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Houston bounces Ohio State, to face Kentucky next

NCAA Basketball: NCAA Tournament-Second Round-Houston vs Ohio State
Mar 24, 2019; Tulsa, OK, USA; Houston Cougars guard Galen Robinson Jr. (25) and Houston Cougars guard Corey Davis Jr. (5) celebrate after their game against the Ohio State Buckeyes in the second round of the 2019 NCAA Tournament at BOK Center. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports

March 25, 2019

Guard Corey Davis Jr. led a balanced attack with 21 points, and backcourt mate Galen Robinson Jr. had 13 points, five assists and a career-high six steals to lift No. 3 Houston to the Sweet 16 with a 74-59 victory over No. 11 Ohio State on Sunday night in the second round of the Midwest Regional in Tulsa, Okla.

Houston (33-3) will play No. 2 seed Kentucky (29-6) in the round of 16 in Kansas City, Missouri. Kentucky advanced with a 62-56 victory over No. 7 Wofford in Jacksonville, Florida, on Saturday.

Houston led 39-31 at the half but missed its first eight shots of the second half to let Ohio State (20-15) remain within striking distance.

C.J. Jackson’s fourth 3-pointer of the game drew Ohio State within 49-44 with 11:45 left. By that time, the Buckeyes had made 10 of their first 23 attempts from long range.

Ohio State got into the bonus with 9:57 left, but every time the Buckeyes appeared to be making a run, Houston blunted the push with a key basket.

Robinson, a senior leader, broke down the Ohio State defense late in the shot clock for a layup and Davis intercepted a pass in the paint and dribbled the length of the court for another point-blank leaner for a 60-49 Houston lead with 7:27 left.

Ohio State committed turnovers on its first three possessions and on four of its first five, and Houston took advantage to take a slim early lead.

The Buckeyes, however, were uncharacteristically on fire from the perimeter, making eight 3-pointers in the first half, including back-to-back bombs by forward Kaleb Wesson, who normally does most of his damage on the inside.

When Wesson picked up his second foul with 5:44 left in the first half, Ohio State led 27-25. But with Wesson on the bench for most of the rest of the half, Houston went on a 12-6 run and led 39-31 at intermission. Fabian White and Robinson had four points each and Corey Davis Jr. had a 3-pointer in the surge.

Davis, who scored 26 points and made seven 3-pointers in Houston’s first-round rout of Georgia State, led Houston with 11 first-half points.

Despite Ohio State’s 3-point success in the first half, the Cougars pounded Ohio State in the paint, 20-2. The Buckeyes also damaged their chances with eight turnovers in the first 20 minutes. They finished with 14 for the game.

Jackson led Ohio State with 18 points, and forward Wesson added 15.

White had 11 points for Houston, and Armoni Brooks had 10.

–Field Level Media

Source: OANN

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Malaysia backtracks on plans to abolish death penalty

Malaysia's government backtracked Wednesday on abolishing capital punishment, saying instead that the death penalty would no longer be mandatory for selected offenses. Rights groups slammed the reversal and urged it to reconsider.

Deputy Law Minister Hanipa Maidin made the announcement in parliament but didn't give any reasons for the change. He was quoted by the country's Bernama news agency as saying the death penalty would not be mandatory for 11 offenses but courts would have discretion to impose such sentences for those crimes.

N. Surendran, adviser to rights group Lawyers for Liberty, said it was a "complete U-turn" from the government's announcement in October that it planned to abolish the death penalty for all of the nearly three dozen offenses for which it was applicable.

The total abolition plan had been widely praised internationally and he said the sudden reversal was "shocking, unprincipled and embarrassing." He said it appeared to be motivated by fear of a political backlash and slammed the government for "moral cowardice."

"In short, the government sacrificed principle on the altar of political expediency," he said in a statement. He urged the government to reconsider its decision. He said the death penalty is not a deterrent for serious crime and noted that a wrongful conviction is irreversible.

The Malaysian Coalition Against the Death Penalty echoed the call for the government to review its decision. The group voiced concern that there are no protections for the vulnerable and no sentencing guidelines for the court to consider in deciding whether to hand down a death sentence.

"So long as the death penalty exists within our system, there is no guarantee that an innocent or vulnerable person will not be wrongly sentenced and executed," it said.

The two groups also urged the government to maintain its current moratorium on all executions and review the case of every prisoner on death row.

___

This story has been edited to correct that courts will be given discretion to hand down the death sentence for the 11 offenses.

Source: Fox News World

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Texas mother accused of selling son gets 6 years in prison

A Texas woman accused of selling her 7-year-old son and planning to sell her two other children to settle a drug debt has been sentenced to six years in prison.

Esmeralda Garza of Corpus Christi was sentenced Friday after taking a plea deal. She was convicted on three counts of selling or purchasing a child. She also was convicted of money laundering and conspiracy to sell or purchase a child.

Last June investigators discovered her son had been sold for $2,500. Investigators also learned that she had planned to sell her two daughters, ages 2 and 3, as well — all to pay off a drug debt.

Source: Fox News National

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Israel's Supreme Court bans Jewish extremist from election

Israel's Supreme Court has banned the leader of a Jewish ultranationalist party from running in the country's April elections.

Reversing the decisions of Israel's elections committee earlier this month, the court ruled Sunday to bar Jewish Power party leader Michael Ben Ari in an 8-1 vote, citing his anti-Arab ideology, and approve an Arab party and leftist candidate.

The court upheld the candidacy of Itamar Ben-Gvir, a far-right lawyer and fellow leader of Jewish Power.

Jewish Power's leaders are successors of the late rabbi Meir Kahane, who advocated expelling Arabs from Israel and creating a Jewish theocracy.

In a widely-criticized bid to unite Israel's nationalist bloc, Prime Minister Benjamin Netanyahu struck a bargain last month that could pave the way for the extremist party to join Israel's next governing coalition.

Source: Fox News World

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Vols’ Barnes new target in UCLA search: reports

NCAA Basketball: NCAA Tournament-South Regional-Purdue vs Tennessee
Mar 28, 2019; Louisville, KY, United States; Tennessee Volunteers head coach Rick Barnes reacts during the first half in the semifinals of the south regional against the Purdue Boilermakers of the 2019 NCAA Tournament at KFC Yum Center. Mandatory Credit: Jamie Rhodes-USA TODAY Sports

April 8, 2019

UCLA’s search for a head basketball coach has taken a new turn, with multiple media outlets reporting that Tennessee coach Rick Barnes, fresh off guiding the Volunteers to the Sweet 16, is the new front-runner.

ESPN reports there is interest from Barnes, who on Sunday was named the 2019 Naismith Coach of the Year, and from the school.

The Los Angeles Times Barnes has already interviewed with school officials, and cited a source close to Barnes that said the coach would accept the job if it is offered.

Barnes is coming off a 31-6 record at Tennessee in his fourth year there. He is 88-50 and has taken the Volunteers to the NCAA Tournament for the last two seasons.

UCLA fired coach Steve Alford in December, when the Bruins were 7-6 and had home losses to Belmont and Liberty, among others. Murry Bartow coached the team on an interim basis.

The Bruins finished the season 17-16, including 9-9 in the Pac-12 Conference.

The previous coach believed to be UCLA’s target was TCU’s Jamie Dixon. The Times reported that the Bruins wanted no part of paying TCU $8 million to buy out Dixon’s contract.

ESPN reported UCLA was interested in Virginia’s Tony Bennett, but the school didn’t want to wait for the NCAA Tournament to conclude before finding its coach. Virginia plays Monday night against Texas Tech for the national championship.

Other reports over the weekend appeared to tie Oklahoma coach Lon Kruger to the UCLA opening, going so far as to say Kruger also had already interviewed, but he issued a statement saying he has not had contact with the school.

Multiple reports indicated also that the search previously focused on Kentucky coach John Calipari, with the Times relaying a contract offer of $45 million over six years. Calipari eventually signed what’s been called a “lifetime” contract to stay at Kentucky.

Barnes’ overall coaching record is 692-364, with stops at George Mason, Providence, Clemson and Texas before Tennessee. He spent 17 seasons in Texas, going 402-180, but drew criticism for his teams not going deep into the NCAA Tournament despite 16 appearances.

–Field Level Media

Source: OANN

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Pakistanis protest acquittal of 4 in India train attack

Family members of Pakistanis killed in an Indian train explosion are protesting an Indian court's acquittal of four Hindus charged with triggering the blasts 12 years ago, which killed 68 passengers.

At a rally in the eastern city of Lahore on Monday, relatives chanted: "We want justice," and called on Prime Minister Imran Khan to take the matter to the International Court of Justice.

Last week, an Indian court ruled investigators had not conclusively proved that the accused were guilty.

In 2007, two coaches of the Samjhauta Express, or Friendship Express, were engulfed in flames while traveling from New Delhi to Atari, the last station before the Pakistan border. Most of those killed were Pakistani citizens.

Thousands of travelers use this train service each year.

Source: Fox News World

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Fugitive arrested 16 years after killing Florida retirees in drunken-driving crash on Easter

A fugitive on the run since 2008 has been captured in Costa Rica 16 years after he drove drunk and killed a retired married couple on Easter in Miami.

Henry de la Hoz, 46, was turned over to U.S marshals and was set to begin serving a 12-year prison sentence in Florida.

In 2003, de la Hoz, then 30, had been drinking at a sports bar in Miami when he fell asleep at the wheel and drove into a car of churchgoers on their way to Easter mass, killing married couple Victor and Olga Lisabet and injuring others, the Miami Herald reported.

Olga and Victor Lisabet, left were killed by Henry de la Hoz, right, in a drunken-driving crash back in 2003. De la Hoz was captured in Costa Rica over 15 years later.

Olga and Victor Lisabet, left were killed by Henry de la Hoz, right, in a drunken-driving crash back in 2003. De la Hoz was captured in Costa Rica over 15 years later. (Miami Dade Jail)

TOURISTS, EASTER WORSHIPPERS LAMENT CLOSURE OF NOTRE DAME

It was a relief to the family who had been waiting nearly two decades for justice. The Lisabets' son had planned to break the news of his first child the day of the crash, and the couple would never get to hear they were grandparents.

“I didn’t lose hope,” Victor J. Lisabet, 63, the couple’s son, told the Miami Herald. “I was going to spend the rest of my life looking for him.”

A slow legal process caused five years to go by before de la Hoz eventually pleaded guilty in 2008. The judge gave him a week to get his life in order before he served his term, which gave him the time to flee the United States before his sentencing. The children of Olga and Victor Lisabet and others waited for de la Hoz in the courthouse to talk about the lives of their deceased parents, but he never showed up.

“We were waiting and waiting and waiting,” the former Miami Dade president of Mothers Against Drunk Drivers, Diane Holmes, told the Miami Herald. “It became very clear he was not going to show up. It was another crushing blow for the family.”

As years went by, the case stayed open because of prosecutor Suzanne Von Paulus, who kept in contact with detectives and federal marshals, as the Miami Herald reported. In March 2016, U.S Marshals discovered de la Hoz living in Costa Rica and teamed with Interpol to take him down.

They found he had created a whole new life in his eight years on the run.

DRUNKEN DRIVING SUSPECT SPRAYED BODY SPRAY IN MOUTH TO HIDE ALCOHOL SMELL, POLICE SAY

De la Hoz had a wife and 10-month old son, worked in construction and was a tattoo artist. He even started a foundation that helped children learn about martial arts.

He was arrested by Interpol in March, with U.S. Marshals picking him up after Costa Rica kicked him out of the country. He fought extradition but wasn't successful.

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“Henry would like to tell the family that he is sorry,” said his defense attorney, Sabrina Puglisi. “He knows his leaving was the wrong thing to do. He is here to serve his sentence.”

De la Hoz was booked in the Turner Guilford Knight Correctional Center in Miami Dade last Tuesday.

Source: Fox News National

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

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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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