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Pakistani official: Powerful rainstorm in northwest kills 6

A Pakistani government official says a powerful rainstorm with heavy winds across the country's northwest killed at least six people overnight.

Taimur Khan, a spokesman for the provincial Disaster Management Authority said on Wednesday that several people were also injured in the storm in the Khyber Pakhtunkhwa province that borders Afghanistan.

He says many houses were damaged and some of the areas in the province were without electricity for hours but the situation is now under control.

Seasonal dust storms and rains often damage houses in Pakistan, causing casualties.

The country's monsoon season begins in July and torrential rains trigger flash floods every year in Pakistan.

Source: Fox News World

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Ukrainian comedian a step closer to taking office for real

Volodymyr Zelenskiy has no political experience, but that's no problem for the people of Ukraine who have already seen him performing the role of president.

In a striking example of fiction morphing into reality, the 41-year-old comic actor seems set to take the top office for real, following in the footsteps of the man he plays in a wildly popular television series — an ordinary teacher who becomes an unlikely president and succeeds in bringing the country together.

Zelenskiy took a commanding lead against the incumbent in Sunday's presidential election, putting him in a strong position for the runoff in three weeks' time.

He is the latest candidate with little or no political experience to fare well at the ballot boxes, reinforcing the trend in Europe and beyond for anti-establishment leaders. Just a day before Ukraine's election, a liberal environmental activist won a runoff in Slovakia to become the country's first female president.

Zelenskiy is much more moderate than far-right populists who have had recent success in elections, and he appealed for reconciliation with separatist-held eastern Ukraine.

"A new life begins," Zelenskiy said in his trademark raspy voice after the vote. "A life without corruption and without bribes. A life in a nation of dreams comes true."

His easygoing manner and snappy talk on the campaign trail strongly resembled his character in "Servant of the People" — a schoolteacher catapulted into the presidential seat after a student's video of him blasting official corruption goes viral. Zelenskiy has, however, refused to hold standard campaign meetings with voters, and his political program remains a mystery.

The TV series that premiered in the fall of 2015 painted a grotesque satirical picture of Ukraine's officialdom, complete with easily recognizable parodies of serving politicians. It has been immensely popular, attracting up to 20 million viewers in the nation of 42 million — a sign that it hit a nerve in a country fed up with endemic corruption and grinding poverty.

Zelenskiy's character, Vasyl Holoborodko, at first looks too naive and soft-hearted to survive in the cruel world of Ukraine's corruption-ridden elite. But he learns quickly and soon turns into a strong leader capable of defeating his wily and experienced foes without losing his integrity. The series is full of profanities and crude humor, but Holoborodko turns serious when he talks about the country's challenges.

The latest season of "Servant of the People," shown just days before the election, opens with Holoborodko thrown into prison on trumped-up charges fabricated by his pitiless foes.

Inmates hired by his enemies try to kill him, but he survives and gets out, to find Ukraine sunken deeper in poverty and broken into multiple fiefdoms — in a nod to the ongoing separatist conflict in the east. On screen, Zelenskiy's character regains the presidential post and leads the country to peace, prosperity and reunification.

These are the challenges incumbent President Petro Poroshenko has sorely failed to meet, and Zelenskiy's electoral success clearly reflects public aspirations that he could be just as successful in real life as his character was on screen.

Ukraine has suffered from economic meltdown, endemic corruption and a spiraling conflict with Russia-sponsored separatists in eastern Ukraine that has killed 13,000 people since 2014. Its hopes for integration into the European Union and NATO remain as elusive as ever, and there is no realistic way for Ukraine to reclaim control over the Crimean Peninsula that Russia annexed in 2014 in a move that most of the world sees as illegal.

For those who cast ballots for Zelenskiy, his lack of political skills is a major advantage, a welcome break from the cast of familiar political figures associated with the country's woes. Both incumbent Petro Poroshenko and Yulia Tymoshenko, who polled second and third, respectively, have been on the political stage for more than a decade.

Born to a professorial family in the industrial city of Kryvyi Rih when Ukraine still was part of the Soviet Union, Zelenskiy is a native Russian speaker, something that helped him sweep the vote in central, eastern and southern regions where many speak the language.

The comedian has had a low-key campaign. In his rare public appearances, Zelenskiy wouldn't offer his views on specific political or economic issues, promising to rely on a team of professionals.

Zelenskiy rejects Poroshenko's claim that his lack of experience will make him unable to stand up to Russia, pledging to firmly defend Ukraine's interests. He charged late Sunday that he will make sure that Russia not only returns Crimea and parts of eastern Ukraine held by pro-Russia rebels, but pays compensation for the "disgusting and horrible" land grabs.

In Moscow, lawmakers and commentators have described Zelenskiy's strong showing as a sign of public disillusionment with the current government, but most predict that the tug-of-war between the two neighbors will continue.

Poroshenko has sought to disparage Zelenskiy, accusing him of being a "puppet" of self-exiled billionaire businessman Ihor Kolomoyskyi, whose station has aired "Servant of the People" and given him the platform to announce his candidacy in a New Year's speech. Zelenskiy, who has bitingly mocked the president in his stand-up performances, shot back by ridiculing Poroshenko and his associates accused of corruption.

Kolomoyskyi, who lives in Israel, denied bankrolling Zelenskiy's bid, but hailed him as a bright and honest man of a new generation who can deliver what the country needs.

"He's absolutely independent," Kolomoyskyi said of Zelenskiy in a recent interview released by the UNIAN news agency. "His quick reaction, humor and a broad horizon make him hard to beat in an argument."

Volodymyr Fesenko, the head of the Kiev-based Penta Center independent think tank, said that Kolomoyskyi hopes that Zelenskiy's victory will help him regain his clout, but added that Zelenskiy could distance himself from the tycoon.

"Kolomoyskyi will try to fill Zelenskiy's team with his people and fill Zelenskiy's head with his ideas, but he could have problems with it," he said.

___

Vladimir Isachenkov in Moscow contributed to this report.

Source: Fox News World

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Cubs ace Lester (hamstring) to miss 1-2 starts

FILE PHOTO: MLB: Pittsburgh Pirates at Chicago Cubs
FILE PHOTO: Apr 8, 2019; Chicago, IL, USA; Chicago Cubs starting pitcher Jon Lester (34) pitches during the first inning against the Pittsburgh Pirates at Wrigley Field. Mandatory Credit: Patrick Gorski-USA TODAY Sports

April 9, 2019

Chicago Cubs ace Jon Lester will be placed on the 10-day injured list Tuesday and miss “one, maybe two” starts with a hamstring strain, manager Joe Maddon announced.

The left-hander got hurt while running the bases during the Cubs’ six-run second inning in Monday’s home opener against the Pittsburgh Pirates. He doubled home a run and later scored from second base on a single by Ben Zobrist.

Lester, 35, attempted to come out and pitch in the third inning but was removed from the game due to discomfort. Chicago went on to win, 10-0.

Despite the injury, Lester maintained his sense of humor. “Sometimes when you have elite speed these things can happen,” he tweeted Tuesday morning.

Lester is 1-0 with a 2.57 ERA in three starts this season. The five-time All-Star is 178-98 with a 3.49 ERA in 14 major league seasons.

–Field Level Media

Source: OANN

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Iran welcomes Luxembourg court decision on U.S. seizure of Iranian assets

FILE PHOTO: People read the victims' names of the 9/11 Empty Sky memorial at sunrise across from New York's Lower Manhattan and One World Trade Center, in Liberty State Park in Jersey City
FILE PHOTO: People read the victims' names of the 9/11 Empty Sky memorial at sunrise across from New York's Lower Manhattan and One World Trade Center, in Liberty State Park in Jersey City, New Jersey, September 11, 2015. REUTERS/Eduardo Munoz/File Photo

March 28, 2019

LONDON (Reuters) – Iran welcomed on Thursday a Luxembourg court’s decision to refuse to reinforce a U.S. ruling that would have helped families of victims of the Sept. 11, 2001 attacks claim Iranian assets held by a Luxembourg-based clearing house.

The court ruled on Wednesday that there were no grounds in international law to uphold in Luxembourg a 2012 U.S. court decision to strip Iran of sovereign immunity.

Iranian foreign ministry spokesman Bahram Qasemi said the decision showed the world still had courts that adopt independent decisions.

“The era of totalitarian and bullying behavior of America toward other countries is over and it can no longer raise such groundless accusations,” Qasemi was quoted as saying by state news agency IRNA.

The governor of Central Bank of Iran, Abdolnasser Hemmati, called the decision “an important legal victory for Iran”.

President’s deputy for legal affairs Laya Joneidi was quoted by IRNA as saying that the lawyers won the case by arguing that Sept. 11 attacks were not related to Iran.

Seven years ago, a New York court found there was evidence showing that Iran provided “material support and resources to al Qaeda for acts of terrorism”. The militant group carried out the hijacked plane attacks on New York and Washington.

That court awarded the plaintiffs damages of over $7 billion. Families of victims are seeking access to $1.6 billion of Iranian funds in Luxembourg, which were frozen as part of international sanctions over Iran’s nuclear program.

However, the Luxembourg court said the plaintiffs could not continue their legal case to seize Iranian assets in the country.

Iran has denied any links to al Qaeda or any involvement in the Sept. 11 attacks.

(Reporting by Bozorgmehr Sharafedin; Editing by Richard Borsuk)

Source: OANN

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Hyundai Motor in talks with investors to develop headquarters project

FILE PHOTO: The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co's new Accent in Mexico City
FILE PHOTO: The logo of Hyundai Motor is seen on wall at a event of Hyundai Motor Co's new Accent in Mexico City, Mexico August 2, 2017. REUTERS/Henry Romero

March 10, 2019

SEOUL (Reuters) – Hyundai Motor Co <005380.KS> is in talks with potential investors to develop its new headquarters planned for the South Korean capital of Seoul to share additional investment costs worth about 3.7 trillion won ($3.27 billion), it said on Sunday.

The South Korean automaker said in a statement that the company is in talks with various investors, including pension funds, that are showing interest in the project.

“The joint development is expected to alleviate the Group’s direct investment scale and enhance the Group’s overall brand image,” the statement added.

Hyundai Motor aims to construct its new headquarters in Seoul by 2023.

Hyundai purchased the property in southern Seoul from state-run utility Korea Electric Power Corp (KEPCO) <015760.KS> at a record $10 billion in 2014, more than triple its appraised market price.

The headquarters project has been criticized by Hyundai shareholders such as U.S. hedge fund Elliott Management Corp, which has called on Hyundai to drop the project.

Hyundai and Elliott are heading for a showdown at this month’s shareholders meeting as Elliott has called for higher dividends and made recommendations for new board members.

(Reporting By Jane Chung; Additional reporting by Hyunjoo Jin; editing by Christian Schmollinger)

Source: OANN

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Defense asks for cop's acquittal on murder in teen's death

After prosecutors wrapped up their case, the lawyer for a white former police officer charged in the fatal shooting of an unarmed black teenager asked a judge Thursday to issue an acquittal on murder charges.

Former East Pittsburgh Police Officer Michael Rosfeld shot and killed 17-year-old Antwon Rose II after pulling over a car suspected to have been involved in a drive-by shooting. Rose was a passenger in the unlicensed cab and was shot as he fled.

Prosecutors charged Rosfeld with an open count of homicide, meaning the jury has the option of convicting him of first-degree murder, third-degree murder, voluntary manslaughter or involuntary manslaughter.

Defense lawyer Patrick Thomassey asked the judge to clear Rosfeld of murder, saying prosecutors failed to show he acted with malice as required under the law. Thomassey made his motion after prosecutors rested their case.

"What we have is a police officer doing his duty. There's not a hardness of heart required for first- or third-degree murder," Thomassey said. "We have a burst of three shots in one second on a fleeing felon and we're going to charge him with murder? It's not fair."

Prosecutor Daniel Fitzsimmons said the fact that Rosfeld shot a fleeing Rose in the back was evidence of malice.

Even if the judge ruled in the defense's favor, Rosfeld could still be convicted of manslaughter.

The judge said he would rule later Thursday.

Prosecutors ended their case by calling three expert witnesses to the stand, including a firearms analyst who matched one of the bullets recovered from Rose's body to Rosfeld's gun — a formality since it's not in dispute that Rosfeld fire the fatal shots.

Raymond Everett of the Allegheny County medical examiner's office also told jurors that two guns with extended magazines were recovered from the car.

Rose had been riding in the front seat of the unlicensed taxi when Zaijuan Hester, in the backseat, rolled down a window and shot at two men on the street. Rosfeld pulled the car over minutes later.

Hester pleaded guilty Friday to aggravated assault and firearms violations for the shooting, which wounded a man in the abdomen. The 18-year-old told a judge that he, not Rose, did the shooting.

A neighbor shot video of Rosfeld's fatal encounter with Rose that was played for the jury. The video was posted online, triggering protests in the Pittsburgh area last year.

Source: Fox News National

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

April 26, 2019

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

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

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

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

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

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

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

Source: OANN

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

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

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

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

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

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

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

Footage of the interview was resurfaced by RealClearPolitics.

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

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

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

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

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

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

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

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

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

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

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

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

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Associated Press contributed to this report.

Source: Fox News National

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

April 26, 2019

By Amit Dave and Mayank Bhardwaj

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By P.J. Huffstutter and Shradha Singh

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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