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Mexico, U.S. discuss $10 billion for regional development: Lopez Obrador

FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference at the National Palace in Mexico City
FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. REUTERS/Henry Romero

March 20, 2019

MEXICO CITY (Reuters) – The Mexican government is seeking a bilateral deal with the United States that includes a $10 billion development plan for Mexico and Central America aimed at addressing immigration, President Andres Manuel Lopez Obrador said on Wednesday.

Lopez Obrador said the potential agreement, which would focus on generating employment so that more would-be migrants could find work at home, was discussed during a Tuesday night meeting with Jared Kushner, President Donald Trump’s son-in-law and senior adviser.

(Reporting by Miguel Angel Guteirrez; Editing by Chizu Nomiyama)

Source: OANN

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Man sentenced to jail for falsely claiming to be Paris terror attack victim in order to get compensation

A French resident is going to jail for pretending to be a victim of the 2015 Paris terror attacks in order to get compensation from a victims' fund, the BBC reports.

Yann Abdelhamid Mohamadi, who managed the restaurant Casa Nostra, where one of the first shootings took place in a series of coordinated terror attacks, falsely alleged that he was in the cellar of the restaurant when a gunman opened fire on November 12, 2015. He later attempted to get funding from the FGTI, a national fund for victims of the attacks, but was denied after it was revealed that he was not in the restaurant.

It was not Mohamadi's first time facing legal repercussions in response to crimes he committed after the attacks. The 46-year-old was given a suspended six-month jail sentence and fined thousands of Euros for selling footage of the attack at Casa Nostra to the Daily Mail for €50,000, or about $56,387.

MARYLAND VAN ATTACK PLOT SUSPECT HELD WITHOUT BOND AFTER PROSECUTORS SAY HE'D KILL IF RELEASED

The video showed the gunman entering the restaurant and opening fire. A total of 120 people died across the city in attacks at restaurants and in crowded public places, including the Bataclan theatre during a rock show where 87 young people died.

For falsely claiming victimhood in an attempt to get access to the victims' fund, Mohamadi was sentenced to one year in jail. Prosecutors say that the possible motivation for attempted fraud is that he is €200,000 ($225,448) in debt.

CHRISTIAN CHURCHES, CEMETERIES TARGETED BY ISIS NOW BEING REBUILT AFTER FALL OF CALIPHATE

A number of French residents have been sentenced in recent years for attempting to reap the benefits of victims' funds, which are intended to help those suffering from physical or psychological trouble after the devastating incidents.

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The 2015 attacks, for which the Islamic State took responsibility, were the worst Paris had seen in over a decade.

Source: Fox News World

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Coast Guard officer ordered to jail, accused of being 'domestic terrorist'

A Coast Guard lieutenant who authorities say espoused white nationalist views and compiled a hit list of Democratic lawmakers and prominent media personalities should be held without bail for at least two weeks while federal prosecutors continue to investigate his activities, a judge ruled Thursday.

Lt. Christopher Paul Hasson, 49, was arrested Friday in the parking garage of the Coast Guard's Washington headquarters on drug and gun charges. Federal agents recovered 15 guns and more than 1,000 rounds of ammunition from Hasson's Maryland apartment.

Prosecutors alleged in court documents filed Wednesday that Hasson had compiled a spreadsheet of so-called "traitors" that included House Speaker Nancy Pelosi, D-Calif., Senate Democratic Leader Chuck Schumer and presidential hopefuls including Sens. Kirsten Gillibrand, Elizabeth Warren, Cory Booker and Kamala Harris. Also mentioned were such figures as MSNBC's Chris Hayes and Joe Scarborough and CNN's Chris Cuomo and Van Jones.

Investigators say Hasson repeatedly studied a manifesto authored by Anders Behring Breivik, the Norwegian right-wing extremist who killed 77 people in a 2011 bomb-and-shooting rampage. Prosecutor Jennifer Sykes claimed Thursday that Hasson would also log onto his government computer during work and spend hours searching for information on such people as the Unabomber, the Virginia Tech gunman and anti-abortion bomber Eric Rudolph. Hasson also allegedly Googled topics like "most liberal senators," "best place in dc to see congress people," and "civil war if trump impeached"

Lt. Christopher Paul Hasson appears in federal court Thursday.

Lt. Christopher Paul Hasson appears in federal court Thursday.

Prosecutors' motion for pre-trial detention included extracts from a 2017 draft email in which Hasson wrote that he was "dreaming of a way to kill almost every last person on the earth."

Also, Hasson sent himself a draft letter in 2017 that he had written to a neo-Nazi leader and "identified himself as a White Nationalist for over 30 years and advocated for 'focused violence' in order to establish a white homeland," prosecutors said. Hasson's public defender, Julie Stelzig, identified that neo-Nazi leader as white separatist Harold Covington, who died this past July.

Stelzig accused prosecutors of making inflammatory accusations against her client without providing the evidence to back them up. "It is not a crime to think negative thoughts about people," she said.

She also questioned whether the government is trying to make an example out of Hasson in response to criticism that authorities have overlooked domestic terrorists.

"Perhaps now they can say, 'Look, we're not targeting only Muslims,'" she said.

Stelzig said Hasson doesn't have a criminal record and has served 28 years in the Coast Guard. She described him as a "committed public servant" and a loving husband and father.

Coast Guard spokesman Lt. Cmdr. Scott McBride confirmed to Fox News that Hasson entered the service in March 1996. He was promoted to Chief Warrant Officer in 2012 and Lieutenant in 2015. He was assigned to the Coast Guard's Washington headquarters in June 2016. Hasson was previously an aircraft mechanic in the Marines, serving from 1988 to 1994. He also served in the

It is not clear how Hasson came to the attention of investigators, but McBride said the Coast Guard Investigative Service began looking into the lieutenant this past fall after "after the Coast Guard Insider Threat Program first identified concerns about him." He did not elaborate.

Adam Stolzberg, a Coast Guard contractor who had worked for the past six months with Hasson on a Coast Guard cutter project, told Fox News that he sat 50 paces from the lieutenant at Coast Guard headquarters and saw no sign of white supremacist or terrorist sympathies.

Stolzberg described Hasson as someone who was "a little more serious, didn't smile or joke." He added that Hasson kept a clean desk, rode a Harley-Davidson motorcycle to work and had tattoos and a shaved head.

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Bob Davis, who rents a house from Hasson in coastal Currituck County, North Carolina, and met him a few times, said he was "absolutely shocked" by the allegations.

"He was a very stern military guy. That's how I saw him. I truly nothing but respected him. There are people in life who are not 100 percenters. He was a 100 percenter," Davis said, meaning Hasson worked hard and didn't slack off. "He portrayed in a very professional manner. He was honorable. ... He was a good man."

Fox News' Jennifer Griffin and Lucas Tomlinson and The Associated Press contributed to this report.

Source: Fox News National

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Bad loan build-up clouds emerging share market picture

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas

March 11, 2019

By Tom Arnold

LONDON (Reuters) – Emerging equities markets have soared this year as investor sentiment toward them rebounds, but for some the enthusiasm is being tempered by worries about surging bad loans at many banks.

Non-performing loans have shot up to a global high of close to 10 percent of gross credit exposures in India, and they are expected to edge up this year in China, Mexico, Indonesia, Russia, Turkey and Argentina, say analysts.

A gloomy outlook on the final two issued by Standard & Poor’s undercuts the assumption that fallout from currency crises last year in both countries was already priced in.

For an interactive version of the below graphic, click here https://tmsnrt.rs/2EQt5cM.

As well as holding back financial sector growth and national economies, hefty levels of soured debt pose a particular risk for foreign investors, who have long favored retail lenders as picks for getting exposure to rising middle classes in emerging markets.

EM bank lending swelled to an average of 128 percent of GDP among the BRICS – Brazil, Russia, India, China and South Africa – in 2017, from 98 percent in 2007, according to World Bank data.

But such activity is vulnerable to swings in the credit cycle, and some fund managers are growing more cautious.

Asset manager Ashmore Group is negative on banks in seven emerging countries – China, Malaysia, South Korea, Taiwan, Turkey, Mexico and Russia – and positive on just Indonesia, India and Peru, said emerging markets equity portfolio manager Edward Evans.

There have been signs of policy softening by some emerging market central banks, and some commercial lenders have been cutting foreign exchange exposure and slashing risk on their balance sheet.

But broad financial conditions are tighter at the start of 2019 than they were a year ago after several interest rate rises in the United States and concerns about weaker global growth.

Asked which banking sectors he was bearish on, Eaton Vance emerging markets corporate strategist Akbar Causer cited risks if China’s economic slowdown continued.

The outlook for lenders in Turkey and Argentina was also “not so strong”, he added.

Turkey’s banks are vulnerable as the lira’s depreciation and its lurch into recession – data on Monday showed the economy slumped 3.0 percent year on year at the end of 2018 – hampers borrowers’ ability to meet debt obligations

S&P, in a note last month, said it expected Turkish NPLs to swell to around 6 percent this year, roughly double its earlier forecast. Official data showed it at 4 percent at the end of January.

For an interactive version of the below graphic, click here https://tmsnrt.rs/2VBzjCW.

FX DEBT RISK

High dependence on external funding is a source of risk in Turkey, South Africa, Indonesia and Mexico, said Tan Nguyen, senior research analyst at OppenheimerFunds.

Their combined external debt stands at around $1.37 trillion. That and heightened financial stress among companies based there could lead to difficulties for them repaying their debt, pushing up non-performing loans, Nguyen warned.

S&P this month took ratings action on 22 Mexican financial institutions, cutting the outlook on several to “negative” from “stable”. They included Citigroup subsidiary Citibanamex and Banco Inbursa, controlled by the family of billionaire Carlos Slim.

S&P added, however, that cautious lending practices would help Mexican banks avoid a sharp rise in NPLs.

Others see more immediate risks, particularly in Turkey, where the central bank last week held its base interest rate at an above-inflation 24 percent.

“The fact we have higher interest rates and a weaker currency means there’s a rising probability of corporate defaults and non-performing loans,” said Jon Harrison, managing director, emerging markets macro strategy at TS Lombard.

Even Garanti Bank, Turkey’s second-largest private bank and considered one of the best-run lenders across emerging markets, had a non-performing loan rate of 5.2 percent last year, above its forecast.

In India, banks had been under pressure to clean up a $190 billion pile of soured loans. But that pressure has eased since Shaktikanta Das – seen as closely aligned with Prime Minister Narendra Modi’s government – took over as central bank governor in December.

“What that means is they avoid a short-term potential crisis by enabling banks to avoid recognizing the problem, but at the cost of slower long-term credit growth,” said Harrison.

(Reporting By Tom Arnold; Graphics by Ritvik Carvalho; editing by John Stonestreet)

Source: OANN

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U.S., Taliban talks end for now with no Afghan peace deal

FILE PHOTO: Zalmay Khalilzad, former U.S. ambassador to Afghanistan, Iraq and the United Nations and now the chief U.S. negotiator with the Taliban
FILE PHOTO: Zalmay Khalilzad, who heads the U.S. team in negotiations with the Taliban, is shown at a panel discussion in Washington, February 12, 2011. REUTERS/Jonathan Ernst/File Photo

March 12, 2019

KABUL, Afghanistan (Reuters) – U.S. and Taliban negotiators wrapped up their longest round of consecutive peace talks on Tuesday with progress made but no agreement on when foreign troops might withdraw, multiple sources said.

The 16 days of talks, in which the United States also sought assurances that Taliban insurgents will not use Afghanistan to stage attacks, are expected to resume in late March.

“Withdrawal of the foreign forces and the guarantee that Afghanistan will not be used (to attack) any other country were the only two topics of discussion,” a source familiar with the meetings said.

The negotiations in Doha, Qatar included the Taliban’s political chief Mullah Abdul Ghani Baradar and a U.S. negotiating team led by special envoy Zalmay Khalilzad.

Khalilzad is now expected to travel back to Washington to brief U.S. officials, the sources said.

Around 14,000 U.S. troops are based in Afghanistan as part of a U.S.-led NATO mission to train, assist and advise Afghan forces. Some U.S. forces also carry out counter-terrorism operations.

(Reporting by Jibran Ahmad in Peshawar, Eric Knecht in Doha and Abdul Qadir Sediqi in Kabul; Writing by Rupam Jain and Rod Nickel in Kabul; Editing by Mark Heinrich)

Source: OANN

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Golf: Amateur women opt for caddies over daddies at Augusta

Golf: Augusta National Womens Amateur - Second Round
Apr 4, 2019; Augusta, GA, USA; A general view of the sun rising near the 18th green during the second round of the Augusta National Women's Amateur at the Champions Retreat. Mandatory Credit: Chris Trotman/Augusta National/Handout Photo via USA TODAY Sports

April 5, 2019

By Steve Keating

AUGUSTA, Georgia (Reuters) – A lot of fathers found themselves out of jobs on Friday as golfers playing in the Augusta National Women’s Amateur (ANWA) opted for club caddies over daddies for the final round.

After the opening two rounds of the 54-hole tournament staged at Champions Retreat in nearby Evans, awed young women, many with their equally-awed fathers on their bags, got first look at the revered layout that is home for the Masters, the year’s first major.

But walking with their daughters in Friday’s practice round is as close as some dad caddies will come to Augusta National with several deciding on a switch and handing their fathers pink slips.

While dads may know their daughters better than anyone, local caddies, some who have worked Augusta National for decades, know the course and particularly the baffling greens.

For some, including Jennifer Kupcho, who will take a one- shot lead over Mexico’s Maria Fassi into the final round, that kind of knowledge trumps family ties.

The world’s top-ranked amateur, Kupcho’s decision to go with a local caddie was an easy one, although the American laughed she had not yet broken the news to her father Michael.

“I had my caddie there with me the first time I played so we had fun and he knows what he is doing,” said Kupcho, who used the same caddie Brian Murphy when she played Augusta as a guest. “I think he’s hired.”

HISTORIC DAY

Instead of being part of an historic day on which the first competitive women’s round will be played at Augusta National and a champion crowned, Michael Kupcho will watch from outside the ropes along with Kevin Harford, who was on his daughter Haylee’s bag the first two rounds.

A tough choice, however, was made easier when Harford told his daughter the smart move might be to go with a local caddie.

“We came into the day kind of trying to figure it out and I was going to decide afterwards but I think I am going to go to a local caddie because they know so much,” said Haylee, who sits at one-over, six off the pace.

“But my dad was able to kind of walk to get some notes and feel it out so we could make that decision.

“He’s willing to do anything that makes me happy and is best for me so he kind of came to me on the second hole and said I don’t know maybe you should take the caddie.”

For Spain’s Marta Perez, who describes herself as a golfer who plays with passion and emotion, having someone on her bag who can read her is more important than reading greens.

And in her case father Jose knows best.

“My dad, he is my coach, he started coaching me when I was eight years old so this is special for me,” said Perez.

“We had a discussion if it was better to have a local caddie tomorrow but I want to stick with our plan I think it is great that he is here, he knows me more than anyone.

“I think it is special for him to be here with me because we are going to remember this forever.”

(Editing by Ed Osmond)

Source: OANN

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Cuban doctors on mission in Venezuela say they were forced to tie medical treatments to votes for Maduro

Cuban doctors dispatched to Venezuela as part of Cuba’s mission to help the South American nation’s medical needs were pressed by the host government to tie crucial treatments and medication to a patient’s promise to vote for President Nicolas Maduro and his candidates in last year’s elections, according to The New York Times.

The Times reported that in interviews, 16 doctors involved in Cuba’s medical missions said they were pressured to do such things as deny treatment to patients who supported Maduro’s political opponents and to go door-to-door in poor areas and offer medicine and treatment to those who voted for the socialist leader.

One doctor described how he was told not to treat a 65-year-old patient who sought emergency care because of heart failure because the oxygen tanks needed to respond to his condition were being saved for manipulating would-be voters closer to the election.

“These are the kinds of things you should never do in your life,” said one Cuban doctor who requested anonymity.

Others expressed similar frustration and outrage over being coerced to handle people in dire need of medicine and treatment in a way that went against everything they had been taught in their medical training.

Some of the doctors, such as Dr. Carlos Ramírez, a dental surgeon, grew so disgusted they defected when they had the chance.

Ramirez at first relished providing medical care in a nation where the system was in chaos.

US WITHDRAWING REMAINING STAFF FROM EMBASSY IN VENEZUELA

But then his job changed to include strong-arming patients into supporting Maduro and his candidates, he told the Times. They were told to focus on the most vulnerable patients, such as the elderly or people with chronic conditions.

“You arrived with vitamins and some pills for blood pressure," said Ramírez, who defected to Ecuador. “And when you started to gain their trust, you started the questions: ‘Do you know where your voting place is? Are you going to vote?’ ”

Voters register with members of the ruling United Socialist Party before proceeding to a polling post to vote in presidential elections in Valencia, Venezuela, Sunday, May 20, 2018.

Voters register with members of the ruling United Socialist Party before proceeding to a polling post to vote in presidential elections in Valencia, Venezuela, Sunday, May 20, 2018. (AP)

Venezuelan and Cuban authorities, who had a vested interest in seeing Maduro win and socialism continue in Venezuela, told the Cuban doctors to scare patients by telling them that if Maduro lost, relations between Cuba and Venezuela would end and the imported doctors would be removed from the country.

“With [late President Hugo] Chavez it had been hard, but with Maduro, starting in 2013, it was worse,” another Cuban doctor told the paper.“It became a form of blackmail: ‘You’re not going to have medicine. You’re not going to have free health care. You’re not going to have prenatal care if you’re a pregnant woman.’ ”

Venezuelan authorities kept close watch over the Cuban doctors to ensure they were complying with the mandate, the Times reported.

The re-election of Maduro last May was dogged by reports of fraud.  His political opponents and many foreign nations consider the election illegitimate because popular opponents were banned from running and the largest anti-government parties boycotted the race.

Maduro, a 56-year-old former bus driver and Chavez’s hand-picked successor, took the helm of government after narrowly winning election following Chavez’s 2013 death. He denies being a dictator and often accuses President Donald Trump of leading an economic war against Venezuela that is destroying the country.

When Maduro began his second six-year term in January, Venezuela's Congress, controlled by Maduro’s opposition, declared its head, Juan Guaidó, the country’s legitimate president and declared the 2018 election a sham.

Cuban doctors hold up framed pictures (L-R) of late President Hugo Chavez, Venezuela's National hero Simon Bolivar, Ernesto 'Che' Guevara, Cuban national hero Jose Marti and Fidel Castro during a march of farmers in support of Venezuela's President Nicolas Maduro in Caracas February 26, 2014.  REUTERS/Tomas Bravo

Cuban doctors hold up framed pictures (L-R) of late President Hugo Chavez, Venezuela's National hero Simon Bolivar, Ernesto 'Che' Guevara, Cuban national hero Jose Marti and Fidel Castro during a march of farmers in support of Venezuela's President Nicolas Maduro in Caracas February 26, 2014.  REUTERS/Tomas Bravo

The Times said the Venezuelan government refused to respond for the story. The Cuban government defended its medical mission in Venezuela as one that upholds high standards that have made its doctors valuable in areas such as Africa, Latin America and Haiti.

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“The historical impact of that cooperation in Venezuela has been reflected in the 1,473,117 human lives that have been saved,” the Cuban government said, according to The Times.

Some doctors said the practice of using them as a way to threaten Venezuelans into voting for Maduro began as far back as the 2013 election, and grew worse last year, when opposition to the president was more intense.

Cuban doctors said they even were given fake identification and told to cast votes for Maduro.

“I asked myself, ‘Why is a physician, someone who is meant to be on a humanitarian mission, having a part in who wins an election?’” said one of the doctors, according to The Times. “This is called tampering. There is no other word for it.”

The Associated Press contributed to this report.

Source: Fox News World

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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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