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‘City of lights’ plunged into dark sorrow as Notre-Dame burns

Fire at Notre Dame Cathedral in Paris
People watch as fire fighters douse flames of the burning Notre Dame Cathedral in Paris, France April 15, 2019. REUTERS/Benoit Tessier

April 15, 2019

By Leigh Thomas

PARIS (Reuters) – Distraught Parisians and stunned tourists gazed in disbelief on Monday as a monstrous inferno tore through Paris’ Notre-Dame cathedral, one of the world’s best-loved monuments.

Thousands of onlookers lined bridges over the Seine and along the river’s embankments, held at a distance by a police cordon as the blaze engulfed the cathedral’s roof.

“I’m devastated,” said Elizabeth Caille, 58, who lives close to the cathedral. “It’s a symbol of Paris. It’s a symbol of Christianity. It’s a whole world that is collapsing.”

As dark fell over the French capital, orange flames rising through the heart of the 12th century Gothic cathedral cast an eerie glow through its stained-glass windows and against its stone towers.

Dumbstruck observers stood rooted to the spot as the scale of catastrophe sunk in, questioning whether the cathedral would survive the night as clouds of acrid-smelling smoke rose into the sky. Some were visibly moved.

“It will never be the same” said 30-year-old Samantha Silva, tears welling in her eyes as she explained how she would always take foreign friends visiting Paris to the cathedral.

Built over a century starting around the year 1160, historians consider Notre-Dame to be among the best examples of French Gothic cathedral architecture.

Notre Dame survived being ransacked by rioting Huguenots in the 16th century, pillaging during the French Revolution of the 1790s and being left in a state of semi-neglect until Victor Hugo’s 1831 novel “The Hunchback of Notre-Dame”, which led to renewed interest in the cathedral and a major restoration which began in 1844.

The cathedral continued to be used as a place for national mourning in modern-day France. World leaders attended memorial services held for former presidents Charles de Gaulle and Francois Mitterrand.

“It’s horrible, it’s 800 years of history gone up in smoke,” said German tourist Katrin Recke.

As fire-fighters raced to save priceless artworks, centuries-old gargoyles and the cathedral’s northern tower, world leaders expressed sorrow and grief in messages to the French people.

“Notre-Dame belonged to all humanity. What a tragic spectacle. What horror. I share the French nation’s sadness,” tweeted Jean-Claude Juncker, president of the European Union’s executive Commission.

Former U.S. presidential candidate Hillary Clinton wrote: “My heart goes out to Paris. Notre-Dame is a symbol of our ability as human beings to unite for a higher purpose – to build breathtaking spaces for worship that no one person could have built on their own.”

(Reporting by Leigh Thomas, Writing by Richard Lough, Editing by Robin Pomeroy)

Source: OANN

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13 killed in military helicopter's crash in Kazakhstan

Officials in Kazakhstan say a military helicopter has crashed on a training flight, killing all 13 people on board.

The Defense Ministry said the helicopter went down Wednesday in the Zhalagash region in southern Kazakhstan, east of the Aral Sea.

It added that the Mi-8 helicopter was part of a formation flying from Aktau on the Caspian Sea to Shymkent near the border with Uzbekistan, as part of special forces' drills.

The ministry said it wasn't immediately clear if there were any survivors, but Kazakhstan's interim President Kassym-Jomart Tokayev later tweeted that all those aboard have died.

Tokayev said he ordered an official probe into the crash's reason.

Source: Fox News World

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Thousands rally against leaders in Serbia, Montenegro

Thousands of people have rallied in Serbia against populist President Aleksandar Vucic after political tensions soared last weekend when protesters burst into the state TV building angry over the station's reporting that they view as biased.

Whistle-blowing crowds on Saturday returned in front of the public broadcaster's headquarters in downtown Belgrade but the gathering passed without incidents.

Scuffles with police erupted inside the TV building last Saturday, and again last Sunday when demonstrators encircled the presidency building. Eighteen people were detained.

The incidents were the first in months of protests that started after thugs beat up an opposition politician in November. The demonstrators are demanding Vucic's resignation, free elections and media and more democracy.

Thousands also rallied Saturday in neighboring Montenegro demanding resignation of long-serving President Milo Djukanovic.

Source: Fox News World

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China’s economy still faces downward pressure: premier

Chinese Premier Li Keqiang attends a meeting with International Monetary Fund (IMF) Managing Director Christine Lagarde at the Diaoyutai State Guesthouse in Beijing
Chinese Premier Li Keqiang attends a meeting with International Monetary Fund (IMF) Managing Director Christine Lagarde (not pictured) at the Diaoyutai State Guesthouse in Beijing, China April 24, 2019. Parker Song/Pool via REUTERS

April 24, 2019

BEIJING (Reuters) – China’s economy still faces downward pressure and the government will counter such pressure by deepening reforms and cutting taxes, state television quoted Premier Li Keqiang as saying on Wednesday.

The government will keep economic growth within a reasonable range, Li said.

(Reporting by China monitoring desk and Kevin Yao; Editing by Robert Birsel)

Source: OANN

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Freedom Caucus to Drug CEOS: Dem Probe Data Leaks Could Hurt Stock Prices

House Republicans are reportedly warning drug companies that complying with a Democratic-led committee probe of drug prices could potentially hurt their stock prices.

GOP Reps. Jim Jordan of Ohio and Mark Meadows of North Carolina — leaders of the conservative House Freedom Caucus —sent letters to CEOs of 12 drug companies, implying leaks by House Oversight Committee head Rep. Elijah Cummings, D-Md., could hurt the companies, BuzzFeed News reported.

Cummings requested information in January as part of a probe into how the industry sets prescription prices, the news outlet noted. But the conservative lawmakers warned what’s being sought is sensitive data “that would likely harm the competitiveness of your company if disclosed publicly.” 

They accuse Cummings of “releasing cherry-picked excerpts from a highly sensitive closed-door interview” conducted in an investigation into White House security clearances. “This is not the first time he has released sensitive information unilaterally,” their letter states.

Cummings pushed back, saying about the top Republican on his committee: “Rep. Jordan is on the absolute wrong side here.”

“He would rather protect drug company ‘stock prices’ than the interests of the American people,” Cummings said in his statement, the news outlet reported.

Jordan’s office argued the letter doesn’t tell companies not to respond to Cummings’ requests, but encourages their cooperation with “responsible and legitimate” oversight, BuzzFeed News reported. 

Related Stories:

Source: NewsMax Politics

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U.S. retail sales post biggest gain in one-and-a-half years in March

FILE PHOTO: People shop at Macy's Department store in New York
FILE PHOTO: People shop at Macy's Department store in New York City, U.S., March 11, 2019. REUTERS/Brendan McDermid/File Photo

April 18, 2019

WASHINGTON, (Reuters) – U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start.

The Commerce Department said on Thursday retail sales surged 1.6 percent last month. That was the biggest increase since September 2017 and followed an unrevised 0.2 percent drop in February.

Economists polled by Reuters had forecast retail sales would accelerate 0.9 percent in March. Retail sales in March advanced 3.6 percent from a year ago.

With March’s rebound, retail sales have now erased December’s plunge, which had put consumer spending and the overall economy on a sharply lower growth trajectory. Retail sales last month were probably lifted by tax refunds, even though they have been smaller than in previous years, following the revamping of the U.S. tax code in January 2018.

Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.0 percent in March after a downwardly revised 0.3 percent decline in February. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

They were previously reported to have decreased 0.2 percent in February. Consumer spending accounts for more than two-thirds of economic activity, and strong core retail sales in March could result in the further upgrading of first-quarter GDP estimates.

Growth forecasts for the first quarter were boosted to around a 2.4 percent annualized rate on Wednesday after data showed the U.S. trade deficit narrowed for a second straight month in February.

First-quarter growth forecasts have been raised from as low as a 0.5 percent rate following fairly upbeat reports on trade, inventories and construction spending. The economy grew at a 2.2 percent pace in the fourth quarter.

A report from the Federal Reserve on Wednesday described the economic activity as expanding “at a slight-to-moderate pace in March and early April. The Fed’s “Beige Book” report of anecdotal information on business activity collected from contacts nationwide showed a “few” of the U.S. central bank’s districts reported “some strengthening.”

Stronger growth in the first quarter will probably not change the view that the economy will slow this year as the stimulus from a $1.5 trillion tax cut package diminishes and the impact of interest rates hikes over the last few years lingers.

In March, sales at auto dealerships jumped 3.1 percent, the most since September 2017. Receipts at service stations increased 3.5 percent, likely reflecting higher gasoline prices. Sales at building materials and garden equipment and supplies dealers rose 0.3 percent.

Receipts at clothing stores shot up 2.0 percent, the largest increase since last May. There were also increases in sales at furniture outlets, electronics and appliances shops, and food and beverage stores.

Online and mail-order retail sales increased 1.2 percent last month. Sales at restaurants and bars rose 0.8 percent, the most since last July. But receipts at hobby, musical instrument and book stores fell 0.3 percent.

(Reporting by Lucia Mutikani Editing by Paul Simao)

Source: OANN

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House Dems criticize Trump's wall, try to override his veto

House Democrats accused President Donald Trump on Tuesday of wasting money on outdated border barriers and violating the Constitution to do it, but they seemed headed toward defeat in an effort to override Trump's first veto.

In the legislative finale of a showdown that's been building for months, Democrats were trying to annul Trump's declaration of a national emergency at the Mexican border. But they seemed sure to fall short of the two-thirds majority required for veto overrides to succeed.

Congress passed legislation voiding the emergency earlier this month, but Trump vetoed it almost immediately. Under the declaration, Trump wants to shift $3.6 billion from military construction projects to erecting barriers. Building a wall along the boundary was one of his most oft-repeated campaign promises, though he claimed the money would come from Mexico, not taxpayers.

Rep. Peter DeFazio, D-Ore., said spending money on "a stupid, static wall" was a waste of money. Rep. Joaquin Castro, D-Texas, called Trump's action "constitutional vandalism" because Congress has the power to control spending.

Republicans said Trump was merely exercising his legal authority to declare emergencies and said Democrats were going too far.

Rep. Paul Mitchell, R-Mich., called the Democratic effort "a partisan whack job" that would fall short. And Rep. Tom McClintock, R-Calif., said Trump was acting to defeat the efforts of the "radical left in this House that would dissolve our borders entirely if given the chance" — a position that no Democrats have taken.

When Congress voted initially to block Trump's emergency declaration , it drew unanimous opposition from Democrats and opposition from some Republicans, especially in the Senate , where lawmakers objected that he was abusing presidential powers.

But while Congress approved a resolution voiding Trump's move, the margins by which the House and Senate passed the measure fell well short of the two-thirds majorities that will be needed to override the veto.

"The president will be fine in the House," said Minority Leader Kevin McCarthy, R-Calif., in a brief interview. "The veto will not be overridden."

Even with his veto remaining intact, Trump may not be able to spend the money for barriers quickly because of lawsuits that might take years to resolve.

Tuesday's vote was coming as Trump claimed a different political triumph after Attorney General William Barr said special counsel Robert Mueller had ended his two-year investigation without evidence of collusion by Trump's 2016 campaign with the Russian government.

Democrats were hoping to use the border emergency battle in upcoming campaigns, both to symbolize Trump's harsh immigration stance and claim he was hurting congressional districts around the country.

The Pentagon sent lawmakers a list last week of hundreds of military construction projects that might be cut to pay for barrier work. Though the list was tentative, Democrats were asserting that GOP lawmakers were endangering local bases to pay for the wall.

Congress, to which the Constitution assigned control over spending, voted weeks ago to provide less than $1.4 billion for barriers. Opponents warned that besides usurping Congress' role in making spending decisions, Trump was inviting future Democratic presidents to circumvent lawmakers by declaring emergencies to finance their own favored initiatives.

Trump supporters said he was simply acting under a 1976 law that lets presidents declare national emergencies. Trump's declaration was the 60th presidential emergency under that statute, but the first aimed at spending that Congress explicitly denied, according to New York University's Brennan Center for Justice, which tracks the law.

The House approved the resolution blocking Trump's emergency by 245-182 in February. On Tuesday, Trump opponents will need to reach 288 votes to prevail.

Just 13 Republicans opposed Trump in February, around 1 in 15. Another 30 would have to defect to override his veto.

This month, the GOP-led Senate rebuked Trump with a 59-41 vote blocking his declaration after the failure of a Republican effort to reach a compromise with the White House. Republicans were hoping to avoid a confrontation with him for fear of alienating pro-Trump voters.

Twelve GOP senators, nearly 1 in 4, ended up opposing him.

If the House vote fails, the Senate won't attempt its own override and the veto will stand.

Source: Fox News National

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

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But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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