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At least 1 dead after new cyclone tears into Mozambique

At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of "massive flooding."

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique's local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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Schools closed over teen obsessed with #Columbine #MAGAFirstNews with @PeterBoykin

Schools closed over teen obsessed with #Columbine #MAGAFirstNews with @PeterBoykin Criminal referrals tied to Mueller probe may have wide reach; Schools closed over teen obsessed with Columbine CRIMINAL REFERRALS TIED TO MUELLER PROBE COULD HAVE WIDE REACH: As many as two dozen individuals may be implicatedin House Intelligence Committee ranking member Devin Nunes' criminal referrals to the Justice Department arising out of Special Counsel Robert Mueller's recently concluded Russia ... See More probe, sources have confirmed to Fox News ... The sources confirmed that the referrals related in part to the anti-Trump dossier compiled by British ex-spy Christopher Steele, and his work for the Clinton camp and the Democratic National Committee-funded firm Fusion GPS. Meanwhile, three top Republican Senate committee chairmen said Tuesday that the DOJ has 10 days to explain itself as to why FBI investigators looking into Hillary Clinton's email use in 2016 sought access to "highly classified information" they said was "necessary" to complete their probe, but later withdrew the request and cleared Clinton of wrongdoing. Attorney General William Barr is expected to release a redacted version of the Mueller report to the public on Thursday. FBI failed to provide details on contact with Clinton campaign lawyer: Judicial Watch This combination of undated photos released by the Jefferson County, Colo., Sheriff's Office on Tuesday, April 16, 2019 shows Sol Pais. On Tuesday authorities said they are looking pais, suspected of making threats on Columbine High School, just days before the 20th anniversary of a mass shooting that killed 13 people. (Jefferson County Sheriff's Office via AP) SCHOOLS CLOSED OVER WOMAN 'INFATUATED' WITH COLUMBINE MASSACRE: Multiple Denver-area school districts have canceled classes for Wednesday after a Miami woman “infatuated” with the 1999 Columbine massacre made threats and traveled to Colorado where she bought firearms earlier this week, according to the Jefferson County Sheriff’s Office and the FBI ... Sol Pais, 18, who has a history of making “concerning” comments, arrived in Colorado from Miami early Monday and bought a pump action shotgun and ammunition, the FBI told reporters Tuesday evening. The FBI’s Miami office had reportedly alerted its Denver counterpart after learning of the potential threat.Authorities said Pais was last seen in the foothills of Denver and remains at large. The Jefferson County Sheriff’s Office is currently leading multiple agencies in a massive manhunt. TRUMP MOVES TO DENY BAIL TO SOME ASYLUM SEEKERS - Amid a surge of Central American migrant families at the U.S.-Mexico border, the Trump administration on Tuesday reportedly moved to deny bail to some asylum seekers ... According to the Wall Street Journal, if the ruling issued by Attorney General William Barr takes effect, it could mean that asylum seekers could spend more time in jail while their cases are decided. The ruling is due to be implemented in 90 days. Nearly 60K known or suspected illegal immigrants in federal prisons, DOJ says A VOW TO REBUILD NOTRE DAME CATHEDRAL IN FIVE YEARS: French President Emmanuel Macron vowed Tuesday to rebuild the badly burned Notre Dame Cathedral in five years, as dramatic footage was released showing the heroism of firefighters who battled the blaze for hours ... “We will rebuild Notre Dame even more beautifully and I want it to be completed in five years," Macron said in a televised address to the nation. "We can do it." Macron added that Monday's inferno "reminds us that our story never ends. And that we will always have challenges to overcome. What we believe to be indestructible can also be touched." TRUMP HAS 2020 PREDICTIONS: President Trump offered his thoughts Tuesday night on which two Democratic contenders he thinks will be left standing in the 2020 Democratic presidential primary. Out of the crowded pool of contenders, Trump predicted on Twitter that former Vice President Joe Biden and Sen. Bernie Sanders will be the final two in the battle to be the party’s nominee ...  “I believe it will be Crazy Bernie Sanders vs. Sleepy Joe Biden as the two finalists to run against maybe the best Economy in the history of our Country (and MANY other great things)!” he wrote. “I look forward to facing whoever it may be. May God Rest Their Soul!” 'WASHED UP CELEB' LIAR: Cook County State’s Attorney Kim Foxx described “Empire” actor Jussie Smollett as a “washed up celeb who lied to cops” in texts messages released Tuesday by her office in response to a public-records request by the Chicago Tribune ... Foxx compared Smollett’s case to her office’s pending indictments against R&B singer R. Kelly in text messages to Joseph Magats, her top assistant, on March 8, the paper reported “Pedophile with 4 victims 10 counts. Washed up celeb who lied to cops, 16 (counts),” she wrote. “… Just because we can charge something doesn’t mean we should.”

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Nikolas Cruz, Parkland school shooter, might go on trial in early 2020, judge says

A Broward Circuit judge wants the trial for the suspect accused of committing a mass shooting at a high school in Parkland, Florida to begin in 2020.

Judge Elizabeth Scherer said at a hearing on Thursday that she intends to set a definitive trial date soon for Nikolas Cruz. The 20-year-old allegedly opened fire at Marjory Stoneman Douglas High on Feb. 14, 2018, killing 17 people and wounding 17 others — a crime to which investigators say he confessed.

PARKLAND SHOOTING ONE-YEAR ANNIVERSARY: STUDENTS, COMMUNITY UNITE FOR EVENTS HONORING VICTIMS, FIRST RESPONDERS

"I'm asking both sides to take that into account. Pace yourselves," the judge said. "I just ask you to keep that in mind as a goal moving forward."

Assistant State Attorney Jeff Marcus said prosecutors and defense attorneys are working as rapidly as possible to identify and interview witnesses, sort through evidence and begin planning what would likely be the biggest trial in recent Broward County history — if not ever.

"It does give us a place to work toward," the assistant state attorney said of the 2020 goal.

Attorneys for Cruz have said the former Stoneman Douglas student will plead guilty in return for a life prison sentence, but prosecutors have refused that offer.

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Investigators allege Cruz, who's also accused of assaulting a jail corrections officer while in custody, confessed to the shooting the day he was arrested. Prosecutors released cellphone video of Cruz describing beforehand exactly what he planned to do at the school.

Considering he allegedly confessed, Cruz's trial would most likely focus more on his mental and emotional problems, as well as his fascination with violence, guns and death. Those issues also would play a central role in whether a jury chooses to impose the death penalty.

The Associated Press contributed to this report.

Source: Fox News National

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Fed’s Bullard says not ready to call for another rate cut: Fox Business

St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore
St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su/File Photo

February 22, 2019

WASHINGTON (Reuters) – St. Louis Federal Reserve Bank President James Bullard on Friday said he was not expecting another rate cut in 2019, but added that the U.S. Federal Reserve will see how the U.S. economy progresses this year.

“We’ve got inflation well under control here and we don’t need to be preemptive in trying to control inflation going forward,” Bullard said in an interview on Fox Business Network.

(Reporting by Susan Heavey and Tim Ahmann; Editing by Chizu Nomiyama)

Source: OANN

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Dems ramp up anti-Trump probes post-Mueller, despite pledge to focus on agenda

Days after the summary of Special Counsel Robert Mueller’s report rocked Washington, House Speaker Nancy Pelosi said Democrats should shift focus to their legislative agenda.

But while some in the caucus have indeed pivoted to issues like health care, senior Democratic lawmakers have sought to keep the investigations humming, ramping up their anti-Trump probes on a variety of fronts while mounting a battle with the Justice Department over access to the complete Mueller report and its underlying materials.

HOUSE DEM ASKS IRS FOR 6 YEARS OF TRUMP'S TAX RETURNS, SETTING UP SHOWDOWN WITH WHITE HOUSE

Last week, the House Judiciary Committee voted to authorize subpoenas for five former Trump advisers, intensifying the committee’s sweeping probe into Trump and his personal business and political dealings. This came as the committee voted along party lines to authorize subpoenas for the full Mueller report. Chairman Jerrold Nadler, D-N.Y., already has sent document requests to 81 individuals and entities connected to the president, as part of his probe into “alleged obstruction of justice, public corruption, and other abuses of power by President Trump.”

Meanwhile, the House Ways and Means Committee asked the Internal Revenue Service for six years of the president’s personal and business tax returns. Committee Chairman Richard Neal, D-Mass., formally requested the returns—marking the first request in 45 years for such documents related to a sitting president. The move is sure to set up a legal showdown between congressional Democrats and the White House.

“It’s critical to ensure the accountability of our government and elected officials,” Neal said in a statement. “To maintain trust in our democracy, the American people must be assured that their government is operating properly, as laws intend.”

Neal’s request, for Trump tax returns for 2013 through 2018, went directly to IRS Commissioner Charles Rettig.

Acting White House Chief of Staff Mick Mulvaney, speaking on "Fox News Sunday," countered that Democrats will "never" see the documents.

In a separate request related to Trump’s finances, the House Oversight Committee authorized a series of subpoenas for Trump’s accounting firm, Mazars Accounting. Chairman Elijah Cummings, D-Md., told reporters that the firm would respond to the committee’s request for financial documents and audits prepared for Trump and his businesses over the last decade.

Cummings’ committee, since the release of the Mueller report, has also formally voted to authorize and issue subpoenas for information related to both White House security clearances and the Trump administration’s decision to add a citizenship question to the 2020 census.

The committee voted last week to subpoena White House personnel security director Carl Kline over a series of controversial security clearances. As for the census, committee Democrats said they wanted specific documents that would determine why Commerce Secretary Wilbur Ross decided to add the question.

And on the other side of Capitol Hill, Democratic Sen. Elizabeth Warren joined Rep. Stephen Lynch, both from Massachusetts, to request an investigation into whether the White House is interfering with, or overruling, Secret Service recommendations about which guests at Trump’s Palm Beach property, Mar-a-Lago, should have access to the president.

Warren and Lynch penned a letter to the acting inspector general of the Department of Homeland Security requesting the probe, citing a series of reports that suggested the resort could be a channel for foreign adversaries to seek influence in federal policy and national security -- after a woman was arrested at the club allegedly carrying two Chinese passports and malware.

All of these developments have come since March 24, when Attorney General Bill Barr released his summary of the Mueller report stating the special counsel found no evidence of collusion between members of the Trump campaign and the Russians during the 2016 presidential election.

A day after that momentous transmission, Pelosi, D-Calif., called for renewed focus on a legislative agenda.

“This is really important today. Because we must with all that is going on stay focused on our purpose,” she said.

Pelosi said the party needed to focus on “lower health care costs, bigger paychecks, and cleaner government.”

HOUSE JUDICIARY DEMOCRATS AUTHORIZE SUBPOENAS FOR MUELLER REPORT

But top Democrats leading prominent congressional committees have, instead, expanded their existing Trump-focused investigations, with some moving in new directions.

The push for Trump's tax returns, however, was months in the making.

Democrats, since taking back the majority, have had every intention of targeting Trump’s tax files. In January, just days after reclaiming the majority, Democrats rolled out a broad ethics reform package that specifically requires presidents to disclose at least 10 years of their tax returns to the public.

The topic has been a contentious one since Trump's time on the campaign trail in 2016 as he refused to abide by past practice of presidential candidates and release his returns.

Trump, when informed of Neal’s request, said he was still “not inclined” to turn over his tax documents.

“We’re under audit, despite what people said, and we’re working that out—I’m always under audit, it seems, and I’ve been under audit for many years, because the numbers are big, and I guess when you have a name, you’re audited. But until such time as I’m not under audit, I would not be inclined to do that,” Trump told reporters in the Oval Office last week.

HOUSE OVERSIGHT COMMITTEE VOTES TO ISSUE SUBPOENAS ON WH SECURITY CLEARANCES, CENSUS QUESTIONS

Meanwhile, other Trump-focused investigations on Capitol Hill are ongoing.

House Intelligence Committee Chairman Adam Schiff, D-Calif., is investigating the president’s foreign business dealings and Russian election meddling, maintaining that despite the results of Mueller’s probe, there is evidence of collusion.

Schiff’s panel has also weighed subpoenaing the interpreter who was present for meetings between Trump and Russian President Vladimir Putin, to obtain notes from the summits.

TRUMP ACCUSES SCHIFF OF 'UNLIMITED PRESIDENTIAL HARASSMENT' AMID NEW PROBE

The House Financial Services Committee, led by Rep. Maxine Waters, D-Calif., is also probing the president, coordinating with Schiff’s committee on money-laundering inquiries. The House Foreign Affairs Committee, chaired by Rep. Eliot Engel, D-N.Y., is also involved.

Schiff and Waters have together said they would run a joint investigation into Deutsche Bank—which has done extensive business dealings with the president. Last year, Schiff charged that Trump’s financial records with Deutsche Bank and Russia may reveal a “form of compromise” that “needs to be exposed.” Schiff has long maintained that there had to be some reason that the German banking giant, which he said has a “history of laundering Russian money,” was willing to work with the Trump Organization.

Trump, for his part, tried to pivot from investigations into him and encourage Democrats to begin probes instead into the early stages of the Russia probe—like the Senate Judiciary Committee has announced—and focus on legislation.

“According to polling, few people seem to care about the Russian Collusion Hoax, but some Democrats are fighting hard to keep the Witch Hunt alive. They should focus on legislation or, even better, an investigation of how the ridiculous Collusion Delusion got started—so illegal!” Trump tweeted Thursday.

Earlier in the week, Trump blasted both Schiff and Nadler, specifically, claiming Democrats would never be satisfied.

“There is no amount of testimony or document production that can satisfy Jerry Nadler or Shifty Adam Schiff. It is not time to focus exclusively on properly running our great Country!” Trump tweeted Tuesday.

Last month, the president accused Democrats of simply "wasting everyone's time," with their investigations into "the same nonsense."

But despite Pelosi’s calls for action, she has said she has faith in her committee chairs and their investigations.

After the State of the Union in February, Pelosi said, “It’s our congressional responsibility, and if we didn’t do it, we would be delinquent in that.”

Fox News' Gregg Re and Andrew O'Reilly contributed to this report. 

Source: Fox News Politics

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Trump: Schiff Should Be 'Forced to Resign From Congress'

President Donald Trump took to Twitter Thursday morning to call for House Intelligence Committee Chairman Adam Schiff's head.

Schiff "should be forced to resign from Congress," Trump wrote.

Schiff has insisted evidence showing Trump conspired with the Russians to win the 2016 election exists, and continued to push that narrative even after Attorney General William Barr announced that special counsel Robert Mueller's report cleared the president of collusion.

Trump's tweet came nust hours after the president attacked the California Democrat on the Fox News Channel's "Hannity," callingSchiff a "bad guy" who has been knowingly lying about him for nearly two years.

Trump's full tweet:

Congressman Adam Schiff, who spent two years knowingly and unlawfully lying and leaking, should be forced to resign from Congress!

This report contains material from Reuters.

Source: NewsMax Politics

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U.S. retail sales post biggest gain in one-and-a-half years in March

FILE PHOTO: People shop at Macy's Department store in New York
FILE PHOTO: People shop at Macy's Department store in New York City, U.S., March 11, 2019. REUTERS/Brendan McDermid/File Photo

April 18, 2019

WASHINGTON, (Reuters) – U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start.

The Commerce Department said on Thursday retail sales surged 1.6 percent last month. That was the biggest increase since September 2017 and followed an unrevised 0.2 percent drop in February.

Economists polled by Reuters had forecast retail sales would accelerate 0.9 percent in March. Retail sales in March advanced 3.6 percent from a year ago.

With March’s rebound, retail sales have now erased December’s plunge, which had put consumer spending and the overall economy on a sharply lower growth trajectory. Retail sales last month were probably lifted by tax refunds, even though they have been smaller than in previous years, following the revamping of the U.S. tax code in January 2018.

Excluding automobiles, gasoline, building materials and food services, retail sales rebounded 1.0 percent in March after a downwardly revised 0.3 percent decline in February. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

They were previously reported to have decreased 0.2 percent in February. Consumer spending accounts for more than two-thirds of economic activity, and strong core retail sales in March could result in the further upgrading of first-quarter GDP estimates.

Growth forecasts for the first quarter were boosted to around a 2.4 percent annualized rate on Wednesday after data showed the U.S. trade deficit narrowed for a second straight month in February.

First-quarter growth forecasts have been raised from as low as a 0.5 percent rate following fairly upbeat reports on trade, inventories and construction spending. The economy grew at a 2.2 percent pace in the fourth quarter.

A report from the Federal Reserve on Wednesday described the economic activity as expanding “at a slight-to-moderate pace in March and early April. The Fed’s “Beige Book” report of anecdotal information on business activity collected from contacts nationwide showed a “few” of the U.S. central bank’s districts reported “some strengthening.”

Stronger growth in the first quarter will probably not change the view that the economy will slow this year as the stimulus from a $1.5 trillion tax cut package diminishes and the impact of interest rates hikes over the last few years lingers.

In March, sales at auto dealerships jumped 3.1 percent, the most since September 2017. Receipts at service stations increased 3.5 percent, likely reflecting higher gasoline prices. Sales at building materials and garden equipment and supplies dealers rose 0.3 percent.

Receipts at clothing stores shot up 2.0 percent, the largest increase since last May. There were also increases in sales at furniture outlets, electronics and appliances shops, and food and beverage stores.

Online and mail-order retail sales increased 1.2 percent last month. Sales at restaurants and bars rose 0.8 percent, the most since last July. But receipts at hobby, musical instrument and book stores fell 0.3 percent.

(Reporting by Lucia Mutikani Editing by Paul Simao)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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