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Russian lawmaker proposes ‘reset’ in U.S. ties after Mueller report

National flags of Russia and U.S. fly at Vnukovo International Airport in Moscow
FILE PHOTO - National flags of Russia and the U.S. fly at Vnukovo International Airport in Moscow, Russia April 11, 2017. REUTERS/Maxim Shemetov

March 25, 2019

MOSCOW (Reuters) – Moscow would be happy to mend ties with Washington after a report by U.S. Special Counsel Robert Mueller found no evidence of collusion between Donald Trump’s campaign and Russia in the 2016 election, a senior Russian lawmaker said on Monday.

Mueller found no evidence of collusion but left unresolved the issue of whether Trump obstructed justice by undermining the investigations that have dogged his presidency.

“In any case, there is an opportunity to reset a lot in our relations but it is still a question as to whether Trump would risk that. We of course are ready,” Russian lawmaker Konstantin Kosachev said.

(Reporting by Maxim Rodionov and Polina Devitt; Writing by Tom Balmforth; Editing by Paul Tait)

Source: OANN

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Hungary Accuses Sweden of “Trying to Force” Migrants Into Country

The Swedish prime minister is a known “pro-migration politician” who is now “trying to force illegal migrants on Hungary and punish Hungarians for saying no to mandatory resettlement quotas”, Hungarian Foreign Minister Peter Szijjarto said in a statement to MTI on Monday, commenting on Stefan Lofven’s remarks in a Swedish daily slamming Hungary’s migration policy.

In a statement published on the internet site of the Dagens Nyheter, Lofven said those refusing to shoulder responsibility in the EU should “pay a price.” Those states “cannot receive the same EU funding they receive today. Hungary is one of the member states getting the most. A country that is given one of the largest funding in the bloc cannot shun responsibility when it comes to migration,” Lofven said.

Szijjarto said Hungary had shouldered “real responsibility” by protecting western and northern Europe from migration by sealing the EU’s external border. EU funds are not handouts, he said, but compensation laid down in EU treaties, allocated for opening our markets to western European players, he said.


An increase in rape of 44% in Sweden in the last 10 years is a catastrophic number to say the least.

At stake in the upcoming elections in May is whether the European Parliament will have politicians promoting security in Europe rather than resettlement quotas, no-go zones, gang warfare and terror threats, he insisted.

(Photo by Arno Mikkor / Wiki)

Lorinc Nacsa, an MP of the co-ruling Christian Democrats, told a separate press conference that it was “unacceptable” that “pro-migration politicians should openly threaten those who stand against migration”.

“The pro-migration politicians seek to force their own will on all European nations,” he said. “Hungarians have made it clear several times that they do not want Hungary to become a migrant destination,” Nacsa said, adding that a focal point of the ruling parties’ programme is that “no country should be obliged to take in migrants against its own will.”


Now that the Russia collusion conspiracy has crumbled, the cries from the left for Trump’s taxes to be released are getting louder. Former special agent of the Criminal Investigation Division of the Internal Revenue Service, Joe Banister, joins Alex to reveal why Trump should not release his taxes.

Source: InfoWars

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Euro firms on trade optimism, sterling higher after Brexit vote

FILE PHOTO: Dollar, Euro and Pound banknotes are seen in this picture illustration
FILE PHOTO: Dollar, Euro and Pound banknotes are seen in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration

April 4, 2019

By Tomo Uetake

TOKYO (Reuters) – The euro held firm against the dollar on Thursday as hopes of a trade deal between the United States and China bolstered risk appetite globally, while the British pound was buoyed after the UK parliament approved legislation to seek a Brexit delay.

The euro was last up 0.1 percent against the U.S. dollar at $1.1246. The single currency had fallen to its lowest levels in more than three weeks on Tuesday and neared $1.1177, which, if broken, would send the currency to its weakest level since June 2017.

The safe-haven yen touched a two-week low of 111.575 yen to the dollar late on Wednesday. The pair last quoted at 111.425 yen.

Trade talks between the United States and China made “good headway” last week in Beijing and the two sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.

He said China had recognized problems for the first time during the talks that the United States has raised for years, referring to intellectual property theft, forced transfer of technology from U.S. companies doing business in China and others.

Sterling gained on Wednesday as Prime Minister Theresa May sought a Brexit compromise with opposition leader Jeremy Corbyn in a last-ditch effort to end a national crisis.

The lower house of the British parliament on Wednesday approved legislation which would force May to seek a Brexit delay to prevent a potentially disorderly departure on April 12 without a deal.

The pound last stood at $1.3180, up 0.2 percent on the day.

“On the whole, there is a risk-on mood in the market. Upticks in Chinese data and headlines on progress in U.S.-China trade talks are behind this sentiment,” said Kyosuke Suzuki, director of forex at Societe Generale.

“But the market has already priced in expectations that Washington and Beijing will soon reach a deal, so it’s questionable how much further currencies can move.”

U.S. economic data published on Wednesday fell short of market expectations, hindering the U.S. dollar.

Services sector activity hit a more than 19-month low in March and private payrolls grew less than expected, underscoring a loss of momentum in the economy that supports the Federal Reserve’s move to suspend interest rate hikes this year.

The reports on Wednesday came on the heels of some modestly upbeat data earlier in the week, including retail and motor vehicle sales and manufacturing. Investors are worried about a sharp slowdown in economic growth in the first quarter.

(Reporting by Tomo Uetake; Additional reporting by Hideyuki Sano; Editing by Sam Holmes)

Source: OANN

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India bans firebrand Hindu from vote campaign for anti-Muslim comment

Yogi Adityanath, Chief Minister of India's most populous state of Uttar Pradesh, addresses the audience after inaugurating power projects in Allahabad
Yogi Adityanath, Chief Minister of India's most populous state of Uttar Pradesh, addresses the audience after inaugurating power projects in Allahabad, India, June 4, 2017. REUTERS/Jitendra Prakash

April 15, 2019

NEW DELHI (Reuters) – India’s election commission on Monday banned a firebrand Hindu nationalist state chief minister from campaigning for three days to stop him stoking hatred between religious communities in a divisive election that will end next month.

The saffron-clad Yogi Adityanath, from Prime Minister Narendra Modi’s ruling party, had been warned this month about his campaign speeches, the election commission said in its order.

The commission said Adityanath, a holy man who is chief minister of Uttar Pradesh state, had spoken about a “green virus” in a speech last week, apparently referring to Muslim voters who he said were being wooed by opposition parties.

Modi’s Bharatiya Janata Party (BJP) has been playing to its nationalist base and painting its rivals as soft on terrorism and eager to appease Muslims, who make up about 14 percent of India’s 1.3 billion population.

A BJP spokesman said the party was inclusive towards all communities and its leaders were discussing the ban on Adityanath.

“The party believes in all-together development for all, and we don’t believe in any polarization,” the spokesman, Harish Srivastava, said.

The election commission also imposed a ban on the powerful leader of the Dalits, people at the bottom of the Hindu caste structure, saying she had violated a code of conduct by asking Muslims to vote en bloc for opposition candidates.

The ban on the Dalit leader, Mayawait, would run for two days, it said.

A spokesman for Mayawati’s Bahujan Samaj Party, which is in an alliance with another regional party in Uttar Pradesh, could not be reached.

Staggered voting in the general election began last Thursday and will end on May 19.

Although jobs, nationalism and conditions for farmers are the main issues, religion is an important and sensitive topic.

The BJP repeated in its manifesto a commitment to build a Hindu temple in the northern town of Ayodhya at a site disputed by Muslims, seeking to gain the support of majority Hindus.

Last week, BJP president Amit Shah referred to illegal Muslim immigrants as “termites” and vowed to throw them into the sea.

Surveys suggest that Modi’s ruling alliance can win a simple majority this time, a poorer performance that in the last election in 2014, when it secured a commanding majority on a promise to turn India into an economic and military power.

(Reporting by Devjyot Ghoshal; Editing by Sanjeev Miglani, Robert Birsel)

Source: OANN

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Woman Arrested For Baring Breast During Va., ERA Protest

A literal-minded activist supporting Virginia's ratification of the Equal Rights Amendment exposed her breast Monday while recreating the commonwealth’s seal, the Richmond Times-Dispatch reported.

Capitol Police in Richmond arrested Michelle Renay Sutherland, 45 — whose address was listed as Florida, and charged her with indecent exposure after giving her a warning, the news outlet reported.

The state seal shows the Roman goddess Virtus, representing the commonwealth, holding a spear and sword with her left foot on the form of Tyranny, represented by the prostate body of a man.

According to the Times-Dispatch, a few passersby appeared uncomfortable when they saw the public display of a naked breast. One GOP lawmaker, Del. Chris Peace, recalled when former Virginia Attorney General Ken Cuccinelli gave his staff lapel pins with Virtus' breast covered, the news outlet reported.

Sutherland, who goes by the name "Sister Leona," is with a group called Radical Matriarchy, and her fellow protester Natalie White of New York City — who was arrested last week outside the office of GOP House Speaker Kirk Cox — is with a group called Equal Means Equal, the news outlet reported. 

The Virginia Senate in January voted to pass a resolution for Virginia to ratify the Equal Rights Amendment, but it died in a state House subcommittee.

ERA supporters said if Virginia were to ratify the amendment it would become part of the Constitution, but opponents argue that the possibility of that has expired, the news outlet reported.

Source: NewsMax America

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Renowned Artist Mear One Joins Alex Jones To Set The Record Straight

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Source: InfoWars

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Global sovereign debt to jump to $50 trillion – S&P Global

The S&P Global logo is displayed on its offices in the financial district in New York
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid

February 21, 2019

LONDON (Reuters) – Another jump in borrowing by governments will take the global mountain of sovereign debt to $50 trillion this year, ratings agency S&P Global forecast on Thursday.

The firm predicted sovereigns will borrow an equivalent of $7.78 trillion this year, which would be up 3.2 percent on 2018.

“Some 70 percent, or $5.5 trillion, of sovereigns’ gross borrowing will be to refinance maturing long-term debt, resulting in an estimated net borrowing requirement of about $2.3 trillion, or 2.6 percent of the GDP of rated sovereigns,” said S&P Global Ratings credit analyst Karen Vartapetov.

The rise in the total debt stock to $50 trillion would be a 6 percent rise on last year having been partly exacerbated by exchange rate swings.

(Reporting by Marc Jones; editing by Helen Reid)

Source: OANN

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

April 26, 2019

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

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

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

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

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

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

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

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

CLICK HERE TO GET THE FOX NEWS APP

But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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