Upcoming shows
Real News

NOW ON AIR
Now On Air

Real News with David Knight

9:00 am 12:00 pm



Maga First News

Upcoming Shows

Join The MAGA Network on Discord

0 0

Ivanka Blasts AOC's 'Green New Deal' as Handout

White House adviser Ivanka Trump on Tuesday slapped down New York Democratic Rep. Alexandria Ocasio-Cortez’s “Green New Deal” plan to boost jobs in an interview on Fox News.

“You’ve got people who will see that offer from the Democrats, from the progressive Democrats, Alexandria Ocasio-Cortez: ‘Here’s the Green New Deal, here’s the guarantee of a job,’ and think, ‘Yeah, that’s what I want, it’s that simple.’ What do you say to those people?” Trump, the daughter of President Donald Trump, was asked by Fox News host Steve Hilton in an interview that will air on Sunday.

“I don’t think most Americans, in their heart, want to be given something. I’ve spent a lot of time traveling around this country over the last four years. People want to work for what they get,” said Trump.

“So, I think that this idea of a guaranteed minimum is not something most people want. They want the ability to be able to secure a job. They want the ability to live in a country where’s there’s the potential for upward mobility,” she added.

Trump went on to say that her father’s policies are “continuing to allow this economy to thrive.”

Source: NewsMax Politics

0 0

India alleges P&G kept more than $35 million in tax benefits: source

The logo for Procter & Gamble Co. is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid

April 24, 2019

NEW DELHI (Reuters) – Indian tax authorities have alleged U.S. consumer goods maker Procter & Gamble did not pass on more than $35 million in tax benefits which were meant to have gone to its customers, a senior government official told Reuters on Wednesday.

Separately, the authorities are also investigating South Korea’s Samsung Electronics, the official added.

India’s National Anti-Profiteering Authority, a quasi-judicial body set up following the rollout of the Goods and Services Tax in 2017, found P&G had not reduced its prices on many products after a cut in tax rates on those items, said the official, who spoke on condition of anonymity.

P&G told Reuters it denied the allegation.

“We have passed the net benefit and communicated the same via advertising in mass media. As a responsible corporate, P&G has always been committed to passing the net benefit of GST rate reduction to the consumers,” it said in a statement.

Samsung said it had acted in accordance with the rules.

“Samsung reduced its sales price according to GST (Goods and Services Tax) reduction with effect from January 1, 2019. We are cooperating with DGAP (Directorate General of Anti Profiteering) on this matter,” the company said in a statement.

Under Indian law, companies had to pass on the benefits to customers after the government reduced the tax rate to 18 percent from 28 percent, and to 5 percent from 12 percent on many consumer durables and FMCGs (fast-moving consumer goods).

“P&G has been issued a notice to submit its reply on April 29 and explain why action should not be taken against it,” the official, with direct knowledge of the inquiry, told Reuters.

The authority will pass a final order in the next three months, the official added.

After an initial investigation, companies are given an opportunity to defend themselves before the authority passes a final order, which can be challenged in India’s higher courts.

($1 = 69.9510 Indian rupees)

(Reporting by Manoj Kumar in NEW DELHI, Sankalp Phartiyal in MUMBAI and Nivedita Bhattacharjee in BENGALURU; Editing by Alexander Smith)

Source: OANN

0 0

Portugal PM says keeping jobs in party's family not a worry

Portugal's prime minister says it's not a problem that his Cabinet contains a husband and wife, as well as a father and daughter, and insists that the relatives of senior politicians received other government jobs based on merit.

Opposition parties criticized Prime Minister Antonio Costa's Socialist government after Portuguese media reported that along with the family pairs in the Cabinet, other relatives of senior Socialist Party members had gotten government positions.

Costa's administration hasn't been accused of doing anything illegal, but critics say the pattern smacks of nepotism.

The prime minister brushed off the criticism on Thursday, saying he is "sure that nobody in the government was appointed because of their family links."

Costa also noted the criticism emerged in an election year. Portugal's general election is set for October.

Source: Fox News World

0 0

McCabe: Rosenstein's offer to wear wire was 'absolutely not' a good idea

Former FBI deputy director Andrew McCabe on Tuesday claimed he unequivocally rejected deputy AG Rod Rosenstein’s suggestion about wearing a wire in the White House, saying it was “absolutely not” a good idea.

Sitting down with CNN’s Anderson Cooper, McCabe that he had nothing to do with the leaks that first publicized Rosenstein’s offer to record his conversation with President Trump in the wake of the dramatic May 2017 firing of FBI Director James Comey.

“At that moment, did you think that was a good idea?” Cooper asked.

“Absolutely not,” McCabe responded. “I felt that it was an incredibly invasive and a potentially precedent-setting thing to do. I didn’t think it was necessary at that point. I mean, if you think about it, the reason you would send someone in with a concealed recording device to tape the utterances and the statements of a subject is to capture evidence of intent. We didn’t need to do that in this case. We knew what the president intended. He made, through his own public statements to Lester Holt in the infamous interview -- it was a risky and very controversial position that I did not want to put the agency in.”

CLICK HERE TO GET THE FOX NEWS APP

McCabe told the CNN anchor that he documented his interactions with Rosenstein and that he handed his memos to investigators.

And when asked if he thought Rosenstein should have recused himself from the probe of Russian meddling in the 2016 presidential election after invoking the 25th Amendment, McCabe said that was a decision for Rosenstein alone.

He later added that the country owes Rosenstein a “debt of gratitude” for appointing Special Counsel Robert Mueller to look into the Russia matter.

Source: Fox News Politics

0 0

BOJ to paint bleak inflation outlook, keep policy steady

FILE PHOTO: A security guard walks past in front of the Bank of Japan headquarters in Tokyo
FILE PHOTO: A security guard walks past in front of the Bank of Japan headquarters in Tokyo, Japan January 23, 2019. REUTERS/Issei Kato

April 24, 2019

By Leika Kihara

TOKYO (Reuters) – The Bank of Japan is expected to keep monetary policy steady on Thursday and predict that inflation will fall short of its 2 percent target for three more years, signaling that its massive stimulus will stay in place for the foreseeable future.

Given their dwindling policy tool-kit, BOJ officials have made clear that subdued inflation alone won’t trigger additional easing, and that the central bank will act only if risks threaten to derail Japan’s economic recovery.

But slowing global demand and simmering trade tensions have hurt Japan’s exports and business sentiment, putting the test to the BOJ’s projection the economy will keep expanding moderately.

With uncertainty over a scheduled sales tax hike in October also clouding the outlook, some analysts expect the BOJ to change its forward guidance in coming months to give markets more clarity on how long interest rates will remain very low.

“If the BOJ were to downgrade its inflation forecast, changing the forward guidance could be among options,” said Izuru Kato, chief economist at Totan Research.

“But the BOJ likely won’t do it this time,” because markets already expect any rate hike to be some time away, he added.

At a two-day meeting ending on Thursday, the BOJ is expected to maintain its short-term rate target at minus 0.1 percent and a pledge to guide long-term yields around zero percent. It is also expected to reiterate it will keep buying assets such as government bonds and exchange-traded equity funds.

In quarterly projections also due on Thursday, the BOJ may slightly cut its growth and price forecasts for the current fiscal year ending in March 2020, sources have told Reuters. It will also project inflation to move above 1.5 percent but fall short of 2 percent in fiscal 2021, they said.

Such projections will underscore a dominant market view that heightening risks and soft inflation will keep major central banks from whittling down crisis-mode policies any time soon.

Under forward guidance adopted last year, the BOJ pledged to keep rates very low for an “extended period” given uncertainties such as the impact of this year’s sales tax hike on the economy.

Some analysts say the BOJ could tweak the language to reassure markets that rates will stay ultra-low long after the tax increase takes place.

“The BOJ could extend its forward guidance and commit to maintaining current monetary easing at least through 2020,” said Hiroshi Ugai, chief Japan economist at JPMorgan Securities.

Ugai said the BOJ could make the tweak on Thursday, though most analysts expect any such change to happen later this year.

Despite some government steps to soften the tax blow, analysts polled by Reuters expect it will briefly knock the economy into contraction in the fourth quarter.

Years of heavy money printing have failed to fire up inflation to the BOJ’s 2 percent target and left it with little ammunition to fight the next recession.

Prolonged easing has also added to stresses on regional banks, already facing slumping profits due to an ageing population and an exodus of borrowers to big cities.

Under current projections, the BOJ expects core consumer inflation to hit 1.1 percent in the year ending in March 2020 and accelerate to 1.5 percent next year. That is much higher than projections in a Reuters poll of 0.7 percent inflation this fiscal year and 0.8 percent the following year.

(Reporting by Leika Kihara; Editing by Kim Coghill)

Source: OANN

0 0

Shorts line up for a Lyft ride despite surge pricing

FILE PHOTO: Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York
FILE PHOTO: Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton/File Photo

April 3, 2019

By Sinéad Carew and Lance Tupper

NEW YORK (Reuters) – Lyft Inc shares had seen strong demand among short sellers on Tuesday even as borrowing fees surpassed that of other U.S. equities as investors rushed to bet against the loss-making ride hailing service, which has warned it may never be profitable.

About 6.61 million Lyft shares with a market value of $455 million were reported as on-loan on Tuesday, according to IHS Markit Securities Finance on Wednesday, which sees borrowed shares as the best proxy for short selling.

In comparison $661 million worth of Facebook shares were borrowed on the first day after its IPO, according to Sam Pierson, an analyst at IHS Markit.

After rising as much as 23% in its Friday market debut, the stock pared gains sharply to finish the day up just 8.7 percent. Lyft faces criticism for its dual-class share structure and its strategy for autonomous driving. Investor worries also include new laws aimed at increasing driver pay.

Tuesday was the first day short sellers could borrow shares in Lyft, which was handed its first ‘sell’ rating from Wall Street on the same day.

Annualized borrowing fees for Lyft shares ranged from 85% to 150% of the amount borrowed but the majority of activity was for just over 100%, according to IHS Markit, which said this makes Lyft the most expensive stock to borrow among companies with more than $5 million of stock on loan.

Facebook shares sold short on the day after its IPO had an annualized fee of 39 percent of the amount borrowed.

“For Lyft to have that many shares on loan with that fee is notable,” said Pierson. “For an IPO there’s a lot of demand up front but even within that framework this is fairly high.”

Still, short sellers did not appear to be the dominant force on Wednesday as the stock was last up 3.0% at $71.06 bringing it closer to its IPO price of $72 but well below an intraday high of $88.60 reached on the first day of trading.

Investors who sell securities short borrow shares and then sell them, in a bet that the stock will fall so they can buy the shares back at a lower price, return them to the lender and pocket the difference.

SEC regulations prohibit underwriters from lending out their shares to cover short sales for 30 days. Tuesday was the first settlement day for Lyft share sales, so it was the first day other investors could loan out their shares.

Of the 8 analysts who cover Lyft so far, three recommend buying the stock while four say to hold it and one has a sell rating on the stock. The median price target for the stock is $77.50 with targets ranging from a low of $42 and a high of $97.

(Reporting by Sinéad Carew and Lance Tupper; Editing by Phil Berlowitz)

Source: OANN

0 0

Bank of America to raise minimum wage to $20 per hour by 2021

FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City
FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo

April 9, 2019

(Reuters) – Bank of America Corp said on Tuesday it would raise its minimum wage to $20 per hour in increments over a two-year period.

On May 1, 2019, the minimum hourly wage will rise to $17, and will continue to rise until it reaches $20 in 2021, the bank said https://reut.rs/2Il5148.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel)

Source: OANN

NOW ON AIR
Now On Air

Real News with David Knight

9:00 am 12:00 pm



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

April 26, 2019

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

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

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

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

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

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

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

Source: OANN

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

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.”

CLICK HERE TO GET THE FOX NEWS APP

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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

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.

CLICK HERE TO GET THE FOX NEWS APP

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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!

Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
Current track

Title

Artist