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Bernie: Even Marathon Bomber Should Have Right to Vote

Sen. Bernie Sanders, I-Vt., said Monday he thinks everyone should have the right to vote -- even the Boston Marathon bomber.

At a CNN Town Hall, Sanders argued democracy demands that right for every American.

"This is a democracy and we have got to expand that democracy, and I believe every single person does have the right to vote," he said.

Asked if that included sex offenders, the Boston Marathon bomber, terrorists, and murderers, Sanders replied:

"Yes, even for terrible people, because once you start chipping away and you say, 'Well, that guy committed a terrible crime, not going to let him vote. Well, that person did that. Not going to let that person vote,' you're running down a slippery slope.

"So, I believe people commit crimes, and they paid the price, and they have the right to vote. I believe even if they're in jail they're paying their price to society, but that should not take away their inherent American right to participate in our democracy."

Earlier this month, Sanders called for more states to join Vermont and Maine in allowing felons behind bars to vote, the Des Moines Register reported.

Source: NewsMax America

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LVMH shares touch record highs after luxury group’s solid first-quarter sales

FILE PHOTO: Woman with a Louis Vuitton-branded shopping bag looks towards a branch store in Vienna
FILE PHOTO: A woman with a Louis Vuitton-branded shopping bag looks towards the entrance of a branch store by LVMH Moet Hennessy Louis Vuitton in Vienna, Austria October 4, 2018. REUTERS/Lisi Niesner/File Photo

April 11, 2019

PARIS (Reuters) – LVMH’s shares hit record highs on Thursday, after the Louis Vuitton owner posted strong first quarter sales which set a high bar for rival luxury companies also chasing Chinese demand for high-end handbags and clothing.

LVMH said late on Wednesday that revenues rose 16 percent to 12.5 billion euros ($14.10 billion), up 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals, and beating analyst forecasts.

LVMH’s shares were up 3.3 percent in early session trading, touching record highs and lifting the shares of peers such as Gucci-owner Kering and Hermes.

SocGen raised its rating on LVMH to “buy” from “hold”.

“We expect growth to continue to slow down in the sector in the first quarter, but LVMH is accelerating from the fourth quarter and should stand above the peer average this year, unlike in 2018,” SocGen wrote in a note.

(Reporting by Sudip Kar-Gupta; Editing by Sarah White)

Source: OANN

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Court tosses military panel proceedings against suspected USS Cole attack mastermind

A federal appeals court in Washington on Tuesday rejected yearslong proceedings against the accused mastermind of the October 2000 bombing of the USS Cole. The proceedings were conducted by a military commission at Guantanamo Bay, Cuba.

The three-judge panel unanimously ruled that the military judge in the terrorism case against Abd al-Rahim al-Nashiri improperly presided over the trial at the same time he was seeking a job with the Justice Department (DOJ) as an immigration judge. In the panel's ruling, Judge David Tatel wrote that retired Air Force Col. Vance Spath's application for the DOJ position "created a disqualifying appearance of partiality" and vacated all orders issued by Spath in the case after he applied for the job in 2015.

"We cannot permit an appearance of partiality to infect a system of justice that requires the most scrupulous conduct from its adjudicators," said Tatel, who was joined in the ruling by Judges Judith Rogers and Thomas Griffith.

Abd al-Rahim al-Nashiri has been in U.S. custody since 2002.

Abd al-Rahim al-Nashiri has been in U.S. custody since 2002. (AP)

In a further twist, Col. Shelly Schools, who'd briefly replaced Spath, was also removed after it was revealed that she also sought to become an immigration judge.

The ruling likely means that the prosecution of al-Nashiri in the Cole bombing, which killed 17 American sailors and wounded 37 more while the vessel was being refueled in Yemen's Aden harbor, will have to begin anew. Al-Nashiri has been in U.S. custody since 2002 but was not arraigned in the Cole bombing until 2011, and the case has been delayed several times over various legal and logistical issues

Spath himself called a halt to proceedings last year following the discovery of microphones in a room where al-Nashiri met with his lawyers, and the lawyers' subsequent decision to resign from the case for ethical reasons.

The USS Cole bombing killed 17 sailors and injured 37 others in October 2000.  (AP Photo/Dimitri Messinis, file)

The USS Cole bombing killed 17 sailors and injured 37 others in October 2000.  (AP Photo/Dimitri Messinis, file) (The Associated Press)

Spath touted his role as the presiding judge over al-Nashiri's case in his employment application, including submitting an order he had issued as a writing sample, the appeals court said. He was hired as an immigration judge last year.

But "while Spath made sure to tell the Justice Department about his assignment to al-Nashiri's commission, he was not so forthcoming with al-Nashiri. At no point in the two-plus years after submitting his application did Spath disclose his efforts to secure employment" as an immigration judge, Tatel wrote.

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The court was also critical of prosecutors, the Justice Department and the Court of Military Commission Review, which upheld many of Spath's orders.

The Associated Press contributed to this report.

Source: Fox News National

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Don’t meddle with central bank’s role, Italy president warns parties

14th informal meeting of the Arraiolos Group in Latvia
FILE PHOTO: President of Italy Sergio Mattarella arrives to the Arraiolos Group meeting at Rundale Palace, Latvia, September 13, 2018. REUTERS/Ints Kalnins

March 29, 2019

ROME (Reuters) – President Sergio Mattarella on Friday warned Italy’s ruling coalition not to interfere with the independent role of the Italian and European Central Banks.

The ruling League and 5-Star Movement plan to set up a parliamentary commission to look into possible failings of oversight by the Bank of Italy which they say led to the collapse of numerous Italian banks.

Mattarella issued a statement warning that the commission must not “overlap”, or attempt to reduce the independence of the Bank of Italy, the ECB or other market supervisory agencies.

(Reporting By Gavin Jones; editing by Giselda Vagnoni)

Source: OANN

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Facebook blocks 200 accounts in Philippines

A picture illustration shows a Facebook logo reflected in a person's eye, in Zenica
A picture illustration shows a Facebook logo reflected in a person's eye, in Zenica, March 13, 2015. REUTERS/Dado Ruvic

March 29, 2019

(Reuters) – Facebook Inc said on Thursday the company removed 200 pages, groups and accounts on Facebook and Instagram in the Philippines, citing “coordinated inauthentic behavior”.

The company said https://bit.ly/2FJIgFj its investigation found that such activity was linked to a network organized by a person named Nic Gabunada, former chief executive of Omnicom Media Group Philippines.

(Reporting by Gaurika Juneja; Editing by Rashmi Aich)

Source: OANN

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The Final Level of Censorship is Here: The Banning of URLs

In the wake of last week’s terror attacks at two New Zealand mosques which left 50 dead, several websites which either reported on the incident, hosted footage of the attacks, or have simply allowed people to engage in uncensored discussion such as Dissenter or Zero Hedge, have been partially or completely blocked in both New Zealand and Australia for the sake of “protecting consumers,” according to the CEOs of three New Zealand telcos.

In the immediate aftermath of the shooting – which was broadcast over Facebook Live by accused gunman Brenton Tarrant to an initial audience of just 200 viewers (none of whom reported it) and had 4,000 overall views before it was taken down – Facebook deleted 1.5 million videos of the attack, of which 1.2 million were blocked at the time of upload.

A video of the attacks is still freely available to anyone who wishes to download it from bittorrent.

Twitter has also been aggressively censoring content related to the Christchurch shooting – perhaps most egregiously forcing journalist Nick Monroe to delete a large number of tweets as he covered the incident in real time, just one of which had links to footage of the shooting. Document hosting website Scribd, meanwhile, has been deleting copies of Tarrant’s 74-page manifesto.

In addition to documenting the incident, Monroe has been noting the mass censorship surrounding the shootings – as well as things such as the New Zealand herald stealth editing a March 15 article to remove mention of a “well known Muslim local” who “chased the shooters and fired two shots at them as they sped off.”

That said, Twitter and Facebook’s suppression hasn’t gone far enough according to New Zealand telecom CEOs, who have penned an open letter to Facebook, Twitter and Google suggesting that they follow European proposals for hyper-vigilant policing of content for the sake of ‘protecting consumers.’

“Consumers have the right to be protected, whether using services funded by money or data. Now is the time for this conversation to be had and we call on all of you to join us at the table and be part of the solution,” reads the letter.

Zero Hedge banned… again.

Less than a week after Facebook ‘mistakenly’ banned us for two days with no explanation following several reports which were critical of the social media giant, we learned that Zero Hedge has now been banned in New Zealand and Australia, despite the fact that we never hosted video footage of the Christchurch attack. We were not contacted prior to the censorship. Instead, we have received a steady flood of people noting that the site is unavailable in the two countries unless a VPN is used.

And while Australia and New Zealand account for a negligible amount of traffic to Zero Hedge, the stunning arrogance of NZ and OZ telcos to arbitrarily impose nanny-state restrictions on content is more than a little disturbing, and should – at least in a so-called democracy – be subject to majority vote.

Also banned down under are the ‘chans’ and video hosting platform LiveLeak, among others.

The letter continues:

“You may be aware that on the afternoon of Friday 15 March, three of New Zealand’s largest broadband providers, Vodafone NZ, Spark and 2degrees, took the unprecedented step to jointly identify and suspend access to web sites that were hosting video footage taken by the gunman related to the horrific terrorism incident in Christchurch,” reads the joint letter from Vodafone’s Jason Paris, and NZ telcos Spark and 2degrees Simon Moutter Stewart Sherriff.

“As key industry players, we believed this extraordinary step was the right thing to do in such extreme and tragic circumstances. Other New Zealand broadband providers have also taken steps to restrict availability of this content, although they may be taking a different approach technically,” the letter continues.

We also accept it is impossible as internet service providers to prevent completely access to this material. But hopefully we have made it more difficult for this content to be viewed and shared – reducing the risk our customers may inadvertently be exposed to it and limiting the publicity the gunman was clearly seeking.”

“Internet service providers are the ambulance at the bottom of the cliff, with blunt tools involving the blocking of sites after the fact. The greatest challenge is how to prevent this sort of material being uploaded and shared on social media platforms and forums.

“We call on Facebook, Twitter and Google, whose platforms carry so much content, to be a part of an urgent discussion at an industry and New Zealand Government level on an enduring solution to this issue.”

So while the telcos have defended their decision to censor a wide swath of material in order to shield people from dangerous information – and have encouraged social media platforms to commit to European-style information control, Kiwis and Australians will only get to know what the technocracy approves in order to ‘protect consumers.’

Unless they set aside 15 seconds and use a VPN.



Big Tech has proven they care more about virtue signaling to the left than standing up for free speech as world wide laws are being pushed to censor the population.

Source: InfoWars

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Malaysia’s Mahathir says anti-fake news laws could be abused

Prime Minister Lee Hsien Loong has defended Singapore's proposed law to fight "online falsehoods," but his Malaysian counterpart Mahathir Mohamad warned that anti-fake news laws could be abused by governments to stay in power.

The two leaders were speaking after talks Tuesday aimed at resolving territorial disputes that had strained ties since Mahathir's alliance swept to power in elections last May.

Lee said many countries including France, Germany and Australia have legislation to combat fake news.

The bill unveiled last week includes a jail term of up to 10 years and hefty fines. Rights groups have voiced fears it could stifle free speech, but Lee said their objective is "to continue to do things that will work for Singapore."

Source: Fox News World

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

April 26, 2019

By Hanna Rantala

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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

April 26, 2019

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

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

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

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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

April 26, 2019

By Aditi Shah and Abhirup Roy

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

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

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

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

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

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

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

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

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

INCREASING CAPACITY

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

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

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

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

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

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

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

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

DOMESTIC GAINS

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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