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Composer Ramin Djawadi makes his ‘Game of Thrones’ swan song

A large replica of the iron throne is seen at Rockefeller Center before the premiere of the final season of
A large replica of the iron throne is seen at Rockefeller Center before the premiere of the final season of "Game of Thrones" at Radio City Music Hall in New York, U.S., April 3, 2019. REUTERS/Caitlin Ochs

April 8, 2019

By Rollo Ross

LOS ANGELES (Reuters) – Global smash hit television series “Game of Thrones” is about to come to an end, and composer Ramin Djawadi is one of the few people who knows how it all goes down.

Not that he is saying anything. Such is the secrecy around the final season that Djawadi hasn’t even played the music for his wife ahead of the Season 8 premiere on HBO on April 14.

“I watched it by myself and was just floored at what’s happening,” Djawadi told Reuters Television. “I immediately go ‘How am I going to paint this musically and what am I going to do with my score?’ knowing that this is it for me.”

The German-Iranian composer wrote the score for all seven prior seasons of the medieval fantasy about warring families, dragons and zombies in the fictional kingdom of Westeros.

Using cellos to anchor the score, Djawadi, 44, wrote musical themes for dozens of different characters as well as the rival households.

“I liked the tone of the cello, the range of the cello. It can play really low, and this show being primarily a dark show, I just felt it was a great melody instrument for that,” he said.

Flutes were banned and the piano only made its entrance in the Season 6 finale with the haunting “Light of the Seven” theme when Queen Cersei is silently plotting mass revenge.

Djawadi, who won an Emmy in 2015 for his “Game of Thrones” work, said the no-flute rule came from early discussions with TV series creators David Benioff and D.B. Weiss.

“It really came from the idea that this is a fantasy period piece and we don’t want to have medieval flutes,” Djawadi said.

With its vast cast, “Game of Thrones” is known for the often brutal deaths of beloved characters. Djawadi said he was still traumatized by the burning at the stake of Princess Shireen in 2015, and the loss of gentle giant Hodor three years ago.

“I write from my heart because that’s how I really feel at that moment and it gets quite emotional for me. Sometimes I do have to take a step away and take a moment and work on something else,” he said.

“I think it will be very hard for me to say goodbye to these themes and to the show and the music. How exactly I feel when I do, I just don’t know yet.”

(Reporting by Reuters Television; Editing by Sandra Maler)

Source: OANN

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New Zealand, France plan bid to tackle online extremism

Man holds laptop computer as cyber code is projected on him in this illustration picture
A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration

April 23, 2019

WELLINGTON (Reuters) – In the wake of the Christchurch attack, New Zealand said on Wednesday that it would work with France to bring together countries and tech companies in an effort to stop social media from being used to promote terrorism and violent extremism, .

Prime Minister Jacinda Ardern said in a statement that she will co-chair a meeting with French President Emmanuel Macron in Paris on May 15 that will seek to have world leaders and CEOs of tech companies agree to a pledge, called the Christchurch Call, to eliminate terrorist and violent extremist content online.

A lone gunman killed 50 people at two mosques in Christchurch on March 15, while livestreaming the massacre on Facebook.

Brenton Tarrant, 28, a suspected white supremacist, has been charged with 50 counts of murder for the mass shooting.

“It’s critical that technology platforms like Facebook are not perverted as a tool for terrorism, and instead become part of a global solution to countering extremism,” Ardern said in the statement.

“This meeting presents an opportunity for an act of unity between governments and the tech companies,” she added.

The meeting will be held alongside the Tech for Humanity meeting of G7 digital ministers, of which France is the chair, and France’s separate Tech for Good summit, both on 15 May, the statement said.

Ardern will also meet with civil society leaders on May 14 to discuss the content of the call.

Facebook Inc, the world’s largest social network with 2.7 billion users, has faced criticism since the Christchurch attack that it failed to tackle extremism.

One of the main groups representing Muslims in France has said it was suing Facebook and YouTube, a unit of Alphabet’s Google, accusing them of inciting violence by allowing the streaming of the Christchurch massacre on their platforms.

Facebook Chief Operating Officer Sheryl Sandberg said last month that the company was looking to place restrictions on who can go live on its platform based on certain criteria.

“Social media platforms can connect people in many very positive ways, and we all want this to continue,” said Ardern.

“But for too long, it has also been possible to use these platforms to incite extremist violence, and even to distribute images of that violence, as happened in Christchurch. This is what needs to change,” she said.

(Reporting by Praveen Menon; Editing by Cynthia Osterman)

Source: OANN

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Morocco looks to French as language of economic success

Students wearing mortar board hats wait to receive their degree diplomas, following a graduation ceremony for students at University of Rabat
Students wearing mortar board hats wait to receive their degree diplomas following a graduation ceremony for students at University of Rabat, Morocco, February 2, 2019. Picture taken February 2, 2019. REUTERS/Youssef Boudlal

February 18, 2019

By Ahmed Eljechtimi

RABAT (Reuters) – Morocco’s economy is getting lost in translation.

With so many students dropping out of university because they don’t speak French, the government has proposed reintroducing it as the language for teaching science, maths and technical subjects such as computer science in high schools.

It also wants children to start learning French when they start school.

The country’s official languages are Arabic and Amazigh, or Berber. Most people speak Moroccan Arabic – a mixture of Arabic and Amazigh infused with French and Spanish influences.

In school, children are taught through Arabic although they don’t use it outside the classroom. When they get to university, lessons switch to French, the language of the urban elite and the country’s former colonial masters. Confused? Many are.

Two out of three people fail to complete their studies at public universities in Morocco, mainly because they don’t speak French.

The linguistic morass has stymied economic growth and exacerbated inequalities in the North African country, where one in four young people are unemployed and the average annual income runs at approximately $3,440 per person, according to the International Monetary Fund (IMF) – less than a third of the world average.

The plans to broaden the teaching of French go to the heart of Morocco’s national identity.

They would overturn decades of Arabisation after independence from France in 1956 and have triggered a furor in parliament, where members of the Islamist PJD party, the senior partner in the coalition government, and the conservative Istiqlal party view them as a betrayal.

The disagreement has delayed a vote on the changes.

“Openness to the world should not be used as an excuse to impose the primacy of French,” said Hassan Adili, a PJD lawmaker.

Proponents say the changes reflect the reality that French reigns supreme in business, government and higher education, giving those who can afford to be privately schooled through French a huge advantage over the majority of the country’s students.

“In the Moroccan job market, mastery of French is indispensable. Those who do not have command of French are considered illiterate,” said Hamid El Otmani, head of talent and training at the Confederation of Moroccan Employers.

Even before parliament votes on the changes, Education Minister Said Amzazi has okayed the roll-out of French in some schools, declaring its use in teaching scientific subjects as an “irreversible choice”.

Like many Moroccan politicians, his children received a private education.

“When decision-makers start sending their children to public schools, only then can we say that we have a successful education system,” said Jamal Karimi Benchekroun of the co-ruling socialist PPS party.

Amzazi did not respond to a Reuters request for comment.

Frustration over jobs and poverty has fueled periodic protests in Morocco, but the country has avoided the sort of instability suffered by other North African states, where pent-up anger has triggered uprisings and provided fertile ground for Islamist extremism.

King Mohammed VI, the ultimate power in Morocco, has proven adept at introducing limited reforms in response to popular protest. He has spoken publicly about the need to teach foreign languages to students to reduce unemployment and has made the economy a top priority.

Last year, he sacked the minister for finance after calling on the government to do more to boost investment.

C’EST LA VIE

Problems with language are not unique to Morocco. In neighboring Algeria, another former French colony, students are also schooled in Arabic only to be greeted “en francais” in university and the workplace.

French’s pre-eminence reflects Paris’ continuing influence in the region. France is the biggest foreign direct investor in Morocco and large companies such as carmakers Renault and Peugeot employ tens of thousands of people.

Privately-run universities such as the International University of Rabat (UIR) have courses geared toward high-growth industries such as aerospace and renewable energy and offer tuition in French and English.

But a year at UIR can cost up to $10,000 in fees, way beyond the budget of most Moroccans. They go instead to non-fee paying public universities, where the abrupt transition to studying in French is frequently a burden for students and their lecturers.

“Sometimes we find ourselves giving French language courses during economy classes,” said Amine Dafir, economy professor at Hassan II University, a public institution in Mohamedia, near Casablanca.

Hamid Farricha, 37, dropped out of his applied physics and computer science degree at Hassan II University during the first year. He dreamed of becoming an engineer but the language barrier meant he struggled to keep up.

Trying to find Arabic translations for French scientific words was a drain on his time.

He switched instead to studying mechanics at a vocational school. He still had to master French to get hired.

“The biggest challenge after earning my diploma was writing a CV and sitting for job interviews in French,” Farricha told Reuters.

He got a job as a technician at a plant repairing car frames, paid below Morocco’s minimum monthly salary of 2570 dirhams, or $270.

Farricha was one of the lucky ones. Morocco’s economy cannot absorb all the young people looking for work. Around 280,000 graduates entered the labor force last year but only 112,000 jobs were created.

The unemployment rate for graduates is 17 percent, above the national rate of 9.8 percent, according to data from Morocco’s planning agency.

Morocco’s reliance on small and medium-sized companies which do not typically employ graduates, and austerity drives which have cut public sector jobs are part of the reason for the high rate of graduate unemployment.

The education system is also failing to prepare students for work.

In addition to high dropout rates, Moroccan students score badly compared to peers on international tests, and at university level, students oversubscribe to social science fields at the expense of technical subjects, according to an IMF report in late 2017. That means many don’t have the skills employers are looking for when they graduate.

Even for roles not requiring a degree, French is a must. On the French website of Morocco’s job promotion agency, almost all employers were looking for French speakers, including for jobs as guards, waiters, cooks and drivers.

Determined to get ahead, Farricha worked on his French while employed at the plant. He read newspapers and books in his spare time and gave himself a daily list of new expressions and vocabulary to learn.

He went back to university in 2014 for a degree in French law and is studying for a masters in diplomacy and international arbitration.

To meet his living costs, he teaches French to other students.

(Editing by Ulf Laessing and Carmel Crimmins)

Source: OANN

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Google Cloud hires another Oracle veteran for top role

FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London
FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay

March 11, 2019

By Paresh Dave

SAN FRANCISCO (Reuters) – Alphabet Inc’s Google Cloud has hired Amit Zavery to lead one of its engineering teams, a company spokeswoman confirmed on Monday, making him the highest-ranking Oracle executive to reunite with former Oracle President Thomas Kurian since he became Google Cloud’s chief executive.

Zavery left last week as executive vice president for Oracle cloud platform. He started on Monday as a Google Cloud vice president of engineering and will lead the Apigee team, the spokeswoman said.

Oracle Corp declined to comment.

Zavery worked at Oracle for about 24 years, starting as a software engineer and most recently looking over a portfolio of application development tools for cloud computing customers. Some analysts estimate that the portfolio, combined with fees from hosting data on the cloud, will generate $2.1 billion in revenue for Oracle during its fiscal 2019.

Google gained some similar tools through its $625 million acquisition of Apigee in 2016. Apigee Chief Executive Chet Kapoor, who became a vice president at Google, is remaining with the company, the spokeswoman said.

Zavery will help Google add to its tools platform, which helps businesses develop applications for their workers or customers.

Kurian last month said Google Cloud would focus on trying to win business from the biggest companies in a handful of industries by offering them a wider variety of specialized services. Google is a distant No. 3 to Amazon.com Inc and Microsoft Corp in selling cloud storage and services.

Kurian spent 22 years at Oracle before leaving last year and joining Google shortly after.

(Reporting by Paresh Dave; Editing by Lisa Shumaker)

Source: OANN

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Chicago mayor urges Trump to 'sit on the sidelines' in the Smollett case

Mayor Rahm Emanuel on Thursday emphatically urged President Trump to butt out of the ongoing drama over embattled "Empire" actor Jussie Smollett.

“My recommendation is the president go to Opening Day baseball, sit on the sidelines and stay out of this," Emanuel told a group of reporters.

The mayor then called Chicago a "Trump-free zone" and blamed the president for creating a "toxic" and "hate-filled" environment that allowed Smollett to think he could get away with faking a hate crime.

TRUMP SAYS DOJ, FBI TO REVIEW OUTRAGEOUS DECISION TO DROP CHARGES IN JUSSIE SMOLLETT CASE 

Emanuel is a frequent critic of the president, who said this week he'd have federal authorities look into the tangled Smollett case. The mayor said Trump and Smollett are part of the same "vicious, toxic cycle," a cycle he wants to break.

The exiting mayor also suggested that Smollett write a $130,000 check to Chicago with "I'm accountable for the hoax" written on the memo line.

Smollett was accused of faking an anti-black, anti-gay hate crime against himself in order to drum up publicity for his role on a Fox television show. Denying the claims of fraud, he maintained that on Jan. 29, two men beat him, poured bleach on him and placed a rope around his neck before yelling, "This is MAGA country" (a blunt reference to Trump's campaign slogan "Make American Great Again").

A week before the alleged attack, Smollett told authorities he received a threatening letter at work. Chicago police believe he made that up, too.

CAN JUSSIE SMOLLETT MAKE A COMEBACK, CRISIS MANAGEMENT EXPERTS WEIGH IN

The Smollett saga gained new energy this week when prosecutors unexpectedly announced they would drop the 16-count indictment against the actor.

CHICAGO PROSECUTOR KIM FOXX CHIDED BY NATIONAL ATTORNEYS GROUP AFTER JUSSIE SMOLLETT CHARGES DROPPED 

The surprise dismissal triggered a swift backlash from the mayor and police chief, with many observers asking the same question: Why isn't Smollett being forced to admit what prosecutors had said they could prove in court — that the entire assault story was a concocted publicity stunt?

Trump, wading into the Smollett saga, said he'd asked federal law enforcement officials to look into Smollett's case.

“I think the case in Chicago is an absolute embarrassment to our country, and I have asked that they look at it,” Trump told reporters on the White House lawn. Earlier Thursday, he tweeted that he wanted federal authorities to investigate.

There has been no word from the FBI or the Justice Department on whether they're investigating the matter.

CLICK HERE FOR THE FOX NEWS APP

After the city delivered a letter to Smollett's legal team seeking $130,000 from the actor,  Smollett's lawyers demanded an apology from Emanuel and Chicago Police Superintendent Eddie Johnson for "dragging an innocent man's character through the mud."

Cook County State’s Attorney Kim Foxx's has defended her office's actions but said dropping the charges "in no way exonerates" Smollett.

Source: Fox News National

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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

April 26, 2019

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

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

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

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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

April 26, 2019

By Aditi Shah and Abhirup Roy

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

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

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

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

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

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

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

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

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

INCREASING CAPACITY

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

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

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

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

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

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

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

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

DOMESTIC GAINS

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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Source: InfoWars

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