecutors said.

The U.S. Attorneys offices in New York and Los Angeles separately filed charges against Avenatti, with the California case accusing him of embezzling a client’s money to cover his own debts, as well as using phony tax returns to obtain millions of dollars in loans from a bank.

Avenatti threatened to expose allegations of misconduct from Nike employees unless the apparel company paid him and an unnamed co-conspirator $22.5 million to “buy Avenatti’s silence,” the New York complaint said.

(Reporting by Joseph Ax; Editing by Scott Malone)

Source: OANN

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Newt Gingrich Urges Trump: Don’t Shut Down the Border

Former House Speaker Newt Gingrich Wednesday urged President Donald Trump to keep the U.S-Mexico border open, as the consequences to the economy, the national relationship with Mexico, and to millions of families would be "absurd."

"I would strongly urge the president not to try to shut down the border," Gingrich told Fox News' "Fox and Friends." "We have so many people every day who go back and forth. We have so much economic goods on both sides. It would truly be a mess and it would frankly mess up the very economy he is proud of. You would have tremendous side effects from closing the border."

However, that does not mean the borders should be open to all who want to cross, said Gingrich, while responding to a call from Democratic presidential candidate Julan Castro to decriminalize border crossings and extend amnesty to millions of immigrants.

"I think you have to give him credit for being honest," said Gingrich. "He is for open borders. The truth is the Democratic Party is the open border party. They would welcome any number of immigrants."

Welcoming immigrants would change the nation's healthcare system, its tax structure, and the "very nature of our culture," Gingrich continued. "We have been a very open country with legal immigration. But we have expected people to become Americans. Once you open the border totally, you have no idea 10 years from now what kind of country you are going to live in."

He added that Republicans in the House and Senate should offer plans for commonsense reforms, and force them to a vote in the House through a discharge petition, if necessary.

Source: NewsMax Politics

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Tennessee bill would allow adoption groups to turn away gays

Tennessee lawmakers are working to become the latest state to ensure faith-based adoption agencies can refuse to place children with gay parents and other families because of their religious beliefs with facing any penalties.

The GOP-dominant House on Monday overwhelmingly voted 67-22 in support of the proposal after a brief but tense debate. The bill must now pass the similarly GOP-controlled Senate before it can reach Republican Gov. Bill Lee's desk for final approval.

Lee hasn't said publicly whether he supports the legislation but his religious faith has often been a cornerstone of his political career. Kansas and Oklahoma enacted similar laws last year

Supporters argue that while faith-based adoption agencies in Tennessee have been operating without issue, the move is needed to protect against potential lawsuits hostile to the group's religious beliefs.

Furthermore, if the proposal becomes law, current adoption practices in the state aren't expected to change. Some faith-based agencies already do not allow gay couples to adopt. But this measure would provide legal protections to agencies that do. For example, denied applicants couldn't sue an agency for damages if the religious belief or moral conviction was cited a reason.

"We're doing the same as nine other states have done," said Republican Rep. Tim Rudd of Murfreesboro, the bill's sponsor. "Throughout the country, these faith-based organizations have been sued to the point they're being driven out of business due to costs."

However, opponents counter the measure will give adoption agencies free reign to discriminate against LGBT families, single parents and non-Christians in placing children based on "religious or moral convictions or policies."

Some experts have said same-sex couples are nearly three times as likely to adopt as heterosexual couples.

"We have children across this state looking for loving homes, why are we doing anything to prohibit a loving family or a couple from being able to care of a child and take it in and provide for it, why?" said Democratic Rep. John Ray Clemmons after a brief back and forth with Rudd over the bill's purpose.

In 2011, Illinois declined to renew its state contract with Catholic Charities adoption services due to its policy of refusing child placement to same-sex couples. Catholic Charities has also stopped handling adoptions in Washington D.C., Massachusetts and San Francisco over concerns they would be required to act against their religious beliefs.

___

Follow Kimberlee Kruesi on Twitter at https://twitter.com/kkruesi

Source: Fox News National

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US military vet recounts arrests in Haiti to AP

An American security contractor at the center of a mysterious case roiling Haitian politics says that he and a group of fellow veterans were sent to Haiti on a mission to protect a businessman signing a more than $50 million contract at the country's central bank.

Chris Osman tells The Associated Press that he and six fellow contractors were arrested by Haitian police during what was supposed to be a simple reconnaissance of the route their client would take to the bank the following day.

The 44-year-old retired Navy SEAL says the operations "went bad for us." It's the first on-the-record interview by any of the arrested men.

The contractors' unexplained release and the still-murky nature of their mission have helped fuel political chaos in Haiti.

Source: Fox News World

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New fitness test presents challenges for Army Guard

The Army National Guard is looking for nearly 5,000 fitness instructors and buying roughly $40 million in workout equipment in the next seven months to help its soldiers meet new physical fitness standards being set by the military service.

But even as commanders begin delivering the new 10-pound medicine balls, pull-up bars and hexagon barbells, they also worry whether America's 330,000 citizen soldiers will have the time and the drive to master the new, more grueling Army fitness test.

"For those who are already doing well on their physical fitness test and they have the routine figured out, I think they're going to transition to this new test without any issues," said Army National Guard Lt. Col. Brian Dean, who is responsible for implementing the new test across the Guard. "People who are in those parts of their life where they're still kinda struggling to make the right time for fitness and do fitness in the right ways — this will feel significant."

Could the new physical demands drive soldiers out of the Guard? "It's a concern," Dean said.

Spread out in more than 2,800 armories around the country, members of the Army Guard are required to do weekend duty once a month and a two-week stint during the year. A number of units are also tapped by state governors for help during hurricanes, wildfires, border problems and other events. And, during the peak of the Iraq and Afghanistan wars, Guard units were routinely called up for active-duty deployments to fill needs that couldn't be met by the overstretched active-duty troops in the battle zones.

Still, many Guard members see more limited duty, and are often focused on their full-time jobs and other commitments, which can be hundreds of miles from the nearest military base.

"Ninety percent of my soldiers are part-time," Maj. Gen. Timothy Orr, the adjutant general for the Iowa National Guard, told The Associated Press in an interview. "I think there's apprehension. There's always the question of how are we going to do this with the time that we have, and the equipment we have."

Orr, who has been in the Guard for 40 years, said that a key unanswered issue will be how soldiers with various permanent physical limitations will be treated, particularly those who have served for many years. Under the current fitness test, troops can arrange to substitute certain exercises for ones they can't do.

For example, someone with a knee injury who can't run two miles is able to substitute swimming or bicycling for part of the current fitness test. Orr said the Army is still working through the details, so it's not clear yet how they will handle the matter and whether there will be alternate tests.

"I think we have committed troops today, committed leaders, and folks will step up to the challenge," said Orr, who has about 8,600 Guard soldiers in his state. "There may be select individuals that will say, 'Hey, I've had enough and I want to leave.' But I think we're a professional Army and this is just another of the many challenges we've had, especially over the last 18 years."

The Army's current physical fitness test, which is being replaced by a new more strenuous one, consisted of two minutes of push-ups and sit-ups and a two-mile run. By Oct. 1, Army soldiers will begin taking the new test, which takes about an hour and includes a deadlift, more difficult push-ups, a sled-drag, an array of other exercises, and ends with the two-mile run.

Beginning Oct. 1, 2020, all soldiers will have to routinely pass the new test in order to qualify for their military jobs.

Dean said the Guard wants to give its soldiers a full year to learn and train for the new test. So, all the equipment and trainers must be in place in all the armories by October.

"What we don't want is to have people who never trained on weight-lifting equipment grabbing that stuff and injuring themselves," Dean said.

Orr said he would like to see physical therapists assigned to each state that can help Guard soldiers prevent injuries or help them heal if they get hurt.

Dean said the Army is providing funding for the equipment and Guard leaders are working out how much of it has to be delivered to each armory and state training center. Since units across the country are different sizes and compositions, it will take time to figure out how much equipment each community needs.

The biggest challenge, said Dean, is the timeline — particularly identifying the thousands of trainers needed to staff all of the armories and work with soldiers on the new fitness regime. It takes about two days to get someone certified, and he said that so far only about 500 of the needed 5,000 trainers are in place.

Getting the rest, he said, "is a challenge, but it's not insurmountable."

Source: Fox News National

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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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DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

Source: InfoWars

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