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Fed’s Interest Rates Nothing But Crude Price Controls

When the Federal Reserve artificially manipulates interest rates, it’s messing with our minds by distorting important signals that prices provide in a free market. As investment guru Jim Grant put it in a recent article in Barron’s, central bank interest rates are nothing but crude price controls.

Like all price controls, the Fed’s interest rate mechanizations create some winners and some losers. But in the long run, the distortions caused by the central bank’s interventionist monetary policy makes us all losers.

Basic economic theory tells us price controls distort supply and demand curves. We see this in the housing shortages caused by government imposed rent controls. As Grant explains, Fed interest rate policies are nothing more than a mechanism to control the price of credit. And like all price controls, they create distortions.

“It’s a spotty form of control, granted—the bond market, where it’s allowed to function, still has a say in determining the price of credit. But central bankers’ thumbs press heavily on the scales.”

“So what?” you might say. Surely the central bankers know what they’re doing. But do they, really?


Mike Adams exposes the agenda of the private Fed as a war against the prosperity of Americans that simply want to make America great.

The biggest problem is that the constant tinkering with interest rates create massive distortions in the economy. And while they may help some people along the way, they hurt others. Grant points to the housing market. You’ll remember that distortions in the real estate market created low-interest rates coupled with government policy led to the 2007 crash and the ensuing Great Recession. Did the central bankers learn their lesson? Apparently not. In the wake of the financial crisis, the Federal Reserve pushed interest rates even lower and left them there for nearly a decade.

As Grant points out, this has certainly been a positive development for homeowners – the winners in this scenario. The price of houses has increased by 52% in the last decade. But there are losers as well.

“That has been a boon for homeowners, and even for home flippers (they’re back), but no boon at all for the 35% of Americans who rent. Since March 2009, consumer-price-index-calculated rents are up by 32% (as much as the rise in medical costs), against a 26% rise in nominal hourly wages. Then, too, outside New York, the apartment-dwelling portion of the population tends not to be the most affluent one. It’s the same population that derives no immediate benefit from corporate share repurchases conducted with proceeds of borrowed money at near record highs in equity valuations.”

And while creditors have benefited from the central bank’s manipulation, savers have suffered. According to a Wells Fargo analyst, American depositors have forfeited $500 billion to $600 billion in interest income over the past 10 years. That’s just assuming deposit rates would have been at least one percentage point higher in the absence of central bank control.


Gerald Celente break down what’s ahead as the Federal Reserve is crashing the debt & real estate bubble it created worldwide.

This is the essence of the business cycle. Artificially low-interest rates incentivize speculative borrowing and discourage savings. This is meant to “stimulate” the economy by driving up demand. It works – in the short run. But the lack of savings hinders capital formation and you can’t have a healthy economy over the long-term without capital investment. Eventually, the stimulus wears off and the bubbles burst.

The housing market isn’t the only place we see these economic distortions today. Speculative-grade corporate debt has “shockingly deteriorated.” In January 2007 – on the cusp of the Great Recession – 19.7% of subinvestment-grade borrowers were rated on the bottom rungs of Moody’s scales. Today, 43.6% of these borrowers are within that designation.

As Grant explains, artificially low interest rates are “disinhibitors.”

“They stir the blood, liberate the imagination, and quiet the still small voice of reason that can’t seem to get a word in edgewise. That voice would like to remind us that tiny yields forever lead to ‘impulsivity, disregard for financial norms, and faulty risk assessment.’ They cause sober investors to behave as if a jigger of scotch had been poured down their throats and into their empty stomachs.”

The thrust of Grant’s argument is that the Federal Reserve creates winners and losers. But in the long run, we all come out on the losing end of the bargain.

“Radical monetary policy, and the interest rates that go with it, advantage some, punish others. Speculators gain, savers lose. The rich do better than the poor. On balance, has the decade-long experiment in interest-rate suppression yielded the expected net benefit? The answer—no’—is best explained by the first economist who uttered the five wise words, ‘There ain’t no free lunch.’”


Alex Jones and a caller discuss how President Trump must now go on the offense.

Source: InfoWars

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Transport For London Lectures Men on How to “Sit Properly”

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Source: InfoWars

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Wall St. set to bounce on signs of trade progress

Traders work on the floor of the NYSE in New York
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 19, 2019. REUTERS/Brendan McDermid

February 22, 2019

By Shreyashi Sanyal

(Reuters) – U.S. stock index futures pointed to a higher open on Friday on signs of progress in the ongoing trade talks between the United States and China.

Top trade negotiators from the two countries haggled over the details of a set of agreements aimed at ending their trade war, just one week before a Washington-imposed deadline for a deal expires and triggers higher U.S. tariffs.

President Donald Trump and Chinese Vice Premier Liu He are expected to meet at the Oval Office later in the day.

The benchmark S&P 500 index’s recent run of gains was halted on Thursday after a batch of grim economic data, including a surprise fall in new orders for key U.S.-made capital goods. However, the index is still at more than two-month highs.

“The market has shifted from economic worries encountered yesterday to the possibility of a breakthrough in the trade talks,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“We’re recovering from yesterday’s sell-off and the main focus is trade.”

At 8:26 a.m. ET, Dow e-minis were up 119 points, or 0.46 percent. S&P 500 e-minis were up 10.75 points, or 0.39 percent and Nasdaq 100 e-minis were up 34 points, or 0.48 percent.

Shares of trade-sensitive companies such as Boeing Co rose 0.6 percent and Caterpillar Inc 0.8 percent in premarket trading.

Crude prices also rose on hopes that Washington and Beijing may soon end their trade dispute. Oil majors Exxon Mobil Corp and Chevron Corp were up 0.6 percent each. [O/R]

Kraft Heinz Co shares tumbled 26.4 percent after the company posted a quarterly loss, disclosed an SEC probe and wrote down the value of its iconic Kraft and Oscar Mayer brands. Shares of rivals General Mills, Conagra Brands and Kellogg Co fell between 2.4 percent and 4.2 percent.

Intel Corp was up 2.6 percent after Morgan Stanley lifted its rating to “overweight,” citing the chipmaker’s appointment of a new CEO.

Newmont Mining Corp rose 4.3 percent after a report that Canada’s Barrick Gold Corp was considering a hostile bid for the company for about $19 billion.

(Reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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Liberal Think Tank Pushes Back on Bernie’s Criticism

The liberal think tank accused by Sen. Bernie Sanders, I-Vt., of using its resources to smear him pushed back Sunday, saying the 2020 Democratic presidential contender was attempting to “muzzle” journalists with its independent news outfit, ThinkProgress.

"The Center for American Progress is a research institution focused on ideas and policy. ThinkProgress is part of CAP Action: It is editorially independent of both CAP and CAP Action and has been for years,” the Center for American Progress (CAP) said in a statement.

“We do not suggest, edit, approve or see their stories before publishing. And, in this particular instance, no one at CAP or CAP Action knew about this article or video’s existence before publication.”

Sanders earlier Sunday wrote a harshly-worded letter accusing CAP of “using its resources to smear” him and two of his Senate colleagues running in 2020 after ThinkProgress published a video suggesting Sanders stopped disparaging millionaires when he became one.

"I and other Democratic candidates are running campaigns based on principles and ideas and not engaging in mudslinging or personal attacks on each other," Sanders wrote in the April 13 letter first obtained by The New York Times. 

"Meanwhile, the Center for American Progress is using its resources to smear Senator Booker, Senator Warren, and myself, among others. This is hard the way to build unity, or to win the general election." 

Source: NewsMax Politics

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Trump and Brazil's president base 'important relationship' on capitalism, conservatism and anti-elitism: Matthew Continetti

The strong bond between President Trump and Brazilian President Jair Bolsonaro can be traced to the values they share, Washington Free Beacon editor-in-chief Matthew Continetti said Tuesday.

Earlier in the day, Trump offered a warm welcome to Bolsonaro in a White House meeting that not only heavily focused on the self-destruction of Venezuela but also on Trump floating the idea of Brazil joining NATO.

During Tuesday's "Special Report" All-Star panel, Continetti -- along with Washington Examiner chief political correspondent Byron York and Cook Political Report national editor Amy Walter -- weighed on Trump’s alliance with Bolsonaro and their joint news conference.

CLICK HERE TO VIEW THE FULL SHOW

York began by pointing out that Trump many have “adlibbed” about Brazil’s inclusion into NATO since his national security advisor John Bolton dismissed the idea ours after the press conference, but expressed hope that their alliance can still make an impact in Venezuela.

Walter told the panel that Bolsonaro is one of the very few world leaders where Trump sees “eye-to-eye” regarding how government works and “fake news” and it shows that Trump “has allies around the world who are willing to stand side-by-side with him.”

CLICK HERE TO GET THE FOX NEWS APP

Meanwhile, Continetti insisted that both Trump and Bolsonaro have “one of the most important relationships” in the world.

“They both represent a new model of leadership for democracies and that is they’re both nationalists, they’re both anti-elitists, they’re both socially conservative and you can tell by Bolsonaro’s rhetoric that his voters are very similar to many of Trump’s voters and what they care about and what they believe, and they’re also capitalists,” Continetti told the panel. “So socialism became an issue in this press conference as well. Trump once again framing the 2020 debate in terms of socialism versus capitalism. This is an argument that Bolsonaro can understand as well as Trump.”

Source: Fox News Politics

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Trump Slams Conway's Spouse Again: 'LOSER and Husband From Hell!'

Kellyanne Conway's husband is a "husband from hell!" President Donald Trump declared Wednesday, escalating his awkward public fight with the spouse of a top aide.

Trump's feud with George Conway has played out with ever more heated rhetoric on social media. Conway, who has questioned Trump's mental health, fired back after Trump's latest tweet, saying the president seems "determined to prove my point."

The new attacks throw an uncomfortable spotlight on Kellyanne Conway, the longtime Republican pollster who served as Trump's third campaign manager before joining the administration as a counselor to the president. She is considered one of Trump's closest advisers and is a high-profile face on television defending the administration's policies.

Trump on Wednesday called Conway's husband "A total loser!" He claimed Conway was "VERY jealous of his wife's success" and assailing the president because Trump "didn't give him the job he so desperately wanted." In fact, it was George Conway who took himself out of consideration for a position with the Justice Department, citing family considerations.

"I barely know him, but just take a look," Trump added on Twitter, "a stone cold LOSER & husband from hell!"

George Conway has repeatedly questioned the president's mental state, tweeting that "Americans should be thinking seriously (asterisk)now(asterisk) about Trump's mental condition and psychological state."

Asked Monday if she agreed with her husband's assessment, Kellyanne Conway said: "No, I don't share those concerns."

On Wednesday, after Trump's latest tweet, George Conway, posted a link to the diagnostic criteria for narcissistic personality order, and wrote in response to Trump's latest missive: "You. Are. Nuts."

He also congratulated Trump Tuesday for having "guaranteed that millions of more people are going to learn about narcissistic personality disorder and malignant narcissism!"

"Great job!" he wrote.

George Conway has also pushed back on the idea that he doesn't know Trump personally, telling The Washington Post that he has had a number of conversations with Trump over the past decade. He described Trump's presidency as "maddening to watch" and said he himself tweets so he doesn't "end up screaming" at his wife about the president.

A campaign official said that Trump has met countless people and that it was unclear if Trump would recognize George Conway if he approached him. The White House did not respond to a request for comment.

Washington author and hostess Sally Quinn said she chatted about the situation with Kellyanne Conway and several other writers at a recent party.

"She kept saying she couldn't understand why people wanted to talk about it," Quinn said. "I said it's a good story."

A longtime chronicler of Washington's social scene, Quinn couldn't recall a similar type of spat.

"People often will compare it to Mary Matalin and James Carville," she said, referring to the married political consultants from opposing parties. But she said it was not the same. "What they disagreed on was policy. I think this is a totally different situation. This is about morals and values and ethics."

Source: NewsMax Politics

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DOJ Asks SCOTUS to Hear Case on Census Citizenship Question

The Department of Justice has asked the Supreme Court to hear a case involving whether a question about citizenship on the U.S. Census violates the Constitution, Talking Points Memo reports.

Solicitor General Noel Francisco sent a letter to the Supreme Court on Monday asking the court to weigh in on an appeal of a New York case following a California judge's ruling the question is unconstitutional.

"In light of that finding, only if the Court addresses respondents' Enumeration Clause claim can its decision definitively resolve whether the Secretary may reinstate a question about citizenship to the 2020 decennial census," Francisco wrote.

The Supreme Court already is scheduled to hear oral arguments about a New York case involving the citizenship question, in which a federal judge ruled the Trump administration violated the Administrative Procedure Act, but did not rule on whether the question itself is allowed by the Constitution.

"In the alternative, if the Court has any concerns about addressing respondents' Enumeration Clause claim in this case, it should grant the government's petition in the California case and consolidate that case with this one for oral argument," Francisco wrote.

Source: NewsMax America

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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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