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Democrats Led By Nadler and Schiff Outraged at AG Barr Decision to Hold Press Conference

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The Latest: Italian minister concerned over Libya escalation

The Latest on developments in Libya (all times local):

2 p.m.

Italy's interior minister, Matteo Salvini, says an escalation in Libya puts at risk the stability along the southern rim of the Mediterranean Sea.

Salvini told reporters on the sidelines of a G-7 meeting in France on Friday that he's "very worried about Libya" and added that "the balance of the entire Mediterranean is at stake."

He says no country should interfere for its own "economic and commercial interests" — comments likely were aimed at whoever is backing the commander of the self-styled Libyan National Army, Khalifa Hiftar, who ordered his forces on Thursday to take over the capital, Tripoli.

Salvini said he told his G-7 allies: "We need to throw water on the fire and not gasoline."

The Italian also said he had a bilateral with the American delegation, which said that they were trusting in Italy for stability of the area.

___

10:20 a.m.

Libyan militias in the country's west are vowing to confront a rival army commander's attempt to seize the capital, Tripoli, raising the prospect of renewed civil war.

The advancing forces of Khalifa Hifter, who runs the self-styled Libya National Army based in the country's east, have sparked fears of a major showdown with the militias that control Tripoli.

The militias from the western cities of Zawiya and Misarata posted on social media early on Friday that they're mobilizing to confront Hifter, hours after he ordered his fighters to march on Tripoli.

They posted: "We are the revolutionaries and the elders ... we declare we are on full mobilization and war."

Since the 2011 uprising that ousted and killed Moammar Gadhafi, Libya has slid into chaos and frequent spasms of violence.

Source: Fox News World

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Hamlin believes he can improve on hot start

NASCAR: Food City 500-Practice
Apr 5, 2019; Bristol, TN, USA; Monster Energy NASCAR Cup Series driver Denny Hamlin (11) during practice for the Food City 500 at Bristol Motor Speedway. Mandatory Credit: Randy Sartin-USA TODAY Sports

April 5, 2019

Denny Hamlin has won twice in seven Monster Energy NASCAR Cup Series races this season and is second in the standings heading into Sunday’s Food City 500 at Bristol Motor Speedway.

Despite a stellar a start to the season, Hamlin prefers not to rejoice over what his Joe Gibbs Racing No. 11 Toyota team has accomplished. Hamlin prefers to look ahead, adamant that he and his team can — and will — be even better as the season progresses.

Hamlin’s belief is supported by the fact that while he has two wins — the season-opening Daytona 500 and last week’s race at Texas Motor Speedway — he and his No. 11 team have actually been quite mistake-prone.

The team has been penalized four times in the past three races for rules infractions on pit road — two for Hamlin speeding, and two for the pit crew having an uncontrolled tire. Last week, Hamlin had to twice rally back from penalties to win at Texas.

Nonetheless, Hamlin’s two wins are tied for most in the series and he has finished in the top 10 in every race but one. He trails JGR teammate Kyle Busch, who has also won twice this season, by a mere eight points in the standings.

“I’m confident that if we can still have those kind of results with those kind of shortfalls, that we’re a team that can battle back, and once we do have clean races, we’re going to have dominant races,” Hamlin said. .”.. I just feel like we’re definitely going to be better a few months from now than what we are now.”

Cleaning up penalties isn’t the only reason why Hamlin says the No. 11 team will be better in the future. Hamlin is in his first season working with crew chief Chris Gabehart, a first-year crew chief in the Monster Energy NASCAR Cup Series.

Based off the results, Hamlin and Gabehart have clicked well enough that Hamlin is off to the best start of his 14-year career. But that all-important chemistry between driver and crew chief, so often the difference from a team being very good and being excellent, is still developing, Hamlin said.

He credits Gabehart for helping him evolve as a driver by bringing a different approach than what he’s accustomed to, coinciding with NASCAR implementing a new aerodynamic rules package this season that has required further adjustments.

Ultimately, Hamlin wants to replicate the kind of relationship that Busch has with his crew chief, Adam Stevens. That will take time, although it is not lost on Hamlin that Busch and Stevens won the 2015 Cup championship in their first season together.

“I just feel confident in that, and knowing that certainly with a little bit more execution and more learning with me and Chris we’ve continued to get better and better every race track we’ve gone to,” Hamlin said. “We’re really learning each other more and more.

“I feel like we’re not even close to the level of relationship that like Kyle and Adam are at; that’s where obviously you want to go with it. We’re miles apart from them as far as that aspect, but we’re not miles apart as far as how we’re running right now.”

–By Jordan Bianchi, NASCAR Wire Service. Special to Field Level Media.

Source: OANN

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Jeff Landry: All Options Are on the Table to Break Big Tech Monopolies

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Spring training roundup: Boston’s Sale pitches five shutout innings

MLB: Spring Training-St. Louis Cardinals at Washington Nationals
Mar 23, 2019; West Palm Beach, FL, USA; St. Louis Cardinals starting pitcher Miles Mikolas (39) connects for a two run homer against the Washington Nationals during a spring training game at FITTEAM Ballpark of the Palm Beaches. Mandatory Credit: Steve Mitchell-USA TODAY Sports

March 24, 2019

Boston left-hander Chris Sale pitched five shutout innings on Saturday shortly after his rich contract extension was formally announced as the Red Sox rolled to a 12-3 victory over the visiting Pittsburgh Pirates at Fort Myers, Fla.

Sale, who received a five-year, $145 million deal, was sharp while striking out six in five innings. He gave up two hits and walked one before departing.

Jantzen Witte and Chris Madera drove in two runs for Boston, which collected 15 hits. Ke’Bryan Hayes slugged a three-run homer over the center field fence for the Pirates.

Cardinals 4, Nationals 4

Pitcher Miles Mikolas hit a two-run homer off fellow right-hander Stephen Strasburg to help visiting St. Louis tie Washington at West Palm Beach, Fla. Anthony Rendon and Matt Adams homered for Washington.

Tigers 8, Rays 7

Cameron Rupp lined the decisive two-run double with two outs in the bottom of the ninth and Miguel Cabrera homered earlier as Detroit edged Tampa Bay at Lakeland, Fla. Tommy Pham and Ji-Man Choi smacked homers for the Rays.

Pirates (ss) 5, Phillies 3

Oneil Cruz hit a tiebreaking homer in the fifth inning and Corey Dickerson slugged a two-run blast as host Pittsburgh defeated Philadelphia at Bradenton, Fla. Phil Gosselin homered for the Phillies.

Mets 12, Braves 2

Amed Rosario went 3-for-5 with three RBIs and right-hander Jacob deGrom struck out five in three perfect innings as New York routed host Atlanta at Kissimmee, Fla. Ronald Acuna Jr. and Andy Wilkins hit solo blasts for the Braves.

Blue Jays 7, Yankees 3

Lourdes Gurriel Jr. went 3-for-3 with a homer to help Toronto down host New York at Tampa, Fla. Gleyber Torres slugged a three-run homer for the Yankees.

White Sox 5, Dodgers 1

Eloy Jimenez went 3-for-3 with a homer and Yoan Moncada also went deep as visiting Chicago beat Los Angeles at Glendale, Ariz. Chris Taylor homered for the Dodgers.

Padres 11, Angels 4

Francisco Mejia drove in three runs and Wil Myers hit one of San Diego’s four homers as the host Padres cruised past Los Angeles at Peoria, Ariz. Justin Bour and Dustin Garneau homered for Los Angeles.

Giants 3, Diamondbacks 2

Alen Hanson hit the tiebreaking solo shot in the bottom of the seventh inning as San Francisco edged Arizona at Scottsdale, Ariz. David Peralta homered for the Diamondbacks.

Indians 8, Reds 5

Kevin Plawecki went 3-for-4 with a homer and four RBIs as Cleveland defeated host Cincinnati at Goodyear, Ariz. Jesse Winker and Jose Iglesias each homered twice for Cincinnati.

Royals (ss) 6, Brewers 4

Terrance Gore hit a tiebreaking two-run triple in the top of the ninth inning to give Kansas City the win over Milwaukee at Phoenix. Christian Yelich and Travis Shaw each hit two-run blasts for Milwaukee.

Brewers (ss) 7, Rangers 3

Ben Gamel hit a two-run homer to help Milwaukee defeat host Texas at Surprise, Ariz. Yohel Pozo had a two-run double for Texas.

–Field Level Media

Source: OANN

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Man pretending to be Timmothy Pitzen may face criminal charges: children’s safety advocate Francey Hakes

A devastated family was left reeling Thursday when it was revealed the man who told police he was Timmothy Pitzen, an Illinois boy who has been missing for eight years, was lying.

As the Pitzen family and police struggle to come to terms with the reality, former federal prosecutor Francey Hakes said she believes the man, 23-year-old Brian Rini, could face charges for his actions.

Hakes, who was also the first national coordinator for the DOJ's Strategy on Child Exploitation Prevention and Interdiction, told "Fox & Friends" on Friday that Rini's hoax has not only retraumatized a family but also exploited vital federal law enforcement resources.

"One of the things that, to me, is the worst, in addition to the family's emotional upset is that police and forensic resources that went into trying to determine whether this was Timmothy Pitzen," she said. "This person should be ashamed and is possibly going to be prosecuted."

DNA TESTING UNDERWAY IN TIMMOTHY PITZEN CASE AFTER TEEN FOUND IN KENTUCKY SAYS HE'S LONG-MISSING ILLINOIS BOY

MAN, 23, ACCUSED OF POSING AS TIMMOTHY PITZEN HAS CRIMINAL HISTORY, AUTHORITIES SAY

The FBI rushed to process DNA from Rini after he appeared in Kentucky, battered and bruised, claiming to be the now 13 or 14-year-old Pitzen. Once his DNA was processed, he was revealed to be the 23-year-old Rini, who was released from jail just a month ago and has a history of fraud-related crimes.

Pitzen disappeared in 2011 after his mother committed suicide, and claimed that she had left her son with others who would love and care for him. The family held a press conference on Thursday after news broke the man was not Timmothy, saying that the boy's father James "is devastated once again."

Timmothy's aunt, Kara Jacobs, said learning of the hoax "is like reliving the day" Timmothy disappeared all over again.

CLICK HERE TO GET THE FOX NEWS APP

Hakey went on to say that Rini's lies to federal authorities could certainly land him back in jail and that she hopes he is prosecuted.

"Lying to the authorities, lying to the FBI, committing obstruction of justice is a crime," she said. "There may be other state and local crimes he's committed using police resources under false pretenses.

"He's nothing short of a conman, and I feel terrible for what he's put this family through," she concluded.

Source: Fox News National

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Waltrip reflects on career as driver, broadcaster

NASCAR: Food City 500-Practice
Apr 5, 2019; Bristol, TN, USA; NASCAR hall of famer Darrell Waltrip speaks during a press conference discussing his retirement from Fox Sports after practice for the Food City 500 at Bristol Motor Speedway. Mandatory Credit: Randy Sartin-USA TODAY Sports

April 6, 2019

BRISTOL, Tenn. – A day after it was announced that Darrell Waltrip would end his broadcasting career this year, the three-time Monster Energy NASCAR Cup Series champion sat down and spoke with the media about his legendary career behind the wheel and in the television booth.

“Some people have thought that this was a spur-of-the-moment decision, something that I decided to do over the last two or three weeks,” Waltrip said Friday at Bristol Motor Speedway, where he won 12 times. “That is so far from the truth. …

“Anybody that’s done what I’ve done, whether it’s a driving career or a TV career, you can always look back and say ‘maybe should have done something different, maybe I should have thought about this or maybe I should have thought about that.’

“This is my home. For 60 years of my 72 I was holding on to something. I was holding on to a steering wheel for 30 years; I let go of that wheel and I grabbed on to a microphone. And I held on to a microphone for another 19 years. I’ve always been holding on to something.”

Waltrip, along with Mike Joy and former series crew chief Larry McReynolds, made up the original booth talent for FOX Sports when the network began NASCAR coverage in 2001. The move to television came after a driving career that saw Waltrip win series championships in 1981-82 and 1985 as well as 84 races.

In 2016, three-time series champion Jeff Gordon joined Waltrip and Joy in the booth.

As a racer in the early 1970s, Waltrip rocked the established stars of the day almost from the moment he arrived on the scene. By the end of the decade, he was winning multiple races and contending for championships. He was both loved and loathed as a competitor by fans and fellow drivers alike.

His career as a broadcaster was equally notable as he quickly helped merge two very different eras of the sport, identifying seamlessly with the older established followers while teaching a younger audience the ins and outs of NASCAR.

Mike Helton, vice chairman of NASCAR, noted that Waltrip has made “a remarkable impact on a lot of people personally but on our industry in general.

“I count my blessings as I get older about those that I have been able to share my career with, but you’re right there among the top,” Helton told Waltrip. “You’re a remarkable person.”

Waltrip will remain in the booth for the remainder of the FOX portion of the 2019 racing season, which concludes June 23 at Sonoma (Calif.) Raceway.

A replacement has not been named.

“They say you get what you give,” Waltrip said. “Well, I gave a lot. But I got a whole lot more in return.”

BLANEY HOPES TO TRANSFORM EARLY SEASON SPEED INTO WINS

The speed has been present nearly every race. There is no disputing that, as Ryan Blaney has had a fast car capable of contending in all seven Monster Energy NASCAR Cup Series races this season.

But while Blaney has had speed and led the third-most laps, that speed has not translated into winning. Instead, happenstance and miscues have contributed to what Blaney acknowledges has been a frustrating season heading into the Food City 500 on Sunday at Bristol Motor Speedway (2 p.m. ET on FS1, PRN and SiriusXM NASCAR Radio).

“There are moments you get frustrated at it,” Blaney said. “You just wish stuff would stop happening.

“The good thing is we’ve had speed all year. Honestly, I think we’ve had cars good enough to win almost every single one of them — at least have a shot at them.”

Blaney’s season began by crashing-out of the Daytona 500, a race he spent the majority of running up front before being collected in a multi-car accident with 10 laps remaining. Then came consecutive 22nd-place finishes at Atlanta Motor Speedway and Las Vegas Motor Speedway, where again Blaney’s No. 12 Team Penske Ford was among the fastest cars on the track but mistakes and luck prevented him from contending.

Then came last week, when the gremlins that inflicted Blaney to start the season returned at Texas Motor Speedway. He was leading when his car began billowing smoke, later diagnosed as a parts failure that caused the water to leak out and caused the engine to blow. In a race where he led 45 laps, Blaney finished 37th.

“We had that run there of really good finishes like we finished where we had been running,” Blaney said. “I wouldn’t say it’s relieving, but it was nice to finally actually not have anything go wrong in those races. And then, you look at last week leading the race and a part falls off and we end up blowing up. That part is frustrating.”

NASCAR XFINITY SERIES DASH 4 CASH KICKS OFF THIS WEEKEND

Saturday’s Alsco 300 NASCAR Xfinity Series race brings additional incentive for four drivers — the series’ seventh race is the first for this year’s Dash 4 Cash bonus program.

Tyler Reddick (Richard Childress Racing No. 2 Chevrolet), Christopher Bell (Joe Gibbs Racing No. 20 Toyota), Chase Briscoe (Stewart-Haas Racing No. 98 Ford) and Michael Annett (JR Motorsports No. 1 Chevrolet) qualified for the opening round of the program based on their respective finishes a week earlier at Texas Motor Speedway.

The highest finishing Dash 4 Cash-eligible driver in any of the four races — consecutive stops at Bristol, Richmond (Va.) Raceway, Talladega (Ala.) Superspeedway and Dover (Del.) International Speedway — earns a $100,000 bonus.

The drivers agree on one thing — competing in a Dash 4 Cash event is very similar to NASCAR’s season-ending playoffs. The goal is to win the race but finishing ahead of the other qualifiers will be enough to collect the six-figure bonus.

“At the beginning … you still want to win the race,” Bell noted. “But at the end of the race, if you’re not in position to win, then it really changes. It almost kind of relates to the final four at Homestead because you’re only racing three other competitors.”

Reddick says his approach is the same as it would be for any race, but that “you kind of look at it like a cutoff (elimination) race.

“I’ll pay closer attention to Chase and Michael than I have in the past … obviously me and Christopher have been pretty even about everywhere we’ve gone this year.”

Said Annett: “I definitely think it comes into play when it’s not your day, you can turn it into it and not necessarily have to win the race. That’s the biggest thing — taking chances that you probably wouldn’t for a fifth- or sixth-place finish.”

NATALIE DECKER READIES FOR NASCAR K&N PRO SERIES EAST DEBUT

Natalie Decker, 21, will make her NASCAR K&N Pro Series East debut Saturday at Bristol Motor Speedway, competing in the Zombie Auto 150 for DGR-Crosley. A native of Eagle River, Wis., Decker recently returned from Spain where she was one of 28 finalists competing for 18 spots in the new all-female W Series.

While she failed to make the final cut, Decker said the experience was unforgettable.

“It was amazing and so wonderful,” Decker said. “I’m so happy I did it. I have a lot to learn in road racing; I had never done that before.

“It was really cool to get that experience and I learned a lot. Maybe one day I can race an F3 car, but I really don’t want to do that now. I really want to focus on (NASCAR). I really wanted to do the W Series just because of what they were doing for women and being a part of that.”

Decker has made three starts for the DGR-Crosley team this year in the NASCAR Gander Outdoors Truck Series. Her best finish was 13th at Las Vegas Motor Speedway.

Bristol’s fast, high-banked, 0.533-mile layout left a quick impression.

“When I first pulled in, I was getting dizzy just trying to look at everything,” she said. “I couldn’t imagine what it would be like when I got out on the track.

“It was totally different. I come from short-track racing, but this is a whole new level of short-track racing. I’ve raced at Slinger Speedway (in Wisconsin) and that’s a really banked track but this is just totally different.”

NASCAR HALL OF FAMERS WALTRIP, ALLISON TO SERVE AS PRE-RACE DIGNITARIES

Legendary racers Darrell Waltrip and Bobby Allison will serve as pre-race dignitaries for Sunday’s Food City 500. Allison will give the command “Gentlemen, start your engines,” while Waltrip will wave the green flag from the flag stand to officially start the race. The two NASCAR Hall of Fame drivers combined for four Cup Series championships and 168 victories. … John Hunter Nemechek (GMS Racing) paced the first of two Xfinity Series practices at BMS while Cole Custer (Stewart-Haas Racing) led the final session. … Harrison Burton, son of former NASCAR Cup driver Jeff Burton, is making his Xfinity Series debut at Bristol. The youngster was seventh fastest in the opening round and 13th in the latter session. … BMS officials announced a multi-year extension with race sponsor Food City on Wednesday. The regional grocery chain has held the naming rights to the spring MENCS event since 1992. It is the second longest race entitlement in the series. Coca-Cola has been the primary sponsor for the annual Coca-Cola 600 at Charlotte Motor Speedway since 1985.

–By Kenny Bruce, NASCAR Wire Service. Special to Field Level Media.

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)

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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Source: InfoWars

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