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Sports Direct considers offer for Debenhams

FILE PHOTO: Shoppers walk past a window display at the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past a window display at the Debenhams department store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo

March 25, 2019

LONDON (Reuters) – Mike Ashley’s Sports Direct said on Monday it was considering buying the whole of Debenhams as an alternative to the restructuring options being pursued by the ailing department store chain’s directors.

Sports Direct, Debenhams’ largest shareholder with a near 30 percent stake, has been trying push for control of the group, but an attempt to appoint Ashley to the board and replace nearly all of the existing directors failed because Sport Direct at the time owned its stake through a third-party nominee.

Debenhams, which has issued a string of profit warnings and has lost 90 percent of its market value in the last year, is pursuing its own refinancing plan, but it warned on Friday that existing shareholders could be wiped out.

“In Sports Direct’s opinion, Debenhams restructuring and refinancing process is likely to result in an adverse outcome for Debenhams existing shareholders,” the sports retailer said on Monday.

“Accordingly, Sports Direct confirms that, alongside other options, it is considering a possible offer for the entire issued and to be issued share capital of Debenhams not already held by Sports Direct.”

Billionaire Ashley, who also owns Newcastle United soccer club, made his fortune from building his sportswear chain.

More recently he has invested in other retailers hit by the rapid shift online and subdued consumer spending in Britain, including Debenhams’ department store rival House of Fraser.

Under British takeover rules Sports Direct has until April 22 April to either make a firm offer or walk away.

Sports Direct said any offer would likely be in cash.

(Reporting by Sangameswaran S in Bengaluru and Paul Sandle in London; Editing by Anil D’Silva and Jane Merriman)

Source: OANN

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Venezuela shutting sea links to Dutch Caribbean amid turmoil

A Venezuelan official says the country is banning sea trips to and from three Dutch Caribbean islands — a region that has been linked to efforts to undermine President Nicolas Maduro by sending aid to the South American nation.

Falcon state Civil Protection Director Gregorio Jose Montano said Tuesday that the indefinite shutdown of the "maritime border" affects Curacao, Aruba and Bonaire.

It comes as opposition leader Juan Guaido rallying international support for his challenge to Maduro.

Guaido has called for international emergency aid for Venezuela, including from Curacao, about 40 miles (65 kilometers) from Venezuela.

Maduro vows to block the aid, saying it's part of a U.S. coup.

Dutch officials have said they're opening Curacao as a hub for emergency shipments.

Source: Fox News World

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Trump aides ignored legal warnings in pushing reactor plan: Democratic report

FILE PHOTO: Former National Security Adviser Flynn arrives for status hearing at U.S. District Court in Washington
FILE PHOTO: Former National Security Adviser Mike Flynn arrives for a status hearing related to his guilty plea on charges that he made false statements in Special Counsel Robert Mueller's Russia investigation, at U.S. District Court in Washington, U.S., July 10, 2018. REUTERS/Joshua Roberts/File Photo

February 19, 2019

By Jonathan Landay and Nathan Layne

WASHINGTON (Reuters) – Top White House aides ignored repeated warnings they could be breaking the law as they worked with former U.S. officials and a close friend of President Donald Trump to advance a multi-billion-dollar plan to build nuclear reactors in the Middle East, Democratic lawmakers alleged in a report released Tuesday.

The House of Representatives Oversight Committee report said former national security adviser Michael Flynn and two aides promoted the plan with Tom Barrack, the chairman of Trump’s inaugural committee, and a consortium of U.S. firms led by retired military commanders and former White House officials.

The effort, the report said, began before Trump took office and continued after his inauguration in January 2017 despite National Security Council staff warnings that a proposed transfer of U.S. nuclear technology to Saudi Arabia was being fast-tracked around a mandatory approval process in possible breach of the Atomic Energy Act.

John Eisenberg, the top NSC lawyer, had ordered the work halted because of concerns that Flynn could be breaking a conflict of interest law as he advised the consortium while serving on Trump’s campaign and transition team, said the report, which is based on documents and whistleblower accounts.

Administration support for the project, however, appears to have continued to the present, with Trump meeting consortium representatives in the Oval Office last week, the committee report said.

“The committee is now launching an investigation to determine whether the actions being pursued by the Trump administration are in the national security interests of the United States, or rather, serve those who stand to gain financially,” the report said.

The report, compiled by the Democratic staff of the panel chaired by Representative Elijah Cummings, comes as Democrats expand inquiries into alleged administration wrongdoing after winning a majority in the House in November elections.

The nuclear project is being promoted by IP3 International, a consortium of U.S. technology firms founded by retired Navy Rear Admiral Michael Hewitt, retired Army General John Keane, and Robert McFarlane, a former national security adviser to President Ronald Reagan. The board includes former senior U.S. civilian and military officials.

The report said the companies include reactor manufacturer Westinghouse, which emerged from Chapter 11 bankruptcy last year.

The White House, Flynn and IP3 had no immediate response to the report.

PLAN FOR DOZENS OF REACTORS

Working with the U.S. government, the consortium would build dozens of power reactors in Saudi Arabia, Egypt and other U.S. Arab allies, according to the IP3 website. In doing so, the project would help restore U.S. influence in the Middle East while boosting regional economic and political stability, according to the website.

Flynn, a retired Army general, promoted the plan on two 2015 trips to Saudi Arabia, and listed himself on government documents as an IP3 advisor during a period in 2016 while he was working for Trump’s campaign and transition, the report said.

He is cooperating with Special Counsel Robert Mueller’s probe of Russian interference in the 2016 presidential election. Flynn was an early target of the investigation and is awaiting sentencing for lying to FBI agents.

Barrack was represented in the plan, the report said, by the then-head of his firm’s Washington office, Rick Gates, a former political consultant and Trump’s deputy campaign manager. Gates pleaded guilty last year to financial fraud and lying to the FBI and also is now cooperating with Mueller.

Documents appended to the report included a draft presidential memorandum appointing Barrack as a special envoy to oversee implementation of the project that McFarlane sent to Flynn and his then-deputy, K.T. McFarland, on Jan. 28, 2017.

Also included with the committee’s report was a document authored by Barrack titled “The Trump Middle East Marshall Plan” that promoted the plan and was sent to NSC staff on March 28, 2017, by IP3 board member Frances Fragos Townsend, who served as homeland security adviser to President George W. Bush.

A current senior administration official was among the unnamed whistleblowers who came forward “with significant concerns about the potential procedural and legal violations connected with rushing through a plan to transfer nuclear technology to Saudi Arabia,” the report said.

The whistleblowers, it said, also warned about political appointees ignoring the advice of “top ethics advisers at the White House who repeatedly and unsuccessfully ordered senior Trump Administration officials to halt their efforts.”

In addition to McFarland, Flynn’s top Middle Easy adviser, Derek Harvey, played a key role in promoting the plan in the White House, doing so despite warnings of possible ethics and criminal law violations, the report said.

(Reporting by Jonathan Landay and Nathan Layne; Editing by Bill Trott)

Source: OANN

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Mueller report redaction memes flood Twitter

Americans are apparently having a blast killing time as they anxiously prepare for the release of special counsel Robert Mueller's full report on the Russia investigation — a moment they have been waiting for since the investigation began in May 2017.

Attorney General William Barr will deliver the nearly 400-page document to Congress via CDs between 11 a.m. ET and noon. The information will be provided to the public shortly after on the special counsel's website.

Barr gave everyone a small preview of what's to come during an early Thursday news conference. Once again, he stressed the special counsel found "no evidence" of collusion between the Trump campaign and Russia during the 2016 presidential election.

WHAT TIME WILL THE MUELLER REPORT BE RELEASED? WHAT TO KNOW ABOUT THE DOCUMENT DUMP

But there are some key details that lawmakers and the public are eager to learn more about, particularly the issue of obstruction of justice. The Mueller probe did not reach a conclusion on whether President Trump committed this offense, but Barr and deputy Attorney General Rod Rosenstein determined there was not sufficient evidence on that front.

It's up to Barr to determine how much information Congress will see.

He confirmed Thursday he redacted any information he deemed inappropriate or harmful to a person's character if he or she has not been charged with a crime. Classified information, grand jury items, closed-door testimony and information that could hinder an ongoing case will also be protected.

"As you will see, most of the redactions were compelled by the need to prevent harm to ongoing matters and to comply with court orders prohibiting the public disclosure of information bearing on ongoing investigations and criminal cases," Barr said.

BARNES & NOBLE OFFERS FREE MUELLER REPORT DOWNLOAD

Though Barr claimed the redactions would be "limited," Twitter users had a field day envisioning what the documents would look like. Dozens of redaction memes flooded the social media site Thursday — many reposting fake documents covered in black bars.

One Twitter user posted a snippet of a redacted snippet of William Shakespeare's Sonnet 18.

"Barr's redacted version of Sonnet 18....," the user wrote, along with a meme that revealed six words of the literature.

Another bleeped out the lyrics to Rick Astley's popular song "Never Gonna Give You Up."

"The redacted #MuellerReport is out! And this is what it reveals...," a user tweeted.

Actor Rainn Wilson, known for his role as Dwight Schrute on "The Office," also joked about potential redactions.

"They just released the Mueller Report!" Wilson captioned a meme of a document that only contained the phrases "moreover" and "in that same vein."

"Full Frontal with Samantha Bee" used the hype about the release to promote the White House Correspondents' Dinner on April 27.

A sports fanatic jokingly posted an "advanced copy" of the report that jabs the Washington Nationals baseball team.

"The Nationals Bullpen is a complete disaster," the fake document reads.

Fox News' Brooke Singman contributed to this report.

Source: Fox News Politics

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Mortars land on Tripoli suburb as two-week battle rages on

Members of Libyan internationally recognised government forces react during the fighting with Eastern forces at Al-Swani area in Tripoli
Members of Libyan internationally recognised government forces react during the fighting with Eastern forces at Al-Swani area in Tripoli, Libya April 18, 2019. REUTERS/Ahmed Jadallah

April 18, 2019

By Hani Amara and Ahmed Elumami

AL-SUANI, Libya (Reuters) – Mortars crashed down on a suburb of Tripoli on Thursday, almost hitting a clinic and adding to people’s suffering after two weeks of an offensive by eastern troops on the Libyan capital, which is held by an internationally recognized government.

The shelling came a day after seven people were killed when Grad rockets hit a densely populated district of Tripoli, which the eastern Libyan forces of commander Khalifa Haftar have been trying to take, deepening the chaos that has plagued the oil-producing nation since 2011.

The Libyan National Army (LNA) of Benghazi-based Haftar has become bogged down in the southern suburbs of the capital.

In al-Suani, a southwestern suburb, Reuters reporters saw two mortars almost hitting a clinic. The fighting has killed 205 people, including 18 civilians, and wounded 913 since the start of the campaign, the World Health Organization (WHO) said on Thursday.

Locals blamed Haftar’s forces for the shelling, saying the rockets had been fired from the direction of his positions south of the capital.

“We say to the United Nations and the Security Council: listen. Listen to the bombing… Rockets are coming down on us. For this reason, please find a solution for us,” said Youssef Salem, a displaced man from al-Suani.

The LNA has denied shelling residential areas.

The Tripoli government issued arrest warrants for Haftar and other top eastern officials, blaming them for Wednesday’s shelling.

Eastern officials have already issued arrest warrants for Tripoli premier Fayez al-Serraj and other western officials as there is no sign of a political solution or even of a ceasefire.

Foreign powers are worried but unable to present a united front over the latest flare-up in the cycle of anarchy and warfare that has gripped Libya since dictator Muammar Gaddafi was toppled in 2011.

The internationally recognized interior ministry accused France of supporting Haftar and said it would halt security cooperation with Paris.

“Any dealings with the French side in bilateral security agreements” will halt, the Tripoli-based interior ministry said in a statement.

A French presidential source said in response to the accusation that France supported the internationally recognized government in Tripoli and that Emmanuel Macron’s legitimate interlocutor was Serraj, with whom he spoke on Monday and reaffirmed that.

The French government was not immediately available for comment.

France has helped train Serraj’s presidential guard and in October 2013 signed a deal between a consultancy of the French interior ministry and the Libyan interior ministry to train 1,000 police.

Most recently in February, France provided the Tripoli government with six patrol boats for its coastline.

Paris has given Haftar support in the past, however, viewing him as the best bet to end the chaos that has reigned since a NATO-backed rebellion to end Gaddafi’s murderous four-decade rule.

Italy, with considerable oil interests in the OPEC member, supports the Tripoli government of Prime Minister Fayez al-Serraj and was furious with French reluctance to back a recent European Union resolution urging Haftar to halt his advance.

The conflict threatens to disrupt oil flows, foment migration across the Mediterranean Sea to Europe, and allow jihadists to exploit the chaos.

Haftar enjoys the backing of Egypt, the United Arab Emirates and Saudi Arabia, who view him as an anchor to restore stability and combat Islamist militants.

His forces came under attack on Thursday by an armed group at the Tamanhint base near the main southern city of Sabha.

The LNA managed to expel the attack, which killed two of its soldiers, an eastern official said. But it exposed a vulnerability as Haftar has moved much of its forces north.

The identity of the attackers was not immediately clear.

The LNA force seized earlier this year the south and its two oilfields, although tribesmen with flexible loyalties remain strong in the sparsely populated desert region.

On the weekend, the LNA dispatched a unit to the eastern oil ports of Ras Lanuf and Es Sider to prepare for a possible attack there.

(Reporting by Ayman al-Warfalli, Ahmed Elumami, Ulf Laessing, John Irish and Stephanie Nebehay; Editing by Mark Heinrich and Hugh Lawson)

Source: OANN

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U.S. has placed additional ‘intense pressure’ on Iran: official

Iran's President Hassan Rouhani at a news conference on the sidelines of the General Assembly in New York
Iran's President Hassan Rouhani walks by his country's flag at a news conference on the sidelines of the 73rd session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 26, 2018. REUTERS/Brendan Mcdermid

March 29, 2019

SINGAPORE (Reuters) – The United States placed additional “intense pressure” on Iran this week, a top U.S. sanctions official said on Friday.

Sigal Mandelker, under-secretary of the Treasury for Terrorism and Financial Intelligence, told reporters in Singapore she would stress the inherent risks in dealing with Iran in meetings over coming days with government officials in Malaysia, Singapore and India.

(Reporting by John Geddie; Editing by Robert Birsel)

Source: OANN

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Maxine Waters reignites calls to impeach President Trump, accuses him of ‘conspiring with the Kremlin and oligarchs of Russia’

Maxine Waters has ramped up her President Trump impeachment talks once again.

The California Democrat seemed to be moving on from pushing impeachment when she admitted it was “never discussed” as a realistic strategy among Democrats. But the congresswoman took a very different tone when speaking to supporters this week.

“Some people say, ‘How dare her (sic) come out and say, 'Impeach him? She doesn't know enough about him to talk about impeaching him.' But now the American people, whether they say it or not, they know that this man is dangerous,” Waters told the Woman’s National Democratic Club dinner on Tuesday.

MAXINE WATERS SAYS IT WAS 'CORRECT THING' FOR JUSSIE SMOLLETT CHARGES TO BE DROPPED

“That certainly, he conspired with the Kremlin and with the oligarchs of Russia.”

Waters, who has frequently attacked President Trump since he took office, went on to question Attorney General William Barr.

“I know that you are all worried about the special counsel and the fact that we have a report that has been described to us in a letter by the attorney general. We don't know what's in the report yet, and we’re going to demand it,” she said, according to the Washington Examiner.

She then wrapped up the speech with a message to her supporters: “Let me leave you with this: Despite the fact that we haven’t gotten the report yet, and we’re going after it, and it may be subpoenaed, that it is being worked on. I’m still saying impeach 45.”

MAXINE WATERS TONES DOWN TRUMP IMPEACHMENT TALK, SAYS DEMS NEVER SERIOUSLY DISCUSSED IT

The fiery promise was in stark contrast to her words from just one week ago.

“I think we do nothing now but concentrate on getting the information, getting that report,” Waters said, in reference to the report by Mueller, the conclusions of which were provided by  Barr.

“[Impeachment has] never been discussed as a strategy for this caucus. It’s only a few of us,” she added, according to Politico.

Many Democrats have expressed reservations about going down the impeachment route, with House Speaker Nancy Pelosi warning that the process just isn’t worth pursuing.

“I’m not for impeachment,” Pelosi told the Washington Post Magazine. “Impeachment is so divisive to the country that unless there’s something so compelling and overwhelming and bipartisan, I don’t think we should go down that path, because it divides the country.”

She added: “And he’s just not worth it.”

CLICK HERE TO GET THE FOX NEWS APP

Yet some Democrats, most notably U.S. Rep. Rashida Tlaib, D-Mich., are already working behind the scenes to begin hearings and investigations that would pave way for the impeachment.

Source: Fox News Politics

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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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149.95

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149.95

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149.95

119.96

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Source: InfoWars

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

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