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EU sugar rises as regional market tightens, world prices languish

A farmer harvests a sugar beet field in Puits-la-Vallee
A farmer harvests a sugar beet field in Puits-la-Vallee, northern France, November 17, 2017. REUTERS/Benoit Tessier

April 8, 2019

By Maytaal Angel

LONDON (Reuters) – Spot sugar prices in the European Union are recovering from last year’s record lows as world prices languish, prompting a pick-up in imports to one of the few global regions where output is slumping.

The EU sugar market is restructuring, with Europe’s biggest sugar refiner Suedzucker planning to shut five plants next season in a bid to combat overproduction, which soared in 2017/18 after the EU scrapped output and export quotas.

Spot EU white sugar prices were at 422 euros ($474) a tonne in late March, according to price provider S&P Global Platts, while global white sugar prices on ICE are currently at around $330 a tonne, not far off the 2018 decade low of $307.50.

(Graphic: EU versus global white sugar prices – https://tmsnrt.rs/2WKQfre)

The rise in spot EU prices is not captured in official European Commission data, which shows average prices at end-January at 312 euros a tonne based on invoices paid by buyers who booked their purchases at the start of the season.

“Commission price data is lagged. At sugar conferences at the moment people talk of low European prices, but in the real world prices have firmed up quite a bit and should continue to do so,” said John Stansfield, a sugar analyst at Group Sopex.

The rise in prices follows a poor EU harvest that has left output for the 2018/19 season at around 18 million tonnes, down some 3 million tonnes from 2017/18. The 2019/20 EU harvest is also seen at around 18 million tonnes following reduced beet plantings.

EU sugar stocks meanwhile slumped to 12.7 million tonnes at the end of January from 15.2 million a year earlier, European Commission data shows.

(Graphic: EU sugar stocks – https://tmsnrt.rs/2CUZYDQ)

“The EU market is gradually turning into a balanced situation, which is encouraging. Nobody is making money at these prices,” said Julian Price, consultant at julianprice.com and former trader at ED&F Man.

Suedzucker, which plans to reduce output by 700,000 tonnes per year starting next season, expects to make another operating loss in its sugar segment of 200-300 million euros in 2019/20. France’s Tereos, the world’s second-largest sugar maker, expects a full-year loss for 2018/19.

Agritel analyst Francois Thaury said the EU spot price rise was for now hurting regional sugar makers, many of which sold forward expecting a bumper crop and have been left scrambling for spot supplies to fill sales obligations.

They should eventually benefit, he said, but noted that EU sugar imports were also rising, meaning prices were capped and could come off the boil.

Sugar imports into the EU were at 163,000 tonnes in January, around double the year-earlier level, European Commission data shows. Although the imports are capped by a tariff regime, allocated tariff-free flows can still work to cool the market.

(Graphic: EU sugar imports – https://tmsnrt.rs/2WOOs4D)

For the non-EU market, reduced output in a key consuming region such as Europe comes as welcome relief to exporters scrambling for new markets.

Analysts expect the global sugar market to record a deficit of 1.9 million tonnes in 2019/20, but following years of surplus, stockpiles are plentiful, keeping prices stubbornly range-bound near decade lows.

(Graphic: World sugar market balance – https://tmsnrt.rs/2CWQVCh)

(Reporting by Maytaal Angel; Editing by Nigel Hunt and Dale Hudson)

Source: OANN

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Pope’s Good Friday meditation to focus on human trafficking

Pope Francis is dedicating this year's Good Friday meditations to victims of human trafficking.

The Vatican said Friday that Francis had asked an Italian nun who rescues migrant women forced to work as prostitutes to compose the meditations. They will be read aloud at the torch-lit ritual re-enacting Christ's crucifixion at Rome's Colosseum on April 19, the Friday before Easter.

Sister Eugenia Bonetti is a well-known campaigner in the field of human trafficking.

Francis has frequently denounced migrant smugglers as "merchants of human flesh," who exploit the most desperate in society for their own gain.

Earlier this week, the Vatican announced details of another Holy Week ritual, saying Francis would travel to a prison outside Rome to celebrate the Holy Thursday washing-of-the-feet with 12 inmates.

Source: Fox News World

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Prayers, hymns, community shared in firelight of Notre Dame

Some kneeled, some folded their hands to make silent entreaties. Others sang with their eyes focused on the sky that had gone from blue to yellow and orange, and filled with acrid smoke.

In an impromptu act of togetherness and hope, Parisians and people just visiting France's charismatic capital came together to pray for Notre Dame as a fire quickly advanced through the cathedral.

The blaze that engulfed Notre Dame brought memories and sorrow to people around the world who had seen or dreamed of seeing the church known for its sculpted gargoyle guards and place in literary history. But emotions might have run highest in the crowd outside another Gothic church, not far from where Notre Dame burned.

In front of the Saint-Julien-des-Pauvres church, a couple hundred people knelt in prayer in the middle of a larger group. More voices joined an unceasing communal hymn sung mostly a cappella, though accompanied at one point by two violins.

"The cathedral is more than walls. It's a symbol of Catholic France," said Paris resident Gaetane Schlienger, 18, who tried to climb a tree near the vigil. "But I have a lot of friends who are not Catholic, and for them it also has a huge impact."

Schlienger said she comes to Notre Dame nearly every week because gazing at it "you feel in security, in peace. It's magnificent."

The cathedral also called to Quentin Salardaine, 25, a doctor from Paris, as flames devoured it and colored the sky.

"I think this building just symbolizes Paris, no matter if you're Catholic or not. I'm not," Salardaine said. "I'm just here because I couldn't stay at my place just knowing that this thing is happening and there are people gathering, singing this religious anthem."

Elsewhere in Paris, hundreds, and then thousands of people lined the banks of the Seine River around the small island on which Notre Dame stands, watching in disbelief and horror.

The flames spread along the roof at the back of the structure. The spire burned and fell.

The fire chief in Paris reported crews were struggled to contain the fire, which progressed into the cathedral's wooden interior and one of the architecturally distinctive towers. Streams of water from fire hoses whipped across the exterior.

Even after firefighters started getting a handle on the blaze, bits of flame could be seen from the Left Bank still licking above exposed walls where the roof used to be. Lights moving past the huge stained-glass windows at the front of Notre Dame appeared to be guiding investigators doing inspections.

Later, an Associated Press reporter got a glimpse inside the cathedral. The only illumination inside the darkened structure came from a glowing red hole in the soaring ceiling. Hours earlier, the spire had risen from that spot into the Paris skyline. Streams of sparks instead spilled onto the floor where the church choir usually stands.

Outside Saint-Julien-des-Pauvres, people kept approaching the spontaneous chorus. Blandine Bouret, 68, said she knew the neighborhood well. Her grandfather had a small store on a street in the shadow of Notre Dame. Her father had an engraving boutique nearby.

"It's terrible, it's catastrophic. This is the soul of Paris," Bouret said.

Americans Lucy Soule and her father Win, of Freeport, Maine, felt lucky to have visited Notre Dame an hour before flames engulfed it. Lucy Soule, 22, said it also felt "weird."

"Now you can smell it burning," she said of the monument she'd stood in so recently.

Her father said, "I feel sorry for the people tomorrow. They won't be able to see it."

Source: Fox News World

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Sudan activists: ‘Regime’ kills 16 after al-Bashir’s ouster

Sudanese activists say 16 people, including a soldier, have been killed since the military forced President Omar al-Bashir from power on Thursday following months of protests.

The Sudan Doctors Committee, an affiliate of the Sudanese Professionals Association, which has been spearheading the protests, said Saturday that 13 people were shot dead on Thursday and three others, including the soldier, were killed Friday. It says they died "at the hands of regime forces and its shadow militias."

Sudanese police said late Friday that the 16 were killed by "stray bullets," and that at least 20 people were wounded at rallies and sit-ins across the country.

Activists have welcomed al-Bashir's ouster while calling for a swift transition to a civilian government, with many fearing the military intends to retain power.

Source: Fox News World

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Norwegian Air sells two planes as it puts profitability over growth

FILE PHOTO: CEO of Norwegian Group speaks during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina
FILE PHOTO: Bjorn Kjos, CEO of Norwegian Group, speaks during the presentation of Norwegian Air first low cost transatlantic flight service from Argentina at Ezeiza airport in Buenos Aires, Argentina, March 8, 2018. REUTERS/Marcos Brindicci/File Photo

April 3, 2019

OSLO (Reuters) – Norwegian Air has sold two of its Boeing 737-800 aircraft as part of its shift in emphasis from rapid growth toward profitability, the budget carrier said on Wednesday.

Norwegian last month said it would postpone sales of six other aircraft of the same model, however, to help offset the impact of the worldwide grounding of Boeing 737 MAX jets.

Under its fleet renewal program, loss-making Norwegian aims to sell older aircraft, often replacing them with new, more fuel-efficient models.

The carrier, which recently raised 3 billion Norwegian crowns ($351 million) in cash from shareholders, said on Wednesday the sale of the two planes would boost its liquidity by a further $21 million after debts are repaid.

“The sale is in line with the company’s strategy of capitalizing on the scale built up over the last few years and the changed focus from growth to profitability,” Norwegian said in a statement.

The company had 164 aircraft in its fleet at the end of 2018.

(Reporting by Terje Solsvik; Editing by Mark Potter)

Source: OANN

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U.S. blacklists Venezuela bank Bandes after arrest of Guaido aide

A man stands outside the Bandes bank headquarters in Caracas
A man stands outside the Bandes bank headquarters in Caracas, Venezuela March 22, 2019. REUTERS/Carlos Garcia Rawlins

March 22, 2019

By Lesley Wroughton

WASHINGTON (Reuters) – The United States imposed sanctions on Venezuela’s development bank, Bandes, a day after the Trump administration warned there would be consequences for the arrest by Venezuelan authorities of opposition leader Juan Guaido’s top aide.

The U.S. Treasury said on Friday it was slapping the sanctions on Banco de Desarrollo Economico y Social de Venezuela, including its subsidiaries in Uruguay and Bolivia.

Congress head Guaido, who invoked the constitution to assume the interim presidency in January, has accused Bandes of being used by President Nicolas Maduro’s government to funnel money outside Venezuela.

The White House said in a statement it was committed to preventing Maduro’s government from stealing Venezuela’s resources and from arresting those pushing for political change.

Venezuela’s information ministry did not immediately respond to a request for comment.

Guaido’s chief of staff, Roberto Marrero, was detained in a pre-dawn raid on Thursday, sparking vows of reprisals from the United States, which along with most Western countries backs Guaido as Venezuela’s rightful leader.

“The United States will not tolerate the arrest of peaceful democratic actors, including members of the democratically-elected Venezuelan National Assembly and those Venezuelans working with interim President Juan Guaido,” the White House said in a statement.

The U.S. Treasury said Maduro tried to move $1 billion out of Venezuela through Banco Bandes Uruguay in early 2019 as he came under increasing pressure from the United States and other countries in the region to step down.

Bandes has received billions of dollars over the past decade from the China Development Bank, in exchange for oil, which the Venezuelan government used to fund infrastructure projects.

Uruguay has stayed neutral on Venezuela’s political crisis and has called for dialogue, while China, Russia and regional ally Cuba have backed Maduro.

But the sanctions on Bandes could test Beijing’s ties with Caracas, since it would impede Venezuela from restructuring its $20 billion debt with China, opposition lawmaker Angel Alvarado said on Friday.

“That makes it even less likely that China will step in to save Maduro,” Alvarado wrote on Twitter. Guaido and his allies have repeatedly argued that China and Russia are more likely to collect on their loans to Venezuela with Maduro out of office.

The sanctions freeze assets belonging to the bank and its subsidiaries, and prevent U.S. citizens from any dealings with Bandes. They follow a raft of other sanctions imposed by the administration of U.S. President Donald Trump in recent months against Maduro, top government officials, and state oil firm PDVSA.

Trump’s national security adviser John Bolton tweeted: “BANDES bank is to Venezuela’s financial sector what PDVSA is to its oil sector. This action will severely affect any attempted currency movements by Maduro and his cronies moving forward. Do not test the resolve of this Administration.”

Maduro’s government accuses Washington of waging a “economic war” to force them from power and has said that the sanctions only harm regular Venezuelans.

The United States also on Friday imposed sanctions on other state-owned Venezuelan banks, including Banco de Venezuela and Banco Bicentenario. It said that Visa, Mastercard and American Express would be prohibited from facilitating transactions involving those banks, beginning in March 2020.

(Reporting by Lesley Wroughton, additional reporting by Angus Berwick and Luc Cohen in Caracas, Editing by Rosalba O’Brien)

Source: OANN

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Iranians prepare for holiday of Nowruz, or Persian New Year

Iranians are preparing for the annual Nowruz holiday that marks the Persian New Year and the arrival of spring.

The holiday, dating back to at least 1700 B.C. and ancient Zoroastrian traditions, is the most important event in the Iranian calendar and is widely celebrated forms across the territories of the old Persian empire, from the Mideast to Central Asia.

Many Tehran residents were busy on Wednesday shopping and preparing to host family and friends over Nowruz. Street vendors pop up every year in crowded city areas, offering lower prices.

Iran is facing an economic crisis in the wake the U.S. pullout from the nuclear deal with Tehran and re-imposed sanctions. Iran's currency, the rial, has plummeted, sending prices skyrocketing and wiping out many people's life savings.

Source: Fox News World

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FILE PHOTO: Chevron's Michael Wirth speaks at Gastech, the world's biggest expo for the gas industry, in Chiba
FILE PHOTO: Chevron’s Michael Wirth speaks at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

April 26, 2019

HOUSTON (Reuters) – Chevron Corp on Friday pushed back at the potential for a rival to break up its $33 billion deal for Anadarko Petroleum Corp, saying the two companies had already begun meetings on a merger plan.

Occidental Petroleum on Thursday sought to scuttle the proposed deal, submitting a higher, $38 billion cash-and-stock offer for Anadarko. Anadarko’s board said on Thursday it would evaluate the new proposal.

“I’ll just remind everyone that we’ve got a signed deal that has been approved by both boards and we’ve moving forward with integration planning,” said Chevron Chief Executive Michael Wirth on a conference call with analysts. He said a “sizeable” group of employees had already met.

Wirth declined to say whether Chevron would raise its offer in light of Occidental’s higher bid. Chevron has the ability revise the structure of its 75 percent stock, 25 percent cash bid, Chevron finance chief Pierre Breber said on the same call. “We could put more cash in if that’s what Anadarko wanted to do,” he said.

(Reporting by Gary McWilliams; Editing by James Dalgleish)

Source: OANN

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FILE PHOTO: Naqvi Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the WEF in Davos
FILE PHOTO: Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich/File Photo

April 26, 2019

By Tom Arnold

LONDON (Reuters) – A London court case to extradite Arif Naqvi, founder of collapsed private equity firm Abraaj Group, to the United States on fraud charges was adjourned until May 24, a court official said on Friday.

Naqvi was remanded in custody until that date, the official said. A former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, was released on conditional bail to appear again at Westminster Magistrates Court on June 12, the official said.

Under the U.S. charges, both men are accused of defrauding U.S. investors by inflating positions held by Abraaj in order to attract greater funds from them, causing them financial loss, the official said.

Vettivetpillai could not be reached for a comment.

Naqvi, in a statement released through a PR firm, has pleaded innocent.

The U.S. Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from U.S.-based charitable organizations and other U.S. investors.

Naqvi and Vettivetpillai were arrested in Britain earlier this month. Another executive, Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant U.S. Attorney Andrea Griswold said at a hearing in Manhattan federal court on April 11.

Abdel-Wadood appeared at the Manhattan hearing and pleaded not guilty to securities fraud, wire fraud and conspiracy charges.

(Editing by Jane Merriman)

Source: OANN

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Former Vice President Joe Biden announces his 2020 candidacy
Former U.S. Vice President Joe Biden announces his candidacy for the Democratic presidential nomination in this still image taken from a video released April 25, 2019. BIDEN CAMPAIGN HANDOUT via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

April 26, 2019

By James Oliphant

WASHINGTON (Reuters) – Former U.S. Vice President Joe Biden, in his first interview as a Democratic presidential candidate, said on Friday that he does not believe he treated law professor Anita Hill badly during the 1991 confirmation hearings for Supreme Court Justice Clarence Thomas.

Biden had joined the burgeoning 2020 Democratic field a day earlier.

Biden’s conduct during those hearings, when he was chairman of the U.S. Senate Judiciary Committee, became a renewed subject of controversy after the New York Times reported that Biden had called Hill earlier this month in the run-up to his presidential bid and that Hill was dissatisfied with Biden’s expression of regret.

Appearing on ABC’s “The View,” Biden largely defended his actions as a senator almost 30 years ago, saying he believed Hill’s allegations of sexual harassment levied at Thomas and tried to derail his confirmation.

Activists have long been unhappy that Hill was questioned in graphic detail by the all-white, all-male committee chaired by Biden.

“I’m sorry she was treated the way she was treated,” Biden said, but later, he asserted, “I don’t think I treated her badly. … How do you stop people from asking inflammatory questions?”

“There were a lot of mistakes made across the board and for those I apologize,” he said.

Biden praised Hill as “remarkable” and said she is “one of the reasons we have the #MeToo movement.”

Asked why he had not reached out to Hill earlier, Biden said he had previously publicly stated he had regrets about her treatment and that he “didn’t want to quote invade her space.”

That seemed to be a reference to another controversy that looms over Biden’s presidential run: allegations by several women that he made them uncomfortable by touching them at political events.

Biden also addressed that criticism, saying he was now more “cognizant” about a woman’s “private space.” But he maintained that he had been “trying to bring solace.”

He suggested he was still trying to sort out the guidelines for his conduct going forward.

“I should be able to read better,” he said. “I have to be more careful.”

Pressed by the show’s panel for an apology to his accusers, Biden would not entirely capitulate.

“So, I invaded your space,” he replied. “I mean, I’m sorry this happened. But I’m not sorry in a sense that I think I did anything that was intentionally designed to do anything wrong or be inappropriate.”

Biden, 76, served as former President Barack Obama’s vice president for two terms. He is competing with 19 others for the Democratic presidential nomination and the chance to likely face President Donald Trump next year in the general election.

His first public event as a presidential candidate is scheduled for Monday in Pittsburgh.

(Reporting by James Oliphant; editing by Jonathan Oatis)

Source: OANN

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FILE PHOTO: The logo of Tesla is seen in Taipei
FILE PHOTO: The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. REUTERS/Tyrone Siu/File Photo

April 26, 2019

By Noel Randewich

SAN FRANCISCO (Reuters) – Tesla Inc’s stock slumped over 4% on Friday to its lowest price in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.

With investors betting Tesla will soon raise capital, the stock has fallen 13% for the week to its lowest level since January 2017, before the launch of the Model 3 sedan aimed at making the electric car maker profitable.

One positive development for Tesla: a U.S. District Court judge on Friday granted a request by Musk and the Securities and Exchange Commission for a second extension to resolve a dispute over Musk’s use of Twitter.

On Wednesday, Tesla posted a worse-than-expected loss of $702 million for the March quarter. Musk said Tesla would return to profit in the third quarter and that there was “some merit” to raising capital.

Musk is still battling to convince investors that demand for the Model 3, the company’s first car aimed at the mass consumer market, is “insanely” high, and that it can be delivered efficiently to customers around the world.

Tesla ended its first quarter with $2.2 billion, down from $3.7 billion in the prior quarter, and the company is planning expansions including a Shanghai factory, an upcoming Model Y SUV, and other projects.

(GRAPHIC: Tesla’s cash – https://tmsnrt.rs/2DyJjX6)

On Monday, Musk hosted a self-driving event, where he predicted Tesla would have over a million autonomous vehicles by next year. Some analysts perceived the presentation as a way to deflect attention from questions about demand, margin pressure, increasing competition and even Musk’s ongoing battle with U.S. regulators.

Tesla’s stock has now fallen 29 percent in 2019 and the company’s market capitalization has declined to $41 billion from $63 billion in mid-December.

(GRAPHIC: Tesla’s declining market cap – https://tmsnrt.rs/2Dwd62r)

Analysts now expect Tesla’s revenue to expand 19% in 2019, compared with 83% growth in 2018 and 68% growth in 2017, according to Refinitiv.

Following Tesla’s quarterly report, 12 analysts recommend selling the stock, while 11 recommend buying and eight are neutral. The median analyst price target is $275, up 16% from the stock’s current price of $236. Berenberg analyst Alexander Haissl has the most optimistic price target, at $500, while Cowen and Company’s Jeffrey Osborne has the lowest, at $160, according to Refinitiv.

(Reporting by Noel Randewich; editing by Jonathan Oatis)

Source: OANN

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Former CIA Director John Brennan pushed back Friday on President Trump’s charge that he knew about or participated in an attempt to overthrow the American government.

“I don’t think it’s surprising at all that we continue to hear the sociopathic ramblings of Mr. Trump claiming that there was this effort to try to prevent him from being elected or to unseat him,” he told MSNBC’s Hallie Jackson.

Brennan was reacting to comments Trump made during an interview with Sean Hannity on Thursday night.

Trump specifically criticized Brennan, along with former Director of National Intelligence James Clapper, former FBI Director James Comey, and former Deputy FBI Director Andrew McCabe, in the fiery interview.

ROSENSTEIN SLAMS OBAMA ADMINISTRATION FOR CHOOSING ‘NOT TO PUBLICIZE FULL STORY’ OF RUSSIA HACKING

His comments followed the release of Special Counsel Robert Mueller‘s report which stopped short of accusing the president of either obstruction of justice or collusion with Russia.

Brennan added he welcomed further investigation into his and other officials’ conduct while they served in government. “I’ve testified in front of Congress … Absolutely, I’ll do it again,” he said.

Brennan also disputed Sen. Rand Paul’s, R-Ky., claim that he “insisted that the unverified and fake Steele dossier be included in the Intelligence Report.”

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Journalist Bob Woodward similarly promoted the idea that the CIA pushed to include the Steele dossier in the intelligence community assessment surrounding Russian election interference.

“That’s absolutely incorrect and 180 degrees from the truth. It was CIA that was pushing not to have it included and not to be taken into account at all in that intelligence community assessment.

Source: Fox News Politics

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