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Lawsuit: Professor exploits students to work at personal lab

Two doctoral students are suing a Michigan State University professor who they say used his authority as an academic adviser to force them to work long hours at his engineering company for little or no pay.

The lawsuit filed last month alleges that Parviz Soroushian exploited doctoral students Talal Salem and Salina Ramli at his Lansing lab, Metna Co., the Lansing State Journal reported. The lawsuit says university officials have known about the allegations against Soroushian since 2011.

Soroushian denied the claims in the lawsuit. He's been on paid leave since July, when the university launched an investigation into his conduct.

University spokeswoman Heather Young declined to comment on the lawsuit.

Talal Salem started working as a research assistant at Metna after joining the university's doctoral program in 2017. Soroushian told him he would pay $300 a month for a few hours' work, but later required Salem to work full time, up to seven days a week. Salem was paid just a few hundred dollars more per month for the work, according to the lawsuit.

Salem alleges that Soroushian wouldn't let him take time off to study for exams and made him do heavy manual labor, such as milling, mixing and casting concrete. Salem needed surgery after suffering multiple shoulder dislocations from the labor.

Salina Ramli was on a Malaysian-government funded scholarship at the university and agreed to work at Metna on the days she didn't have class. But Ramli claims in the lawsuit that Soroushian later forbade her from taking off her class days and would yell at her when the research didn't produce the results he desired.

Both Ramli and Salem's doctoral progress relied on a favorable evaluation from Soroushian, according to the court documents.

The lawsuit argues that Michigan State officials knew of the allegations because in 2011 the school prohibited Soroushian from enriching himself at the expense of university students. They also agreed to a conflict of interest management plan over his Okemos-based company, Technova, and later updated the plan to include Metna.

___

Information from: Lansing State Journal, http://www.lansingstatejournal.com

Source: Fox News National

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Czechs clean thousands of human bones in ossuary renovation

A collection of bones, made in a bell-shaped mound, is seen in the Sedlec Ossuary
FILE PHOTO: A collection of bones, made in a bell-shaped mound, is seen in the Sedlec Ossuary, a Christian chapel beneath the Cemetery Church of All Saints, in Sedlec district in the city of Kutna Hora, 75 km (47 miles) east of Prague, July 6, 2011. REUTERS/Petr Josek

February 20, 2019

PRAGUE (Reuters) – Restoration experts in the Czech Republic have been set an unusual task – to dismantle four towering pyramids made up of centuries-old bones from more than 40,000 human bodies, clean them up and then reconstruct them as before.

The restoration project, expected to last two years, is aimed at preserving the bones, the chief attraction at the Sedlec ossuary church, a site on the outskirts of the mediaeval mining town of Kutna Hora in the central Czech Republic.

The project also aims to restore and strengthen the church building which houses the bones and skulls.

The site, which draws half a million visitors every year, not only features the four large pyramids of bones – it also boasts a chandelier, a coat of arms and various other decorations made from every bone in the human body.

“Many people find it weird today and come to see this as some dark spectacle, a house of horrors,” said Radka Krejci, in charge of operations at the local parish.

“But we do not want it to be perceived like that, it is a place of reverence, a burial place.”

The bones came from a cemetery adjacent to a monastery founded by the Cistercian order in 1142.

The burial ground was enlarged during a plague epidemic in the 14th century. In 1318, about 30,000 people were buried here and more joined them in the 15th century during religious wars between Roman Catholics and the Hussites.

A lack of space prompted the decision to exhume the bones and place them in a depositary, one of a number of such sites around Europe, during the 16th century. Legend says that a half-blind monk built most of the bone structures.

The present appearance of the bone structures dates from 1870 and is the work of Czech wood-carver Frantisek Rint, who added the various decorations to the original pyramids.

The renovation is necessary due to the aging of both the bones and the ossuary.

“The bones will be cleansed of surface dirt and then soaked in lime solution. This is a natural method of preservation which was also used during the creation of these pyramids,” said conservation expert Tomas Kral.

To make sure the structures are rebuilt in the original format, the restoration team has hired a firm, Nase Historie, to produce computer models of the bone pyramids using photos and videomapping.

(Reporting by Jiri Skacel; Writing by Jan Lopatka; Editing by Gareth Jones)

Source: OANN

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Drive for 3 burned African American churches tops $1.8M goal

A crowdfunding drive to help rebuild three African American churches gutted by arson fires in Louisiana has surpassed its original $1.8 million goal.

A spokeswoman for GoFundMe says in a Thursday email that people in all 50 states and around the world have made more than 35,000 donations. Donations totaled more than $1.97 million as of Thursday afternoon.

The money is to be distributed equally among the three century-old St. Landry Parish churches: St. Mary Baptist Church, Greater Union Baptist Church and Mount Pleasant Baptist Church.

Fundraising surged after Monday's Notre Dame Cathedral fire in Paris, as social media commenters urged people not to forget the plight of the black churches.

A 21-year-old white man, Holden Matthews, was arrested in connection with the fires.

Source: Fox News National

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Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks: research

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration
FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

April 26, 2019

By Tom Wilson and Dan Williams

LONDON/JERUSALEM (Reuters) – The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups.

The Gaza-based Izz el-Deen al-Qassam Brigades, which is proscribed by the United States and the European Union, has been calling on its supporters to donate using the digital currency in a fundraising campaign announced online in late January.

Originally, it asked donors to send bitcoin to a single digital address, or wallet.

However, according to research shared with Reuters by leading blockchain analysis firm Elliptic, in recent weeks it has changed the mechanism, with its website generating a new digital wallet with every transaction.

This makes it harder for companies around the world to keep tabs on the group’s cryptocurrency financing, the researchers said. A single digital wallet can be red-flagged to cryptocurrency exchanges, in theory allowing them to prevent funds moving through their systems to that destination.

But a different wallet for each donation makes this so-called tagging far more complicated, Elliptic said.

Between March 26 and April 16, 0.6 bitcoin – worth around $3,300 – was sent to the website-created wallets, Elliptic’s research found. All told, the four-month fundraising campaign has raised around $7,400, the firm said.

A spokesman for Hamas, which has ruled the Palestinian territory of Gaza since 2007, declined to comment on Elliptic’s research.

Such funds are a fraction of the tens of millions of dollars in annual funding that Israel and the United States says Hamas receives from Iran. Yet the campaign gives insight into how a proscribed group has gone about bitcoin fundraising.

“They are still in experimentation stage – trying it out, seeing how much they can raise, and whether it works,” said Elliptic co-founder Tom Robinson.

Iran has not publicly detailed its funding of Hamas, though it has not denied its support for the group. Hamas has said Tehran is the biggest backer of the al-Qassam Brigades.

London-based Elliptic and U.S. rival Chainalysis are the most prominent blockchain analysis firms, and have gained traction as watchdogs, cryptocurrency companies and firms such as hedge funds seek tools to track digital coins.

Backed by investors including Banco Santander’s venture capital arm, Elliptic’s clients include financial firms, regulators and law enforcement agencies in Europe and the United States.

Since 2016 it has won contracts with the Federal Bureau of Investigation, Internal Revenue Service and Drug Enforcement Administration, according to USAspending.gov https://www.usaspending.gov/#/search/83bba7bc5a719c1da25ff95d41c4349e, a database of U.S. government contracts.

Examples of cryptocurrency funding campaigns by proscribed groups are rare. But the research underscores headaches for companies in the emerging sector in identifying and stamping out exposure to potentially tainted digital coins, even as tools for tracking and tracing cryptocurrencies grow more sophisticated.

Dealing with illegal usage is seen as vital if cryptocurrencies are to grow from niche, speculative tokens to assets embraced by the mainstream. Most big financial firms have steered clear of bitcoin and its kin, with money laundering chief among concerns.

STEP-BY-STEP INSTRUCTIONS

Hamas is designated a terrorist organization by the United States and the European Union. Others, including Britain, have proscribed only the al-Qassam Brigades.

Such a designation means that, in the United States for instance, it is illegal to provide money or training, with financial firms in control of related funds obliged to report them to the authorities.

A two-minute video on the al-Qassam Brigades website lays out step-by-step instructions in Arabic on how supporters can avoid the traditional financial system and donate cryptocurrency.

“How to support the Palestinian resistance via Bitcoin?” it asks.

With polished graphics and English subtitles, it explains how to send bitcoin directly, through a money-exchange office, or via a cryptocurrency exchange. “Use a public device so that the wallet is not linked to your IP address,” it says.

Elliptic uses a database of information linking digital coin addresses to exchanges, darkweb marketplaces, and proscribed groups to track cryptocurrencies.

It pinpointed wallets created by the website by tracking patterns in their unique addresses. The firm monitored these addresses, later identifying multiple transactions that sent funds from the addresses to a major Asia-based cryptocurrency exchange.

Thirteen of the donations were made from a separate exchange, also from Asia, said Elliptic, which declined to give further details of the exchanges. It was not clear whether the bitcoin had since been converted to traditional currencies, the firm said.

PATCHY REGULATION

Hamas’s finances are suffering. Egyptian President Abdel-Fattah Al-Sisi in 2013 closed hundreds of tunnels under the Gaza-Egypt border, preventing the smuggling of weapons and goods from cows to cars, depriving Hamas of tax income.

Funding from Iran has also declined following Hamas’s condemnation of the killing of Sunni Muslims in Syria’s civil war, analysts say.

Bitcoin could provide respite in that cash squeeze.

“It makes it difficult for such funds to be tracked by financial authorities,” said Lotem Finkelshtein, head of threat intelligence at Check Point Technologies, a cybersecurity firm in Tel Aviv.

“It’s not so simple to link wallets to organizations.”

Israel’s Shin Bet intelligence agency, defense ministry and military declined to comment.

Finance Minister Moshe Kahlon, who is also a member of the national security cabinet, told the website Ynet TV this month he was unaware of the fundraising.

Regulators and law enforcement agencies have long worried about the potential of digital money – relatively anonymous and easily available online – to finance terrorism.

Cryptocurrency regulations vary from country to country. The global watchdog for money laundering, aware of gaps in rules, is due to bring in the first international standards on cryptocurrency oversight by June.

But with regulation still patchy, the risk of exposure to tainted coins has kept most big investors away.

Even indirect exposure to tainted cryptocurrencies would present problems for financial firms, said Kyle Phillips, a lawyer at Fieldfisher law firm.

“There are real issues with establishing the beneficial owners,” he said.

(Reporting by Tom Wilson in London and Dan Williams in Jerusalem; Additional reporting by Nidal al-Mughrabi in Gaza; Editing by Pravin Char)

Source: OANN

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Jim Jordan: Congress Won't Override Veto Blocking Natl Emergency

Jim Jordan: Congress Won't Override Veto Blocking Natl Emergency

Rep. Jim Jordan, R-Ohio, on Sunday predicted there won’t be enough votes in Congress to override a veto of any resolution to counter President Donald Trump's national emergency declaration.

In an interview with ABC News’ “This Week,” the founding member of the hard-right House Freedom Caucus also rejected the idea that Trump is breaking precedent by getting denied an appropriation but spending it anyway — saying Trump is fulfilling a campaign promise.

“Congress said, it's OK for some [money] but the president said, ‘this is such a grave problem, I need more money to build more wall and to fulfill the campaign promise that I told the American people I was going to do,’” Jordan argued.

And he predicted any congressional effort to stop him will fail.

“There’s going to be resolutions in both the House and Senate to – to disapprove what the president’s doing,” he said. “I think they’ll pass but when the president will veto them, I don’t think there’s any chance that the veto will be overridden.”

“It’s going to be settled in court,” he added.

Jordan also chided Congress for ignoring the multiple caravans of migrants that have come to the United Statess seeking asylum.

“How many caravans do we need? Six or seven or does an endless caravan, the one that never stops?” he asked.

He added that Democratic positions on abolishing Immigration and Customs Enforcement, open borders and illegal immigrant protections are “dangerous.”

“Those are the positions that scare me," he said.

Source: NewsMax Politics

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Turkey slams EU for attending summit hosted by Egypt

Turkish President Recep Tayyip Erdogan has condemned European Union leaders for attending a meeting hosted by Egyptian President Abdel-Fattah el-Sissi, days after the country executed nine suspected Muslim Brotherhood members.

Erdogan questioned "Can you speak of human rights" in the EU when the bloc's leaders agreed to be hosted by el-Sisi.

He was referring to a summit between EU and Arab League leaders held in Sharm el-Sheikh this week.

The nine were convicted of involvement in the 2015 assassination of the country's top prosecutor.

Ties between Egypt and Turkey have been tense since the 2013 ouster of Islamist president Mohamed Morsi. Egypt accuses Turkey of becoming a refuge for Muslim Brotherhood members who fled Egypt.

Source: Fox News World

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The Latest: Hundreds camp overnight to help aid to Venezuela

The Latest on the political crisis in Venezuela (all times local):

8:10 a.m.

Hundreds of Venezuelans have camped out overnight near a bridge in Colombia where humanitarian aid that the opposition will try to deliver inside the country is being stored.

Oriana Gutierrez says she traveled 14 hours to attend Friday's concert organized by billionaire Richard Branson and wanted to stay through the following day to help bring in aid.

Early Saturday some Venezuelans were singing their national anthem while others held hands in a prayer circle and asked God to protect their country.

President Nicolas Maduro has refused to accept the food and medical supplies donated largely by the United States, saying it's part of a larger plot to unseat him from power.

The opposition is planning to push in the aid using trucks and masses of people along border bridges connecting Colombia to Venezuela.

___

6 a.m.

Venezuelans frustrated over their nation's crippling food and medical shortages are expected to join opposition leaders Saturday in a potentially risky push to deliver international aid that Nicolas Maduro has refused to accept into the country.

The opposition is calling on masses of Venezuelans to help trucks carrying the nearly 200 metric tons of humanitarian assistance delivered largely by the United States over the last two weeks across several border bridges in Colombia.

Once the trucks reach the border they'll face a crucial test: Whether the military standing guard on the other side will let them through.

Before daybreak Saturday, many national guards in riot gear forced people to move away from the road to the Simon Bolivar bridge connecting Venezuela and Colombia. The Venezuelan government had said that it was closing three of its bridges on the border.

Source: Fox News World

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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)

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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)

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DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

DNA Force Plus

149.95

119.96

DNA Force Plus is finally here! Now you can support optimal energy levels while adapting your body to handle the daily bombardment of toxins to overhaul your body’s cellular engines with a fan-favorite formula.

https://www.infowars.com/wp-content/uploads/2016/02/dna-210.jpg

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

https://www.infowarsstore.com/dna-force-plus.html?ims=jbdoh&utm_campaign=IWL-DNAForcePlus-20%25off-Widget&utm_source=Infowars+Widget&utm_medium=Banner&utm_content=Widget-DNFP-20%25off

Source: InfoWars

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