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Pew: 41 States Have Recovered From Great Recession

Forty-one states collected enough in tax revenues in the third quarter of 2018 to be considered recovered from the Great Recession, boosted in part by a strong economy and implementation of President Donald Trump's 2017 federal Tax Cuts and Jobs Act, according to data from the Pew Charitable Trust's Fiscal 50 project, The Hill reports.

Some of the gains could be short-lived, though, as the 2017 tax law "introduced uncertainty into state collections trends as both states and taxpayers adjusted to the federal changes," per Pew.

"The surge shows signs of fading. Growth over the last 4 quarters has been slowing," Justin Theal, a researcher at Pew and a co-author of the report, said. 

Overall, the states collectively brought in 13.4% more revenue in the third quarter than they did during the pre-recession peak after adjusting for inflation, and 5.7% more in the third quarter compared with a year earlier.

The result: a turnaround year for many states that struggled through the weakest two years of growth – outside of a recession – in at least 30 years.

The largest source of total state tax revenue – personal income taxes – was up 5.5% while sales taxes also showed "strong growth" with a 4% increase, according to Pew.

Source: NewsMax America

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Mueller Report Will Be Released By “Mid-April, If Not Sooner”, AG Barr Says

Update: In response to Barr’s letter announcing the upcoming release of a redacted version of the Mueller report, Chairman Nadler said: “As I informed the Attorney General..Congress requires the full and complete Mueller report, without redactions, as well as access to the underlying evidence, by April 2.  That deadline still stands.”

Attorney General William Barr wrote a Friday letter in response to Senate Judiciary Chair Lindsey Graham (R-SC) and House Judiciary Chairman Jerrold Nadler (D-NY) notifying them that a redacted copy of the Mueller report will be delivered to Congress, then available to the public, by mid-April “if not sooner.” 

Everyone will soon be able to read it on their own,” wrote Barr.


Alex Jones breaks the news that Joseph Farah, founder and editor-in-chief of World Net Daily, has suffered a serious stroke. Patriots around the world, please send him your prayers.

Barr says that his office is working with Special Counsel Robert Mueller to redact sensitive information which could affect ongoing matters, infringe on someone’s personal privacy or information which could compromise the DOJ’s sources and methods of investigation.

The report will be nearly 400 pages, while Barr writes that there is no plans to let the White House review it beforehand.

“Although the president would have the right to assert privilege over certain parts of the report, he has stated publicly that he intends to defer to me and, accordingly, there are no plans to submit the report to the White House for a privilege review.”

Barr also disputes the characterization that a four-page letter released on Sunday was a “summary” of Mueller’s report.

“My March 24 letter was not, and did not purport to be, an exhaustive recounting of the Special Counsel’s investigation or report,” writes Barr. “As my letter made clear, my notification to Congress and the public provided, pending release of the report, a summary of its “principal conclusions” — that is, its bottom line. The Special Counsel’s report is nearly 400 pages long (exclusive of tables and appendices) and sets forth the Special Counsel’s findings, his analysis, and the reasons for his conclusions. . . . I do not believe it would be in the public’s interest for me to attempt to summarize the full report or to release it in serial or piecemeal fashion.”

Barr then says he will be available to testify in front of Congress on May 1 and 2.

Source: InfoWars

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Bermuda’s premier confident of removal from EU tax haven blacklist

Bermuda Premier David Burt and Finance Minister Curtis Dickinson issue statements before a group of business leaders shortly after the EU added the island to a tax haven blacklist at the Cabinet Office in Hamilton
Bermuda Premier David Burt and Finance Minister Curtis Dickinson (L) issue statements before a group of business leaders shortly after the EU added the island to a tax haven blacklist at the Cabinet Office in Hamilton, Bermuda March 12, 2019. REUTERS/Emma Farge

March 12, 2019

By Emma Farge

HAMILTON (Reuters) – Bermuda’s Premier David Burt on Tuesday called the European Union’s decision to put the British overseas territory on a list of global tax havens “a setback” but said he was confident it would soon be reversed.

“The news from Brussels this morning is a setback for Bermuda,” a grave-faced Burt told local journalists at a news conference, flanked by business leaders.

“Bermuda is compliant and we are confident that within a matter of weeks that will be accepted by EU member states and Bermuda will be removed from this list,” he added.

The 28-nation EU set up the so-called blacklist in December 2017 after revelations of widespread tax avoidance schemes used by corporations and wealthy individuals to lower tax bills.

EU governments adopted a broadened blacklist of tax havens on Tuesday, adding 10 jurisdictions to the updated list. They are: Bermuda, the Dutch Caribbean island of Aruba, Barbados, Belize, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica.

Blacklisted jurisdictions face reputational damage and stricter controls on their financial transactions with the EU, although no EU sanctions have yet been agreed by European states.

In an effort to meet an EU deadline, the self-governing island passed legislation in December that obliges companies domiciled in Bermuda to have a “substantial economic presence,” granting some firms a grace period for implementation.

While Britain had pushed other EU states not to include Bermuda on the list, it lifted its objections after the European Commission argued that the island has “been playing games” to dodge EU requirements, according to minutes of a meeting of EU envoys on the matter.

Burt rejected that assertion, saying the impression arose due to a “technical omission which was rectified in good time.”

Jurisdictions are added to the tax haven blacklist if they have shortfalls in their tax rules that could favor tax evasion in other states. They are removed from the blacklist if they commit to reforms by set deadlines.

Bermuda was required to change its tax rules by the end of February, but added new loopholes in revised legislation and did not provide a final text by the deadline, according to the commission.

Burt denied the deadline was missed and said its legislation was perceived by businesses as more stringent than other jurisdictions.

The north Atlantic island, which is also a major reinsurance hub, has far fewer companies on its registry than other British territories like the Cayman Islands and British Virgin Islands which have more than 100,000 each.

But Bermuda made headlines in recent months when documents filed at the Dutch Chamber of Commerce revealed that Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill.

Asked whether Bermuda should consider banning Google, owned by Alphabet Inc, Finance Minister Curtis Dickinson said: “We would like to encourage Google to help us through this by establishing a more substantive presence in Bermuda.”

He added that Bermuda, which has already opened a government office in Brussels, will also send officials to Paris and Berlin in the coming weeks to defend the island’s position.

(Reporting by Emma Farge; writing by Anthony Esposito; Editing by Tom Brown)

Source: OANN

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Former Canadian minister says more revelations to come in scandal surrounding Trudeau

FILE PHOTO: Jane Philpott, when she was newly appointed president of the Treasury Board, in Ottawa, Ontario, Canada
FILE PHOTO: Jane Philpott, when she was newly appointed president of the Treasury Board, signs a book in Ottawa, Ontario, Canada, January 14, 2019. REUTERS/Patrick Doyle/File Photo

March 21, 2019

By David Ljunggren

OTTAWA (Reuters) – A Canadian cabinet minister, who had quit in protest over the government’s handling of a corruption scandal, said she and others had more to say about the matter, indicating more pain to come for embattled Prime Minister Justin Trudeau.

Trudeau has been on the defensive since Feb. 7 over allegations that top officials working for him leaned on former justice minister, Jody Wilson-Raybould, last year to ensure that construction firm SNC-Lavalin Group Inc avoided a corruption trial.

“There’s much more to the story that should be told,” former treasury board president, Jane Philpott, told Macleans’ magazine in an interview released on Thursday.

“I believe we actually owe it to Canadians as politicians to ensure that they have the truth,” she said. Philpott added that she and Wilson-Raybould had more to say but did not elaborate further. Philpott, a close political ally of Wilson-Raybould, quit on March 4.

Trudeau has denied any political interference to protect SNC-Lavalin from a bribery trial.

The crisis may threaten Trudeau’s reelection chances in the upcoming October vote. Polls show Trudeau’s center-left Liberals, who as recently as January looked certain to win the election, could lose to the official opposition Conservatives.

As well as the two ministers, the affair has claimed Trudeau’s closest political aide and the head of the federal bureaucracy. A Liberal legislator who backed Wilson-Raybould quit on Wednesday to sit as an independent.

Trudeau suffered further potential embarrassment on Thursday when SNC-Lavalin Chief Executive Neil Bruce denied he had told government officials that 9,000 jobs could be at risk if the firm was found guilty of offering bribes to Libyan officials.

Trudeau has often referred to the 9,000 potential job losses as a reason for helping the firm, which wanted to take advantage of new legislation to pay a large fine rather than be prosecuted.

“Until we are able to put this behind us, it’s pretty difficult to grow our Canadian workforce,” Bruce told the Canadian Broadcasting Corp. on Thursday.

Asked whether he had mentioned a specific number of jobs that could be at risk, he replied: “No, we never gave a number.”

A court conviction would bar SNC-Lavalin from bidding on federal government contracts for 10 years.

Bruce added that if the company’s share price continued to suffer, it might become a takeover target. He played down comments by officials that the company might move abroad.

SNC-Lavalin’s headquarters are in the populous province of Quebec, where the Liberals say they need to pick up more seats in the October election to retain a majority government.

Trudeau has dismissed calls for a public inquiry, noting the House of Commons justice committee was probing the matter. That committee – dominated by Liberal legislators – shut down its inquiry on Tuesday, saying no more action was needed.

In protest, the Conservatives forced the House to sit through the night on Wednesday casting votes on hundreds of confidence motions. The marathon continued into Thursday.

“We’ll keep fighting and we hope Canadians join us in this cause and raise their voices,” Conservative legislator Michelle Rempel told reporters.

(Reporting by David Ljunggren; Editing by Bernadette Baum)

Source: OANN

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Australia says tensions with Turkey ease after WWI remarks

Australian Prime Minister Scott Morrison says tensions between his country and Turkey have eased after conciliatory comments from President Recep Tayyip Erdogan's office on Wednesday.

A diplomatic row flared in the wake of Friday's gun massacre at two mosques in New Zealand, when Erdogan warned Australians and New Zealanders going to Turkey with anti-Muslim views would return home in coffins, like their ancestors who fought at Gallipoli in World War I.

Morrison slammed the comments as "highly offensive," but on Wednesday a spokesman for Erdogan said the president's words were "taken out of context," saying he'd framed them "in a historical context" since he was speaking near commemorative sites near the Gallipoli.

Morrison told reporters Thursday progress had been made over the row after a "moderation of the president's views."

Source: Fox News World

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Swedbank chairman quits over money laundering scandal

FILE PHOTO: Swedbank Acting CEO Karlsson and Chairman of the Board Idermark attend a news conference in Stockholm
FILE PHOTO: Swedbank Acting CEO Anders Karlsson and Chairman of the Board Lars Idermark attend a news conference in Stockholm, Sweden March 28, 2019. REUTERS/Johan Ahlander/File Photo

April 5, 2019

By Johannes Hellstrom and Helena Soderpalm

STOCKHOLM (Reuters) – Swedbank Chairman Lars Idermark has quit only a week after the lender’s chief executive was ousted over her handling of a money laundering scandal, saying the controversy threatened to distract from his role as head of forestry group Sodra.

The bank, Sweden’s biggest mortgage lender, had fired its CEO Birgitte Bonnesen last week only an hour before a heated annual shareholder meeting marked by disgruntled investors rounding on her handling of the money laundering allegations.

Allegations against Swedbank, largely reported by Swedish TV, have linked it to a scandal at Danske Bank, which faces potential lawsuits, fines and sanctions after admitting last year that 200 billion euros ($225 billion) of suspicious payments had flowed through its Estonian branch between 2007 and 2015.

“Following recent strong debate about Swedbank and questions about the bank’s control of suspicious money laundering in the Baltics, I have concluded that the media attention is not compatible with my CEO role at Sodra,” Idermark said in a statement on Friday.

“Therefore, I have decided that the best alternative is to leave the position as chair of Swedbank with immediate effect.”

In connection with last week’s meeting, where many investors were vocal in their criticism of the bank’s management, third-largest shareholder Alecta had warned it could demand further dismissals if the board did not take immediate action to restore confidence in the bank.

“It’s a welcomed and expected decision, but it’s shouldn’t have taken so long; it would have been better if he resigned before the AGM,” Swedish Shareholders’ Association chief Joacim Olsson told Reuters.

Olsson called on the bank to put all cards on the table, including internal investigations into its dealings in the Baltics.

Alecta on Friday said that the Swedbank nomination committee should continue to strengthen the board.

“They need to be thorough, but it shouldn’t take too long,” an Alecta spokesman said.

Both Bonnesen and Idermark had been under fire for the bank’s communications and how they have handled the allegations, which have sparked a four-way investigation by regulatory authorities in Sweden, Estonia, Latvia and Lithuania. Swedbank shares, meanwhile, have lost about a third of their value.

The shares were unchanged at 146.50 Swedish crowns by 0805 GMT on Friday, having recovered from a seven-year low of 127.2 crowns set on March 29 when the departure of its CEO was announced.

The committee in charge of the bank’s executive appointments said it would intensify work on strengthening the board, including finding a new chairman. The board said it would call a special shareholder meeting to confirm any appointment.

($1 = 0.8908 euros)

(Reporting by Helena Soderpalm and Johannes Hellstrom; Additional reporting by Johan Ahlander; Editing by David Holmes and David Goodman)

Source: OANN

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European shares little changed before U.S. jobs data

The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 4, 2019. REUTERS/Staff

April 5, 2019

(Reuters) – European shares were little changed on Friday as investors waited for a closely watched U.S. jobs report and trade talks between China and the United States continued.

The pan-region STOXX 600 index was up 0.1 percent at 0730 GMT, set for its best weekly rise in three weeks. Most European markets were higher, but Germany’s tariff-sensitive DAX slipped lower.

German industrial output rose in February, some good news for Europe’s largest economy. All eyes will now be on the U.S. non-farm payrolls report for March due later in the day, which is expected to show a recovery from February’s 17-month low.

U.S. President Donald Trump said a U.S.-China trade deal could be announced within four weeks, but he warned China it would be difficult to let trade continue without an agreement.

More complications arose for a possible merger of Deutsche Bank and Commerzbank. The European Central Bank will ask Deutsche Bank to raise fresh funds before it gives the go-ahead for the deal, a source told Reuters.

The demand could complicate a bid to create Europe’s third-largest bank out of Germany’s top two lenders, who have struggled to recover since the financial crisis.

Shares of both banks were slightly higher.

SES shares jumped more than 6 percent after the company’s successful launch of medium earth orbit satellites.

Swiss producer and supplier of polymers and chemicals Ems Chemie climbed 5 percent after it beat first-quarter net sales target.

Ladbrokes owner GVC Holdings Plc shares rose after it posted 8 percent growth in quarterly net gaming revenue.

Hammerson Plc dragged down STOXX 600 real estate shares after Jefferies trimmed its price target for the British shopping centre operator.

Zurich Insurance Group AG shares came under pressure as it traded ex-dividend.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru, editing by Larry King)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

Source: OANN

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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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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