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Bond yields spiral lower amid global growth gloom

FILE PHOTO: A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo
FILE PHOTO: A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan, January 7, 2019. REUTERS/Kim Kyung-Hoon

March 28, 2019

By Wayne Cole

SYDNEY (Reuters) – Asian share markets were painted red on Thursday as recession concerns sent bond yields spiraling lower across the globe, overshadowing central bank attempts to calm frayed nerves.

Sterling was also hit by another bout of Brexit blues after a round of votes in the U.K. parliament failed to produce any plan to manage the divorce.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trade, with South Korea off 0.7 percent.

Japan’s Nikkei fell 1.6 percent, while E-Mini futures for the S&P 500 lost 0.4 percent

On Wall Street, the Dow had ended Wednesday down 0.13 percent, while the S&P 500 lost 0.46 percent and the Nasdaq 0.63 percent.

Worries that the inversion of the U.S. Treasury curve signaled a future recession only deepened as 10-year yields fell to 15-month lows at 2.35 percent.

The latest lunge lower was led by German bunds where 10-year yields dived deeper into negative territory after European Central Bank President Mario Draghi said a hike in interest rates could be further delayed.

Plans to mitigate the side-effects of negative interest rates could also be considered, suggesting the central bank was preparing for an extended period below zero.

That shift came hot on the heels of a dovish surprise from the Reserve Bank of New Zealand which abandoned its neutral bias to say the next rate move would likely be down.

Yields in both New Zealand and neighbor Australia, quickly sank to record lows in response. [AUD/]

The RBNZ explicitly cited all the easing moves by other central banks as a reason for its turnaround since they had put unwanted upward pressure on the local dollar.

EASING GOES GLOBAL

That is one reason markets are wagering the Reserve Bank of Australia will also be forced to cut rates, simply to stop its currency from appreciating. Policy easing then becomes a self-fulfilling cycle across the world.

“The continued dovish shift by G7 central banks, ongoing support by the Chinese authorities, and the move by the RBNZ will keep pressure on the RBA to also move in the same direction, however reluctantly,” said Su-Lin Ong, head of Australian and New Zealand strategy at RBC Capital Markets.

“It is, essentially, a global policy cycle.”

The RBNZ’s action had the desired effect on its currency, which was pinned at $0.6786 after diving 1.6 percent overnight. The Aussie also slid 0.7 percent to $0.7082.

Draghi’s comments likewise tugged the euro back to $1.1250, and left the U.S. dollar firmer against a basket of its competitors at 96.967.

Only the yen held its own thanks to its safe-haven status and was last steady at 110.31 per dollar.

Sterling had its own troubles as an offer by British Prime Minister Theresa May to quit to get her European Union deal through parliament failed, leaving uncertainty hanging over the Brexit process.

That left the pound down at $1.3165, having been as high as $1.3269 at one point on Wednesday.

In commodity markets, palladium was the focus of attention after sliding 7 percent on Wednesday as its meteoric rally finally ran into profit-taking. Gold was relatively sedate at $1,310.32 per ounce. [GOL/]

Oil prices nursed modest losses after data showed U.S. crude inventories grew more than expected last week as a Texas chemical spill hampered exports. [O/R]

U.S. crude was last down 12 cents at $59.29 a barrel, while Brent crude futures lost 7 cents to $67.16.

(Editing by Sam Holmes)

Source: OANN

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China says working with U.S. day and night to get trade deal

FILE PHOTO: Chinese Vice Commerce Minister and Deputy China International Trade Representative Wang Shouwen attends a news conference in Beijing
FILE PHOTO: Chinese Vice Commerce Minister and Deputy China International Trade Representative Wang Shouwen attends a news conference in Beijing, China, April 4, 2018. REUTERS/Thomas Peter

March 9, 2019

BEIJING (Reuters) – China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, Chinese Vice Commerce Minister Wang Shouwen said on Saturday.

Wang, speaking at a news conference on the sidelines of China’s ongoing annual meeting of parliament, has been deeply involved in the trade talks with the United States.

Wang said he was optimistic about negotiations with Washington, and that the two sides are working on a deal to eliminate the tariffs imposed on each other during the trade war, as tit-for-tat tariffs are not beneficial for either.

But any trade mechanism achieved must be equal and fair, he said.

Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks though there is much work left to be done to reach a deal, White House trade adviser Clete Willems said on Friday.

The governments of the world’s two largest economies have been locked in a tariff battle for months as Washington presses Beijing to address long-standing concerns over Chinese practices and policies around industrial subsidies, technology transfers, market access and intellectual property rights.

Advances in talks drove the White House to indefinitely delay hikes in tariffs on $200 billion worth of Chinese imports that were set to kick in on March 2.

(Reporting by Ryan Woo and Yawen Chen; Writing by Ben Blanchard; Editing by Michael Perry)

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Republicans renew calls for US-UK trade deal amid Brexit delay

Republicans in the White House and Congress are renewing their support for a U.S.-U.K. trade deal after Britain leaves the European Union -- even as Brexit is facing significant delays across the Atlantic.

“If the U.K. regains control over its national trade policy, our two nations will have a once-in-a-generation chance to forge an ambitious trade pact - a truly free, fair, and reciprocal agreement that will foster economic growth, spur innovation, and define a new global standard in trade,” Rep. George Holding, R-N.C., wrote in an op-ed for the Daily Telegraph this week.

BRITAIN, EU AGREE TO DELAY BREXIT DEADLINE UNTIL OCT. 31

Holding, who is the ranking Republican of the British American Parliamentary Group and co-chair of the Congressional U.K. Caucus, wrote that a U.S.-U.K. free trade agreement is a “top priority” for the U.S. He said that President Trump is "extremely supportive of such a deal as are many Republican and Democratic leaders in Congress."

“With the U.K. no longer restrained by Brussels’ command-and-control bureaucracy and its heavy-handed regulatory tendencies, we can finally realize the full economic potential a sovereign Britain presents,” he wrote.

Britain voted to leave the European Union in 2016, a vote that then-candidate Donald Trump and other Republicans supported, but the British government has struggled to implement the result.

Prime Minister Theresa May’s withdrawal agreement, negotiated with Brussels last year, has been voted down three times by Parliament, and last week U.K. and E.U. leaders negotiated an extension until Oct. 31. It had initially been scheduled to leave the bloc in March. The country cannot negotiate a free trade deal until after the U.K. exits the E.U.

Amid calls in the U.K. for a second referendum or a “softer” Brexit from British lawmakers in favor of staying in the bloc, those in favor of a “harder” Brexit have repeatedly pointed to the possibility of a generous U.S.-U.K. trade deal as an example of the benefits that will come from the U.K. leaving the E.U. -- and warned against a deal that would limit that ability to negotiate its own deals.

“All that remains to be seen are the exact terms under which Great Britain will leave the European Union,” Holding wrote. “An exit agreement that ties Britain too closely to the EU would effectively render a bilateral trade deal with the United States impossible.”

Holding’s op-ed comes amid a broader push by the White House to nudge Britain in the direction of a Brexit that would allow the country to negotiate its own deals, and soon.

Last summer, the U.S. Trade Representative’s Office formed a trading “committee” with the U.K. to work out a trade agreement, as a way to get around the fact that the U.S. cannot formally negotiate with the U.K. until it leaves the E.U.

TRUMP BACKS BREXIT BY PROMISING 'LARGE SCALE TRADE DEAL' WITH UK, AS LAWMAKERS MULL DELAY

National Security Adviser John Bolton told Reuters in a recent interview that President Trump is very eager to cut a bilateral trade deal with an independent Britain.”

“It’s very complicated inside Britain,” Bolton said. “I know they’re going through a lot of turmoil. But really I think the president would like to reassure the people of the United Kingdom how strongly we feel, that we want to be there when they do come out of the European Union.”

Those remarks came days after Trump tweeted: "My administration looks forward to negotiating a large scale Trade Deal with the United Kingdom. The potential is unlimited!”

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The same day, in the Oval Office alongside Irish Prime Minister Leo Varadkar, Trump said he was "surprised at how badly it's all gone from the standpoint of a negotiation" and said that May didn't listen to his advice on how to negotiate with the E.U. He also said that a second referendum would be "unfair."

"I hate to see everything being ripped apart right now, I don't think another vote would be possible because it would be very unfair to the people that won that say: 'What do you mean you're going to take another vote?'" he said. "So that would be tough."

Source: Fox News Politics

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U.S. import prices rise for third month

FILE PHOTO: A ship loaded with containers is pictured at Yusen Terminals on Terminal Island at the Port of Los Angeles
FILE PHOTO: A ship loaded with containers is pictured at Yusen Terminals (YTI) on Terminal Island at the Port of Los Angeles in Los Angeles, California, U.S., January 30, 2019. REUTERS/Mike Blake -/File Photo

April 12, 2019

WASHINGTON (Reuters) – U.S. import prices increased for a third straight month in March, driven by higher fuel prices, but the underlying trend remained soft.

The Labor Department said on Friday import prices rose 0.6 percent last month, boosted by increases in the costs of fuels and industrial supplies. Data for February was revised higher to show import prices rising 1.0 percent, the largest monthly advance since May 2016.

Petroleum prices rose 4.7 percent in March, slowing from February’s 9.7 percent gain. Industrial supplies and materials were up 2.7 percent.

Economists polled by Reuters had forecast import prices rising 0.4 percent in March. Excluding petroleum, import prices rose 0.2 percent.

In the 12 months through March, import prices were unchanged after declining on an annual basis in the three prior months.

Export prices rose 0.7 percent in March, after rising by the same margin in February. Economists had expected a 0.2 percent gain.

Export prices rose 0.6 percent on a year-on-year basis in March after rising 0.3 percent in February.

(Reporting by Andrea Ricci; Editing by Chizu Nomiyama)

Source: OANN

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EU slams Romanian govt for diluting anti-corruption fight

The European Union is appealing to Romania to not to dilute efforts to fight high-level corruption after the government enacted a measure that critics say will exert more political control over the judiciary.

EU Commission spokesman Margaritis Schinas said Wednesday that Romania needs to "very urgently put the reform process back on track," and abstain "from steps which reverse progress" in fighting corruption.

The Social Democratic government adopted emergency legislation Tuesday including a provision to limit how long top prosecutor agencies can be managed by interim appointees. The measure also removes the prosecutor general's oversight of a unit tasked with investigating magistrates.

President Klaus Iohannis, a government opponent, said the government wants to render the justice system inefficient "for personal interests."

Source: Fox News World

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Exclusive: In rare move, French warship passes through Taiwan Strait

FILE PHOTO: A tugboat escorts French Navy frigate Vendemiaire on arrival for a goodwill visit at a port in Metro Manila
FILE PHOTO: Tugboat escorts French Navy frigate Vendemiaire on arrival for a 5-day goodwill visit at a port in Metro Manila, Philippines March 12, 2018. REUTERS/Romeo Ranoco/File Photo

April 24, 2019

By Idrees Ali and Phil Stewart

WASHINGTON (Reuters) – A French warship passed through the strategic Taiwan Strait this month, U.S. officials told Reuters, a rare voyage by a vessel of a European country that is likely to be welcomed by Washington but increase tensions with Beijing.

The passage is a sign that U.S. allies are increasingly asserting freedom of navigation in international waterways near China. It could open the door for other allies, such as Japan and Australia, to consider similar operations.

The French operation comes amid increasing tensions between the United States and China. Taiwan is one of a growing number of flashpoints in the U.S.-China relationship, which also include a trade war, U.S. sanctions and China’s increasingly muscular military posture in the South China Sea, where the United States also conducts freedom of navigation patrols.

Two officials, speaking on condition of anonymity, said a French military vessel carried out the transit in the narrow waterway between China and Taiwan on April 6.

One of the officials identified the warship as the French frigate Vendemiaire and said it was shadowed by the Chinese military. The official was not aware of any previous French military passage through the Taiwan Strait.

The officials said that as a result of the passage, China notified France it was no longer invited to a naval parade to mark the 70 years since the founding of China’s Navy. Warships from India, Australia and several other nations participated.

Colonel Patrik Steiger, the spokesman for France’s military chief of staff, declined to comment on an operational mission.

The U.S. officials did not speculate on the purpose of the passage or whether it was designed to assert freedom of navigation.

MOUNTING TENSIONS

The French strait passage comes against the backdrop of increasingly regular passages by U.S. warships through the strategic waterway. Last month the United States sent Navy and Coast Guard ships through the Taiwan Strait.

The passages upset China, which claims self-ruled Taiwan as part of its territory. Beijing has been ramping up pressure to assert its sovereignty over the island.

Chen Chung-chi, spokesman for Taiwan’s defense ministry, told Reuters by phone the strait is part of busy international waters and it is “a necessity” for vessels from all countries to transit through it. He said Taiwan’s defense ministry will continue to monitor movement of foreign vessels in the region.

There was no immediate comment from China’s foreign or defense ministries.

“This is an important development both because of the transit itself but also because it reflects a more geopolitical approach by France towards China and the broader Asia Pacific,” said Abraham Denmark, a former U.S. deputy assistant secretary of defense for East Asia.

The transit is a sign that countries like France are not only looking at China through the lens of trade but from a military standpoint as well, Denmark said.

Last month France and China signed deals worth billions of euros during a visit to Paris by Chinese President Xi Jinping. French President Emmanuel Macron wants to forge a united European front to confront Chinese advances in trade and technology.

“It is important to have other countries operating in Asia to demonstrate that this is just not a matter of competition between Washington and Beijing, that what China has been doing represents a broader challenge to a liberal international order,” Denmark, who is currently with the Woodrow Wilson Center think-tank in Washington, added.

Washington has no formal ties with Taiwan but is bound by law to help provide the democratically ruled island with the means to defend itself and is its main source of arms.

(Reporting by Idrees Ali and Phil Stewart in Washington; Additional reporting by Sophie Louet in Paris, Yimou Lee in Taipei and Ben Blanchard in Beijing; Editing by James Dalgleish)

Source: OANN

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Trump stands by border closure threat, as aides say all options being explored

President Trump on Tuesday stood by his threat to close the southern border, as his aides said that it is one of a number of options being explored to tackle the growing crisis there.

“I’m ready to close it if I have to close it,” Trump told reporters in the Oval Office as he sat alongside NATO Secretary General Jens Stoltenberg.

TRUMP THREATENS TO CLOSE BORDER 'NEXT WEEK' IF MEXICO DOESN'T 'IMMEDIATELY STOP' FLOOD OF ILLEGAL IMMIGRANTS

On Friday, Trump threatened to close the border “next week” if Mexico doesn’t stop the flows of illegal immigration into the U.S. He also repeated his demand that Democrats in Congress agree to toughen immigration laws.

That threat came after new numbers showed that more than 76,000 migrants were detained in February -- the highest number of apprehensions in 12 years. Meanwhile, U.S. Customs and Border Protection Commissioner Kevin McAleenan said that the border was at its “breaking point.”

Trump stood by his threat Tuesday and while he said that Mexico had "made a big difference" and had increased its efforts to stop Central Americans from traveling north, he warned he was still open to closing the border.

"If we don't make a deal with Congress...or if Mexico doesn't do what they should be doing...then we're going to close the border, that's going to be it, or we're going to close large sections of the border, maybe not all of it," he said.

"We're going to have a strong border or we're going to have a closed border," he said. "We're going to see what happens."

He also brushed off concerns about what effect shutting down the border would have on the economy, saying that national security was a more important consideration: “Security is more important to me than trade."

Earlier, White House aides had indicated that closing the border was one of a number of options being considered as a way to deal with the situation there. White House Press Secretary Sarah Sanders said on “America’s Newsroom” Tuesday that Trump was not keen on shuttering the border, but blamed alleged inaction from Democrats in Congress, saying it could force his hand.

"Democrats in Congress are leaving us no choice. They're unwilling to work with us to fix this problem because they're too busy playing politics to do their jobs," she said.

White House spokesman Hogan Gidley said on MSNBC that the White House was considering a number of options short of closing the border, such as shutting down certain entry ports or parts of all of them.

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"Everything is on the table," he said.

Homeland Security officials said that, even though the border has not been shut down, there have been mounting delays at ports of entry as some 2,000 border officers have been reassigned to deal with incoming migrants. Average wait times at Brownsville, Texas, were 180 minutes Monday, twice the length of peak times last year.

The Associated Press and Fox News' Anna Hopkins contributed to this report.

Source: Fox News Politics

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

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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)

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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)

Source: OANN

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