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Citgo raises $1.2 billion loan to run operations, refinance debt

FILE PHOTO: The Citgo Petroleum Corporation headquarters are pictured in Houston
FILE PHOTO: The Citgo Petroleum Corporation headquarters are pictured in Houston, Texas, U.S., February 19, 2019. REUTERS/Loren Elliott

March 28, 2019

(Reuters) – Citgo Petroleum, the U.S.-based unit of Venezuelan state-run oil firm PDVSA, said on Thursday it raised $1.2 billion through a five-year term loan to cover operating expenses and to refinance existing debt.

Citgo said it settled a $320 million accounts receivable securitization facility and a $900 million revolving credit line.

The financing would help Citgo fund its operations following U.S. sanctions and its split from the parent company, which remains under control of Venezuelan President Nicolas Maduro and a military-led management team.

Last week, Reuters reported that Citgo was looking to raise $1.8 billion through a three-year term loan.

Washington imposed sanctions and barred U.S. firms, including Citgo, from importing Venezuelan crude as part of a strategy to starve the Maduro government of oil revenue and force his ouster.

Since Venezuelan congress head Juan Guaido invoked the constitution to assume interim presidency in January, saying Maduro’s May 2018 re-election was illegitimate, a fierce battle has emerged for control of Citgo, Venezuela’s largest foreign asset, which has been valued at $8 billion to $13 billion.

Following the refiner’s announcement, ratings agency Fitch removed Citgo from “negative watch” on revolver refinancing and gave it a “stable” outlook.

(Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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Top U.S. general confident allies will step up in Syria

U.S. Joint Chiefs Chairman Dunford attends meeting of the National Space Council at the White House in Washington
FILE PHOTO: U.S. Joint Chiefs Chairman General Joseph Dunford attends a meeting of the National Space Council in the East Room of the White House in Washington, U.S., June 18, 2018. REUTERS/Leah Millis

February 22, 2019

WASHINGTON (Reuters) – The top U.S. military officer said on Friday he was confident that U.S. allies would step up in Syria, after Washington announced it would be leaving hundreds of troops in Syria.

In addition, Marine General Joseph Dunford, chairman of the Joint Chiefs of Staff, said: “There is no change in the basic campaign (in Syria). The resourcing is being adjusted because the threat has been changed.”

(Reporting by Idrees Ali; Editing by Leslie Adler)

Source: OANN

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Southern Baptist president says database of abusers possible

More than a decade after the Southern Baptist Convention rejected the idea of creating a database of ministers credibly accused of sexual abuse, leaders say the possibility is on the table.

The denomination already was looking at how it could better respond to abuse when two Texas newspapers published an investigation last week that detailed hundreds of cases of abuse in its churches.

Those revelations added a sense of urgency to a meeting of the SBC's executive committee on Monday night, where President J.D. Greear reported on the progress of a sexual assault advisory committee.

He said the advisory group was studying the possibility of a database but that the subject is complicated.

He also suggested the denomination should kick out churches that show a wanton disregard for sexual abuse.

Source: Fox News National

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Easter Sunday explosions at multiple churches and hotels rock Sri Lanka, death tolls rises

Nearly 200 people died and hundreds more injured after six nearly simultaneous explosions struck three churches and three luxury hotels in and just outside of Sri Lanka’s capital on Easter Sunday. They were followed hours later by two more blasts.

The country’s deputy transport minister told reporters that at least 190 people died in the series of blasts – marking the bloodshed as the worst since the South Asian country’s 26-year civil war ended a decade ago.

Multiple fatalities – including nearly a dozen foreigners – resulted among worshipers and hotel guests. With a curfew imposed, police conducted a search operation on the outskirts of Colombo, where that the latest of eight blasts took place.

Defense Minister Ruwan Wijewardena described the attacks as a terrorist incident and blamed religious extremists. Prime Minister Ranil Wickremesinghe said he feared the violence could trigger instability in the country and its economy.

The first explosion occurred around 8:45 a.m. local time, with the deadliest appearing to be at St. Sebastian’s Church in Negombo, a city about 20 miles north of Colombo. Other attacks occurred at St. Anthony’s Shrine in Colombo and Zion Church in the eastern city of Batticaloa. The three hotels – the Shangri La, Cinnamon Grand and Kingsbury Hotel – all in Colombo are frequented by foreign tourists.

Sri Lankan Army soldiers secure the area around St. Anthony's Shrine after a blast in Colombo, Sri Lanka, Sunday, April 21, 2019 (AP Photo/Eranga Jayawardena)

Sri Lankan Army soldiers secure the area around St. Anthony's Shrine after a blast in Colombo, Sri Lanka, Sunday, April 21, 2019 (AP Photo/Eranga Jayawardena)

The other two blasts occurred in Dematagoda, where the occupants of a safehouse apparently detonated explosives to prevent arrest.

An official told the Associated Press that at least two of the church blasts were believed to have been coordinated attack carried out by suicide bombers.

No one immediately claimed responsibility for Sunday’s blasts.

“The United States offers heartfelt condolences to the great people of Sri Lanka,” U.S. President Donald Trump tweeted in part early Sunday. “We stand ready to help!”

Photos from the scene showed extensive damage, along with blood and debris inside the targeted churches.

U.S. Ambassador to Sri Lanka Alaina Teplitz offered her condolences over Twitter early Sunday.

"Deeply saddened by the senseless attacks in Sri Lanka today. Our thoughts are with the victims and their families. We stand with Sri Lanka’s people at this terrible moment," she tweeted.

SRI LANKA AVERTS RIFT SPILLING OVER TO UN RIGHTS SESSION

St. Sebastian's pleaded for help on its Facebook page. The explosion ripped the roof off the building and knocked out doors and windows. Churches throughout the country have been placed on alert, with many canceling Easter services.

Foreign tourists on the Classic Sri Lankan tour hurriedly took to their cellphones to text family and loved ones around the world that they were OK after the blasts.

The group was on a 15-day tour of the tropical island nation, seeing sites including huge Buddhist monuments, tea plantations, jungle eco-lodges and famed sandy beaches.

People gather outside St. Anthony's Shrine where a blast happened, in Colombo, Sri Lanka, Sunday, April 21, 2019. (Associated Press)

People gather outside St. Anthony's Shrine where a blast happened, in Colombo, Sri Lanka, Sunday, April 21, 2019. (Associated Press)

Sri Lankan Member of Parliament Harsha de Silva tweeted Sunday of "many casualties including foreigners."

"Sec Defence and I am at Kochchikade church. Also was at ShangriLa n Kingsbury. PM is on his way from Bentota. Emergency meeting called in a few minutes. Rescue operations underway. Please stay calm and indoors. Many casualties including foreigners," he posted.

"Horrible scenes. I saw many body parts strewn all over. Emergency crews are at all locations in full force. We, at 1990 also have close to 20 units at the various locations. We took multiple casualties to hospital. Hopefully saved many lives," he continued.

The Archbishop of Colombo, Cardinal Malcolm Ranjith, called on Sri Lanka's government to launch a "very impartial strong inquiry" and to punish those found responsible "mercilessly because only animals can behave like that."

There was an outpouring of condemnation from around the world following the attacks.

Pope Francis denounced the "cruel violence" at the end of his traditional Easter Sunday blessing. 

Speaking from the loggia of St. Peter's Basilica, Francis said: "I want to express my loving closeness to the Christian community, targeted while they were gathered in prayer, and all the victims of such cruel violence."

He added: "I entrust to the Lord all those who were tragically killed and pray for the injured and all those who are suffering as a result of this dramatic event."

British Prime Minister Teresa May tweeted "We must stand together to make sure that no one should ever have to (practice) their faith in fear."

New Zealand Prime Minister Jacinda Ardern condemned the "devastating" attacks, and referred to the March 15 shootings at two mosques in the New Zealand city of Christchurch in which 50 died.

"New Zealand condemns all acts of terrorism and our resolve has only been strengthened by the attack on our soil," Ardern said. "New Zealand rejects all forms of extremism and stands for freedom of religion and the right to worship safely."

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Sri Lankan security forces in 2009 defeated Tamil Tiger rebels who had fought to create an independent homeland for the country's ethnic minority Tamils. The U.N. initially estimated the death toll from 26 years of fighting to be about 100,000 but a U.N. experts' panel later said some 45,000 ethnic Tamils may have been killed in the last months of the fighting alone.

The Associated Press contributed to this story.

Source: Fox News World

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Stock futures extend losses after durable goods data

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 13, 2019. REUTERS/Brendan McDermid

February 21, 2019

(Reuters) – U.S. stock index futures added to losses on Thursday, after new orders for key U.S.-made capital goods unexpectedly fell in the month of December, pointing to a further slowdown in business spending on equipment that could crimp economic growth.

Another report showed the number of Americans filing applications for unemployment benefits fell last week, but the four-week moving average rose to a more than one-year high, suggesting the labor market was slowing down.

At 8:30 a.m. ET, Dow e-minis were down 61 points, or 0.23 percent. S&P 500 e-minis were down 7.5 points, or 0.27 percent and Nasdaq 100 e-minis were down 18.25 points, or 0.26 percent.

Moments before the reports, Dow e-minis were down 33 points, or 0.13 percent. S&P 500 e-minis were down 4.25 points, or 0.15 percent and Nasdaq 100 e-minis were down 7 points, or 0.1 percent.

(Reporting by Shreyashi Sanyal in Bengaluru)

Source: OANN

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Climate change protesters block access to French multinationals

Environmental activists block the entrance of the French bank Societe Generale headquarters during a
Environmental activists block the entrance of the French bank Societe Generale headquarters during a "civil disobedience action" to urge world leaders to act against climate change, in La Defense near Paris, France, April 19, 2019. REUTERS/Benoit Tessier

April 19, 2019

PARIS (Reuters) – Climate activists blocked hundreds of employees from entering the headquarters of French bank Societe Generale, state-run utility EDF and oil giant Total on Friday, environmental group Greenpeace said.

Greenpeace said it was protesting against the companies links to the oil and gas industry, which the group says is a driving force in global warming.

They plastered giant posters of President Emmanuel Macron carrying the slogan “Macron, President of Polluters” and a banner reading “Scene of Climate Crime” on the glass facade of Societe Generale, Reuters TV images showed.

Police pepper-sprayed one group blocking the bank’s main entrance in a sit-down protest.

Some protesters taped themselves together while others cuffed themselves with plastic ties to metal poles to make it harder for police to dislodge them.

Employees in business suits milled around outside their offices. “I just want to get inside and on with my work,” one frustrated bank employee said.

A Societe Generale spokesman declined to comment. An EDF spokeswoman did not respond to requests for comment.

The protest came as Total chief executive Patrick Pouyanne, chief executive of Angola’s state oil company Sonangol, and the chairman of the Libya National Oil Corporation were due to attend an annual oil summit in Paris.

Greenpeace and action group Les Amis de la Terre (Friends of the Earth) have previously criticized Societe Generale for their financial role in oil and gas projects, in particular the Rio Grande LNG gas project in the United States.

Friday’s protest echoed a series by the Extinction Rebellion group of climate-change campaigners in London this week that have caused transport snarl-ups in the British capital.

Teenage protesters staged an emotional protest, weeping and singing, at political inaction on climate change near London’s Heathrow Airport on Friday.

(Reporting by Antony Paone and Inti Landauro; Writing by Richard Lough; Editing by Mark Heinrich)

Source: OANN

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FBI assisting Sri Lankan government with Easter bombing investigation

The U.S. Embassy in Sri Lanka said early Wednesday that FBI agents are inside the country to assist the in the investigation into the Easter Sunday bombings that killed more than 350 people.

The FBI’s arrival comes a day after a Sri Lankan defense minister, citing a “preliminary investigation,” said the attack was carried out by Islamic extremists in retaliation for the New Zealand mosque attacks that killed 50 people last month.

SRI LANKA EASTER BOMBINGS SPURS CALLS TO BAN BURQAS AMID REPORTS SOME OF THE ATTACKERS WERE WOMEN

The FBI’s assistance was part of the support extended by President Trump, the embassy said. The embassy did not immediately elaborate.

Police said the death toll has risen to 359 and more suspects have been arrested. A police spokesman also said Wednesday morning that 18 suspects were arrested overnight, raising the total detained to 58. The prime minister warned on Tuesday that several suspects armed with explosives were still at large.

Sri Lankan officials have blamed the domestic militant group National Thowfeek Jamaath for the bombings and authorities revealed the little-known outfit likely received assistance in carrying out the horrific plot.

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ISIS has also claimed responsibility for the attacks but investigators are still determining the extent of the bombers' foreign links.

Fox News' Greg Norman and The Associated Press contributed to this report.

Source: Fox News World

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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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The Slack app logo is seen on a smartphone in this illustration
FILE PHOTO: The Slack app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Slack Technologies Inc, operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year ended Jan. 31, 2019, the company said on Friday in a regulatory filing ahead of its planned public market debut.

The company said its daily active users exceeded 10 million in the three months ended Jan. 31, 2019.

Slack expects to trade on the New York Stock Exchange under the symbol “SK”, it said.

The San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing shares through an initial public offering.

A direct listing is a cheaper way of becoming a public company as the process requires fewer investment banks and therefore lower fees.

In a direct listing, however, a company does not sell any new shares to raise money. Instead, it gives existing shareholders the opportunity to cash out.

Slack is the latest in a string of high-profile technology companies looking to go public this year. Lyft Inc, Pinterest and Zoom Video Communications have completed IPOs so far in 2019.

The company is hoping for a valuation of more than $10 billion in the listing, Reuters had previously reported. Some early investors and employees have been selling the stock at around $28, valuing the company close to $17 billion, Kelly Rodriques, CEO of Forge, a brokerage company, told CNBC on Thursday.

Slack set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Its competitors include Microsoft Teams, a free chat add-on for Microsoft’s Office365 users.

(Reporting By Aparajita Saxena and Joshua Franklin in New York; Editing by Leslie Adler and Anil D’Silva)

Source: OANN

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