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The Birth of a Monster

The Federal Reserve’s doors have been open for “business” for one hundred years.

In explaining the creation of this money-making machine (pun intended — the Fed remits nearly $100 bn. in profits each year to Congress) most people fall into one of two camps.

Those inclined to view the Fed as a helpful institution, fostering financial stability in a world of error-prone capitalists, explain the creation of the Fed as a natural and healthy outgrowth of the troubled National Banking System. How helpful the Fed has been is questionable at best, and in a recent book edited by Joe Salerno and me — The Fed at One Hundred — various contributors outline many (though by no means all) of the Fed’s shortcomings over the past century.

Others, mostly those with a skeptical view of the Fed, treat its creation as an exercise in secretive government meddling (as in G. Edward Griffin’s The Creature from Jekyll Island) or crony capitalism run amok (as in Murray Rothbard’s The Case Against the Fed).

In my own chapter in The Fed at One Hundred I find sympathies with both groups (you can download the chapter pdf here). The actual creation of the Fed is a tragically beautiful case study in closed-door Congressional deals and big banking’s ultimate victory over the American public. Neither of these facts emerged from nowhere, however. The fateful events that transpired in 1910 on Jekyll Island were the evolutionary outcome of over fifty years of government meddling in money. As such, the Fed is a natural (though terribly unfortunate) outgrowth of an ever more flawed and repressive monetary system.

Before the Fed

Allow me to give a brief reverse biographical sketch of the events leading up to the creation of a monster in 1914.

Unlike many controversial laws and policies of the American government — such as the Affordable Care Act, the Troubled Asset Relief Program, or the War on Terror — the Federal Reserve Act passed with very little public outcry. Also strange for an industry effectively cartelized, the banking establishment welcomed the Fed with open arms. What gives?

By the early twentieth century, America’s banking system was in a shambles. Fractional-reserve banks faced with “runs” (which didn’t have to be runs with the pandemonium that usually accompanies them, but rather just banks having insufficient cash to meet daily withdrawal requests) frequently suspended cash redemptions or issued claims to “clearinghouse certificates.” These certificates were a money substitute making use of the whole banking system’s reserves held by large clearinghouses.

Both of these “solutions” to the common bank run were illegal as they allowed a bank to redefine the terms of the original deposit contract. This fact notwithstanding, the US government turned a blind eye as the alternative (widespread bank failures) was perceived to be far worse.

The creation of the Fed, the ensuing centralization of reserves, and the creation of a more elastic money supply was welcomed by the government as a way to eliminate those pesky and illegal (yet permitted) banking activities of redemption suspensions and the issuance of clearinghouse certificates. The Fed returned legitimacy to the laws of the land. That is, it addressed the government’s fear that non-enforcement of a law would raise broader questions about the general rule of law.

The Fed provided a quick fix to depositors by reducing cases of suspensions of their accounts. And the banking industry saw the Fed as a way to serve clients better without incurring a cost (fewer bank runs) and at the same time coordinate their activities to expand credit in unison and maximize their own profits.

In short, the Federal Reserve Act had a solution for everyone.

Taking a central role in this story are the private clearinghouses which provided for many of the Fed’s roles before 1914. Indeed, America’s private clearinghouses were viewed as having as many powers as European central banks of the day, and the creation of the Fed was really just an effort to make the illegal practices of the clearinghouses legal by government institutionalization.

Why Did Clearinghouses Have So Much Power?

Throughout the late nineteenth century, clearinghouses used each new banking crisis to introduce a new type of policy, bringing them ever closer in appearance to a central bank. I wouldn’t go so far as to say these are examples of power grabs by the clearinghouses, but rather rational responses to fundamental problems in a troubled American banking system.

When bank runs occurred, the clearinghouse certificate came into use, first in 1857, but confined to the interbank market to economize on reserves. Transactions could be cleared in specie, but lacking sufficient reserves, a troubled bank could make use of the certificates. These certificates were jointly guaranteed by all banks in the clearinghouse system through their pooled reserves. This joint guarantee was welcomed by unstable banks with poor reserve positions, and imposed a cost on more prudently managed banks (as is the case today with deposit insurance). A prudent bank could complain, but if it wanted to use a clearinghouse’s services and reap the cost advantages it had to comply with the reserve-pooling policy.

As the magnitude of the banking crisis intensified, clearinghouses started permitting banks to issue the certificates directly to the public (starting with the Panic of 1873) to further stymie reserve drains. (These issues to the general public amounted to illegal money substitutes, though they were tolerated, as noted above.)

Fractional-Reserve Free Banking and Bust

The year 1857 is a somewhat strange one for these clearinghouse certificates to make their first appearance. It was, after all, a full twenty years into America’s experiment with fractional-reserve free banking. This banking system was able to function stably, especially compared to more regulated periods or central banking regimes. However, the dislocation between deposit and lending activities set in motion a credit-fueled boom that culminated in the Panic of 1857.

This boom and panic has all the makings of an Austrian business cycle. Banks overextended themselves to finance the booming industries during America’s westward advance, primarily the railways. Land speculation was rampant. As realized profits came in under expectations, investors got skittish and withdrew money from banks. Troubled banks turned to the recently established New York Clearing House to promote stability. Certain rights were voluntarily abrogated in return for a guarantee on their solvency.

The original sin of the free-banking period was its fractional-reserve foundation. Without the ability to fund lending activity with their deposit base, banks never would have financed the boom to the extent that it became a destabilizing factor. Westward expansion and investment would still have occurred, though it would have occurred in a sustainable way funded through equity investments and loans. (These types of financing were used, though as is the case today, this occurred less than would be the case given the fractional-reserve banking system’s essentially cost-free funding source: the deposit base.)

In conclusion, the Fed was not birthed from nothing in 1913. The monster was the natural outgrowth of an increasingly troubled banking system. In searching for the original problem that set in motion the events culminating in the creation of the Fed, one must draw attention to the Panic of 1857 as the spark that set in motion ever more destabilizing policies. The Panic itself is a textbook example of an Austrian business cycle, caused by the lending activities of fractional-reserve banks. This original sin of the banking system concluded with the birth of a monster in 1914: The Federal Reserve.



Stewart Rhodes and Alex Jones reveal to listeners how lawmakers in the Texas State Government are taking building the wall into their own hands.

Source: InfoWars

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BOJ Kuroda: Inflation pick-up must be accompanied by wage hikes

FILE PHOTO: BOJ Governor Kuroda attends a news conference in Tokyo
FILE PHOTO: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan December 20, 2018. Mandatory credit Kyodo/via REUTERS

April 10, 2019

TOKYO (Reuters) – Bank of Japan Governor Haruhiko Kuroda said on Wednesday the central bank was seeking to create a condition in which any acceleration in inflation is accompanied by rises in corporate profits and wages.

“The BOJ isn’t seeking to push up inflation alone. We want to create a situation where wage and employment conditions improve too … and a positive economic cycle is created,” Kuroda told parliament.

Finance Minister Taro Aso told the same parliament committee meeting that pushing up inflation alone “won’t do any good,” as people’s livelihoods would not improve without increases in capital expenditure and wages.

(Reporting by Leika Kihara; Editing by Chang-Ran Kim)

Source: OANN

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Japan exports fall for third month on waning external demand, raises economic risks

FILE PHOTO - Birds fly in front of Mt. Fuji and a crane at a port in Tokyo
FILE PHOTO - Birds fly in front of Mt. Fuji and a crane at a port in Tokyo, Japan January 25, 2016. REUTERS/Toru Hanai/File Photo

March 18, 2019

By Tetsushi Kajimoto

TOKYO (Reuters) – Japan’s exports fell for a third straight month in February in a sign of growing strain on the trade-reliant economy from slowing external demand and a Sino-U.S. tariff war.

Ministry of Finance data showed on Monday exports fell 1.2 percent year-on-year in February, more than a 0.9 percent decrease expected by economists in a Reuters poll.

It followed a sharp 8.4 percent year-on-year drop in January, marking a third straight month of falls due to declines in shipments of semiconductor production equipment and cars.

The trade data comes on top of a recent batch of weak indicators, such as factory output and a key gauge of capital spending, which have raised worries that a record run of postwar growth may come to an end. Some analysts say a recession cannot be ruled out.

The Bank of Japan last week cut its view on exports and output, while keeping policy unchanged. Yet, extended weakness in exports could put it under pressure to deliver more easing, especially as inflation remains well off its 2 percent target and pressure on businesses and consumers continues to rise.

Slowing global growth, the Sino-U.S. trade war and complications over Britain’s exit from the European Union have forced policy makers around the world to shift to an easing stance over recent months.

The trade war between the United States and China – Japan’s largest export markets – has already curbed global trade.

Monday’s trade data showed exports to China, Japan’s biggest trading partner, rose 5.5 percent year-on-year, rebounding from a 17.4 percent drop in January. However, overall trade to the Asian giant remained weak, as even after averaging effects of the Lunar New Year holiday, China-bound shipments declined 6.3 percent in the January-February period from a year earlier.

Japan’s shipments to Asia, which account for more than half of overall exports, fell 1.8 percent, down for a fourth straight month.

U.S.-bound exports rose 2.0 percent, but imports from the United States grew 4.9 percent, resulting in Japan’s trade surplus with the country declining 0.9 percent year-on-year to 624.9 billion yen in February.

Japan’s still-large surplus with the United States raises concerns among Japanese policymakers and auto exporters that Washington may impose hefty duties on its imports, analysts say.

Imports of Japanese cars make up about two-thirds of Japan’s $69 billion annual trade surplus with the United States, making Tokyo and Beijing targets of criticism by Trump.

(Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher)

Source: OANN

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Ariana Grande Matches Beatles Billboard Record

Singer Ariana Grande made history this week by becoming just the second musical act — along with the Beatles in 1964 — to own the top three songs on the Billboard Hot 100 chart.

Billboard reported Tuesday that three songs from Grande's latest album "Thank U, Next" are sitting atop the chart.

"7 Rings" is at No. 1 for the fourth straight week, while "Break Up With Your Girlfriend, I'm Bored" made its debut as the No. 2 song. Sitting in the third spot is "Thank U, Next," which moved up four spots.

During a five-week stretch in March and April 1964, the Beatles had the top three songs on the chart. And on one of those weeks, they had the top five songs.

Billboard also reported Grande has 11 songs from her new album in the top 40, the most ever for a female artist. The other song from the album is ranked No. 48.

Grande posted several tweets reacting to the news, including this one:

"i laughed when i saw this bc i thought y'all edited it. thank u from the bottom of my heart. for so many reasons. first time since the beatles huh. that's wild. i thought this was a joke when i saw it i'm not kidding. i love u. so much. always have n will. thank u for everything."

Source: NewsMax America

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Great Lakes see 'superior' ice coverage, but it won't last

As ice coverage goes, it's Superior.

The Detroit Free Press reports Lake Superior was 94 percent ice covered as of Friday, marking first time the largest of the Great Lakes had more than 90 percent coverage in four years.

At this time last year, Superior was about half covered, and only 7 percent of the lake was covered at this time in 2017.

Similar ice coverage is reported on the four other Great Lakes. Lake Erie is at 94 percent coverage, Huron nearly 85 percent, Michigan roughly 40 percent and Ontario at 23 percent.

Climatologists say weather patterns consistently held frigid air over the region since late January. Warmer temperatures in the coming days will start to bring on a great melt.

Source: Fox News National

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China thanks Kazakhstan for support on Xinjiang de-radicalization scheme

Kazakh Foreign Minister Beibut Atamkulov visits China
Kazakh Foreign Minister Beibut Atamkulov (L) and Chinese Foreign Minister Wang Yi (R) pose for photos after signing documents at the end of a meeting at Diaoyutai State Guesthouse in Beijing, China March 28, 2019. Andrea Verdelli/Pool via REUTERS

March 29, 2019

BEIJING (Reuters) – The Chinese government’s top diplomat has thanked Kazakhstan for its support for a controversial de-radicalization program in China’s far western region of Xinjiang, and said others should follow China’s example.

Critics say China is operating internment camps for Uighurs and other Muslim peoples who live in Xinjiang, although the government calls them vocational training centers and says it has a genuine need to prevent extremist thinking and violence.

Chinese State Councillor Wang Yi said after meeting Kazakh Foreign Minister Beibut Atamkulov in Beijing that China’s de-radicalization measures in Xinjiang had been very effective, China’s Foreign Ministry said in a statement late on Thursday.

The steps had “vigorously protected local security and stability and made an important contribution to promoting regional peace and stability”, Wang said.

They also gave a “useful reference for the international community in cracking down on violent terror forces and banishing extremist thought”, he said.

“We appreciated the Kazakh government’s understanding and support for China’s position, and we will never let any person or any force damage the friendship and mutual trust between China and Kazakhstan,” Wang said.

The government of the Central Asian nation has avoided criticizing China’s Xinjiang policies but has negotiated the release of some two dozen people with dual Kazakh and Chinese citizenships detained in China.

Kazakh police this month detained a Chinese-born activist who has campaigned on behalf of ethnic Kazakhs in China.

Xinjiang is home to a sizeable Kazakh minority, some of whom have also ended up in the de-radicalization facilities, rights groups say.

China has been stepping up a push to counter growing criticism in the West and among rights groups about the program in Xinjiang, which borders Central Asia.

That has included inviting foreign diplomats and reporters to visit on well-chaperoned tours, including a Reuters reporter in January.

China has denied all accusations of rights abuses in Xinjiang and says it has a genuine need to ensure security there, where hundreds have been killed in unrest in recent years blamed by Beijing on Islamist militants and separatists.

Wang said China and Kazakhstan should strengthen their cooperation in the human rights field and ensure people do not try to “politicise” the issue, China’s Foreign Ministry said.

(Reporting by Ben Blanchard; Editing by Paul Tait)

Source: OANN

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Forced to beg, Senegal’s ‘talibes’ face exploitation and abuse

The Wider Image: Forced to beg, Senegal's
Omar Wone, 8, from Futa, a Koran student, called a talibe, sits on the floor of the daara (Koranic school) where he lives and learns Koran in Saint-Louis, Senegal, February 8, 2019. Omar was complaining about chest pain. REUTERS/Zohra Bensemra

February 22, 2019

By Zohra Bensemra and Juliette Jabkhiro

SAINT-LOUIS, Senegal (Reuters) – An eight-year-old boy fled his Koranic school in Saint-Louis, Senegal this month after he said a teacher threatened to beat him for not earning enough money begging on the street.

Hours later, alone in the corner of a low-lit bus station, he was raped by a teenager.

The child, whose name is not disclosed for privacy reasons, was rescued mid-assault by a local non-profit called Maison de la Gare that patrols Saint-Louis at night battling what has become a deep-rooted problem in Senegalese cities: thousands of young boys sent to religious schools end up begging on the streets, or worse.

“These things are still shocking, even when it is the tenth or fifteenth time you see them,” said Maison de la Gare’s founder, Issa Kouyate, referring to the boy’s case.

A Reuters witness also saw the rape before it was stopped.

Teachers from the school the boy fled declined repeated requests for comment. His parents were not reachable.

Kouyate said that he was making inquiries about the background of the teenager who committed the rape, and will then report him to the police.

On Thursday, Saint-Louis police said in response to a phone call from Reuters seeking comment that the appropriate officer for such a case was not available to speak. On Friday, Reuters calls to the police station went unanswered.

Families across Senegal have long enrolled their children in schools called daaras to learn Islamic scripture and build character. Historically, part of that teaching included begging for food to instill humility.

Many daaras are free from problems of abuse. Success in a daara and strong knowledge of the Koran can lead to a prestigious position as an Imam or a Koranic teacher, known as a marabout. Many parents, often far away back home, are unaware of the risks some children face in the process, said Mamadou Gueye, 57, who works with abused children in Saint-Louis.

In recent decades, some rights groups say the school children, called talibes, have at times been kept by marabouts in dire conditions, forced to beg for money and beaten if they do not come back with enough. There are no safeguards for children who escape and find themselves alone on the streets, they say.

LEARNING KARATE

The ill-treatment of talibes was a largely taboo subject in Senegal, but awareness campaigns have slowly provoked debate.

President Macky Sall, who touts himself as a modernizing president with a series of large infrastructure projects to his name, in 2016 launched a plan ordering the removal of children from the streets and said those who force them to beg would be jailed.

About 300 hundred were helped by the program in 2018, government figures show.

“These are our children, and we are trying to involve everyone in protecting them,” said Alioune Sarr, head of Child Protection in the Senegalese government. The government has set up a free hotline to report cases of child abuse, he said.

The issue has come into focus ahead of Sunday’s presidential election. Two of the five candidates, Ousmane Sonko and Issa Sall, said their programs include measures to regulate the daaras system and end child begging.

Human Rights Watch says over 100,000 children are still sent out to beg.

In Saint-Louis, as in the capital Dakar, groups of children weave through traffic asking for money, wearing shorts and ragged football shirts bearing the names of their millionaire heroes.

At Maison de la Gare, talibes can eat a sandwich, shower, wash their clothes and receive first aid assistance. There are opportunities to learn English and play sport.

“I’m learning karate so I can defend myself,” said eight-year-old Demba, who said he was once forced by a teacher to stay out all night and beg for money, only to be robbed by a drunk man at 6 a.m.

He did not give the name of the marabout, or the school.

After being away from home, Demba expressed mixed feelings about the family that sent him to the school in the first place.

“I no longer feel anything towards my parents,” Demba said. “I don’t even know if I’m angry at them or not.”

Click on https://reut.rs/2tyIpVb to see a related photo essay

(Editing by Edward McAllister, William Maclean)

Source: OANN

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

April 26, 2019

By Manoj Kumar and Nidhi Verma

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

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

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

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

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

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

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

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

A government spokesman declined to comment.

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

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

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

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

Only for them to surge after the vote.

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

‘CREDIT NEGATIVE’

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

($1 = 70.1800 Indian rupees)

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

Source: OANN

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

April 26, 2019

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

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

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

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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

April 26, 2019

By Aditi Shah and Abhirup Roy

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

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

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

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

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

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

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

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

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

INCREASING CAPACITY

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

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

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

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

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

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

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

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

DOMESTIC GAINS

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

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

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

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

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

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

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

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

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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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