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Man convicted of killing couple at their car dealership

A man who represented himself in his trial on charges that he killed a couple at their used car dealership in Cleveland has been convicted and could be sentenced to the death penalty.

The Cuyahoga (ky-uh-HOH'-guh) County prosecutor's office says in a news release that a jury found 31-year-old Joseph McAlpin guilty Tuesday night of aggravated murder and other charges in the April 14, 2017, slayings of Trina Tomola and Michael Kuznik.

Authorities say McAlpin shot and killed the couple and their dog and stole a car.

McAlpin pleaded not guilty. He told jurors that there were inconsistencies in the testimony against him and that he's "not a monster."

A message seeking comment was left Wednesday for an attorney who acted as standby counsel for McAlpin.

Source: Fox News National

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Driver in hit-run crash that killed 2, injured 5 sought

Police are seeking a driver in a hit-and-run crash that killed two people and injured five others in northeast Philadelphia.

Police say the Chevy Camaro was heading south on Bustleton Avenue at high speed when it struck a car stopped at a red light shortly before midnight Saturday.

The first car then hit a sport utility vehicle, which flipped over and struck a minivan. Two other cars were struck.

The 50-year-old male driver of the SUV and his 48-year-old female passenger were pronounced dead at the scene.

Five people in the minivan were taken to a hospital with non-life-threatening injuries. Other drivers and passengers were uninjured or didn't seek medical treatment.

Police say the Camaro driver, described as in his 20s, was picked up by another car which fled.

Source: Fox News National

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BMW to buy cobalt direct from Australia, Morocco for EV batteries

The BMW logo is seen on a car in Nice
FILE PHOTO: The BMW logo is seen on a car in Nice, France, April 8, 2019. REUTERS/Eric Gaillard

April 23, 2019

PARIS (Reuters) – German carmaker BMW will buy cobalt, a key component for electric vehicle (EV) batteries, directly from mines in Australia and Morocco to ensure they are not produced by child labor, an executive said on Tuesday.

The announcement came as the London Metal Exchange (LME) launched an initiative under which it could ban or delist brands that are not responsibly sourced by 2022 to help root out metal tainted by child labor or corruption.

Andreas Wendt, BMW board member responsible for procurement, told a briefing in Paris that the new supply of cobalt would be used in the carmaker’s next generation of EVs in 2020.

The world’s largest known reserves of cobalt are found in the Democratic Republic of Congo, where the raw ingredient is often mined by small, artisanal operations and supply chains are not strictly monitored.

BMW said last year it was exploring ways to improve working conditions for mining cobalt in Congo through a pilot project.

(Reporting by Pratima Desai and Peter Hobson, writing by Eric Onstad; editing by Emelia Sithole-Matarise)

Source: OANN

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Trump’s son-in-law Kushner cooperating with U.S. House probe: source

FILE PHOTO: White House Senior Adviser Kushner arrives for Senate Intelligence Committee hearing in Washington
FILE PHOTO: White House Senior Adviser Jared Kushner arrives for his appearance before a closed session of the Senate Intelligence Committee as part of their probe into Russian meddling in the 2016 U.S. presidential election, on Capitol Hill in Washington, U.S. July 24, 2017. REUTERS/Jonathan Ernst/Files

March 23, 2019

By David Morgan and Mark Hosenball

WASHINGTON (Reuters) – President Donald Trump’s son-in-law Jared Kushner is cooperating with a wide-ranging probe by the U.S. House Judiciary Committee into Trump and possible obstruction of justice and abuse of power, a person knowledgeable about the matter said on Friday.

Just hours earlier, a lawyer for Trump adviser Roger Stone said in a letter seen by Reuters that Stone was not cooperating with the same committee and cited his right to avoid self-incrimination under the Fifth Amendment of the U.S. Constitution.

The contrasting responses to Judiciary Committee Chairman Jerrold Nadler’s probe targeting 81 individuals and groups came on the same day the Justice Department announced the completion of a report by Special Counsel Robert Mueller into Trump and Russian meddling in the 2016 presidential election. [nL1N2191QR]

As a cloud of legal risk darkened over Trump, he was spending the weekend at his private club Mar-a-Lago in Florida.

Kushner submitted documents to Nadler’s panel on Thursday in response to a wave of document requests sent by the committee on March 4, the knowledgeable person said.

Kushner’s attorney Abbe Lowell, who received the committee’s document request, was not immediately available for comment.

Democrats in the House of Representatives have launched numerous inquiries into Trump, his presidency, his family and his business interests. The Mueller investigation has been focused on the election and whether Trump’s campaign colluded with Moscow in its effort to sway U.S. voters in Trump’s favor.

Although Mueller’s report is finished, its contents were not yet known late on Friday. Details were expected soon.

Russia has denied U.S. intelligence agencies’ findings that the Kremlin interfered in the 2016 campaign. Trump has denied any collusion and dismissed Mueller’s probe as a “witch hunt.”

Among the Judiciary Committee’s aims are determining if Trump obstructed justice by ousting perceived enemies at the Justice Department and abused his power by possibly offering pardons or tampering with witnesses.

It was not clear how much material Kushner provided to the committee. But investigators sought documents from him on more than two dozen topics. Those topics ranged from a June 9, 2016, Trump Tower meeting with a Russian lawyer who claimed to have damaging information about Democratic presidential nominee Hillary Clinton to any Trump transition team contacts with Russia.

Stone’s lawyer Grant Smith said in the letter to Nadler that Stone faces federal criminal charges and that it “is not in Mr. Stone’s best interest” to participate in any other proceedings.

Stone was arrested in January and charged with lying to Congress about the 2016 Trump campaign’s efforts to use stolen emails to undercut Clinton. Stone declared himself innocent hours after a team of FBI agents raided his home in Fort Lauderdale, Florida. [nL1N2110RA]

Smith called Nadler’s demand for documents a “fishing expedition request.” Stone, who is under a gag order from the judge hearing his criminal case, had no comment.

(Reporting by David Morgan and Mark Hosenball, Editing by Kevin Drawbaugh and Rosalba O’Brien)

Source: OANN

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Kim Jong Un arrives in Vietnam for 2nd nuclear summit with Trump

North Korean leader Kim Jong Un arrived by armored train at Vietnam's Dong Dang railway station on the China-Vietnam border on Tuesday for his second nuclear summit with President Trump.

Press reports speculate that Kim will be driven to Hanoi ahead of his Wednesday meeting with Trump. Officials shared no details about the specifics of a summit that the world will be watching closely.

Trump was flying to Hanoi from Washington.

Kim’s arrival, after a long ride that started in Pyongyang and wound through China, comes as Vietnamese officials scramble to finish preparations for a rushed summit that’s meant to deal with one of Asia’s biggest security challenges: North Korea’s pursuit of a nuclear program that stands on the verge of viably threatening any target on the planet.

TRUMP, KIM’S VIETNAM SUMMIT JOINS LONG LIST OF KEY MOMENTS BETWEEN WORLD LEADERS: A TIMELINE

Although many experts are skeptical Kim will give up the nukes, there was a palpable, carnival-like excitement among many in Hanoi as the final preparations were made.

Officials in Hanoi said they only had about 10 days to prepare for the summit — much less than the nearly two months Singapore had before the first Trump-Kim meeting last year— but still vowed to provide airtight security for the two leaders.

“Security will be at the maximum level,” Vietnamese Deputy Minister of Foreign Affairs Le Hoai Trung told reporters.

The ultra-tight security will be appreciated by North Korean authorities, who are extremely vigilant about the safety of Kim, the third member of his family to rule the North with absolute power. Kim’s decision to take a train, not a plane, may have been influenced by the better ability to control security.

Vietnam is eager to show off its huge economic and development improvements since the destruction of the Vietnam War, but the country also tolerates no dissent and is able to provide the kind of firm hand not allowed by more democratic potential hosts.

Vietnam has announced an unprecedented traffic ban along a possible arrival route for Kim. The Communist Party’s Nhan Dan newspaper quoted the Roads Department as saying the ban will affect the 105-mile stretch of Highway One from Dong Dang, on the border with China, to Hanoi.

There are high expectations for the Hanoi summit after a vague declaration at the first meeting in June in Singapore that disappointed many.

KIM JONG UN’S TRAIN TRAVEL TO VIETNAM HIDDEN BY CHINESE CENSORS

In a meeting with senior aides in Seoul, South Korean President Moon Jae-in said that the Trump-Kim talks would be a critical opportunity to achieve peace on the Korean Peninsula.

Moon, who met Kim three times last year and has lobbied hard to revive nuclear diplomacy between the U.S. and North Korea, is eager for a breakthrough that would allow him to push ambitious plans for inter-Korean engagement, including lucrative joint economic projects that are held back by U.S.-led sanctions against the North.

“If President Trump succeeds in dissolving the world’s last remaining Cold War rivalry, it will become yet another great feat that will be indelibly recorded in world history,” Moon said.

Trump, via Twitter, has worked to temper those expectations, predicting before leaving for Hanoi a “continuation of the progress” made in Singapore but adding a tantalizing nod to “Denuclearization?” He also said that Kim knows that “without nuclear weapons, his country could fast become one of the great economic powers anywhere in the World.”

North Korea has spent decades, at great political and economic sacrifice, building its nuclear program, and there is widespread skepticism among experts that it will give away that program cheaply.

The Associated Press contributed to this report.

Source: Fox News World

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Jordanian suspects appear in court over August attack

Fourteen suspected militants have appeared in a Jordanian court to face charges linked to an attack on security forces last August.

They were also charged with conspiring to commit terrorism and manufacturing explosives "for use in terrorist acts."

Judge Mohammad Afif announced the charges Monday and scheduled a hearing for next week. If convicted, some defendants could face the death penalty.

Lawyer Mousa al-Abdallat says the defendants pleaded not guilty. He says they were tortured during interrogation by intelligence agents.

Last August, assailants bombed a police van that was guarding a music festival in the predominantly Christian town of Fuheis, near the capital, Amman. The blast killed a police officer and prompted a manhunt that led to the deaths of five security officers and three suspected militants.

Source: Fox News World

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Attorney slams Engler for attending game amid Nassar probe

John Engler's front-row interest in Michigan State University basketball has led to a war of words over the former school president's availability to speak to investigators about the Larry Nassar scandal .

Things have become so nasty that Engler's attorney has advised him not to cooperate if state Assistant Attorney General Christina Grossi remains on the case.

The attorney general's office wants to talk to Engler about campus changes after the sexual-assault scandal involving Nassar, a sports doctor, an interview that could take less than an hour. Engler was interim president for about a year until Jan. 17.

Grossi said Engler was scheduled to be interviewed March 28 in Washington, where he works, because he didn't plan to be in Michigan earlier. But she suddenly scratched that date this week. Grossi was upset to learn that the former Michigan governor was in a courtside seat at a MSU basketball game on March 9.

She suggested Engler could have carved out time to meet in Michigan long before March 28.

"Your client's brazen disregard for this investigation and his willingness to lie about his whereabouts is not only appalling but does a terrible disservice to the university," Grossi told attorney Seth Waxman in an email Tuesday.

"As an alumna of Michigan State, I'm embarrassed that our university's former president can make time to attend basketball games but not to sit to discuss the largest sexual assault scandal in the history of higher education," Grossi wrote.

In response, Waxman said he never indicated that Engler was unwilling to travel to Michigan. The lawyer said he was unavailable during the week of March 4, not Engler.

Waxman told Grossi that he's advising Engler to decline to speak to investigators unless she is dropped from the Nassar investigation. He accused her of "unfounded attacks" and said her "biases and prejudices" are unethical.

"The fact that the underlying conduct involved unspeakable harms," Waxman said of Nassar's assaults, "does not give the attorney general's office and its agents the right to attack, manipulate and deceive innocent people, including Mr. Engler."

Separately, Attorney General Dana Nessel asked the head of MSU's governing board to demand that Engler cooperate, under terms of his contract. She also wants the university to release more than 6,000 documents related to Nassar.

___

Follow Ed White at http://twitter.com/edwhiteap

Source: Fox News National

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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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The Slack app logo is seen on a smartphone in this illustration
FILE PHOTO: The Slack app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Slack Technologies Inc, operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year ended Jan. 31, 2019, the company said on Friday in a regulatory filing ahead of its planned public market debut.

The company said its daily active users exceeded 10 million in the three months ended Jan. 31, 2019.

Slack expects to trade on the New York Stock Exchange under the symbol “SK”, it said.

The San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing shares through an initial public offering.

A direct listing is a cheaper way of becoming a public company as the process requires fewer investment banks and therefore lower fees.

In a direct listing, however, a company does not sell any new shares to raise money. Instead, it gives existing shareholders the opportunity to cash out.

Slack is the latest in a string of high-profile technology companies looking to go public this year. Lyft Inc, Pinterest and Zoom Video Communications have completed IPOs so far in 2019.

The company is hoping for a valuation of more than $10 billion in the listing, Reuters had previously reported. Some early investors and employees have been selling the stock at around $28, valuing the company close to $17 billion, Kelly Rodriques, CEO of Forge, a brokerage company, told CNBC on Thursday.

Slack set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Its competitors include Microsoft Teams, a free chat add-on for Microsoft’s Office365 users.

(Reporting By Aparajita Saxena and Joshua Franklin in New York; Editing by Leslie Adler and Anil D’Silva)

Source: OANN

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